Village CAFR for year ended April 30, 2007VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2007
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 1-7
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.........................................................................16-47
Required Supplementary Informat io n
Schedu le o f R evenues, Expenditures and Changes in Fund Balance -
Budget and Actual -General Fund.......................................................................48
Schedule of Funding Progress
Illino is Municipal Retirement Fund ...........................................................49
Police Pension Fund ..................................................................................50
Schedule of Employer Contribut io ns
Illino is Municipal Retirement Fund ...........................................................51
Police Pensio n Fund ..................................................................................52
Notes to Required Supplementary Informat io n ...............................................53
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 .................................54-55
Schedule of Expenditures -Budget and Actual -General Fund ............................56-58
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Infrastructure Replacement Fund ...............................................................59
Tax Incremental Finance District 2 Fund ...................................................60
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ..............................................................................61
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ..............................................................................................62
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................63
Enhanced 911 Fund ...................................................................................64
Debt Service Fund .....................................................................................65
Tax Incremental Finance District 2 Fund ...................................................66
Project 29 Fund .........................................................................................67
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................68
Schedule of Operat ing Expenses -Budget and Actual ................................69
Schedule of Capital Assets and Depreciat io n .............................................70
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................71
Schedule of Operat ing Expenses -Budget and Actual ................................72
Schedule of Capital Assets and Depreciat io n .............................................73
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 ...................................................................................74
NONMAJOR ENTEPRISE FUNDS
Commuter Parking Lot Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................75
Schedule of Operat ing Expenses -Budget and Actual ................................76
Schedule of Capit al Assets and Depreciat io n .............................................77
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ...............................................................78
Combining Statement of Revenues, Expenses and Changes in
Net Assets ....................................................................................................79
Combining Statement of Cash Flows ..............................................................80
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................81
Schedule of Operat ing Expenses -Budget and Actual ................................82
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Assets -Budget and Actual .............................................83
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Assets -Budget and Actual -
Police Pensio n Fund .....................................................................................84
Combining Statement of Changes in Assets and Liabilit ies -
Agency Funds ..............................................................................................85
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
SUPPLEMENTAL DATA
Schedule of Insurance in Force ...........................................................................86
Long-Term Debt Requirements
General Obligat io n Bond Series of 1998.........................................................87
General Obligat io n Refunding Bond Series of 2003 .......................................88
STATISTICAL SECTION
Financial Trends
Net Assets by Component ...................................................................................89
Change in Net Assets ..........................................................................................90-91
Fund Balances of Governmental Funds ...............................................................92
Changes in Fund Balances of Governmental Funds .............................................93
Revenue Capacit y
Sales Tax by Category ........................................................................................94
Direct and Overlapping Sales Tax Rates .............................................................95
Debt Capacit y
Ratios of Outstanding Debt by Type ...................................................................96
Ratios of General Bonded Debt Outstanding .......................................................97
Direct and Overlapping Bonded Debt -Governmental Act ivit ie s ........................98
Legal Debt Margin Information ..........................................................................99
Demographic and Economic Informat io n
Demographic and Economic Informat io n ............................................................100
Principal Emplo yers ............................................................................................101
Operating Informat io n
Full-Time Equivalent Employees ........................................................................102
Operating Indicators............................................................................................103
Capital Asset Statistics ........................................................................................104
-i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2007
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Steven M. Harris, Mayor
Robert L. Benton Michelle Feldman
Harriet E. Rosenthal William S. Seiden
Barbara J. Struthers Matthew J. Wylie
Robert D. Franz, Clerk
ADMINISTRATIVE
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
Robert W. Fialkowski
Director of Finance/Treasurer
MD&A 1
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2007
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 revenues exceeding total expenditures by $2,686,117.
Combined with other financing net use of $3,379,130, the April 30, 2007 fund balance decreased by
$693,013.
• New building activity moderated somewhat from the high pace of the prior year, primarily the result of a
slowdown in new single family residential tear-downs and no new major commercial development. Total
building permit revenue was $926,004 for the year, a decrease of 43% from the prior year.
• Revenue from both the State income tax and local hotel/motel tax were higher compared to the prior year,
reflecting a continued, positive recovery in the state economy and local business travel.
• The Village’s base sales tax (1%) increased just 1.2% from the prior year reflecting a leveling off of sales
activity in a strong local economy.
• The Village retired $2,395,000 of general obligation debt during the year and did not issue any new debt.
The total balance of debt outstanding as of April 30, 2007 was $8,585,000.
• The Village transferred $3,400,000 from the General Fund and $600,000 from the Debt Service Fund to the
Infrastructure and Sewerage Funds for capital project financing. These transfers represent a spend down of
excess unreserved fund balances.
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
these services. The Business-type Activities reflect private sector type operations (Water, Sewer, Refuse Disposal
and Commuter Parking) where the charges for services typically cover all or most of the cost of operation, including
depreciation.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 2
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or
objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations.
Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather
than the Village as a whole. Major funds are separately reported while all others are combined into a single,
aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in
a later section of this report.
The Governmental Major Funds (see pages 6 – 9) are reported in the fund financial statements and encompass
essentially the same functions reported as governmental activities in the government-wide financial statements.
However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable
resources and balances of spendable resources available at the end of the year. They are 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 61.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 3
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended
April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net
assets may be observed and used to discuss the changing financial position of the Village as a whole.
STATEMENT OF NET ASSETS – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total - Primary Govt.
2007 2006 2007 2006 2007 2006
Current & Other Assets 37.83 43.11 6.72 5.16 44.55 48.27
Capital Assets 60.11 55.36 19.51 19.43 79.62 74.79
Total Assets 97.94 98.47 26.23 24.59 124.17 123.06
Long-Term Liabilities 5.04 7.24 2.39 2.79 7.43 10.03
Other Liabilities 10.52 12.80 2.07 1.83 12.59 14.63
Total Liabilities 15.56 20.04 4.46 4.62 20.02 24.66
Net Assets:
Investment in Capital
Assets – Net of Related Debt 60.11 47.36 16.93 15.90 77.04 63.26
Restricted 4.08 6.64 - - 4.08 6.64
Unrestricted 18.19 24.43 4.84 4.07 23.03 28.50
Total Net Assets 82.38 78.43 21.77 19.97 104.15 98.40
The Village’s total primary government net assets increased by $5.75 million primarily due to an increase of $2.7
millions in net positive operating results in the General Fund and use of cash to invest in capital outlay including new
buildings. The following table provides a summary of activities causing a change in net assets.
Changes in Net Assets – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total - Primary Govt.
2007 2006 2007 2006 2007 2006
Revenues:
Program Revenues:
Charges for Service 2.73 3.33 7.45 7.25 10.18 10.58
Operating Grants 0.54 0.56 - - 0.54 0.56
Capital Grants 0.21 0.24 1.00 0.57 1.21 0.81
General Revenue:
Property Taxes 6.54 17.08 0.86 0.79 7.40 17.87
Other Taxes 10.58 10.26 - - 10.58 10.26
Transfers in (out) -1.60 - 1.60 - - -
Other 1.77 1.09 0.40 0.34 2.17 1.43
Total Revenue 20.77 32.56 11.31 8.95 32.08 41.51
Expenses:
General Government 4.60 14.96 - - 4.60 14.96
Public Safety 7.15 6.78 - - 7.15 6.78
Highways and Streets 5.82 6.40 - - 5.82 6.40
Interest 0.30 0.37 - - 0.30 .037
Water - - 4.26 4.32 4.26 4.32
Sewer - - 2.45 2.12 2.45 2.12
Refuse - - 1.50 1.40 1.50 1.40
Parking Lots - - 0.25 0.23 0.25 0.23
Total Expense 17.87 28.51 8.46 8.07 26.33 36.58
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 4
Changes in Net Assets – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total - Primary Govt.
2007 2006 2007 2006 2007 2006
Excess (Deficiency)
before prior period adjust. 2.90 4.05 2.85 0.88 5.75 4.93
Prior Period Adjustment
And contributions 1.06 0.03 -1.06 - - 0.03
Changes in Net Assets 3.96 4.08 1.79 0.88 5.75 4.96
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
In the General Fund, revenues exceeded budget by $2.22 million. Sales taxes exceeded budget by $0.65 million and
building permit revenue was $0.38 million over budget – both reflected a continued strong local economy but a
reduction in growth from the previous year. Investment income was above budget by $0.50 million due to favorable
interest rate movements. Hotel/motel taxes were $0.13 million over budget due to a continued rebound in business
travel resulting in higher occupancies in the six hotels within the Village.
Property tax revenues decreased by $10.54 million due to the expiration of the Tax Increment Financing District #1 in
the prior year and the end of the property tax increment generated in that district. In the remaining Tax Increment
Financing District (#2), property tax increment revenue was near budget (actual of $4.21 million versus budget of
$4.15 million). In the Infrastructure Fund, taxes exceeded budget by $0.27 million due to the lag from the prior year
property taxes being received and higher home rule sales taxes than expected.
Expenses
Actual expenditures in the General Fund ended the year at 92% of the final budget (not including the budgeted
transfer of $3.4 million to the Infrastructure and Sewerage Funds for capital projects). All departments and functions
were similarly below the actual budget level. The planned transfer was made to reduce a larger than necessary fund
balance in the General Fund and delay the necessity of issuing debt for the capital projects. Contractual services
across the board 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.
Construction of the new Village Hall began during the year and the first phase was substantially completed during the
year. This expenditure is in the Village Center TIF District (#2).
The Village returned all of the remaining cash balances from the Lake Cook Road TIF as surplus to the other taxing
bodies. This District expired on December 31, 2004; there should not be any further activity in this fund.
Business-type Activities
Revenue
A rate increase of 2.5% implemented in May, 2006 was offset by a wet summer and resulted in water sales of $4.25
million, a decrease of $0.39 million or 8% from the prior year but still marginally above budget. Sewer user charges
of $2.37 million were $0.58 million or 33% higher than the prior year; this was the first full year of the change in billing
to actual use versus prior winter quarter. This change, coupled with the prior year rate increase, was done to bring
operating revenues in line with operating expenditures. Refuse charge rates were unchanged, and revenue of $0.62
million was essentially unchanged from the prior year. Commuter parking revenue decreased slightly from $0.21
million to $0.20.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 5
Expenses
Operating expenses for the Water Fund decreased by $0.17 million or 4% primarily due to lower amounts of
wholesale water purchased due to the decreased demand offset somewhat by a higher cost per unit.
Sewer Fund operating expenses increased by $0.23 million due primarily to increased capital expenditures in the
wastewater treatment facility and collection system. Refuse Fund operating expenses increased by $0.09 due to the
rate change from the contract hauler which takes place on January 1.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At April 30, 2007, the governmental funds reported a combined fund balance of $25.3 million which is a 12%
decrease from the beginning of the year ($28.7 million). The decrease is due to the use of reserves in the General,
Debt Service, Infrastructure and TIF #2 Funds for capital improvements.
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 decreased $ 0.27 from $17.2 to $17.0 million. The General fund cash
balance of $15.7 million provides for 298 days of anticipated expenditures.
Revenues were 117% of budget of $13.2 million. Expenditures were $1.1 million less than budget (not including the
transfer). This was due to lower than expected contractual services costs due to no unusually large repair or weather
related expenses, and keeping other items below the budgeted amount. State shared revenues, such as income
taxes and use taxes, were more than anticipated at the beginning of the fiscal year which continued the second year
of increasing revenues in this area. State shared revenues account for only 11.8% of the General Fund total, which
is slightly 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, 2007
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 10.70 10.70 11.82
Intergovernmental 0.03 0.03 0.05
Other 2.48 2.48 3.56
Total 13.21 13.21 15.43
Expenditures & Transfers
Expenditures 13.83 13.83 12.74
Other Uses - - -0.02
Transfers – Net 3.40 3.40 3.40
Total 17.23 17.23 16.12
Change in Fund Balance -4.02 -4.02 -0.69
In the Tax Increment Financing District #2, the major source of revenue, increment property tax, was up 2.3% to
$4.22 million. Most development activity related to the downtown commercial redevelopment has been completed;
thus, the growth in increment property tax has reverted to normal market increases. Expenses for the year totaled
$4.4 million, and consisted of construction and related expenditures on the first phase of the expansion and
remodeling of the Village Hall and debt service on the 1998 TIF bonds. In TIF District #1, terminated as of
December 31, 2004, the only activity was the final distribution of the remaining assets of the District as surplus to the
taxing districts; these assets consisted of interest earnings collected to the date of distribution and previously
collected increment property taxes.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 6
Major Proprietary Funds
The major proprietary (or business-type) funds operated by the Village are the Water and Sewerage funds. The
Water Fund operating revenues exceeded budget $0.15 million due to slightly higher water usage during the year.
Actual operating expenses were 74% of budget due to lower personnel expenses and delays in getting planned
capital projects completed.
The Sewerage Fund operating revenue exceeded operating expense by $0.11 million. Lower than expected
personnel costs and delayed capital improvements coupled with the first full year at the new sewer rate and billing
method allowed operating revenue to cover operating expenses. Capital expenses for the near term in this fund will
be offset with transfers in from the General Fund. The replacement of the treatment plant will likely use a new debt
issuance.
Internal Service Funds
The Village’s combined internal service funds net assets were $4.5 million as of April 30, 2007, with $4.4 million of
the total accumulated for major equipment purchases in the Replacement Fund. Total revenue exceeded expenses
by $0.02 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, 2007 was $54.1 million. The Village’s investment in capital assets, net of accumulated depreciation, for
business-type activities as of April 30, 2007 was $16.9 million. Major capital asset events during the current fiscal
year included substantial construction of the first phase of the Village Hall addition along with 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 $8.59 million. None of this amount is
funded directly from property taxes. The alternate funding for this outstanding debt is from tax increment finance
district revenue and water sales revenues. No new 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, 2007 the total Village debt
represented 0.15% 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
confirmed when refinancing bonds were issued in February 2003.
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 local Village micro-economy continues to hold firm as the overall State economy has started to recover. The
Village is an affluent residential community with a substantial office/commercial presence. Property taxes are a minor
part of the overall operating revenues. As a portion of the General Fund, property tax revenue increased from 9% of
total revenue in FY 2006 to 18% in FY 2007.
Both retail areas of the Village are new or newly rehabilitated, which has contributed to the continued strength in year
to year sales tax revenue. Building permit revenues also continue to be strong, primarily due to the redevelopment of
residential property within the Village. Residential “tear-downs” have resulted in a rise in property values and a
median home value of $490,000. However, due to an overall slowing macro-economy and rising interest rates, the
rate of new single family permit issuance slowed this year compared to last year.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 7
The Village’s hotel/motel tax continued its recovery last year with an increase of $0.14 million or 7.5% from last year.
All of the Village’s six hotels have experienced increased occupancies during the year. The opening of the new
Takeda Pharmaceutical corporate headquarters and continued growth in Walgreen’s corporate employment provides
additional business demand for rooms which is the primary market for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield-il.org.
Component
Unit
Governmental Business-Type Deerfield
Activities Activities Total Public Library
ASSETS
Cash and investments 26,071,498$ 4,573,325$ 30,644,823$ 3,406,306$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 6,400,928 752,199 7,153,127 2,331,127
Accounts 501,836 1,032,486 1,534,322 1,147
Accrued interest 216,494 23,869 240,363 -
In ventory 144,171 133,590 277,761 -
Due from other governments 1,822,332 - 1,822,332 -
Prepaid expenses 82,533 28,018 110,551 -
Land held for resale 1,582,087 - 1,582,087 -
Deferred charges - 173,124 173,124 -
Net pension asset 1,009,074 - 1,009,074 -
Capital assets not being depreciated 23,868,791 1,955,456 25,824,247 65,493
Capital assets (net of
accumulated depreciation)36,237,336 17,556,170 53,793,506 186,667
Total assets 97,937,080 26,228,237 124,165,317 5,990,740
LIABILITIES
Accounts payable 910,814 719,435 1,630,249 37,896
Accrued payroll 161,443 40,645 202,088 8,002
Retainage payable 397,944 26,675 424,619 -
Deposits payable 37,133 6,965 44,098 -
Other payables 152,983 - 152,983 -
Accrued interest payable 21,585 32,008 53,593 -
Unearned revenues 6,677,860 809,000 7,486,860 2,496,433
Noncurrent liabilities
Due within one year 2,153,221 440,314 2,593,535 96,475
Due in more than one year 5,043,308 2,385,359 7,428,667 43,095
Total liabilities 15,556,291 4,460,401 20,016,692 2,681,901
NET ASSETS
In vestment in capital assets,
net of related debt 60,106,127 16,926,626 77,032,753 252,160
Restricted for
Maintenance of roadways 648,606 - 648,606 -
Public safety 623,803 - 623,803 -
Economic development 2,282,709 - 2,282,709 -
Debt service 533,758 - 533,758 -
Culture and recreation - - - 3,056,679
Unrestricted 18,185,786 4,841,210 23,026,996 -
TOTAL NET ASSETS 82,380,789$ 21,767,836$ 104,148,625$ 3,308,839$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2007
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 4,602,570$ 1,743,818$ -$ -$
Public safety 7,154,536 911,421 1,100 1,128
Highways and streets 5,822,340 69,216 543,723 212,447
Interest 295,435 - - -
Total governmental activities 17,874,881 2,724,455 544,823 213,575
Business-Type Activities
Water 4,264,602 4,250,938 - 584,114
Sewerage 2,450,965 2,372,061 - 418,795
Refuse disposal 1,496,548 623,681 - -
Commuter parking lot 246,153 204,177 - -
Total business-type activities 8,458,268 7,450,857 - 1,002,909
TOTAL PRIMARY GOVERNMENT 26,333,149$ 10,175,312$ 544,823$ 1,216,484$
COMPONENT UNIT
Deerfield Public Library 2,289,525$ 79,557$ 22,537$ -$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2007
- 4 -
Component
Unit
Deerfield
Governmental Business-Type Public
Activities Activities Total Library
(2,858,752)$ -$ (2,858,752)$ -$
(6,240,887) - (6,240,887) -
(4,996,954) - (4,996,954) -
(295,435) - (295,435) -
(14,392,028) - (14,392,028) -
- 570,450 570,450 -
- 339,891 339,891 -
- (872,867) (872,867) -
- (41,976) (41,976) -
- (4,502) (4,502) -
(14,392,028) (4,502) (14,396,530) -
- - - (2,187,431)
General Revenues
Taxes
Property 6,542,142 859,502 7,401,644 2,575,376
Replacement 94,489 - 94,489 78,600
Sales 4,533,261 - 4,533,261 -
Home rule sales 1,832,281 - 1,832,281 -
Income 1,552,501 - 1,552,501 -
Local use 237,011 - 237,011 -
Hotel/motel 2,007,355 - 2,007,355 -
Simplified telecommunications 323,358 - 323,358 -
Investment income 1,557,378 188,864 1,746,242 181,710
Miscellaneous 210,116 214,481 424,597 56,083
Transfers in (out)(1,600,000) 1,600,000 - -
Total 17,289,892 2,862,847 20,152,739 2,891,769
CHANGE IN NET ASSETS 2,897,864 2,858,345 5,756,209 704,338
NET ASSETS, MAY 1 78,426,760 19,965,656 98,392,416 2,604,501
Restatement 1,056,165 (1,056,165) - -
NET ASSETS, MAY 1, RESTATED 79,482,925 18,909,491 98,392,416 2,604,501
NET ASSETS, APRIL 30 82,380,789$ 21,767,836$ 104,148,625$ 3,308,839$
Primary Government
Net (Expense) Revenue and Change in Net Assets
See accompanying notes to financial statements.
- 5 -
Tax
Increment
Infrastructure Financing Nonmajor
General Replacement District 2 Governmental Total
Cash and investments 15,727,785$ 753,881$ 4,573,071$ 1,888,864$ 22,943,601$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 1,833,050 41,772 4,526,106 - 6,400,928
Accounts 419,098 22,571 - 59,434 501,103
Accrued interest 123,200 3,348 51,542 16,137 194,227
Due from other governments 1,515,268 207,046 56,250 43,768 1,822,332
Advance to other funds 3,087,170 - - - 3,087,170
Inventory 50,651 - - - 50,651
Prepaid items 81,434 - - - 81,434
Land held for resale - - 1,582,087 - 1,582,087
TOTAL ASSETS 22,837,656$ 1,028,618$ 10,789,056$ 2,008,203$ 36,663,533$
LIABILITIES
Accounts payable 352,659$ 43,663$ 495,127$ 7,725$ 899,174$
Accrued payroll 158,374 - - - 158,374
Deposits payable 1,192 - - 35,941 37,133
Retainage payable - - 397,944 - 397,944
Other payables 152,983 - - - 152,983
Deferred property taxes 1,985,000 45,000 4,526,106 - 6,556,106
Deferred grant revenue - 121,754 - - 121,754
Advance from other funds - - 3,087,170 - 3,087,170
Total liabilities 2,650,208 210,417 8,506,347 43,666 11,410,638
FUND BALANCES
Reserved for inventory 50,651 - - - 50,651
Reserved for prepaid items 81,434 - - - 81,434
Reserved for long-term advance 3,087,170 - - - 3,087,170
Reserved for debt service - - - 533,758 533,758
Reserved for maintenance of roadways - - - 648,606 648,606
Reserved for public safety - - - 623,803 623,803
Reserved for economic development - - 700,622 - 700,622
Reserved for land held for resale - - 1,582,087 - 1,582,087
Unreserved
Undesignated - General Fund 16,968,193 - - - 16,968,193
Undesignated - Capital Projects Funds - 818,201 - 158,370 976,571
Total fund balances 20,187,448 818,201 2,282,709 1,964,537 25,252,895
TOTAL LIABILITIES AND
FUND BALANCES 22,837,656$ 1,028,618$ 10,789,056$ 2,008,203$ 36,663,533$
LIABILITIES AND FUND BALANCES
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2007
ASSETS
See accompanying notes to financial statements.
- 6 -
FUND BALANCES OF GOVERNMENTAL FUNDS 25,252,895$
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 60,106,127$
Less internal service funds (1,241,096)58,865,031
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (6,000,000)
Compensated absences 1,196,529
Less internal service funds (14,220)(1,182,309)
Accrued interest on long-term liabilities is shown as a liability
on the statement of net assets (21,585)
The net pension assets of the police pension fund
are included in the governmental activities in the
statement of net assets 1,009,074
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets 4,457,683
NET ASSETS OF GOVERNMENTAL ACTIVITIES 82,380,789$
April 30, 2007
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, 2007
Tax
In crement
In frastructure Financing Nonmajor
General Replacement District 2 Governmental Total
REVENUES
Taxes 11,817,450$ 1,088,566$ 4,216,384$ -$ 17,122,400$
Licenses and permits 1,454,044 - - - 1,454,044
In tergovernmental 45,088 98,205 75,000 543,723 762,016
Charges for services 392,836 - - 308,770 701,606
Fines and forfeits 239,668 - - - 239,668
In vestment income 962,710 20,068 394,592 180,008 1,557,378
Miscellaneous 514,765 - - - 514,765
Total revenues 15,426,561 1,206,839 4,685,976 1,032,501 22,351,877
EXPENDITURES
Current
General government 4,141,189 - - 67,772 4,208,961
Public safety 6,857,892 - - 256,650 7,114,542
Highways and streets 1,741,363 - - 592,346 2,333,709
Capital outlay - 3,821,984 4,438,647 - 8,260,631
Debt service
Principal retirement - - - 2,000,000 2,000,000
In terest and fiscal charges - - - 302,600 302,600
Total expenditures 12,740,444 3,821,984 4,438,647 3,219,368 24,220,443
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,686,117 (2,615,145) 247,329 (2,186,867) (1,868,566)
OTHER FINANCING SOURCES (USES)
Transfers in - 2,400,000 - 2,302,000 4,702,000
Transfers (out)(3,400,000) - (2,302,000) (600,000) (6,302,000)
Sale of capital assets 20,870 - - - 20,870
Total other financing sources (uses)(3,379,130) 2,400,000 (2,302,000) 1,702,000 (1,579,130)
NET CHANGE IN FUND BALANCES (693,013) (215,145) (2,054,671) (484,867) (3,447,696)
FUND BALANCES, MAY 1 20,880,461 1,033,346 4,337,380 2,449,404 28,700,591
FUND BALANCES, APRIL 30 20,187,448$ 818,201$ 2,282,709$ 1,964,537$ 25,252,895$
See accompanying notes to financial statements.
- 8 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (3,447,696)$
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 6,289,467$
Less internal service funds (296,865)5,992,602
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 2,000,000
The decrease in interest payable is reported as a reduction of expense
on the statement of activities 7,165
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 (1,907,624)
Less internal service funds 185,542 (1,722,082)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (184,636)
The decrease in compensated absences is reported as a reduction to expense
on the statement of activities 71,006
The decrease in net pension asset is reported as an addition to expense
on the statement of activities (12,676)
The change in net assets of certain activities of internal service funds is
in governmental funds 194,181
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES 2,897,864$
For the Year Ended April 30, 2007
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, 2007
Governmental
Activities
Nonmajor Total Internal
Water Sewerage Refuse Enterprise Enterprise Service
CURRENT ASSETS
Cash and investments 1,507,802$ 1,995,048$ 432,257$ 638,218$ 4,573,325$ 3,127,897$
Receivables
Property taxes - - 752,199 - 752,199 -
Accounts - billed 82,051 85,518 22,346 - 189,915 733
Accounts - unbilled 466,217 279,487 96,867 - 842,571 -
Accrued interest 10,691 3,348 4,927 4,903 23,869 22,267
Prepaid expense 11,160 15,860 516 482 28,018 1,099
Inventory 117,699 15,891 - - 133,590 93,520
Total current assets 2,195,620 2,395,152 1,309,112 643,603 6,543,487 3,245,516
NONCURRENT ASSETS
Deferred bond issuance costs 173,124 - - - 173,124 -
Total noncurrent assets 173,124 - - - 173,124 -
CAPITAL ASSETS
Nondepreciable 1,877,956 - - 77,500 1,955,456 -
Depreciable 15,699,104 6,137,560 - 1,950,831 23,787,495 2,831,405
Accumulated depreciation (3,147,064) (2,416,828) - (667,433) (6,231,325) (1,590,309)
Net capital assets 14,429,996 3,720,732 - 1,360,898 19,511,626 1,241,096
Total assets 16,798,740 6,115,884 1,309,112 2,004,501 26,228,237 4,486,612
CURRENT LIABILITIES
Accounts payable 285,860 299,110 120,676 13,789 719,435 11,640
Accrued payroll 18,342 21,829 - 474 40,645 3,069
Deposits payable 4,805 2,160 - - 6,965 -
Retainage payable 26,675 - - - 26,675 -
Accrued interest payable 32,008 - - - 32,008 -
Deferred property taxes - - 809,000 - 809,000 -
Compensated absences payable 27,053 12,606 - 655 40,314 1,422
Current portion of general obligations
bonds payable 400,000 - - - 400,000 -
Total current liabilities 794,743 335,705 929,676 14,918 2,075,042 16,131
LONG-TERM LIABILITIES
Compensated absences payable 81,009 113,457 - 5,893 200,359 12,798
General obligation bonds payable 2,185,000 - - - 2,185,000 -
Total long-term liabilities 2,266,009 113,457 - 5,893 2,385,359 12,798
Total liabilities 3,060,752 449,162 929,676 20,811 4,460,401 28,929
NET ASSETS
Invested in capital assets,
net of related debt 11,844,996 3,720,732 - 1,360,898 16,926,626 1,241,096
Unrestricted 1,892,992 1,945,990 379,436 622,792 4,841,210 3,216,587
TOTAL NET ASSETS 13,737,988$ 5,666,722$ 379,436$ 1,983,690$ 21,767,836$ 4,457,683$
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, 2007
Governmental
Activities
Nonmajor Total Internal
Water Sewerage Refuse Enterprise Enterprise Service
OPERATING REVENUES
Charges for services 4,250,938$ 2,372,061$ 623,681$ 204,177$ 7,450,857$ 787,235$
Miscellaneous 136,369 70,833 7,279 - 214,481 7,059
Total operating revenues 4,387,307 2,442,894 630,960 204,177 7,665,338 794,294
OPERATING EXPENSES
Administration 371,401 436,031 - - 807,432 -
Operations 3,461,334 1,892,503 1,496,548 219,416 7,069,801 240,315
Commodities - - - - - 353,555
Total operating expenses 3,832,735 2,328,534 1,496,548 219,416 7,877,233 593,870
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 554,572 114,360 (865,588) (15,239) (211,895) 200,424
Depreciation 323,008 122,431 - 26,737 472,176 185,542
OPERATING INCOME (LOSS)231,564 (8,071) (865,588) (41,976) (684,071) 14,882
NONOPERATING REVENUES (EXPENSES)
Investment income 83,604 29,357 38,569 37,334 188,864 170,299
Property taxes - - 859,502 - 859,502 -
Gain on disposal of capital assets - - - - - 9,000
Interest expense (108,859) - - - (108,859) -
Total nonoperating revenues (expenses)(25,255) 29,357 898,071 37,334 939,507 179,299
INCOME (LOSS) BEFORE TRANSFERS
AND CONTRIBUTIONS 206,309 21,286 32,483 (4,642) 255,436 194,181
TRANSFERS IN - 1,600,000 - - 1,600,000 -
CONTRIBUTIONS 584,114 418,795 - - 1,002,909 -
CHANGE IN NET ASSETS 790,423 2,040,081 32,483 (4,642) 2,858,345 194,181
NET ASSETS, MAY 1 12,947,565 3,626,641 346,953 1,988,332 18,909,491 4,263,502
NET ASSETS, APRIL 30 13,737,988$ 5,666,722$ 379,436$ 1,983,690$ 21,767,836$ 4,457,683$
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, 2007
Governmental
Activities
Nonmajor Total Internal
Water Sewer Refuse Enterprise Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 4,228,998$ 2,357,073$ 623,317$ 204,177$ 7,413,565$ -$
Receipts from interfund services - - - - - 788,405
Receipts from miscellaneous revenues 136,369 70,833 7,279 - 214,481 7,059
Payments to suppliers (2,991,436) (701,267) (1,388,008) (174,515) (5,255,226) (454,666)
Payments to employees (765,991) (1,344,575) (51,879) (25,932) (2,188,377) (186,349)
Payments for interfund services (72,040) (97,269) (50,041) (1,004) (220,354) -
Net cash from operating activities 535,900 284,795 (859,332) 2,726 (35,911) 154,449
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in (out)- 1,600,000 - - 1,600,000 -
Property taxes - - 847,446 - 847,446 -
Net cash from noncapital
financing activities - 1,600,000 847,446 - 2,447,446 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 9,000
Capital assets purchased - (101,904) - - (101,904) (296,865)
Bond principal payments (395,000) - - - (395,000) -
Bond interest payments (86,108) - - - (86,108) -
Net cash from capital and
related financing activities (481,108) (101,904) - - (583,012) (287,865)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 81,818 26,290 36,596 37,376 182,080 169,007
Net cash from investing activities 81,818 26,290 36,596 37,376 182,080 169,007
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 136,610 1,809,181 24,710 40,102 2,010,603 35,591
CASH AND CASH EQUIVALENTS, MAY 1 1,371,192 185,867 407,547 598,116 2,562,722 3,092,306
CASH AND CASH EQUIVALENTS, APRIL 30 1,507,802$ 1,995,048$ 432,257$ 638,218$ 4,573,325$ 3,127,897$
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, 2007
Governmental
Activities
Parking Total Internal
Water Sewerage Refuse Lot Enterprise Service
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)231,564$ (8,071)$ (865,588)$ (41,976)$ (684,071)$ 14,882$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 323,008 122,431 - 26,737 472,176 185,542
(Increase) decrease in
Receivables (21,940) (14,988) (364) - (37,292) 285
Inventories (17,845) (950) - - (18,795) (6,158)
Due from component unit 2,523 4,813 - - 7,336 885
Prepaids (11,160) (15,860) (517) (482) (28,019) (1,099)
Increase (decrease) in
Accounts payable (141) 177,583 7,137 12,663 197,242 3,188
Deposits payable 3,965 1,725 - - 5,690 -
Contracts payable 26,675 - - - 26,675 -
Accrued payroll 9,279 3,889 - 91 13,259 (2,969)
Compensated absences payable (10,028) 14,223 - 5,693 9,888 (40,107)
NET CASH FROM OPERATING ACTIVITIES 535,900$ 284,795$ (859,332)$ 2,726$ (35,911)$ 154,449$
NON-CASH TRANSACTIONS
Contributions of capital assets by other funds 584,114$ 418,795$ -$ -$ 1,002,909$ -$
TOTAL NON-CASH TRANSACTIONS 584,114$ 418,795$ -$ -$ 1,002,909$ -$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 1,186,943$ 1,512,514$
Investments
U.S. Treasury obligations 8,164,414 -
U.S. agencies securities 2,668,218 -
Mutual funds 12,628,184 -
Municipal bonds 1,081,255 -
Negotiable certificates of deposit 260,461 -
Receivables
Accrued interest 80,508 718
Total assets 26,069,983 1,513,232
LIABILITIES
Accounts payable 21,439 10,786
Deposits payable - 1,412,515
Other payables - 89,931
Total liabilities 21,439 1,513,232$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 26,048,544$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2007
See accompanying notes to financial statements.
- 14 -
ADDITIONS
Contributions - employer 654,414$
Contributions - employee 312,452
Total contributions 966,866
Investment income
Net appreciation in fair value of investments 1,932,301
Interest earned on investments 658,058
Total investment income 2,590,359
Less investment expense (1,429)
Net investment income 2,588,930
Total additions 3,555,796
DEDUCTIONS
Benefits and refunds
Pension payments 1,268,464
Administrative 6,753
Total deductions 1,275,217
NET INCREASE 2,280,579
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 23,767,965
April 30 26,048,544$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended April 30, 2007
See accompanying notes to financial statements.
- 15 -
-16 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2007
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
Village of Deerfield Public Libr ary
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 pronouncements 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 of 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. Governmental
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 Village reports the fo llo wing major proprietary funds:
The Water Fund accounts for all activit 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 fo llo 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 ho lds 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 non-operating.
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 collect ible within 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 t he
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 Presentation
(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 state 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 deferred revenue on its financial statements. Deferred revenues
arise when a potential revenue does not meet both the “measurable”and “available”
criteria for recognit io n in t he current period. 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 recognit io n criteria are met or when the
Village has a legal claim to the resources, the liability fo r 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 nts with a maturit y o f le ss than one year when purchased and non-
negotiable cert ificates of deposit are stated at cost or amortized cost. Investme nt s
with a maturity greater than one year when purchased and all investme nt s of the
pensio n t rust funds are stated at fair value. Fair value is based on prices listed on
nat io nal exchanges as of April 30, 2007 fo r debt and equit y s ecurities.
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/ fir st-out
(FIFO) method. The costs of governmental fund-type inventories are recorded as
expenditures when consumed rather than when purchased.
i.Prepaid Items
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items.
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 t he
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 governmental 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, are deferred and amortized over the life of the bonds using the bonds-
outstanding method, which approximates the effective interest method. Bonds
payable are reported net of the applicable bond premium or discount. Bond issuance
costs are reported as deferred charges and amortized over the term of the related
debt.
In the fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face
amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not
withheld 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 reservat io 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, 2007, 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.
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 t rust 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 funds 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 union
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 classificatio 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 pension fund can invest in the same securities 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 loans, obligations of the State of Illinois
and it s 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 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 portfo lio . 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 banks 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 o f 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. There were no instances of
nonco mp liance wit h t his policy at April 30, 2007.
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, 2007:
Investment Maturities (in Years)
Fair
Value Less than 1 1-5 6-10 Greater than 10
U.S. Agency Obligations $26,614,087 $3,030,549 $23,085,569 $-$497,969
Illinois Funds 4,415,886 4,415,886 ---
TOTAL $31,029,973 $7,446,435 $23,085,569 $-$497,969
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 funds not needed within a three year period. Ho wever, the
investment 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 addition, 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 it s
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 wit h
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 t he
event of a banks failure, the Police Pensio n Funds’ deposits may not be returned to
them. The Police Pension Funds’ 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.
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, 2007:
Investment Maturities (in Years)
Fair
Value Less than 1 1-5 6-10 Greater than 10
U.S. Agency Obligations $2,668,218 $-$997,106 $491,095 $1,180,017
U.S. Treasury Obligations 8,164,414 -2,450,213 163,436 5,550,765
Municipal Bonds 1,081,255 --880,977 200,278
Illinois Funds 1,186,943 1,186,943 ---
Negotiable Certificates of
Deposit 260,461 260,461 ---
TOTAL $13,361,291 $1,447,404 $3,447,319 $1,535,508 $6,931,060
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-27 -
2.DEPOSITS AND INVESTMENTS (Continued)
d.Police Pensio n Fund Invest me nt s (Continued)
In accordance with its invest me nt policy, 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 investme 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 explicit ly or implicit ly guaranteed
by t he United States Government. The U.S. Agency obligations are rated by
Moody’s between AA2 and AAA and the municipal bonds are rated between AA1
and AAA. Illino is Funds is rated AAA by Standard and Poor’s.The invest me nt
policy is silent on minimum ratings 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 and the mut ual fu nds
are not subject to custodial credit risk.
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 invest me 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 security
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 2006 attach as an enforceable lien on January 1, 2006 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, 2007 and August 1, 2007 and are payable in two installments, on or
about March 1, 2007 and September 1, 2007. The County co llects such taxes and remits
them periodically.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-28 -
3.RECEIVABLES-TAXES (Continued)
The 2007 tax levy, which attached as an enforceable lien on property as of January 1,
2007, has not been recorded as a receivable as of April 30, 2007 as the tax has not yet been
levied by the Village and will not be levied unt il D ecember 2007, and, therefore, the levy
is not measurable at April 30, 2007.
4.CAPITAL ASSETS
Capital asset activit y for the year ended April 30, 2007 was as follows:
Beginning
Balance,
Restated*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 735,060 3,943,622 -4,678,682
Total capital assets not being depreciated 19,925,169 3,943,622 -23,868,791
Capital assets being depreciated
Buildings and improvements 5,737,376 -33,083 5,704,293
Vehicles, machinery and equipment 2,666,777 328,125 132,237 2,862,665
Infrastructure 85,461,826 2,017,720 933,721 86,545,825
Total capital assets being depreciated 93,865,979 2,345,845 1,099,041 95,112,783
Less accumulated depreciation for
Buildings and improvements 1,663,301 159,144 33,083 1,789,362
Vehicles, machinery and equipment 1,537,003 187,106 132,237 1,591,872
Infrastructure 54,681,923 1,561,374 749,084 55,494,213
Total accumulated depreciation 57,882,227 1,907,624 914,404 58,875,447
Total capital assets being depreciated, net 35,983,752 438,221 184,637 36,237,336
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $55,908,921 $4,381,843 $184,637 $60,106,127
*The beginning balance of governmental activities has been restated to include the portion
of int ernal service fund capital assets that was previously reported as business-type
activit ies.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-29 -
4.CAPITAL ASSETS (Continued)
Beginning
Balance,
Restated*Increases Decreases
Ending
Balance
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $1,955,456 $-$-$1,955,456
Total capital assets not being depreciated 1,955,456 --1,955,456
Capital assets being depreciated
Buildings and improvements 6,966,127 --6,966,127
Parking lot improvements 1,950,830 --1,950,830
Vehicles, machinery and equipment 595,397 --595,397
Water distribution system 10,430,235 584,114 90,765 10,923,584
Sanitary sewer system 2,895,932 520,699 65,076 3,351,555
Total capital assets being depreciated 22,838,521 1,104,813 155,841 23,787,493
Less accumulated depreciation for
Buildings and improvements 2,574,387 150,419 -2,724,806
Parking lot improvements 640,695 26,737 -667,432
Vehicles, machinery and equipment 531,991 8,322 -540,313
Water distribution system 1,319,166 222,849 90,765 1,451,250
Sanitary sewer system 848,749 63,849 65,076 847,522
Total accumulated depreciation 5,914,988 472,176 155,841 6,231,323
Total capital assets being depreciated, net 16,923,533 632,637 -17,556,170
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $18,878,989 $632,637 $-$19,511,626
*The beginning balance of governmental activities has been restated to include the portion
of int ernal service fund capital assets that was previously reported as business-type
activit ies; the beginning balance of business-type activit ies has been reduced by the same
amount.
Depreciat io n expense was charged to funct io ns/programs of the primary government as
fo llo ws:
GOVERNMENTAL ACTIVITIES
General government $12,928
Public safety 115,675
Highways and streets, including depreciation
of general infrastructure assets 1,779,021
DEPRECIATION EXPENSE -GOVERNMENTAL ACTIVITIES $1,907,624
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-30 -
5.RISK MANAGEMENT
Intergovernmental Personnel Benefit Cooperative (IPBC)
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. The Village participates in the Intergovernmental Personnel Benefit
Cooperative (IPBC).IPBC is a public entit y risk pool established by certain units of local
government in Illino is to administer some or all o f t he 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 entit 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 one
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 lo sses, 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 activit ies 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 coverage ($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, 2009;
payable in annual installments;
interest rates from 4.20% to 4.35%)
Debt
Service**$8,000,000 $-$2,000,000 $6,000,000 $2,000,000
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*2,980,000 -395,000 2,585,000 400,000
TOTAL $10,980,000 $-$2,395,000 $8,585,000 $2,400,000
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-32 -
6.LONG-TERM DEBT (Continued)
a.General Obligat io n Bonds (Continued)
*The Village abates the tax levy on this bond issue annually. The debt is recorded
in and is being retired by the Water Fund.
**The Village abates the tax levy on this bond issue annually. The debt is being
retired by transfers from the Tax Incremental Finance District 2 Fund.
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
2008 $2,000,000 $216,000 $2,216,000 $400,000 $76,820 $476,820
2009 2,000,000 130,000 2,130,000 410,000 67,820 477,820
2010 2,000,000 43,500 2,043,500 425,000 57,365 482,365
2011 ---435,000 44,827 479,827
2012 ---450,000 31,125 481,125
2013 ---465,000 16,275 481,275
TOTAL $6,000,000 $389,500 $6,389,500 $2,585,000 $294,232 $2,879,232
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 May 1,
Restated Additions Reductions April 30
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation bonds Debt Service $8,000 ,000 $-$2,000,000 $6,000,000 $2,000,000
Compensated absences
(Governmental)General 1,253,315 45,296 116,302 1,182,309 151,799
Compensated absences
(Internal Service)Garage 54,327 11,864 51,971 14,220 1,422
TOTAL GOVERNMENTAL
ACTIVITIES $9,307,642 $57,160 $2,168,273 $7,196,529 $2,153,221
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-33 -
6.LONG-TERM DEBT (Continued)
c.Changes in Long-Term Liabilit ies (Continued)
Fund Debt
Retired By May 1,
Restated Additions Reductions April 30
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $2,980,000 $-$395,000 $2,585,000 $400,000
Compensated absences
(Enterprise)
Water/Sewer/
Parking 230,785 19,915 10,027 240,673 40,314
TOTAL BUSINESS-TYPE
ACTIVITIES $3,210,785 $19,915 $405,027 $2,825,673 $440,314
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.
e.Noncommit ment Debt -Industrial Develo pment Revenue Bonds
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 Illinois Co mp iled Statutes.
The issuance of Industrial Development Revenue Bonds (IDRB’s) by t he Village is
to finance in who le or in part the cost of the acquisit io n, 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)
-34 -
6.LONG-TERM DEBT (Continued)
e.Noncommit ment Debt -Industrial Development Revenue Bonds (Continued)
IDRB’s 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 IDRB’s, the transact io ns 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.
12/1/95 Industrial Revenue 32,150,000 Jewish Federation
5/18/06 Industrial Revenue 27,515,000 Chicagoland Jewish High School
As of April 30, 2007, there were three IDRBs outstanding. The aggregate principal
amount payable for the two series which could be determined was $28,705,000. The
aggregate principal payable for the other series of IDRBs could not be determined;
however, their original issue amounts totaled $1,000,000.
7.INTERFUND ASSETS/LIABILITIES
a.Ad vances Fro m/To Ot her Funds
Fund
Receivable
Fund
Payable
Fund
General $3,087,170 $-
Tax Incremental Financing District 2 -3,087,170
TOTAL $3,087,170 $3,087,170
The purpose of significant advances to/from other funds is as follo ws:
·In addit io n to the 1998 issue, money was advanced fro m t he General Fund to
the Tax Incremental Financing District (TIF) 2 Fund to fund public
improvements with the recognit io n t hat this would eventually be paid back
fro m fut ure TIF taxes. It is intended that this payback would begin as the
increment grows in excess of the funds necessary for the project. The
repayment began in fiscal year 2006 as $500,000 was repaid to the General
Fund; in fiscal year 2007 $500,000 was repaid to the General Fund and it is
ant ic ipated that this will cont inue at some level until the ent ir e amount is
repaid before the district terminates.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-35 -
7.INTERFUND ASSETS/LIABILITIES (Continued)
b.Interfund Transfers
Transfers From Transfers To Amount
Tax Increment Financing District 2 Nonmajor Governmental $2,302,000
General Sewer 1,600,000
General Infrastructure Replacement 1,800,000
Nonmajor Governmental Infrastructure Replacement 600,000
TOTAL $6,302,000
The purpose of significant transfers to/from other funds is as follo ws:
·$2,302,000 transferred fro m t he Tax Increment Financing District 2 Fund to
the Debt Service Fund fo r 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.
·$1,600,000 transferred fro m t he General Fund to the Sewer Fund is to offset
the cost of improvements to the sewer system. The amount will not be repaid.
·$1,800,000 and $600,000 transferred from the General Fund and the Debt
Service Fund, respect ively, to the Infrastructure Replacement Fund is to
provide additional funding needed to complete budgeted projects.
8.COMMITMENTS
High-Level Excess Liabilit y P ool (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, 1998.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-36 -
9.FUND BALANCES
Tax Incremental Finance District 1 Fund -Surplus Rebate
On November 20, 2006,the Village passed Reso lu tion No. 06-09, titled “Reso lut io n
Declaring a Surplus of Tax Increment Financing Funds,”in accordance with the Illinois
Compiled Statutes. The Village determined that the sum of $3,258,313 held in the Tax
Incremental Finance District 1 Fund was surplus funds and was redistributed to the
appropriate taxing districts in Fiscal 2007.
10.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.
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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-37 -
11.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 thirt y-five municipalit ies.
SWALCO is a municipal corporation and public body polit ic and corporate established
pursuant to the Constitution of the State of Illino is and the Intergovernmental Cooperation
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 solid waste disposal system to serve its
members.
These percentage shares are subject to change in future years based on the combination of
the population and equalized assessed 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 S WALCO 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 S WALCO; 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, 2007 and no future payments are expected.
Complete financial statements can be obtained from the So lid Waste Agency o f Lake
County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031.
The Village does not have an equit y int erest in SWALCO at April 30, 2007.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-38 -
12.POSTEMPLOYMENT BENEFITS
In addit io n to providing the pensio n benefit s described below, the Village provides certain
healt h care benefit s, in accordance with the personnel policy manual, to all employees who
have worked for the Village for a minimum of ten years and who receive a pension fro m
the Village through the Illino is Municipal Ret ir ement Fund or Police Pensio n Fund. The
cost of retiree health care benefits is recognized as an expenditure as insurance premiums
are paid. For the fiscal year, those costs total $18,000. The retirees pay an annual
premium, which is equal to the actuarially determined cost for each plan year. The Village
pays 50 percent of the cost of the mo nt hly healt h insurance premiums for the retirees to a
maximum o f $50. Currently, there are 30 participants eligible to receive benefit s.
13.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).
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
8 years of service are ent it led to an annual ret ir ement benefit, payable mo nt hly fo r
life, in an amount equal to 1 2/3 percent 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 percent for each year thereafter. IMRF also
provides death and disabilit y benefits. The Illino is Pensio n Code establishes the
benefit provisio ns of the plan that can only be amended by the Illino is General
Assembly.
Participating members are required to contribute 4.5 percent of their annual salary to
IMRF. The Village is required to contribute 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, 2006 was 11.49%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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-39 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Police Pensio n 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, 2007, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries current ly receiving benefits 25
Terminated emp lo yees ent it led to benefits but not
yet receiving them 3
Current emp lo yees
Vested 27
Nonvested 12
TOTAL 67
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 disability
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 2½ percent of
such salary for each addit io nal year of service over 20 years up to 30 years, to a
maximum o f 75 percent of such salary. Employees with at least 8 years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly pensio n 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 first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3 percent of the original pension and 3 percent compounded interest annually
thereafter.
Covered emplo yees are required to cont ribute 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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-40 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Police Pensio n Plan (Continued)
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.
Gains and losses on sales and exchanges of fixed-inco me securit ie s are recognized
on the transaction date.
Significant Invest me nt s: Investments (other than U.S. government and U.S.
government guaranteed obligat io ns) in a Vanguard Mutual Fund represent ing 46.6
percent of net assets available for benefits.
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 Pension Cost
Illinois
Municipal
Retir ement
Police
Pension
Actuarial valuation date December 31,
2004
May 1,
2006
Actuarial cost met hod Entry-age
Nor ma l
Entry-age
Nor ma l
Level Dollar
Asset valuation met hod 5 Year
Smoothed
Market
Actuary’s
Value
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-41 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pensio n Cost (Continued)
Illinois
Municipal
Retir ement
Police
Pension
Amortization method Level
Percentage of
Payroll
Level
Dollar
Amortization per iod 26 Years,
Closed
27 Years,
Closed
Significant actuarial assumptions
a)Rate of return on 7.50%8.00%
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 2005 $522,513 $625,005
(APC)2006 551,606 587,217
2007 674,312 667,090
Actual contribution 2005 $522,513 $614,326
2006 551,606 575,395
2007 674,312 654,414
Percentage of APC contributed 2005 100.00 98.29
2006 100.00 97.99
2007 100.00 98.25
NPO (Asset)2005 $-$(1,032,581)
2006 -(1,020,759)
2007 -(1,009,074)
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-42 -
13.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 for the April 30, 2007 valuat io n date (most recent data available) are as
fo llo ws:
Annual required contribut io n $654,414
Interest on net pensio n obligat io n (asset)(81,661)
Ad just me nt to annual required contribution 93,346
Annual pension cost 666,099
Contribut io ns made 654,414
Increase (decrease) in net pensio n obligat io n 11,685
Net pension obligation (asset) beginning of year (1,020,759)
NET PENSION OBLIGATION (ASSET) END OF YEAR $(1,009,074)
14.CONTRACTUAL COMMITMENTS
Economic Incent ive Agreements
The Village has entered into economic incent ive agreements with two co mmercial ent it ie s
whereby the Village has agreed to reimburse the commercial entit ie s through sales tax
rebates. The amount of the rebates is limited to specified time periods or maximum caps
and are payable over one to fifteen years sole ly from sales taxes generated by the
commercial entit ie s. The rebates are to be paid mo nt hly or annually, depending on the
agreement, with the last agreement expiring fifteen years after commencement. At
April 30, 2007, the Village has accrued an estimated rebate liability o f $100,512 fo r
amounts collected by the state through April 30, 2007 but not yet paid to the commercial
ent it ies. To date, the Village has paid $1,499,877 to the commercial entit ie s. The
maximum rebate to be paid for one agreement is $5,500,000, and the other has no stated
maximum.
15.RESTATEMENTS
Net assets of the governmental act ivit ies was increased and net assets of business-type
activit ies was decreased by $1,056,165 at May 1, 2006 to report the activity of internal
services, which was previously split,all in governmental act ivit ies.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-43 -
16.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY
a.Summary Financial Informat io n
The fo llo wing is summary fund financial informat ion for the Deerfield Public
Library (the Library) for the fiscal year ended April 30, 2007:
General Adjustments
Statement of
Net Assets
ASSETS
Cash and investments $3,406,306 $-$3,406,306
Receivables
Pr operty taxes 2,331,127 -2,331,127
Accounts 1,147 -1,147
Capital assets, net of
accumulated depreciation -252,160 252,160
Total assets 5,738,580 252,160 5,990,740
LIABILITIES
Accounts payable 37,896 -37,896
Accrued payroll 8,002 -8,002
Deferred property taxes 2,496,433 -2,496,433
Compensated
absences payable -139,570 139,570
Total liabilities 2,542,331 139,570 2,681,901
FUND BALANCES/NET ASSETS
Fund balances -unreserved
Designated for memorial 20,756 (20,756)-
Un designated 3,175,493 (3,175,493)-
Net assets
Invested in capital assets,
net of related debt -252,160 252,160
Un restricted -3,056,679 3,056,679
TOTAL FUND BALANCES/
NET ASSETS $3,196,249 $112,590 $3,308,839
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-44 -
16.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
a.Summary Financial Informat io n (Continued)
General Adjustments
Statement of
Activities
REVENUES
Property taxes $2,575,376 $-$2,575,376
Replacement taxes 78,600 -78,600
Intergovernmental 22,537 -22,537
Charges for services 79,557 -79,557
Investment income 181,710 -181,710
Miscellaneous 56,083 -56,083
Total revenues 2,993,863 -2,993,863
EXPENDITURES/EXPENSES
Culture and recreation 2,264,512 25,013 2,289,525
Total expenditures/expenses 2,264,512 25,013 2,289,525
NET CHANGE IN FUND BALANCE/
NET ASSETS 729,351 (25,013)704,338
FUND BALANCE/NET ASSETS
MAY 1 2,466,898 137,603 2,604,501
FUND BALANCES/NET ASSETS
APRIL 30 $3,196,249 $112,590 $3,308,839
b.Deposits and Invest me nt s
1)Deposits
Permitted Deposits and Invest me nt s -The Illino is Compiled Statutes authorize
the Library 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 union shares, money market mutual funds wit h portfolio s of securit ies
issued or guaranteed by the United States or agreements to repurchase these
same obligat io 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)
-45 -
16.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s (Continued)
1)Deposits (Continued)
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 object ive 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 does not have a separate invest me nt policy, but fo llo ws the
Village’s invest me nt policy which requires pledging of collateral with a fair
value of 100% of all bank balances in excess of federal depository insurance.
At April 30, 2007, all o f t he Library’s bank balances were insured or
collateralized.
2)Invest me nt s
As o f Apr il 30, 2007, the Library had t he fo llo wing investments and maturit ies of
debt securities:
Fair Investment Maturities (in Years)
Value Less than 1 1-5 6-10 Greater than 10
Illinois Funds $3,375,082 $3,375,082 $-$-$-
TOTAL $3,375,082 $3,375,082 $-$-$-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-46 -
16.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s (Continued)
2)Invest me nt s (Continued)
In accordance with the Village’s investment policy, the Library limits its
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. The invest me nt policy limits the maximum maturit y le ngth of
investments in the general fund to three years fro m date of purchase. In
addition, the policy requires the Library to structure the invest me nt portfolio so
that securit ies 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
maturity.
The Library limit s it s exposure to credit risk, the risk that the issuer of a debt
security will not pay it s 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 its 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 2006 le vy year attach as an enforceable lien on January 1,
2006, 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, 2007 and
August 1, 2007, and are payable in two installments, on or about March 1, 2007 and
September 1, 2007. The County co llects such taxes and remit s them periodically.
The 2006 tax levy co llect io ns are intended to finance the 2008 fiscal year and are not
considered available for current operations and are, therefore, shown as deferred
revenue. The 2007 tax levy has not been recorded as a receivable at April 30, 2007,
as the tax attached as a lien on property as of January 1, 2007, however, the tax will
not be levied until December 2007 and, accordingly, is not measurable at April 30,
2007.
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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-47 -
16.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
d.Capital Assets (Continued)
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 are depreciated using the straight-line method over the
fo llo wing estimated useful lives:
Years
Buildings 45
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
Total capital assets not being depreciated 65,493 --65,493
Capital assets being depreciated
Buildings 1,050,000 --1,050,000
Total capital assets being depreciated 1,050,000 --1,050,000
Less accumulated depreciation for
Buildings 840,000 23,333 -863,333
Total accumulated depreciation 840,000 23,333 -863,333
Total capital assets being depreciated, net 210,000 (23,333)-186,667
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $275,493 $(23,333)$-$252,160
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, 2007:
Balance,
May 1 Additions Retirements
Balance,
April 30
Current
Portion
COMPENSATED ABSENCES $137,890 $1,680 $-$139,570 $96,475
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
REVENUES
Taxes 10,697,900$ 10,697,900$ 11,817,450$
Licenses and permits 1,055,500 1,055,500 1,454,044
Intergovernmental 34,000 34,000 45,088
Charges for services 392,600 392,600 392,836
Fines and forfeits 207,500 207,500 239,668
Investment income 460,000 460,000 962,710
Miscellaneous 359,500 359,500 514,765
Total revenues 13,207,000 13,207,000 15,426,561
EXPENDITURES
General government 4,330,750 4,330,750 4,141,189
Public safety 7,364,749 7,364,749 6,857,892
Highways and streets 2,134,320 2,134,320 1,741,363
Total expenditures 13,829,819 13,829,819 12,740,444
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (622,819) (622,819) 2,686,117
OTHER FINANCING SOURCES (USES)
Transfer (out)(3,400,000) (3,400,000) (3,400,000)
Sale of fixed assets 1,500 1,500 20,870
Total other financing sources (uses)(3,398,500) (3,398,500) (3,379,130)
NET CHANGE IN FUND BALANCE (4,021,319)$ (4,021,319)$ (693,013)
FUND BALANCE, MAY 1 20,880,461
FUND BALANCE, APRIL 30 20,187,448$
(See independent auditor's report.)
- 48 -
(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)
2001 15,440,716$ 14,948,851$ 103.29%(491,865)$ 4,989,662$ (9.86%)
2002 15,020,009 15,628,924 96.10%608,915 5,064,382 12.02%
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%
April 30, 2007
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 49 -
(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)
2001 19,528,481$ 20,997,402$ 93.00%1,468,921$ 2,409,613$ 60.96%
2002 20,588,975 22,217,590 92.67%1,628,615 2,529,945 64.37%
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%
April 30, 2007
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 50 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2001 427,115$ 427,115$ 100.00%
2002 342,859 342,859 100.00%
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%
April 30, 2007
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 51 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2002 342,522$ 256,250$ 133.67%
2003 276,383 278,581 99.21%
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%
April 30, 2007
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 52 -
-53 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2007
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 appropriatio n--
is ut ilized 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 fr om 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 Tax Increment Financing
District 1 Fund.
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
TAXES
Property 1,995,000$ 1,995,000$ 2,153,334$
Replacement 45,000 45,000 94,489
Sales 4,050,000 4,050,000 4,533,261
Home rule sales 750,000 750,000 916,141
Local use 229,100 229,100 237,011
Income 1,458,800 1,458,800 1,552,501
Hotel/motel 1,875,000 1,875,000 2,007,355
Telecommunication 295,000 295,000 323,358
Total taxes 10,697,900 10,697,900 11,817,450
LICENSES AND PERMITS
Beer/liquor licenses 71,000 71,000 72,395
Food licenses 8,000 8,000 5,795
Other business licenses 28,000 28,000 5,225
Building permits 550,000 550,000 926,004
Contractor's licenses 5,500 5,500 40,907
Non-business licenses and permits 53,000 53,000 71,509
Vehicle licenses 340,000 340,000 332,209
Total licenses and permits 1,055,500 1,055,500 1,454,044
INTERGOVERNMENTAL
State grant 6,000 6,000 1,100
State highway maintenance 28,000 28,000 42,860
Federal grant - - 1,128
Total intergovernmental 34,000 34,000 45,088
CHARGES FOR SERVICES
Special police services 308,600 308,600 245,782
Dispatching services 79,000 79,000 81,456
50/50 tree planting 3,000 3,000 65,598
Engineering services 2,000 2,000 -
Total charges for services 392,600 392,600 392,836
FINES AND FORFEITS 207,500 207,500 239,668
INVESTMENT INCOME 460,000 460,000 962,710
(This schedule is continued on the following page.)
- 54 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 40,000$ 40,000$ 35,744$
Sale of materials 2,000 2,000 -
Rentals 20,000 20,000 40,260
Miscellaneous 87,500 87,500 189,247
Franchise fees 210,000 210,000 249,514
Total miscellaneous 359,500 359,500 514,765
TOTAL REVENUES 13,207,000$ 13,207,000$ 15,426,561$
(See independent auditor's report.)
- 55 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 975,800$ 975,800$ 953,060$
Training and development 33,150 33,150 15,542
Contractual services 924,306 924,306 1,121,326
Commodities 30,000 30,000 10,019
Utilities 25,000 25,000 20,659
Capital outlay 47,667 47,667 46,871
Other - - 415
Total finance department 2,035,923 2,035,923 2,167,892
Administration
Personnel services 586,646 586,646 641,542
Training and development 3,000 3,000 4,303
Contractual services 175,600 175,600 127,197
Commodities 12,600 12,600 2,739
Utilities 1,600 1,600 819
Capital outlay 92,100 92,100 37,352
Total administration 871,546 871,546 813,952
Community development
Personnel services 817,000 817,000 708,108
Training and development 6,000 6,000 4,495
Contractual services 104,600 104,600 94,536
Commodities 15,150 15,150 13,946
Utilities 6,500 6,500 12,829
Capital outlay 6,000 6,000 3,915
Total community development 955,250 955,250 837,829
Engineering
Personnel services 304,000 304,000 175,946
Training and development 2,500 2,500 3,531
Contractual services 140,450 140,450 122,570
Commodities 6,000 6,000 5,727
Utilities 2,500 2,500 2,886
Capital outlay 12,581 12,581 10,856
Total engineering 468,031 468,031 321,516
Total general government 4,330,750 4,330,750 4,141,189
PUBLIC SAFETY
Police department
Administrative services
Personnel services 1,301,578 1,301,578 1,267,977
Training and development 19,000 19,000 6,324
Contractual services 458,950 458,950 365,165
(This schedule is continued on the following pages.)
- 56 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Commodities 52,500$ 52,500$ 36,694$
Utilities 37,000 37,000 36,349
Capital outlay 184,714 184,714 178,214
Total administrative services 2,053,742 2,053,742 1,890,723
Communications
Personnel services 772,282 772,282 728,138
Training and development 5,300 5,300 2,597
Contractual services 500 500 390
Capital outlay 7,000 7,000 4,262
Total communications 785,082 785,082 735,387
Investigations
Personnel services 813,212 813,212 718,799
Training and development 6,950 6,950 5,052
Contractual services 5,500 5,500 5,073
Commodities 15,750 15,750 10,359
Capital outlay 5,500 5,500 3,120
Total investigations 846,912 846,912 742,403
Patrol
Personnel services 3,185,313 3,185,313 3,149,834
Training and development 36,900 36,900 23,663
Contractual services 50,600 50,600 66,050
Commodities 75,000 75,000 61,287
Utilities 7,000 7,000 4,932
Capital outlay 15,600 15,600 9,072
Total patrol 3,370,413 3,370,413 3,314,838
Special detail
Personnel services 308,600 308,600 174,541
Total special detail 308,600 308,600 174,541
Total public safety 7,364,749 7,364,749 6,857,892
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 325,180 325,180 197,713
Training and development 2,100 2,100 1,959
Contractual services 138,410 138,410 110,208
(This schedule is continued on the following page.)
- 57 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 16,800$ 16,800$ 11,532$
Utilities 10,500 10,500 9,580
Capital outlay 129,915 129,915 128,987
Total administration 622,905 622,905 459,979
Maintenance
Personnel services 472,292 472,292 472,310
Contractual services 101,700 101,700 47,364
Commodities 158,200 158,200 75,432
Utilities 75,000 75,000 73,703
Capital outlay 25,000 25,000 -
Total maintenance 832,192 832,192 668,809
Snow and ice control
Personnel services 144,900 144,900 130,175
Contractual services 90,500 90,500 72,622
Commodities 162,700 162,700 217,979
Capital outlay 2,500 2,500 1,400
Total snow and ice control 400,600 400,600 422,176
Forestry
Personnel services 82,000 82,000 37,976
Contractual services 132,800 132,800 104,372
Commodities 2,600 2,600 3,332
Capital outlay 10,700 10,700 12,315
Total forestry 228,100 228,100 157,995
Train station maintenance
Personnel services 15,523 15,523 9,994
Contractual services 28,000 28,000 20,314
Commodities 6,500 6,500 2,096
Utilities 500 500 -
Total train station maintenance 50,523 50,523 32,404
Total highways and streets 2,134,320 2,134,320 1,741,363
TOTAL EXPENDITURES 13,829,819$ 13,829,819$ 12,740,444$
(See independent auditor's report.)
- 58 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Taxes 815,000$ 815,000$ 1,088,566$
Intergovernmental - - 98,205
Investment income 10,000 10,000 20,068
Miscellaneous 3,500 3,500 -
Total revenues 828,500 828,500 1,206,839
EXPENDITURES
Capital outlay
Contractual services 797,000 937,000 393,546
Construction 3,654,000 3,654,000 3,428,438
Total expenditures 4,451,000 4,591,000 3,821,984
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,622,500) (3,762,500) (2,615,145)
OTHER FINANCING SOURCES (USES)
Transfers in 2,400,000 2,400,000 2,400,000
Total other financing sources (uses)2,400,000 2,400,000 2,400,000
NET CHANGE IN FUND BALANCE (1,222,500)$ (1,362,500)$ (215,145)
FUND BALANCE, MAY 1 1,033,346
FUND BALANCE, APRIL 30 818,201$
(See independent auditor's report.)
- 59 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 4,150,000$ 4,150,000$ 4,216,384$
Intergovernmental - - 75,000
Investment income 145,000 145,000 394,592
Total revenues 4,295,000 4,295,000 4,685,976
EXPENDITURES
Capital outlay
Construction 4,370,000 4,370,000 3,966,711
Other costs 305,000 305,000 471,936
Total expenditures 4,675,000 4,675,000 4,438,647
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (380,000) (380,000) 247,329
OTHER FINANCING SOURCES (USES)
Transfers (out)(2,302,000) (2,302,000) (2,302,000)
Total other financing sources (uses)(2,302,000) (2,302,000) (2,302,000)
NET CHANGE IN FUND BALANCE (2,682,000)$ (2,682,000)$ (2,054,671)
FUND BALANCE, MAY 1 4,337,380
FUND BALANCE, APRIL 30 2,282,709$
(See independent auditor's report.)
- 60 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2007
Debt
Service Fund
Motor Enhanced Debt TIF Project
Fu el Tax 911 Service #1 29 Total
Cash and investments 600,078$ 567,895$ 528,485$ -$ 192,406$ 1,888,864$
Receivables
Accounts - 59,434 - - - 59,434
Accrued interest 4,760 3,899 5,573 - 1,905 16,137
Due from other governments 43,768 - - - - 43,768
TOTAL ASSETS 648,606$ 631,228$ 534,058$ -$ 194,311$ 2,008,203$
LIABILITIES
Accounts payable -$ 7,425$ 300$ -$ -$ 7,725$
Deposits payable - - - - 35,941 35,941
Total liabilities - 7,425 300 - 35,941 43,666
FUND BALANCES
Reserved for maintenance of roadways 648,606 - - - - 648,606
Reserved for public safety - 623,803 - - - 623,803
Reserved for debt service - - 533,758 - - 533,758
Unreserved - undesignated - - - - 158,370 158,370
Total fund balances 648,606 623,803 533,758 - 158,370 1,964,537
TOTAL LIABILITIES AND
FUND BALANCES 648,606$ 631,228$ 534,058$ -$ 194,311$ 2,008,203$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds
Capital Projects
Fu nds
(See independent auditor's report.)
- 61 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2007
Debt
Service Fund
Motor Enhanced Debt TIF Project
Fu el Tax 911 Service # 1 29 Total
REVENUES
Intergovernmental 543,723$ -$ -$ -$ -$ 543,723$
Charges for services - 308,770 - - - 308,770
Investment income 36,204 30,299 39,581 67,772 6,152 180,008
Total revenues 579,927 339,069 39,581 67,772 6,152 1,032,501
EXPENDITURES
General government - - - 67,772 - 67,772
Public safety - 256,650 - - 256,650
Highways and streets 592,346 - - - - 592,346
Debt service
Principal retirement - - 2,000,000 - - 2,000,000
Interest and fiscal charges - - 302,600 - - 302,600
Total expenditures 592,346 256,650 2,302,600 67,772 - 3,219,368
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (12,419) 82,419 (2,263,019) - 6,152 (2,186,867)
OTHER FINANCING SOURCES (USES)
Transfers in - - 2,302,000 - - 2,302,000
Transfers out - - (600,000) - - (600,000)
Total other financing sources (uses)- - 1,702,000 - - 1,702,000
NET CHANGE IN FUND BALANCES (12,419)82,419 (561,019)- 6,152 (484,867)
FUND BALANCES, MAY 1 661,025 541,384 1,094,777 - 152,218 2,449,404
FUND BALANCES, APRIL 30 648,606$ 623,803$ 533,758$ -$ 158,370$ 1,964,537$
Special Revenue Funds Fu nds
Capital Projects
(See independent auditor's report.)
- 62 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allo tments earned 524,970$ 524,970$ 543,723$
Investment income 25,000 25,000 36,204
Total revenues 549,970 549,970 579,927
EXPENDITURES
Highways and streets
Capital outlay 625,000 625,000 592,346
Total expenditures 625,000 625,000 592,346
NET CHANGE IN FUND BALANCE (75,030)$ (75,030)$ (12,419)
FUND BALANCE, MAY 1 661,025
FUND BALANCE, APRIL 30 648,606$
(See independent auditor's report.)
- 63 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 300,000$ 300,000$ 308,770$
Investment income 8,000 8,000 30,299
Total revenues 308,000 308,000 339,069
EXPENDITURES
Public safety
Contractual services 95,545 95,545 90,220
Utilit ies 76,740 76,740 69,931
Capital outlay 150,983 150,983 96,499
Total expenditures 323,268 323,268 256,650
NET CHANGE IN FUND BALANCE (15,268)$ (15,268)$ 82,419
FUND BALANCE, MAY 1 541,384
FUND BALANCE, APRIL 30 623,803$
(See independent auditor's report.)
- 64 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Taxes
Replacement 20,000$ 20,000$ -$
Investment income 25,000 25,000 39,581
Total revenues 45,000 45,000 39,581
EXPENDITURES
Debt service
Principal retirement 2,000,000 2,000,000 2,000,000
Interest 302,000 302,000 302,000
Fiscal charges 1,000 1,000 600
Total expenditures 2,303,000 2,303,000 2,302,600
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,258,000) (2,258,000) (2,263,019)
OTHER FINANCING SOURCES (USES)
Transfers in
Tax Incremental Finance District 2 Fund 2,302,000 2,302,000 2,302,000
Transfers (out)
Sewerage Fund (600,000) (600,000) (600,000)
Total other financing sources (uses)1,702,000 1,702,000 1,702,000
NET CHANGE IN FUND BALANCE (556,000)$ (556,000)$ (561,019)
FUND BALANCE, MAY 1 1,094,777
FUND BALANCE, APRIL 30 533,758$
(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 1 FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 25,000$ 25,000$ -$
Investment income 500 500 67,772
Total revenues 25,500 25,500 67,772
EXPENDITURES
General government
Surplus rebate 250,000 3,258,313 67,772
Total expenditures 250,000 3,258,313 67,772
NET CHANGE IN FUND BALANCE (224,500)$ (3,232,813)$ -
FUND BALANCE, MAY 1 -
FUND BALANCE, APRIL 30 -$
(See independent auditor's report.)
- 66 -
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, 2007
Original Final
Budget Budget Actual
REVENUES
Investment income 3,000$ 3,000$ 6,152$
Total revenues 3,000 3,000 6,152
EXPENDITURES
Contractual services 500 500 -
Total expenditures 500 500 -
NET CHANGE IN FUND BALANCE 2,500$ 2,500$ 6,152
FUND BALANCE, MAY 1 152,218
FUND BALANCE, APRIL 30 158,370$
(See independent auditor's report.)
- 67 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,167,268$ 4,167,268$ 4,250,938$
Miscellaneous
Permits and fees 30,000 30,000 44,432
Penalties 35,000 35,000 28,622
Other 10,000 10,000 63,315
Total operating revenues 4,242,268 4,242,268 4,387,307
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 435,986 435,986 371,401
Operations
Distribution 2,791,048 3,136,048 2,597,384
Maintenance - mains and fire hydrants 1,360,800 1,360,800 648,048
Maintenance - meters 262,100 262,100 215,902
Total operating expenses excluding depreciation 4,849,934 5,194,934 3,832,735
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (607,666) (952,666) 554,572
Depreciation - - 323,008
OPERATING INCOME (LOSS)(607,666) (952,666) 231,564
NONOPERATING REVENUES (EXPENSES)
Investment income 55,000 55,000 83,604
Interest expense (481,708) (481,708) (108,859)
Total nonoperating revenues (expenses)(426,708) (426,708) (25,255)
NET INCOME (LOSS) BEFORE CONTRIBUTIONS (1,034,374) (1,379,374) 206,309
CONTRIBUTIONS - - 584,114
CHANGE IN NET ASSETS (1,034,374)$ (1,379,374)$ 790,423
NET ASSETS, MAY 1 12,947,565
NET ASSETS, APRIL 30 13,737,988$
(See independent auditor's report.)
- 68 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 230,650$ 230,650$ 196,280$
Training and development 2,900 2,900 1,540
Contractual services 137,409 137,409 110,800
Commodities 6,500 6,500 4,755
Utilities 16,000 16,000 15,499
Capital outlay 42,527 42,527 42,527
Total administration 435,986 435,986 371,401
OPERATIONS
Distribution
Personnel services 112,450 112,450 80,573
Contractual services 90,000 90,000 75,964
Commodities 2,213,298 2,213,298 2,063,554
Utilities 85,300 85,300 95,224
Capital outlay 290,000 635,000 282,069
Total distribution 2,791,048 3,136,048 2,597,384
Main and fire hydrant maintenance
Personnel services 413,500 413,500 367,966
Contractual services 705,100 705,100 179,319
Commodities 185,200 185,200 98,349
Capital outlay 57,000 57,000 2,414
Total main and fire hydrant maintenance 1,360,800 1,360,800 648,048
Meter maintenance
Personnel services 154,500 154,500 122,948
Contractual services 8,500 8,500 3,048
Commodities 9,100 9,100 1,547
Capital outlay 90,000 90,000 88,359
Total meter maintenance 262,100 262,100 215,902
TOTAL OPERATING EXPENSES 4,849,934$ 5,194,934$ 3,832,735$
(See independent auditor's report.)
- 69 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2007
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 1,877,956$ -$ -$ 1,877,956$
Buildings 4,180,123 - - 4,180,123
Water system improvements 10,430,235 584,114 90,765 10,923,584
Equipment and vehicles 595,397 - - 595,397
TOTAL 17,083,711$ 584,114$ 90,765$ 17,577,060$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,063,663$ 91,837$ -$ 1,155,500$
Water system improvements 1,319,167 222,849 90,765 1,451,251
Equipment and vehicles 531,991 8,322 - 540,313
TOTAL 2,914,821$ 323,008$ 90,765$ 3,147,064$
NET ASSET VALUE 14,429,996$
Accumulated Depreciation
(See independent auditor's report.)
- 70 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,415,000$ 2,415,000$ 2,372,061$
Miscellaneous
Permits and fees 17,500 17,500 35,450
Penalties 34,000 34,000 34,037
Other 5,000 5,000 1,346
Total operating revenues 2,471,500 2,471,500 2,442,894
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 478,854 478,854 436,031
Operations
Treatment plant 1,922,667 1,922,667 1,303,857
Cleaning and maintenance 275,450 275,450 223,881
Construction 1,579,400 1,579,400 364,765
Total operating expenses excluding
depreciation 4,256,371 4,256,371 2,328,534
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (1,784,871) (1,784,871) 114,360
Depreciation - - 122,431
OPERATING INCOME (LOSS)(1,784,871) (1,784,871) (8,071)
NONOPERATING REVENUES (EXPENSES)
In vestment income 10,000 10,000 29,357
Total nonoperating revenues (expenses)10,000 10,000 29,357
INCOME (LOSS) BEFORE TRANSFERS AND (1,774,871) (1,774,871) 21,286
CONTRIBUTIONS
TRANSFERS IN 1,600,000 1,600,000 1,600,000
CONTRIBUTIONS - - 418,795
CHANGE IN NET ASSETS (174,871)$ (174,871)$ 2,040,081
NET ASSETS, MAY 1 3,626,641
NET ASSETS, APRIL 30 5,666,722$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 232,950$ 232,950$ 231,941$
Training and development 1,600 1,600 1,392
Contractual services 176,775 176,775 140,183
Commodities 9,300 9,300 5,030
Utilities 4,800 4,800 5,556
Capital outlay 53,429 53,429 51,929
Total administration 478,854 478,854 436,031
OPERATIONS
Treatment plant
Personnel services 886,000 886,000 738,045
Training and development 4,500 4,500 3,413
Contractual services 374,350 374,350 107,698
Commodities 163,450 163,450 87,588
Utilities 248,000 248,000 253,231
Miscellaneous 23,000 23,000 16,500
Capital outlay 223,367 223,367 97,382
Total treatment plant 1,922,667 1,922,667 1,303,857
Cleaning and maintenance
Personnel services 190,250 190,250 199,441
Contractual services 45,000 45,000 11,594
Commodities 40,200 40,200 12,846
Total cleaning and maintenance 275,450 275,450 223,881
Construction
Personnel services 257,700 257,700 198,073
Contractual services 306,000 306,000 55,904
Commodities 80,700 80,700 50,722
Capital outlay 1,036,904 1,036,904 161,970
Subtotal construction 1,681,304 1,681,304 466,669
Less non-operating expenses
Capital assets capitalized (101,904) (101,904) (101,904)
Total construction 1,579,400 1,579,400 364,765
TOTAL OPERATING EXPENSES 4,256,371$ 4,256,371$ 2,328,534$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2007
Assets
Balances Balances
May 1 Additions Retirements April 30
Sewer system 2,895,932$ 520,699$ 65,076$ 3,351,555$
Buildings and
improvements 2,786,005 - - 2,786,005
TOTAL 5,681,937$ 520,699$ 65,076$ 6,137,560$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 848,749$ 63,849$ 65,076$ 847,522$
Buildings and
improvements 1,510,724 58,582 - 1,569,306
TOTAL 2,359,473$ 122,431$ 65,076.00$ 2,416,828$
NET ASSET VALUE 3,720,732$
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 660,000$ 660,000$ 623,681$
Miscellaneous 9,000 9,000 7,279
Total operating revenues 669,000 669,000 630,960
OPERATING EXPENSES
Operations
Personnel services 101,700 101,700 51,879
Contractual services 1,552,709 1,552,709 1,422,463
Commodities 9,300 9,300 11,431
Capital outlay 10,775 10,775 10,775
Total operating expenses 1,674,484 1,674,484 1,496,548
OPERATING INCOME (LOSS)(1,005,484) (1,005,484) (865,588)
NONOPERATING REVENUES (EXPENSES)
Investment income 2,500 2,500 38,569
Property taxes 809,000 809,000 859,502
Total nonoperating revenues (expenses)811,500 811,500 898,071
CHANGE IN NET ASSETS (193,984)$ (193,984)$ 32,483
NET ASSETS, MAY 1 346,953
NET ASSETS, APRIL 30 379,436$
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 203,000$ 203,000$ 204,177$
OPERATING EXPENSES
Operations 252,580 252,580 219,416
Depreciation - - 26,737
Total operating expenses 252,580 252,580 246,153
OPERATING INCOME (LOSS)(49,580) (49,580) (41,976)
NONOPERATING REVENUES (EXPENSES)
Investment income 8,000 8,000 37,334
Total nonoperating revenues (expenses)8,000 8,000 37,334
CHANGE IN NET ASSETS (41,580)$ (41,580)$ (4,642)
NET ASSETS, MAY 1 1,988,332
NET ASSETS, APRIL 30 1,983,690$
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - Village and federal funds
Personnel services 17,680$ 17,680$ 15,858$
Contractual services 98,700 98,700 92,954
Commodities 5,800 5,800 215
Utilities 4,000 4,000 2,379
Capital outlay 1,000 1,000 -
Total parking lots - Village and
federal funds 127,180 127,180 111,406
Parking lots - Village construction
Personnel services 18,900 18,900 15,858
Contractual services 96,200 96,200 86,635
Commodities 3,500 3,500 215
Utilities 5,800 5,800 5,302
Capital outlay 1,000 1,000 -
Total parking lots - Village construction 125,400 125,400 108,010
TOTAL OPERATING EXPENSES 252,580$ 252,580$ 219,416$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2007
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 640,696$ 26,737$ -$ 667,433$
NET ASSET VALUE 1,360,898$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2007
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 16,616$ 3,111,281$ 3,127,897$
Receivables
Accounts 733 - 733
Accrued interest 48 22,219 22,267
Prepaid expense 1,099 - 1,099
Inventory 93,520 - 93,520
Total current assets 112,016 3,133,500 3,245,516
CAPITAL ASSETS
Depreciable - 2,831,405 2,831,405
Accumulated depreciation - (1,590,309) (1,590,309)
Net capital assets - 1,241,096 1,241,096
Total assets 112,016 4,374,596 4,486,612
CURRENT LIABILITIES
Accounts payable 7,751 3,889 11,640
Accrued payroll 3,069 - 3,069
Compensated absences payable 1,422 - 1,422
Total current liabilities 12,242 3,889 16,131
LONG-TERM LIABILITIES
Compensated absences payable 12,798 - 12,798
Total long-term liabilities 12,798 - 12,798
Total liabilities 25,040 3,889 28,929
NET ASSETS
Invested in capital assets - 1,241,096 1,241,096
Unrestricted 86,976 3,129,611 3,216,587
TOTAL NET ASSETS 86,976$ 4,370,707$ 4,457,683$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2007
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 254,652$ 532,583$ 787,235$
Miscellaneous 7,059 - 7,059
Total operating revenues 261,711 532,583 794,294
OPERATING EXPENSES
Operations 240,315 - 240,315
Commodities - 353,555 353,555
Total operating expenses 240,315 353,555 593,870
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 21,396 179,028 200,424
Depreciation - 185,542 185,542
OPERATING INCOME (LOSS)21,396 (6,514) 14,882
NONOPERATING REVENUES
(EXPENSES)
Investment income 41 170,258 170,299
Gain on disposal of capital assets - 9,000 9,000
Total nonoperating revenues (expenses)41 179,258 179,299
CHANGE IN NET ASSETS 21,437 172,744 194,181
NET ASSETS, MAY 1 65,539 4,197,963 4,263,502
NET ASSETS, APRIL 30 86,976$ 4,370,707$ 4,457,683$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2007
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 255,822$ 532,583$ 788,405$
Receipts from miscellaneous revenue 7,059 - 7,059
Payments to suppliers (103,857) (350,809) (454,666)
Payments to employees (186,349) - (186,349)
Net cash from operating activities (27,325) 181,774 154,449
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 - 9,000 9,000
Capital assets purchased - (296,865) (296,865)
Net cash from capital and related
financing activities - (287,865) (287,865)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 298 168,709 169,007
Net cash from investing activities 298 168,709 169,007
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (27,027) 62,618 35,591
CASH AND CASH EQUIVALENTS, MAY 1 43,643 3,048,663 3,092,306
CASH AND CASH EQUIVALENTS, APRIL 30 16,616$ 3,111,281$ 3,127,897$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)21,396$ (6,514)$ 14,882$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation - 185,542 185,542
(Increase) decrease in
Accounts receivable 285 - 285
Due from component unit 885 - 885
Inventories (6,158) - (6,158)
Prepaids (1,099) - (1,099)
Increase (decrease) in
Accounts payable 442 2,746 3,188
Accrued payroll (2,969) - (2,969)
Compensated absences payable (40,107) - (40,107)
NET CASH FROM OPERATING ACTIVITIES (27,325)$ 181,774$ 154,449$
(See independent auditor's report.)
- 80 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 369,050$ 369,050$ 254,652$
Miscellaneous 1,000 1,000 7,059
Total operating revenues 370,050 370,050 261,711
OPERATING EXPENSES
Operations 347,762 347,762 240,315
OPERATING INCOME 22,288 22,288 21,396
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 41
Total nonoperating revenues (expenses)500 500 41
CHANGE IN NET ASSETS 22,788$ 22,788$ 21,437
NET ASSETS, MAY 1 65,539
NET ASSETS, APRIL 30 86,976$
(See independent auditor's report.)
- 81 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 242,015$ 242,015$ 143,273$
Training and development 500 500 50
Contractual services 15,822 15,822 12,018
Commodities 82,200 82,200 78,671
Utilities 4,700 4,700 3,778
Capital outlay 2,525 2,525 2,525
TOTAL OPERATING EXPENSES 347,762$ 347,762$ 240,315$
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
VEHICLE AND EQUIPMENT REPLACEMENT FUND
For the Year Ended April 30, 2007
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 532,583$ 532,583$ 532,583$
OPERATING EXPENSES
Capital outlay 1,106,500 1,106,500 650,420
Less capital assets capitalized (296,865) (296,865) (296,865)
Net capital outlay 809,635 809,635 353,555
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (277,052) (277,052) 179,028
Depreciation - - 185,542
OPERATING INCOME (LOSS)(277,052) (277,052) (6,514)
NONOPERATING REVENUES (EXPENSES)
Investment income 50,000 50,000 170,258
Gain on disposal of capital assets - - 9,000
Total nonoperating revenues (expenses)50,000 50,000 179,258
CHANGE IN NET ASSETS (227,052)$ (227,052)$ 172,744
NET ASSETS, MAY 1 4,197,963
NET ASSETS, APRIL 30 4,370,707$
(See independent auditor's report.)
- 83 -
Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 725,000$ 725,000$ 654,414$
Contributions - employee 316,100 316,100 312,452
Total contributions 1,041,100 1,041,100 966,866
Investment income
Net appreciation in fair value
of investments - - 1,932,301
Interest earned on investments 700,000 700,000 658,058
Total investment income 700,000 700,000 2,590,359
Less investment expense (1,750) (1,750) (1,429)
Net investment income 698,250 698,250 2,588,930
Total additions 1,739,350 1,739,350 3,555,796
DEDUCTIONS
Benefits and refunds
Pension payments 1,372,800 1,372,800 1,268,464
Separation refunds 15,000 15,000 -
Administrative 10,500 10,500 6,753
Total deductions 1,398,300 1,398,300 1,275,217
NET INCREASE 341,050$ 341,050$ 2,280,579
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 23,767,965
April 30 26,048,544$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
For the Year Ended April 30, 2007
(See independent auditor's report.)
- 84 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2007
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,119,882$ 481,096$ 88,464$ 1,512,514$
Receivables - accrued interest 539 179 - 718
TOTAL ASSETS 1,120,421$ 481,275$ 88,464$ 1,513,232$
LIABILITIES
Accounts payable 3,059$ 9,586$ 1,859$ 10,786$
Deposits payable 1,037,670 412,904 38,059 1,412,515
Other payables 88,184 10,238 8,491 89,931
TOTAL LIABILITIES 685,365$ 432,728$ 48,409$ 1,513,232$
ASSETS
Cash and investments 1,038,870$ 420,004$ 38,059$ 1,420,815$
TOTAL ASSETS 1,038,870$ 420,004$ 38,059$ 1,420,815$
LIABILITIES
Accounts payable 1,200$ 7,100$ -$ 8,300$
Deposits payable 1,037,670 412,904 38,059 1,412,515
TOTAL LIABILITIES 1,038,870$ 420,004$ 38,059$ 1,420,815$
ASSETS
Cash and investments 81,012$ 61,092$ 50,405$ 91,699$
Receivables - accrued interest 539 179 - 718
TOTAL ASSETS 81,551$ 61,271$ 50,405$ 92,417$
LIABILITIES
Accounts payable 1,859$ 2,486$ 1,859$ 2,486$
Other payables 88,184 10,238 8,491 89,931
TOTAL LIABILITIES 90,043$ 12,724$ 10,350$ 92,417$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 85 -
Insureds Description of Coverage Amo unt of Coverage
Village of Deerfield Wo rkers' compensation Statutory
Village of Deerfield Comprehensive automobile liability
bodily injury and property $2,000,000
Village of Deerfield General liability $2,000,000
Village of Deerfield Blanket building and contents $55,000,000
Village of Deerfield Boiler and machinery $50,000,000
Public Officials Blanket bond coverage $10,000/$1,000,000
Village of Deerfield Excess coverage $10,000,000
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
April 30, 2007
The Village is a member of the Municipal Insurance Cooperative Agency (MICA). Property,
automobile liabilit y,general liability and workers' compensation are provided under MICA. The
Village is also a member of the High-Level Excess Liability Pool (HELP). Excess liability
coverage is provided under HELP.
(See independent auditor's report.)
- 86 -
Date of Issue April 15, 1998
Date of Maturity October 1, 2009
Authorized Issue $17,000,000
Denomination of Bonds $5,000
In terest Rates 4.20%, 4.25%, 4.30%, and 4.35%
Principal Maturity Date October 1
Payable at J.P. Morgan Trust Company
Tax
Levy Bond
Year Numbers Principal In terest Total April 1 Amount October 1 Amount
2006 2,201-2,600 2,000,000$ 216,000$ 2,216,000$ 2007 129,500$ 2007 129,500$
2007 2,601-3,000 2,000,000 130,000 2,130,000 2008 86,500 2008 86,500
2008 3,001-3,400 2,000,000 43,500 2,043,500 2009 43,500 2009 43,500
6,000,000$ 389,500$ 6,389,500$ 259,500$ 259,500$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy In terest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1998
April 30, 2007
(See independent auditor's report.)
- 87 -
Date of Issue February 28, 2003
Date of Maturity December 1, 2012
Authorized Issue $3,460,000
Denomination of Bonds $5,000
Interest Rates 2.25%, 2.55%, 2.95%, 3.15%, 3.30%, 3.50%
Principal Maturity Date December 1
Payable at Cole Taylor Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2006 176-255 400,000$ 76,820$ 476,820$ 2007 38,410$ 2007 38,410$
2007 256-337 410,000 67,820 477,820 2008 33,910 2008 33,910
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
2,585,000$ 294,232$ 2,879,232$ 147,116$ 147,116$
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, 2007
(See independent auditor's report.)
- 88 -
VILLAGE OF DEERFIELD, ILLINOIS
NET ASSETS BY COMPONENT
Last Four Fiscal Years
Fiscal Year 2004 2005 2006 2007
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 45,212,401$ 46,416,474$ 47,360,406$ 60,106,127$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876
Unrestricted 23,683,161 22,293,758 24,431,788 18,185,786
TOTAL GOVERNMENTAL ACTIVITIES 76,039,057$ 74,352,259$ 78,426,760$ 82,380,789$
BUSINESS-TYPE ACTIVITIES
Invested in capital assets
net of related debt 12,533,676$ 14,327,902$ 15,898,989$ 16,926,626$
Unrestricted 5,750,279 4,753,661 4,066,666 4,841,210
TOTAL BUSINESS-TYPE ACTIVITIES 18,283,955$ 19,081,563$ 19,965,655$ 21,767,836$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 57,746,077$ 60,744,376$ 63,259,395$ 77,032,753$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876
Unrestricted 29,433,440 27,047,419 28,498,454 23,026,996
TOTAL PRIMARY GOVERNMENT 94,323,012$ 93,433,822$ 98,392,415$ 104,148,625$
Data Source
Audited Financial Statements
- 89 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS
Last Four Fiscal Years
Fiscal Year 2004 2005 2006 2007
EXPENSES
Governmental activities
General government 13,407,856$ 17,160,850$ 14,956,404$ 4,602,570$
Public safety 6,718,927 6,660,439 6,780,176 7,154,536
Highways and streets 4,809,688 7,113,852 6,404,266 5,822,340
In terest 574,558 462,600 372,475 295,435
Total governmental activities expenses 25,511,029 31,397,741 28,513,321 17,874,881
Business-type activities
Water 3,915,324 3,940,038 4,319,188 4,264,602
Sewerage 2,335,993 2,380,517 2,126,395 2,450,965
Refuse disposal 1,388,879 1,386,178 1,397,308 1,496,548
Commuter parking 43,573 195,513 225,498 246,153
Total business-type activities expenses 7,683,769 7,902,246 8,068,389 8,458,268
TOTAL PRIMARY GOVERNMENT EXPENSES 33,194,798$ 39,299,987$ 36,581,710$ 26,333,149$
PROGRAM REVENUES
Governmental activities
Charges for services
General government 1,147,830$ 1,617,058$ 2,384,295$ 1,743,818
Public safety 770,963 867,230 884,195 911,421
Highways and streets - 10,091 57,912 69,216
Operating grants and contributions 534,561 558,143 557,050 544,823
Capital grants and contributions 297,220 1,019,794 235,298 213,575
Total governmental activities program revenues 2,750,574 4,072,316 4,118,750 3,482,853
Business-type activities
Charges for services
Water 4,109,003 4,038,598 4,644,744 4,250,938
Sewerage 1,772,816 1,713,520 1,788,238 2,372,061
Refuse disposal 640,430 630,935 615,349 623,681
Commuter parking 151,133 202,497 206,205 204,177
Capital grants and contributions - - 573,179 1,002,909
Total business-type activities program revenues 6,673,382 6,585,550 7,827,715 8,453,766
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 9,423,956$ 10,657,866$ 11,946,465$ 11,936,619$
NET (EXPENSE) REVENUE
Governmental activities (22,760,455)$ (27,325,425)$ (24,394,571)$ (14,392,028)$
Business-type activities (1,010,387) (1,316,696) (240,674) (4,502)
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (23,770,842)$ (28,642,121)$ (24,635,245)$ (14,396,530)$
- 90 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Four Fiscal Years
Fiscal Year 2004 2005 2006 2007
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
Governmental activities
Taxes
Property 16,273,531$ 16,752,445$ 17,081,336$ 6,542,142$
Sales 3,420,855 4,490,379 4,480,111 4,533,261
Home rule sales - - 1,875,874 1,832,281
Simplified telecommunications 339,634 298,021 305,226 323,358
Other 2,899,641 3,214,073 3,600,623 3,891,356
In vestment income 499,724 835,537 871,624 1,557,378
Miscellaneous 182,343 175,507 221,617 210,116
Special items (1,370,009) - - -
Contribution to Component Unit - (127,335) - -
Transfers in (out)- - - (1,600,000)
Total governmental activities 22,245,719 25,638,627 28,436,411 17,289,892
Business-type activities
Property taxes 761,356 740,915 786,228 859,502
In vestment income 56,301 113,401 66,823 188,864
Miscellaneous 101,007 218,095 271,715 214,481
Contributions 365,926 1,041,893 - -
Transfers in (out)- - - 1,600,000
Total business-type activities 1,284,590 2,114,304 1,124,766 2,862,847
TOTAL PRIMARY GOVERNMENT 23,530,309$ 27,752,931$ 29,561,177$ 20,152,739$
CHANGE IN NET ASSETS
Governmental activities (514,736)$ (1,686,798)$ 4,041,840$ 2,897,864$
Business-type activities 274,203 797,608 884,092 2,858,345
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (240,533)$ (889,190)$ 4,925,932$ 5,756,209$
Data Source
Audited Financial Statements
- 91 -
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
GENERAL FUND
Reserved 4,479,909$ 4,613,870$ 4,370,978$ 4,577,551$ 4,108,931$ 4,108,983$ 4,101,576$ 4,090,258$ 3,638,004$ 3,219,255$
Unreserved 7,113,535 9,328,913 10,920,309 12,523,449 9,545,203 11,586,730 12,997,848 13,734,009 17,242,457 16,968,193
TOTAL GENERAL FUND 11,593,444$ 13,942,783$ 15,291,287$ 17,101,000$ 13,654,134$ 15,695,713$ 17,099,424$ 17,824,267$ 20,880,461$ 20,187,448$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 2,378,720$ 15,844,707$ 13,610,616$ 6,377,762$ 2,880,845$ 2,940,619$ 10,037,943$ 3,805,267$ 6,634,566$ 4,088,876$
Unreserved, reported in
Special Revenue Funds 2,035,752 2,252,397 2,575,863 2,796,582 2,630,136 1,234,478 361,876 - - -
Capital Project Funds 17,480,595 5,244,568 5,854,524 8,837,732 11,960,387 12,473,866 892,287 3,627,272 1,185,564 976,571
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 21,895,067$ 23,341,672$ 22,041,003$ 18,012,076$ 17,471,368$ 16,648,963$ 11,292,106$ 7,432,539$ 7,820,130$ 5,065,447$
Data Source
Audited Financial Statements
- 92 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
REVENUES
Taxes 17,080,258$ 18,677,376$ 19,359,314$ 20,831,978$ 20,891,111$ 22,243,312$ 22,933,661$ 24,754,920$ 27,343,170$ 17,122,400$
Licenses and permits 888,798 1,099,787 898,849 1,109,682 877,546 934,518 939,098 1,390,602 2,151,791 1,454,044
Intergovernmental 413,612 426,053 489,252 524,575 512,901 660,996 831,782 1,582,943 795,364 762,016
Fines and forfeitures 383,218 410,645 396,164 260,435 223,465 193,060 166,175 230,320 244,100 239,668
Charges for services 514,647 409,701 535,458 467,173 566,787 954,827 561,219 606,071 657,581 701,606
Investment income 1,331,323 1,748,172 1,346,836 3,203,955 1,570,967 1,415,015 499,720 835,537 871,621 1,557,378
Miscellaneous 907,978 1,588,558 1,419,645 5,140,866 1,069,550 549,700 434,648 433,279 491,534 514,765
Total revenues 21,519,834 24,360,292 24,445,518 31,538,664 25,712,327 26,951,428 26,366,303 29,833,672 32,555,161 22,351,877
EXPENDITURES
General government 2,059,712 2,181,217 2,987,855 3,312,324 10,175,205 10,491,626 12,787,565 17,159,086 14,733,899 4,208,961
Public safety 3,969,926 4,114,093 4,364,584 4,652,692 4,628,549 5,469,406 6,455,809 6,655,195 6,818,734 7,114,542
Highways and streets 1,314,201 1,323,005 1,312,867 2,189,880 1,591,611 1,414,832 1,760,743 1,860,596 2,167,013 2,333,709
Capital outlay 13,070,095 10,493,584 13,885,848 20,318,258 7,132,673 4,767,424 2,864,456 4,203,040 4,107,770 8,260,631
Miscellaneous 715,817 755,482 - - - - - - - -
Debt service
Principal 1,000,000 1,050,000 1,080,000 2,630,000 2,685,000 2,725,000 2,750,000 2,485,000 1,500,000 2,000,000
Interest 377,930 1,084,617 957,529 904,749 876,891 739,459 598,683 482,750 377,850 302,600
Total expenditures 22,507,681 21,001,998 24,588,683 34,007,903 27,089,929 25,607,747 27,217,256 32,845,667 29,705,266 24,220,443
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (987,847) 3,358,294 (143,165) (2,469,239) (1,377,602) 1,343,681 (850,953) (3,011,995) 2,849,895 (1,868,566)
OTHER FINANCING SOURCES (USES)
Transfers in 3,308,253 3,950,373 4,830,585 7,250,015 10,801,457 4,505,297 2,044,550 2,441,750 2,438,479 4,702,000
Transfers (out)(3,117,603) (3,512,723) (4,639,585) (6,999,990) (10,604,457) (3,754,318) (2,044,550) (2,569,085) (1,877,250) (6,302,000)
Bonds issued 16,881,281 - - - 3,546,013 - - - - -
Refunding of bonds - - - - (3,510,000) - - - - -
Special item - - - - - - (1,370,009) - - -
Sale of capital assets - - - - - - - 4,606 - 20,870
Total other financing sources (uses)17,071,931 437,650 191,000 250,025 233,013 750,979 (1,370,009) (122,729) 561,229 (1,579,130)
NET CHANGE IN FUND BALANCES 16,084,084$ 3,795,944$ 47,835$ (2,219,214)$ (1,144,589)$ 2,094,660$ (2,220,962)$ (3,134,724)$ 3,411,124$ (3,447,696)$
Debt Service as a Percentage of
Noncapital Expenditures 14.60%20.31%19.04%25.82%17.85%16.62%13.75%10.36%7.34%14.43%
Data Source
Audited Financial Statements
- 93 -
VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
General Merchandise 125,263$ 56,378$ 87,177$ 78,758$ 79,268$ 82,011$ 162,873$ 214,657$ 297,344$ 217,623$
Food 292,682 245,366 185,920 222,214 248,773 307,716 418,454 506,945 646,617 709,999
Drinking and Eating Places 316,500 337,788 373,500 398,872 457,226 476,341 472,203 469,889 604,698 666,821
Apparel 70,473 29,265 2,983 23,447 66,162 73,784 91,238 108,410 140,908 189,351
Furniture & H.H. & Radio 305,174 560,544 489,107 514,293 545,153 560,267 528,154 579,127 1,026,827 836,653
Lumber, Building Hardware 58,781 93,090 464,986 488,534 511,579 502,467 441,858 490,021 741,273 681,704
Automobile and Filling Stations 172,402 134,842 153,378 189,363 166,908 160,031 157,021 168,139 264,775 317,435
Drugs and Miscellaneous Retail 845,911 702,487 718,124 742,858 782,309 763,484 793,503 994,536 1,707,928 1,899,467
Agriculture and All Others 130,106 231,921 192,926 172,334 176,498 178,602 163,866 186,343 685,694 788,059
Manufacturers 141,330 95,581 115,031 141,888 60,744 96,720 65,151 63,701 95,169 125,147
TOTAL 2,458,622$ 2,487,262$ 2,783,132$ 2,972,561$ 3,094,620$ 3,201,423$ 3,294,321$ 3,781,768$ 6,211,233$ 6,432,259$
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%0.00%0.50%0.50%
Data Source
Illinois Department of Revenue
- 94 -
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
1997 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
1998 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
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%
Data Source
Village and County Records
- 95 -
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*
1998 24,955,000$ 5,000,000$ 29,955,000$ 2.31%1,663.98$
1999 23,905,000 5,000,000 28,905,000 2.23%1,605.65
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
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 the financial
* See the Schedule of Demographic and Economic Statistics on page 103 for personal
statements.
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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
1998 24,955,000$ 2,378,720$ 22,576,280$ 1.16%1,254.10$
1999 23,905,000 2,091,157 21,813,843 1.07%1,211.75
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 0.15%296.76
* See the Schedule of Assessed Value and Actual Value of Taxable Property on
page 93 for property value data.
** 2005 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
- 97 -
*
(1)(2)
Gross Percentage **
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 6,000,000$ 100.00%6,000,000$
Metropolitan Sanitary District ***1,256,985,306 0.14%1,759,779
Lake County and Forest Preserve 226,504,948 4.42%10,011,519
Cook County and Cook County Forest Preserve ***3,203,465,000 0.14%4,484,851
North Shore Sanitary District 6,061,808 0.02%1,212
Northbrook Park District ***12,590,330 4.13%519,981
Township High School #113 97,290,000 28.48%27,708,192
Northfield Township High School #225 ***47,833,285 3.69%1,765,048
Junior College #532 10,878,828 4.81%523,272
North Shore School District #112 47,924,112 0.19%91,056
Elementary School District #109 22,612,331 77.98%17,633,096
Deerfield Park District ***7,495,000 99.00%7,420,050
4,939,640,948 71,918,056
Total gross debt 4,945,640,948 77,918,056
Less Debt Service Fund amount
available - Village of Deerfield 533,758 533,758
TOTAL DIRECT AND OVERLAPPING DEBT 4,945,107,190$ 77,384,298$
*
**Amount of column (2) multiplied by amount in column (1).
***Based on prior year's Cook County information. Current year information was not available at time of printing.
Data Source
Office of the County Clerk
VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING BONDED DEBT -
April 30, 2007
Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to
taxation.
GOVERNMENTAL ACTIVITIES
- 98 -
VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2007
EQUALIZED ASSESSED VALUATION - 2005*1,245,632,882$
Legal Debt Limit - 8.625%107,435,836$
Amount of debt applicable to limit:
General Obligation Bonds Series 1998 6,000,000
LEGAL DEBT MARGIN 101,435,836$
* Most Recent EAV Available
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:
Illustrative Computation of Debt Margin If Government Were Not a Home Rule Municipality
The Village is a home rule municipality and, as such, has no debt limitations. If, however, the Village
were a non-home rule municipality, its available debt limit would be as follows:
"The 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."
- 99 -
Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
1998 18,002 1,295,531,932$ 71,966$ 0.90%
1999 18,002 1,295,531,932 71,966 0.70%
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%
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
- 100 -
% of % of
Total City Total City
Employer Employees Rank Population Employees Rank Population
Baxter International Inc 3,000 1 15%2,500 1 14%
Walgreen Co 2,000 2 10%1,800 2 10%
Takeda Pharmaceuticals North 1,200 3 6%- -
Kinetek Inc 1,080 4 6%- -
Astellas Pharma Us Inc 1,000 5 5%- -
Linkscorp LLC 700 6 4%- -
Illinois Student Assistance Commission 550 7 3%512 3 3%
Woodhead Industries Inc 500 8 3%- -
American Contintl Life Insurance Co 405 9 2%- -
Dade Behring 400 10 2%- -
Alliant Food Service - - 450.00 4 3%
Deutsche Financial Services Corp - - 390.00 5 2%
MMI Companies - - 380.00 6 2%
Trinity International University - - 315.00 7 2%
West Group - - 300.00 8 2%
William M. Mercer - - 290.00 9 2%
Teradyne Inc., Telecommunications Division - - 275.00 10 2%
10,835 56.00%7,212 42.00%
Village population 18,420 18,000
Data Source
Deerfield/Bannockburn/Riverwoods Chamber of Commerce and Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2007 1998
- 101 -
Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 3 3 3
Finance 7 7 7 7 7 8 8 8 9 10
Engineering 1 1 1 1 1 1 1 1 2 3
Community development 5 5 5 5 5 5 5 5 6 6
PUBLIC WORKS
Administration 3 3 3 3 3 3 3 3 2 3
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 11 11 12 12 13 13 13 13 13 13
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 8 8 7
Communications 7 7 7 7 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 32 32 32
TOTAL 101 101 102 102 104 105 105 105 107 109
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 102 -
Function/Program 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
PUBLIC SAFETY
Police
Physical arrests 711 716 611 580 515 458 552 463 498 532
Parking violations 5,653 5,707 5,043 4,830 4,446 4,113 3,911 3,260 2,332 2,625
Traffic violations 3,590 3,928 3,862 5,401 5,122 3,523 3,767 3,836 4,140 4,119
PUBLIC WORKS
Street resurfacing (miles)2.12 1.70 1.63 0.00 0.00 0.91 0.00 2.21 3.11 3.18
WATER
Water main breaks NA 76 84 92 76 68 110 107 141 62
Average daily consumption (gallons)2,864,605 2,918,925 2,864,885 3,001,529 2,906,003 2,842,063 2,997,941 2,998,732 3,350,346 2,998,220
Peak daily consumption (gallons)NA 5,711,875 6,484,740 5,074,860 6,149,350 6,271,610 5,461,590 4,225,510 4,932,570 4,476,210
WASTEWATER
Average daily treatment (gallons)3,331,041 3,495,890 3,353,425 3,238,356 3,682,192 3,104,110 2,926,027 3,106,164 2,809,671 3,204,822
Data Source
Various Village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 103 -
Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 38 38 40 40 40 40 40 40 39 39
PUBLIC WORKS
Arterial streets (miles)8 8 8 8 8 8 8 8 8 8
Residential streets (miles)62 62 62 62 62 62 68 68 68 68
Traffic signals 5 8 8 9 9 9 9 10 10 10
WATER
Water mains (miles)65 65 82 82 82 82 83 84 84 84
Fire hydrants 930 930 1,174 1,174 1,174 1,174 1,189 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)140 140 140 140 140 140 140 140 151 151
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
- 104 -