Village CAFR For Year Ended April 30, 20040
for the year ended ,
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VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2004
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Prepared by Finance Department
Robert W. Fialkowski
Director of Finance
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VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
PrincipalOfficials .............................................................................. ............................... i
OrganizationalChart .......................................................................... ...............................
Certificate of Achievement for Excellence in Financial Reporting ... ...............................
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 ........................................... ............................... 3 -8
Basic Financial Statements
Government -Wide Financial Statements
Statement of Net Assets ..........................................:................ ............................... 9
Statement of Activities ............................................................. ............................... 10 -11
Fund Financial Statements
Governmental Funds
BalanceSheet ...................................................................... ............................... 12 -13
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets .......................... 14
Statement of Revenues, Expenditures, and Changes in Fund Balances ........... 15 -16
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ....................................... ............................... 17
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Pa e s
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Assets ...................................................... ............................... 18
Statement of Revenues, Expenses, and Changes in Net Assets ........................ 19
Statement of Cash Flows .................................................... ............................... 20 -21
Fiduciary Funds
Statement of Fiduciary Net Assets ..................................... ............................... 22
Statement of Changes in Fiduciary Net Assets .................. ............................... 23
Notes to Financial Statements ....................................................... ............................... 24 -57
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual - General Fund .................................................. ............................... 58
Schedule of Funding Progress
Illinois Municipal Retirement Fund ......................................... ............................... 59
PolicePension Fund ................................................................. ............................... 60
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ......................................... ............................... 61
PolicePension Fund ................................................................. ............................... 62
Notes to Required Supplementary Information ............................ ............................... 63
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
I Page(s)
FINANCIAL SECTION (Continued)
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ........................................................ ............................... 72
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
73
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund ........ ...............................
64 -65
Schedule of Expenditures - Budget and Actual - General Fund .. ...............................
66 -68
Schedule of Revenues, Expenditures, and Changes in Fund Balance -
75
76
Budget and Actual
77
DebtService Fund ............................................................... ...............................
Tax Incremental Finance District 1 Fund ............................ ...............................
69
70
Tax Incremental Finance District 2 Fund ............................ ...............................
71
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ........................................................ ............................... 72
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses, and Changes in Net Assets -
Budgetand Actual ............................................................. ............................... 78
Schedule of Operating Expenses - Budget and Actual ........ ............................... 79
Schedule of Capital Assets and Depreciation ...................... ............................... 80
Sewerage Fund
Schedule of Revenues, Expenses, and Changes in Net Assets -
Budgetand Actual ............................................................. ............................... 81
Schedule of Operating Expenses - Budget and Actual ........ ............................... 82
Schedule of Capital Assets and Depreciation. 83
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Combining Statement of Revenues, Expenditures, and Changes in
FundBalances ........................................................................ ...............................
73
Schedule of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
MotorFuel Tax Fund ........................................................... ...............................
74
Enhanced911 Fund ............................................................. ...............................
Infrastructure Replacement Fund ........................................ ...............................
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Project29 Fund .................................................................... ...............................
77
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses, and Changes in Net Assets -
Budgetand Actual ............................................................. ............................... 78
Schedule of Operating Expenses - Budget and Actual ........ ............................... 79
Schedule of Capital Assets and Depreciation ...................... ............................... 80
Sewerage Fund
Schedule of Revenues, Expenses, and Changes in Net Assets -
Budgetand Actual ............................................................. ............................... 81
Schedule of Operating Expenses - Budget and Actual ........ ............................... 82
Schedule of Capital Assets and Depreciation. 83
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Combining Statement of Net Assets ........................................ ...............................
92
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
93
Combining Statement of Cash Flows ....................................... ...............................
94
Garage Fund
Pa e s
Schedule of Revenues, Expenses, and Changes in Net Assets -
FINANCIAL SECTION (Continued)
Budgetand Actual ............................................................. ...............................
COMBINING AND INDIVIDUAL FUND
Schedule of Operating Expenses - Budget and Actual ........ ...............................
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
NONMAJOR ENTERPRISE FUNDS
Insurance Fund
Combining Statement of Net Assets ........................................ ...............................
84
Schedule of Revenues, Expenses, and
Combining Statement of Revenues, Expenses, and Changes in
NetAssets ............................................................................... ...............................
85
Changes in Net Assets - Budget and Actual ...................... ...............................
Combining Statement of Cash Flows ....................................... ...............................
86 -87
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual
Schedule of Revenues, Expenses, and
RefuseFund ......................................................................... ...............................
88
Changes in Net Assets - Budget and Actual ...................... ...............................
Commuter Parking Lot Fund ............................................... ...............................
Commuter Parking Lot Fund
89
Schedule of Operating Expenses - Budget and Actual ........ ...............................
90
Schedule of Capital Assets and Depreciation ...................... ...............................
91
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ........................................ ...............................
92
Combining Statement of Revenues, Expenses and Changes in
NetAssets ............................................................................... ...............................
93
Combining Statement of Cash Flows ....................................... ...............................
94
Garage Fund
Schedule of Revenues, Expenses, and Changes in Net Assets -
Budgetand Actual ............................................................. ...............................
95
Schedule of Operating Expenses - Budget and Actual ........ ...............................
96
Insurance Fund
Schedule of Revenues, Expenses, and
Changes in Net Assets - Budget and Actual ...................... ...............................
97
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses, and
Changes in Net Assets - Budget and Actual ...................... ...............................
98
FIDUCIARY FUNDS
Combining Statement of Net Assets - Fiduciary Funds ........... ............................... 99
Schedule of Changes in Plan Net Assets - Budget and Actual -
PolicePension Fund ............................................................... ............................... 100
Combining Statement of Changes in Assets and Liabilities -
AgencyFunds ......................................................................... ............................... 101
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VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
FINANCIAL SECTION (Continued)
SUPPLEMENTAL DATA
Schedule of Insurance in Force ..................................................... ...............................
Long -Term Debt Requirements
General Obligation Bond Series of 1997 ................................. ...............................
General Obligation Bond Series of 1998 .. ... ...................
General Obligation Bond Series of 2002 ................................. ...............................
General Obligation Refunding Bond Series of 2003 ............... ...............................
ISTATISTICAL SECTION
Government -Wide Information
1 Government -Wide Revenues ........................................................ ...............................
Government -Wide Expenses.
General Governmental Revenues by Source - Last Ten Fiscal Years .........................
General Governmental Expenditures by Function - Last Ten Fiscal Years ................
Property Tax Assessed Valuations, Rates, Extensions, and Collections -
Last Ten Tax Levy Years ............................................................ ...............................
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Tax Lev Years
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.. 111 -112
y................................................................. ...............................
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Tax Levy Years ................................................................. ...............................
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net
General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ...........................
Schedule of Direct and Overlapping Bonded Debt ............................ ...............................
Schedule of Legal Debt Margin ......................................................... ...............................
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Ratio of Annual Debt Service Expenditures for General Obligation
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years ...................................:................................... ............................... 118
Demographic Statistics - Last Ten Fiscal Years ................................ ............................... 119
Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ..................... 120
PrincipalTaxpayers ........................................................................... ............................... 121
Miscellaneous Statistics ..................................................................... ............................... 122 -123
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VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2004
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal
Matthew J. Wylie
Robert L. Benton
Steven M. Harris, Mayor
Robert D. Franz, Clerk
ADMINISTRATIVE
Jerry Kayne
Vernon E. Swanson
William S. Seiden
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
Robert W. Fialkowski
Director of Finance/Treasurer
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Public
Boards and
Commissions
Accounting
Mayor and Board
of Trustees
Sewage
Village Attorney
Treatment
Youth
Treasury
Code
Assistant to the
Village Manager
Village Manager
3 Employees
Management
Police Finance Community Public Works
Development & Engineering
55 Em lovees 7 Em lovees 5 Employees 34 Employees
Patrol Budgeting Planning Water Works
Investigations
Accounting
Zoning
Sewage
Treatment
Youth
Treasury
Code
Streets
Management
Enforcement
Communications
Personnel
Building Plan
Vehicle
Review
Maintenance
Records
Utility Billing
Permits
Storm Drainage
Research and P I Purchasing I Appearance I Plan Design
Development Review & Review
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Certificate of
Achievement
for Excellence
in Financial
r� Reporting
Presented to
� Village of Deerfield,
� Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 2003
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
AGE H
President
6 WAPoAATpN S
�M7CIb� �iy v
Executive Director
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VILLAGE OF DEERFIELD
October 31, 2004
Honorable Mayor and
Members of the Board of Trustees
Citizens of the Village of Deerfield
The Comprehensive Annual Financial Report ( "CAFR ") of the Village of Deerfield (the "Village ") for the year
ended April 30, 2004 is submitted herewith. This report represents a comprehensive picture of the Village's
financial activities during Fiscal Year 2003/04 and the financial condition of its various funds at April 30, 2004.
1 The Village is required to issue annually a report of its financial position and activity presented in conformance
with generally- accepted accounting principles ( "GAAP ") and audited in accordance with generally- accepted
auditing standards by an independent firm of certified public accountants. Although formally addressed to the
elected officials and citizens of Deerfield, this financial report has numerous other users. Foremost among the
other users are the bondholders of the Village, financial institutions, educational institutions and other
governmental entities.
Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the
presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in
all material respects; that it is presented in a manner designed to fairly set forth the financial position of the
Village and the results of its operations as measured by the financial activity of its various funds; and that all
disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial
affairs have been included.
The comprehensive annual financial report is presented in three sections: introductory, financial and statistical.
The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal
officials. The financial section includes the general purpose external financial statements, and the combining,
individual fund financial statements and schedules, as well as the independent auditor's report on the financial
statements and schedules. The statistical section includes selected financial and demographic information,
generally presented on a multi -year basis.
The Reporting Entity and its Services
The Village of Deerfield was incorporated in 1903 and operates under the council /manager form of
government. The legislative body consists of the Mayor and Board of six Trustees, all elected on an at -large
basis to overlapping four -year terms. The Village Manager is responsible for the day -to -day operation of the
Village. The Village is a home rule municipality as defined by the Illinois Constitution. Located approximately
25 miles north of the City of Chicago, in both Cook and Lake Counties, the Village occupies a land area of 7.0
square miles and has a certified 2000 Census of 18,420. Additional demographic information may be found in
the statistical section of this report.
The Village provides a number of general governmental services. Specifically, the Village provides police
protection, water and sewer utilities including sewerage treatment, street construction and maintenance, code
enforcement, planning and zoning and general administrative services. Fire protection service is provided by
a separate fire protection district.
The financial statements included in this report are distinctly different in form than those issued in prior years.
The statements have been prepared in accordance with Statement No. 34 (Basic Financial Statements — and
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1 850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000
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Management's Discussion and Analysis —for State and Local Governments of the Governmental Accounting
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Standards Board ( "GASB "). The GASB is an organization that establishes accounting and financial reporting
standards for state and local governments in the United States. Statement No. 34 significantly changed the
required format for governmental statements in a number of ways. The most significant of these changes was
to require that governments prepare entity -wide financial statements in addition to the fund -based financial
statements governments have traditionally prepared. The entity -wide financial statements attempt to present
a government's financial position and results of operations in a manner similar to business. More information
about this "new financial reporting model" is provided in Management's Discussion and Analysis ( "MD &A ").
The MD&A is located in the financial section of this report.
The financial reporting entity of the Village of Deerfield is comprised of all funds of the primary government
(i.e., the Village of Deerfield as legally defined) and its pension trust fund: the Deerfield Police Pension Fund.
This fund was determined to be a pension trust fund due to its fiduciary and fiscal relationship with the Village
as its sole purpose is to provide retirement benefits to the Village's sworn police officers. The Deerfield Public
Library is included as a discrete presentation since a separately elected board of trustees governs it. No other
legally separate entity qualifies as a component unit of the Village.
Accounting System and Budgetary Control
The accounts of the Village are organized on the basis of funds, each of which is considered a separate and
distinct accounting entity. The operations of each fund are accounted for with a separate set of self - balancing
accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Revenues are allocated to
and accounted for in individual funds based upon the purpose for which they are to be expended and the means
1 by which spending activities are controlled. The accounting records for general governmental operations are
maintained on the modified accrual basis, with revenues being recorded when available and measurable and
expenditures being recorded when materials or services are received and the liability incurred. Accounting
records for the Village's enterprise funds, internal service funds, agency funds, and pension trust fund are
maintained on the accrual basis of accounting.
Management of the Village is responsible for establishing and maintaining a system of internal accounting
controls. These controls are designed to assure that the assets of the Village are safeguarded against any
material loss, theft or misuse. These controls assure that the financial statements are in conformity with generally
accepted accounting principles. Internal accounting controls are designed to provide reasonable, but not
absolute, assurances that control objectives will be met. The concept of reasonable assurances recognizes that
(1) the cost of control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and
benefits require estimates and judgment by Management.
The annual budget serves as the foundation for the Village's financial planning and control. State law requires
that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year.
Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is
the department level, or, where no departmental segregation of a fund exists, the fund level.
Factors Affecting Financial Condition
Economic Outlook. There are several measures of economic health for local governments. Perhaps four of
the more objective measures or indicators are local employment levels, retail sales activity, family income
levels and construction activity.
Employment levels in the Village have always surpassed that of Lake and Cook Counties and the State of
Illinois as a whole. As of April 30, 2004 the Village's unemployment rate was estimated to be 3.2 %, compared
to 5.0% for Lake County, 5.9% for the State of Illinois and 5.5% for the United States.
In spite of the generally slower national and state economy, the Village sales tax revenue (which represents 1 %
of the total sales) for 2004 increased 4.3% to $3,420,855 compared to $3,278,965 for 2003. No significantly large
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individual new retail opened during the year; generally, the economic prosperity of the local economy enables this
source to grow from the prior year.
Median family income figures from the 2000 Census demonstrate that the average income of Deerfield
residents far exceeds county and state averages. According to the Census Bureau, Deerfield's 2000 median
family income was $118,683, compared to $76,424 for Lake County, $55,545 for the State of Illinois and
$50,046 for the United States. This ranked Deerfield among the wealthiest communities in the State of Illinois.
New commercial and residential construction activity was significant in 2004 as there were 987 new
commercial permits (includes remodeling) issued, with a total value of $61 million and 102 new residential
housing permits (primarily single family teardowns) issued with a total value of $17 million.
Long -term financial planning. The Village utilizes a 5 year Capital Improvement Program ( "CIP ") to address
major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the
creation or purchase of a non - equipment, tangible asset with an original cost of at least $25,000 and a useful
life of more than one year. Projects that are programmed for the first year of the CIP (i.e., the upcoming
budget year) are most closely scrutinized in the capital planning process because associated funding must be
provided in that budget. The Village has primarily followed a "pay -as- you -go" funding strategy for
maintenance.and replacement of assets and has issued debt for new projects as necessary.
Cash Management. The Village's policy regarding cash management is based upon the realization that there
is a time value to money. A high priority is placed on procedures to ensure that monies due the Village are
collected and deposited as promptly as possible. Disbursements are closely controlled. Of equal importance
is the emphasis on the management of the Village's investment portfolio. All idle cash is invested in
accordance with an established investment policy. The investment policy establishes safety of principal as the
foremost objective. The policy provides for full collateralization of all deposits in excess of FDIC limits. The
Village is not permitted to leverage its portfolio or invest in risky derivatives.
Risk Management. The Village maintains a protected risk retention program for property, casualty, and
workers compensation claims. Health insurance for employees and retirees is provided through a public entity
risk pool, the Intergovernmental Personnel Benefit Cooperative. The Village also participates in the Municipal
Insurance Cooperative Agency (MICA), a public entity risk pool. MICA manages and funds first party property
losses, third party liability claims, Workers' Compensation claims, and public officials' liability claims.
Aggregate umbrella liability coverage is provided through the Village's membership in the High -level Excess
Liability Pool, another public entity risk pool.
Pensions and Other Post Employment Benefits. Sworn police personnel receive retirement and disability
benefits from the Police Pension Fund. This plan is a defined benefit, single - employer plan administered by a
local board of trustees. The defined benefits and employer and employee contribution levels are governed by
State statutes.. Police participants are required to contribute 9.91 % of their base salaries. The Village is
required to contribute the remaining amount necessary to finance the plan as determined by an enrolled
actuary. Municipalities have until the year 2033 to fully fund their police pension plans.
All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal
Retirement Fund, ( "IMRF ") a statewide pension plan. IMRF acts as a common investment and administrative
agent for local governments in Illinois. Benefit provisions and funding requirements are established by State
statute.
Employees participating in the IMRF are required to contribute 4.5% of their annual salary and the Village is
required to contribute the remaining amounts necessary to fund the coverage of its employees in the plan.
The Village's contribution rate for 2004 is 9.28% of employee salaries. The notes to the financial statements
and the required supplementary information provide more information pertaining to employee pensions.
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Independent Audit
State statutes require an annual audit by independent certified public accountants. The accounting firm of
Sikich Gardner & Co, LLP performed the audit on the Village's 2003 /04 financial statements. The independent
auditors' report is included in the financial section of this report. The auditors have given this report an
unqualified opinion, meaning that the financial statements fairly present the Village's financial position at April
30, 2004, and the results of operations for the year then ended.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to the Village of Deerfield for its comprehensive annual
financial report (CAFR) for the fiscal year ended April 30, 2003. The Certificate of Achievement is a
prestigious national award recognizing conformance with the highest standards for preparation of state and
local government financial reports.
In order to be awarded a Certificate of Achievement, a government must publish an easily readable and
efficiently organized comprehensive annual financial report, whose contents conform to program standards.
The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid, for a period of one year only. The Village of Deerfield has received a
Certificate of Achievement for the last twenty consecutive years. We believe our current report continues to
conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA.
Acknowledgments
The preparation of the comprehensive annual financial report was made possible by the dedicated service of
the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for
the contributions made in the preparation of this report. In particular, I would like to acknowledge the efforts of
Ellasion Phillips, Assistant Finance Director, for her efforts in compiling the mountains of data necessary to
complete this report and implement GASB 34 while at the same time installing new entity wide financial
software.
Finally, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for
their leadership and support in planning and conducting the fiscal affairs of the Village in a responsible
manner.
Respectfully submitted,
Robert Fialkowski
Director of Finance
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MEMBERS OF
AMERICAN INSTITUTE OF
Sikich Gardner & Co, LLP CERTIFIED PUBLIC ACCOUNTANTS
Accountants & Consultants ILLINOIS CPA SOCIETY
998 Corporate Boulevard
Aurora, IL 60504
A Member of Sikich Group, LLC
1 The Honorable Mayor
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INDEPENDENT AUDITOR'S REPORT
Members of the Board of Trustees
Village of Deerfield, Illinois
We have audited the basic, combining, and individual financial statements of the Village of
Deerfield, Illinois, as of and for the year ended April 30, 2004, as listed in the accompanying.
table of contents. These financial statements are the responsibility of the Village of Deerfield,
Illinois' management. Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides. a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above resent fairly, in all material
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respects, the financial position of the Village of Deerfield, Illinois, as of April 30, 2004, and the
results of its operations and cash flows of its proprietary funds for the year then ended in
conformity with accounting principles generally accepted in the United States of America. Also,
in our opinion, the combining and individual fund financial statements referred to above present
fairly, in all material respects, the financial position of each of the individual funds of the Village
of Deerfield, Illinois, as of April 30, 2004, and the results of operations of such funds and cash
flows of individual proprietary funds for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements and
on the combining and individual fund financial statements taken as a whole. The accompanying
financial information listed as supplemental data and schedules in the table of contents are
presented for purposes of additional analysis and is not a required part of the financial statements
of the Village of Deerfield, Illinois. Such information has been subjected to the auditing
procedures applied in the audit of the basic, combining, and individual fund financial statements
and, in our opinion, is fairly presented in all material respects in relation to the basic financial
statements and each of the combining and individual fund financial statements taken as a whole.
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The Village has adopted the provisions of Governmental Accounting Standards Board Statement
No. 34, Basic Financial Statements - and Management's Discussion and Analysis - For State
and Local Governments, Statement No. 37, Basic Financial Statements - and Management's
Discussion and Analysis - For State and Local Governments: Omnibus, Statement No. 38,
Certain Financial Statement Note Disclosures and Interpretation No. 6, Recognition and
Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial
Statements, as of May 1, 2003. This results in a change in the Village's format and content of
the basic and combining and individual fund financial statements and notes to the financial
statements.
The Management's Discussion and Analysis and required supplementary information listed in
the table of contents are not a required part of the basic financial statements but are
supplementary information required by the Governmental Accounting Standards Board. We
have applied certain limited procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary information.
However, we did not audit the information and express no opinion on it.
The introductory and statistical information listed in the table of contents was not audited by us,
' and accordingly, we do not express an opinion thereon.
CAP
Aurora, Illinois
October 28, 2004
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VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
April 30, 2004
The Village of Deerfield's (the "Village ") 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 9). This is the Village's first year reporting under the GASB
Statement No. 34 model and, therefore, this report and MD&A do not include comparative figures.
Financial Highlights
• The Village's General Fund ended the year with total revenues exceeding total expenditures by $7,146.
Combined with a transfer -in of $275,000, the April 30, 2004 fund balance increased by $282,146.
• New building activity continued at a high pace, primarily the result of single family residential tear - downs.
Total building permit revenue was $397,391 for the year.
' Although total revenue from the State income tax and local hotel /motel tax were down compared to the prior
year, revenues at the end of the fiscal year were recovering to a higher level. These revenues are
dependent on the state and local economy and should continue to improve along with the overall
improvement in these economies.
' The Village retired $3,125,000 of general obligation debt during the year and did not issue any new debt.
The total balance of debt outstanding as of April 30, 2004 was $15,715,000.
• Water sales increased by 7.5% to $4,109,003 due to the combined effects of a 4% rate increase effective
May 1, 2003 and drier weather.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The financial statement's focus is on both the Village as a whole (govemment -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 govemment -to- govemment) and enhance the Village's accountability.
' Government -Wide Financial Statements
The government -wide financial statements (see pages 9 - 11) 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 10 - 11) 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 and shared state income taxes finance the majority of these
services. The Business -type Activities reflect private sector type operations (Water, Sewer, and Commuter Parking)
where the charges for service typically cover all or most of the cost of operation, including depreciation.
i
(See independent auditor's report.
-3-
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS '
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 12 - 17) 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 provides 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 18 - 21) 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 customer's 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. Because internal service
funds primarily serve the governmental funds, they are included within the governmental 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 22 - 23) 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 24 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 72.
(See independent auditor's report.
-4-
J
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
FINANCIAL ANALYSIS OF THE
VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the current 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. In future
years, historical information will be included in these analyses to improve the usefulness of this data.
STATEMENT OF NET ASSETS
As of April 30, 2004
(in millions of dollars)
'
Governmental Business -type
Total Primary
Activities Activities
Government
Current & Other Assets
$50.96 $7.25
$58.22
Capital Assets
57.20 16.26
73.46
Total Assets
108.17 23.51
131.68
'
Long -Term Liabilities
10.70 3.57
14.28
Other Liabilities
21.43 1.66
23.07
Total Liabilities
32.13 5.23
37.35
'
Net Assets:
Investment in Capital
Assets - Net of Related Debt
45.21 12.53
57.74
Restricted
Unrestricted
7.15 -
23.68 5.75
7.15
29.43
Total Net Assets
$76.04 $18.28
$94.32
The Village's total primary government
net assets decreased by $0.2 million primarily due
to a contribution of $1.37
'
millions to the Deerfield Park District for the construction of the new senior center. The following table provides a
summary of activities causing a change in net assets.
Changes in Net Assets
'
Fiscal year ending April 30, 2004
(in millions of dollars)
Governmental Business -type
Total Primary
Activities Activities
Government
Revenue
Program Revenues:
Charges for Service
1.92 6.67
8.59
Operating Grants
0.53
0.53
Capital Grants
0.30 -
0.30
General Revenue:
Property Taxes
16.27 0.76
17.03
'
Other Taxes
6.66
6.66
Other
0.68 0.53
1.21
Total Revenue
26.36 7.96
34.32
Expenses
General Government
13.41 -
13.41
Public Safety
6.72 -
6.72
Highways and Streets
4.81 -
4.81
Interest
0.57
0.57
Water
Sewer
- 3.91
2.34
3.91
2.34
Refuse
1.39
1.39
Parking Lots
- 0.04
0.04
Total Expense
25.51 7.68
33.19
(See independent auditor's report.
'
-5-
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
Excess (Deficiency) before 0.85 0.27 1.13
contributions
Contributions 1.37 - 1.37
Change in Net Assets -0.51 0.27 -0.24
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
In the General Fund, revenues fell short of budget by $0.1. A shortfall of $0.4 in the hotel /motel tax due to continued
softness in business travel was offset by revenues in excess of budget of $0.12 from building permits and $0.13 from
sales tax, reflecting a strong local economy. Investment income was below budget by $0.3 due to lower overall
interest rates and a rise in rates at the end of the fiscal year that caused a drop in market value of the securities held
in the Village's portfolio.
In the Tax Increment Financing Districts, property tax increment revenue was near budget in Lake Cook Road TIF
district (actual of $10.6 versus budget of $10.9) while it exceeded budget in the Village Center district ($3.6 versus
$2.8).
Expenses
Actual expenditures in the General Fund ended the year at 95% of the final budget. All departments and functions
were similarly below the actual budget level. Personnel services were somewhat higher than budget in the
Community Development, Police Administration and Highways and Streets Administration due to retirements in these
departments and the larger payouts into the Retirement Health Savings Plan for these retiring employees.
Contractual services across the board were lower as this area generally includes contingent line items for repair and
other services.
The Village joined the Intergovernmental Personnel Benefit Cooperative effective May 1, 2003. This is a
governmental risk management pool for health benefits. The overall increase for health insurance was only 3% due
to this membership.
The Village returned substantially all of the property tax increment from the Lake Cook Road TIF as surplus to the
other taxing bodies. This District will expire on December 31, 2004.
Business -type Activities
Revenue
A rate increase of 4% implemented in May, 2003 and drier than usual weather resulted in water sales of $4.1, an
increase of $0.3 or 7.5% from the prior year. Sewer user charges of $1.8 were $0.2 or 14% higher than the prior year
due to a rate increase in May of 2003 and higher usage. Refuse charge rates were unchanged, and revenue of $0.6
increased by 3% from the prior year due to additional multi - family units entering the Village waste contract.
Commuter parking lot fee income increased by 3% due to higher usage.
Expenses
Operating expenses for the Water Fund increased by $0.3 or 9.5% primarily due to an increase in wholesale water
purchased from Highland Park, due to increased demand, an increase in their wholesale rate, and additional system
maintenance costs, including the start of a meter upgrade program.
Sewer Fund operating expenses increased by $0.3 due primarily to increase operating expenditures in the
wastewater treatment facility. Refuse Fund operating expenses decreased by 1% due to lower administrative costs
in the leaf pickup program.
(See independent auditor's report.
-6-
VILLAGE OF DEERFIELD' ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
' FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS
' Governmental Funds
At April 30, 2004, the governmental funds reported a combined fund balance of $28.4 which is a 7.3% decrease from
the beginning of the year ($30.6). An increase of $0.3 in the General Fund was offset by planned decreases in the
' Debt Service Fund ($1.2) and the Lake Cook Road TIF District Fund ($0.3) and capital spending in the Infrastructure
Replacement Fund.
Major Governmental Funds
' The General Fund is the Village's primary operating fund and the largest source of day -to -day service delivery. The
undesignated fund balance of the General Fund increased $1.4 from $11.6 to $13. The General fund cash balance of
$11.7 provides for 358 days of anticipated expenditures.
' Revenues were 99% of budget of $10.8. Expenditures were $0.5 less than budget. 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 less than
anticipated at the beginning of the fiscal year but began to recover late in the fiscal year. State shared revenues
account for only 12.5% of the General Fund total. 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 58.
General Fund Budget versus Actual
Fiscal year ended April 30, 2004
(in millions)
Original Amended
Budget Budget Actual
Revenues
' Taxes 8.63 8.63 8.35
Intergovernmental 0.04 0.04 0.30
Other 2.10 2.10 1.97
Total 10.77 10.77 10.62
Expenditures & Transfers
Expenditures 11.08 11.12 10.61
Transfers - Net 0.31 0.31 -0.28
Total 11.39 11.43 10.33
Change in Fund Balance -0.62 -0.66 0.28
' Major Proprietary Funds
The major proprietary funds operated by the Village are the Water and Sewer funds. The Water Fund operating
revenues exceeded operating expenses by $0.7 due to increased water rates and drier than normal weather. Actual
' expenditures were 77% of budget due to lower personnel expenses and delays in getting planned capital projects
completed.
The Sewer Fund operating expenses exceeded operating revenue by $0.4. Although treatment plant expenses were
less than budget due to a delay in completing planned maintenance improvements and personnel costs were lower
due to a freeze in hiring, operating revenues are still insufficient to cover costs. A sewer system study will be
undertaken in FY 04/05 that will include a manpower review, capital project program, review of alternatives to the
current Village -owned treatment plane, and a sewer rate analysis.
' Internal Service Funds
The Village's combined internal service funds net assets were $4.2 as of April 30, 2004, with $0.6 of the total
segregated for health insurance risks retained by the Village.
(See independent auditor's report.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
Capital assets
During the fiscal year, 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, 2004 was $57. The Village's investment in capital assets, net of accumulated depreciation, for
business -type activities as of April 30, 2004 was $16. Major capital asset events during the current fiscal year
included purchase of the West Deerfield Township interest in property adjacent to the Village Hall, and the
construction of a storage building for vehicles and equipment at the municipal storage yard.
Long -term debt
At the end of the fiscal year, the Village had total bonded debt outstanding of $15.8. Of this amount $1.0 is funded
directly from property taxes. The other funding for 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, 2004 the Village debt represented 1.8% of the equalized
assessed value.
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.
Economic Factors
The local Village micro - economy continues to hold firm in spite of a weak State economy. The Village is an affluent
residential community with a substantial office /commercial presence. Property taxes are a minor part of the overall
operating revenues. Both retail areas of the Village are new or newly rehabilitated, which has contributed to the
continued growth in year to year sales tax revenue. Building permit revenues also continue to be strong, primarily
due to the redevelopment of residential property with -in the Village. Residential "tear- downs" have resulted in a rise
in property values and a median home value of $465,000.
The Village's hotel /motel tax has remained stagnant since 2001. However, it appears that the decreases have
stopped and that this revenue may be recovering. None of the Village's six hotels have closed during this period.
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.
(See independent auditor's report.
-8-
' See accompanying notes to financial statements.
-9-
VILLAGE OF DEERFIELD, ILLINOIS
'
STATEMENT OF NET ASSETS
April 30, 2004
Component
Primary Government
Unit
'
Governmental
Business -Type
Deerfield
Activities
Activities
Total
Public Library
ASSETS
Cash and investments
$ 31,032,555
$ 5,140,103 $
36,172,658
$ 1,978,247
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes
15,242,923
713,682
15,956,605
1,616,386
Accounts
1,096
1,038,184
1,039,280
-
Accrued interest
230,936
23,650
254,586
-
'
Purchased interest
3,701
3,701
Other
605,529
605,529
Inventory
72,412
96,771
169,183
-
Due from other governments
1,141,609
-
1,141,609
Due from component unit
20,934
7,565
28,499
Land held for resale
1,582,087
-
1,582,087
-
Deferred charges
-
227,706
227,706
-
Net pension asset
1,035,203
-
1,035,203
-
Capital assets not being depreciated
19,081,309
2,321,382
21,402,691
65,493
Capital assets (net of accumulated depreciation) 38,116,092
13,942,294
52,058,386
256,667
'
Total assets
108,166,386
23,511,337
131,677,723
3,916,793
LIABILITIES
Accounts payable
497,463
456,297
953,760
49,441
'
Accrued payroll
119,087
26,151
145,238
22,772
Other payables
93,170
-
93,170
-
Accrued interest payable
54,275
45,768
100,043
-
Deferred revenues
18,137,818
755,000
18,892,818
1,708,955
Deposits payable
31,424
31,424
Due to fiduciary funds
5,271
-
5,271
-
Due to primary government
-
-
-
28,499
'
Noncurrent liabilities
Due within one year
2,485,000
370,000
2,855,000
-
Due in more than one year
10,703,821
3,574,166
14,277,987
140,978
'
Total liabilities
32,127,329
5,227,382
37,354,711
1,950,645
NET ASSETS
Investment in capital assets,
net of related debt
45,212,401
12,533,676
57,746,077
322,160
Restricted for
Maintenance of roadways
692,436
692,436
'
Public safety
361,876
361,876
Economic development
4,414,764
-
4,414,764
-
Debt service
Culture and recreation
1,674,419
-
1,674,419
-
1,643,988
Unrestricted
23,683,161
5,750,279
29,433,440
-
'
TOTAL NET ASSETS
$ 76,039,057
$ 18,283,955 $
94,323,012
$ 1,966,148
' See accompanying notes to financial statements.
-9-
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2004
-10-
Program Revenues
Charges
Operating
Capital
FUNCTIONS/PROGRAMS
Expenses
for Services
Grants
Grants
PRIMARY GOVERNMENT
Governmental activities
General government
$ 13,407,856
$ 1,147,830
$ - $
-
Public safety
6,718,927
770,963
-
1,771
Highways and streets
4,809,688
-
534,561
295,449
Interest
574,558
-
-
-
Total governmental activities
25,511,029
1,918,793
534,561
297,220
Business -type activities
Water
3,915,324
4,109,003
-
-
Sewerage
2,335,993
1,772,816
-
-
Refuse disposal
1,388,879
640,430
-
-
Commuter parking lot
43,573
151,133
-
-
Total business -type activities
7,683,769
6,673,382
-
-
TOTAL PRIMARY GOVERNMENT
$ 33,194,798
$ 8,592,175
$ 534,561 $
297,220
COMPONENT UNIT
Deerfield Public Library
$ 1,981,558
$ 77,883
$ 23,025 $
-
-10-
1
1
1I
1
Net (Expense) Revenue and Change in Net Assets
' Component
Primary Government Unit
Deerfield
Governmental Business -Type Public
'. Activities Activities Total Library
$ (12,260,026) $ $ (12,260,026) $
(5,946,193) (5,946,193)
(3,979,678) - (3,979,678)
(574,558) - (574,558) -
' 22,760,455 - 22,760,455
' - 193,679 193,679
- (563,177)
(563,177) -
-
- (748,449)
- 107,560
(748,449) -
107,560 -
- (1,010,387)
(1,010,387) -
'
(22,760,455) (1,010,387)
(23,770,842) -
-
-
-
(1,880,650)
General revenues
Taxes
Property
16,273,531
761,356
17,034,887
1,980,242
Replacement
90,168
-
90,168
18,146
Sales
3,420,855
-
3,420,855
-
Income
1,113,230
1,113,230
-
Local use
180,289
180,289
Hotel/motel
1,515,954
-
1,515,954
-
Simplified telecommunications
339,634
-
339,634
-
Investment income
499,724
56,301
556,025
18,503
Miscellaneous
182,343
101,007
283,350
13,076
Contributions
-
365,926
365,926
-
Special items
(1,370,009)
-
(1,370,009)
-
Total
22,245,719
1,284,590
23,530,309
2,029,967
CHANGE IN NET ASSETS
(514,736)
274,203
(240,533)
149,317
NET ASSETS, MAY 1
74,803,858
17,247,312
92,051,170
1,816,831
'
Prior
1,749,935
762,440
2,512,375
period adjustment
-
NET ASSETS, MAY 1, RESTATED
76,553,793
18,009,752
94,563,545
1,816,831
NET ASSETS, APRIL 30
$ 76,039,057 $
18,283,955 $
94,323,012 $
1,966,148
'
See accompanying notes to financial
-I1-
statements.
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VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
April 30, 2004
FUND BALANCES OF GOVERNMENTAL FUNDS
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
Long -term liabilities, including bonds payable, are
not due and payable in the current period and,
therefore, are not reported in the governmental funds
Accrued interest on long -term liabilities is shown as a liability
on the statement of net assets
The net pension assets of the police pension fund
are included in the governmental activities in the
statement of net assets
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets:
Total
Less: amount allocated to business -type portion
Net governmental activities portion
NET ASSETS OF GOVERNMENTAL ACTIVITIES
$ 28,391,530
56,568,309
(13,141,318)
(54,275)
1,035,203
4,237,323
(997,715)
3,239,608 3,239,608
$ 76,039,057
1
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See accompanying notes to financial statements. ,
-14
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VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2004
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS $ (2,220,962)
Amounts reported for governmental activities in the statement
activities are different because:
Governmental funds report capital outlay as expenditures, however, they are
capitalized and depreciated in the statement of activities 1,105,131
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 2,750,000
The decrease in interest payable is reported as a reduction of expense
on the statement of activities 24,125
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 (1,862,615)
The increase in compensated absences is reported as an addition to expense
on the statement of activities (34,753)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities (9,220)
The change in net assets of certain activities of internal service funds is
in governmental funds
Total (344,844)
Less: amount allocated to business -type portion 78,402
Net governmental activities portion (266,442) (266,442)
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
$ (514,736)
it
1
1
See accompanying notes to financial statements. ,
-17-
Net capital assets 12,746,493 2,863,853 443,426 16,053,772 838,996
Total assets 16,081,047 4,265,439 2,147,052 22,493,538 4,322,800
CURRENT LIABILITIES
4,157,887
184,882
864,529
5,207,298 85,477
NET ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
282,735
62,326
108,316
453,377
18,718
STATEMENT OF NET ASSETS
Accrued payroll
8,151
16,913
363
25,427
PROPRIETARY FUNDS
1,216,704
Accrued interest payable
45,768
-
-
April 30, 2004
-
1,282,523
Deferred property taxes
-
-
755,000
755,000
Current portion of general obligations bonds payable
370,000
18,283,955
r
370,000
Governmental
Total current liabilities
Business -Type
Activities
863,679
Activities
21,534
'
LONG -TERM LIABILITIES
Nonmajor
Total
Internal
Water Sewerage
Enterprise
Enterprise
Service
850
CURRENT ASSETS
63,943
General obligation bonds payable
3,360,000
-
Cash and investments
$ 2,428,700 $ 1,066,039 $
860,920
$ 4,355,659
$ 3,392,594
3,451,233
Receivables
850
3,557,726
63,943
Property taxes
- -
713,682
713,682
Accounts - billed
164,421 82,224
30,883
277,528
1,475
Accounts - unbilled
432,009 230,126
98,141
760,276
Accred interest
14,633 6,248
-
20,881
10,769
Due from component unit
2,525 4,813
-
7,338
885
Deferred bond issuance costs
227,706
227,706
Inventory
64,560 12,136
-
76,696
78,081
Total current assets
3,334,554 1,401,586
1,703,626
6,439,766
3,483,804
CAPITAL ASSETS
Nondepreciable
1,877,956 -
443,426
2,321,382
-
'
Depreciable
13,471,804 5,067,156
613,958
19,152,918
2,352,886
Accumulated depreciation
(2,603,267) (2,203,303)
(613,958)
(5,420,528)
(1,513,890)
Net capital assets 12,746,493 2,863,853 443,426 16,053,772 838,996
Total assets 16,081,047 4,265,439 2,147,052 22,493,538 4,322,800
' See accompanying notes to financial statements.
-18-
CURRENT LIABILITIES
4,157,887
184,882
864,529
5,207,298 85,477
NET ASSETS
Accounts payable
282,735
62,326
108,316
453,377
18,718
9,016,493
Accrued payroll
8,151
16,913
363
25,427
2,816
1,216,704
Accrued interest payable
45,768
-
-
45,768
-
1,282,523
Deferred property taxes
-
-
755,000
755,000
Current portion of general obligations bonds payable
370,000
18,283,955
r
370,000
Total current liabilities
706,654
79,239
863,679
1,649,572
21,534
'
LONG -TERM LIABILITIES
Compensated absences payable
91,233
105,643
850
197,726
63,943
General obligation bonds payable
3,360,000
-
-
3,360,000
-
Total long -term liabilities
3,451,233
105,643
850
3,557,726
63,943
' See accompanying notes to financial statements.
-18-
Total liabilities
4,157,887
184,882
864,529
5,207,298 85,477
NET ASSETS
Invested in capital assets, net of related debt
9,016,493
2,863,853
443,426
12,323,772 838,996
Unrestricted
2,906,667
1,216,704
839,097
4,962,468 3,398,327
TOTAL NET ASSETS
$ 11,923,160 $
4,080,557 $
1,282,523
17,286,240 $ 4c 237 323
Adjustment to reflect the consolidation of Internal Service Fund activities related to Enterprise Funds
997,715
$
18,283,955
r
' See accompanying notes to financial statements.
-18-
OPERATING REVENUES
Charges for services
Miscellaneous
Total operating revenues
OPERATING EXPENSES
Administration
Operations
Capital outlay
Total operating expenses
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION
Depreciation
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Property taxes
Gain on disposal of capital assets
Interest expense
Total nonoperating revenues (expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
For the Year Ended April 30, 2004
(4,187)
VILLAGE OF DEERFIELD, ILLINOIS
(6,431)
STATEMENT OF REVENUES, EXPENSES,
761,356
AND CHANGES IN NET ASSETS
-
PROPRIETARY FUNDS
-
OPERATING REVENUES
Charges for services
Miscellaneous
Total operating revenues
OPERATING EXPENSES
Administration
Operations
Capital outlay
Total operating expenses
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION
Depreciation
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Property taxes
Gain on disposal of capital assets
Interest expense
Total nonoperating revenues (expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
For the Year Ended April 30, 2004
263,493 313,712 - 577,205 1,873,739
3,209,322 1,881,141 1,424,959 6,515,422 332,009
- - - - 574,082
3,472,815 2,194,853 1,424,959 7,092,627 2,779,830
680,813 (382,413) (616,638) (318,238) (210,732)
279,799 101,607 - 381,406 162,679
401,014 (484,020) (616,638) (699,644) (373,411)
35,106 25,382
(4,187)
56,301
(6,431)
Governmental
761,356
Business -Type Activities
-
Activities
-
-
Nonmajor
Total
Internal
Water
Sewerage
Enterprise
Enterprise
Service
(96,228) 25,382
757,169
686,323
28,567
$ 4,109,003
$ 1,772,816
$ 791,563
$ 6,673,382
$ 2,565,653
44,625
39,624
16,758
101,007
3,445
4,153,628
1,812,440
808,321
6,774,389
2,569,098
263,493 313,712 - 577,205 1,873,739
3,209,322 1,881,141 1,424,959 6,515,422 332,009
- - - - 574,082
3,472,815 2,194,853 1,424,959 7,092,627 2,779,830
680,813 (382,413) (616,638) (318,238) (210,732)
279,799 101,607 - 381,406 162,679
401,014 (484,020) (616,638) (699,644) (373,411)
35,106 25,382
(4,187)
56,301
(6,431)
- -
761,356
761,356
-
- -
-
-
34,998
(131,334) -
-
(131,334)
-
(96,228) 25,382
757,169
686,323
28,567
304,786 (458,638)
140,531
(13,321)
(344,844)
CONTRIBUTIONS - - 365,926 365,926
CHANGES IN NET ASSETS 304,786 (458,638) 506,457 352,605 (344,844)
NET ASSETS, MAY 1 9,802,541 5,806,637 779,481 16,388,659 3,736,333
Prior period adjustment 1,815,833 (1,267,442) (3,415) 544,976 845,834
NET ASSETS, MAY 1, RESTATED 11,618,374 4,539,195 776,066 16,933,635 4,582,167
NET ASSETS, APRIL 30 $ 11,923,160 $ 4,080,557 $ 1,282,523 17,286,240 $ 4,237,323
Adjustment to reflect the consolidation of Internal Service Fund activities related to Enterprise Funds 997,715
$ 18,283,955
See accompanying notes to financial statements.
-19-
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(This page is intentionally left blank.)
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2004
Governmental
Business -Type Activities Activities
Nonmajor Total Internal
Water Sewer Enterprise Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
$ 3,988,568 $
1,711,472 $
779,325 $
6,479,365 $
-
Receipts from interfund services
-
-
-
-
2,565,377
Receipts from miscellaneous revenues
44,625
39,624
16,758
101,007
3,445
Payments to suppliers
(3,152,226)
(1,137,258)
(1,334,393)
(5,623,877)
(3,022,191)
Payments to employees
(757,357)
(1,190,142)
(91,265)
(2,038,764)
(243,207)
Net cash from operating activities
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Property taxes
Interfund receivables
Net cash from noncapital
financing activities
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Gain on disposal of capital assets
Capital assets purchased
Bond principal payments
Bond interest payments
Net cash from capital and
related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of investments
Interest received
Net cash from investing activities
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
123,610 (576,304) (629,575) (1,082,269) (696,576)
759,093 759,093
- - 4,846
759,093 759,093 4,846
34,998
(10,904) (298,505) - (309,409) (155,840)
(375,000) - - (375,000) -
(102,188) - - (102,188) -
(488,092) (298,505) - (786,597) (120,842)
1,083,000 1,200,000 300,000 _2,583,000 -
28,048 32,999 3,813 64,860 19,314
1,111,048 1,232,999 303,813 2,647,860 19,314
746,566 358,190 433,331 1,538,087 (793,258)
1,682,134 707,849 427,589 2,817,572 4,185,852
$ 2,428,700 $ 1,066,039 $ 860,920 $ 4,355,659 $ 3,392,594
(This statement is continued on the following page.)
-20-
1
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and ambrtization
(Increase) decrease in
Receivables
Inventories
Increase (decrease) in
Accounts payable
Accrued payroll
Compensated absences payable
Claims payable
NET CASH FROM OPERATING ACTIVITIES
NON -CASH TRANSACTIONS
Contributions of capital assets by other funds
TOTAL NON -CASH TRANSACTIONS
For the Year Ended April 30, 2004
Governmental
Business -Type Activities Activities
Nonmajor Total Internal
Water Sewerage Enterprise Enterprise Service
$ 401,014 $ (484,020) $ (616,638) $ (699,644) $ (373,411)
279,799 101,607 - 381,406 162,679
(120,435) (61,344) (12,238) (194,017) (276)
17,485 (7;184) - 10,301 (1,154)
(421,477)
(127,803)
(1,912)
(551,192)
3,421
569
(3,349)
363
(2,417)
(1,548)
(33,345)
5,789
850
(26,706)
3,239
-
-
-
-
(489,526)
$ -
$ 123,610 $
(576,304) $
(629,575) $
(1,082,269) $
(696,576)
See accompanying notes to financial statements.
-21-
$
365,926
$
365,926
$ -
$
365,926
$
365,926
$ -
See accompanying notes to financial statements.
-21-
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2004
ASSETS
Cash and cash equivalents
Investments
U.S. government securities
U.S. agencies securities
Mutual funds
Municipal bonds
Negotiable certificates of deposit
Receivables
Accrued interest
Due from other funds
Total assets
LIABILITIES
Accounts payable
Deposits payable
Other payables
Total liabilities
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
Pension Agency
Trust Fund Funds
$ 1,405,254 $ 530,240
7,023,432 -
593,046 -
8,882,884 -
2,100,788 -
675,363 -
96,824 -
5,271 -
20,782,862 530,240
12,325 6,890
- 466,649
56,701
12,325 530,240
$ 20,770,537 $ -
See accompanying notes to financial statements.
-22-
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
PENSION TRUST FUND
For the Year Ended April 30, 2004
ADDITIONS
Contributions - employer
Property taxes - current
Replacement taxes
Contributions - employee
Total contributions
Investment income
Net appreciation in fair value of investments
Interest earned on investments
Total investment income
Total additions
DEDUCTIONS
Benefits and refunds
Pension payments
Miscellaneous
Total deductions
NET INCREASE
NET ASSETS HELD IN TRUST FOR PENSION
BENEFITS
May 1
April 30
See accompanying notes to financial statements.
-23-
$ 315,762
10,000
288,507
614,269
1,162,025
711,582
1,873,607
2,487,876
1,079,105
7,031
1,086,136
1,401,740
19,368,797
$ 20,770,537
LU
VILLAGE OF DEERFIELD, ILLINOIS
1
NOTES TO FINANCIAL STATEMENTS
April 30, 2004
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Deerfield, Illinois (the Village) have been
prepared in conformity with accounting principles generally accepted in the United States
of America, as applied to government units (hereinafter referred to as generally accepted
accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB)
is the accepted standard - setting body for establishing governmental accounting and
financial reporting principles. The more significant of the Village's accounting policies
are described below.
t
1 -24-
a. Reporting Entity
The Village was incorporated in 1903. The Village is a municipal corporation
governed by an elected seven - member board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
The Village's financial statements include:
Pension Trust Fund
Police Pension Employees Retirement System
The Village's police employees participate in the Police Pension Employees
Retirement System ( PPERS). PPERS functions for the benefit of these employees
and is governed by a five - member pension board. Two members appointed by the
Village's Mayor, one elected pension beneficiary, and two elected police employees
constitute the pension board. The Village and 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 determination of contribution levels. Although it
possesses many of the characteristics 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 pensions of the Village's police employees and because
of the fiduciary nature of such activities. The PPERS is reported as a pension trust
fund. Separate financial statements are issued and available from the Police Pension
Board.
�1
t
1 -24-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Discretely Presented Component Unit
Village of Deerfield Public Library
ary
The Deerfield Public Library (the Library) has a separately elected seven - member
board, which annually determines its budget and resulting tax levy. Upon approval
of the Village, the levy is submitted to the County. All debt of the Library is secured
by the full faith and credit. of the Village, which is wholly liable for the debt. The
Library, while servicing the general population of the Village, does not provide
services entirely to the Village. Because the Library possesses the characteristics of
a legally separate government and does not service the primary government, the
Library is being reported as a discrete presentation. Separate financial statements are
disclosed in the component unit portion of this report.
Joint Ventures
Solid Waste Agency of Lake County ( SWALCO)
SWALCO is a municipal corporation empowered to plan, finance, construct, and
operate a solid waste disposal system to serve its member municipalities.
Management consists of a Board of Directors comprised of one appointed
representative from each member. The Village does not exercise any control over
the activities of SWALCO beyond its representation on the Board of Directors.
SWALCO is reported as a proprietary joint venture.
b. Fund Accounting
The Village uses funds to report on its financial position, results of its operations,
and cash flows. Fund accounting is designed to demonstrate legal compliance and to
aid financial management by segregating transactions related to certain government
functions or activities.
A fund is a separate accounting entity with a self - balancing set of accounts. A
minimum number of funds are maintained consistent with legal and managerial
requirements. Funds are classified into the following categories: governmental,
g
proprietary, and fiduciary.
r
-25- J
1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL" STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
Governmental funds are used to account for all or most of the Village's general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of capital assets (capital projects
funds), and the servicing of general long -term debt (debt service funds). The general
fund is used to account for all activities of the general government not accounted for
in some other fund.
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided
}
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the Village (internal service funds). The Village has elected, under
the provisions of GASB Statement 20, Accounting and Financial Reporting for
Proprietary Funds and Other Governmental Entities That Use Proprietary Fund
Accounting, to apply all applicable GASB pronouncements and all FASB.Statements
and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting
'
Research Bulletins (ARB) issued on or before November 30, 1989, unless they
conflict with or contradict GASB pronouncements.
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a formal trust agreement, a pension trust fund
may be used. Agency funds generally are used to account for assets that the Village
}
holds on behalf of others as their agent.
C. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Governmental activities, which normally are supported by taxes and
'
intergovernmental revenues, are reported separately from business -type activities,
which rely to a significant extent on fees and charges for support.
�I
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include 1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function or segment
and 2) grants and standard revenues that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
-26-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Government -Wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds, proprietary funds
and fiduciary funds, even though the latter are excluded from the government -wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
The General (Corporate) Fund is the Village's primary operating fund. It
accounts for all financial resources of the general government, except those
required to be accounted for in another fund.
The Debt Service Fund is used to account for the accumulation of resources for
the payment of general long -term debt.
The Tax Increment Financing District 1 Fund provides funds for land
acquisition and improvements to the Village's Lake Cook Road Tax Increment
Financing District.
The Tax Increment Financing District 2 Fund provides funds for land
acquisition and improvements to the Village's Village Center Tax Increment
Financing District.
The Village reports the following major proprietary funds:
The Water Fund accounts for all activity necessary to provide water to the
residents of the Village including administration, operation, maintenance,
financing, and related debt service.
The Sewerage Fund accounts for the provision of sewer service to the residents of
the Village. All activity necessary to provide such services is accounted for in
this fund including, but not limited to, administration, construction, maintenance,
and operations of the Sewerage Treatment Plant.
Additionally, the Village reports the following proprietary fund type:
Internal Service Funds:
The Insurance Fund accounts for the Village's medical, dental, and life
insurance programs provided to other departments or agencies of the Village
on a cost reimbursement basis.
-27-
VILLAGE OF DEERFIELD, ILLINOIS
1 NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Government -Wide and Fund Financial Statements (Continued)
The Garage Fund accounts for all activity necessary to maintain the efficient
and safe operation of the Village's vehicles and equipment and is funded by
various departments according to services rendered.
Governmental fund financial statements are accounted for using a current financial
resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized when susceptible to accrual (i.e., when they become both
measurable and available). "Measurable" means the amount of the transaction can
be determined, and "available" means collectible within the current period. The
Village recognizes property taxes when they become both measurable and available
in the period intended to finance. A one -year availability period is used for revenue
recognition for all other governmental fund revenues. Expenditures are recorded
when the related fund liability is incurred. Principal and interest on general long-
term debt are recorded as fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the following
year.
-28-
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 partially as governmental activities and partially as.
business -type activities on the government -wide financial statements according
to the percentage of services provided to the Village's governmental or
business -type funds /activities.
The Village reports pension trust funds as Fiduciary Funds to account for the Police
Pension Fund.
d. Basis of Accounting, Measurement Focus, 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 additions are recorded when
earned and expenses and deductions are recorded when a liability is incurred.
Property taxes are recognized as revenues in the year for which they are levied (i.e.,
intended to finance). Grants and similar items are recognized as revenue as soon as
all eligibility requirements imposed by the provider have been met. Operating
revenues /expenses include all revenues /expenses directly related to providing
enterprise fund services. Incidental revenues /expenses 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 accounting.
Revenues are recognized when susceptible to accrual (i.e., when they become both
measurable and available). "Measurable" means the amount of the transaction can
be determined, and "available" means collectible within the current period. The
Village recognizes property taxes when they become both measurable and available
in the period intended to finance. A one -year availability period is used for revenue
recognition for all other governmental fund revenues. Expenditures are recorded
when the related fund liability is incurred. Principal and interest on general long-
term debt are recorded as fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the following
year.
-28-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Basis of Accounting, Measurement Focus, and Financial Statement Presentation
(Continued)
Those revenues susceptible to accrual are property taxes, franchise taxes, licenses,
interest revenue, and charges for services. Sales and motor fuel taxes and fines owed
to /collected by the state at year end on behalf of the Village also are recognized as
revenue. Permit revenues are not susceptible to accrual because generally they are
not measurable until received in cash.
The Village reports deferred revenue on its financial statements. Deferred revenues
arise when a potential revenue does not meet both the "measurable" and "available"
criteria for recognition in the 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 recognition criteria are met or when the
Village has a legal claim to the resources, the liability for deferred revenue is
removed from the combined balance sheet and revenue is recognized.
e. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village's proprietary fund types
consider all highly liquid investments with an original maturity of three months or
less when purchased to be cash equivalents.
Investments
Investments with a maturity of less than one year when purchased and non-
negotiable certificates of deposit are stated at cost or amortized cost. Investments
with a maturity greater than one year when purchased and all investments of the
pension trust funds are stated at fair value. Fair value is based on prices listed on
national exchanges as of April 30, 2004 for debt and equity securities.
f. Short-Term Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as "due from other funds" or "due to other funds" on the balance sheet.
Short-term interfund loans, if any, are classified as " interfund receivables/ payables."
-29-
1
1
Ll
1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g. Advances to Other Funds
Noncurrent portions of long -term interfund loan receivables are reported as advances
between funds in the fund financial statements. The advances are offset equally by a
fund balance reserve account in applicable governmental funds to indicate that they
are not available for appropriation and are not expendable available financial
■ resources.
h. Inventories
Inventories are valued at cost, which approximates market, using the first -in/ first -out
(FIFO) method. The costs of governmental fund -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 the
applicable governmental or business -type activities columns in the government -wide
financial statements. Capital assets are defined by the Village as assets with an
initial, individual cost in excess of $25,000 and an estimated useful life in excess of
one year.
All purchased capital assets are valued at cost where historical records are available
and at an estimated historical cost where no historical records exist. Donated capital
assets are valued at their estimated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Improvements are capitalized
and depreciated over the remaining useful lives of the related capital assets, as
applicable.
-30-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Capital Assets (Continued) 1
Depreciation of buildings, equipment, water /sewer systems, and vehicles is
computed using the straight -line method over the following useful lives:
Years
Buildings and building improvements
35 -50
Parking improvements
15 -50
Water /sewer system
40 -60
Vehicles, machinery and equipment
4 -20
Infrastructure
20 -50
k. Compensated Absences
Vested or accumulated vacation leave, including related social security and
medicare, that is owed to retirees or terminated employees is reported as an
expenditure and a fund liability of the governmental fund that will pay it in the fund
financial statements and the remainder is reported in long -term debt. Vested or
accumulated vacation leave and vested sick leave of proprietary funds at both levels
and governmental activities at the government -wide level is recorded as an expense
and liability as the benefits accrue to employees.
1. Long -Term Obligations
In the government -wide financial statements, and proprietary fund types in the fund
financial statements, long -term debt and other long -term obligations are reported as
liabilities in the applicable governmental activities, business -type activities or
proprietary fund type 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 fund types recognize bond premiums
and discounts, as well as bond issuance costs, during the current period. The face
amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service
expenditures.
-31-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Interfund services are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures /expenses
�- initially made from it that are properly applicable to another fund are recorded as
expenditures /expenses in the reimbursing fund and as reductions of
r expenditures /expenses in the fund that is reimbursed.
All other interfund transactions, except interfund services and reimbursements, are
reported as transfers.
o. Special Items
Certain significant transactions or other events within the control of management that
are either unusual in nature or infrequent in occurrence are special items. The
Village has reported the cost of building improvements provided to the Deerfield
Park District's Senior Center as a special item. .
2. DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust fund. Each fund type's portion of this pool is displayed on the
combined balance sheet as "cash and investments." In addition, investments are separately
held by several of the Village's funds. The deposits and investments of the pension trust
funds are held separately from those of other funds. The Village has cash on hand of
$2,680 which has been excluded from the amounts shown below.
m. Fund Equity/Net Assets
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally restricted
by outside parties for use for a specific purpose. Designations of fund balance
represent tentative management plans that are subject to change. In the government -
wide financial statements, restricted net assets are legally restricted by outside parties
for a specific purpose.
n. Interfund Transactions
Interfund services are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures /expenses
�- initially made from it that are properly applicable to another fund are recorded as
expenditures /expenses in the reimbursing fund and as reductions of
r expenditures /expenses in the fund that is reimbursed.
All other interfund transactions, except interfund services and reimbursements, are
reported as transfers.
o. Special Items
Certain significant transactions or other events within the control of management that
are either unusual in nature or infrequent in occurrence are special items. The
Village has reported the cost of building improvements provided to the Deerfield
Park District's Senior Center as a special item. .
2. DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust fund. Each fund type's portion of this pool is displayed on the
combined balance sheet as "cash and investments." In addition, investments are separately
held by several of the Village's funds. The deposits and investments of the pension trust
funds are held separately from those of other funds. The Village has cash on hand of
$2,680 which has been excluded from the amounts shown below.
Permitted Deposits and Investments - Statutes authorize the Village to make deposits/
invest in insured commercial banks, savings and loan institutions, obligations of the U.S.
Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with
portfolios of securities issued or guaranteed by the United States or agreements to
repurchase these same obligations, repurchase agreements, short-term commercial paper
rated within the three highest classifications by at least two standard rating services, and
Illinois Funds. Pension funds can also invest in certain non -U.S. obligations, Illinois
municipal corporations tax anticipation warrants, veteran's loans, obligations of the State
of Illinois and its political subdivisions, and Illinois insurance company general and
r
separate accounts, mutual funds, and equity securities.
-32-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
Illinois Funds is an investment pool managed by the State of Illinois, Office of the '
Treasurer, which allows governments within the State to pool their funds for investment
purposes. Illinois Funds is not registered with the SEC as an investment company, but
does operate in a manner consistent with Rule 2a7 of the Investment Company Act of
1940. Investments in Illinois Funds are valued at Illinois Fund's share price, which is the
price the investment could be sold for.
a. Deposits
At year end, the carrying amount of the Village's deposits totaled $1,379,906 and
bank balances totaled $1,379,906.
Bank
Balances
Category 1
Deposits covered by federal depository insurance, or by collateral
held by the Village, or its agent, in the Village's name. $ 1,334,354
Category o 2
g
Deposits covered by collateral held by the pledging financial
institution's trust department, or by its agents, in the Village's name. -
Category 3
Deposits covered by collateral held by the pledging financial
institution, or its trust department, or its agent but not in the Village's
name, and deposits which are uninsured and uncollateralized. 45,552
TOTAL DEPOSITS $ 1,379,906
For pension trust funds, the types of deposits authorized and the mix of credit risk
categories do not differ significantly from the other funds of the Village.
b. Investments
The Village's investments are categorized to give an indication of the level of
custodial credit risk assumed by the entity at year end. Category 1 includes
investments that are insured or registered or for which the securities are held by the
Village or its agent in the Village's name. Category 2 includes uninsured and
unregistered investments for which the securities are held by the counterparty's trust '
department or agent in the Village's name. Category 3 includes uninsured and
unregistered investments for which the securities are held by the counterparty in the
Village's name, or held by any third party but not in the Village's name.
-33- 1
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1
2. DEPOSITS AND INVESTMENTS
(Continued)
b. Investments (Continued)
Fair Value
Category
�
1 2 3
Totals
PRIMARY GOVERNMENT
U.S. Government Securities $ 7,023,431 $ - $
- $ 7,023,431
U.S. Agency Securities 32,755,697 -
- 32,755,697
Negotiable Certificates of Deposit 675,363 -
- 675,363
1
Municipal Bonds 2,100,788 -
- 2,100,788
$ 42,555,279 $ -
- 42,555,279
*Illinois Funds
4,562,913
*Mutual Funds
8,882,887
TOTAL INVESTMENTS
*
$ 56,001,079
Not subject to custodial credit risk disclosures.
The pension trust fund owns 24% percent of the investments in Category 1.
3. RECEIVABLES -TAXES
Property taxes for 2003 attach as an enforceable lien on January 1, 2003 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, 2004 and August 1, 2004 and are payable in two installments, on or
about March 1, 2004 and September 1, 2004. The County collects such taxes and remits
them periodically.
The 2004 tax levy, which attached as an enforceable lien on property as of January 1,
' 2004, has not been recorded as a receivable as of April 30, 2004 as the tax has not yet been
levied by the Village and will not be levied until December 2004, and, therefore, the levy
is not measurable at April 30, 2004.
i.
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1 -34-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. CAPITAL ASSETS
Capital asset activity for the year ended April 30, 2004 was as follows:
Beginning
Balance, Ending
Restated* Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 2,049,921 $ 960,000 $ - $ 3,009,921
Land right of way 16,071,388 - - 16,071,388
Total capital assets not being depreciated 18,121,309 960,000 - 19,081,309
Capital assets being depreciated
Buildings and improvements 5,592,245 145,131 - 5,737,376
Vehicles, machinery, and equipment 1,837,168 94,000 74,401 1,856,767
Infrastructure 87,147,504 - - 87,147,504
Total capital assets being depreciated 94,576,917 239,131 74,401 94,741,647
Less accumulated depreciation for
Buildings and improvements
1,182,397
162,616
- 1,345,013
Vehicles, machinery, and equipment
1,178,026
124,050
74,401 1,227,675
Infrastructure
52,352,869
1,699,998
- 54,052,867
Total accumulated depreciation
54,713,292
1,986,664
74,401 56,625,555
Total capital assets being depreciated, net 39,863,625 (1,747,533) - 38,116,092
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 57,984,934 $ (787,533) $ - $ 57,197,401
-35-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. CAPITAL ASSETS (Continued)
BUSINESS -TYPE ACTIVITIES
Capital assets not being depreciated
Land
Construction in progress
Total capital assets not being depreciated
Less accumulated depreciation for
Buildings and improvements
Parking lot improvements
Vehicles, machinery, and equipment
Water distribution system
Sanitary sewer system
Total accumulated depreciation
Beginning Ending
Balance, Balance,
Restated* Increases Decreases Restated
$ 1,955,456 $ - $ - $ 1,955,456
- 365,926 - 365,926
1,955,456 365,926 - 2,321,382
6,567,838
Capital assets being depreciated
- 6,866,343
Buildings and improvements
-
Parking lot improvements
1,041,652
Vehicles, machinery, and equipment
38,076 1,065,416
Water distribution system
10,904
Sanitary sewer system
2,380,936
Total capital assets being depreciated
Less accumulated depreciation for
Buildings and improvements
Parking lot improvements
Vehicles, machinery, and equipment
Water distribution system
Sanitary sewer system
Total accumulated depreciation
Beginning Ending
Balance, Balance,
Restated* Increases Decreases Restated
$ 1,955,456 $ - $ - $ 1,955,456
- 365,926 - 365,926
1,955,456 365,926 - 2,321,382
6,567,838
298,505
- 6,866,343
613,958
-
- 613,958
1,041,652
61,840
38,076 1,065,416
8,711,479
10,904
- 8,722,383
2,380,936
-
- 2,380,936
19,315,863
371,249
38,076 19,649,036
2,122,381
149,932
- 2,272,313
613,958
-
- 613,958
797,941
44,776
38,076 804,641
1,027,054
177,798
- 1,204,852
767,467
43,512
- 810,979
5,328,801
416,018
38,076 5,706,743
Total capital assets being depreciated, net 13,987,062 (44,769) - 13,942,293
BUSINESS -TYPE ACTIVITIES
CAPITAL ASSETS, NET $15,942,518 $ 321,157 $ - $16,263,675
*The beginning balance of governmental activities and business -type activities was
restated for a change in capitalization threshold, and to reclassify certain capital assets
from the former General Fixed Asset Account Group to the reclassified Vehicle Equipment
Replacement Fund (formerly a capital projects fund), an internal service fund.
Depreciation expense was charged to functions /programs of the primary
government as
follows:
GOVERNMENTAL ACTIVITIES AND GOVERNMENTAL PORTION
OF INTERNAL SERVICE FUNDS
'
Public safety
$ 135,360
Highways and streets, including depreciation
of general infrastructure assets
1,851,304
Total depreciation expense — governmental activities and governmental portion
of internal service funds
1,986,664
Less: governmental portion of internal service funds
(124,049)
NET DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES
$ 1,862,615
'
-36-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 omissions' injuries to employees; illnesses of employees;
and natural disasters. The Village participates in the Intergovernmental Personnel Benefit
Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local
government in Illinois to administer some or all of the personnel benefit programs
(primarily medical, dental, and life insurance coverage) offered by these. members to their
officers and employees and to the officers and employees of certain other governmental,
quasi governmental and nonprofit public service entities.
The IPBC receives, processes, and pays such claims as may come within the benefit
program of each member. Management consists of a Board of Directors comprised of one
appointed representative from each member. In addition, there are two officers: a Benefit
Administrator and a Treasurer. The Village does not exercise any control over the
activities of the IPBC beyond its representation on the Board of Directors.
Formerly, the Village was self - insured for medical coverage and had established a risk
financing fund (Insurance Fund) (the Fund) for medical coverage. It is accounted for as an
internal service fund where assets are set aside for claim settlements.
Each participating fund of the Village made payments to the Fund based upon actuarial
estimates of the amounts needed to pay prior and current -year claims. Liabilities of the
Fund were reported when it was probable that a loss had occurred and the amount of the
loss could be reasonably estimated. Liabilities included an amount for claims that have
been incurred but not reported (IBNR). Claim liabilities are calculated considering the
effects of inflation, recent claim settlement trends including frequency and amount of
payouts, and other economic and societal factors. Changes in the balances of claims
liabilities during the past two fiscal years are as follows:
CLAIMS PAYABLE, MAY 1
Add claims incurred (including IBNR)
Less claims paid
CLAIMS PAYABLE, APRIL 30
2004 2003
$ 489,526 $ 308,283
- 1,503,848
(489,526) (1,322,605)
$ - $ 489,526
1
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1
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1
1
1
1
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
RISK MANAGEMENT (Continued)
Municipal Insurance Cooperative Agency (MICA)
The Village participates in the Municipal Insurance. Cooperative Agency (MICA). MICA
is a public entity risk pool whose members are Illinois municipalities. MICA manages and
funds first party property losses, third party liability claims, workers' compensation claims,
and public officials' liability claims of its members. The Village's payments to MICA are
displayed on the financial statements as expenditures /expenses in appropriate funds.
Management consists of a Board of Directors comprised of one appointed representative
from each member. In addition, there are three officers, a Risk Manager, and a Treasurer.
The Village does not exercise any control over activities of MICA beyond its
representation on the Board of Directors. MICA functions solely as an administrative
agent for each member.
High -Level Excess Liability Pool (HELP)
The Village participates in the High -Level Excess Liability Pool (HELP). HELP is a
public entity risk pool established by certain municipalities (the Members) in Illinois to
provide excess liability coverage ($11,000,000 of coverage after a $2,000,000 self -
insurance retention). The Village's payments to HELP are displayed on the financial
statements as expenditures /expenses in appropriate funds.
HELP was organized on April 1, 1987. The purpose of HELP. is to act as a joint self -
insurance pool for the purpose of seeking the prevention or lessening of liability claims for
injuries to persons or property or claims for errors and omissions made against the
Members and other parties included within the scope of coverage of HELP.
HELP is governed by a Board of Directors, which consists of one appointed representative
from each member municipality.. Each Director has an equal vote. The officers of HELP
are appointed by the Board of Directors. The Board of Directors determines the general
policy of HELP; makes all appropriations; approves contracts; adopts resolutions
providing for the-issuance of debt by HELP; adopts bylaws, rules, and regulations; and
exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the bylaws.
The Village does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of
general obligation bonds in 1987 to provide initial funding for HELP. The bond proceeds
were put into escrow with LaSalle. National Bank as escrow agent. An intergovernmental
agreement among HELP, the Village of Elk Grove Village, and the Members provides that
HELP and its Members are obligated to the Village of Elk Grove Village for payment of
principal and interest on the bonds until such bonds have been retired. Additionally, each
of the Members is liable for its proportionate share of any default by other Members. The
obligations of HELP and its Members are unconditional.
6. LONG -TERM DEBT
a. General Obligation Bonds
The Village issues general obligation bonds for the acquisition and construction of
major capital facilities.
General obligation bonds are direct obligations and pledge the full faith and credit of
the Village. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances Current
Issue Retired By May 1 Additions Reductions April 30 Portion
General Obligation Bond Series of
1997 ($5,000,000 dated December 1,
1997; maturing December 1, 2012;
payable in annual installments;
interest rates from 4.35% to 4.50 %)
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 %)
General Obligation Bond
Series of 2002 ($3,460,000 dated
February 1, 2002; maturing
December 15, 2004; payable in
annual installments; interest rates
from 3.25% to 4.00 %)
Water
Fund* $ 645,000 $
Debt
Service ** 12,500,000
Debt
Service 2,235,000
BRIE
- $ 315,000 $ 330,000 $ 330,000 1,
- 1,500,000 11,000,000 1,500,000
- 1,250,000 985,000 985,000
1
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1 6. LONG -TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
Fund Debt Balances Balances Current
Issue Retired By May I Additions Reductions April 30 Portion
General Obligation Bond
Series of 2003 ($3,460,000 dated
February 28, 2003; maturing
December 1, 2012, payable in annual
installments; interest rates from Water
2.25% to 3.50 %) Fund $ 3,460,000 $ - $ 60,000 $ 3,400,000 $ 40,000
TOTAL $18,840,000 $ - $ 3,125,000__$15 715,000 $ 2,855,000
* The Village abates the tax levy on this bond issue annually. The debt is recorded
in and is bein g Y retired b 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 Maturity
Annual debt service requirements to maturity are as follows:
Fiscal Year
Ending General Obligation Bonds
' April 30, Principal Interest Total
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1
1 -40-
2005
$ 2,855,000 $
590,993
$ 3,445,993
2006
1,880,000
471,508
2,351,508
2007
2,395,000
387,707
2,782,707
2008
2,400,000
292,820
2,692,820
2009
2,410,000
197,820
2,607,820
2010
2,425,000
100,865
2,525,865
2011
435,000
44,827
479,827
2012
450,000
31,125
481,125
2013
465,000
16,275
481,275
TOTAL
$ 15,715,000 $
2,133,940
$ 17,848,940
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1 -40-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG -TERM DEBT (Continued)
C. Changes in Long -Term Liabilities
During the fiscal year, the following changes occurred in long -term liabilities:
GOVERNMENTAL
ACTIVITIES
General obligation bonds
Compensated absences
(Governmental)
Compensated absences
(Internal Service)
TOTAL GOVERNMENTAL
ACTIVITIES
BUSINESS -TYPE ACTIVITIES
General obligation bonds
Water
Compensated absences
(Enterprise)
Compensated absences
(Internal Service)
TOTAL BUSINESS -TYPE
ACTIVITIES
May 1, Current
Restated* Additions Reductions April 30 Portion
$14,735,000 $ - $ 2,750,000 $ 11,985,000 $ 2,485,000
1,121,565 34,753 - 1,156,318 -
45,097 2,406 - 47,503 -
$15,901,662 $ 37,159 $ 2,750,000 $ 13,188,821 $ 2,485,000
$ 4,105,000 $ - $ 375,000 $ 3,730,000 $ 370,000
224,432 - 26,706 197,726 -
15,607 833 - 16,440 -
$ 4,345,039 $ 833 $ 401,706 $ 3,944,166 $ 370,000
*The balance at May 1, 2004 was restated to move compensated absences out of the
General Fund in accordance with GASB Interpretation No. 6. Also, Internal Service
Fund compensated absences have been allocated between governmental and
business -type activities.
d. Legal Debt Margin
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the
legal debt margin.
"The General Assembly may limit by law the amount and require referendum
approval of debt to be incurred by home rule municipalities, payable from ad
valorem property tax receipts, only in excess of the following percentages of the
assessed value of its taxable property ... (2) if its population is more than 25,000 and
less than 500,000 an aggregate of one percent: ... indebtedness which is outstanding
on the effective date (July 1, 1971) of this constitution or which is thereafter
approved by referendum... shall not be included in the foregoing percentage
amounts."
To date, the General Assembly has set no limits for home rule municipalities.
-41-
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I
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1 6. LONG -TERM DEBT (Continued)
Industrial Development Revenue Bonds are not a debt of the Village. The entity
using the bond proceeds to finance a construction or improvement project is liable
for the bonds. Since the Village does not act as an agent for Industrial Development
' Revenue Bonds, the transactions relating to the bonds and property do not appear in
the Village's financial statements.
e. Noncommitment Debt - Industrial Development Revenue Bonds
The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the
1970 Constitution of Illinois and, under the powers granted by this section, can
exercise any power and perform any function pertaining to its government and
affairs that is not prohibited by the Illinois Compiled Statutes.
12/17/84 Industrial Revenue 4,500,000 Industrialplex Limited Partnership
The issuance of Industrial Development Revenue Bonds by the Village is to finance
in whole or in part the cost of the acquisition, purchase, construction, reconstruction,
improvement, equipping, betterment, or extension of any economic development
project in order to encourage economic development within or near the Village.
Industrial Development Revenue Bonds are not a debt of the Village. The entity
using the bond proceeds to finance a construction or improvement project is liable
for the bonds. Since the Village does not act as an agent for Industrial Development
' Revenue Bonds, the transactions relating to the bonds and property do not appear in
the Village's financial statements.
1
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1 -42-
The Village has authorized the issuance of the following such bonds:
Date Issued Type of Bond Amount Debtor
12/20/82 Industrial Revenue $ 1,615,000 Chi -Chi's Inc.
4/16/84 Industrial Revenue 1,000,000 Teradyne, Inc.
12/17/84 Industrial Revenue 4,500,000 Industrialplex Limited Partnership
12/1/95 Industrial Revenue 32,150,000 Jewish Foundation
f. Advance Refunding
On February 28, 2003, the Village issued $3,460,000 par value General Obligation
Refunding Bonds to advance refund $3,225,000 of the 1997 General Obligation
Bonds. Through this in- substance defeasance, the Village reduced its total debt
service by $92,018 over the next ten years and obtained an economic gain of
$83,873. The 1997 General Obligation Bonds will be called and redeemed on
December 1, 2004.
1
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1 -42-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. INTERFUND ASSETS /LIABILITIES
a. Due From/To Other Funds
Receivable Fund Payable Fund Amount
Fiduciary General $ 5,271
TOTAL $ 5,271
The purpose of significant due to /from other funds is as follows:
• The $5,271 represents expenditures of $7,847 paid for the Police Pension
Fund by the General Fund, and also replacement tax of $2,576 transferred into
the Police Pension Fund in error. The amounts will be repaid within one year.
b. Advances From/To Other Funds
Receivable Payable
Fund Fund Fund
General
Tax Incremental Financing District 2
TOTAL
$ 4,087,170 $ -
- 4,087,170
$ 4,087,170 $ 4,087,170
The purpose of significant advances to /from other funds is as follows:
• In addition to the 1998 issue, money was advanced from the General Fund to
the Tax Incremental Financing District (TIF) 2 Fund to fund public
improvements with the recognition that this would eventually be paid back
from future TIF taxes. It is intended that this payback would begin as the
increment grows in excess of the funds necessary for the project. It is
anticipated that this repayment will be begin in fiscal year 2005 and continue
at some level until the entire amount is repaid before the district terminates.
C. Due From/To Primary Government and Component Unit
Receivable Fund Payable Fund Amount
Primary government Component unit
General Fund Public Library General Fund $ 20,277
Water Fund Public Library General Fund 2,525
Sewerage Fund Public Library General Fund 4,813
Internal Service Funds Public Library General Fund 884
TOTAL $ 28,499
-43-
f
1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. INTERFUND ASSETS /LIABILITIES (Continued)
C. Due From/To Primary Government and Component Unit (Continued)
The purpose of significant due to /from primary government/component unit is as
follows:
• The $20,277 due to the General Fund represents amounts paid by the General
!� Fund for the Library's portion of employee and employer payroll taxes and
■ IMRF expenditures. Repayment is expected within one year.
d. Interfund Transfers
Transfer From Transfer To Amount
Nonmajor Governmental General $ 275,000
Tax Increment Financing 2 Debt Service 1,769,550
TOTAL $ 25044,550
IThe purpose of significant transfers to /from other funds is as follows:
• $275,000 transferred from the Motor Fuel Tax Fund to the General Fund to
fund operations.
• $1,769,550 transferred from the Tax Increment Financing 2 Fund to the Debt
Service Fund for the debt service payment on the General Obligation Bonds,
Series 1998, which were issued to fund improvements in the Village Center
TIF District.
8. COMMITMENTS
High -Level Excess Liability Pool (HELP)
The Village has committed to purchase excess liability insurance from HELP, a joint
venture of Illinois municipalities.
These amounts have been calculated using the Village's current allocation percentage of
3.49% of premium expense. In future years, this.allocation percentage will be subject to
change because HELP's Agreement provides that the Members will be assessed each year
based upon a formula that specifies the following four criteria for allocating premium
costs:
1 -44-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
8. COMMITMENTS (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
Miles of streets
Full -time equivalent employees
Number of motor vehicles
Operating revenues
The Village has passed a resolution authorizing the extension of HELP for ten years
beginning May 1, 1998.
9. SEGMENT INFORMATION - ENTERPRISE FUNDS
The Village maintains the following enterprise funds, which are intended to be self -
supporting through user fees charged for services to the public. Financial segment
information as of the date of this report and for the fiscal year is as follows:
Major Funds Nonmajor Funds
Commuter
Parking
Water Sewerage Refuse Lot Total
Operating revenues
$ 4,153,628 $
1,812,440 $
657,188 $
151,133
$ 6,774,389
Depreciation and
,
amortization expense
279,799
101,607
-
-
381,406
Operating income (loss)
401,014
(484,020)
(724,198)
107,560
(699,644)
Tax revenues
-
-
761,356
-
761,356
Change in net assets
304,786
(458,638)
34,990
471,467
352,605
Capital assets
Additions
10,904
298,505
-
365,926
675,335
Deletions
-
-
-
-
-
Total assets
16,081,047
4,265,439
1,145,595
1,001,457
22,493,538
Net working capital
Bonds and other long -term
2,627,900
1,322,347
286,707
553,240
4,790,194
liabilities payable from
operating revenues
3,360,000
-
-
-
3,360,000
Total equity
11,923,160
4,080,557
286,707
995,816
17,286,240
10. FUND EQUITY
Tax Incremental Finance District 1 Fund - Surplus Rebate
On January 5, 2004, the Village passed Resolution No. 04 -01, titled "Resolution Declaring '
a Surplus of Tax Increment Financing Funds," in accordance with the Illinois Compiled
Statutes. The Village determined that the sum of $9,652,659 held in the Tax Incremental
Finance District 1 Fund was surplus funds and was redistributed to the appropriate taxing rj
districts in Fiscal 2004. ■
-45- 1
i
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
I11. CONTINGENT LIABILITIES
a. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the Village's attorney, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the
applicable funds. The amount, if any, of expenditures that may be disallowed by the
grantor cannot be determined at this time although the Village expects such amounts,
if any, to be immaterial.
C. High -Level Excess Liability Pool (HELP)
The Village's agreement with HELP provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
d. Solid Waste Agency of Lake County ( SWALCO
)
The Village's contract with SWALCO provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
e. Municipal Infrastructure Maintenance Fees
Effective November 3, 1997, the Village imposed a municipal telecommunications
infrastructure maintenance fee (IMF) on persons in the business of transmitting,
supplying, or furnishing telecommunications and all associated services (e.g.,
telecommunications retailers) in Illinois for the "use of public right -of- ways ". The
fee was authorized by state statute (35 ILCS 635). In March 2001, a wireless
telecommunications provider brought action against an Illinois government
challenging the constitutionality of the municipal telecommunications infrastructure
maintenance fee. The Illinois Supreme Court (Court) found the IMF to be
unconstitutional as applied to wireless carriers. The Court's decision held upon
appeal. The municipal IMF fee was eliminated effective December 31, 2002.
Potential damages to the Village under this case precedent could aggregate the total
of amounts remitted to the Village for UYT by all carriers during the period from
November 3, 1997 through December 31, 2002. The Village has not estimated its
liability under potential IMF lawsuits as of April 30, 2004.
-46-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. JOINT VENTURES
Solid Waste Agency of Lake County ( SWALCO) I
Description of Joint Venture
The Village is a member of SWALCO, which consists of thirty-five municipalities.
SWALCO is a municipal corporation and public body politic and corporate established
pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation
Act of the State of Illinois, as amended (the Act). SWALCO is empowered under the Act
to plan, construct, finance, operate, and maintain a solid waste disposal system to serve its
members.
These percentage shares are subject to change in future years based on the combination of
the population and equalized assessed valuation of the municipalities.
The members form a contiguous geographic service area, which is located in Lake County.
Under the Agency Agreement, additional members may join SWALCO upon the approval ,
of each member.
SWALCO is governed by a Board of Directors, which consists of one appointed
representative from each member municipality. Each Director has an equal vote. The
officers of SWALCO are appointed by the Board of Directors. The Board of Directors
determines the general policy of SWALCO; makes all appropriations; approves contracts;
adopts resolutions providing for the issuance of bonds or notes by SWALCO; adopts
bylaws, rules, and regulations; and exercises such powers and performs such duties as may
be prescribed in the Agency Agreement or the bylaws.
SWALCO is an oversight advisory board providing long -range planning services to
member municipalities. The Village is a participant in SWALCO, but no agreement has
been reached as to services to be provided. The Village made no payments to SWALCO
for the year ended April 30, 2004 and no future payments are expected.
Complete financial statements can be obtained from the Solid Waste Agency of Lake
County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031.
The Village does not have an equity interest in SWALCO at April 30, 2004.
1
-47-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. POSTEMPLOYMENT BENEFITS
In addition to providing the pension benefits described below, the Village provides certain
health care benefits, 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 from
the Village through the Illinois Municipal Retirement Fund or Police Pension 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 $11,900. 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 monthly health insurance premiums for the retirees to a
maximum of $50. Currently, there are 21 participants eligible to receive benefits.
Accordingly, no liability has been recorded for post - employment health care benefits.
14. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions and Provisions
Illinois Municipal Retirement
The Village contributes to the Illinois Municipal Retirement Fund (IIVIRF), a defined
benefit agent multiple - employer public employee retirement system that acts as a
common investment and administrative agent for local governments and school
districts in Illinois (other than those covered by the Police Pension Plan).
All employees hired in positions that meet or exceed the prescribed annual hourly
standard must be enrolled in IMRF as participating members. Pension benefits vest
after eight years of service. Participating members who retire at or after age 60 with
8 years of service are entitled to an annual retirement benefit, payable monthly for
life, in an amount equal to 12/3 percent of their final rate (average of the highest 48
consecutive 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 disability benefits. The Illinois Pension Code establishes the
benefit provisions of the plan that can only be amended by the Illinois General
Assembly.
Participating members are required to contribute 4.5 percent of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to
fund the coverage of its own employees in the system, using the actuarial basis
specified by state statute (entry age normal). The employer contribution for the
calendar year ended December 31, 2003 was 7.63 percent of covered payroll.
IMRF issues a separate financial report which may be obtained by writing them at
IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report contains
information for IMRF as a whole, but not by individual employer.
1 -48-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension
Police sworn personnel are covered by the Police Pension Plan, which is a defined
benefit single- employer pension plan. Although this is a single - employer pension
plan, the defined benefits and employee and employer contributions levels are
governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and can be
amended only by the Illinois legislature. The Village accounts for the Police Pension
Plan as a pension trust fund. At April 30, 2004, the Police Pension Plan membership
consisted of
Retirees and beneficiaries currently receiving benefits 23
Terminated employees entitled to benefits but not
yet receiving them 2
Current employees
Vested 21
Nonvested 18
TOTAL
64
The following is a summary of the Police Pension Plan as provided for in Illinois
Compiled Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Employees attaining the age of 50 or more with 20 or more years of
creditable service are entitled to receive an annual retirement benefit of one -half of
the salary attached to the rank held on the last day of service or for one year prior to
the last day, whichever is greater. The pension shall be increased by 2% percent of
such salary for each additional year of service over 20 years up to 30 years, to a
maximum of 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 pension of a police officer who retired with 20 or more years
of service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3 percent of the original pension and 3 percent compounded interest annually
thereafter.
-49-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
1
1 -50-
Police Pension (Continued)
Covered employees are required to contribute 9.91 percent of their base salary to the
Police Pension Plan. If an employee leaves covered employment with less than 20
years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the Police Pension Plan as actuarially determined by an enrolled
actuary. The Village's contributions must accumulate to the point where the past
service cost for the Police Pension Plan is fully funded by the year 2033.
The Police Pension Plan issues a separate financial report which may be obtained by
writing them at the Village of Deerfield Village Hall.
'
b. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting: The financial statements are prepared using the accrual basis
of accounting. Employee and employer contributions are recognized as revenues in
the period in which employee services are performed.
'
Method Used to Value Investments: Investments are reported at fair value.
Investment income is recognized as earned.
Gains and losses on sales and exchanges of fixed - income securities are recognized
on the transaction date.
Significant Investments: Investments (other than U.S. government and U.S.
government guaranteed obligations) in any one organization that represent 5 percent
or more of net assets available for benefits are as follows:
Vanguard Stock Market Index Mutual Fund 6,527,797
1�
Related Party Transactions: There were no securities of the employer or any other
related parties included in plan assets, including any loans.
Administrative costs for the Police Pension Plan are financed primarily through
investment earnings.
1
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. EMPLOYEE RETIREMENT SYSTEMS (Continued)
C. Annual Pension Cost
Actuarial valuation date
Actuarial cost method
Asset valuation method
Amortization method
Amortization period
Significant actuarial assumptions
a) Rate of return on
present and future assets
b) Projected salary increase -
attributable to inflation
Illinois
Municipal Police
Retirement Pension
December 31, May 1,
2001 2003
Entry-age Entry-age
Normal
Normal
Compounded
Level Dollar
5 Year
Actuary's
Smoothed
Value
Market
Compounded
Level
Level
Percentage of
Dollar
Payroll
10 Years,
30 Years,
Closed
Closed
7.50%
8.00%
Compounded
Compounded
Annually
Annually
4.00%
3.50%
Compounded
Compounded
Annually
Annually
c) Additional projected salary .40 to 11.60% 5.50%
increases - seniority /merit
d) Post retirement benefit increases 3.00% 3.00%
Employer annual pension cost (APC) actual contributions and the net pension
obligation (NPO) are as follows. The NPO is the accumulative difference between
the APC and the contributions actually made.
-51-
i
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1 15. PRIOR PERIOD ADJUSTMENTS
The Village made a prior period adjustment of $1,121,565, increasing fund balance in the
General Fund to reclassify compensated absences from the individual fund to general
long -term liabilities in accordance with GASB Interpretation No. 6. The Village also
made an adjustment of $1,815,833, $(1,267,442), $(3,415) and $845,834, respectively, to
' the water, sewer, parking, and vehicle equipment replacement funds to restate capital
assets for a change in capitalization threshold and to reclassify capital assets to the
vehicle and equipment replacement fund at May 1, 2003.
-52-
14. EMPLOYEE RETIREMENT SYSTEMS
(Continued)
C. Annual Pension Cost (Continued)
For
Illinois
Fiscal
Municipal
Police
1
Year
Retirement*
Pension*
Annual pension costs 2002
$ 427,115
$ 263,524
(APC) 2003
342,859
287,136
2004
399,935
334,982
Actual contribution 2002
$ 427,115
$ 342,522
2003
342,859
276,383
2004
399,935
325,762
Percentage of APC contributed 2002
100.00%
129.98%
2003
100.00
96.25
2004
100.00
97.24
NPO (Asset) 2002
$ -
$ (1,055,176)
2003
-
(1,044,423)
2004
-
(1,035,203)
The Village's annual pension cost and net pension obligation
(asset)
for the Police
Pension Plan for the April 30, 2004 valuation date (most
recent data
available) are as
follows:
Annual required contribution
$ 325,762
Interest on net pension obligation (asset)
(83,554)
Adjustment to annual required contribution
92,774
Annual pension cost
334,982
Contributions made
325,762
Increase (decrease) in net pension obligation
9,220
Net pension obligation (asset) beginning of year
(1,044,423)
.I�
NET PENSION OBLIGATION (ASSET) END OF YEAR
$ (1,035,203)
1 15. PRIOR PERIOD ADJUSTMENTS
The Village made a prior period adjustment of $1,121,565, increasing fund balance in the
General Fund to reclassify compensated absences from the individual fund to general
long -term liabilities in accordance with GASB Interpretation No. 6. The Village also
made an adjustment of $1,815,833, $(1,267,442), $(3,415) and $845,834, respectively, to
' the water, sewer, parking, and vehicle equipment replacement funds to restate capital
assets for a change in capitalization threshold and to reclassify capital assets to the
vehicle and equipment replacement fund at May 1, 2003.
-52-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
16. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY
a. Summary Financial Information
The following is summary fund type financial information for the Deerfield Public
Library (the Library) for the fiscal year ended April 30, 2004:
ASSETS
Cash and investments
Receivables
Property taxes
Capital assets, net of
accumulated depreciation
Total assets
LIABILITIES
Accounts payable
Accrued payroll
Due to primary government
Deferred property taxes
Compensated
absences payable
Total liabilities
FUND BALANCES/NET ASSETS
Fund balances - unreserved
Designated for capital improvement
Designated for memorial
Undesignated
Net assets
Invested in capital assets,
net of related debt
Unrestricted
Total fund balances /net assets
REVENUES
Property taxes
Replacement taxes
Intergovernmental
Charges for services
Investment income
Miscellaneous
Total revenues
-53-
Statement of
General Adjustments Net Assets
$ 1,978,247 $ - $ 1,978,247
1,616,386 - 1,616,386
- 322,160 322,160
3,594,633 322,160 3,916,793
49,441
- 49,441
22,772
- 22,772
28,499
- 28,499
1,708,955
- 1,708,955
- 140,978 140,978
1,809,667 140,978 1,950,645
499,300 (499,300)
24,832 (24,832) -
1,260,834 (1,260,834) -
322,160 322,160
- 1,643,988 1,643,988
$ 1,784,966 $ 181,182 $ 1,966,148
Statement of
General Adjustments Activities
$ 1,837,334 $ 142,908 $ 1,980,242
18,146
- 18,146
23,025
- 23,025
77,883
- 77,883
18,503
- 18,503
155,984
(142,908) 13,076
2,130,875
- 2,130,875
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1 16. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
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Summary Financial Information (Continued)
EXPENDITURES /EXPENSES
Culture and recreation
Total expenditures /expenses
NET CHANGE IN FUND BALANCE/
NET ASSETS
FUND BALANCE/NET ASSETS
MAY 1, RESTATED
FUND BALANCES/NET ASSETS
APRIL 30
Deposits and Investments
1. Deposits
Statement of
General Adjustments Activities
$ 1,914,331 $ 67,227 $ 1,981,558
1,914,331 67,227 1,981,558
216,544 (67,227) 149,317
1,568,422 248,409 1,816,831
$ 1,784,966 $ 181,182 $ 1,966,148
Statutes authorize the Library to make deposits /invest in insured commercial
banks, savings and loan institutions, obligations of the U.S. Treasury and U.S.
Agencies, insured credit union shares, money market mutual funds with
portfolios of securities issued or guaranteed by the United States or agreements
to repurchase these same obligations, repurchase agreements, short-term
commercial paper rated within the three highest classifications by at least two
standard rating services, and Illinois Funds. Cash on hand of $1,000 has been
excluded from the amounts below.
At year end the Library's carrying amount of deposits with financial
institutions was $39,203 and the corresponding bank balance was $39,206.
Bank
Balance
Category 1
Deposits covered by federal depository insurance,
or by collateral held by the Library, or its agent, in the
Library's name $ 39,206
Category 2
Deposits covered by collateral held by the pledging
financial institution's trust department, or by its agents,
in the Library's name
-54-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
16. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
b. Deposits and Investments (Continued)
1. � Deposits
Category 3
Deposits covered by collateral held by the pledging
financial institution, or its trust department, or its
agent but not in the Library's name, and deposits which
are uninsured and uncollateralized $
TOTAL DEPOSITS
2. Investments
Bank
Balance
$ 39,206
The Library's investments consist of Illinois Funds, an investment pool
managed by the State of Illinois, Office of the Treasurer. Illinois Funds are not
subject to risk categorization. At year end the carrying value was $1,938,044,
and the fair value was $2,006,305.
Receivables - Taxes
Property taxes for the 2003 levy year attach as an enforceable lien on January 1,
2003, on property values assessed as of the same date. Taxes are levied by
December 31 of the subsequent fiscal year end by passage of a Tax Levy Ordinance.
Tax bills are prepared by the County and issued on or about February 1, 2004 and
August 1, 2004, and are payable in two installments, on or about March 1, 2004 and
September 1, 2004. The County collects such taxes and remits them periodically.
The 2003 tax levy collections are intended to finance the 2005 fiscal year and are not
considered available for current operations and are, therefore, shown as deferred
revenue. The 2004 tax levy has not been recorded as a receivable at April 30, 2004,
as the tax attached as a lien on property as of January 1, 2004, however, the tax will
not be levied until December 2004 and, accordingly, is not measurable at April 30,
2004.
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
16. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
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-56-
d. Capital Assets
Capital assets, which include land, buildings, and equipment, are reported in the
governmental activities in the government -wide financial statements. Capital assets
are defined by the Library as assets with an initial, individual cost in excess of
$25,000 and an estimated useful life in excess of one year.
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the
date of donation. The costs of normal maintenance and repairs that do not add to the
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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
following estimated useful lives:
'
Years
Buildings 45
The following is a summary of changes in capital assets during the fiscal year:
Beginning
Balance, Ending
Restated* Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 65,493 $ - $ $ 65,493
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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 770,000 23,333 - 793,333
Total accumulated depreciation 770,000 23,333 - 793,333
Total capital assets being depreciated, net 280,000 (23,333) - 256,667
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 345,493 $ (23,333) $ - $ 322,160
*The beginning balance was restated by $(898,434) to reflect a change in the
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capitalization threshold.
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
16. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
e. Changes in Long -Term Liabilities
The following is a summary of changes in long -term liabilities for the year ended
April 30, 2004:
Balance, Balance,
May 1 Additions Retirements April 30
Compensated absences $ 97,084 $ 43,894 $ - $ 140,978
1510
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2004
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Miscellaneous
Total revenues
EXPENDITURES
General government
Public safety
Highways and streets
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY 1, RESTATED
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 8,625,686 $ 8,625,686 $ 8,348,722
773,500
773,500
939,098
35,000
35,000
297,221
212,000
212,000
262,443
195,000
195,000
166,175
520,000
520,000
171,640
403,900
403,900
434,648
10,765,086
10,765,086
10,619,947
3,168,588
3,208,588
3,132,779
6,171,784
6,171,784
5,994,243
1,735,592
1,739,092
1,485,779
11,075,964
11,119,464
10,612,801
(310,878) (354,378) 7,146
250,000 250,000 275,000
(560,000) (560,000) -
(310,000) (310,000) 275,000
$
(620,878) $ 664 378 282,146
15,695,713
(See independent auditor's report.)
-58-
1,121,565
16,817,278
$ 17,099,424
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2004
(See independent auditor's report.)
-59-
(6)
Unfunded
(Overfunded)
Actuarial
(4)
Accrued
(2)
Unfunded
Liability
(1)
Actuarial
(Overfunded)
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value of
Liability
Percentage
Accrued
Annual
of Covered
Date
Plan
(AAL)
Funded
Liability
Covered
Payroll
December 31,
Assets
- Entry Age
(1)/(2)
(2)-(l)
Payroll
(4)/(5)
1998
$ 11,683,923
$ 12,220,108
95.61%
$ 536,185
$ 4,170,583
12.86%
1999
14,048,620
14,203,236
98.91%
154,616
4,526,201
3.42%
2000
15,360,277
14,663,125
104.75%
(697,152)
4,687,221
(14.87 %)
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%
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
April 30, 2004
(See independent auditor's report.)
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(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)
1998
$ 16,714,208
$ 13,658,344
122.37%
$ (3,055,864)
$ 2,294,044
(133.21 %)
1999
17,688,797
14,744,801
120.00%
(2,943,996)
2,264,096
(130.03 %)
2000
18,230,630
16,068,969
113.50%
(2,161,661)
2,472,712
(87.40 %)
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%
(See independent auditor's report.)
-60-
Calendar
Year
1998
1999
2000
2001
2002
2003
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2004
Employer
Contributions
$ 436,660
435,420
410,132
427,115
342,859
399,935
Annual
Pension
Cost
(APC)
$ 436,660
435,420
410,132
427,115
342,859
399,935
(See independent auditor's report.)
-61-
Percentage
Contributed
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED
SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
'
POLICE PENSION FUND
April 30, 2004
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Annual
Pension
'
Fiscal
Employer Cost
Percentage
Year
Contributions (APC)
Contributed
1999
$ 292,620 $ 123,967
238.46%
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2000
315,850 179,758
175.71%
2001
320,930 253,072
126.81%
2002
342,522 263,524
129.98%
2003
276,383 287,136
96.26%
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2004
325,762 334,982
97.25%
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(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2004
1. 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 Pension Trust funds. The annual appropriated
budget is legally enacted and provides for a legal level of control at the fund level. All
annual appropriations lapse at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for goods or
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services. Encumbrance accounting - -under which purchase orders, contracts, and other
commitments for the expenditure of resources are recorded to reserve that portion of the
applicable appropriation - -is utilized in the governmental funds. Material encumbrances
outstanding at year end, if any, are reported as reservations of fund balances and do not
constitute expenditures or liabilities because the commitments will be honored during the
subsequent year.
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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
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information on the past year, current year estimates, and requested appropriations for the
next fiscal year.
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The proposed budget is presented to the governing body for review. The governing body
holds public hearings and can add to, subtract from, or change appropriations, but cannot
change the form of the budget.
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Management cannot amend the total budget for individual funds without seeking the
approval of the governing body.
Expenditures cannot legally exceed budgeted appropriations at the fund level, and the
Board must approve any over - expenditures of appropriation or transfers of appropriated
amounts. During the year, supplementary appropriations were necessary for the Vehicle
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and Equipment Replacement Fund, Enhanced 911 Fund, Sewer Fund, General Fund, and
Water Fund.
2. Excess of Actual Expenditures/Expenses Over Bud et in Individual Funds
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The following funds had an excess of actual expenditures /expenses (exclusive of
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depreciation and amortization) over final budget for the fiscal year:
Fund Excess
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Motor Fuel Tax $ 1,964
Garage 16,317
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Insurance 126,621
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2004
(This schedule is continued on the following page.)
-64-
Original
Final
Budget
Budget
Actual
TAXES
Property
$ 1,516,250
$ 1,516,250 $
1,740,883
Replacement
4,400
4,400
37,877
Sales
3,290,000
3,290,000
3,420,855
Local use
163,000
163,000
180,289
Income
1,212,036
1,212,036
1,113,230
Hotel/motel
1,950,000
1,950,000
1,515,954
Telecommunication
490,000
490,000
339,634
Total taxes
8,625,686
8,625,686
8,348,722
LICENSES AND PERMITS
Beer /liquor licenses
73,000
73,000
75,800
Food licenses
6,500
6,500
6,694
Other business licenses
28,000
28,000
19,364
Building permits
275,000
275,000
397,391
Contractor's licenses
3,000
3,000
6,244
Non - business licenses and permits
53,000
53,000
101,542
Vehicle licenses
335,000
335,000
332,063
Total licenses and permits
773,500
773,500
939,098
INTERGOVERNMENTAL
State grant
2,000
2,000
260,804
50150 tree planting
1,000
1,000
-
State highway maintenance
-
-
34,646
Federal grant
32,000
32,000
1,771
Total intergovernmental
35,000
35,000
297,221
CHARGES FOR SERVICES
Special police services
75,000
75,000
203,506
Dispatching services
135,000
135,000
.57,651
Engineering services
2,000
2,000
1,286
Total charges for services
212,000
212,000
262,443
FINES AND FORFEITS
195,000
195,000
166,175
INVESTMENT INCOME
520,000
520,000
171,640
(This schedule is continued on the following page.)
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2004
Original
Final
Budget
Budget
Actual
MISCELLANEOUS
False alarms
$ 50,000
$ 50,000
$ 44,855
Sale of materials
500
500
1,496
Rentals
7,400
7,400
8,530
Miscellaneous
116,000
116,000
180,850
Franchise fees
230,000
230,000
198,917
Total miscellaneous
403,900
403,900
434,648
TOTAL REVENUES
$ 10,765,086
$ 10,765,086
$ 10,619,947
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(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2004
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance Department
Personnel services
$ 628,303 $
628,303 $
726,542
Training and development
3,000
3,000
1,241
Contractual services
817,300
8]7,300
820,127
Commodities
40,500
40,500
13,745
Utilities
20,160
20,160
20,243
Capital outlay
116,100
116,100
72,275
Total finance department
1,625,363
1,625,363
1,654,173
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Administration
Personnel services
456,412
456,412
456,170
Training and development
6,000
6,000
1,142
Contractual services
166,600
206,600
157,286
Commodities
8,150
8,150
4,745
Utilities
1,600
1,600
2,210
Capital outlay
19,500
19,500
4,837
Total administration
658,262
698,262
626,390
Community development
Personnel services
613,997
613,997
627,402
Training and development
7,700
7,700
364
Contractual services
71,700
71,700
40,946
Commodities
13,340
13,340
8,110
Utilities
4,800
4,800
3,673
Capital outlay
Total development
4,500
716,037
4,500
4,132
684,627
716,037
community
Engineering
Personnel services
109,845
109,845
103,232
Training and development
2,500
2,500
400
Contractual services
35,800
35,800
44,276
Commodities
5,700
5,700
5,063
Utilities
2,500
2,500
2,662
Capital outlay
12,581
12,581
11,956
Total engineering
168,926
168,926
167,589
Total general government
3,168,588
3,208,588
3,132,779
PUBLIC SAFETY
Police Department
Administrative service
Personnel services
984,624
984,624
1,043,022
Training and development
9,500
9,500
2,261
Contractual services
310,140
310,140
223,781
Commodities
50,400
50,400
46,643
Utilities
Capital outlay
42,000
214,673
42,000
214,673
32,771
214,683
Total administrative services
1,611,337
1,611,337
1,563,161
(This schedule is continued on the following pages.)
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VI LL A GE OF DEERFI ELD, ILLINOIS
S
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
(This schedule is continued on the following page.)
-67-
For the Year Ended April 30, 2004
Original
Final
Budget
Budget
Actual
PUBLIC SAFETY (Continued)
Police Department (Continued)
Communications
Personnel services
$ 658,525
$ 658,525 $
624,512
Training and development
1,050
1,050
1,089
Contractual services
2,500
2,500
937
Capital outlay
3,000
3,000
1,940
Total communications
665,075
665,075
628,478
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Investigations
Personnel services
720,311
720,311
663,862
Training and development
1,950
1,950
1,537
Contractual services
10,400
10,400
4,059
Commodities
3,500
3,500
.1,384
Capital outlay
7,750
7,750
5,806
Total investigations
743,911
743,911
676,648
Patrol
Personnel services
2,960,225
2,960,225
2,901,126
Training and development
7,900
7,900
6,337
Contractual services
65,500
65,500
50,215
Commodities
39,000
39,000
33,387
Utilities
7,000
7,000
6,829
Capital outlay
71,836
71,836
45,190
Total patrol
3,151,461
3,151,461
3,043,084
Special detail
Personnel services
-
-
81,157
Contractual services
-
-
602
Commodities
1,113
Total special detail
-
-
82,872
Total safety
6,171,784
6,171,784
5,994,243
public
HIGHWAYS AND STREETS
Public Works Department
Administration
Personnel services
145,936
145,936
177,949
Training and development
900
900
861
Contractual services
108,800
112,300
42,413
Commodities
16,500
16,500
14,687
Utilities
10,500
10,500
8,360
Capital outlay
125,188
125,188
126,633
Total administration
407,824
411,324
370,903
(This schedule is continued on the following page.)
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2004
HIGHWAYS AND STREETS (Continued)
Public Works Department (Continued)
Maintenance
Personnel services
Contractual services
Commodities
Utilities
Capital outlay
Total maintenance
Snow and Ice Control
Personnel services
Contractual services
Commodities
Capital outlay
Total snow and ice control
Forestry
Personnel services
Contractual services
Commodities
Capital outlay
Total forestry
Train Station Maintenance
Personnel services
Contractual services
Commodities
Utilities
Total train station maintenance
Total highways and streets
TOTAL EXPENDITURES
Original Final
Budget Budget Actual
$ 427,561 $
427,561 $
429,683
217,500
217,500
138,037
153,500
153,500
108,134
39,000
39,000
27,384
-
-
600
301,772
301,772
311,871
837,561
837,561
703,838
112,172
112,172
120,446
84,000
84,000
64,996
102,200
102,200
128,118
3,400
3,400
(1,689)
301,772
301,772
311,871
74,578
74,578
17,722
8,500
8,500
13,751
1,800
1,800
728
60,600
60,600
53,075
145,478
145,478
85,276
13,657
13,657
7,903
23,000
23,000
2,331
5,800
5,800
3,277
500
500
380
42,957
42,957
13,891
1,735,592
1,739,092
1,485,779
$ 11,075,964 $
11,119,464 $
10,612,801
(See independent auditor's report.)
-68-
. i
1
1
1
1
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1
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1
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1
1
r
1
1
1
1
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, 2004
REVENUES
Taxes
Property
Replacement
Investment income
Total revenues
EXPENDITURES
Debt service
Principal retirement
Interest
Fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Tax Incremental Finance District 2 Fund
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 448,000 $ 448,000 $ 320,391
80,000 80,000 52,291
125,000 125,000 40,251
653,000 653,000 412,933
3,120,000
3,120,000
2,750,000
849,238
849,238
595,650
5,000
5,000
3,033
3,974,238 3,974,238 3,348,683
(3,321,238) (3,321,238) (2,935,750)
3,043,138 3,043,138 1,769,550
3,043,138 3,043)138 1,769,550
$ (278,100) $ (278,100) (1,166,200)
(See independent auditor's report.)
-69-
2,840,619
$ 1,674,419
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, 2004
REVENUES
Taxes
Property
Investment income
Total revenues
EXPENDITURES
General government
Surplus rebate
Capital outlay
Construction
Other costs
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers (out)
NET INCOME (LOSS) BEFORE
SPECIAL ITEMS
SPECIAL ITEMS
Intergovernmental payment to Park District
Original Final
Budget Budget Actual
$ 10,900,000 $ 10,900,000 $ 10,601,031
160,000 160,000 179,863
11,060,000 11,060,000 10,780,894
9,652,659 9,652,659 9,654,786
1,485,000 1,485,000 47,059
5,000 .5,000 20,480
11,142,659 11,142,659 9,722,325
(82,659) (82,659) 1,058,569
(500,000) (500,000) -
(582,659) (582,659) 1,058,569
(1,370,009)
NET CHANGE IN FUND BALANCE $ (582,659) $ (582,659) (311,440)
FUND BALANCE, MAY 1 3,895,358
FUND BALANCE, APRIL 30 $ 3,583,918
(See independent auditor's report.)
-70-
i
i
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, 2004
r
(See independent auditor's report.)
-71-
Total revenues
2,925,000
2,925,000
3,679,682
Original
Final
Budget
Budget Actual
REVENUES
Construction
Taxes
1,725,000
1,499,858
Property
$ 2,800,000 $
2,800,000 $ 3,611,226
151,449
Investment income
125,000
125,000 68,456
r
(See independent auditor's report.)
-71-
Total revenues
2,925,000
2,925,000
3,679,682
EXPENDITURES
Capital outlay
Construction
1,725,000
1,725,000
1,499,858
Other costs
1,752,000
1,752,000
151,449
Total expenditures p
3,477,000
3,477,000
1,651,307
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(552,000)
(552,000)
2,028,375
OTHER FINANCING SOURCES (USES)
Transfers in
500,000
500,000
-
Transfers (out)
(2,006,250)
(2,006,250)
(1,769,550)
Total other financing sources (uses)
(1,506,250)
(1,506,250)
(1,769,550)
NET CHANGE IN FUND BALANCE
$ (2,058,2521_L
2,05
8 250
()
258,825
FUND BALANCE, MAY 1
572,021
FUND BALANCE, APRIL 30
$
830,846
r
(See independent auditor's report.)
-71-
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
1
ASSETS
FUND BALANCES
Cash and investments
Receivables
Accrued interest
tTOTAL
Other
Due from other governments
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
'
LIABILITIES
Accounts payable
Deposits payable
Total liabilities
FUND BALANCES
J
1
1
1
April 30, 2004
Special Revenue Funds Capital Projects Funds
Motor Enhanced Infrastructure Project
Fuel Tax 911 Replacement 29 Total
$ 652,952 $ 299,621 $ 4,000,202 $ 174,340 $ 5,127,115
- - 17,088 1,201 18,289
- 73,453 - - 73,453
39,484 - - - 39,484
$ 692,436 $ 373,074 $ 4,017,290 $ 175,541 $ 5,258,341
$ - $ 11,198 $ 12,796 $ - $ 23,994
- - 31,424 31,424
11,198 12,796 31,424 55,418
692,436 - - - 692,436
- 361,876 4,004,494 144,117 4,510,487
692,436 361,876 4,004,494 144,117 5,202,923
$ 692,436 $ 373,074 $ 4,017,290 $ 175,541 $_5,258,.341
See accompanying notes to financial statements.
-72-
Reserved for maintenance of roadways
Unreserved - undesignated
Total fund balances
tTOTAL
LIABILITIES AND
FUND BALANCES
J
1
1
1
April 30, 2004
Special Revenue Funds Capital Projects Funds
Motor Enhanced Infrastructure Project
Fuel Tax 911 Replacement 29 Total
$ 652,952 $ 299,621 $ 4,000,202 $ 174,340 $ 5,127,115
- - 17,088 1,201 18,289
- 73,453 - - 73,453
39,484 - - - 39,484
$ 692,436 $ 373,074 $ 4,017,290 $ 175,541 $ 5,258,341
$ - $ 11,198 $ 12,796 $ - $ 23,994
- - 31,424 31,424
11,198 12,796 31,424 55,418
692,436 - - - 692,436
- 361,876 4,004,494 144,117 4,510,487
692,436 361,876 4,004,494 144,117 5,202,923
$ 692,436 $ 373,074 $ 4,017,290 $ 175,541 $_5,258,.341
See accompanying notes to financial statements.
-72-
REVENUES
Intergovernmental
Charges for services
Investment income
Total revenues
EXPENDITURES
Public safety
Highways and streets
Capital outlay
Total expenditures
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2004
Special Revenue Funds Capital Projects Funds
Motor Enhanced Infrastructure Project
Fuel Tax 911 Replacement 29 Total
$ 534,561 $ - $ - $ - $ 534,561
298,776 - - 298,776
(114) (1,859) 38,155 3,328 39,510
534,447 296,917 38,155 3,328 872,847
- 461,566 - - 461,566
274,964 - - - 274,964
- - 1,145,610 - 1,145,610
274,964 461,566 1,145,610 - 1,882,140
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 259,483 (164,649) (1,107,455) 3,328 (1,009,293)
OTHER FINANCING SOURCES (USES)
Transfers (out) (275,000) - - - (275,000)
Total other financing sources (uses) (275,000) - - - (275,000)
NET CHANGE IN FUND BALANCES (15,517) (164,649) (1,107,455) 3,328 (1,284,293)
FUND BALANCES, MAY 1
707,953
526,525
5,111,949
140,789
6,487,216
FUND BALANCES, APRIL 30
$ 692,436 $
361,876
$ 4,004,494 $
144,117
$ 5,202,923
See accompanying notes to financial statements.
-73-
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1
1
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, 2004
REVENUES
Intergovernmental
Allotments earned
Investment income
Total revenues
EXPENDITURES
Highways and streets
Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers (out)
General Fund
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 526,800 $ 526,800 $ 534,561
30,000 30,000 (114)
556,800 556,800 534,447
273,000 273,000 274,964
273,000 273,000 274,964
283,800 283,800 259,483
(280,000) (280,000) (275,000)
$ 3,800 $ 3,800 (15,517)
(See independent auditor's report.)
-74-
707,953
$ 692,436
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, 2004
REVENUES
Charges for services
Other charges
Investment income
Total revenues
EXPENDITURES
Public safety
Contractual services
Utilities
Capital outlay
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 265,000 $ 265,000 $ 298,776
5,200 5,200 (1,859)
270,200 270,200 296,917
85,000
85,000
125,959
51,500
51,500
16,356
422,558
461,558
319,251
559,058 598,058 461,566
$ (288,858) $ (327,858) (164,649)
(See independent auditor's report.)
-75-
526,525
$ 361,876
1
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1
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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, 2004
REVENUES
Investment income
Miscellaneous
Total revenues
EXPENDITURES
Capital outlay
Contractual services
Construction
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 165,000 $ 165,000 $ 38,155
3,500 3,500 -
168,500 168,500 38,155
387,700
387,700
103,316
1,196,000
1,196,000
1,042,294
1,583,700
1,583,700
1,145,610
$ (1,415,200) $
(1,415,200)
(1,107,455)
(See independent auditor's report.)
-76-
5,111,949
$ 4,004,494
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, 2004
REVENUES
Investment income
Total revenues
EXPENDITURES
Contractual services
Total expenditures
NET CHANGE IN FUND BALANCE
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
Original Final
Budget Budget Actual
$ 600 $ 600 $ 3,328
600 600 3,328
500 500 -
500 500 -
$ 100 $ 100 3,328
(See independent auditor's report.)
-77-
140,789
$. 144,117
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
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1
CA
C
T
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2004
1
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 3,851,120 $ 3,851,120 $ 4,109,003
17,500
17,500
22,085
OPERATING REVENUES
25,000
Charges for services
7,500
Water sales
(444)
Miscellaneous
214,017
Permits and fees
3,901,120
Penalties
4,153,628
Other
(1,032,721)
Total operating revenues
OPERATING EXPENSES EXCLUDING
DEPRECIATION AND AMORTIZATION
Administration
Operations
1,815,833
Distribution
Maintenance - mains and fire hydrants
Maintenance - meters
11,923,160
Total operating expenses excluding depreciation
and amortization
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION AND AMORTIZATION
Depreciation and amortization
'
OPERATING INCOME
(LOSS)
NONOPERATING REVENUES (EXPENSES)
1
Investment income
Interest expense
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY I
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 3,851,120 $ 3,851,120 $ 4,109,003
17,500
17,500
22,085
25,000
25,000
22,984
7,500
7,500
(444)
214,017
214,017
165,640
3,901,120
3,901,120
4,153,628
333,298
336,498
263,493
2,729,115
2,729,115
2,444,833
1,247, 321
1,247,321
598,849
214,017
214,017
165,640
4,523,751 4,526,951 3,472, 815
(622,631) (625,831) 680,813
279,799
(622,631) (625,831) 401,014
70,000
70,000
35,106
(476,890)
(476,890)
(131,334)
(406,890)
(406,890)
(96,228)
$ (1,029,521) $
(1,032,721)
304,786
9,802,541
1,815,833
1 1,618,374
$
11,923,160
(See independent auditor's report.)
-78-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2004
ADMINISTRATION
Personnel services
Training and development
Contractual services
Commodities
Utilities
Capital outlay
Total administration
OPERATIONS
Distribution
Personnel services
Contractual services
Commodities
Utilities
Capital outlay
Subtotal
Less non - operating expenses
Capital assets capitalized
Total distribution
Main and fire hydrant maintenance
Personnel services
Contractual services
Commodities
Capital outlay
Total main and fire hydrant maintenance
Meter maintenance
Personnel services
Contractual services
Commodities
Capital outlay
Total meter maintenance
TOTAL OPERATING EXPENSES
Original Final
Budget Budget Actual
$ 193,493 $
193,493 $
136,031
500
500
15
85,200
88,400
72,762
4,600
4,600
3,211
12,400
12,400
14,369
37,105
37,105
37,105
333,298 336,498 263,493
257,215
257,215
152,332
43,300
43,300
28,471
1,956,400
1,956,400
2,067,254
82,200
82,200
80,581
400,904
400,904
127,099
2,740,019 2,740,019 2,455,737
(10,904) (10,904) (10,904)
2,729,115 2,729,115 2,444,833
288,021
288,021
322,224
826,500
826,500
115,042
127,400
127,400
157,505
5,400
5,400
4,078
1,247,321 1,247,321 598,849
131,717
131,717
113,994
9,300
9,300
3,702
8,000
8,000
4,579
65,000
65,000
43,365
214,017 214,017 165,640
$ 4,523,751 $ 4,526,951 $ L4 72,815
I
t
t
1
1
t
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1
L
1
1
1
1
1
(See independent auditor's report)
-79-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
iFor
the Year Ended April 30, 2004
Assets
Balances
May 1,
Balances
Restated Additions Retirements
April 30
Land
$ 1,877,956 $ - $ -
$
1,877,956
'
Buildings
4,180,123 - -
4,180,123
Water system improvements
8,711,479 10,904 -
8,722,383
Equipment and vehicles
569,298 - -
569,298
$ 15,338,856 $ 10,904 $ -
$
15,349,760
rAccumulated
Depreciation
Balances
May 1,
Balances
Restated Additions Retirements
April 30
Buildings
$ 788,152 $ 91,837 $ -
$
879,989
Water system improvements
1,027,054 177,797 -
1,204,851
Equipment and vehicles
512,279 6,148 -
518,427
$ 2,327,485 $ 275,782 $ -
$
2,603,267
NET ASSET VALUE
$
12,746,493
(See independent auditor's report.)
-80-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2004
OPERATING REVENUES
Charges for services
Sewer charges
Miscellaneous
Permits and fees
Penalties
Other
Total operating revenues
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration
Operations
Treatment plant
Cleaning and maintenance
Construction
Total operating expenses excluding
depreciation
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION
Depreciation
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 1,807,160 $ 1,807,160 $ 1,772,816
10,000
10,000
26,710
34,000
34,000
11,819
5,000
5,000
1,095
1,856,160
1,856,160
1,812,440
396,641 399,541 313,712
2,150,040
2,150,040
1,331,745
259,908
259,908
228,352
381,194
401,194
321,044
3,187,783 3,210,683 2,194,853
(1,331,623) (1,354,523) (382,413)
101,607
(1,331,623) (1,354,523) (484,020)
45,000 45,000 25,382
45,000 45,000 25,382
$ 1,286 623 $ (1,309,523) (458,638)
5,806,637
(See independent auditor's report.)
-81-
(1,267,442)
4,539,195
$ 4,080,557
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
'
For the Year Ended April 30, 2004
Original
Fin 1
a
Budget
Budget
Actual
ADMINISTRATION
Personnel services
$ 212,794 $
212,794 $
189,108
Training and development
200
200
655
Contractual services
138,800
141,700
80,605
Commodities
5,200
5,200
3,453
Utilities
4,500
4,500
4,744
Capital outlay
35,147
35,147
35,147
Total administration
396,641
399,541
313,712
OPERATIONS
Treatment plant
'
Personnel services
775,532
775,532
677,820
Training and development
3,000
3,000
5,337
Contractual services
Commodities
1,282,305
133,600
1,282,305
133,600
560,893
131,480
Utilities
236,900
236,900
235,851
Capital outlay
17,208
17,208
18,869
Subtotal treatment lant
p
2,448,545
2,448,545
1,630,250
Less non - operating expenses
Capital assets capitalized
(298,505)
(298,505)
(298,505)
Total treatment plant
2,150,040
2,150,040
1,331,745
'
Cleaning and maintenance
Personnel services
168,908
168,908
183,718
Contractual services
49,000
49,000
22,384
Commodities
36,600
36,600
20,967
Capital outlay
5,400
5,400
1,283
'
Total
cleaning and maintenance
259,908
259,908
228,352
Construction
Personnel services
188,694
188,694
141,936
Contractual services
122,000
142,000
109,639
'
Commodities
70,500
70,500
69,469
Total construction
381,194
401,194
321,044
TOTAL OPERATING EXPENSES
$ 3,187,783 $
3,210,683 $
2,194,853
(See independent auditor's report)
-82-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2004
Assets
Balances
May 1, Balances
Restated Additions Retirements April 30
Sewer system $ 2,380,936 $ - $ - $ 2,380,936
Buildings and
improvements 2,387,715 298,505 - 2,686,220
$ 4,768,651 $ 298,505 $ - $ 5,067,156
Accumulated Depreciation
Balances
May 1, Balances
Restated Additions Retirements April 30
Sewer system $ 767,467 $ 43,512 $ - $ 810,979
Buildings and
improvements 1,334,229 58,095 - 1,392,324
$ 2,101,696 $ 101,607 $ - $ 2,203,303
NET ASSET VALUE $ 2,863,853
(See independent auditor's report.)
-83-
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
CURRENT ASSETS
Cash and investments
Receivables
Property taxes
Accounts - billed
Accounts - unbilled
Total current assets
CAPITAL ASSETS
Nondepreciable
Depreciable
Accumulated depreciation
Net capital assets
Total assets
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Deferred property taxes
Total current liabilities
LONG -TERM LIABILITIES
Compensated absences payable
Total long -term liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted (deficit)
TOTAL NET ASSETS
April 30, 2004
Commuter
Parldng
Refuse Lot Total
$ 302,889 $ 558,031 $ 860,920
713,682 - 713,682
30,883 - 30,883
98,141 - 98,141
1,145,595 558,031 1,703,626
- 443,426
443,426
- 613,958
613,958
- (613,958)
(613,958)
- 443,426
443,426
1,145,595 1,001,457
2,147,052
103,888 4,428 108,316
- 363 363
755,000 - 755,000
858,888 4,791 863,679
850 850
850 850
858,888 5,641 864,529
- 443,426 443,426
286,707 552,390 839,097
$ 286,707 $ 995,816 $ 1,282,523
See accompanying notes to financial statements.
-84-
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended April 30, 2004
OPERATING REVENUES
Charges for services
Refuse billings
Parking lot fees
Miscellaneous
Total operating revenues
OPERATING EXPENSES
Operations
Total operating expenses
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Property taxes
Total nonoperating revenues (expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
CONTRIBUTIONS
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Commuter
Parking
Refuse Lot Total
$ 640,430 $ - $ 640,430
- 151,133 151,133
16,758 - 16,758
657,188 151,133 808,321
1,381,386 43,573 1,424,959
1,381,386 43,573 1,424,959
(724,198) 107,560 (616,638)
(2,168) (2,019) (4,187)
761,356 - 761,356
759,188 (2,019) 757,169
34,990 105,541 140,531
365,926 365,926
34,990 471,467 506,457
251,717 527,764 779,481
(3,415) (3,415)
251,717 524,349 776,066
See accompanying notes to financial statements.
-85-
995,816 $ 1,282,523
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended April 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Receipts from miscellaneous revenue
Payments to suppliers
Payments to employees
Net cash from operating activities
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Property taxes
Net cash from noncapital
financing activities
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
None
Net cash from capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of investments
Interest received
Net cash from investing activities
NET INCREASE IN CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
Commuter
Parldng
Refuse Lot Totals
$ 628,192 $ 151,133 $ 779,325
16,758
- 16,758
(1,318,069)
(16,324) (1,334,393)
(69,140)
(22,125) (91,265)
(2,168) 305,981
303,813
(742,259)
112,684 (629,575)
759,093 - 759,093
759,093 - 759,093
- 300,000
300,000
(2,168) 5,981
3,813
(2,168) 305,981
303,813
14,666 418,665 433,331
288,223 139,366 427,589
$ 302,889 $ 558,031 $ 860,920
(This statement is continued on the following page.)
-86-
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS (Continued)
NONMAJOR ENTERPRISE FUNDS
For the Year Ended April 30, 2004
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash from operating activities
(Increase) decrease in
Accounts receivable
Increase (decrease) in
Accounts payable
Accrued payroll
Compensated absences payable
NET CASH FROM OPERATING ACTIVITIES
NONCASH TRANSACTIONS
Contributions of capital assets
TOTAL NONCASH TRANSACTIONS
Refuse
Commuter
Parldng
Lot
Totals
$ (724,198) $ 107,560 $ (616,638)
(12,238) - (12,238)
(5,823) 3,911 (1,912)
363 363
850 850
$ (742,259) $ 112,684 $ (629,575)
$
- $
365,926
$
365,926
$
- $
365,926
$
365,926
See accompanying notes to financial statements.
-87-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2004
OPERATING REVENUES
Charges for services
Refuse billing
Miscellaneous
Total operating revenues
OPERATING EXPENSES
Operations
Personnel services
Contractual services
Commodities
Capital outlay
Total operating expenses
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Property taxes
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 629,000 $ 629,000 $ 640,430
•12,000 12,000 16,758
641,000 641,000 657,188
94,850
94,850
69,140
1,473,400
1,473,400
1,299,282
6,900
6,900
2,714
10,250
10,250
10,250
1,585,400 1,585,400 1,381,386
(944,400) (944,400) (724,198)
5,000
5,000
(2,168)
755,000
755,000
761,356
760,000
760,000
759,188
$ (184,400) $
(184,400)
34,990
(See independent auditor's report.)
-88-
251,717
$ 286,707
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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, 2004
OPERATING REVENUES
Parking lot fees
OPERATING EXPENSES
Operations
OPERATING INCOME
NONOPERATING REVENUES. (EXPENSES)
Investment income
Total nonoperating revenues (expenses)
INCOME BEFORE TRANSFERS
TRANSFERS IN (OUT)
INCOME (LOSS) BEFORE CONTRIBUTIONS
CONTRIBUTIONS
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 152,500 $ 152,500 $ 151,133
106,356 106,356 43,573
46,144 46,144 107,560
29,500
29,500
(2,019)
29,500
29,500
(2,019)
75,644
75,644
105,541
(125,000)
(125,000)
-
(49,356)
(49,356)
105,541
-
-
365,926
$ (49,356) $
(49,356)
471,467
527,764
(See independent auditor's report.)
-89-
(3,415)
524,349
$ 995,816
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2004
OPERATIONS
Parking lots - Village and federal funds
Personnel services
Contractual services
Commodities
Utilities
Capital outlay
Total parking lots - Village and
federal funds
Parking lots - Village construction
Personnel services
Contractual services
Commodities
Utilities
Capital outlay
Original Final
Budget Budget Actual
$ 16,353 $ 16,353 $ 11,523
29,050 29,050 9,725
53800 5,800 2
7,000 7,000 2,503
2,000 2,000 -
60,203 60,203 23,753
16,103
16,103
11,815
20,550
20,550
2,997
3,500
3,500
2
5,000
5,000
55006
1,000
1,000
-
Total parking lots - Village construction 46,153 46,153 19,820
TOTAL OPERATING EXPENSES $ 106,356 $ 106,356 $ 43,573
(See independent auditor's report.)
-90-
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Land
Parking lot
improvements
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2004
Assets
Balances
May 1, Balances
Restated Additions Retirements April 30
$ 771500 $ - $ - $ 77,500
613,958 -
613,958
Construction in progress - 365,926 - 365,926
$ 691,458 $ 365,926 $ - $ 1,057,384
Parking lot
improvements
NET ASSET VALUE
Accumulated Depreciation
Balances
May 1 Balances
Restated Additions Retirements April 30
$ 613,958 $ - $ - $ 613,958
$ 443,426
(See independent auditor's report.)
-91-
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2004
Vehicle and
Equipment
Garage Insurance Replacement Total
CURRENT ASSETS
Cash and investments $ 106,936 $ 627,984 $ 2,657,674 $ 3,392,594
Receivables
Accounts 1,475 - - 1,475
Accrued interest 850 - 9,919 10,769
Due from component unit 885 - - 885
Inventory 78,081 - - 78,081
Total current assets 188,227 627,984 2,667,593 3,483,804
CAPITAL ASSETS
Depreciable - - 2,352,886 2,352,886
Accumulated depreciation - - (1,513,890) (1,513,890)
Net capital assets - - 838,996 838,996
Total assets 188,227 627,984 3,506,589 4,322,800
CURRENT LIABILITIES
Accounts payable 3,871 13,532 1,315 18,718
Accrued payroll 2,816 - - 2,816
Total current liabilities 6,687 13,532 1;315 21,534
LONG -TERM LIABILITIES
Compensated absences payable 63,943 - - 63,943
Total long -term liabilities 63,943 - - 63,943
Total liabilities 70,630 13,532 1,315 85,477
NET ASSETS
Unrestricted 117,597 614,452 3,505,274 4,237,323
TOTAL NET ASSETS $ 117,597 $ 614,452 $ 3,505,274 $ 4,237,323
See accompanying notes to financial statements.
-92-
NONOPERATING REVENUES
(EXPENSES)
Investment income 1,426 1,499 (9,356) (6,431)
Gain on disposal of capital assets - - 34,998 34,998
Total nonoperating revenues (expenses) 1,426 1,499 25,642 28,567
CHANGE IN NET ASSETS (77,166) (73,369) (194,309) (344,844)
NET ASSETS, MAY 1
194,763 687,821 2,853,749
3,736,333
Prior period adjustment
- - 845,834
VILLAGE OF DEERFIELD, ILLINOIS
NET ASSETS, MAY 1, RESTATED
194,763 687,821 3,699,583
4,582,167
NET ASSETS, APRIL 30
$ 117 597 $ 614 452 $ 3 505 274
'
COMBINING
STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2004
N
Vehicle and
Equipment
Garage Insurance
Replacement
Total
OPERATING REVENUES
Interfund services
Billings
$ 249,972 $ 1,798,871
$ 516,810 $
2,565,653
Miscellaneous
3,445 -
-
3,445
Total operating revenues
253,417 1,798,871
516,810
2,569,098
OPERATING EXPENSES
Administration
- 1,873,739
-
1,873,739
Operations
332,009 -
-
332,009
Capital outlay
- -
574,082
574,082
Total operating expenses
332,009 1,873,739
574,082
2,779,830
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION
(78,592) (74,868)
(57,272)
(210,732)
Depreciation
- -
162,679
162,679
OPERATING INCOME (LOSS)
(78,592) (74,868)
(219,951)
(373,411)
NONOPERATING REVENUES
(EXPENSES)
Investment income 1,426 1,499 (9,356) (6,431)
Gain on disposal of capital assets - - 34,998 34,998
Total nonoperating revenues (expenses) 1,426 1,499 25,642 28,567
CHANGE IN NET ASSETS (77,166) (73,369) (194,309) (344,844)
NET ASSETS, MAY 1
194,763 687,821 2,853,749
3,736,333
Prior period adjustment
- - 845,834
845,834
NET ASSETS, MAY 1, RESTATED
194,763 687,821 3,699,583
4,582,167
NET ASSETS, APRIL 30
$ 117 597 $ 614 452 $ 3 505 274
$ 4 237 323
,
r
See accompanying notes to financial statements.
-93-
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2004
Vehicle and
Equipment
Garage
Insurance
Replacement
Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services
$ 249,696 $
1,798,871 $ 516,810 $
2,565,377
Receipts from miscellaneous revenue
3,445
-
-
3,445
Payments to suppliers
(87,902)
(2,349,733)
(584,556)
(3,022,191)
1
Payments to employees
(243,207)
-
-
(243,207)
Net cash from operating activities
(77,968)
(550,862)
(67,746)
(696,576)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund receivables
-
4,846
-
4,846
Net cash from noncapital
financing activities
4,846
-
4,846
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Gain on disposal of capital assets
-
-
34,998
34,998
Capital assets purchased
-
-
(155,840)
(155,840)
Net cash from capital and related
financing activities
-
-
(120,842)
(120,842)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
576
6,832
11,906
19,314
Net cash from investing activities
576
6,832
11,906
19,314
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
(77,392)
(539,184)
(176,682)
(793,258)
CASH AND CASH EQUIVALENTS, MAY 1
184,328
1,167,168
2,834,356
4,185,852
CASH AND CASH EQUIVALENTS, APRIL 30
$ 106,936 $
627,984 $
2,657,674 $
3,392,594
�t
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)
$ (78,592) $
(74,868) $
(219,951) $
(373,411)
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation
(Increase) decrease in
-
-
162,679
162,679
Accounts receivable
(276)
-
-
(276)
Inventories
(1,154)
-
(1154)
Increase (decrease) in
Accounts payable
363
13,532
(10,474)
3,421
Accrued payroll
(1,548)
(1,548)
Compensated absences payable
3,239
-
3,239
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Claims payable
-
(489,526)
-
(489,526)
NET CASH FROM OPERATING ACTIVITIES
$ (77,968) $
(550,862) $
(67,746) $
(696,576)
See accompanying notes to financial statements.
-94-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2004
OPERATING REVENUES
Interfund services
Billings
Miscellaneous
Total operating revenues
OPERATING EXPENSES
Operations
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 245,000 $ 245,000 $ 249,972
1,000 1,000 3,445
246,000 246,000 253,417
315,692 315,692 332,009
(69,692) (69,692) (78,592)
500 500 1,426
500 500 1,426
$ (69,192) $ (69,192) (77,166)
(See independent auditor's report.)
-95-
194,763
$ 117,597
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGEFUND
For the Year Ended April 30, 2004
OPERATING EXPENSES
Public works department
Personnel services
Training and development
Contractual services
Commodities
Utilities
Capital outlay
TOTAL OPERATING EXPENSES
Original Final
Budget Budget Actual
$ 226,417 $
226,417 $
244,898
200
200
42
12,700
12,700
19,226
69,700
69,700
62,578
4,300
4,300
2,890
2,375
21375
2,375
$ 315,692 $
315,692 $
332,009
(See independent auditor's report.)
-96-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
INSURANCE FUND
For the Year Ended April 30, 2004
OPERATING REVENUES
Interfund services
Billings
OPERATING EXPENSES
Administration
Insurance
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 1,675,674 $ 1,675,674 $ 1,798,871
1,747,118 1,747,118 1,873,739
(71,444) (71,444) (74,868)
15,000 15,000 1,499
15,000 15,000 1,499
$ (56,444) $ (56,444) (73,369)
687,821
$ 614,452
(See independent auditor's report.)
-97-
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
VEHICLE EQUIPMENT REPLACEMENT FUND
For the Year Ended April 30, 2004
OPERATING REVENUES
Interfund services
Billings
OPERATING EXPENSES
Capital outlay
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION
Depreciation
OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
Investment income
Gain on disposal of capital assets
Total nonoperating revenues (expenses)
CHANGE IN NET ASSETS
NET ASSETS, MAY 1
Prior period adjustment
NET ASSETS, MAY 1, RESTATED
NET ASSETS, APRIL 30
Original Final
Budget Budget Actual
$ 475,000 $ 475,000 $ 516,810
734,800 984,800 574,082
(259,800) (509,800) (57,272)
162,679
(259,800) (509,800) (219,951)
140,000 140,000 (9,356)
- - 34,998
140,000 140,000 25,642
$ (119,800) $ (3692800) (194,309)
(See independent auditor's report.)
-98-
2,853,749
845,834
3,699,583
$__3,505,274
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
FIDUCIARY FUNDS
April 30, 2004
Agency Funds
Pension
East Shore
Total
Trust Fund
Deposit
Radio
Agency
ASSETS
Cash and cash equivalents
$ 1,405,254
$ 466,999
$ 63,241
$ 530,240
Investments
U.S. government securities
7,023,432
-
_
_
U.S. agencies securities
593,046
-
Mutual funds
8,882,884
-
Municipal bonds
2,100,788
-
_
Negotiable certificates of deposit
675,363
-
Receivables
Accrued interest
96,824
Due from primary government
5,271
-
Total assets
20,782,862
466,999
63,241
530,240
LIABILITIES
Accounts payable
12,325
350
6,540
6,890
Deposits payable
-
466,649
-
466,649
Other payable,
-
-
56,701
56,701
Total liabilities
12,325
466,999
63,241
530,240
0
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
$ 20,770,537
$ _
- $
$ _
i
See accompanying notes to financial statements.
-99-
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
POLICE PENSION FUND
For the Year Ended April 30, 2004
ADDITIONS
Contributions - employer
Property taxes - current
Replacement taxes
Contributions - employee
Total contributions
Investment income
Net appreciation (depreciation) in fair value
of investments
Interest earned on investments
Total investment income
Total additions
DEDUCTIONS
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Total deductions
NETINCREASE
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1.
April 30
Original Final
Budget Budget Actual
$ 330,000 $ 330,000 $ 315,762
- - 10,000
284,000 284,000 288,507
614,000 614,000 614,269
- - 1,162,025
800,000 800,000 711,582
800,000 800,000 1,873,607
1,414,000 1,414,000 2,487,876
1,100,000 1,100,000 1,079,105
30,000 30,000 -
16,750 16,750 7,031
1,146,750 1,146,750 1,086,136
$ 267,250 $ 267,250 1,401,740
(See independent auditor's report.)
-100-
19,368,797
$ 202770,537
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2004
Balances Balances
May 1 Additions Deductions April 30
ALL FUNDS
ASSETS
Cash and investments
$
544,661
$
38,953
$
53,374
$
530,240
Receivables - other
15,461
15,461
TOTAL ASSETS
$
560,122
$
38,953
$
68,835
$
530,240
LIABILITIES
Accounts payable
$
10,563
$
5,406
$
9,079
$
6,890
Deposits payable
456,410
15,486
5,247.00
466,649
Other payables
93,149
-
36,448
56,701
TOTAL LIABILITIES
$
560,122
$
20,892
$
50,774
$
530,240
DEPOSIT FUND
ASSETS
Cash and investments
$
465,839
$
17,213
$
16,053
$
466,999
TOTAL ASSETS
$
465,839
$
17,213.00
$
16,053
$
466,999
LIABILITIES
Accounts payable
$
9,429
$
-
$
9,079
$
350
Deposits payable
456,410
15,486
5,247
466,649
'
TOTAL LIABILITIES
$
465,839
$
15,486
$
14,326
$
466,999
EAST SHORE RADIO NETWORK FUND
ASSETS
Cash and investments
$
78,822
$
21,740
$
37,321
$
63,241
Receivables - other
15,461
-
15,461
-
TOTAL ASSETS
$
94,283
$
21,740
$
52,782
$
63,241
LIABILITIES
Accounts payable
$
1,134
$
5,406
$
-
$
6,540
Other payables
93,149
36,448
56,701
TOTAL LIABILITIES
$
94,283
$
5,406
$
36,448
$
63,241
See accompanying notes
to financial
statements.
-101-
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
April 30, 2004
Insureds
Description of Coverage
Amount of Coverage
Village of Deerfield
Workers' compensation
Statutory
1
Village of Deerfield
Comprehensive automobile liability
bodily injury and property
$1,000,000
Village of Deerfield
General liability
$1,000,000
1
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
$12,000,000
The Village is a member of the Municipal Insurance
g p Cooperative Agency. Property, automobile
liability, general liability, and workers' compensation are provided under MICA. The Village is
also a member of the High -Level Excess Liability Pool. Excess liability coverage is provided
under HELP.
(See independent auditor's report.)
-102-
VILLAGE OF DEERFIELD, ILLINOIS
LONG -TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1997
April 30, 2004
Date of Issue December 1, 1997
Date of Maturity December 1, 2012
Authorized Issue $5,000,000
Denomination of Notes $5,000
Interest Rates 4.35%,4.38%,4.40%,4.45%, and 4.50%
Principal Maturity Date June 1 and December 1
Payable at American National Bank and Trust Company of Chicago
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS*
Tax
Levy Bond
Year Numbers Principal
2003 290 -355 $ 330,000
$ 330,000
*The bonds were refunded in fiscal yi
paid from escrow.
Tax Levy Interest Due on
Interest Totals June 1 Amount December 1 Amount
$ 158,432 $ 488,432 2004 $ 79,216 2004 $ 79,216
$ 158,432 $ 488,432 $ 79,216 $ 79,216
;ar 2003, and principal maturing in 2005 through 2012 will be
(See independent auditor's report.)
-103-
VILLAGE OF DEERFIELD, ILLINOIS
' LONG -TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1998
IApril 30, 2004
1
�1�
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(See independent auditor's report.)
-104-
Date of Issue
April 15, 1998
Date of Maturity
October 1, 2009
Authorized Issue
$17,000,000
Denomination of Notes
$5,000
Interest Rates
4.20%,4.25%,4.30%, and 4.35%
Principal Maturity Date
October 1
Payable at
J.P. Morgan Trust Company
FUTURE PRINCIPAL AND INTEREST
REQUIREMENTS
Tax
Levy Bond
Tax Levy
Interest Due on
Year Numbers
Principal
Interest
Totals
April 1
Amount
October 1
Amount
2003 1,201 -1,500
$ 1,500,000
$ 441,750
$ 1,941,750
2004
$ 237,000
2004
$ 237,000
2004 1,501 -1,800
1,500,000
377,250
1,877,250
2005
204,750
2005
204,750
2005 1,801 -2,200
2,000,000
302,000
2,302,000
2006
172,500
2006
172,500
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
$11,000,000
$ 1,510,500
$12,510,500
$ 873,750
$ 873,750
1
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(See independent auditor's report.)
-104-
VILLAGE OF DEERFIELD, ILLINOIS
LONG -TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2002
April 30, 2004
Date of Issue
February 1, 2002
Date of Maturity
December 15, 2004
Authorized Issue
$3,460,000
Denomination of Notes
$5,000
Interest Rates
3.25% and 4.00%
Principal Maturity Date
December 15
Payable at
Cole Taylor Bank, Chicago, Illinois
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy Bond Tax Levy Interest Due on
Year Numbers Principal Interest Totals June 15 Amount December 15 Amount
2003 496 -692 $ 985,000 $ 39,400 $1,024,400 2004 $ 19,700 2004 $ 19,700
$ 985,000 $ 39,400 $1,024,400 $ 19,700 $ 19,700
(See independent auditor's report.)
-105-
VILLAGE OF DEERFIELD, ILLINOIS
LONG -TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003
IApril 30, 2004
1
I \J,� o-���
1
1
1
(See independent auditor's report.)
-106-
Date of Issue
February 28, 2003
Date of Maturity
December 1, 2012
Authorized Issue
$3,460,000
Denomination of Notes
$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
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy Bond
Tax Levy
Interest Due on
Year Numbers
Principal
Interest Totals
June 1
Amount
December 1
Amount
2003 13 -20
$ 40,000
$ 95,158 $ 135,158
2004
$ 47,579
2004
$ 47,579
2004 21 -96
380,000
94,258 474,258
2005
47,129
2005
47,129
L
2005 97 -175
395,000
85,707 480,707
2006
42,854
2006
42,853
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 300 -692
465,000
16,275 481,275
2012
8,138
2012
8,137
$ 3,400,000
$ 569,355 $ 3,969,355
$ 284,678
$ 284,677
1
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(See independent auditor's report.)
-106-
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VILLAGE OF DEERFIELD, ILLINOIS
GOVERNMENT -WIDE REVENUES
For the Year Ended April 30, 2004
PROGRAM REVENUES
Charges for services $ 8,592 175
Operating grants 534,561
Capital grants 297,220
GENERAL REVENUES
Taxes 23,695,017
Investment income 556,025
Miscellaneous 283,350
Contributions 365,926
TOTAL REVENUES 34,324,274
NOTE: The Village implemented GASB S -34 for the fiscal year ended April 30, 2004.
Data Source
Village Records
- 107 -
VILLAGE OF DEERFIELD, ILLINOIS
GOVERNMENT -WIDE EXPENSES
For the Year Ended April 30, 2004
GOVERNMENTAL ACTIVITIES
General government $ 13,407,856
Public safety 6,718,927
Highways and streets 4,809,688
Interest 574,558
Total governmental activities 25,511,029
BUSINESS -TYPE ACTIVITIES
Water 3,915,324
Sewer 2,335,993
Refuse disposal 1,388,879
Commuter parking lot 43,573
Total business -type activities 7,683,769
TOTAL PRIMARY GOVERNMENT $ 33,194,798
NOTE: The Village implemented GASB 5 -34 for the fiscal year ended April 30, 2004.
Data Source
Village Records
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VILLAGE OF DEERFIELD, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
Fiscal
Year
Tax
Levy
Year
Equalized
Assessed
Value
Estimated
Actual
Value
Ratio
of Total
Assessed
Value
to Total
Actual Value
Equalization
Factor
1995
1994
$ 583,049,834
$ 1,749,149,502
33.33
1.0000
1996
1995
603,544,983
1,810,634,949
33.33
1.0000
1997
1996
624,187,752
1,872,563,256
33.33
1.0000
1998
1997
648,880,301
1,946,640,903
33.33
1.0000
1999
1998
677,651,742
2,032,955,226
33.33
1.0000
2000
1999
701,085,856
2,103,257,568
33.33
1.0000
2001
2000
737,589,929
2,212,769,787
33.33
1.0000
2002
2001
800,595,252
2,401,785,756
33.33
1.0000
2003
2002
871,070,465
2,613,211,395
33.33
1.0000
2004
2003
921,735,951
2,765,207,853
33.33
1.0000
Data Source
Office of the County Clerk
- 113 -
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VILLAGE OF DEERFIELD ILLINOIS
0 I
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
April 30, 2004
(1)
*
(2)
**
Gross
Percentage
(3)
General
of Debt
Village's
'
Obligation
Applicable to
Share
Governmental Unit
Debt
Government
of Debt
'
Village of Deerfield
$ 11,985,000
100.000%
$11,985,000
Deerfield Park District
6,520,000
99.000%
6,454,800
Metropolitan Sanitary District
1,365,545,000
0.090%
1,228,991
Lake County and Forest Preserve
230,276,852
3.830%
8,819,603
Cook County and Cook County Forest Preserve
2,038,133,045
0.090%
1,834,320
North Shore Sanitary District
10,495,345
0.024%
2,519
Northbrook Park District
24,520,000
0.03%
7,356
'
Township High School #113
61,605,000
25.13011/6
15,481,337
Northfield Township High School #225
38,922,769
2.270%
883,547
iJunior
College #532
9,793,070
4.05%
396,619
North Shore School District #112
60,705,000
0.21%
127,481
Elementary School District #109
25,945,000
71.48%
18,545,486
3,872,461,081
53,782,059
Total gross debt
3,884,446,081
65,767,059
'
Less Debt Service Fund amount
available - Village of Deerfield
1,674,419
1,674,419
TOTAL DIRECT AND OVERLAPPING DEBT
$ 3,882,771,662
$ 64,092,640
* Determined by ratio of assessed value of property subject to taxation in overlapping unit
to value of property subject to
taxation.
** Amount of column (2) multiplied by amount in column (1).
'
Data Source
Office of the County Clerk
- 116 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF LEGAL DEBT MARGIN
April 30, 2004
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution govems computation of the legal debt margin.
"The General Assembly may limit by law the amount and require referendum approval of debt to be
incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of
the following percentages of the assessed value of its taxable property... (2) if its population is more
than 25,000 and less than 500,000 an aggregate of one per cent:... indebtedness which is outstanding
on the effective date (July 1, 197 1) of this constitution or which is thereafter approved by referendum...
shall not be included in the foregoing percentage amounts."
To date, the General Assembly has set no limits for home rule municipalities.
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:
EQUALIZED ASSESSED VALUATION - 2003
Legal debt limit - 8.625%
Amount of debt applicable to limit
General Obligation Bonds Series 1998
General Obligation Bonds Series 2002
LEGAL DEBT MARGIN
- 117 -
$ 921,735,951
$ 79,499,726
$ 11,000,000
985,000 11,985,000
$ 67,514,726
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VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC STATISTICS
school)
3) Unemployment figures based on one - fourth of Lake County from the Bureau of Labor Statistics. I
1
1
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1
1
_119-
Last Ten Fiscal Years
'
(1)
'Percentage
of People
(1)
Over 25 Years
Median
(1)
of Age with
(2)
(3)
'
Fiscal
(1)
Household
Median
Four or More
School
Unemployment
Year
Population
Income
Age
Years of College
Enrollment
Percentage
'
1995
17,327
$ 71,966
35.6
60.7
4,287
1
1996
17,327
71,966
35.9
60
3,978
0.9
1997
17,327
71,966
35.9
59.6
4,060
0.9
,
1998
18,002
71,966
35.9
59.6
4,275
0.9
1999
18,002
71,966
35.9
59.6
4,362
0.7
2000
18,002
107,194
35.9
68.5
4,500
0.9
'
2001
18,420
107,194
39.6
68.5
4,717
0.9
2002
18,420
107,194
39.6
68.5
4,743
1.4
2003
18,420
107,194
39.6
68.5
4,752
3.2
,
2004
18,420
107,194
39.6
68.5
4,867
3.8
Data Sources
1) Derived from
data from
Department
Commerce,
Bureau the Census
2000
,
the of
of
2) Enrollment figures derived from combined
enrollment of District 109 (grade school) and
District 113 (high
'
school)
3) Unemployment figures based on one - fourth of Lake County from the Bureau of Labor Statistics. I
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_119-
VILLAGE OF DEERFIELD, ILLINOIS
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
ILast Ten Fiscal Years
Data Source
1) Construction figures - Village of Deerfield, Building and Zoning Department
2) Lake and Cook County Tax Extension Offices
N/A - Not available
- 120-
(1)
(1)
(2)
Commercial Construction
Residential
Total
Fiscal
Number of
Number of
Bank
Property
Year
Units
Value
Units
Value
Deposits
Value
1995
128
$11,879,282
161
$13,543,000
$ 126,586,600
$ 1,749,000
1996
126
10,244,658
139
4,366,274
266,731,677
1,811,000
1997
110
20,622,746
28
9,710,530
255,374,171
1,873,000
1998
7
13,614,000
28
7,279,300
517,655,000
1,947,000
1999
11
43,547,842
31
9,348,746
N/A
2,103,000
2000
10
17,555,220
30
9,121,730
420,924,000
2,213,000
2001
10
27,153,621
34
25,089,352
390,440,000
N/A
2002
1
534,500
28
18,362,841
292,491,658
N/A
2003
124
35,520,924
41
27,128,958
N/A
N/A
2004
987
61,012,183
102
17,431,871
N/A
N/A
Data Source
1) Construction figures - Village of Deerfield, Building and Zoning Department
2) Lake and Cook County Tax Extension Offices
N/A - Not available
- 120-
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL TAXPAYERS
April 30, 2004
Percentage
2003 of Total
Assessed Assessed
Taxpayers Type of Business Valuation Valuation
Carr America Realty Group Parkway North $ 39,421,179 4.28%
Cornerstone Deerfield LLC Corporate 500 Center 23,938,851 2.60%
Mass Mutual Life Insurance Co. Lake Cook Office Center
Deloite & Touche Hyatt Campus Office Park
Estate of James Campbell Arbor Lake Center
Baxter
Felcor Suites Ltd Partnership
Mid America Asset
M anagement/Alb erts on's
Office Buildings (4)
Embassy Suites Hotel
Deerbrook Shopping Center*
2,925,999
7,869,184
7,299,999
6,066,193
6,749,997
5,064,698
0.32%
0.85%
0.79%
0.66%
0.73%
0.55%
Walgreen Co. Office
13,462,870
1.46%
CRM Properties Retail
12,202,982
1.32%
Marriott Hotels
7,229,106
0.78%
TOTAL
$ 132,231,058
10.78%
* Property is currently being redeveloped. Estimate of equalized assessed value prior
to improvements.
Data Source
Office of the County Clerk
- 121 -
1
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VILLAGE OF DEERFIELD, ILLINOIS
MISCELLANEOUS STATISTICS
April 30, 2004
Date of Incorporation 1903
Form of Government Manager /Council
Geographic Location North Suburban
Population
1960 11,748
1970
18,876
1980
17,430
1990
17,327
1997
18,002
2000
18,420
Municipal Services and Facilities
Number of full -time employees (FTE)
112
Miles of street
76
Miles of alleys
4
Miles of sewers
138
Building Inspection
Number of permits issued in fiscal year 2004
1,089
-122-
VILLAGE OF DEERFIELD, ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
April 30, 2004
Fire Protection District
Number of firefighters and officers 43
Number of stations 2
Police Protection
Number of stations 1
Number of policemen and officers 40
Library Services
Number of branch libraries 1
Number of books 181,000
Recreation Facilities
Number of parks and playgrounds 21
Park area in acres 357
Municipal Water Utility
Population serviced - number of service connections 6,783
Average daily pumpage 2,931,000 gallons
Miles of water mains 83
Data Source
Village Records
- 123 -