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Village CAFR For Year Ended April 30, 2002G ON ANNUAL FINANCIAL REPORT for the year ended APRIL 30, 2O62 VILLAGE OF UEERFIELD, ILLF�IOIS �uDIT �y oz 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2002 1 1 t 1 7 1 Prepared by Finance Department Robert W. Fialkowski Finance Director i Li I VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS 1 I 1 a t t 1 1 i 1 1 1 1 Page(s) INTRODUCTORY SECTION PrincipalOfficials .............................................................................. ............................... i OrganizationalChart .......................................................................... ............................... Certificate of Achievement for Excellence in Financial Reporting ... ............................... iii Director of Finance's Letter of Transmittal ....................................... ............................... iv -x FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT ......................................... ............................... 1 -2 GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Unit ................................. ............................... 3 -6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Discretely Presented Component Unit ........................................ ............................... 7 -8 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General, Special Revenue, and Debt Service Fund Types ..................................................... ............................... 9 -10 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types ........................ ............................... 11 Combined Statement of Cash Flows - All Proprietary Fund Types ............................ 12 -13 Combined Statement of Changes in Plan Net Assets - PolicePension Fund .................................................................... ............................... 14 Notes to Financial Statements ....................................................... ............................... 15 -42 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Illinois Municipal Retirement Fund ......................................... ............................... 43 PolicePension Fund ................................................................. ............................... 44 Schedule of Employer Contributions Illinois Municipal Retirement Fund ......................................... ............................... 45 PolicePension Fund ................................................................. ............................... 46 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES General Fund BalanceSheet ........................................................................... ............................... 47 Statement of Revenues, Expenditures, and Changes in Fund ]Balance - Budgetand Actual .................................................................. ............................... 48 Schedule of Revenues - Budget and Actual ............................,. ............................... 49 Schedule of Expenditures - Budget and Actual ....................... ............................... 50 -52 Special Revenue Funds Combining Balance Sheet ........................................................ ............................... 53 -54 Combining Statement of Revenues, Expenditures, and Changes in FundBalances ........................................................................ ............................... 55 -56 Emergency Services/Disaster Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual ............................................................. ............................... 57 Street and Bridge Fund Statement of Revenues, Expenditures, and Changes in Fund! Balance - Budgetand Actual ............................................................. ............................... 58 -59 Schedule of Expenditures - Budget and Actual ................... ............................... 60 -64 Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual ............................................................. ............................... Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual ............................................................. ............................... Enhanced 911 Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual ............................................................. ............................... 65 •e 67 L 1-1 J 1 1 1 r 1 1 J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 t 1 t l VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Pa e s FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) GOVERNMENTAL FUND TYPES (Continued) Debt Service Fund BalanceSheet ...............................................:........................... ............................... 68 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual .................................................................. ............................... 69 Capital Project Funds Combining Balance Sheet ........................................................ ............................... 70 -71 Combining Statement of Revenues, Expenditures, and Changes in FundBalances ................................................. :..................................................... 72 -73 PROPRIETARY FUND TYPES Enterprise Funds Combining Balance Sheet ........................................................ ............................... 74 -75 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings - Unreserved ............................................. ............................... 76 -77 Combining Statement of Cash Flows ....................................... ............................... 78 -79 Water Fund BalanceSheet ...................................................................... ............................... 80 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 81 -82 Schedule of Operating Expenses - Budget and Actual ........ ............................... 83 -84 Schedule of Fixed Assets and Depreciation ........................ ............................... 85 Sewerage Fund BalanceSheet ...................................................................... ............................... 86 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 87 -88 Schedule of Operating Expenses - Budget and Actual ........ ............................... 89 -90 Schedule of Fixed Assets and Depreciation ........................ ............................... 91 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) PROPRIETARY FUND TYPES (Continued) Enterprise Funds (Continued) Refuse Fund BalanceSheet ...................................................................... ............................... 92 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 93 Commuter Parking Lot Fund BalanceSheet ...................................................................... ............................... 94 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 95 Schedule of Operating Expenses - Budget and Actual ........ ............................... 96 Schedule of Fixed Assets and Depreciation ........................ ............................... 97 Internal Service Funds Combining Balance Sheet ........................................................ ............................... 98 Combining Statement of Revenues, Expenses, and Changes in RetainedEarnings .................................................................. ............................... 99 Combining Statement of Cash Flows ....................................... ............................... 100 Garage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 101 Schedule of Operating Expenses - Budget and Actual ........ ............................... 102 Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings ........................................... ............................... 103 1 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) FIDUCIARY FUND TYPES Trust and Agency Funds Combining Balance Sheet ........................................................ ............................... 104 Statement of Plan Net Assets - Police Pension Fund ............... ............................... 105 Statement of Changes in Plan Net Assets - Budget and Actual - �, Police Pension Fund ............................................................... ............................... 106 Combining Statement of Changes in Assets and Liabilities - AgencyFunds ......................................................................... ............................... 107 -108 ACCOUNT GROUPS 1 1 1 { l 1 l General Fixed Assets Account Group Schedule of General Fixed Assets - by Source ........................ ............................... 109 Schedule of General Fixed Assets - by Function ..................... ............................... 110 Schedule of Changes in General Fixed Assets - by Function .. ............................... 111 General Long -Term Debt Account Group Schedule of General Long -Term Debt ..................................... ............................... 112 COMPONENT UNIT Public Library Combining Balance Sheet ................... ............ ............................... 113 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ........................................ ............................... 114 Schedule of Expenditures - Budget and Actual ....................... ............................... 115 Schedule of General Fixed Assets - By Source ........................ ............................... 116 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) SUPPLEMENTAL DATA Schedule of Insurance in Force ..................................................... ............................... 117 Long -Term Debt Requirements General Obligation Bond Series of 1997 ................................. ............................... 118 General Obligation Bond Series of 1998 ................................. ............................... 119 General Obligation Bond Series of 2002 ................................. ............................... 120 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years .............................. 121 General Governmental Expenditures by Function - Last Ten Fiscal Years ..................... 122 Property Tax Assessed Valuations, Rates, Extensions, and Collections - LastTen Fiscal Years ....................................................................... ............................... 123 -124 Assessed and Estimated Actual Value of Taxable Property - LastTen Fiscal Years ....................................................................... ............................... 125 Property Tax Rates - Direct and Overlapping Governments - LastTen Fiscal Years ....................................................................... ............................... 126 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ........................... 127 Schedule of Direct and Overlapping Bonded Debt ............................ ............................... 128 Scheduleof Legal Debt Margin ......................................................... ............................... 129 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures - LastTen Fiscal Years ....................................................................... ............................... 130 Demographic Statistics - Last Ten Fiscal Years ................................ ............................... 131 Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ..................... 132 PrincipalTaxpayers ........................................................................... ............................... 133 Miscellaneous Statistics ..................................................................... ............................... 134 -135 1 1 N 1 i 1 1 1 1 r 1 1 0 CL. I-- 0 N co n N 1 i 1 1 1 1 r 1 1 1 1 t 1 1 r r i i i i 1 i t 1 1 VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL OFFICIALS April 30, 2002 LEGISLATIVE VILLAGE BOARD OF TRUSTEES Harriet E. Rosenthal Matthew J. Wylie Derek Ragona Steven M. Harris, Mayor Jerry Kayne Vernon E. Swanson William S. Seiden Robert D. Franz, Clerk ADMINISTRATIVE Robert D. Franz, Village Manager FINANCE DEPARTMENT Robert W. Fialkowski Director of Finance /Treasurer -I - Village of Deerfield Organizational Chart Public Boards and Mayor and Board Village Attorney Commissions 1hi of Trustees - ------ ---- - --- - -T- Assistant to the Village Manager Village Manager 3 Employees --------------- Police Finance Community Public Works Development & Engineering 55 Employees 7 Employees 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 ............................... .... ............... .... ...................... ............. R=ecords Utility Billing Permits Storm Drainage ............... ...................... -ii- I Certificate of Achievement � for Excellence in Financial � Reporting Presented to r 1 1 1 F V` .� N WUN AN a CANADA c "07mg A0^'00%r POPIATU s Pr sident sM Y� Pmmt xec . G re4 Executive w / JyA ive Director - iii - Village of Deerfield, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30, 2001 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers jgovernment Association of the United States and Canada to units and public employee retirement systems whose comprehensive annual financial . reports (CAFRs) achieve the highest standards in government accounting and financial reporting. r 1 1 1 F V` .� N WUN AN a CANADA c "07mg A0^'00%r POPIATU s Pr sident sM Y� Pmmt xec . G re4 Executive w / JyA ive Director - iii - VILLAGE OF DEERFIELD October 14, 2002 To: The Mayor and Board of Trustees and the residents of the Village of Deerfield The comprehensive annual financial report of the Village of Deerfield for the fiscal year ended April 30, 2002, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Village. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the Village. All disclosures necessary to enable the reader to gain an understanding of the Village's financial activities 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 financial statements, the combining, individual fund, and account group 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. Found within the Comprehensive Annual Financial Report are all funds and account groups of the Village of Deerfield, as well as all of its component units (generally separate entities for which the Village is financially accountable). A- full range of municipal services is provided by' the Village, including finance and general administration, police, community development, waterworks and sewerage, and public works maintenance and improvement. In addition to general government functions, the Police Pension Fund and the Public Library are 'included in the reporting entity. ECONOMIC CONDITION AND OUTLOOK Incorporated in 1903 and located 27 miles north of downtown Chicago, the Village is predominantly a community of single- family homes. The 2000 Census recorded a population of 18,420 within a land area of 7.0 square miles. The Village's population increased 6.3% from 1990, whereas the number of housing units in the Village grew 7.7% to 6,518, continuing the trend toward smaller household sizes. The northern Cook County and southern Lake County area has undergone rapid economic development. A major portion of this development is centered on the Lake Cook corridor. The Village of Deerfield is located along the Lake Cook corridor and in both Lake and Cook counties. The Cook County area encompasses 11.5% of the Village's equalized assessed valuation and consists primarily of commercial properties. Development in this corridor has centered on commercial activity, primarily retail. A major redevelopment of the Deerbrook Mall at Lake Cook and Waukegan Roads will add additional square footage with the 850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000 1 1 construction of a Sears The Great Indoors store. This is bein g accompanied anied b Y a redesign and exterior renovation of the remainder of the center. The office commercial activity has slowed elsewhere in the Village due to the effects of 1 the economic slowdown. This has also negatively affected the Village's hotel tax with revenues down 22% from the prior fiscal year. Unemployment in Lake County in June 2002 was 5.7% compared with 6.6% in the state of Illinois and an estimated 3.5% in Deerfield. Residential housing ontinues to be strong within the Village with the g g g estimated median price for a single - family house of .$345,000. Within the Village Center Tax Increment Financing District located in downtown Deerfield, commercial /retail activity remains strong with nearly full occupancy of the new developments at Deerfield and Waukegan Roads. National retailers such as Barnes and Noble, Ann Taylor Loft, Whole Foods, and Walgreens have combined with smaller retailers and a number of new restaurants to bring new life to the downtown area. In addition, all units of the South Commons residential development have been sold and are either occupied or under construction. In spite of the generally slower economy, the Village sales tax revenue for 2002 increased 3.2% to $3,094,483 compared to $2,974,901 for 2001. As indicated above, the new retail developments and generally stronger local economy have helped to increase this revenue. All of these factors indicate that Deerfield is and will continue to be a financially vibrant community. MAJOR INITIATIVES Ongoing As part of the effort to revitalize the downtown area, the Village is turning its focus to the north quadrants of the downtown. A total interior renovation of the existing police- department facility was substantially completed during this fiscal year. The Village acquired a parking lot in this quadrant and {� discussion began as to the status of the former Lindemann Pharmacy site. The Streetscape improvement program also continued during the year in the downtown area, primarily in the north quadrants. Phase II was substantially completed, consisting of brick paver sidewalks, street tree planting, ornamental street lighting and other right -of -way improvements. This will continue in fiscal year 2002/03, with substantial completion of all remaining streetscape expected. For the Future A. Downtown Redevelopment. In October 1986, the Village of Deerfield developed a plan to upgrade the overall quality and economic vitality of its Village Center (downtown). Located in the geographic center of the community, this six -block area exhibited many of the typical problems common to aging commercial districts throughout the country. Diverse ownership of inadequately sized and ill- arranged parcels resulted in incompatible development, causing both visual and functional problems. The Village added the 52 acre Sara Lee site to this district in 1992. Experience has clearly shown that economic revitalization generally occurs in areas where there is a joint venture between the public and private sectors. Deerfield, in recognizing the importance of that philosophy, began a redevelopment program that commits substantial public funds to its Village Center. As might be expected, preference must be given to acquisition of property and basic capital improvements which promote private investment in the area. At the same time, better pedestrian access and improvement of the -V- general appearance of a downtown contribute significantly to its economic well- being. (1) Deerfield Square. This project was completed during the year under a redevelopment agreement with CRM Industries. Major new tenants including Barnes & Noble bookstore, Ann Taylor Loft retail, Elizabeth Arden salon, Whole Foods, Walgreens, and Masck and Stoney River restaurants. (2) South Commons. Through a request- for - proposal process, the Village selected James Company to construct a combination of townhouses, villas and condominiums. The 158 -unit development is adjacent to Deerfield Square. The Village assembled eighteen parcels of land containing approximately ten acres that was then cleared, remediated the adverse environmental conditions and sold to the developer for $10,000,000. The townhouse and villa units and one of the two condominium buildings have been completed and occupied. Construction of the second building, which has been completely pre -sold, began in FY 2001/02. (3) Deerfield Center. The Village also selected a developer, Mesirow Stein /Northern Realty, through an RFP process to redevelop the southeast corner of Deerfield and Waukegan Roads. The Village acquired the needed property and sold the cleared site of approximately 5.7 acres to the developer for $2,500,000. This development, consisting of 45,000 square feet of retail, 20,000 square feet of office /retail and approximately 60 rental units, is complete and most of the space is occupied. Tenants include Orvis, Chipotle and Red Star restaurants, and other smaller establishments. Prime Source Health Care Corporation has occupied all the office space in the development. (4) Deerbrook Mall. Pursuant to an agreement between the Village and the property owners to redevelop Deerbrook Mall, construction commenced during FY 2002. The Village Board agreed to a sales tax increment sharing arrangement that will allow the owner of the mall to partially demolish the southern end of the mall to rebuild a new store for Sears, The Great Indoor Home Center, and to renovate the remainder of the mall. The intent is to rejuvenate a center that accounts for over one third of the sales tax in the Village. New stores include Mens Wearhouse and new space for current tenant Sportmart. The Best Buy and Jewel /Osco have also remodeled their interiors and exteriors; a fagade remodeling is underway on the remainder of the mall. Site work on the Great Indoor's site began during the fiscal year. B. Capital Expenditures. The Village reviews its fiscal plan on an annual basis to determine the need for capital investment. Renovations to the Police Department were begun in FY 2001/02 and substantially completed. Construction on a new transmission main from the City of Highland Park, the Village's water provider, to the western part of the Village was also substantially completed, as was the new two million gallon reservoir in Mitchell Park. These projects, with an estimated cost of $8,500,000, are being funded from previously issued bond proceeds and water system revenues. FINANCIAL INFORMATION Management of the Village is responsible for establishing and maintaining internal control designed to ensure that the assets of the Village are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. Internal control is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Budgeting Controls. In addition, the Village maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal -V1- i provisions embodied in the annual appropriated budget approved by the Village's governing body. Activities of the general fund, special revenue funds, debt service fund, enterprise funds, internal service fund (garage fund) , and pension trust funds are included in the annual appropriated budget. Project- length financial plans are adopted for the capital projects funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level. The Village also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year -end. However, encumbrances generally are reappropriated as part of the following year's budget. As demonstrated by the statements and schedules included in the financial section of this report, the Village continues to meet its responsibility for sound financial management. General Government Functions. The following schedule presents a summary of general fund, special revenue funds, and debt service funds revenues for the fiscal year ended April 30, 2002, and the amount and percentage of increases and decreases in relation to prior year revenues. 2002 2002 2002 Increase Percent 2001 2002 Percent (Decrease) Increase Revenues* Amount Amount of Total 2001 (Decrease) Taxes 9,036,188 8,240,269 68.36 (795,919) (8.81) Licenses & Permits 1,109,682 877,546 7.28 (232,136) (20.92) Intergovernmental 524,575 512,901 4.26 (11,674) (2.23) Charges for Services 467,173 566,787 4.70 99,614 21.32 Fines 260,435 223,465 1.85 (36,970) (14.20) Investment Inc. 1,714,558 756,886 6.28 (957,672) (55.86) Miscellaneous 1,186,082 875,932 7.27 (310,150) (26.15) Total 14,298,693 12,053,786 100.00 (2,244,907) (15.70) *Amounts above exclude discretely presented Component Unit - Public Library Taxes. The general heading of taxes encompasses several different types of taxes. Property tax makes up 22.4% of taxes or $1,841,750. This is a decrease of $263,230 from the prior year. This is due to the reduction in levies in the IMRF and Debt Service funds. Sales tax is another major category of revenue. The Village receives a 1% tax on the exchange of tangible personal property. This tax is collected by the State of Illinois and remitted to the Village. For the year ended April 30, .2002, sales tax receipts totaled $3,094,483 or 37.6% of the total taxes received. This is an increase of $119,582 over the prior year. This increase is due to a strong local economy and new retail opening in the downtown TIF district. Another significant revenue source is the hotel tax, a 6% tax computed on gross room sales. The Village has approximately 1,050 rooms and 2001 -02 tax receipts of $1,694,621, which is 20.6% of total taxes received. This tax is down $476,313 from the prior year due to the drastic reduction in business travel during the year due to the general economic slowdown as well as reduced travel 7 overall. The national and state economic problems also affected another major source of revenue in this area, the local share of the state income tax. As these revenues statewide have fallen, the Village's per- capita share has also dropped. In addition, the state's financial problems have caused it-to slow -V11- 1 down the remittance of this share to the Village. Total revenue received was $1,307,720, down from $1,424,890 in the prior year. Licenses and Permits. License and permit revenue has decreased by $232;136 or 20.9 %. As predicted last year, major construction that was begun in FY 2000/01 in the Village Center area was the cause of the larger permit fees in the prior year. This figure will likely drop again next year as the economic slowdown affects large -scale commercial development. Investment Income. Interest earnings decreased 50% due to an decrease in cash balances and dramatically lower short term interest rates. Charges for Services. These revenues have increased by $99,614 primarily due to the receipt of cellular 911 fees from the Village of Bannockburn for dispatch services. Fines. Fines decreased by $36,970, or approximately 14 %. This is due to the lasting effect of a change in the apportionment of fine revenue by the court. Miscellaneous. The decrease in miscellaneous revenue in the General Fund was due to the elimination of the infrastructure maintenance fee on cellular calls due to a court ruling. New legislation was approved late in FY 2002 that brings cellular back under the fee and this revenue should recover in FY 2003. �. The following schedule presents a summary of general fund, special revenue ■. funds, and debt service funds expenditures for the fiscal year ended April 30, 2002, and the percentage of increases and decreases in relation to prior year amounts. 2002 2002 2002 Increase Percent 2001 2002 Percent (Decrease) Increase Expenditures* Amount Amount of Total 2001 (Decrease) Current General Govt. 2,200,062 2,144,024 16.62 (56,038) (2.55) Public Safety 4,652,692 4,628,549 35.88 (24,143) (0.52) Highways /Streets 2,189,880 1,591,611 12.34 (598,269) (27.32) Pension 1,112,262 972,662 7.54 (139,600) (12.50) Debt Service Principal 2,630,000 2,685,000 20.82 55,000 1.90 Interest 904,749 876,891 6.80 (27,858) (3.08) Total 13,689,645 12,898,737 100.00 (790,908) (5.78) *Amounts above exclude discretely presented Component Unit - Public Library The decreases in all the operating functions are primarily due to prior year completion of major capital expenditures, position vacancies, and increased vigilance on operating expenditures. Specifically, in the Highways /Streets category, the prior year's expenditures were unusual due to clean -up costs from , a severe windstorm and a large snowfall. General Fund Balance. The unreserved, undesignated fund balance decreased to $9,545,203 from $12,523,449. During the year, $5,300,000 was transferred to the Infrastructure Fund for current and future years' capital projects. Absent this transfer, the fund balance would have increased $2,321,754. The Village's undesignated fund balance is the equivalent of 461 days of expenditures. This is up 46% from last year. I Enterprise Operations. The Village's enterprise operations are comprised of four separate and distinct activities: the Water Fund, the Sewerage Fund, the Refuse Fund, and the Commuter Parking Lot Fund. I - V111 - 1 The Water Fund operating expenses (before depreciation) increased by $255,773 due to a substantial increase in water system repairs that was partially offset by a reduction in water purchased. The Water Fund had operating income, before depreciation, of $685,841 and a debt payment of $488,410. An 8% increase in water rates took effect May 1, 2001. This increase was necessitated by rising operating costs and increased capital expenditures. ' In the Sewerage Fund, the total operating expenses increased by $440,652 due to increases in operating expenses, primarily in the treatment plant. The fund had a net operating loss before depreciation of $290,924. Cash and investments decreased by $250,998. The Refuse Fund had a net loss of $2,502. This is a 95% reduction from the prior year, Expenses (excluding depreciation) increased to $1,394,464 from $1,200,967, a 16.1% increase due to the addition of condominium units to the Village service. The Parking Fund had a net loss of $11,448, which is a reduction of 78% from the,prior year. An elimination of the transfer to the Infrastructure Fund was offset by a reduction in operating income and investment income. Pension Trust Fund Operations. The operations of the Village of Deerfield Police Pension Fund were adversely affected by the decline in the equity markets in FY 2002. For the year ended April 30, 2001, the funded portion dropped to 93% from 113.5 %. The actuarial assumption for investments is 8% and for projected salary increases is 5.5 %. These assumptions are under review. Debt Administration. On April 30, 2002, the Village had three debt issues outstanding: $4,170,000 GO Bond Series 1997 (to be paid from the Water Fund) ; $14,000,000 GO Bond Series 1998 (to be repaid from the Tax Increment District #2); and $3,460,000 GO Refinancing Bond Series 2002 (to be paid from various tax sources) . The Village continues to be rated AAA by Moody's Investor's Service. The Village of Deerfield is a home rule municipality and as such has no debt limitations. If, however, the Village were a non -home rule village its available debt limit under Illinois statute would be: 1 �1 Assessed Valuation - 2001 Legal Debt Limit - 8.625% Amount of GO Debt outstanding Legal Debt Margin $800,595,252 69,051,340 21,630,000 47,421,340 Cash Management. Cash temporarily idle during the year was invested in demand deposits, certificates of deposit, obligations of the U.S. Treasury and Agencies, and commercial paper. The pension's trust funds investment portfolio also includes equity mutual funds pursuant to statute. The average yield on investments, except for the Trust and Agency fund group, was 4.32 %. The' pension trust fund achieved a yield rate of 5.93% on cash and fixed income type investments. The higher rate of return on pension fund investments is attributable to the longer -term nature of most holdings in its portfolio. The Village's investment performance ranks favorably when compared to average.yield rates of 2.48% for 90 -day U.S. Treasury bills and 4.92% for 10 year U.S. Treasury notes. The Village earned net investment revenue of $1,570,967 on its investments in the governmental fund type, $217,146 in the enterprise funds and $45,046 in the Police Pension Fund. The Village's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. The Village's investments total $60,900,498. Of these, $36,147,699 are in Category 1. Category 1 includes investments that are insured or registered or for which the securities are held by the government or its agent in the government's name. The remainder is-held in accounts not subject to risk categorization. $19,004,675 is invested in The Illinois Funds, and $5,502,250 of Police Pension Funds are in equity mutual funds as permitted by statute. I _iX_ Risk Management. 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 member municipalities. The Village's payments to MICA are displayed on the financial statements as expenditures /expenses in the appropriate funds. The Village also participates in the High -Level Excess Liability Pool, a public entity risk pool, to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self - insurance retention). The Village's payments to HELP are displayed on the financial statements as expenditures /expenses in appropriate funds. OTHER INFORMATION Independent Audit. State statutes require an annual audit by independent certified public accountants. The accounting firm of Sikich Gardner & Co, LLP was selected by the Village Board upon a recommendation by Village staff based on their expertise in local government accounting. The auditor's report on the general - purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. 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 for the fiscal year ended April 30, 2001. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report (CAFR) whose contents conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Deerfield has received a Certificate of Achievement for the last eighteen years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA. Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the finance department. Each member of the department, but especially Sheila Stillman, Assistant Finance Director, has my sincere appreciation for the contributions made in the preparation of this report. Mrs. Stillman has announced her retirement, effective January 24, 2003, after 26 years of service to the Village of Deerfield. This- report, of her last full fiscal year, is dedicated to her. In closing, I would also like to state that without the leadership and support of the Village Board and Village Manager, preparation of this report would not have been possible. Respectfully submitted, Robert Fialkowski Finance Director -X - 1 In 0 m 0 C.) E CA CD n O� O [J Ll 1 1 1 i s 1 1 %00! 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 INDEPENDENT AUDITOR'S REPORT The Honorable Mayor Members of the Board of Trustees Village of Deerfield, Illinois We have audited the accompanying general purpose financial statements and the combining, individual fund, and account group financial statements of the Village of Deerfield, Illinois, as of and for the year ended April 30, 2002, 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 audits. 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 audits provide a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Deerfield, Illinois, as of April 30, 2002, and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Deerfield, Illinois, as of April 30, 2002, 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 general purpose financial statements taken as a whole and on the combining, individual fund and account group financial statements. The accompanying schedules and the supplemental data listed in the accompanying table of contents is 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 general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. - 1 - 1 I The required supplementary information listed in the table of contents is not a required part of the general purpose financial statements but is 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. Aurora, Illinois � (� September 5, 2002 1 1 1 1 1 I Li 1 1 1 1 1 I 1 P 1 1 CO) � C eD 3 � 0 CD N 7 C9 & T 1 r 1 Fl, 1 1 1 1 1 1 t 1 1 1 1 P L 1 1 L 1 I P-j 1 [I t (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT April 30, 2002 (with comparative totals for 2001) ASSETS AND OTHER DEBITS ASSETS Governmental Fund Types Special Debt Capital General Revenue Service Projects Cash and investments $ 9,419,927 $ 2,630,325 $ 2,881,219 $ 19,374,717 Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 550,123 853,283 302,643 11,967,521 Accounts - - - - Accrued interest 96,545 26,231 20,390 152,301 Other 243,809 17,475 - 19,444 Purchased interest - - 200 - Land held for resale - - - - Due from other governments 861,925 42,372 - - Due from other funds 373,130 - - - Due from component unit - 4,136 - - Due from primary government - - - - Deferred bond issuance costs - - - - Inventories 21,761 - - - Other assets - - - - Assets held in escrow - - - - Advances to other funds 4,087,170 - - - Fixed assets (net of accumulated depreciation) - - - - OTHER DEBITS Amount available for debt service - - - - Amount to be provided for retirement of general long -term debt - - - - TOTAL ASSETS AND ` OTHER DEBITS $ 15,654,390 $ 3,573,822 $ 3,204,452 $ 31,513,983 -3- 1 L $ 4,523,747 $ 2,179,834 $ 19,890,729 $ - $ - $ 60,900,498 $ 1,695,202 $ 62,595,700 $ 66,807,088 r717,025 - - - 14,390,595 1,343,379 15,733,974 14,800,924 1,011,618 57 - Totals 1,011,675 Fiduciary Account Groups Primary 34,862 139,769 Proprietary Fund Types Fund Types General General Government Totals Internal Trust and Fixed Long -Term (Memorandum Component (Memorandum Only) 330,841 Enterprise Service Agency Assets Debt Only) Unit . 2002 2001 $ 4,523,747 $ 2,179,834 $ 19,890,729 $ - $ - $ 60,900,498 $ 1,695,202 $ 62,595,700 $ 66,807,088 r717,025 - - - 14,390,595 1,343,379 15,733,974 14,800,924 r7 L 1 1 1 (This statement is continued on the following pages.) -4- 1,011,618 57 - - - 1,011,675 - 1,011,675 1,085,580 16,721 34,862 139,769 - 486,819 - 486,819 654,762 17,610 - 32,503 - 330,841 - 330,841 264,570 200 200 5,415 - - - - - - 3,717,365 - - - - - 904,297 - 904,297 523,031 3,582 376,712 376,712 3,975,970 4,136 4,136 11,518 - - - - - 17,009 17,009 40,497 35,209 - - - - 35,209 - 35,209 37,659 ' 66,403 74,397 162,561 162,561 133,853 29,516 - - 29,516 - 29,516 30,145 - - - - - 296,130 - - - - 4,087,170 - 4,087,170 4,087,170 14,621,415 30,253,908 - 44,875,323 1,961,176 46,836,499 38,798,878 - - - 2,880,845 2,880,845 - 2,880,845 2,660,397 - - - - 14,579,155 14,579,155 - 14,579,155 17,534,603 $ 21,042,846 $ 2,289,150 $ 20,063,001 $ 30,253,908 $ 17,460,000 $145,055,552 $ 5,016,766 $ 150,072,318 $ 155,465,555 r7 L 1 1 1 (This statement is continued on the following pages.) -4- VILLAGE OF DEERFIELD, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT April 30, 2002 (with comparative totals for 2001) LIABILITIES AND EQUITY AND OTHER CREDITS LIABILITIES Governmental Fund Types Special Debt Capital General Revenue Service Projects Accounts payable $ 162,332 $ 53,686 $ 300 $ 720,080 Accrued payroll 150,499 - - - Accrued interest - - 4,307 - Deposits payable - - - 30,828 Compensated absences payable 1,086,175 - - - Contracts payable - - - - Claims payable - - - - Otherpayables 11,418 - - - Due to other funds 3,582 - - - Due to component unit - - - - Due to primary government - - - - Deferred property taxes 586,250 890,000 319,000 14,715,518 Advances from other funds - - - 4,087,170 General obligation bonds payable - - - - Total liabilities 2,000,256 943,686 323,607 19,553,596 EQUITY AND OTHER CREDITS Contributed capital - - - Investments in general fixed assets - - - - Retained earnings Reserved for liability insurance - - - - Unreserved - - - - Fund balances Reserved for due from other governments - - - - Reserved for inventory 21,761 - - - Reserved for long -term advance 4,087,170 - - - Reserved for debt service - - 2,880,845 - Reserved for employees' retirement system - - Reserved land held for resale - - - Unreserved Designated - future improvements - - - 11,960,387 Designated - memorial - - - - Undesignated 9,545,203 2,630,136 - - Total equity and other credits 13,654,134 2,630,136 2,880,845 11,960,387 TOTAL LIABILITIES AND EQUITY AND OTHER CREDITS $ 15,654,390 $ 3,573,822 $ 3,204,452 $ 31,513,983 -5- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 Totals Fiduciary Account Groups Primary Proprietary Fund Types Fund Types General General Government Totals Internal Trust and Fixed Long -Term (Memorandum Component (Memorandum Only) Enterprise Service Agency Assets Debt Only) Unit 2002 2001 $ 415,084 $ 116,565 $ 20,050 $ - $ $ 1,488,097 $ 60,768 $ 1,548,865 $ 1,663,070 30,815 3,456 - - - 184,770 - 184,770 154,390 77,354 - - - - 81,661 - 81,661 942 - - 455,728 - - 486,556 - 486,556 972,122 218,403 61,509 - - - 1,366,087 114,178 1,480,265 1,322,933 _ _ _ _ _ - - - 125,678 308,283 - - - 308,283 - 308,283 219,068 - 101,281 - - 112,699 - 112,699 148,215 - 373,130 - - 376,712 - 376,712 3,975,970 17,009 - - - 17,009 - 17,009 40,497 _ _ _ _ _ - 4,136 4,136 11,518 755,000 - - 17,265,768 1,423,000 18,688,768 16,404,299 _ 4,087,170 - 4,087,170 4,087,170 4,170,400 - - 17,460,000 21,630,400 - 21,630,400 24,655,000 5,684,065 489,813 950,189 - 17,460,000 47,405,212 1,602,082 49,007,294 53,780,872 5,993,447 - - - 5,993,447 - 5,993,447 6,177,627 - - - 30,253,908 - 30,253,908 1,961,176 32,215,084 28,148,501 - 867,426 - - - 867,426 - 867,426 808,759 9,365,334 931,911 - - 10,297,245 - 10,297,245 10,897,282 482,606 - - - - 21,761 - 21,761 7,775 - - - 4,087,170 - 4,087,170 4,087,170 - 2,880,845 - 2,880,845 2,660,397 - - 19,112,812 - - 19,112,812 - 19,112,812 19,195,404 - - - - - - - - 3,717,365 - - - - 11,960,387 140,000 12,100,387 8,977,732 - - - - 21,277 21,277 - - - - 12,175,339 1,292,231 13,467,570 16,524,065 15,358,781 1,799,337 19,112,812 30,253,908 - 97,650,340 3,414,684 101,065,024 101,684,683 $ 21,042,846 $ 2,289 150 $ 20,063,001 $ 30,253 908 $ 17 460,000 $ 145 055,552 $ 5,016 766 $ 150,072,318 $ 155 465,555 See accompanying notes to financial statements. -6- C O� r E 7 H 'b cd � O 0 F O E n C C r G N G . 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S O t H � S t t a 1 .c 4 U 1 a 1` G a 4 a a V r° Y 6 G a C r t- l` M O r 00 Q1 rf M V1 v1 O O M 00 r- N O ^� O O N ^- O� M f�1 IT O O vl N O w1 N M r Vl h M N W 00 M -- -i N M CT N O O O V1 N � O ' ' N 00 h \D h C M N kn M 69 d9 O M O M 00 r V) r- ' O O ol 00 z O O O O O O 'IT .; N 110 00 C I vl O\ N z z 00 N M M N N N N b9 b9 O O u1 'n kn M t` i i i r- Un M M \O V1 N N 69 69 0 h N NO o- N ' ' rY — M O 'n a\ O S` �0 tn 00 M ay V1 M N O u 'IT r- O� O� M N O� M v N N N h 69 Eii O o O O °o °o °O 0000 t«. a, O N 00 ' M m �O O a) O 69 69 � bq eq r- r O N N 'IT S, O W)i CN N �0 t p N O000 \00 O ^� U O O O O ' ' O 0000 V n to u to M 69 6R � n zux Q A Y a o �z ° W o ¢ o ,. bo U w o u a b � CO Co av aCd x H A a.c o`a 0 0 W rx u> Q O ZA zA O W w w VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES For the Year Ended April 30, 2002 (with comparative totals for 2001) Totals Internal (Memorandum Only) Enterprise Service 2002 2001 OPERATING REVENUES Charges for services $ 6,009,006 $ 1,604,674 $ 7,613,680 $ 7,152,740 , Miscellaneous 164,040 1,099 165,139 166,001 Total operating revenues 6,173,046 1,605,773 7,778,819 7,318,741 OPERATING EXPENSES Administration Operations 637,816 5,816,191 1,432,809 236,114 2,070,625 6,052,305 2,066,679 5,205,687 Depreciation and amortization 260,869 - 260,869 258,523 Total operating expenses 6,714,876 1,668,923 8,383,799 7,530,889 OPERATING INCOME (LOSS) (541,830) (63,150) (604,980) (212,148) NONOPERATING REVENUES (EXPENSES) Investment income 217,146 162,381 379,527 824,980 Property taxes 741,943 - 741,943 744,544 Interest expense (193,093) - (193,093) (210,441) Total nonoperating revenues (expenses) 765,996 162,381 928,377 1,359,083 INCOME BEFORE OPERATING TRANSFERS 224,166 99,231 323,397 1,146,935 OPERATING TRANSFERS (OUT) (195,000) (2,000) (197,000) (250,025) NET INCOME 29,166 97,231 126,397 896,910 OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces capital 184,180 - 184,180 224,732 NET INCREASE IN RETAINED EARNINGS 213,346 97,231 310,577 1,121,642 RETAINED EARNINGS, MAY 1 9,999,787 1,706,254 11,706,041 9,160,212 ' Prior period adjustment (847,799) (4,148) (851,947) - RETAINED EARNINGS, MAY 1, RESTATED 9,151,988 1,702,106 10,854,094 9,160,212 Residual equity transfer in - - - 1,424,187 RETAINED EARNINGS, APRIL 30 $ 9,365,334 $ 1,799,337 $ 11,164,671 $ 11,706,041 See accompanying notes to financial statements. -11- 1 1 1 L� 1 1 1 1 I 1 L� 1 1 u L 1 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES For the Year Ended April 30, 2002 (with comparative totals for 2001) CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation Changes in assets and liabilities Receivables Due from component unit Due from other funds Other assets Deferred bond issuance costs Accounts payable Accrued interest Accrued payroll Contracts payable Compensated absences payable Inventories Other payables Due to other funds Cash flows from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers (out) Property taxes Residual equity transfer in Cash flows from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal paid on general obligation bonds Fixed assets purchased Interest paid on general obligation bonds Cash flows from capital and related financing activities Totals Internal (Memorandum Only) Enterprise Service 2002 2001 $ (541,830) $ (63,150) $ (604,980) $ (212,148) 260,869 - 260,869 258,523 147,593 (34) 147,559 (95,621) 3,755 - 3,755 (1,682) 20,974 - 20,974 (11,495) 629 - 629 2,155 2,450 - 2,450 2,322 (382,594) 89,239 (293,355) 581,189 - (28,371) (28,371) 2,027 10,892 371 11,263 (11,469) (12,595) - (12,595) (15,676) (64,841) 3,135 (61,706) 28,949 (9,556) (5,166) (14,722) (8,833) (49,230) - (49,230) 2,814 (9,965) - (9,965) 13,487 (623,449) (3,976) (627,425) 534,542 (195,000) (2,000) (197,000) (250,025) 741,943 - 741,943 744,544 - - - 1,424,187 546,943 (2,000) 544,943 1,918,706 (289,600) - (289,600) (275,000) (4,225,736) - (4,225,736) (4,308,108) (198,410) - (198,410) (210,441) (4,713,746) - (4,713,746) (4,793,549) (This statement is continued on the following page.) -12- 1 1 1 1 1 1 1 1 1 1 �I 1 1 1 1 1 I 1 1 1 i 1 I 1 ' See accompanying notes to financial statements. -13- VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF CASH FLOWS Continued ALL PROPRIETARY FUND TYPES For the Year Ended April 30, 2002 (with comparative totals for 2001) Internal Totals (Memorandum Only) Enterprise Service 2002 2001 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investment securities - $ (47,935) $ $ (47,935) $ (14,114,470) Proceeds from sale and maturities of investment securities 4,915,676 - 4,915,676 17,149,776 ' Interest 282,562 162,381 444,943 766,656 Cash flows from investing activities 5,150,303 162,381 5,312,684 3,801,962 NET INCREASE IN CASH AND CASH EQUIVALENTS 360,051 156,405 516,456 1,461,661 EQUIVALENTS, MAY 1 CASH AND CASH 2,458,696 2,023,429 4,482,125 2,921,686 CASH AND CASH EQUIVALENTS, APRIL 30 $ 2,818,747 $ 2,179,834 $ 4,998,581 $ 4,383,347 CASH AND INVESTMENTS Cash and cash equivalents $ 2,818,747 $ 2,179,834 $ 4,998,581 $ 4,383,347 Investments 1,705,000 1,705,000 TOTAL CASH AND INVESTMENTS $ 4,523,747 $ 2,179,834 $ 6,703,581 $ 4,383,347 1 1 i 1 I 1 ' See accompanying notes to financial statements. -13- VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS POLICE PENSION FUND For the Year Ended April 30, 2002 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 Less investment expense Net investment income Total additions DEDUCTIONS Benefits and refunds Pension payments Separation refunds Miscellaneous Total deductions NET INCREASE (DECREASE) NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1 April 30 See accompanying notes to financial statements. -14- $ 334,120 8,402 252,875 595,397 (995,382) 1,043,621 48,239 (3,193) 45,046 640,443 697,296 19,647 6,092 723,035 (82,592) 19,195,404 $ 19,112,812 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2002 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ' The financial statements of the Village of Deerfield, Illinois (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB) is the accepted standard- setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. ' a. Reporting Entity e Villa w incorporated in 1903. The Village is a municipal c tion Th Village as rp g 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. r 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 1 1 -15- 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 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 and account groups 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. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types." -16- , 1 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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 general fixed 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). 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 rmay be used. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. The general fixed assets account group is used to account for fixed assets not accounted for in proprietary or trust funds. The general long -term debt account group is used to account for general long -term debt and certain other liabilities that are not specific liabilities of proprietary or trust funds. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund -type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund -type ' operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. 1 -17- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I C. Basis of Accounting (Continued) I The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under 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. , 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 accrual basis of accounting is utilized by proprietary and pension trust funds. Under this method, revenues and additions are recorded when earned and expenses ' and deductions are recorded at the time liabilities are incurred. The Village reports deferred revenue on its combined balance sheet. 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 a Village has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. d. 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, Enterprise, Garage (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. -18- 1 L1 I 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) s, if any, are classified as " interfund receivables / payables." ' h. Advances to Other Funds Noncurrent portions of long -term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation. 1 -19_ d. Budgets (Continued) Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting - -under which purchase orders, contracts, and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation - -is utilized in the governmental funds. ' Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. ' 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. ' f. 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, 2002 for debt and equity securities. Mutual funds, investment funds and insurance separate accounts are valued at contract value as of April 30, 2002. g. 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 loan s, if any, are classified as " interfund receivables / payables." ' h. Advances to Other Funds Noncurrent portions of long -term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation. 1 -19_ VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) �J SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) i. 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. Prepaid Items Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items. k. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed 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 fixed assets, as applicable. Public domain ( "infrastructure ") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, are not capitalized, as these assets are immovable and of value only to the Village. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water /sewer systems, and vehicles in the proprietary fund types is computed using the straight -line method. Interest is capitalized on proprietary fund assets acquired with tax- exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. -20- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ' 1. Compensated Absences Vested or accumulated vacation leave, including related social security and ' medicare, that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds is ' recorded as an expense and liability of those funds as the benefits accrue to employees. ' Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1, 2001) or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. o. Bond Discounts /Issuance Costs ' In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds - outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. p. Interfund Transactions ' Quasi - external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that are properly applicable to another fund are recorded as ' expenditures /expenses in the reimbursing fund and as reductions of expenditures /expenses in the fund that is reimbursed. 1 -21- m. Long -Term Obligations Long -term debt is recognized as a liability of a governmental fund when due or when ' resources have been accumulated in the debt service fund for payment early in the following year. For other long -term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability ' of a governmental fund. The remaining portion of such obligations is reported in the general long -term debt account group. Long -term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. n. Fund Equity ' Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1, 2001) or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. o. Bond Discounts /Issuance Costs ' In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds - outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. p. Interfund Transactions ' Quasi - external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that are properly applicable to another fund are recorded as ' expenditures /expenses in the reimbursing fund and as reductions of expenditures /expenses in the fund that is reimbursed. 1 -21- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I p. Interfund Transactions (Continued) , All other interfund transactions, except quasi - extemal transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent ' transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. q. Memorandum Only - Total Columns , Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial ' analysis. Data in these columns do not present financial position or results of operations in conformity with GAAP. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this ' data. T. Comparative Data 1 Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Village's financial position, operations, and cash flows. Certain reclassifications have been made to maintain comparability. GASB Pronouncements The Village has elected, under the provisions of GASB Statement 20, titled ' "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. I 2. LEGAL COMPLIANCE AND ACCOUNTABILITY a. Budgets All departments of the Village submit requests for appropriation to the Village's , manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. , The proposed budget is presented to the governing body for review. The governing body holds public hearings and can add to, subtract from, or change appropriations, ' but cannot change the form of the budget. -22- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ' 2. LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) ' a. Budgets (Continued) 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 sewer fund and water fund. ' b. Excess of Actual Expenditures/Expenses Over Budget in Individual Funds The following funds had an excess of actual expenditures /expenses (exclusive of tdepreciation and amortization) over budget for the fiscal year: Fund Excess Motor Fuel Tax $ 72,525 Debt Service 102,606 ' Refuse 35,834 Police Pension 12,035 i3. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, ' except the pension trust funds. 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 primary government and discretely presented component unit have cash on hand of $2,680 and $1,000, respectively, 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 The 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 separate accounts, mutual funds and equity securities. 1 -23- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ' 3. 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 $243,194 and bank ' balances totaled $334,351 and the Discretely Presented Component Unit's carrying amount of deposits totaled $33,185 and bank balances totaled $33,185. ' Bank Balances Discretely Presented Primary Component ' Government Unit Category 1 , Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $ 334,351 $ 33,185 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its , agents, in the Village's name. - - Category 3 t 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. TOTAL DEPOSITS $ 334,351 $ 33,185 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. 1 1 -24- 1 1 1 1 �I 1 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS AND INVESTMENTS (Continued) 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. ' 4. RECEIVABLES -TAXES Property taxes for 2001 attach as an enforceable lien on January 1, 2001 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, 2002 and August 1, 2002 and are payable in two installments, on or ' about March 1, 2002 and September 1, 2002. The County collects such taxes and remits them periodically. 1 -25- Fair Value Category ' 1 2 3 Totals PRIMARY GOVERNMENT ' U.S. Government Securities $ 6,975,701 $ - $ - $ 6,975,701 U.S. Agency Securities 26,113,734 - - 26,113,734 Municipal Bonds 3,058,264 - - 3,058,264 $ 36,147,699 $ - $ - 36,147,699 *The Illinois Funds 19,004,675 *Mutual Funds 5,502,250 TOTAL INVESTMENTS - PRIMARY GOVERNMENT $ 60,654,624 ' DISCRETELY PRESENTED COMPONENT UNIT *The Illinois Funds $ 1,661,018 ' TOTAL INVESTMENTS - COMPONENT UNIT $ 1,661,018 * Not subject to custodial credit risk disclosures. The pension trust fund owns 35% percent of the investments in Category 1. ' 4. RECEIVABLES -TAXES Property taxes for 2001 attach as an enforceable lien on January 1, 2001 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, 2002 and August 1, 2002 and are payable in two installments, on or ' about March 1, 2002 and September 1, 2002. The County collects such taxes and remits them periodically. 1 -25- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. FIXED ASSETS a. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: PRIMARY GOVERNMENT DISCRETELY PRESENTED COMPONENT UNIT Balances Balances May 1 Additions Retirements April 30 Land $ 145,556 $ - $ - $ 145,556 Buildings and improvements 1,365,570 13,385 - 1,378,955 Equipment 432,442 4,223 - 436,665 TOTAL GENERAL FIXED ASSETS $ 1,943,568 $ 17,608 $ - $ 1,961,176 b. Proprietary Fixed Assets The following is a summary of proprietary fund -type fixed assets as of the date of this report: Balances Fund Balances $ 77,500 May 1 Additions Retirements April 30 Land $ 15,914,477 $ 1,400,001 $ - $ 17,314,478 Buildings and improvements 5,367,684 2,442,965 - 7,810,649 Vehicles 1,568,189 241,669 141,444 1,668,414 Equipment 3,354,583 110,387 4,603 3,460,367 TOTAL GENERAL FIXED ASSETS $ 26,204,933 $ 4,195,022 $ 146,047 $ 30,253,908 DISCRETELY PRESENTED COMPONENT UNIT Balances Balances May 1 Additions Retirements April 30 Land $ 145,556 $ - $ - $ 145,556 Buildings and improvements 1,365,570 13,385 - 1,378,955 Equipment 432,442 4,223 - 436,665 TOTAL GENERAL FIXED ASSETS $ 1,943,568 $ 17,608 $ - $ 1,961,176 b. Proprietary Fixed Assets The following is a summary of proprietary fund -type fixed assets as of the date of this report: Total fixed assets 24,559,538 Less accumulated depreciation 9,938,123 NET FIXED ASSETS $ 14,621,415 -26- 1 Enterprise Fund Land $ 77,500 Water /sewer system 14,149,251 Equipment and vehicles 1,064,448 Parking lot improvements 632,608 Construction in progress 8,635,731 Total fixed assets 24,559,538 Less accumulated depreciation 9,938,123 NET FIXED ASSETS $ 14,621,415 -26- 1 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1 5. FIXED ASSETS (Continued) b. Proprietary Fixed Assets (Continued) In proprietary funds, the following estimated useful lives are used to compute depreciation: Water /sewer system 50 -60 years Equipment 10 -20 years Vehicles 4 -5 years Parking lot improvements 20 years 6. RISK MANAGEMENT 1 1 CLAIMS PAYABLE, APRIL 30 1 -27- $ 308,283 $ 219,068 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 is self - insured for medical coverage and has 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. Under this program, the Fund provides coverage up to a maximum of $60,000 per month for each health claim. The Village purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. Each participating fund of the Village makes payments to the Fund based upon actuarial r' estimates of the amounts needed to pay prior and current -year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include 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: 2002 2001 CLAIMS PAYABLE, MAY 1 $ 219,068 $ 219,068 Add claims incurred (including IBNR) 1,195,035 712,155 Less claims paid (1,105,820) (712,155) 1 1 CLAIMS PAYABLE, APRIL 30 1 -27- $ 308,283 $ 219,068 .1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ' 6. RISK MANAGEMENT Continued Municipal Insurance Cooperative Agency (MICA) I 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 (Members) in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 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 i Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. 1 I -28- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1 6. 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. 7. LONG -TERM DEBT a. General Obligation Bonds ' The Village issues general obligation bonds for the acquisition and construction of major capital facilities. 1 -29- 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 Issue Retired By May 1 Additions Reductions April 30 General Obligation Refunding Bond Series of 1993 ($9,995,000 dated May 1, 1993; maturing December 15, 2004; payable in annual installments; Debt interest rates from 3.9% to 4.10 %) Service $ 4,695,000 $ - $ 4,695,000 $ General Obligation Bond Series of 1997 ($5,000,000 dated December 1, 1997; maturing December 1, 2012; payable in annual installments; Water interest rates from 4.35% to 4.5 %) Fund* 4,460,000 - 290,000 4,170,000 ' General Obligation Bond Series of 1998 ($17,000,000 dated April 15, 1998; maturing October 1, 2009; payable in annual installments; Debt interest rates from 4.2% to 4.35 %) Service" 15,500,000 1,500,000 14,000,000 1 -29- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG -TERM DEBT (Continued) a. General Obligation Bonds (Continued) Fund Debt Balances Balances Issue Retired By May 1 Additions Reductions April 30 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% Debt to 4.00 %) Service $ - $ 3,460,000 $ - $ 3,460,000 TOTAL $ 24,655,000 $ 3,460,000 $ 6,485,000 $ 21,630,000 * The Village abates the tax levy on this bond issue annually. The debt is recorded in and is being retired by the Water Fund. ** The Village abates the tax levy on this bond issue annually. The debt is being retired by transfers from the Tax Incremental Finance District 2 Fund. b. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Fiscal Year General Ending Obligation April 30, Bonds 2003 $ 3,893,727 2004 3,833,100 2005 3,454,582 2006 2,360,998 2007 2,790,618 2008 2,703,598 2009 2,615,910 2010 2,532,055 2011 490,310 2012 491,175 2013 491,150 TOTAL PRINCIPAL AND INTEREST $ 25,657,223 INTEREST PORTION $ 4,027,223 -30- fl 1 i 1 1 1 1 1 1 1 1 0 i L, I r VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG -TERM DEBT (Continued) C. Changes in Long -Term Liabilities During the fiscal year, the following changes occurred in liabilities reported in the general long -term debt account group: General Obligation Refunding Bond Series of 1993 General Obligation Bond Series of 1998 General Obligation Bond Series of 2002 TOTAL GENERAL LONG -TERM DEBT d. Legal Debt Margin Balances Balances May 1 Additions Retirements April 30 $ 4,695,000 $ 15,500,000 $ 4,695,000 $ - 1,500,000 14,000,000 3,460,000 - 3,460,000 $ 20,195,000 $ 3,460,000 $ 6,195,000 $ 17,460,000 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, 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. 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. -31- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG -TERM DEBT (Continued) e. Noncommitment Debt - Industrial Development Revenue Bonds (Continued) 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. 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 1, 2002, the Village issued $3,460,000 par value General Obligation Refunding Bonds to advance refund $3,510,000 of the 1993 General Obligation Refunding Bonds. Through this refunding, the Village reduced its total debt service by $73,077 over the next ten years and obtained an economic gain of $70,310. As of April 30, 2002, all of the 1993 General Obligation Refunding Bonds have been called and refunded. 8. INTERFUND ASSETS /LIABILITIES a. Due From/To Other Funds: Receivable Fund Payable Fund Amount General Deposit $ 351,255 General Police Pension 21,875 Enterprise Refuse General 3,582 TOTAL $ 376,712 -32- 0 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ' 8. INTERFUND ASSETS/LIABILITIES (Continued) b. Advances From/To Primary Other Funds: Receivable Payable Fund Fund Fund General $ 4,087,170 $ - Tax Incremental Financing District 2 - 4,087,170 TOTAL $ 4,087,170 $ 4,087,170 C. Due From/To Primary Government and Component Unit: Receivable Fund Payable Fund Amount Primary government Component unit IMRF Fund Public Library General Fund $ 4,136 Component unit Primary Government Public Library General Fund Refuse Fund $ 17,009 9. COMMITMENTS High -Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from HELP, a joint 1 venture of Illinois municipalities. These amounts have been calculated using the Village's current allocation percentage of 3.49 %. 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: i' Miles of streets Full -time equivalent employees 1 Number of motor vehicles Operating revenues ' The Village has passed a resolution authorizing the extension of HELP for ten years beginning May 1, 1998. i 1 -33- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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: Operating revenues Depreciation and amortization expense Operating income (loss) Operating transfers (out) Tax revenues Net income (loss) Plant, property, and equipment Additions Deletions Total assets Net working capital Bonds and other long -term liabilities Payable from operating revenues Payable from other sources Total equity 11. CONTRIBUTED CAPITAL 4,170,400 - 9,120,962 5,558,765 4,170,400 190,575 565,833 15,436,135 During the fiscal year, contributed capital increased/decreased by the following amounts: Water Sewerage Totals Increases $ - $ - $ - Decreases Depreciation 48,861 135,319 184,180 Net increase (decrease) Contributed Capital May 1 April 30 -34- (48,861) (135,319) (184,180) 1,471,999 4,705,628 6,177,627 $ 1,423,138 $ 4,570,309 $ 5,993,447 Commuter Parking Water Sewerage Refuse Lot Total $ 3,682,585 $ 1,695,215 $ 642,487 $ 152,759 $ 6,173,046 91,643 167,653 - 1,573 260,869 594,198 (458,577) (751,977) 74,526 (541,830) (23,000) (33,000) (14,000) (125,000) (195,000) - - 741,943 - 741,943 481,197 (443,398) (2,502) (11,448) 23,849 4,219,789 5,947 - - 4,225,736 13,669,161 5,722,213 1,073,141 578,331 21,042,846 2,651,974 1,659,226 190,575 483,345 4,985,120 11. CONTRIBUTED CAPITAL 4,170,400 - 9,120,962 5,558,765 4,170,400 190,575 565,833 15,436,135 During the fiscal year, contributed capital increased/decreased by the following amounts: Water Sewerage Totals Increases $ - $ - $ - Decreases Depreciation 48,861 135,319 184,180 Net increase (decrease) Contributed Capital May 1 April 30 -34- (48,861) (135,319) (184,180) 1,471,999 4,705,628 6,177,627 $ 1,423,138 $ 4,570,309 $ 5,993,447 i 1 1 1 1 1 t 1 n 1 i 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. FUND EQUITY Tax Incremental Finance District 1 Fund - Surplus Rebate On January 7, 2002, the Village passed Resolution No. 02 -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 $7,058,519 held in the Tax Incremental Finance District 1 Fund was surplus funds and should be redistributed to the appropriate taxing districts in Fiscal 2002. 13. 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. 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. -35- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. JOINT VENTURES I Solid Waste Agency of Lake County ( SWALCO): a. Description of Joint Venture The officers of SWALCO are appointed by the Board of Directors. The Board of Directors determines the general policy of SWALCO; makes all appropriations; The Village is a member of SWALCO which consists of thirty-five municipalities. g p SWALCO is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the j 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. j 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. No payments to SWALCO have been made in 2000 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 made no payments to SWALCO for the year ended April 30, 2002. The Village does not have an equity interest in SWALCO at April 30, 2002. 1 -36- 1 1 1 1 1 1 1 1 i 1 1 P VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, 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 $6,400. The retirees pay an annual premium, which is equal to the actuarially determined cost for each plan year. The Village pays 25 percent of the cost of the month by health insurance premiums for the retirees to a maximum of $50. Currently, there are twelve participants eligible to receive benefits. Accordingly, no liability has been recorded for post - employment health care benefits. 16. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions Illinois Municipal Retirement The Village contributes to the Illinois Municipal Retirement Fund (EVIRF), 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 Plan). All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IlVIRF 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. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. 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, 2001 was 8.56 percent of covered payroll. IlVIRF issues a separate financial report which may be obtained by writing them at IMRF, Drake Oak Brook Plaza, Suite 500, 2211 York Road, Oak Brook, Illinois 60523 -2374. This report contains information for IM]U as a whole, but not by individual employer. -37- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS Continued i a. Plan Descriptions and Provisions (Continued) Police Pension Police sworn ersonnel are covered b the Police Pension Plan which is a defined p Y 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 plan as a pension trust fund. At April 30, 2002, the Police Pension Plan membership consisted of Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not receiving them 21 .yet Current employees Vested 26 Nonvested 12 maximum of 75 percent of such salary. Employees with at least 8 years but less than l TOTAL 59 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' /z 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. l -38- 1 I VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension Covered employees are required to contribute 9.91 percent o f 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 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 Fund 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: There are no 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. Related Party Transactions: There were no securities of the employer or any other related parties included in plan assets, including any loans. I 1 1 -39- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) C. Annual Pension Cost Significant actuarial assumptions a) Rate of return on Illinois 8.00% present and future assets Municipal Police Retirement Pension Actuarial valuation date December 31, May 1, attributable to inflation 2001 2000 Actuarial cost method Entry-age Entry-age c) Additional projected salary Normal Normal Asset valuation method 5 Year Market Smoothed Market Amortization method Level Level Percentage of Percentage Payroll of Payroll Amortization period 32 Years, 33 Years, Closed Closed Significant actuarial assumptions a) Rate of return on 7.50% 8.00% present and future assets Compounded Compounded Annually Annually b) Projected salary increase - 4.00% 3.50% attributable to inflation Compounded Compounded Annually Annually c) Additional projected salary .40 to 11.60% 5.5% increases - seniority /merit -40- 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) C. Annual Pension Cost (Continued) 1 -41- Employer annual pension cost (APC) actual contributions and the net pension obligation (NPO) are as follows. The NPO is the accumulative difference between the ARC and the contributions actually made. Illinois Municipal Police Retirement Pension ' Annual pension costs 1999 $ 435,420 $ 117,621 (APC) 2000 410,132 117,758 2001 427,115 253,072 Actual contribution 1999 $ 435,420 $ 292,618 2000 410,132 315,853 2001 427,115 320,930 Percentage of ARC contributed 1999 100.00% 248.78% 2000 100.00 175.71 2001 100.00 126.81 NPO (Asset) 1999 - $ (772,218) 2000 - 2001 - (908,320) (976,178) The Village's annual pension cost and net pension obligation (asset) for the Police IPension Fund for the May 1, 2001 valuation date (most recent data available) are as follows: Annual required contribution $ 252,956 Interest on net pension obligation (72,666) Adjustment to annual required contribution 72,782 Annual pension cost 253,072 Contributions made 320,930 Increase (decrease) in net pension obligation (67,858) Net pension obligation (asset) beginning of year (908,320) NET PENSION OBLIGATION (ASSET) END OF YEAR $ (976,178) 1 -41- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. PRIOR PERIOD ADJUSTMENT Fund balance /retained earnings was restated at May 1, 2001, for the implementation of GASB Statement No. 33, Accounting for Nonexchange Transactions and to correct prior period errors in recording payables. Beginning fund balance /retained earnings was increased (decreased) for the following funds: General $ 781,229 Street and Bridge 3,195 Enhanced 911 27,900 Tax Increment Finance District #2 (10,942) Infrastructure Replacement (3,717,365) Project 29 72,998 Water (90,276) Sewerage (2,523) Refuse (755,000) Garage (4,148) Subtotal (3,694,932) Component Unit - Library (83,771) TOTAL $ (3,778,703) -42- 1 1 1 1 L 1 1 1 C! 1 1 1 1 S. CD �a o y 1 C d CD 1� d 1 ' I 1 VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS 1 ILLINOIS MUNICIPAL RETIREMENT FUND April 30, 2002 (6) Unfunded (Overfunded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a 1 Acturial Valuation Actuarial Value of Accrued (3) Actuarial Liability Percentage Accrued (5) Annual Percentage of Covered Date Plan (AAL) Funded Liability Covered Payroll December 31, Assets - Entry Age (1)/(2) (2)-(1) Payroll (4)/(5) 1996 $ 8,441,240 $ 10,014,685 84.29% $ 1,573,445 $ 3,828,030 41.10% 1997 10,063,391 11,206,096 89.80% 1,142,705 4,023,817 28.40% 1998 11,683,923 12,220,108 95.61% 536,185 4,170,583 12.86% 1999 14,048,620 o 14,203,236 98.91% 154,616 4,526,201 0 3.42 /o ' 2000 15,360,277 14,663,125 104.75% (697,152) 4,687,221 (14.87 %) r 2001 15,440,716 14,948,851 103.29% (491,865) 4,989,662 (9.86 %) i r r r 1 ' (See independent auditor's report.) -43- VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND April 30, 2002 N/A - Not available (See independent auditor's report.) -44- (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) 1996 N/A N/A N /A. N/A N/A N/A 1997 $ 15,155,586 $ 12,200,363 124.22% $ (2,955,223) $ 2,199,822 (134.34 %) 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% N/A - Not available (See independent auditor's report.) -44- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND April 30, 2002 Fiscal Employer Year Contributions 1996 1997 1998 1999 2000 2001 415,341 439,978 436,660 435,420 410,132 427,115 Annual Required Contribution (ARC) $ 415,341 439,978 436,660 435,420 410,132 427,115 (See independent auditor's report.) -45- Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Fiscal Year 1997 1998 1999 2000 411111 2002 VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND April 30, 2002 Employer Contributions N/A $ 245,757 292,620 315,850 320,930 342,522 Annual Required Contribution (ARC) N/A $ 149,125 123,967 189,411 253,072 N/A Percentage Contributed N/A 164.79% 238.46% 166.75% 126.81% N/A N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. (See independent auditor's report.) -46- 1 1 r 1 1 1 r L� 1 r1 L 1 t i] 1 1 1] 1 1 0 e� 0 c� d T C O. 1 1 f 1 1 GENERAL FUND 1 The General Fund (also referred to as the Corporate Fund) To account for resources traditionally associated with governmental services not required to be ' accounted for in another fund. 1 1 1 1 1 1 1 1 J VILLAGE OF DEERFIELD, ILLINOIS BALANCESHEET GENERAL FUND April 30, 2002 (with comparative totals for 2001) LIABILITIES Accounts payable 2002 2001 ASSETS 150,499 120,060 Cash and investments $ 9,419,927 $ 13,331,629 Receivables 11,418 8,399 Property taxes 550,123 323,098 Accrued interest 96,545 140,413 Other 243,809 231,589 Due from other governments Sales tax 755,987 288,302 State income tax 105,938 194,304 Due from other funds 373,130 31,788 Inventory 21,761 7,775 Advances to other funds 4,087,170 4,087,170 TOTAL ASSETS $ 15,654,390 $ 18,636,068 LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable $ 162,332 $ 124,971 Accrued payroll 150,499 120,060 Compensated absences payable 1,086,175 941,638 Other payables 11,418 8,399 Due to other funds 3,582 - Deferred revenue 586,250 340,000 Total liabilities 2,000,256 1,535,068 FUND BALANCE Reserved for due from other governments - 482,606 Reserved for inventory 21,761 7,775 Reserved for advances to other funds 4,087,170 4,087,170 Unreserved Undesignated 9,545,203 12,523,449 Total fund balance 13,654,134 17,101,000 TOTAL LIABILITIES AND FUND BALANCE $ 15,654,390 $ 18,636,068 See accompanying notes to financial statements. -47- 1 1 1 1 1 1 n 1 1 L i 1 Li f; 1 1 11 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) See accompanying notes to financial statements. -48- 2002 2001 Budget Actual Actual REVENUES Taxes $ 6,895,000 $ 6,647,523 $ 7,152,839 Licenses and permits 517,500 546,757 774,121 Charges for services 279,000 284,585 288,500 Fines and forfeits 245,000 223,465 260,435 Investment income Interest 350,000 584,282 874,534 Net appreciation (depreciation) in fair value of investments - (95,080) 353,412 Miscellaneous 736,300 660,972 791,549 Total revenues 9,022,800 8,852,504 10,495,390 EXPENDITURES General government 2,477,670 2,144,024 2,200,062 Public safety 4,987,980 4,513,434 4,468,846 Pension cost - 342,522 312,009 Total expenditures 7,465,650 6,999,980 6,980,917 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,557,150 1,852,524 3,514,473 OTHER FINANCING SOURCES (USES) Operating transfers in Tax Incremental Finance District 2 Fund - - 100,240 Operating transfers (out) Debt Service Fund - (775,000) (500,000) Infrastructure Fund (5,300,000) (5,300,000) (300,000) Street and Bridge Fund Emergency Services/Disaster Fund - (47,472) - Vehicle Replacement Fund (255,000) (255,000) (355,000) Total other financing sources (uses) (5,555,000) (6,377,472) (1,704,760) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (3,997,850) (4,524,948) 1,809,713 FUND BALANCE, MAY 1 17,101,000 15,291,287 Prior period adjustment 781,229 - FUND BALANCE, MAY 1, RESTATED 17,882,229 15,291,287 Residual equity transfer in 296,853 - FUND BALANCE, APRIL 30 $ 13,654,134 $ 17,101,000 See accompanying notes to financial statements. -48- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2002 (See independent auditor's report.) -49- Budget Actual TAXES Property taxes - police pension $ - $ 334,120 Replacement taxes - police pension Sales tax - 8,402 3,000,000 3,094,483 Local use tax 230,000 173,308 Income tax 1,425,000 1,307,720 Hotel /motel tax 2,200,000 1,694,621 Photo finishing tax 40,000 34,869 Total taxes 6,895,000 6,647,523 LICENSES AND PERMITS Beer /liquor licenses 70,000 76,150 Food licenses 6,500 6,005 Other business licenses 35,000 29,582 Building permits 353,000 391,440 Non - business licenses and permits 53,000 43,580 Total licenses and permits 517,500 546,757 CHARGES FOR SERVICES Special police services 79,000 84,789 Transfer charges 60,000 60,000 Dispatching services 135,000 139,436 Engineering charges 5,000 360 Total charges for services 279,000 284,585 FINES AND FORFEITS 245,000 223,465 INVESTMENT INCOME Interest 350,000 584,282 Net appreciation (depreciation) in fair value of investments - (95,080) Total investment income 350,000 489,202 MISCELLANEOUS State grant 2,000 6,221 False alarms 50,000 53,075 Sale of materials 2,000 1,824 Rentals 1,800 1,730 Miscellaneous 40,500 56,465 Telecommunication fees 455,000 323,459 Franchise fees 185,000 218,198 Total miscellaneous 736,300 660,972 TOTAL REVENUES $ 9,022,800 $ 8,852 504 (See independent auditor's report.) -49- �l �J VILLAGE OF DEERFIELD, ILLINOIS iSCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND ' For the Year Ended April 30, 2002 ' PUBLIC SAFETY Police Department Budget Actual ' GENERAL GOVERNMENT 409,000 832,837 Administration Department 16,400 35,944 Salaries $ 1,184,550 $ 1,190,257 ' Overtime 14,900 9,019 Part-time 167,630 143,600 Employee benefits 205,240 145,924 Professional services 328,590 220,696 Travel, training, and dues 48,120 38,544 Printing and advertising 43,250 33,703 ' Communications 42,200 34,483 Insurance 52,000 45,882 Contractual services Utility services 138,500 4,000 98,572 2,273 Motor vehicle maintenance 6,800 6,217 Repairs and maintenance 46,400 16,878 Miscellaneous 52,740 56,548 Supplies 41,450 31,700 Materials Petroleum products 1,000 2,800 - 2,049 Housing assistance 47,000 35,750 Apparel 900 230 ' Small tools and equipment 2,000 697 Equipment 20,600 11,901 ' Streetscape 27,000 19,101 Total general government 2,477,670 2,144,024 ' PUBLIC SAFETY Police Department ' Administrative service Salaries 409,000 832,837 Overtime 16,400 35,944 Part-time 512,030 16,106 ' Employee benefits 162,490 107,178 Professional services 4,500 2,541 Travel, training, and dues 11,550 7,907 Printing and advertising 8,000 8,784 Communications 48,250 36,721 Insurance 136,400 91,491 (This schedule is continued on the following pages.) -50- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) ' GENERAL FUND For the Year Ended April 30, 2002 PUBLIC SAFETY (Continued) Police Department (Continued) Administrative service (Continued) Contractual services Motor vehicle maintenance Repairs and maintenance Supplies Apparel Equipment Miscellaneous Total administrative service Investigations Salaries Overtime Employee benefits Travel, training, and dues Motor vehicle maintenance Petroleum products Apparel Equipment Total investigations Patrol Salaries Overtime Part-time Employee benefits Travel, training, and dues Communications Motor vehicle maintenance Petroleum products Apparel Equipment Total patrol Budget Actual $ 89,200 $ 51,715 1,500 252 18,000 15,134 44,000 40,510 8,700 8,700 12,500 11,164 9,400 15,519 1,491,920 1,282,503 205,630 136,420 9,500 6,824 22,390 24,609 2,600 1,092 1,700 1,393 1,500 1,111 2,250 2,250 2,000 724 247,570 174,423 2,073,420 2,024,064 83,500 93,546 47,950 48,516 360,450 280,599 26,800 29,376 12,000 6,528 29,500 21,524 35,000 32,884 34,250 34,250 69,500 63,566 2,772,370 2,634,853 (This schedule is continued on the following page.) -51- 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC SAFETY (Continued) Police Department (Continued) Special services Overtime Youth services Salaries Overtime Employee benefits Travel, training, and dues Motor vehicle maintenance Petroleum products Apparel Equipment Total youth services Total public safety Pension cost Police TOTAL EXPENDITURES For the Year Ended April 30, 2002 (See independent auditor's report.) -52- Budget Actual $ 75,300 $ 78,752 323,270 283,961 9,000 8,964 55,950 43,126 3,850 2,991 2,500 341 2,000 1,092 2,250 2,250 2,000 178 400,820 342,903 4,987,980 4,513,434 - 342,522 $ 7,465,650 $ 6,999,980 1 1 1 1 1 1 L 1 I i CJ 1 1 CI 1 1 1 CO) n 01� e9 �D O C T C O. W 1 1 1 Ll ISPECIAL REVENUE FUNDS Emergency Services/Disaster Fund To account for the Emergency Services and Disaster Agency, which supersedes the Civil Defense Agency and now basically relates to natural disasters caused by floods and tornadoes. The Agency also prepares a plan of action to be taken if man-made disasters occur. This fund was closed to the General Fund ' Street and Bride Fund To account for the revenues and resources used in maintaining approximately 70 miles of streets and the railroad station in the Village of Deerfield. This fund was closed to the General Fund. Illinois Municipal Retirement Fund To account for the revenues and expenditures associated with providing disability and pension ' benefits for Village of Deerfield employees. The fund also provides the employer portion of F.I.C.A. contributions. IMotor Fuel Tax Fund To account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of State gasoline taxes. State law requires these gasoline taxes to be used for the following purposes: (1) street construction or reconstruction to improve traffic capacity; (2) installation of traffic signs, signals, and controls; (3) sidewalk repair and replacement; and (4) the public benefit share of new street improvements when certain criteria are met in connection with a special assessment project. Enhanced 911 Fund ITo account for the 911 calling telephone system activity. n VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS April 30, 2002 (with comparative totals for 2001) ASSETS Cash and investments Receivables Property taxes Accrued interest Other Purchased interest Due from other governments Due from other funds Due from component unit TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Accrued payroll Compensated absences payable Due to other funds Deferred property taxes Total liabilities FUND BALANCES Undesignated TOTAL LIABILITIES AND FUND BALANCES -53- Emergency Services/ Street and Disaster Bridge 1 1 1 ' Illinois Municipal Motor Enhanced Totals Retirement Fuel Tax 911 2002 2001 1 ' $ 40,387 $ = $ 13,299 $ 53,686 $ 187,660 11,322 63,953 - � = - 157,976 890,000 890,000 1,220,000 ' 930,387 - 13,299 943,686 1,640,911 ' 1,660,075 655,878 314,183 2,630,136 2,796,582 ' $ 2,590,462 $ 655,878 $ 327,482 $ 3,573,822 $ 4,437,493 See accompanying notes to financial statements. -54- $ 1,716,732 $ 603,586 $ 310,007 $ 2,630,325 $ 3,143,306 853,283 - - 853,283 1,153,906 16,311 9,920 - 26,231 27,423 ' 17,475 17,475 17,292 - - - - 5,415 = 42,372 = 42,372 40,425 43,654 4,136 - - 4,136 6,072 $ 2,590,462 $ 655,878 $ 327,482 $ 3,573,822 $ 4,437,493 1 ' $ 40,387 $ = $ 13,299 $ 53,686 $ 187,660 11,322 63,953 - � = - 157,976 890,000 890,000 1,220,000 ' 930,387 - 13,299 943,686 1,640,911 ' 1,660,075 655,878 314,183 2,630,136 2,796,582 ' $ 2,590,462 $ 655,878 $ 327,482 $ 3,573,822 $ 4,437,493 See accompanying notes to financial statements. -54- VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS For the Year Ended April 30, 2002 (with comparative totals for 2001) REVENUES Emergency Services/ Street and Disaster Bridge Taxes $ - $ 332,744 Licenses and permits - 330,789 Intergovernmental - - Charges for services - 41,922 Investment income - 8,108 Miscellaneous - 33,857 Total revenues - 747,420 EXPENDITURES Public safety 4,541 - Highways and streets - 1,135,836 Pension costs - - Total expenditures 4,541 1,135,836 EXCESS (DEFICIENCY) OF REVENUES (43,804) OVER EXPENDITURES (4,541) (388,416) OTHER FINANCING SOURCES (USES) Operating transfers in 47,472 368,235 Operating transfers (out) - (100,000) Total other financing sources (uses) 47,472 268,235 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 42,931 (120,181) FUND BALANCES, MAY 1 (43,804) 414,712 Prior period adjustment - 3,195 FUND BALANCES, MAY 1, RESTATED (43,804) 417,907 Residual equity transfer in (out) 873 (297,726) FUND BALANCES, APRIL 30 $ - $ - -55- I� 1 1 1 1 194,205 (154,340) 136,697 99,312 220,719 1,465,870 810,218 149,586 2,796,582 2,575,863 - - 27,900 31,095 - 1,465,870 810,218 177,486 2,827,677 2,575,863 - - - (296,853) - $ 1,660,075 $ 655,878 $ 314,183 $ 2,630,136 $ 2,796,582 ' See accompanying notes to financial statements. -56- Illinois ' Municipal Motor Enhanced Total Retirement Fuel Tax 911 2002 2001 ' $ 746,416 $ - - $ $ 1,079,160 $ 1,245,523 - - - 330,789 335,561 ' 512,901 -. 512,901 524,575 240,280 282,202 178,673 77,929 31,769 6,991 124,797 231,251 ' - - - 33,857 204,115 824,345 544,670 247,271 2,363,706 2,719,698 - - 110,574 115,115 183,846 ' - 630,140 455,775 1,591,611 630,140 2,189,880 800,253 630,140 455,775 110,574 2,336,866 3,173,979 194,205 88,895 136,697 26,840 (454,281) - - - 415,707 1,035,000 - (243,235) - (343,235) (360,000) - (243,235) - 72,472 675,000 1 194,205 (154,340) 136,697 99,312 220,719 1,465,870 810,218 149,586 2,796,582 2,575,863 - - 27,900 31,095 - 1,465,870 810,218 177,486 2,827,677 2,575,863 - - - (296,853) - $ 1,660,075 $ 655,878 $ 314,183 $ 2,630,136 $ 2,796,582 ' See accompanying notes to financial statements. -56- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL EMERGENCY SERVICES/DISASTER FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) REVENUES EXPENDITURES Public safety Travel, training, and dues Communications Insurance Utility services Repairs and maintenance Motor vehicle maintenance Supplies Equipment Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in General Fund 2002 2001 Budget Actual Actual 250 530 80 2,000 1,785 1,425 600 65 49 1,000 847 1,083 2,000 281 - 1,000 160 592 500 - - 1,000 873 8,310 8,350 4,541 11,539 (8,350) (4,541) (11,539) 47,472 - EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (8,350) 42,931 (11,539) FUND BALANCE, MAY 1 Residual equity transfer FUND BALANCE, APRIL 30 (43,804) (32,265) 873 - $ - $ (43,804) See accompanying notes to financial statements. -57- r� 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL STREET AND BRIDGE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) 2002 2001 Budget Actual Actual REVENUES Taxes Property taxes $ 330,000 $ 332,744 $ 340,989 Licenses and permits Vehicle licenses 340,000 330,789 335,561 Charges for services State highway maintenance 32,000 33,011 31,995 50150 tree planting 5,000 7,411 16,658 Train station maintenance 1,500 1,500 1,500 Investment income Interest 40,000 14,698 28,156 Net appreciation (depreciation) in fair value of investments - (6,590) 6,590 Miscellaneous Other 3,000 29,107 198,915 Rental income 5,400 4,750 5,200 Total revenues 756,900 747,420 965,564 EXPENDITURES Highways and streets Administration 228,220 229,457 204,435 Cleaning 56,620 64,295 31,329 Traffic marking 93,400 88,658 71,024 Pavement patching 174,800 155,325 123,658 Tarring cracks 56,210 49,826 31,274 Drainage structures 44,110 42,560 37,712 Street lights and traffic signals 133,490 84,737 77,674 Miscellaneous maintenance 77,260 90,596 66,746 Snow and ice control 249,530 172,667 343,282 Tree removal 90,360 84,468 917,711 Tree planting 18,670 20,694 34,847 Railroad station maintenance 41,100 34,370 38,887 Weed control 25,810 18,183 10,538 Total expenditures 1,289,580 1,135,836 1,989,117 (This statement is continued on the following page.) -58- 1 1 1 1 1 I 1 1 1 1 1 1 1 I VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued) STREET AND BRIDGE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) 2002 2001 Budget Actual Actual EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in (out) Motor Fuel Tax Fund Commuter Parking Lot Fund General Fund Vehicle Replacement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED Residual equity transfer FUND BALANCE, APRIL 30 $ (532,680) $ (388,416) $ (1,023,553) 270,000 243,235 260,000 125,000 125,000 125,000 - - 650,000 (100,000) (100,000) (100,000) 295,000 268,235 935,000 $ (237,680) (120,181) (88,553) 414,712 503,265 3,195 - 417,907 503,265 (297,726) - $ - $ 414,712 See accompanying notes to financial statements. -59- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL STREET AND BRIDGE FUND For the Year Ended April 30, 2002 HIGHWAYS AND STREETS Public works Administration Salaries Overtime Part-time Employee benefits Apparel Repairs and maintenance Travel, training, and dues Printing and advertising Communications Miscellaneous Motor vehicle maintenance Insurance Contractual Supplies Petroleum products Equipment Total administration Cleaning Budget Actual $ 75,360 $ 103,176 2,700 3,238 6,500 6,993 14,350 16,958 4,000 3,809 7,500 10,850 2,000 1,831 2,900 3,582 17,400 8,533 7,700 5,583 4,000 7,076 65,010 41,441 6,300 8,282 9,100 4,283 1,600 1,237 1,800 2,585 228,220 229,457 Salaries 37,660 42,490 Overtime 500 184 Employee benefits 5,660 5,883 Equipment rental 500 - Repairs and maintenance 3,000 1,809 Motor vehicle maintenance 5,000 11,282 Contractual 1,000 457 Supplies 1,600 1,262 Petroleum products 1,400 804 Small tools and equipment 300 124 Total cleaning 56,620 64,295 Traffic marking Salaries 38,380 40,012 Overtime 300 286 (This schedule is continued on the following pages.) -60- it VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) STREET AND BRIDGE FUND For the Year Ended April 30, 2002 Total traffic marking 93,400 88,658 ' Pavement patching Budget Actual HIGHWAYS AND STREETS (Continued) 74,160 74,617 Public works (Continued) 300 514 Traffic marking (Continued) 13,340 12,769 Part-time $ 3,700 $ 2,863 Employee benefits 6,820 6,896 i Repairs and maintenance 500 445 Motor vehicle maintenance 500 82 Contractual 22,000 21,980 Petroleum products 200 54 Materials 9,000 5,083 174,800 Street signs 11,000 10,957 i Equipment 1,000 - Total traffic marking 93,400 88,658 ' Pavement patching Salaries 74,160 74,617 Overtime 300 514 Employee benefits 13,340 12,769 Repairs and maintenance 3,000 3,605 Motor vehicle maintenance 6,000 10,808 i Petroleum products 1,500 1,076 Aggregates 55,000 31,315 Materials 1,500 592 Equipment 20,000 20,029 Total pavement patching 174,800 155,325 Tarring cracks Salaries 38,270 33,637 Overtime 200 499 Part-time 4,500 3,859 Employee benefits 5,940 5,989 Repairs and maintenance 900 363 Motor vehicle maintenance 600 215 Petroleum products 400 266 Aggregates 400 Materials 5,000 4,998 Total n crack tam g s 56,210 49,826 (This schedule is continued on the following pages.) -61- VILLAGE OF DEERFIELD, ILLINOIS 13,550 12,091 ' SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) Budget STREET AND BRIDGE FUND For the Year Ended April 30, 2002 2,200 Street lights and traffic signals 13,550 12,091 ' Salaries Budget Actual HIGHWAYS AND STREETS (Continued) 2,200 566 Public works (Continued) 5,500 5,004 Drainage structures 500 - Salaries $ 28,730 $ 27,684 Overtime 1,500 2,825 Employee benefits 4,680 4,367 Repairs and maintenance 800 80 Motor vehicle maintenance 2,000 1,705 Petroleum products 400 51 Aggregates 2,000 - Materials 4,000 5,848 Total street lights and traffic signals g 133,490 84,737 Total drainage structures 44,110 42,560 Street lights and traffic signals 13,550 12,091 ' Salaries 34,690 28,159 Overtime 2,200 566 Employee benefits 5,500 5,004 Equipment rental 500 - Repairs and maintenance 1,200 1,067 Utility services 33,000 35,787 Motor vehicle maintenance 4,000 7,495 Contractual 46,000 (100) Petroleum products 700 635 Aggregates 200 130 Materials 5,500 5,994 Total street lights and traffic signals g 133,490 84,737 Miscellaneous maintenance Salaries 13,550 12,091 Overtime 13,000 13,228 Employee benefits 2,610 2,104 Repairs and maintenance 4,200 4,924 Miscellaneous 1,500 1,129 Motor vehicle maintenance 3,500 3,548 Contractual 5,700 9,565 (This schedule is continued on the following pages.) -62- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) STREET AND BRIDGE FUND For the Year Ended April 30, 2002 (This schedule is continued on the following page.) -63- Total miscellaneous maintenance 77,260 90,596 Budget Actual Snow and ice control HIGHWAYS AND STREETS (Continued) Public works (Continued) 45,400 25,837 Miscellaneous maintenance (Continued) Overtime 40,100 Petroleum products $ 800 $ 713 Employee benefits Aggregates 2,000 2,090 Materials 30,000 41,189 - Small tools and equipment 400 15 (This schedule is continued on the following page.) -63- Total miscellaneous maintenance 77,260 90,596 Snow and ice control Salaries 45,400 25,837 Overtime 40,100 22,977 Employee benefits 7,130 4,073 Equipment rental 1,000 - Repairs and maintenance 27,000 15,126 Motor vehicle maintenance 24,000 35,006 Contractual 8,000 - Supplies 2,900 1,127 Petroleum products 5,000 2,201 Salt 80,000 63,932 Aggregates 6,000 103 Materials 3,000 2,285 Total ice ., snow and control 249,530 172,667 Tree removal Salaries 19,520 18,688 Overtime 1,600 1,736 Part-time 6,600 448 Employee benefits 6,640 2,102 Repairs and maintenance 1,000 867 Motor vehicle maintenance 600 1,246 Contractual 52,900 58,962 Petroleum products 600 388 Materials - 31 Equipment 900 - Total tree removal 90,360 84,468 (This schedule is continued on the following page.) -63- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) STREET AND BRIDGE FUND For the Year Ended April 30, 2002 Budget Actual HIGHWAYS AND STREETS (Continued) Public works (Continued) Tree planting Salaries $ 9,650 $ 6,262 Overtime 200 576 Employee benefits 1,520 710 Repairs and maintenance 200 - Motor vehicle maintenance 500 48 Contractual 6,000 12,821 Petroleum products 300 111 Materials 300 166 Total tree planting 18,670 20,694 Railroad station maintenance Salaries 9,750 8,611 Overtime 300 68 Part-time 6,200 - Employee benefits 1,150 1,402 Repairs and maintenance 3,400 2,224 Communication 1,000 380 Contractual 13,000 14,142 Supplies 800 1,819 Materials 5,500 5,724 Total railroad station maintenance 41,100 34,370 Weed control Salaries 10,840 12,174 Part-time 3,900 - Employee benefits 1,870 1,820 Repairs and maintenance 3,000 1,347 Motor vehicle maintenance 2,000 2,630 Contractual 3,000 - Petroleum products 400 212 Equipment 800 - Total weed control 25,810 18,183 TOTAL EXPENDITURES $ 1,289,580 $ 1,135,836 (See independent auditor's report.) -64- II 1 1 1 i 1 1 1 1 i 1 1 T' 1' 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ILLINOIS MUNICIPAL RETIREMENT FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) REVENUES Taxes Property taxes Replacement taxes Investment income Interest Net appreciation in fair value of investments Total revenues EXPENDITURES Pension costs Illinois municipal retirement payments - employer FICA payments - employer Total expenditures 2002 2001 Budget Actual Actual $ 890,000 $ 735,723 $ 893,180 12,000 10,693 11,354 65,000 74,719 103,352 3,210 24,565 967,000 824,345 1,032,451 500,000 328,781 443,058 384,000 301,359 357,195 884,000 630,140 800,253 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES $ 83,000 194,205 232,198 FUND BALANCE, MAY 1 1,465,870 1,233,672 FUND BALANCE, APRIL 30 $ 1,660,075 $ 1,465,870 See accompanying notes to financial statements. -65- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) REVENUES Intergovernmental Allotments earned Investment income Interest Net appreciation in fair value of investments Total revenues EXPENDITURES Highways and streets Street resurfacing and renovation program Bridge rehabilitation Traffic signals Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) Street and Bridge Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2002 2001 Budget Actual Actual $ 600,000 $ 512,901 $ 524,575 45,000 39,516 44,640 - (7,747) 10,871 645,000 544,670 580,086 215,000 212,444 188,475 - - 7,442 168,250 243,331 4,846 383,250 455,775 200,763 261,750 88,895 379,323 (270,000) (243,235) (260,000) $ (89250) (154,340) 119,323 FUND BALANCE, MAY 1 810,218 690,895 FUND BALANCE, APRIL 30 $ 6552878 $ 810,218 See accompanying notes to financial statements. -66- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ENHANCED 911 FUND 1 1 1 1 t 1 1 Y 1 EXPENDITURES Public safety Repairs and maintenance Communication telephone Travel, training, and dues Contractual Equipment Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 4,000 4,220 For the Year Ended April 30, 2002 (with comparative actual for 2001) 7,500 4,558 9,983 2,000 152 117 113,700 78,277 119,603 38,000 23,367 37,936 2002 2001 Budget Actual Actual REVENUES Charges for services Other charges $ 141,600 $ 240,280 $ 128,520 Investment income 12,000 6,991 13,077 Total revenues 153,600 247,271 141,597 1 1 1 1 t 1 1 Y 1 EXPENDITURES Public safety Repairs and maintenance Communication telephone Travel, training, and dues Contractual Equipment Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 4,000 4,220 4,668 7,500 4,558 9,983 2,000 152 117 113,700 78,277 119,603 38,000 23,367 37,936 165,200 110,574 172,307 $ 11600 136,697 (30,710) 149,586 180,296 27,900 - 177,486 180,296 $ 314,183 $ 149,586 See accompanying notes to financial statements. -67- 1 i 1 1 i 1 1 1 1 1 1 v CD Iz CA eo 2 Cl CD TI C CL. N a 1 1 I DEBT SERVICE FUND Debt Service Fund To account for the accumulation of resources for the payment of general long -term debt. l 1 j 19 1 1 11 VILLAGE OF DEERFIELD, ILLINOIS BALANCESHEET DEBT SERVICE FUND April 30, 2002 (with comparative totals for 2001) ASSETS Cash and investments Receivables Property taxes Accrued interest Purchased interest TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable Accrued interest Due to component unit Due to other funds Deferred property taxes Total liabilities FUND BALANCE Reserved for debt service TOTAL LIABILITIES AND FUND BALANCE 2002 2001 $ 2,881,219 $ 2,704,861 302,643 420,974 20,390 32,148 200 - $ 3,204,452 $ 3,157,983 $ 300 $ 298 4,307 942 - 40,497 - 13,354 319,000 442,495 323,607 497,586 2,880,845 2,660,397 $ 3,204,452 $ 3,157,983 See accompanying notes to financial statements. -68- iJ VILLAGE OF DEERFIELD, ILLINOIS �. STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) i EXPENDITURES Debt service 2002 2001 Principal retirement Budget Actual Actual REVENUES 714,285 850,230 902,300 Taxes 5,000 26,661 2,449 Property taxes $ 319,000 $ 439,163 $ 558,802 3,561,891 Replacement taxes 85,000 74,423 79,024 EXCESS (DEFICIENCY) OF REVENUES Investment income OVER EXPENDITURES Interest 150,000 142,585 220,806 Net appreciation in OTHER FINANCING SOURCES USES fair value of investments - 302 34,555 Miscellaneous General Fund - 775,000 500,000 Tax incremental finance district TIF 2 Fund 2,133,750 2,133,750 2,196,750 surplus property tax rebate 205,000 181,103 190,418 - Total revenues 759,000 837,576 1,083,605 EXPENDITURES Debt service Principal retirement 2,740,000 2,685,000 2,630,000 Interest 714,285 850,230 902,300 Fiscal charges 5,000 26,661 2,449 Total expenditures 3,459,285 3,561,891 3,534,749 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,700,285) (2,724,315) (2,451,144) OTHER FINANCING SOURCES USES Operating transfers in 1 General Fund - 775,000 500,000 TIF 2 Fund 2,133,750 2,133,750 2,196,750 Bond proceeds - 3,546,013 - Refunding of bonds - (3,510,000) - Total other financing sources (uses) 2,133,750 2,944,763 2,696,750 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (566,535) 220,448 245,606 FUND BALANCE, MAY 1 2,660,397 2,414,791 FUND BALANCE APRIL 30 $ 2,880,845 $ 2,660,397 1 See accompanying notes to financial statements. -69- 1 1 1 Fj 1 1 i 1 1 1 1 t c� d 'S. d 1 0 C M VJ T C 7 CL N 1 1 1 1 jCAPITAL PROJECTS FUNDS Tax Incremental Finance District 1 Fund Established in 1982 to provide funds for land acquisition and improvements to the Village of Deerfield Tax Increment Financing District. ITax Incremental Finance District 2 Fund Established in 1987 to provide funds for land acquisition and improvements to the Village of Deerfield Tax Increment Financing District. Vehicle and Equipment Replacement Fund Established to account for the funds annually set aside for the eventual replacement of certain vehicles and other equipment. IInfrastructure Replacement Fund Established in 1989 for the purpose of maintaining, repairing, and renovating the capital assets of the Village. 1 Proiect 29 Fund Established in 1991 to account for the funds held in escrow as required by the Local Cooperation Agreement between the Department of the Army and the- Village for the construction of the Flood Water Retention Reservoir No. 29A on the West Fork of the North Branch of the Chicago River. 1 1 9 \ /® ^ / 3 CN rA N \/ C,4 \Q i 0 .( / ¢ co Ia. cd E $ & U � / / $ > ƒ \ w = ,T « n c � t — r- « < m C4) — - \ C > C,� r C $ & d/ ° q ® & nn ƒ m c 2 8 5 <oR�/ § cd j�a m #{ \ r,/ 3 q / .. , . /2kS 2 q cp _ J m � qt % en 00 r# �r4 "t 7 0 7 cl S \ � m \ \ d/ \ {e o k c 2 8 5 <oR�/ § cd j�a m #{ \ 0 .. , . /2kS 2 N J � N m 00 r# �r4 "t © c ° 7 cl S § H § 0 o — vwR n m m r. r # 3 u — � C . . , 2 C / § 2 k 0 a §mj 0 _ m n / m / n � \ \ d/ \ k o c 2 8 5 <oR�/ § cd j�a C C f .r O E-' C C G C G C i 4 0 G U d C � c cd y m > w G cd a U cd Y U cd U H 4D G 1 1 00 l- M In It C F N oo ,o O r I OO O M o0 M M 0% t- r 0 69 O 00 00 C 00 N r O OU ' V1 00 to P d d9 00 N O M 69 es 6s ON 00 c r1 1 1 M d I� O tn 69 On w i O O 0000 �n v1 N Ni NI M z m o z w ayi U � U Cd td Z v� cc .0 CO a.E co co 0 o 0 « w �QAuC AC) a� N E cc .c rn 7i U w o ' a � 0 G: E 0 U U cd a� a� kn 00 r 00 W) a) M 00 N M 69 00 00 00 ' M M O) O� O W) 69 O O M C C� O M M I- 69 eq N N to Wn kn h 6s ' 0 0 0 kn In to r- r- r- CIF N N 6s N N a� N N n i O O 0000 �n v1 N Ni NI M z m o z w ayi U � U Cd td Z v� cc .0 CO a.E co co 0 o 0 « w �QAuC AC) a� N E cc .c rn 7i U w o ' a � 0 G: E 0 U U cd a� a� A z a � A z� W N °40, .� pa an • G Cd W A U -- w o A wza. 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O W Ri ;d y N X 0 r v cd � w A co X U U cd � cd • C 1� 61 O it) N O\ z O (71 O� 00 DO M V 69 O O N I— M M t` 00 O\ tT 00 W) l- M I M 69 i i °o o O O M M te) V1 H) O O O ' O N N 69 O O O O M M l!1 M 00 N 69 O Oo N O\ N M ' vi O � O tn z O\ r- O O v1 41 O M N M M O h O 00 l- 00 00 rl M O\ O 0% I'D 00 O� 00 O\ M V'1 en 00 V W W O O O O > o C) Q N N 'r O� o M o N 007¢ 1� bs z o 'n ¢ U C W Q 0000 O N M 41 tt U w A w �" W Q 0000 Q b O a\ 00 Q Q C 7 M N as as boo 6+4 xz>� a M W ¢ O w 00 N O\ O V1 M M rl N N N 69 O C14 � V R l� aw O N M 00 O 00 00 00 00 O� M V � O\ M V'1 N N c0 U cad G O ' h � U i O C Oq C 9 0 O U U U U V W W A 2 > o Q oz o o N 007¢ 1� z ¢ U C W Q Vi U V U y t U w A w �" W Q Q b C7 Q Q x ° F v 0Wz a as as boo xz>� a O W ¢ O w N N c0 U cad G O ' h � U i O C Oq C 9 0 O U U U U 1 1 1 1 1 1 1 1 1 1 r �J 1 1 1 1 1 m sz 10 NM �D W ii 1 1 1 1 1 IWater Fund 1 1 1 1 ENTERPRISE FUNDS To account for all activity necessary to provide water to the residents of the Village of Deerfield including administration, operation, maintenance, financing, and related debt service. Sewerage Fund To account for the provision of sewer service to the residents of the Village of Deerfield. 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. Refuse Fund To account for all revenues and expenses necessary to provide the residents of the Village of Deerfield with refuse service. Commuter Parking Lot Fund To account for all activity necessary to construct, operate, and maintain the commuter parking facilities within the Village. 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Q G O U U CO 0 VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET WATER FUND April 30, 2002 (with comparative totals for 2001) ASSETS CURRENT ASSETS 2002 2001 Cash and investments $ 2,303,012 $ 6,584,277 Receivables 10,107 6,743 Accounts - billed 49,877 118,392 Accounts - unbilled 537,354 513,611 Accrued interest 2,582 64,491 Other 7,624 13,516 Due from other funds - 13,487 Other assets 29,516 30,145 Deferred bond issuance costs net of amortization 35,209 37,659 Inventories 64,599 55,043 Total current assets 3,029,773 7,430,621 FIXED ASSETS Cost 12,638,211 8,418,422 Accumulated depreciation (1,998,823) (1,911,654) Net fixed assets 10,639,388 6,506,768 TOTAL ASSETS $ 13,669,161 $ 13,937,389 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable $ 250,931 $ 677,624 Accrued payroll 10,107 6,743 Accrued interest payable 77,354 - Compensated absences payable 116,761 99,408 Other payables - 46,244 Total current liabilities 455,153 830,019 LONG -TERM LIABILITIES General obligation bonds payable 4,170,400 4,460,000 Total liabilities 4,625,553 5,290,019 FUND EQUITY Contributed capital 1,423,138 1,471,999 Retained earnings 7,620,470 7,175,371 Total fund equity 9,043,608 8,647,370 TOTAL LIABILITIES AND FUND EQUITY $ 13,669,161 $ 13,937,389 See accompanying notes to financial statements. -80- 1 1 n 1 Cl 1 1 1 1 1 F 1 1 1 1 d I 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATER FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) OPERATING REVENUES Charges for services Water sales Miscellaneous Permits and fees Penalties Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATION Administration Operations Distribution Maintenance - mains and fire hydrants Maintenance - meters Water system improvements Total operating expenses excluding depreciation OPERATING INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION Depreciation and amortization OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Interest expense Total nonoperating revenues (expenses) 2002 2001 Budget Actual Actual $ 3,653,000 $ 3,590,682 $ 3,399,161 15,000 14,047 23,820 28,000 31,369 35,055 5,000 46,487 1,786 3,701,000 3,682,585 3,459,822 249,110 248,510 272,703 2,601,710 1,389,288 2,023,722 917,350 394,470 344,757 118,457 103,617 99,789 - 860,859 - 3,886,627 2,996,744 2,740,971 (185,627) 685,841 718,851 91,643 82,783 (185,627) 594,198 636,068 200,000 179,952 526,865 - (71,543) 87,260 (488,410) (193,093) (210,441) (288,410) (84,684) 403,684 (This statement is continued on the following page.) -81- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) ' WATER FUND FUND BALANCE, MAY 1, RESTATED (with comparative actual for 2001) 2002 2001 Budget Actual Actual ' INCOME (LOSS) BEFORE OPERATING TRANSFERS $ (474,037) $ 509,514 $ 1,039,752 1 1 1 1 1 1 1 1 1 1 1 1 1 OPERATING TRANSFERS (OUT) Vehicle Replacement Fund NET INCOME (LOSS) OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces contributed capital NET INCREASE IN RETAINED EARNINGS RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED RETAINED EARNINGS, APRIL 30 (23,000) (23,000) (23,000) $ (497,037) 486,514 1,016,752 48,861 48,861 535,375 1,065,613 7,175,371 6,109,758 (90,276) - 7,085,095 6,109,758 $ 7,620,470 $ 7,175,371 See accompanying notes to financial statements. -82- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER FUND For the Year Ended April 30, 2002 (This schedule is continued on the following page.) -83- Budget Actual ADMINISTRATION Salaries $ 108,090 $ 115,176 Overtime 2,000 2,818 Part-time 6,500 6,868 Employee benefits 20,520 16,894 Professional services 3,200 - Travel, training, and dues 900 - Printing and advertising 1,600 3,098 Communications 14,700 18,271 Contractual services 3,400 4,153 Insurance 53,500 46,226 Motor vehicle maintenance 2,000 6,398 Miscellaneous 1,500 1,007 Supplies 1,400 696 Petroleum products 1,300 1,169 Occupancy 20,000 20,000 Apparel 3,500 3,954 Repairs and maintenance 5,000 1,782 Total administration 249,110 248,510 OPERATIONS Distribution Salaries 178,910 126,197 Overtime 11,000 2,362 Employee benefits 27,620 18,518 Professional services 259,700 177,247 Printing and advertising 800 - Contractual services 4,219,600 3,259,871 Utility services 77,200 64,223 Motor vehicle maintenance 4,000 2,032 Repairs and maintenance 11,900 2,884 Miscellaneous 600 479 Purchase of water 1,950,000 1,864,971 Supplies 700 911 Petroleum products 1,800 1,808 Chlorine 500 - Equipment 31,000 41,298 Materials 1,000 1,107 Total 6,776,330 5,563,908 Less non - operating expenses Fixed assets capitalized (4,174,620) (4,174,620) Total distribution 2,601,710 1,389,288 (This schedule is continued on the following page.) -83- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER FUND For the Year Ended April 30, 2002 ' Budget Actual OPERATIONS (Continued) Main and fire hydrant maintenance Salaries $ 156,340 $ 142,933 Overtime 44,000 40,445 Part-time 9,800 9,252 Employee benefits 18,910 21,842 Contractual services 539,100 40,378 Motor vehicle maintenance 20,000 23,203 Repairs and maintenance 12,400 3,207 Equipment rental 1,000 - Miscellaneous 3,000 3,335 Petroleum products 3,000 2,619 Small tools and equipment 800 - Aggregates 24,000 16,246 Equipment 20,100 28,622 Materials 85,000 90,545 Total 937,450 422,627 Less non - operating expenses Fixed assets capitalized (20,100) (28,157) Total main and fire hydrant maintenance 917,350 394,470 Meter maintenance Salaries 67,220 64,761 Overtime 1,100 201 Part-time 1,500 - Employee benefits 10,650 9,301 ' Professional services 1,000 1,000 Travel, training, and dues 200 Printing and advertising 300 - Motor vehicle maintenance Repairs and maintenance 4,000 1,900 1,752 768 Miscellaneous 500 Petroleum products 1,000 915 Materials 6,000 2,682 ' Small tools and equipment 100 Equipment 40,000 39,250 Total 135,470 120,630 Less non - operating expenses Fixed assets capitalized (17,013) (17,013) Total meter maintenance 118,457 103,617 Water system improvements Contractual services - 860,772 ' Miscellaneous - 87 Total water system improvements - 860,859 TOTAL OPERATING EXPENSES $ 3,886,627 $ 2,996,744 (See independent auditor's report.) -84- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION WATER FUND For the Year Ended April 30, 2002 Assets Balances Balances May 1 Additions Retirements April 30 Water system $ 3,323,548 $ - $ - $ 3,323,548 Equipment and vehicles 591,605 87,327 - 678,932 Construction in progress 4,503,269 4,132,462 - 8,635,731 $ 8,418,422 $ 4,219,789 $ - 12,638,211 Accumulated Depreciation Balances Balances May 1 Additions Retirements April 30 Water system $ 1,390,103 $ 69,822 $ - $ 1,459,925 Equipment and vehicles 521,551 17,347 - 538,898 $ 1,911,654 $ 87,169 $ - $ 1,998,823 NET ASSET VALUE $ 10,639,388 (See independent auditor's report.) -85- 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS BALANCESHEET SEWERAGE FUND April 30, 2002 (with comparative totals for 2001) FIXED ASSETS Cost 11,211,219 11,205,272 Accumulated depreciation (7,311,680) (7,144,027) Net fixed assets 3,899,539 4,061,245 TOTAL ASSETS $ 5,722,213 $ 6,204,938 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable $ 41,705 $ 11,409 Accrued payroll 20,101 12,540 Compensated absences payable 101,642 163,708 Contracts payable - 12,595 Total liabilities 163,448 200,252 FUND EQUITY Contributed capital 4,570,309 4,705,628 Retained earnings 988,456 1,299,058 Total fund equity 5,558,765 6,004,686 TOTAL LIABILITIES AND FUND EQUITY _$ 5,722,213 $ 6,204,938 See accompanying notes to financial statements. -86- 2002 2001 ASSETS CURRENT ASSETS Cash and investments $ 1,502,312 $ 1,753,310 Receivables Accounts - billed 37,955 88,178 Accounts - unbilled 269,555 286,269 Accrued interest 4,333 3,410 Other 6,715 10,722 Inventories 1,804 1,804 Total current assets 1,822,674 2,143,693 FIXED ASSETS Cost 11,211,219 11,205,272 Accumulated depreciation (7,311,680) (7,144,027) Net fixed assets 3,899,539 4,061,245 TOTAL ASSETS $ 5,722,213 $ 6,204,938 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable $ 41,705 $ 11,409 Accrued payroll 20,101 12,540 Compensated absences payable 101,642 163,708 Contracts payable - 12,595 Total liabilities 163,448 200,252 FUND EQUITY Contributed capital 4,570,309 4,705,628 Retained earnings 988,456 1,299,058 Total fund equity 5,558,765 6,004,686 TOTAL LIABILITIES AND FUND EQUITY _$ 5,722,213 $ 6,204,938 See accompanying notes to financial statements. -86- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) OPERATING REVENUES Charges for services Sewer charges Surcharges - construction 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 Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) 2002 2001 Budget Actual Actual $ 1,680,000 $ 1,594,168 $ 1,668,934 211,000 51,760 51,066 7,000 4,600 4,777 19,000 17,175 21,036 31,000 27,512 29,946 1,948,000 1,695,215 1,775,759 298,860 204,758 220,629 1,227,995 1,238,367 983,066 195,238 205,388 135,457 367,530 337,626 206,335 2,089,623 1,986,139 1,545,487 (141,623) (290,924) 230,272 130,000 167,653 170,497 (271,623) (458,577) 59,775 75,000 50,814 98,761 - (2,635) - 75,000 48,179 98,761 (This statement is continued on the following page.) -87- 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) SEWERAGE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Vehicle Replacement Fund NET INCOME (LOSS) OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces contributed capital NET INCREASE (DECREASE) IN RETAINED EARNINGS RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED RETAINED EARNINGS, APRIL 30 2002 2001 Budget Actual Actual $ (196,623) $ (410,398) $ 158,536 (33,000) (33,000) (33,000) $ (229,623) (443,398) 125,536 135,319 135,319 (308,079) 260,855 1,299,058 1,038,203 (2,523) - 1,296,535 1,038,203 $ 988,456 $ 1,299,058 See accompanying notes to financial statements. -88- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended April 30, 2002 (This schedule is continued on the following page.) -89- Budget Actual ADMINISTRATION Salaries $ 114,380 $ 85,279 Overtime 2,000 2,939 Part-time 6,500 6,872 Employee benefits 20,530 16,885 Contractual services 5,400 3,288 Professional services 15,200 - Travel, training, and dues 600 110 Printing and advertising 200 306 Communications 8,400 6,705 Insurance 89,150 49,781 Motor vehicle maintenance 3,000 4,099 Repairs and maintenance 6,000 1,747 Miscellaneous 2,000 1,700 Supplies 1,000 897 Petroleum products 1,500 1,504 Occupancy 20,000 20,000 Apparel 3,000 2,646 Total administration 298,860 204,758 OPERATIONS Treatment plant Salaries 497,840 442,610 Overtime 21,000 17,411 Part-time 7,700 4,179 Employee benefits 88,000 76,424 Professional services 5,000 3,500 Travel, training, and dues 4,900 3,879 Printing and advertising 100 162 Communications 9,200 10,267 Contractual services 39,100 55,704 Utility services 199,000 240,700 Motor vehicle maintenance 7,000 7,316 Repairs and maintenance 223,500 220,796 Equipment rental 2,000 77 Supplies 69,500 76,507 Petroleum products 9,000 8,015 Chlorine 4,000 2,856 Aggregates 9,000 2,903 Materials 22,000 17,793 Small tools and equipment 1,000 17 Apparel 4,500 4,106 Equipment 6,000 5,863 Miscellaneous 3,700 42,327 Total treatment plant 1,233,040 1,243,412 Less non-operating expenses Fixed assets capitalized (5,045) (5,045) Total treatment plant 1,227,995 1,238,367 (This schedule is continued on the following page.) -89- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) SEWERAGE FUND ' For the Year Ended April 30, 2002 ' Budget Actual OPERATIONS (Continued) Cleaning and maintenance Salaries $ 105,350 $ 105,445 Overtime 6,600 11,757 Part-time 3,600 7,038 Employee benefits 16,690 16,940 ' Contractual services 20,000 5,425 Motor vehicle maintenance 6,000 14,654 Repairs and maintenance 6,000 6,148 Equipment rental 1,000 1,000 Miscellaneous 2,000 2,514 Supplies 12,000 19,909 Petroleum products Aggregates 1,500 2,800 964 2,693 Materials 8,000 8,917 Equipment 4,000 2,886 ' Small tools and equipment 600 - Total cleaning and maintenance 196,140 206,290 Less non - operating expenses tFixed assets capitalized (902) (902) Total cleaning and maintenance 195,238 205,388 Construction Salaries 122,910 95,506 Overtime 1,500 4,793 Part-time 2,000 320 ' Employee benefits 20,220 14,831 Contractual services 154,000 139,301 Motor vehicle maintenance 8,000 9,035 ' Repairs and maintenance 3,700 _ 5,232 Equipment rental 5,000 Supplies 1,000 956 Petroleum products 4,000 4,158 ' Aggregates 11,000 9,054 Materials 34,000 54,379 Small tools and equipment 200 61 ' Total construction 367,530 337,626 TOTAL OPERATING EXPENSES $ 2,089,623 $ 1,986,139 ' (See independent auditors report.) -90- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION SEWERAGE FUND For the Year Ended.April 30, 2002 Assets Balances Balances May 1 Additions Retirements April 30 Sewer system $ 10,825,703 $ - $ - $ 10,825,703 Equipment and vehicles 379,569 5,947 - 385,516 $ 11,205,272 $ 5,947 $ - $ 11,211,219 Accumulated Depreciation Balances Balances May 1 Additions Retirements April 30 Sewer system $ 6,818,130 $ 151,552 $ - $ 6,969,682 Equipment and vehicles 325,897 16,101 - 341,998 $ 7,144,027 $ 167,653 $ - $ 7,311,680 NET ASSET VALUE $ 3,899,539 (See independent auditor's report.) -91- 1 1 1 1 1 1 1 1 1 1 1 I I I VILLAGE OF DEERFIELD, ILLINOIS BALANCESHEET REFUSE FUND April 30, 2002 (with comparative totals for 2001) ASSETS CURRENT ASSETS Cash and investments Receivables Property taxes Accounts - billed Accounts - unbilled Accrued interest Other Due from component unit Due from other funds TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Due to other funds Other liabilities Deferred property taxes Total current liabilities RETAINED EARNINGS TOTAL LIABILITIES AND RETAINED EARNINGS 2002 2001 $ 232,368 $ 252,972 717,025 717,735 15,841 14,052 101,036 65,055 18 5,631 3,271 1,505 - 3,755 3,582 11,069 $ 1,073,141 $ 1,071,774 $ 110,557 $ 107,224 17,009 13,487 - 2,986 755,000 - 882,566 123,697 190,575 948,077 $ 1,073,141 $ 1,071,774 See accompanying notes to financial statements. -92- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL REFUSE FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) OPERATING REVENUES Charges for services Refuse billing Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Contractual services Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Property taxes Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Vehicle Replacement Fund NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 2002 2001 Budget Actual Actual $ 334,000 $ 619,637 $ 347,213 52,000 22,850 45,270 386,000 642,487 392,483 148,470 184,548 112,147 1,210,160 1,209,916 1,088,820 755,000 741,943 744,544 1,358,630 1,394,464 1,200,967 775,000 763,475 772,818 (972,630) (751,977) (808,484) 20,000 21,532 28,274 755,000 741,943 744,544 775,000 763,475 772,818 (197,630) 11,498 (35,666) (14,000) (14,000) (14,000) $ (211,630) (2,502) (49,666) 948,077 997,743 Prior period adjustment (755,000) - RETAINED EARNINGS, MAY 1, RESTATED 193,077 997,743 RETAINED EARNINGS, APRIL 30 $ 190,575 $ 948,077 See accompanying notes to financial statements. -93- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET COMMUTER PARKING LOT FUND April 30, 2002 (with comparative totals for 2001) ASSETS CURRENT ASSETS Cash and investments Receivables Accrued interest Total current assets FIXED ASSETS Cost Accumulated depreciation Net fixed assets TOTAL ASSETS LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable Accrued payroll Total current liabilities FUND EQUITY Retained earnings Total fund equity TOTAL LIABILITIES AND FUND EQUITY 2002 2001 $ 486,055 $ 498,978 9,788 8,000 495,843 506,978 710,108 710,108 (627,620) (627,744) 82,488 82,364 $ 578,331 $ 589,342 $ 11,891 $ 11,421 607 640 12,498 12,061 565,833 577,281 565,833 577,281 $ 578,331 $ 589,342 See accompanying notes to financial statements. -94- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended April 30, 2002 (with comparative actual for 2001) OPERATING REVENUES Parking lot fees OPERATING EXPENSES EXCLUDING DEPRECIATION Operations OPERATING INCOME BEFORE DEPRECIATION Depreciation OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation in fair value of investments Total nonoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS_ (OUT) Street and Bridge Fund Infrastructure Fund Total operating transfers (out) NET INCOME (LOSS) OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces contributed capital NET INCREASE (DECREASE) IN RETAINED EARNINGS 2002 2001 Budget Actual Actual $ 162,000 $ 152,759 $ 155,856 84,660 76,660 69,349 77,340 76,099 86,507 - 1,573 5,243 77,340 74,526 81,264 30,000 30,264 39,156 - 8,762 4,936 30,000 39,026 44,092 107,340 113,552 125,356 (125,000) (125,000) (125,000) (53,025) (125,000) (125,000) (178,025) $ (17,660) (11,448) (52,669) 40,552 (11,448) (12,117) RETAINED EARNINGS, MAY 1 577,281 589,398 RETAINED EARNINGS, APRIL 30 $ 5651833 $ 577,281 See accompanying notes to financial statements. -95- ' (See independent auditor's report.) -96- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATIN G EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND ' For the Year Ended April 30, 2002 1 tBudget Actual OPERATIONS ' Parking lots - Village and federal funds Salaries $ 11,280 $ 12,170 ' Benefits Insurance 1,900 530 1,973 408 Utility service 3,200 4,527 t Repairs and maintenance 2,000 - Property rentals 7,500 7,440 Supplies 400 27 tMiscellaneous 200 - Aggregates 200 - ' Materials 5,000 2,323 Contractual 13,000 12,154 Equipment 2,000 - Total parking lots - Village and federal funds 47,210 41,022 Parking lots - Village construction Salaries 11,060 12,172 ' Salaries - overtime 200 Benefits 1,820 1,973 ' Insurance 470 330 Utility services 6,000 4,163 ' Repairs and maintenance Supplies 500 300 2,305 218 Aggregates 100 - ' Materials 3,000 2,323 Contractual .13,000 12,154 Equipment 1,000 - Total parking lots - Village construction 37,450 35,638 ' TOTAL OPERATING EXPENSES $ 84,660 $ 76,660 ' (See independent auditor's report.) -96- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION COMMUTER PARKING LOT FUND For the Year Ended April 30, 2002 Assets Balances Balances May 1 Additions Retirements April 30 Land $ 77,500 $ - $ - $ 77,500 Parking lot improvements 632,608 - - 632,608 $ 710,108 $ - $ - $ 710,108 Accumulated Depreciation Balances Balances May 1 Additions Retirements April 30 Parking lot $ 627,744 $ 1,573 $ 1,697 $ 627,620 NET ASSET VALUE $ 82,488 (See independent auditor's report.) -97- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 co 0 d N eo 2 n� �D T C 7 d N 9 1 t n 1 1 INTERNAL SERVICE FUNDS Garage Fund To account for all activity necessary to maintain the efficient and safe operation of Village ' vehicles and equipment. The Garage is operated and maintained by the Village of Deerfield, and the various departments are billed according to the services rendered. 1 Insurance Fund To account for monies set aside for the payment of medical, dental, and life insurance premiums for Village employees. The revenue is derived from charges to the various funds. i 11 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS April 30, 2002 (with comparative totals for 2001) LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable $ 6,380 $ 110,185 $ 116,565 $ Totals Accrued payroll 3,456 Garage Insurance 2002 2001 ASSETS payable 61,509 - 61,509 CURRENT ASSETS Claims payable - 308,283 308,283 219,068 Cash and investments $ 96,282 $ 2,083,552 $ 2,179,834 $ 2,023,429 Receivables Accounts 57 - 57 23 Accrued interest - 34,862 34,862 6,491 Inventories 74,397 - 74,397 69,231 TOTAL ASSETS $ 170,736 $ 2,118,414 $ 2,289,150 $ 2,099,174 LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable $ 6,380 $ 110,185 $ 116,565 $ 116,541 Accrued payroll 3,456 - 3,456 3,085 Compensated absences payable 61,509 - 61,509 54,226 Claims payable - 308,283 308,283 219,068 Total liabilities 71,345 418,468 489,813 392,920 RETAINED EARNINGS Reserved for liability insurance - 867,426 867,426 808,759 Unreserved 99,391 832,520 931,911 897,495 Total retained earnings 99,391 1,699,946 1,799,337 1,706,254 TOTAL LIABILITIES AND RETAINED EARNINGS $ 170,736 $ 2,118,414 $ 2,289,150 $ 2,099,174 See accompanying notes to financial statements. -98- 1 L r 1 1 11 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS OPERATING REVENUES Charges for services Billings Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED Residual equity transfer in Deposit Fund RETAINED EARNINGS, APRIL 30 For the Year Ended April 30, 2002 (with comparative totals for 2001) Totals Garage Insurance 2002 2001 $ 245,760 $ 1,358,914 $ 1,604,674 $ 1,530,510 1,099 - 1,099 4,311 246,859 1,358,914 1,605,773 1,534,821 - 1,432,809 1,432,809 236,114 - 236,114 1,461,200 254,392 236,114 1,432,809 1,668,923 1,715,592 10,745 (73,895) (63,150) (180,771) 493 161,888 162,381 39,728 11,238 87,993 99,231 (141,043) (2,000) - (2,000) (2,000) 9,238 87,993 97,231 (143,043) 94,301 1,611,953 1,706,254 425,110 (4,148) - (4,148) - 90,153 1,611,953 1,702,106 425,110 - - - 1,424,187 $ 99,391 $ 1,699,946 $ 1,799,337 $ 1,706,254 See accompanying notes to financial statements. -99- VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended April 30, 2002 (with comparative totals for 2001) CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Changes in assets and liabilities Receivables Accounts payable Accrued interest Accrued payroll Compensated absences payable Inventories Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers (out) Residual equity transfer in Totals Garage Insurance 2002 2001 $ 10,745 $ (73,895) $ (63,150) $ (180,771) (34) - . (34) 94 4,155 85,084 89,239 40,341 - (28,371) (28,371) 2,027 371 - 371 659 3,135 - 3,135 9,310 (5,166) - (5,166) (8,833) 13,206 (17,182) (3,976) (137,173) (2,000) - (2,000) (2,000) 1,424,187 Net cash from noncapital financing activities (2,000) - (2,000) 1,422,187 CASH FLOWS FROM INVESTING ACTIVITIES Interest NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, MAY 1 CASH AND CASH EQUIVALENTS, APRIL 30 493 161,888 162,381 39,728 11,699 144,706 156,405 1,324,742 84,583 1,938,846 2,023,429 698,687 $ 96,282 $ 2,083,552 $ 2,179,834 $ 2,023,429 See accompanying notes to financial statements. -100- 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL GARAGE FUND OPERATING REVENUES Charges for services Billings Miscellaneous Total revenues OPERATING EXPENSES Operations OPERATING INCOME (LOSS) For the Year Ended April 30, 2002 (with comparative actual for 2001) 2002 2001 Budget Actual Actual $ 232,500 $ 245,760 $ 253,981 4,000 1,099 4,311 236,500 246,859 258,292 245,160 236,114 254,392 (8,660) 10,745 3,900 NONOPERATING REVENUES (EXPENSES) Investment income Interest income - 493 1,003 INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Vehicle Replacement Fund NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Prior period adjustment (8,660) 11,238 4,903 (2,000) (2,000) (2,000) $ (10,660) 9,238 2,903 94,301 91,398 (4,148) - RETAINED EARNINGS, MAY 1, RESTATED 90,153 91,398 RETAINED EARNINGS APRIL 30 $ 99,391 $ 94,301 See accompanying notes to financial statements. - 101 - VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL GARAGE FUND For the Year Ended April 30, 2002 OPERATING EXPENSES Public works department Salaries Overtime Employee benefits Apparel Repairs and maintenance Travel, training, and dues Printing and advertising Communications Utility services Insurance Petroleum products Miscellaneous Materials Small tools and equipment Supplies Equipment TOTAL OPERATING EXPENSES Budget Actual $ 128,800 $ 136,291 8,900 7,691 24,510 21,005 1,000 959 5,000 536 400 21 400 385 1,500 1,493 1,600 1,908 7,350 4,901 700 626 400 880 200 - 2,500 1,854 60,100 56,695 1,800 869 $ 245,160 $ 236,114 (See independent auditor's report.) -102- 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 r i VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS INSURANCE FUND For the Year Ended April 30, 2002 (with comparative totals for 2001) OPERATING REVENUES Charges for services Billings OPERATING EXPENSES Administration Insurance OPERATING INCOME (LOSS) NONOPERATING REVENUES Investment income Interest income Net appreciation in fair value of investments NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Residual equity transfer in Deposit Fund RETAINED EARNINGS, APRIL 30 2002 2001 $ 1,358,914 $ 1,276,529 1,432,809 1,461,200 (73,895) (184,671) 153,497 32,143 8,391 6,582 87,993 (145,946) 1,611,953 333,712 - 1,424,187 $ 1,699,946 $ 12611,953 See accompanying notes to financial statements. -103- it 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1-1 t d _ a C _ CL. y 1 n 1 1 1 1 TRUST AND AGENCY FUNDS 1 Pension Trust Fund Police Pension Fund - to account for the accumulation of resources to pay pension costs. 1 Resources are contributed by police force members at rates fixed by state statutes and by the Village through an annual property tax levy. ' Aeency Funds Deposit Fund - to account for monies on deposit with the Village that are being held on a temporary basis. Deerfield Cemetery Association Fund - to account for the monies on deposit with the Village ' that are being held for the Deerfield Cemetery Association. East Shore Radio Network Fund - to account for the monies on deposit with the Village that are being held for the East Shore Radio Network. 1 1 t 1 1 1 1 O � 0 M O l W z U o y6 C7 O 0 W W CO ¢ v •� A C7 � ea N W U a 0 H 3 N 69 N b&on 4 eO H O O N O O N 0 o tom. 3 cd w z O b �+ o � w � A U y y ¢ 0 a+ y G o y a° � a 69 I 69 � W M O l r- 00 �o ~ adz D\ O\ N 00 N � O N 69 6s NO Cs N N O 00 N ON ON M M � O O ON H O ^" N 69 6q 00 M -, C 0 O O 00 — �o M V) N 00 M 6s 00 69 M M o M Os O 0 00 04 00 1 1 I 1 �h M M M NO 0 O 0 0 bs 66 0 0� N 00 en � M � O` 69 I 69 W adz N V1 �o 00 N O\ oo oo O\ O m .a M ON M NO O� N 00 N � O H ^" N y O 00 — V) N 00 M 00 00 O O o o M O 0 u 04 �h M N V1 �o 00 N O\ oo oo O\ O m M ON M NO O� N 00 N � O ^" N O 00 — V) N 00 M 00 00 O O r- N M O 0 - �h M ON C O O N 69 6q M O� � � M � 69 V) 00 W) 00 N V) 00 -o 00 �o y ed In .. of M ONO N 00 e00 C o � 69 6s y O O 000 n fl- O a wl �c oo O oo ao o oc o� o, U co N �W ~ >, z j tt m O 0 Q A O w VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF PLAN NET ASSETS POLICE PENSION FUND April 30, 2002 ASSETS Cash and cash equivalents Receivables Accrued interest Total receivables Investments, at fair value U.S. government obligations U.S. agencies securities Mutual funds Municipal obligations Total investments Total assets LIABILITIES Accounts payable Other liabilities Due to other funds Total liabilities NET ASSETS HELD IN TRUST FOR PENSION BENEFITS (A schedule of funding progress for this plan is presented on page 44) See accompanying notes to financial statements. -105- $ 951,205 139,769 139,769 6,975,701 2,627,726 5,502,250 2,947,218 18,052,895 19,143,869 500 8,682 21,875 31,057 $ 19,112,812 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL POLICE PENSION FUND ADDITIONS Contributions - employer Property taxes - current Replacement taxes Contributions - employee Total contributions For the Year Ended April 30, 2002 Budget Actual $ 375,000 $ 334,120 10,000 8,402 235,000 252,875 620,000 595,397 Investment income Net appreciation (depreciation) in fair value of investments - (995,382) Interest earned on investments 1,500,000 1,043,621 Total investment income 1,500,000 48,239 Less investment expense - (3,193) Net investment income 1,500,000 45,046 Total additions 2,120,000 640,443 DEDUCTIONS Benefits and refunds Pension payments 668,000 697,296 Separation refunds 30,000 19,647 Miscellaneous 13,000 6,092 Total deductions 711,000 723,035 NET INCREASE (DECREASE) $ 1,4092000 (82,592) NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1 19,195,404 April 30 $ 19,112,812 See accompanying notes to financial statements. -106- 1 1 1 1 1 1 1 r� F� rj, 1 1 1 1 �1 � i 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended April 30, 2002 Balances Balances May 1 Additions Deductions April 30 ALL FUNDS ASSETS Cash and investments $ 850,644 $ 46,508 $ 10,523 $ 886,629 Receivables - other 48,002 - 15,499 32,503 Due from other funds 100,000 - 100,060 - TOTAL ASSETS $ 998,646 $ 46,508 $ 126,022 $ 919,132 LIABILITIES Accounts payable $ 36,987 $ 6,157 $ 23,594 $ 19,550 Deposits payable 868,295 - 412,567 455,728 Other liabilities 81,885 10,714 - 92,599 Due to other funds 11,479 351,255 11,479 351,255 TOTAL LIABILITIES $ 998,646 $ 368,126 $ 447,640 $ 919,132 DEPOSIT FUND ASSETS Cash and investments $ 778,323 $ 44,845 $ - $ 823,168 Due from other funds 100,000 - 100,000 - TOTAL ASSETS $ 878,323 $ 44,845 $ 100,000 $ 823,168 LIABILITIES Accounts payable $ 10,028 $ 6,157 $ - $ 16,185 Deposits payable 868,295 - 412,567 455,728 Due to other funds - 351,255 351,255 TOTAL LIABILITIES $ 878,323 $ 357,412 $ 412,567 $ 823,168 DEERFIELD CEMETERY ASSOCIATION FUND ASSETS Cash and investments $ - $ 1,663 $ - $ 1,663 Receivables - other 13,609 - 13,609 - TOTAL ASSETS $ 13,609 $ 1,663 $ 13,609 $ 1,663 LIABILITIES Accounts payable $ 2,130 $ - $ 467 $ 1,663 Due to other funds 11,479 - 11,479 - TOTAL LIABILITIES $ 13,609 $ - $ 11,946 $ 1,663 (This statement is continued on the following page.) -107- t 1 1 VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (Continued) AGENCY FUNDS For the Year Ended April 30, 2002 1 1 1 1 1 1 1 1 1 1 Balances Balances May 1 Additions Deductions April 30 $ 72,321 $ - $ 10,523 $ 61,798 34,393 - 1,890 32,503 $ 106,714 $ - $ 12,413 $ 94,301 $ 24,829 $ - $ 23,127 $ 1,702 81,885 10,714 - 92,599 $ 106,714 $ 10,714 $ 23,127 $ 94,301 See accompanying notes to financial statements. - 108- EAST SHORE RADIO NETWORK FUND ASSETS Cash and investments Receivables - other TOTAL ASSETS LIABILITIES Accounts payable Other liabilities TOTAL LIABILITIES 1 1 1 1 1 1 1 1 1 1 Balances Balances May 1 Additions Deductions April 30 $ 72,321 $ - $ 10,523 $ 61,798 34,393 - 1,890 32,503 $ 106,714 $ - $ 12,413 $ 94,301 $ 24,829 $ - $ 23,127 $ 1,702 81,885 10,714 - 92,599 $ 106,714 $ 10,714 $ 23,127 $ 94,301 See accompanying notes to financial statements. - 108- 1 1 1 1 1 1 1 1 1 11, 1 1 1 I U 1 1 0 CD a' �d a ^w k Y/ a 1 d o a c 'O y CD a 1 1 1 1 I 1 1 1 1 1 1 1 1 1 J I GENERAL FIXED ASSETS ACCOUNT GROUP Fixed assets used in operations are not accounted for in governmental funds. General fixed assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds. VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP April 30, 2002 (with comparative totals for 2001) GENERAL FIXED ASSETS Land Buildings and improvements Vehicles Equipment TOTAL GENERAL FIXED ASSETS INVESTMENT IN GENERAL FIXED ASSETS General revenues Tax incremental financing bonds General obligation bonds Installment contracts TOTAL INVESTMENT IN GENERAL FIXED ASSETS 2002 2001 $ 17,314,478 $ 15,914,477 7,810,649 5,367,684 1,668,414 1,568,189 3,460,367 3,354,583 $ 30,253,908 $ 26,204,933 $ 249252,899- $ 20,203,924 41101,009 4,101,009 1,500,000 1,500,000 400,000 400,000 $ 30,253,908, $ 26,204,933 (See independent auditor's report.) -109- 1 1 1 �i 1 1 1 1 1 1 1 1 1 1 1 7 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION GENERAL FIXED ASSETS ACCOUNT GROUP ' For the Year Ended April, 30, 2002 Buildings and ' Function Land Improvements Vehicles Equipment Totals ' General government $ 15,893,696 $ 321,977 $ 46,367 $ 1,127,000 $ 17,389,040 Public safety 1,271,340 3,599,810 422,500 1,468,574 6,762,224 Public 149,442 3,888,862 works 1,199,547 864,793 6,102,644 $ 17,314,478 $ 7,810,649 $ 1,668,414 $ 3,460,367 $ 30,253,908 ' (See independent auditor's report.) -110- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION GENERAL FIXED ASSETS ACCOUNT GROUP For the Year Ended April 30, 2002 Balances Balances Function May 1 Additions Retirements April 30 General government $ 16,006,264 $ 1,425,375 $ 42,599 $ 17,389,040 Public safety 4,243,653 2,537,161 18,590 6,762,224 Public works 5,955,016 232,486 84,858 6,102,644 $ 26,204,933 $ 4,195,022 $ 146,047_ $ 30,253,908 (See independent auditor's report.) - 111 - 1 1 1 1 1 J 1 1 1 1 1 1 I 1 1 c� e� � m C � O � c S O e� Q 1 1 1 1 1 GENERAL LONG -TERM DEBT ACCOUNT GROUP 1 To account for the noncurrent portion of the Government's bond issue liabilities. 1 1 1 I 1 u 1 1 1 1 1 I VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL LONG -TERM DEBT GENERAL LONG -TERM DEBT ACCOUNT GROUP April 30, 2002 (with comparative totals for 2001) General Obligation General Refunding Obligation Bond Series Bond Series Totals of 2002 of 1998 2002 2001 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE RETIREMENT OF GENERAL LONG -TERM DEBT Amount available for debt service $ 2,880,845 $ - $ 2,880,$45 $ 2,660,397 Amount to be provided for retirement of general long- term debt 579,155 14,000,000 14,579,155 17,534,603 $ 3,460,000 $ 14,000,000 $ 17,460,000 $ 20195,000 GENERAL LONG -TERM DEBT PAYABLE General obligation bonds payable $ 3,460,000 $ 14,000,000 $ 17 460,000 $ 20,195,000 (See independent auditor's report.) -112- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 0 3 0 0 eo 0 C 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 COMPONENT UNIT Component Unit (Public Library Fund) - The Public Library Fund is used to account for the resources necessary to provide the educational, cultural, and recreational activities of the Deerfield Public Library. VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET PUBLIC LIBRARY April 30, 2002 (with comparative totals for 2001) General Fixed Asset Account Totals General Group 2002 2001 ASSETS Cash and investments $ 1,695,202 $ - $ 1,695,202 $ 1,458,204 Receivables - property taxes 1,343,379 - 1,343,379 1,295,853 Due from primary government 17,009 - 17,009 40,497 General fixed assets - 1,961,176 1,961,1176 1,943,568 TOTAL ASSETS $ 3,055,590 $ 1,961,176 $ 5,016,766 $ 4,738,122 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable Compensated absences Due to primary government Deferred property taxes Total liabilities FUND EQUITY Investment in general fixed assets Fund balance - unreserved Designated - capital improvements Designated - memorial Undesignated Total fund equity TOTAL LIABILITIES AND FUND EQUITY $ 60,768 $ - $ 60,768 $ 55,002 114,178 - 114,178 - 4,136 - 4,136 11,518 1,423,000 - 1,423,000 1,384,000 1,602,082 - 1,602,082 1,450,520 1,961,176 1,961,176 1,943,568 140,000 - 140,000 140,000 21,277 - 21,277 - 1,292,231 - 1,292,231 1,204,034 1,453,508 1,961,176 3,414,684 3,287,602 $ 3,055,590 $ 1,961,176 $ 5,016,766 $ 4,738,122 See accompanying notes to financial statements. -113- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL PUBLIC LIBRARY For the Year Ended April 30, 2002 (with comparative actual for 2001) REVENUES Taxes Property taxes Replacement taxes Intergovernmental Grants Charges for services Non - resident fees Fees, fines, penalties Xerox Videos Interest Miscellaneous Impact fees Tax incremental finance district surplus property tax rebate JCPL Rebate Gifts Miscellaneous Total revenues EXPENDITURES Culture and recreation EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 2002 2001 Budget Actual Actual $ 1,423,000 $ 1,500,807 $ 1,388,325 16,000 25,826 27,423 21,000 21,580 21,393 25,000 18,250 25,175 35,000 45,130 45,176 5,000 5,850 5,517 12,000 10,626 12,565 90,000 49,217 89,829 3,297 - 140,000 189,059 204,789 50,000 60,144 - 1,000 2,355 1,564 104,000 793 16,822 1,922,000 1,932,934 1,838,578 1,732,000 1,739,689 1,599,756 $ 190,000 193,245 238,822 1,344,034 1,105,212 (83,771) - 1,260,263 1,105,212 $ 1,453,508 $ 1,344,034 See accompanying notes to financial statements. -114- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL PUBLIC LIBRARY For the Year Ended April 30, 2002 CULTURE AND RECREATION Salaries - professional Salaries - non - professional Employee benefits Professional services Education, travel, and dues Communication Insurance Contractual services Utilities Repairs, maintenance of building and equipment building supplies Supplies - library and office Books Periodicals Audio - visual Binding Special library programs New equipment Printing Miscellaneous Equipment replacement Remodeling project TOTAL EXPENDITURES Budget Actual $ 420,000 $ 425,307 540,000 563,903 97,000 259,906 8,500 72449 122500 15,586 11,500 14,560 23,500 21,799 101,500 73,580 1,500 1,308 45,000 41,842 30,000 37,158 165,000 153,217 42,000 42,833 20,000 19,983 4,000 4,712 12,000 14,955 20,000 18,190 14,000 16,420 11,000 6,981 50,000 - 103,000 - $ 1,732,004 $ 1,739,689 (See independent auditor's report.) -115- i i VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE PUBLIC LIBRARY April 30, 2002 GENERAL FIXED ASSETS Land Buildings and improvements Equipment INVESTMENT IN GENERAL FIXED ASSETS General revenues (See independent auditor's report.) -116- $ 145,556 1,378,955 436,665 $ 1,961,176 $ 1,961,176 1 1 1 1 1 1 1 1 1 1 1 1 i� 1 1 1 1 1 1 N C W t9 C1 v d i i i VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF INSURANCE IN FORCE April 30, 2002 Insureds Description of Coverage Amount of Coverage Village of Deerfield Workers' Compensation Statutory Village of Deerfield Comprehensive Automobile Liability Bodily Injury and Property $1,000,000 Village of Deerfield General Liability $1,000,000 Village of Deerfield Blanket Building and Contents $55,000,000 Village of Deerfield Boiler and Machinery $50,000,000 Public Officials Blanket Bond Coverage $ 10,000/ $1,000,000 Village of Deerfield Excess Coverage $12,000,000 The Village of Deerfield is a member of the Municipal Insurance Cooperative Agency. Property, automobile liability, general liability, and workers' compensation are provided under the Agency. The Village of Deerfield is also a member of the High -Level Excess Liability Pool. Excess liability coverage is provided under this agency. (See independent auditor's report.) -117- VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1997 April 30, 2002 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 Tax Levy Interest Due on Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2001 167 -226 $ 300,000 $ 185,650 $ 485,650 2002 $ 92,825 2002 $ 92,825 2002 227 -289 315,000 172,450 487,450 2003 86,225 2003 86,225 2003 290 -355 330,000 158,432 488,432 2004 79,216 2004 79,216 2004 356 -423 340,000 143,748 483,748 2005 71,874 2005 71,874 2005 424495 360,000 128,618 488,618 2006 64,309 2006 64,309 2006 496 -570 375,000 112,598 487,598 2007 56,299 2007 56,299 2007 571 -648 390,000 95,910 485,910 2008 47,955 2008 47,955 2008 649 -730 410,000 78,555 488,555 2009 39,278 2009 39,277 2009 731 -816 430,000 60,310 490,310 2010 30,155 2010 30,155 2010 817 -906 450,000 41,175 491,175 2011 20,587 2011 20,588 2011 907 -1,000 470,000 21,150 491,150 2012 10,575 2012 10,575 $ 4,170,000 $ 1,198,596 $ 5,368,596 $ 599,298 $ 599,298 (See independent auditor's report.) _118- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Date of Issue Date of Maturity Authorized Issue Denomination of Notes Interest Rates Principal Maturity Date Payable at VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1998 April 30, 2002 April 15, 1998 October 1, 2008 $17,000,000 $5,000 4.20%,4.25%,4.30%, and 4.35% April 1 and October 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond Tax Le ,.. Interest D e.on Year Numbers Principal Interest Totals June 1 Amount ecember 1 Amount 2001 601 -900 $ 1,500,000 $ 570,375 $ 2,070,375 2002 $ 301,125 2002 $ 269,250 2002 901 -1,200 1,500,000 506,250 2,006,250 2003 269,250 2003 237,000 2003 1,201 -1,500 1,500,000 441,750 1,941,750 2004 237,000 2004 204,750 2004 1,501 -1,800 1,500,000 377,250 1,877,250 2005 204,750 2005 172,500 2005 1,801 -2,200 2,000,000 302,000 2,302,000 2006 172,500 2006 129,500 2006 2,201 -2,600 2,000,000 216,000 2,216,000 2007 129,500 2007 86,500 2007 2,601 -3,000 2,000,000 130,000 2,130,000 2008 86,500 2008 43,500 2008 3,001 -3,400 2,000,000 43,500 2,043,500 2009 43,500 2009 - $14,000,000 $ 2,587,125 $16,587,125 $ 1,444,125 $ 1,143,000 (See independent auditor's report.) -119- VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 2002 April 30,2002 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 2001 1 -245 $ 1,225,000 $ 112,702 $ 1,337,702 2002 $ 48,096 2002 $ 64,606 2002 246495 1,250,000 89,400 1,339,400 2003 44,700 2003 44,700 2003 496 -692 985,000 39,400 1,024,400 2004 19,700 2004 19,700 $ 3,460,000 $ 241,502 $ 3,701,502 $ 112,496 $ 129,006 (See independent auditor's report.) -120- 1 P--� 1 1 1 1 1 1 1 1 1 1 t 1 1 1 1 1 1 P* N ..r n� m N e0 0 O 7 1 1 1 1 1 1 1 1 1 1= 1 1' 1 1 1 1 1 1 1 d id U N w H a O r 00 00 O� en M 69 r N n 69 00 O� O to N h 69 _r N O� M fA 00 N_ M N es N b In 00 O� O\ K 0 00 v 00 b O 69 � � avii N b ca U 9 N 0 0. w m ca In y Cdd U H 'a"5 Q 000 U Oro ca C w y w N .5 N 000 O� 6A M 00 ID O M 00 O^ lO Ci M O kn N 000 O -� 69 00 m O 00 0� 00 v1 ZO M r 0, 69 N a 000 V 69 O 00 M W a, O � N � N h 2 00 M 0, 00 00 00 'T v1 M 00 O, 69 Obi a 000 000 O� Ol M 00 r M vri N n N O 00 69 r O 00 N O 7 � n �O O v1 O n n O v Or 00 v %n M �o r 69 v N O % r V1 00 N M c1 1� tn 0 M h N � n 00 00 O N r oo wl M %D N N kn M n 69 O r 00 00 O� en M 69 r N n 69 00 O� O to N h 69 _r N O� M fA 00 N_ M N es N b In 00 O� O\ K 0 00 v 00 b O 69 � � N b ca U 9 N 0 0. w En > g ca In y Cdd U H 'a"5 Q 000 U t..i W as d ca C w y w N .5 O Q N Q OH 0 z .b O d U O fn pop �y. N i O a Ll a W W Q w O W Q rl id U w C F N e0 H O z b O U U o cd ono co > N vii � � 00 It 06 rIF 06 6A 6A O N o0 n r 71 W O V1 c�•1 0001 N O V1 kn N N ^ N ^ M vl 6A 6A rD 00 D\ r vl O M 00 N N O\, 00 o oo O\ r 00 eh 0 N 00 n en C ^ C ^ ^ ^ N N 6A 6A �O M M V1 M r 7 O N O O lO R M O N M r 00 ^ O to OBI rq 6A 6q \O a0 O r N M N X00 kn N 00 6A 6A O C C 7 V o0 1� M a O; a Vt ^ M ^ ^ O 6A 69 OM M O� V01 O 00 M O� o0 _M ON O O\ O O [' 1� S 6A 6A r V1 M l� M 00 �O M r r o0 N_ N N N N 00 O1 N �O 00 O �i 6A �o v kn r 00 �O M N V1 O N C! _ W n O o0 V1 N V 00 N N Vn 0 6A 60) z 0 N M V M M o0 O N V lC lC M ON 00 %O ON 01 V1 Cl �O O O N V1 N C� 6A 69 N C ^ _ U r co A z U W i h ~ � fl U y U W 00 ca to •N F H O z b O U U o cd ono co > 1 1 1 1 1 1 1 I 1 L a 1 I (This page is intentionally left blank.) N hti � ha � d c al by F W � W A � w � O W h Ql h h4 ; dr > i to a � iN H ra O Q' 0` D\ M O� N O� tN co ' ' O Obhp 0 O A 0000 n r x a z ON w � > O ° �'�•G � � K M M IT v v try to .' N M ON 00 t- N M N o ti � N Q "" a C N �ha W U F ¢ 69 O O 69 69 a �O h O to a, O to O C d C C 0 O 00 t t r- O O cM 0 0 p 00 N W N r n M C\ � 7 n O\ tC t � M a, N E 00 OMs O Q �' 7 69 69 69 00 10 00 to It 00 01 t t tn N M .O+ d ci C C d d O as M _ O� to to ttn O to O a\ to �o 00 to N n M M to O� tr� 06 �O of ^' M M f, n r C M 00 D\ N M 00 Q 7 to 69 69 69 69 O O (7� p to �o .N. O n cu a h C p N n n `7 M C\ Vj 01 v t+1 t0 tr1 r tt en r O en 000 O N Q -- -- tn 69 69 69 69 V 00 00 kn v 00 en en d O O d 0 O' i0 OG t� O O O� O O t0 O O to O� a\ N v1 O O M try to N N c ° v' r-M v00 a �D ON M l� N 1� .• N o_ 69 69 69 69 O O en O N O r * d O O C C C C C C C m co 0 O A x a z z w � > z � T ° �'�•G � � w z o > W a d 'u to c .� p, r„ �' d o ti � H F- Wl W w a C N �ha W U F ¢ O O a 1 1 1 1 C r F u 7O CO a A 1 � u V w A � a Ov � rC ar a G k V V R U CO d a ' F LL a C a a 1 1 0 0 N 0 Ci N a a\ a N N V) o, h O � 0 64 N 00 00 � r a M r 6s An 00 t `c t 00 O � o e r 64 H fi. G F � e ,a a 6s A 6 a 0000 coca nr 1 1 1a r r0� oc M M ^ ^ a aN r O O c c o o C N O O N N Ipn C �M o o�arr bs 0000 coca nr 1 1 1a r r0� oc M M ^ ^ a aN r O O c c o o C N O O N N Ipn C �M o o�arr bs 00 O O O O C 1 1 O O O O- v v°, C %0 �O M N N 00 r C vM a a`hrr to O� N e O 1 00 r 1 N N 00 r C 1 00 � �' I O N v 1 .Mi W) > O O O �O i v^ In V1 r, 00 N O 1 � Vr1 � C N N p 06 el I N i of N r r 00 �O p i O O O en 0 0 M 00 M O a OM ..+ r' t a O. F 7 000 O M 0 en en M M as r r N M M a �� V� r I a bs us en eri N M V7 .M+ .fir 't N d 00 0 0 Q 0 0 ed ta LU 0 0 °o F O O A a$ F Z o U x z u 4)�a w U xG o > A z�> _ O ° �2� 61 �' c E' & Q P F °7 ca y E y 4 F' U Z y O w W1 W a o p d 'o w a, k o 0 W ^� y E o d a u chi a Q •� a ° V v 0 viiw�U r'vbiG ''Aaa° p p w a.* m V. A 0 N i N i VILLAGE OF DEERFIELD, ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years Data Source Office of the County Clerk -125- Ratio of Total . Assessed Tax Equalized Estimated Value Fiscal Levy Assessed Actual to Total Equalization Year Year Value Value Actual Value Factor 1993 1992 $ 547,603,297 $ 1,642,809,891 33.33 1.0000 1994 1993 570,794,665 1,712,383,995 33.33 1.0000 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 Data Source Office of the County Clerk -125- N i0 U w H a vi N ON O\ h r It N M � O"t M r n O O O C O O C O C 00 n ON �o �o N �O N l- 00 N N [- V) M — M OV: M r V1 O O 0 0 0 0 0 0 0 v1 V1 O\ N 00 00 N N_ O C O O O 0 0 0 00 .•. O\ 00 V1 00 00 N M O N ^• 00 00 M ... N O M �o V) O 0 0 6 0 6 C C 0 O 0 0 0 0 0 0 0 O, I- %O M �o — r- N Ol O\ N V r- 00 N It — O't M �o V) O C 6 6 6 6 6 6 6 00 %O N V, l- t- ON C� N_ V1 O * M �o V1 O C C C C C O C O V1 It C C C C C C C C V1 .•. O d' M � V1 O O C O C C C C C 00 00 M 1- ^• kO %0 ... O O O O O C C O tf O\ N N — O O � O N N N O O 't 00 M N W) 00 N r N cV G C �O 00 N 00 It 00 N N .. O O IT ONO N 0000 M 00 O N V1 O %O N 00 M 00 0 �o V1 N N cs N 00 N (71 00 � . O N 00 C -+ O1 D\ N N 00 N N N N N _ N o0 C N [';! Q y bUD CL r y k" m O M y Y O 4 � �t a '� o o' �, � w E, fA o. o o � •� .d o ? co o tr. o a 8 7� FF a� o. °_ Q Q >U F F A O 7 yN qN W 0 O O 69 N lC N 67 F w a ca 3 Q F O a Q O U h W m C1r F F � m W A AA A W W A V) A O O p om m O - d o� ti A Q (7 V O u (W O Q w D\ 00 n � F r �F z zA O Q W1 OW 69 Q 0: I� Q rt W W Q ^ O I w Q 7 0 O U b U O U O 0 �U 0 o U no 0 ca ,. O N O v1 h c m N O 000 pNp O - � 0 D\ 00 n r N 00 W1 69 O I� N rt O ^ ^ 00 69 N N O O 00 a, �t ON O M �O M O vii vM1 be N n O N r M N ^ r 69 N �O n O000 O r- N O( M O N ,I O N M 000 N O 00 N N O N n 69 N N O 1 O 00 N ON 00 Ln M_ M O 00 I� M N 69 t- N N vi O O O N 00 00 O M O t- N t- � M 000 vii N O1 o0 Ol M Ln N N [t N 69 l� N O M r- o O 00 M � O M O I- r- r vi vi o; .: 000 N6M9 N00 N %0 69 O_ o -- N 00 O D\ M �0 M Ow O Cl O M . N ^ OCi It 000 M 7 O V1 N ^ O 69 M O N 00 O ^ v o �O o M M OMC O V) O, ^ 00 \O . D\ .r. It n M V1 Q\ O 7 O\ 69 M ^ O 00 ^ 69 t� v1 O h W) o N 00 en U1 O. r It kr r- n O 69 O N W) 69 N O 0 C\ 00 r t+l N O 00 O M I� M v1 V) O\ N kn D\ ^ O M M 1.0 O\ I0 00 M 69 1� N [t N ^ ^ kn 69 r y c � 7 O G r •cc O a 7 o O O v Q m p 'a °' a ^� C7 a s �' °o' Z °^ $ o to i 0 Q A W C7 d y ^ O P\ to L7 4) Cd 6l O Q /Y w Q 7 0 O U b U O U O 0 �U 0 o U no 0 ca ,. 1 1 1 1 1 1 1 1 1 t 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT April 30, 2002 Village of Deerfield Metropolitan Sanitary District Lake County and Forest Preserve Cook County and Cook County Forest Preserve North Shore Sanitary District Northbrook Park District Township High School # 113 Northfield Township High School #225 Junior College #532 North Shore School District #112 Elementary School District #109 Total Gross Debt Less Debt Service Fund Amount Available - Village of Deerfield TOTAL DIRECT AND OVERLAPPING DEBT $ 17,460,000 908,905,000 241,738,289 2,121,075,000 12,552,259 19,705,000 66,780,000 17,576,993 6,974,166 39,333,000 29,060,000 3,463,699,707 3,481,159,707 2,880,845 $ 3,478,278,862 100.000% $ 17,460,000 0.099 899,816 3.878 9,374,611 0.097 2,057,443 0.024 3,013 3.385 667,014 25.361 16,936,076 2.749 483,192 4.093 285,453 0.230 90,466 70.788 20,570,993 51,368,077 68,828,077 2,880,845 $ 65,947,232 * 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 -128- * (1) (2) ** Gross Percentage (3) General of Debt Village's Obligation Applicable to Share Governmental Unit Debt Government of Debt Village of Deerfield Metropolitan Sanitary District Lake County and Forest Preserve Cook County and Cook County Forest Preserve North Shore Sanitary District Northbrook Park District Township High School # 113 Northfield Township High School #225 Junior College #532 North Shore School District #112 Elementary School District #109 Total Gross Debt Less Debt Service Fund Amount Available - Village of Deerfield TOTAL DIRECT AND OVERLAPPING DEBT $ 17,460,000 908,905,000 241,738,289 2,121,075,000 12,552,259 19,705,000 66,780,000 17,576,993 6,974,166 39,333,000 29,060,000 3,463,699,707 3,481,159,707 2,880,845 $ 3,478,278,862 100.000% $ 17,460,000 0.099 899,816 3.878 9,374,611 0.097 2,057,443 0.024 3,013 3.385 667,014 25.361 16,936,076 2.749 483,192 4.093 285,453 0.230 90,466 70.788 20,570,993 51,368,077 68,828,077 2,880,845 $ 65,947,232 * 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 -128- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN April 30, 2002 The Government 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 per cent:... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is theteafter 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 Comnputation of Debt Margin if Government Were Not a Home Rule Municipality The Government is a home rule municipality and, as such, has no debt limitations. If, however, the Government were a non -home rule municipality, its available debt limit would be as follows: Equalized assessed valuation - 2001 $ 800,595,252 Legal debt limit - 8.625% Amount of debt applicable to limit Legal debt margin -129- $ 69,051,340 $ 14,000,000 3,460,020 17,460,000 $ 51,591,340 z 0 ' F � Q O q ' .' z w a zw 1 �a o °` z ow A � > ' zw O W � ..1 w A ww O U w w > C7 Q W Q .a En O j F ' wCa O <w zQ oz �O F d U w F 0 M M N 0 N M N 0 00 M NO N 00 n °v M 0 a 06 N 0 C, O Cl) N ti �o o U y O � A > 0 w U W U � > .7Qfvr� COO Qv� V z F I F w w H A W f— A owz ozwwz W O W F F ti �o o U y O � A > 0 VILLAGE OF DEERFIELD, ILLINOIS DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Data Sources 1) Derived from data from the Department of Commerce, Bureau of the Census 2000 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. - 131 - (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 1993 17,327 70,046 36.3 58.8 3,410 1.3 1994 17,327 78,830 35.9 59.6 3,462 1.1 1995 17,327 71,966 35.6 60.7 4,287 1.0 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 Data Sources 1) Derived from data from the Department of Commerce, Bureau of the Census 2000 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. - 131 - 1 1 1 FJ 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS Last 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 -132- (1) (1) (2) Commercial Construction Residential Total Fiscal Number of Number of Bank Property Year Units Value Units Value Deposits Value 1993 114 $ 14,582,113 49 $ 8,575,000 $ 339,627,000 1,643,000 1994 103 6,525,766 25 4,552,000 134,200,800 1,712,000 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 Data Source 1) Construction figures - Village of Deerfield, Building and Zoning Department 2) Lake and Cook County Tax Extension Offices N/A - Not available -132- VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL TAXPAYERS April 30, 2002 Data Source Office of the County Clerk -133- Percentage 2000 of Total Assessed Assessed Taxpayers Type of Business Valuation Valuation T Carr America Realty Group Parkway North $ 34,261,941 3.80% Mid America Asset Management/Albertson's Deerbrook Shopping Center 26,563,556 2.90% Cornerstone Deerfield LLC Corporate 500 Center 23,141,735 2.50% Mass Mutual Life Insurance Co. Lake Cook Office Center 18,601,316 2.00% Baxter Office Buildings (3) 15,981,451 1.80% Estate of James Campbell Arbor Lake Center 15,715,691 1.70% Felcor Suites Ltd. Partnership Embassy Suites Hotel 13,516,761 1.50% Lincoln Property Co. Office Building 7,012,917 0.80% Deloite & Touche Hyatt Campus Office Park 6,742,797 0.70% Individual Taxpayer . Office Building 6,119,870 0.70% TOTAL $ 167,658,035 18.40% Data Source Office of the County Clerk -133- 1 1 1 1 1 1 1 1 1 1 1 1 u 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS MISCELLANEOUS STATISTICS April 30, 2002 Date of Incorporation Form of Government Geographic Location Population 1960 1970 1980 1990 1997 2000 Municipal Services and Facilities Number of Full -Time Employees (FTE) Miles of Street Miles of Alleys Miles of Sewers Building Inspection Number of Permits Issued in Fiscal Year 2002 This schedule is continued on the following g page.) -134- 1903 Manager /Council North Suburban 11,748 18,876 17,430 17,327 18,002 18,420 112 70 4 140 1,173 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS MISCELLANEOUS STATISTICS (Continued) April 30, 2002 Fire Protection District Number of Firefighters and Officers Number of Stations Police Protection Number of Stations Number of Policemen and Officers Library Services Number of Branch Libraries Number of Books Recreation Facilities Number of Parks and Playgrounds Park Area in Acres Municipal Water Utility Population Serviced - Number of Service Connections Average Daily Pumpage Miles of Water Mains Data Source Village Records - 135- 43 1 1 39 1 221,000 21 357 6,050 2,971,916 gallons 82