Village CAFR For Year Ended April 30, 2001i
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APRIL 30, 2,0,01,
VFLLA4� OF ELD ILLINO.S
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED APRIL 30, 2001
Prepared by Finance Department
George J. Valentine
Finance Director
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
'
Table of Contents
Year Ended April 30, 2001
1
PAGE
'
INTRODUCTORY SECTION
Principal Officials
i
Organizational Chart
ii
'
Certificate of Achievement for Excellence in Financial Reporting
iii
Director of Finance's Letter of Transmittal
iv -xi
'
FINANCIAL SECTION
'
REPORT OF INDEPENDENT AUDITORS
1-2
GENERAL PURPOSE FINANCIAL STATEMENTS
tAll
Fund Types and Account Groups and Discretely Presented
Component Unit
'
Combined Balance Sheet
3
All Governmental Fund Types and Discretely Presented
'
Component Unit
Combined Statement of Revenues, Expenditures, and Changes in
Fund Balances
4
'
General, Special Revenue, and Debt Service Fund Types
Combined Statement of Revenues, Expenditures, and Changes in
'
Fund Balances - Budget and Actual
5
All Proprietary Fund Types
'
Combined Statement of Revenues, Expenses, and Changes in
Retained Earnings
6
'
Police Pension Fund
Combined Statement of Changes in Plan Net Assets
7
'
All Proprietary Fund Types
Combined Statement of Cash Flows
8
'
1
Notes to Financial Statements
9-37
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report j
i
Table of Contents d
Year Ended April 30, 2001
i
FINANCIAL SECTION (CONT.)
REQUIRED SUPPLEMENTARY INFORMATION
Analysis of Funding Progress
Illinois Municipal Retirement Fund
Police Pension Fund
Employer Contributions
Illinois Municipal Retirement Fund
Police Pension Fund
COMBINING INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balanc4 -
Budget and Actual
Schedule of Revenues - Budget and Actual
Schedule of Expenditures - Budget and Actual t
SPECIAL REVENUE FUNDS
All Funds
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
PAGE
38
39
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45 -47
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2001
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES
SPECIAL REVENUE FUNDS (CONT.)
Street and Bridge Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
51
Schedule of Expenditures - Budget and Actual
52-56
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
57
Motor Fuel Tax Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
58
Enhanced 911 Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
59
DEBT SERVICE FUND
Balance Sheet
60
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
61
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2001 I
i
PAGE
FINANCIAL SECTION (CONT.)
i
GOVERNMENTAL FUND TYPES (CONT.
CAPITAL PROJECT FUNDS
All Funds
Combining Balance Sheet
Combining Statement of Revenues, Expenditures, and Changes in!
Fund Balances
,I
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS 9
All Funds
I
Combining Balance Sheet 1
Combining Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unearned j
Combining Statement of Cash Flows
Water Fund
i
i
Balance Sheet
Statement of Revenues, Expenses, and Changes in Retained Earnings -
Budget and Actual d
1
Schedule of Operating Expenses - Budget and Actual
Schedule of Fixed Assets and Depreciation �I
Sewerage Fund
Balance Sheet
i
Statement of Revenues, Expenses, and Changes in Retained Earning$ -
Budget and Actual
Schedule of Operating Expenses - Budget and Actual
Schedule of Fixed Assets and Depreciation 1
62
63
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65
66
67
68
69-70
71
72
73
74-75
76
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2001
PAGE
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
Refuse Fund
Balance Sheet
77
Statement of Revenues, Expenses, and Changes in Retained Earnings -
Budget and Actual
78
Commuter Parking Lot Fund
Balance Sheet
79
Statement of Revenues, Expenses, and Changes in Retained Earnings -
Budget and Actual
80
Schedule of Operating Expenses - Budget and Actual
81
Schedule of Fixed Assets and Depreciation
82
INTERNAL SERVICE FUNDS
All Funds
Combining Balance Sheet
83
Combining Statement of Revenues, Expenses, and Changes in
Retained Earnings
84
Combining Statement of Cash Flows
85
Garage Fund
Statement of Revenues, Expenses, and Changes in Retained Earnings -
Budget and Actual
86
Schedule of Operating Expenses - Budget and Actual
87
Insurance Fund
Statement of Revenues, Expenses, and Changes in Retained Earnings
88
VILLAGE OF DEERFIELD, ILLINOIS 1
i
I
Comprehensive Annual Financial Report
Table of Contents
d
Year Ended April 30, 2001
I
i
FINANCIAL SECTION (CONT.)
i
FIDUCIARY FUND TYPES
I
i
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet
Statement of Plan Net Assets (Police Pension Fund)
Statement of Changes in Plan Net Assets - Budget and Actual
(Police Pension Fund)
Combining Statement of Changes in Assets and Liabilities
(Agency Funds)
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source
Schedule of General Fixed Assets - by Function
Schedule of Changes in General Fixed Assets - by Function
GENERAL LONG -TERM DEBT ACCOUNT GROUP
Schedule of General Long -Term Debt
COMPONENT UNIT STATEMENTS AND SCHEDULES
Public Library
Combining Balance Sheet
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual
Schedule of Expenditures - Budget and Actual
Schedule of General Fixed Assets
PAGE
1411
91
92-93
94
95
96
MA
99
100
101
tVILLAGE
OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
'
Table of Contents
Year Ended April 30, 2001
PAGE
tFINANCIAL
SECTION (CONT.)
SUPPLEMENTAL DATA
'
Schedule of Insurance in Force
102
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
103
'
General Obligation Bond Series of 1997
104
General Obligation Bond Series of 1998
105
'
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years
106
General Governmental Expenditures by Function - Last Ten Fiscal Years
107
'
Pro P er Tax Assessed Valuations, Rates, Extensions, and Collections -
tY
Last Ten Fiscal Years
108
'
Assessed and Estimated Actual Value of Taxable Proper - Last Ten Fiscal Years
109
'
Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years
110
Ratio of Net General Obligation Bonded Debt to Assessed Value and Net
'
General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years
111
Schedule of Direct and Overlapping Bonded Debt
112
'
Schedule of Legal Debt Margin
113
'
Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt
to Total General Governmental Expenditures - Last Ten Fiscal Years
114
'
1
Demographic Statistics - Last Ten Fiscal Years
115
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report J
i
Table of Contents
Year Ended April 30, 2001
STATISTICAL SECTION (CONT.) t
Property Value, Construction, and Bank Deposits - Last Ten Fiscal years
i
Principal Taxpayers
i
Miscellaneous Statistics r
1
I
d
PAGE
116
117
118-119
VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30, 2001
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal
John H. Heuberger
Derek Ragona
Bernard Forrest, Mayor
Robert D. Franz, Clerk
ADMINISTRATIVE
Steven M. Harris
Vernon E. Swanson
William S. Seiden
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance/ Treasurer
i
Village of Deerfield Organizational Chart
Boards and
Commissions
Assistant to the
Village Manager
Public
Mayor and Board
of Trustees
Village Manager
3 Employees
Village Attorney
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
Records Utility Billing Permits Storm Drainage
Research and Purchasing Appearance Plan Design
Development Review & Review
ii
� Certificate of
� Achievement
� for Excellence
� in Financial
Reporting
' Presented to
Village of Deerfield,
Illinois
For its Comprehensive Annual
' Financial Report
for the Fiscal Year Ended
April 30, 2000
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
' Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
t reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
1
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�E OFfj� ( /C-
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? UMREO ETA "I 4-'t
Lu AND
Cos
CUGNAT resident
RPURATD�I s
tXItE6� �`�
Executive Director
iu
s
VILLAGE OF DEERFIELD
October 13, 2001
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, 2001, 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.
I iv
850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000
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 5.6% from 1980, whereas the
number of housing units in the Village grew 18.5% 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 11.50 of the Village's equalized assessed valuation and
consists primarily of commercial properties. Recently completed were
entrance and exit ramps for the Illinois toll road at Lake Cook Road which
provide improved access and reduced dependency on the crowded Deerfield
Road entrance. A further indication of the Village's financial growth
is the Village's current inventory of 1,050 hotel /motel rooms. This
increase began in 1985 at which time the Village had no hotel rooms. This
is important to the Village since the Village levies a 6% occupancy tax
on rooms which generated revenue of $2, 170, 934 for the year ending 4/30/01,
a 3.5% increase over 1999 -2000. Unemployment in Lake County in August
2000 was 3 .3 o compared with 4.39. in the state of Illinois and an estimated
.9% in Deerfield.
In 1995 The Village Board granted approval for the .development of a
Residential Planned Unit Development at the former Sara Lee site by Optima,
Inc. Optima redeveloped the 50 acre PUD with 396 units consisting of
multifamily /condominiums, townhomes and single family units, which is
consistent with the Village's Comprehensive Plan. The development of this
PUD provided the Village, schools, park district, library, and fire
districts with impact fees of $1.4 million in cash and 2.66 acres of land.
The fire district relocated and built a fire station on 2.66 acres of land
and surrendered its current station to the Village. The project was
completed in fiscal year 1999 -00.
The Village sales tax revenue for 2001 increased 14.88 to $2,974,901
compared to $2,590,954 for 2000. Two major factors affected the sales
tax receipts: (1) overall favorable economic conditions and (2) the
substantial completion and occupancy of Deerfield Square and Deerfield
Centre shopping centers.
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 northwest quadrant of the downtown. A total
interior renovation of the existing police department facility was
designed, and construction is underway. Plans continue to acquire property
in this quadrant and cooperate with the current institutional users for
a comprehensive use of this area.
The Streetscape improvement program also continued during the year in the
downtown area. Phase I 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 2001/02.
v
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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 general appearance of a downtown contribute
significantly to its economic well- being.
(1) Deerfield Square. Construction was substantially completed
during the year under a redevelopment agreement with CRM Industries. Phase
II was substantially completed during FY 2000/01, with major new tenants
including Barnes & Noble bookstore, Ann Taylor Loft retail, Elizabeth Arden
salon, and Stoney River restaurant. New occupancies are expected to
continue during the coming year, and full completion of the project is
expected in FY 2001/02.
(2) South Commons. Through a request- for - proposal process, the
Village selected James Company to construct a combination of townhouses,
villas and condominiums. The 150 unit development is adjacent to Deerfield
Square. The Village assembled eighteen parcels of land containing
approximately ten acres that was then cleared, remediated and made ready
for construction and sold it to the developer for $10,000,000. During
FY 2000/01 construction was substantially completed and occupancy began
on all the townhouse and villa units and one of two condominium buildings.
Construction of the second building will begin in FY 2001/02.
(3) Deerfield Center. The Village also selected a developer, Mesirow
Stein /Northern Realty, 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.
The new development, consisting of 45,000 square feet of retail, 20,000
square feet of office /retail and approximately 60 rental units, was
substantially completed and most of the space occupied during FY 2000/01.
New tenants include Orvis, Chipotle and Soprafina restaurants, and other
smaller establishments. Occupancy of the retail and rental will continue
in FY 2001/02.
(4) Deerbrook Mall. A proposal to redevelop Deerbrook Mall was
presented to the Village during the year. The Village Board agreed in
concept 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.
vi
The Village Board approved a redevelopment plan and sales tax
increment sharing agreement in early FY 2001/02. Construction on the mall
will commence in the second half of FY 2001/02.
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 designed in FY 2000/01 and will be undertaken
in FY 2001/02. Recommendations, from engineering studies completed in
prior years for improvements to the water system, were initiated this year.
Construction began on a new transmission main from the City of Highland
Park, the Village's water provider, to the western part of the Village.
Work was also started on a 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.
They will be completed in FY 2001/02.
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 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, 2001, and the amount and percentage
of increases and decreases in relation to prior year revenues.
vii
' 2001 2001
2001 Increase Percent
2000 2001 Percent (Decrease) Increase
' Revenues* Amount Amount of Total 2000 (Decrease)
Taxes 8,587,239 9,036,188 63.20 448,949 5.23
Licenses
' & Permits 89,8,849 1,109,682 7.76 210,833 .23.46
Intergovernmental 489,252 524,575 3.67 35,323 7.22
Charges for
Services 535,458 467,173 3.27 (68,285) (12.75)
' Fines 396,164 260,435 1.82 (135,729) (34.26)
Investment Income 734,434 1,714,558 11.98 980,124 133.45
Miscellaneous 1,070,128 1,186,082 8.30 115,954 10.84
' Total 12,711,524 14,298,693 100.00 1,587,169 12.49
*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 23.3% of taxes or $2,104,980. This is
an increase of $179, 360 from the prior year. This is due to the inclusion
this year of the police pension levy in the total.
' 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, 2001, sales tax receipts totalled $2, 974, 901 or 32. 9%
of the total taxes received. This is an increase of $383,947 over the
prior year. This increase is due to a stronger economy and new retail
openings in the downtown TIF district.
' Another significant revenue source is the hotel tax, a 6% tax (increased
to 6% on 8/1/98) computed on gross room sales. This is a relatively new
tax for the Village. The Village had no hotel rooms or hotel tax revenue
' in 1985, but now has approximately 1,050 rooms and 2000 -01 tax receipts
of $2,170,934 which is 24.0% of total taxes received. This tax has
stabilized and is subject to general economic conditions affecting travel
as well as competition from properties located in adjacent communities.
' Licenses and Permits. License and permit revenue has increased by
$210,833, a 23.5% increase. The level of permit revenue is likely to be
down for the next fiscal year due to completion of major construction in
' the Village Center.
Investment Income. Interest earnings increased approximately 133% due
to an increase in cash balances and market return on investments which
' were higher than in previous years.
Chartres for Services. These revenues have decreased by $68,285 due to
reduced charges from developers for engineering fees. These fees are
' charged at the beginning of a project and will likely continue to decrease
in future years.
Fines. Fines decreased by $135,729, or approximately 34%. This is due
' to a change in the apportionment of fine revenue by the court.
Miscellaneous. The current increase in miscellaneous revenue in the
General Fund was due to higher franchise fees and false alarm charges.
' The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 2001, and the percentage of increases and decreases in relation to
' prior year amounts.
I viii
*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $261,226, a 13% increase. This
is primarily due to an increase in professional services expense.
The $288,108 (6.6 %) increase in expenses in the Police Department is the
result of the salary and insurance increases and the filling of vacant
positions.
The increase in Highways and Street of $877,013 is due to an unusually
severe winter with higher snow removal costs and a severe windstorm that
resulted in widespread tree damage and unanticipated clean up costs.
General Fund Balance. The unreserved fund balance has increased to
$12,523,449 from $10,920,309. The unreserved fund balance represents the
Village's continuing intent to fund a large portion of the downtown TIF
by advances from the General Fund. At this point, the Village has advanced
$3,932,000 and has an additional $2,000,000 designated for this project.
In addition, the Village has designated $5,000,000 for future capital
expenditures for repairs and maintenance of the Village's infrastructure.
The transfer of these funds to the Infrastructure Replacement Fund was
approved for FY 2001/02. The Village's undesignated fund balance of
$7,523,449 is the equivalent of 316 working days of expenditures. This
is down 5% from last year.
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.
The Water Fund operating expenses (before depreciation) decreased by
$116,157 due primarily to a decrease in wholesale water purchases of
$160,089. This is an 8% decrease mainly due to weather related factors.
The Water Fund had operating income, before depreciation, of $718,851 and
debt payment of $485,441. An 8% increase in water rates becomes effective
May 1, 2001. This increase is due to rising operations costs and increased
capital expenditures.
In the Sewerage Fund, the total operating expenses increased by $33,416
due to normal increases in operating expenses. The fund had.an operating
income before depreciation of $230,272. Cash and investments increased
by $225,494.
The Refuse Fund had a net loss of $49,666. Expenses (excluding
depreciation) increased to $1,200,967 from $1,122,443 a 7.0% increase.
ix
2001
2001
2001
Increase
Percent
.2000
2001
Percent
(Decrease)
Increase
Expenditures*
Amount
Amount
of Total
2000
(Decrease)
Current
General Govt.
1,938,836
2,200,062
16.07
261,226
13.47
Public Safety
4,364,584
4,652,692
33.99
288,108
6.60
Highways /Streets
1,312,867
2,189,880
16.00
877,013
66.80
Pension
1,049,019
1,112,262
8.12
63,243
6.03
Debt Service
Principal
1,080,000
2,630,000
19.21
1,550,000
143.52
Interest
957,529
904,749
6.61
(52,780)
(5.51)
Total
10,702,835
13,689,645
100.00
2,986,810
27.91
*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $261,226, a 13% increase. This
is primarily due to an increase in professional services expense.
The $288,108 (6.6 %) increase in expenses in the Police Department is the
result of the salary and insurance increases and the filling of vacant
positions.
The increase in Highways and Street of $877,013 is due to an unusually
severe winter with higher snow removal costs and a severe windstorm that
resulted in widespread tree damage and unanticipated clean up costs.
General Fund Balance. The unreserved fund balance has increased to
$12,523,449 from $10,920,309. The unreserved fund balance represents the
Village's continuing intent to fund a large portion of the downtown TIF
by advances from the General Fund. At this point, the Village has advanced
$3,932,000 and has an additional $2,000,000 designated for this project.
In addition, the Village has designated $5,000,000 for future capital
expenditures for repairs and maintenance of the Village's infrastructure.
The transfer of these funds to the Infrastructure Replacement Fund was
approved for FY 2001/02. The Village's undesignated fund balance of
$7,523,449 is the equivalent of 316 working days of expenditures. This
is down 5% from last year.
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.
The Water Fund operating expenses (before depreciation) decreased by
$116,157 due primarily to a decrease in wholesale water purchases of
$160,089. This is an 8% decrease mainly due to weather related factors.
The Water Fund had operating income, before depreciation, of $718,851 and
debt payment of $485,441. An 8% increase in water rates becomes effective
May 1, 2001. This increase is due to rising operations costs and increased
capital expenditures.
In the Sewerage Fund, the total operating expenses increased by $33,416
due to normal increases in operating expenses. The fund had.an operating
income before depreciation of $230,272. Cash and investments increased
by $225,494.
The Refuse Fund had a net loss of $49,666. Expenses (excluding
depreciation) increased to $1,200,967 from $1,122,443 a 7.0% increase.
ix
' Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund remained relatively stable in 2001. For the year ended
April 30; 2001, the funded portion is 113.5%. The actuarial assumption
' for investments is 8% and for projected salary increases is 5.5 %.
Debt Administration. On April 30, 2001, the Village had a number of debt
issues outstanding. These issues included $20,195,000 of gross bonded
' general obligation debt and $4,460,000 to be repaid from the Water Fund.
Of this, $15,500,000 will be retired by transfers from the Tax Increment
District #2. 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 would be as follows:
Assessed Valuation - 2000 737,589,929
' Legal Debt Limit - 8.625% 63,617,131
Amount of Debt applied to fund 20,195,000
' Legal Debt Margin 43,422,131
Cash Management. Cash temporarily idle during the year was invested in
' demand deposits, certificates of deposit, obligations of the U.S. Treasury,
and commercial paper. The pension's trust funds investment portfolio also
includes insurance company separate accounts. The average yield on
investments, except for the Trust and Agency fund group, was 5.918. The
' pension trust fund achieved a yield rate of 7.778 on cash and investments.
The higher rate of return on pension fund investments is attributable to
the long -term nature of most holdings in its portfolio. The Village's
investment performance ranks favorably when compared to average yield rates
' of 5.63% for 90 day U.S. Treasury bills and 5.599. for 10 year U.S. Treasury
notes. The Village earned investment revenue of $3,203,955 on its
investments in the governmental fund type, $824,980 in the proprietary
funds and $1,061,927 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 only
utilizes banks and savings institutions which have a Sheshunoff rating
' of 1140" or better. The Village's investments total $65,147,835. Of these,
$49,686,121 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 remaining
t $15,461,714, as detailed below, is held in accounts not subject to risk
categorization. $10,756,184 is invested in The Illinois Funds, and
$920,327 is in life insurance company contracts. $3,785,203 of Police
Pension Funds are in mutual funds as permitted by statute.
t 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.
1
OTHER INFORMATION
Independent Audit. State statutes require an annual audit by independent
certified public accountants. The accounting firm of Crowe, Chizek and
Company LLP was selected by the Village's audit committee. 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, 2000. 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 seventeen consecutive 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.
Special mention goes to George Valentine who retired on June 29, 2001,
as Director of Finance after 28 years of service to the Village of
Deerfield. This report, of his last full fiscal year, is dedicated to
him.
In closing, 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
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REPORT OF INDEPENDENT AUDITORS
' 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, 2001, as listed in the accompanying table of contents, and
the balance sheets for the general, debt service, and individual enterprise funds as of April 30,
' 2000 and the individual fund statements of revenues, expenditures/ expenses, and changes in
fund balances/ retained earnings for the general, special revenue, debt service, enterprise,
internal service, police pension, and component unit - public library general funds for the year
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then ended. 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 audits 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, 2001,
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,
2001, and the results of operations of such funds and cash flows of individual proprietary funds
for the year then ended, and the financial position of the general, debt service, and individual
1
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enterprise funds as of April 30, 2000 and the results of operations of the individual general,
special revenue, debt service, enterprise, internal service, police pension, and component unit -
public library general 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 financial information listed as supplemental and
schedules in the accompanying table of contents and the analysis of funding progress and
employer contribution information on pages 38 through 41 are presented for purposes of
additional analysis and are not a required part of the general purpose 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.
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.
Oak Brook, Illinois
August 22, 2001
2
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VILLAGE OF DEERFIELD, ILLINOIS
All Fund Types and Account Groups
and Discretely Presented Component Unit
Combined Balance Sheet
April 30, 2001
(with comparative totals for 2000)
(See Following Page)
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m
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 2001
(with comparative totals for 2000)
Income (loss) before operating
transfers
1,287,978
(141,043)
Totals
1,605,942
Operating transfers (out)
Internal
(Memorandum Only)
(250,025)
Enterprise
Service
2001
2000
Operating revenues
1,414,942
Other changes in retained earnings
Charges for services
$ 5,622,230
$ 1,530,510
$ 7,152,740
$ 7,233,004
Miscellaneous
161,690
4,311
166,001
165,140
Total operating revenues
5,783,920
1,534,821
7,318,741
7,398,144
Operating expenses
1,639,746
Retained earnings
Administration
605,479
1,461,200
2,066,679
1,544,996
Operations
4,951,295
254,392
5,205,687
5,232,493
Depreciation
258,523
-
258,523
254,672
Total operating expenses
5,815,297
1,715,592
7,530,889
7,032,161
Operating income (loss)
(31,377)
(180,771)
(212,148)
365,983
Nonoperating revenues (expenses)
Interest income
785,252
39,728
824,980
691,669
Property taxes
744,544
-
744,544
770,259
Interest expense
(210,441)
-
(210,441)
(221,969)
1,319,355
39,728
1,359,083
1,239,959
Income (loss) before operating
transfers
1,287,978
(141,043)
1,146,935
1,605,942
Operating transfers (out)
(248,025)
(2,000)
(250,025)
(191,000)
Net income (loss)
1,039,953
(143,043)
896,910
1,414,942
Other changes in retained earnings
Depreciation that reduces
capital
224,732
-
224,732
224,804
Net increase (decrease) in retained earnings
1,264,685
(143,043)
1,121,642
1,639,746
Retained earnings
May 1
8,735,102
425,110
9,160,212
7,520,466
Residual equity transfer in
-
1,424,187
1,424,187
-
April 30
$ 9,999,787
$ 1,706,254
$ 11,706,041
$ 9,160,212
See accompanying notes to financial statements.
6
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VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Combined Statement of Changes in Plan Net Assets
Year Ended April 30, 2001
Additions
Contributions - employer
Property taxes - current
$ 312,009
Replacement taxes
8,921
Contributions - employee
248,548
Investment income
Net appreciation in fair value
of investments
664,730
Interest earned on investments
397,197
Total additions
1,631,405
Deductions
Benefits and refunds
Pension payments
634,122
Miscellaneous
9,712
Total deductions
643,834
Net increase
987,571
Net assets held in trust for pension
benefits
May 1
18,207,833
April 30 $ 19,195,404
See accompanying notes to financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended April 30, 2001
(with comparative totals for 2000)
Totals
Internal (Memorandum Only)
Enterprise Service 2001 2000
Cash flows from operating activities
Operating income (loss) $ (31,377) $ (180,771) $ (212,148) $ 365,983
Adjustments to reconcile operating income (loss) to
(14,114,470)
-
(14,114,470)
(14,600,000)
net cash provided by (used in) operating activities
Depreciation
258,523
-
258,523
254,672
Other nonoperating revenues
744,544
-
744,544
770,259
Changes in assets and liabilities
Receivables
(95,715)
94
(95,621)
(123,917)
Due from component unit
(1,682)
-
(1,682)
3,201
Due from other funds
(11,495)
1,324,742
(11,495)
(12,850)
Other assets
2,155
-
2,155
2,604
Deferred bond issuance
2,322
-
2,322
2,239
Accounts payable
540,848
40,341
581,189
(116,541)
Accrued interest
-
2,027
2,027
(8,518)
Accrued payroll
(12,128)
659
(11,469)
8,325
Insurance payable
6,630,841
-
-
(7,730)
Contracts payable
(15,676)
-
(15,676)
28,271
Compensated absences payable
19,639
9,310
28,949
(18,479)
Inventories
-
(8,833)
(8,833)
-
Other payables
2,814
2,814
172
Due to other funds
13,487
13,487
-
1,416,259
(137,173)
1,279,086
1,147,691
Cash flows from noncapital financing activities
Operating transfers (out)
(248,025)
(2,000)
(250,025)
(191,000)
Residual equity transfer in
1,424,187
1,424,187
(248,025)
1,422,187
1,174,162
(191,000)
Cash flows from capital and related
financing activities
Principal paid on general
obligation bonds
(275,000)
(275,000)
(265,000)
Fixed assets purchased
(4,308,108)
(4,308,108)
(658,098)
Interest paid on general
obligation bonds
(210,441)
(210,441)
(221,969)
(4,793,549)
-
(4,793,549)
(1,145,067)
Cash flows from investing activities
Purchase of investment securities
(14,114,470)
-
(14,114,470)
(14,600,000)
Proceeds from sale and maturities
of investment securities
17,149,776
-
17,149,776
8,368,882
Interest
733,510
33,146
766,656
606,300
Net appreciation in fair value
of investments
92,196
6,582
98,778
-
3,861,012
39,728
3,900,740
(5,624,818)
Net increase(decrease)in cash and cash equivalents
235,697
1,324,742
1,560,439
(5,813,194)
Cash and cash equivalents
May 1
2,222,999
698,687
2,921,686
8,734,880
April 30
$ 2,458,696 $
2,023,429 $
4,482,125 $
2,921,686
Cash and investments
Cash and cash equivalents
$ 2,45806 $
2,023,429 $
4,482,125 $
2,921,686
Investments
6,630,841
-
6,630,841
9,677,030
$ 9,089,537 $
2,023,429 $
11,112,966 $
12,598,716
See accompanying notes to financial statements.
8
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Deerfield, Illinois (Government) have been prepared
in conformity with accounting principles generally accepted in the United States of America
(GAAP) as applied to government units. 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 Government's accounting policies are
described below.
Reporting Entity: The Government was incorporated in 1903. The Government is a municipal
corporation governed by an elected seven - member board. As required by GAAP, these
financial statements present the Government (the primary government) and its component
units.
The Government's financial statements include:
Pension Trust Fund:
Police Pension Employees Retirement System
The Government'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 Government's Mayor, one
elected pension beneficiary, and two elected police employees constitute the pension board.
The Government 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 Government 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
Government'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.
Discretely Presented Component Unit:
Village of Deerfield Public Library
The Deerfield Public Library (Library) has a separately elected seven - member board, which
annually determines its budget and resulting tax levy. Upon approval of the Government,
(Continued)
66
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Reporting Entity (Continued)
Discretely Presented Component Unit (Continued)
Village of Deerfield Public Library (Continued)
the levy is submitted to the County. All debt of the Library is secured by the full faith and
credit of the Government, which is wholly liable for the debt. The Library, while servicing
the general population of the Government, does not provide services entirely to the
Government. 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
Government 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.
Fund Accounting: The Government 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."
(Continued)
ME
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
tApril 30, 2001
INOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued
IFund Accounting (Continued)
Governmental funds are used to account for all or most of the Government'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 Government (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 Government. When these assets are held
under the terms of a formal trust agreement, a pension trust fund may be used. Agency funds
generally are used to account for assets that the Government 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.
tBasis 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
1
(Continued)
11
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Continued)
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 Government recognizes property taxes when they become both
measurable and available in accordance with GASB Codification Section P70. 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, income, and motor fuel taxes and fines collected and
held by the state at year end on behalf of the Government 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 are recorded when earned and expenses are recorded at the time liabilities
are incurred.
The Government 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 Government 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 Government has a legal claim to the resources, the
liability for deferred revenue is removed from the combined balance sheet and revenue is
recognized.
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.
(Continued)
12
tVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued
NOTE 1- SUMM (Continued)
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.
Cash and Investments:
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Government's proprietary fund types consider
all highly liquid investments with an original maturity of three months or less when purchased
to be cash equivalents.
Investments
Investments are at fair value.
Short -Term Interfund Receivables/Payables: During the course of operations, numerous
transactions occur between individual funds for goods provided or services rendered. These
receivables and payables are classified as "due from other funds" or "due to other funds" on the
balance sheet. Short -term interfund loans, if any, are classified as "interfund receivables/
payables."
' 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.
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.
(Continued)
13
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Prepaid Items: Payments made to vendors for services that will benefit periods beyond the
date of this report are recorded as prepaid items.
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 Government.
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.
Compensated Absences: Vested or accumulated vacation leave, including related social
security, medicare, and the Government's share of pension costs for IMRF, 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.
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.
(Continued)
14
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
'April 30, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
' Fund Equity: Contributed capital is recorded in proprietary funds that have received capital
grants 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.
' 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.
' 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.
' All other interfund transactions, except quasi - external 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.
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.
Comparative Data: 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 Government's financial position, operations, and cash flows. Certain
reclassifications have been made to maintain comparability.
GASB Pronouncements The Government 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.
' (Continued)
15
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY
Budgets: All departments of the Government submit requests for appropriation to the
Government's manager so that a budget may be prepared. The budget is prepared by fund and
includes information on the past year, current year estimates, and requested appropriations for
the next fiscal year.
The proposed budget is presented to the governing body for review. The governing body
holds public hearings and can add to, subtract from, or change appropriations, but cannot
change the form of the budget.
Management cannot amend the total budget for individual funds without seeking the approval
of the governing body.
Expenditures cannot legally exceed budgeted appropriations at the fund level, and the Board
must approve any over - expenditures of appropriation or transfers of appropriated amounts.
During the year, no supplementary appropriations were necessary.
Deficit Fund Balances/Retained Earnings of Individual Funds: The following fund had a
deficit in fund balance/ retained earnings as of the date of this report:
Fund
Emergency Services/ Disaster
Deficit Balance
$ 43,804
Excess of Actual Expenditures/Expenses Over Budget in Individual Funds: The following
funds had an excess of actual expenditures/ expenses (exclusive of depreciation and
amortization) over budget for the fiscal year:
Fund Excess
Emergency Services/ Disasters
$ 3,589
Street and Bridge
783,657
Enhanced 911
6,607
Debt Service
1,400,699
Refuse
7,977
Garage
16,632
Police Pension
22,634
Component Unit - Public Library
93,756
Non - reciprocal Residual Equity Transfers: The Deposit Fund (an Agency Fund) transferred
$1,424,187 to the Insurance Fund (an Internal Service Fund) resulting in a non - reciprocal equity
transfer.
(Continued) '
16
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
NOTE 3 - DEPOSITS AND INVESTMENTS
' The Government 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 Government'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 Government 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.
Deposits: At year end, the carrying amount of the Government's deposits totaled $198,369 and
bank balances totaled $423,716 and the Discretely Presented Component Unit's carrying
amount of deposits totaled $8,441 and bank balances totaled $9,053.
t- Bank Balances---- -
Discretely
' Presented
Primary Component
Government Unit
' Category 1
Deposits covered by federal depository insurance, or by collateral
held by the Government, or its agent, in the Government's
1
1
name.
Category 2
Deposits covered by collateral held by the pledging financial
institution's trust department, or by its agent, in the
Government's name.
Category 3
Deposits covered by collateral held by the pledging financial
institution, or its trust department, or its agent but not in the
Government's name, and deposits which are uninsured and
uncollateralized.
Total deposits
(Continued)
17
$ 423,716 $ 9,053
1--4-23,7-1-6 9,053
VILLAGE OF DEERFIELD, ILLINOIS '
Notes to Financial Statements
April 30, 2001 '
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
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 Government.
Investments: The Government's investments are categorized to give an indication of the level
of 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 Government or its agent in the
Government'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 Government's
name. Category 3 includes uninsured and unregistered investments for which the securities
are held by the counterparty, or by its trust department or agent but not in the Government's
name, and uninsured, unregistered investments.
Primary Government
-- Carrying Amount/ Fair Value -
---- -- Category----- -
1 2 3 Totals
U.S. Government Securities $ 38,219,889 $ - $ - $ 38,219,889
GNMA 535,665 - - 535,665
Municipal Bonds 2,886,334 - - 2,886,334
Commercial paper 8,044,233 - - 8,044,233
$ 49.686,121 - $- 49,686,121
*# The Illinois Funds 10,756,184
• Mutual Funds 3,785,203
• Life Insurance Contracts and Separate Accounts 920,327
Total investments - primary government $ 65,147,835
Discretely Presented Component Unit
*# The Illinois Funds $ 1,448,763
Total investments - discretely presented component unit $ 1,448,763
* (Not subject to risk categorization)
# The fair value of the position in the external investment pool is the same as the value of the pool
shares, and the external pool is registered with the SEC.
The pension trust fund owns 29% percent of the investments in Category 1.
(Continued) '
18
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
NOTE 4 - RECEIVABLES -TAXES
tProperty taxes for 2000 attach as an enforceable lien on January 1, 2000 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, 2001 and August 1, 2001 and are payable in two installments, on or about March 1,
2001 and September 1, 2001. The County collects such taxes and remits them periodically.
NOTE 5 - FIXED ASSETS
'
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
Balances
Balances
'
MU —1
Additions
Retirements
April 30
Land
$ 15,914,477
$ -
$ -
$ 15,914,477
'
Buildings and improvements
Vehicles
5,367,684
1,410,969
-
441,703
-
284,483
5,367,684
1,568,189
Equipment
3,174,828
218,901
39,146
3,354,583
$ 25,867,958
$ 660,604
L-323,,629
$ 26,204,933
Discretely Presented Component
Unit
'
Balances
Balances
ft-1l
Additions
Retirements
April 30
tLand
$ 145,556
$ -
$ -
145,556
Building and improvements
1,307,829
57,741
-
1,365,570
'
Equipment
439,916
11,526
19,000
432,442
$ 1,893,301
$ 69,267
19 0 0
$ 1,943,568
1
u
1
1
(Continued)
19
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 5 - FIXED ASSETS (Continued)
Proprietary Fixed Assets: The following is a summary of proprietary fund -type fixed assets as
of the date of this report:
Land
Water/ sewer system
Equipment and vehicles
Parking lot improvements
Accumulated depreciation
Enterprise Funds
$ 77,500
18,652,520
971,174
632,608
20,333,802
(9,683,425)
$ 10,650,377
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
NOTE 6 - RISK MANAGEMENT
The Government 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 Government 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
Government 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.
(Continued)
20
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
INOTE 6 - RISK MANAGEMENT Continued
' Each participating fund of the Government makes payments to the Fund based upon actuarial
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:
Fiscal Year Ended
' April 30,
2001 2000
' Unpaid claims - beginning $ 219,068 $ 219,068
Incurred claims (including IBNR) 969,292 712,155
Claim payments (969,292 712155)
' g
Unpaid claims - ending 219 068 L212.068
P
Municipal Insurance Cooperative Agency (MICA)
The Government participates in the Municipal Insurance Cooperative Agency (MICA). MICA
t 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 Government'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
Government 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 Government 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
' Government's payments to HELP are displayed on the financial statements as expenditures/
expenses in appropriate funds.
' (Continued)
21
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self - insurance
pool for the purpose of seeking the prevention or lessening of liability claims for injuries to
persons or property or claims for errors and omissions made against the Members and other
parties included within the scope of coverage of HELP.
HELP is governed by a Board of Directors, which consists of one appointed representative from
each member municipality. Each Director has an equal vote. The officers of HELP are
appointed by the Board of Directors. The Board of Directors determines the general policy of
HELP; makes all appropriations; approves contracts; adopts resolutions providing for the
issuance of debt by HELP; adopts bylaws, rules, and regulations; and exercises such powers
and performs such duties as may be prescribed in the Agency Agreement or the bylaws.
The Government does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
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.
NOTE 7 - LEASE OBLIGATIONS
No material capital or operating leases were in effect as of the date of this report.
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds: The Government issues general obligation bonds for the
acquisition and construction of major capital facilities.
(Continued)
22
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 8 - LONG -TERM DEBT (Continued)
General Obligation Bonds (Continued)
General obligation bonds are direct obligations and pledge the full faith and credit of the
Government. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired By April 30 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; interest
Debt
rates from 3.9% to 4.10 %)
Service
General Obligation Bond Series
of 1997 ($5,000,000 dated
December 1,1997; maturing
December 1, 2012; payable in
annual installments; interest
Water
rates from 4.35% to 4.5 %)
Fund*
General Obligation Bond Series
of 1998 ($17,000,000 dated
April 15,1998; maturing
October 1, 2009; payable in
annual installments; interest
Debt
$ 5,825,000 $
4,735,000
$ 1,130,000 $ 4,695,000
275,000 4,460,000
rates from 4.2% to 4.35 %) Service** 17,000,000 - 1,500,000 15,500,000
$ 27.560.000 $ 2.905.000 L24&55
* The Government abates the tax levy on this bond issue annually. The debt is recorded in and is being retired by
the Water Fund.
** The Government abates the tax levy on this bond issue annually. The debt is being retired by transfers from the
Tax Incremental Finance District 2 Fund.
(Continued)
23
VILLAGE OF DEERFIELD, ILLINOIS '
Notes to Financial Statements
April 30, 2001 '
NOTE 8 - LONG -TERM DEBT (Continued)
Debt Service Requirements to Maturity: Annual debt service requirements to maturity are as
follows:
Fiscal Year Ending April
30 General Obligation Bonds
2002
$ 3,999,655
2003
3,939,935
2004
3,851,770
2005
3,476,387
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 $ 29,743,561
Interest portion
$ 5,088,561
Changes in Long -Term Liabilities:
During the fiscal year, the following changes occurred in
liabilities reported in the general long -term debt account group:
Balances
Balances
MU -11 Additions Reductions
April 30
General Obligation Refunding Bond
Series of 1993
$ 5,825,000 $ - $ 1,130,000
$ 4,695,000
General Obligation Bond Series of 1998
17,000,000 - 1,500,000
15,500,000
$ 22,825,000 $ - $ 2,630,000
$ 20,195,000
(Continued) '
24
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 8 - LONG -TERM DEBT (Continued)
Legal Debt Margin: 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
percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this
constitution or which is thereafter approved by referendum... shall not be included in the
foregoing percentage amounts."
To date, the General Assembly has set no limits for home rule municipalities.
Noncommitment Debt - Industrial Development Revenue Bonds: The Government 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.
The issuance of Industrial Development Revenue Bonds by the Government 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 Government.
Industrial Development Revenue Bonds are not a debt of the Government. The entity using the
bond proceeds to finance a construction or improvement project is liable for the bonds. Since
the Government does not act as an agent for Industrial Development Revenue Bonds, the
transactions relating to the bonds and property do not appear in the Government's financial
statements.
The Government 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/l/95
Industrial Revenue
32,150,000
Jewish Federation
(Continued)
25
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
Receivable Fund Payable Fund Amount
General Police Pension $ 20,309
Deerfield Cemetery Association 11,479
31,788
Special Revenue
Street and Bridge Emergency Services/ Disaster 43,654
Capital Projects
Infrastructure Tax Incremental Finance District 2 3,759,365
Enterprise
Refuse
IMRF
11,069
Water
Refuse
13,487
24,556
Trust and Agency
Police Pension
Debt Service
13,354
Street
769
IMRF
2,484
Deposit
Street and Bridge
100,000
116,607
$ 3,979,360
Advances FronVTo Primary Other Funds:
Receivable Entity Payable Entity Amount
General Tax Incremental Finance District 2 $ 4,087,170
(Continued)
26
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 9 - INTERFUND ASSETS/LIABILITIES (Continued)
Due FronVTo Primary Government and Component Unit:
Primary government - Component unit -
Refuse Fund Public Library - General Fund $ 3,755
IMRF Fund 4,434
Street and Bridge Fund 1,638
Police Pension Fund 1,691
11518
Component unit - Primary government -
Public Library General Fund Debt Service Fund 40,497
NOTE 10 - COMMITMENTS
High -Level Excess Liability Pool (HELP): The Government has committed to purchase excess
liability insurance from HELP, a joint venture of Illinois municipalities.
These amounts have been calculated using the Government'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:
Miles of streets
Full-time equivalent employees
Number of motor vehicles
Operating revenues
The Government has passed a resolution authorizing the extension of HELP for ten years
beginning May 1, 1998.
(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 11- SEGMENT INFORMATION - ENTERPRISE FUNDS
The Government 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:
Commuter
Water Sewerage Refuse Parking Lot Totals
Operating revenues $
3,459,822
$ 1,775,759
$ 392,483
$ 155,856
$ 5,783,920
Depreciation and
amortization expense
82,783
170,497
-
5,243
258,523
Operating income (loss)
636,068
59,775
(808,484)
81,264
(31,377)
Operating transfers out
(23,000)
(33,000)
(14,000)
(178,025)
(248,025)
Tax revenues
-
-
744,544
-
744,544
Net income (loss)
1,016,752
125,536
(49,666)
(52,669)
1,039,953
Plant, property, and
equipment
Additions
4,291,544
16,564
-
-
4,308,108
Deletions
-
-
-
-
-
Total assets
13,937,389
6,204,938
1,071,774
589,342
21,803,443
Net working capital
6,600,602
1,943,441
948,077
494,917
9,987,037
Bonds and other long -term
liabilities
Payable from operating
revenues
4,460,000
-
-
-
4,460,000
Payable from other sources
-
-
-
-
-
Total equity
8,647,370
6,004,686
948,077
577,281
16,177,414
(Continued)
28
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
tNOTE 12 - CONTRIBUTED CAPITAL
' During the fiscal year, contributed capital increased/ decreased by the following amounts:
Commuter
' Water Sewerage Parking Lot Totals
Increases $ - $ - $ - $ -
' Decreases - depreciation 48,861 135,319 40,552 224,732
Net (decrease) (48,861) (135,319) (40,562) (224,732)
' Contributed capital
May 1 1,520,860 4,840,947 40,552 6,402,359
April 30 $ 1,471,999 $ 4,705,628 $ z $ 6177,627
INOTE 13 - FUND EQUITY
' Tax Incremental Finance District 1 Fund - Surplus Rebate
On December 19, 2000, the Government passed Resolution No. 00 -15, titled "Resolution
t Declaring a Surplus of Tax Increment Financing Funds," in accordance with the Illinois
Compiled Statutes. The Government determined that the sum of $6,955,896 held in the Tax
Incremental Finance District 1 Fund was surplus funds and should be redistributed to the
' appropriate taxing districts in Fiscal 2001.
NOTE 14 - CONTINGENT LIABILITIES
Litigation: The Government is a defendant in various lawsuits. Although the outcome of these
' lawsuits is not presently determinable, in the opinion of the Government's attorney, the
resolution of these matters will not have a material adverse effect on the financial condition of
the Government.
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 Government expects such amounts, if any, to be immaterial.
(Continued)
29
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 14 - CONTINGENT LIABILITIES (Continued)
High -Level Excess Liability Pool (HELP): The Government'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.
Solid Waste Agency of Lake County ( SWALCO): The Government'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.
NOTE 15 - JOINT VENTURES
Solid Waste Agency of Lake County ( SWALCO):
Description of Joint Venture
The Government is a member of SWALCO, which consists of thirty -five municipalities.
SWALCO is a municipal corporation and public body politic and corporate established
pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act
of the State of Illinois, as amended (the Act). SWALCO is empowered under the Act to plan,
construct, finance, operate, and maintain a solid waste disposal system to serve its members.
The members of SWALCO and their percentage shares based on formulae contained in the
Agency Agreement as of April 30, 2000 are:
Share % Share % Share
Antioch
1.06%
Lake County
19.88%
Riverwoods
.94%
Beach Park
1.65
Lake Forest
6.13
Round Lake
.61
Deer Park
.74
Lake Villa
.55
Round Lake Beach
2.55
Deerfield
4.25
Lake Zurich
3.21
Round Lake Park
.64
Grayslake
1.46
Libertyville
4.38
Third Lake
.24
Green Oaks
.47
Lincolnshire
1.74
Vernon Hills
3.36
Gurnee
3.11
Lindenhurst
1.45
Wadsworth
.39
Hawthorn Woods
1.07
Long Grove
1.42
Wauconda
1.31
Highland Park
8.03
Mundelein
4.12
Waukegan
12.15
Kildeer
.67
North Barrington
.66
Winthrop Harbor
1.08
Lake Barrington
1.16
North Chicago
3.13
Zion
3.92
Lake Bluff
1.61
Park City
.86
100.00%
(Continued) '
30
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
NOTE 15 - JOINT VENTURES (Continued)
tSolid Waste Agency of Lake County ( SWALCO): (Continued)
Description of Joint Venture (Continued)
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.
' Summa ry of Financial Information of Joint Venture
' Summary of Financial Position as of November 30, 2000:
Assets Liabilities and Fund Equity
' Current assets 342 420 Current liabilities hes 328,305
tFund
equity
Investment in general
Fixed assets
287,101 fixed assets 287,101
'
Fund balance - unreserved 14,115
301,216
'
Total liabilities
Total assets
$-629 and fund equity 62 52
t
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County ( SWALCO): (Continued)
Summary of Financial Information of Joint Venture (Continued)
Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended
November 30, 2000:
Total revenues $ 2,386,991
Total expenditures 2,651,604
Excess (deficiency) of revenues over expenditures (264,613)
Fund balance
December 1 278,728
November 30 $ 14,115
SWALCO is an oversight advisory board providing long -range planning services to member
municipalities. The Government 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 Government made no payments to SWALCO for the year ended April 30, 2001.
NOTE 16 - POSTEMPLOYMENT BENEFITS
In addition to providing the pension benefits described, the Government provides certain
health care benefits, in accordance with the personnel policy manual, to all employees who
have worked for the Government for a minimum of ten years and who receive a pension from
the Government 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 $4,750. The retirees pay an annual premium, which is
equal to the actuarially determined cost for each plan year. The Government pays 25 percent of
the cost of the health insurance premiums for the retirees to a maximum of $50. Currently,
there are nine participants eligible to receive benefits. Accordingly, no liability has been
recorded for post - employment health care benefits.
(Continued)
0A
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Illinois Municipal Retirement
The Government contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent multiple- employer public employee retirement system that acts as a common
investment and administrative agent for local governments and school districts in Illinois. The
Government's total payroll for the year ended December 31, 2000, was $7,686,801. Of this
amount, $4,687,221 in payroll earnings were reported to and covered by the IMRF system.
All employees hired in positions that meet or exceed the prescribed annual hourly standard
must be enrolled in IMRF as participating members. Pension benefits vest after eight years of
service. Participating members who retire at or after age 60 with 8 years of service are entitled
to an annual retirement benefit, payable monthly for life, in an amount equal to 12/3 percent of
their final rate (average of the highest 48 consecutive months' earnings during the last 10 years)
of earnings for each year of credited service up to 15 years and 2 percent for each year
thereafter. IMRF also provides death and disability benefits. 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 Government 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); for 2000, the rate was 8.75 percent.
IMRF 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.
Police Pension
Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit
single- employer pension plan. Although this is a single- employer pension plan, the defined
benefits and employee and employer contributions levels are governed by Illinois Compiled
Statutes (Chapter 40 - Article 5/3) and can be amended only by the Illinois legislature. The
Government accounts for the plan as a pension trust fund. The Government's payroll for
employees covered by the Police Pension Plan for the year ended April 30, 2001 was $2,472,712
out of a total payroll of $7,686,801. At April 30, 2001, the Police Pension Plan membership
consisted of:
(Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Police Pension (Continued)
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 17
Current employees
Vested 27
Nonvested 12
Total 56
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 21 /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.
Covered employees are required to contribute 9.91 percent of their base salary to the Police
Pension Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest. The
Government is required to contribute the remaining amounts necessary to finance the plan as
actuarially determined by an enrolled actuary. The Government'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.
(Continued)
34
tVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2001
' NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
' 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.
I 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 Y any or er o em P t other related
parties included in plan assets, including any loans.
Funding Policy and Annual Pension Cost:
' The amount shown below as the net pension obligation is a standardized disclosure measure of
the present value of pension benefits, adjusted for the effects of projected salary increases and
step -rate benefits, estimated to be payable in the future as a result of employee service to date.
' The measure is intended to help users assess the funding status of the system on a going -
concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among employers. The measure is the actuarial present value of
' credited projected benefits and is independent of the funding method used to determine
contributions to the systems.
' Illinois Municipal Police
Retirement Pension
Contribution rates
' Government 8.75% 8.40%
Members 4.50% 9.91%
' Annual pension cost $ 410,132 $ 179,758
Contributions made 410,132 315,850
1
(Continued)
35
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Policy and Annual Pension Cost (Continued)
Illinois Municipal
Retirement
Actuarial valuation date
12/31/00
Actuarial method
Entry age
Amortization method
Level percentage
of pay, closed
Remaining amortization period
32 years
Asset valuation method
5 -year smoothed
market
Actuarial assumptions
Investment rate of return*
7.5%
Projected salary increase*
0.4% to 11.6%
*Includes inflation of
4.0%
Police
Pension
5/1/00
Entry age
Level percentage
of pay, closed
33 years
Market
8.0%
5.5%
3.5%
Net Pension Obligation (Asset): The Government's annual pension cost and net pension
obligation (asset) for the Police Pension Fund for the May 1, 2000 valuation date (most recent
data available) were as follows:
Annual required contribution $ 189,411
Interest on net pension asset (61,778)
Adjustment to annual required contribution _ 52,125
Annual pension cost 179,758
Contributions made (315,850
(Decrease) in net pension obligation (136,092)
Net pension obligation (asset) - beginning of period (772,228)
Net pension obligation (asset) - end of period LffQ8 320
(Continued)
36
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2001
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Trend Information: Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
N/ A - Information is not available.
37
Illinois
Municipal
Police
Year
Retirement
Pension
Annual pension cost (APC)
1998
$ 439,978
$ 133,214
1999
436,660
117,621
2000
435,420
179,758
2001
410,132
N/A
Percentage of APC contributed
1998
100.00%
184.50%
1999
100.00
248.78
2000
100.00
175.71
2001
100.00
N/A
Net pension obligation (asset)
1998
-
$ (597,219)
1999
-
(772,218)
2000
-
(908,320)
2001
-
N/A
N/ A - Information is not available.
37
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.e
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
April 30, 2001
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percentage of pay, closed and the amortization period was 32 years; the asset
valuation method was a five -year smoothed market method; and the significant
actuarial assumptions were an investment rate of return at 7.5% compounded annually
including a 4.0% inflation factor, a projected salary increases assumption of 0.4% to
11.6% compounded annually including a 4.0% inflation factor, and post - retirement
benefit increases of 3.0% compounded annually.
(6)
Unfunded
(Overfunded)
Actuarial
(4)
Accrued
(2)
Unfunded
Liability
(1)
Actuarial
(Overfunded)
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value
Liability
Funded
Accrued
Annual
of Covered
Date
of Plan
(AAL)
Ratio
Liability
Covered
Payroll
December 31
Assets
- Entry Age
(1)+(2)
@-(1)
Payroll
(4)+(5
1995 $
7,575,894
$ 9,510,946
79.65%
$ 1,935,052
$ 3,693,506
52.39%
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
14,203,236
98.91
154,616
4,526,201
3.42
2000
15,360,277
14,663,125
104.75
(697,152)
4,687,221
(14.87)
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percentage of pay, closed and the amortization period was 32 years; the asset
valuation method was a five -year smoothed market method; and the significant
actuarial assumptions were an investment rate of return at 7.5% compounded annually
including a 4.0% inflation factor, a projected salary increases assumption of 0.4% to
11.6% compounded annually including a 4.0% inflation factor, and post - retirement
benefit increases of 3.0% compounded annually.
VILLAGE OF DEERFIELD, ILLINOIS '
Police Pension Fund
Required Supplementary Information '
Analysis of Funding Progress
April 30, 2001 '
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percentage of pay, closed and the amortization period was 33 years; the asset
valuation method was the market method; and the significant actuarial assumptions
were an investment rate of return at 8.0% compounded annually including a 3.5%
inflation factor, a projected salary increases assumption of 5.5% compounded annually
including a 3.5% inflation factor, and post - retirement benefit increases of 3.0%
compounded annually.
39
(6)
Unfunded
(Overfunded)
Actuarial
(4)
Accrued
(2)
Unfunded
Liability
(1)
Actuarial
(Overfunded)
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value
Liability
Funded
Accrued
Annual
of Covered
Date
of Plan
(AAL)
Ratio
Liability
Covered
Payroll
Mai 1
Assets
- EnM Age
(1)+(2)
Q-(11
Payroll
(4)+(5
1995
N/A
N/A
N/A
N/A
N/A
N/A
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
122.40
(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)
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percentage of pay, closed and the amortization period was 33 years; the asset
valuation method was the market method; and the significant actuarial assumptions
were an investment rate of return at 8.0% compounded annually including a 3.5%
inflation factor, a projected salary increases assumption of 5.5% compounded annually
including a 3.5% inflation factor, and post - retirement benefit increases of 3.0%
compounded annually.
39
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Employer Contributions
April 30, 2001
Year Ended
Employer
Required
Percent
December 31
Contributions
Contribution
Contributed
1995
$ 406,547
$ 406,597
100.00%
1996
415,341
415,341
100.00
1997
439,978
439,978
100.00
1998
436,660
436,660
100.00
1999
435,420
435,420
100.00
2000
410,132
410,132
100.00
Notes to the Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of
January 1 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percentage of pay, closed and the amortization period
was 32 years; the asset valuation method was a five -year smoothed market method; and
the significant actuarial assumptions were an investment rate of return at 7.5%
compounded annually including a 4.0% inflation factor, a projected salary increases
assumption of 0.4% to 11.6% compounded annually including a 4.0% inflation factor,
and post - retirement benefit increases of 3.0% compounded annually.
40
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Required Supplementary Information
Employer Contributions
April 30, 2001
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations as of
April 30 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percentage of pay, closed and the amortization period
was 33 years; the asset valuation method was the market method; and the significant
actuarial assumptions were an investment rate of return at 8.0% compounded annually
including a 3.5% inflation factor, a projected salary increases assumption of 5.5%
compounded annually including a 3.5% inflation factor, and post - retirement benefit
increases of 3.0% compounded annually.
41
Annual
Year Ended
Employer
Required
Percent
April 30
Contributions
Contribution
Contributed
1996
N/A
N/A
N/A
1997
N/A
N/A
N/A
1998
$ 245,757
$ 149,125
164.79%
1999
292,620
123,967
238.46
2000
315,850
189,411
166.75
2001
N/A
N/A
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations as of
April 30 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percentage of pay, closed and the amortization period
was 33 years; the asset valuation method was the market method; and the significant
actuarial assumptions were an investment rate of return at 8.0% compounded annually
including a 3.5% inflation factor, a projected salary increases assumption of 5.5%
compounded annually including a 3.5% inflation factor, and post - retirement benefit
increases of 3.0% compounded annually.
41
GENERAL FUND
IThe 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.
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Balance Sheet
April 30, 2001 and 2000
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
2001
2000
ASSETS
120,060
100,274
Cash and investments
$ 13,431,914
$ 11,772,179
Receivables
8,399
8,328
Property taxes
323,098
304,663
Accrued interest
140,413
70,033
Other
131,304
194,319
Due from other governments
$ 18,636,068
$ 16,730,515
Sales tax
288,302
211,687
State income tax
194,304
151,176
Due from other funds
31,788
18,343
Inventory
7,775
21,185
Advances to other funds
4,087,170
3,986,930
Total assets
$ 18,636,068
$ 16,730,515
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 124,971
$ 70,378
Accrued payroll
120,060
100,274
Compensated absences payable
941,638
942,645
Other payables
8,399
8,328
Deferred revenue
340,000
317,603
Total liabilities
1,535,068
1,439,228
Fund balance
Reserved for due from other governments
482,606
362,863
Reserved for inventory
7,775
21,185
Reserved for advances to other funds
4,087,170
3,986,930
Unreserved
Designated - future improvements
-
5,000,000
Undesignated
12,523,449
5,920,309
Total fund balance
17,101,000
15,291,287
Total liabilities and fund balance
$ 18,636,068
$ 16,730,515
See accompanying notes to financial statements.
42
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
Investment income
2001
2000
Interest
Budget
Actual
Actual
Revenues
Taxes
$ 6,447,500 $
7,152,839
$ 6,565,124
Licenses and permits
400,000
774,121
556,915
Charges for services
282,000
288,500
363,671
Fines and forfeits
370,000
260,435
396,164
Investment income
Interest
350,000
874,534
471,291
Net appreciation in
fair value of investments
-
353,412
-
Miscellaneous
695,800
791,549
824,367
Total revenues
8,545,300
10,495,390
9,177,532
Expenditures
General government
2,374,690
2,200,062
1,938,836
Public safety
4,630,780
4,468,846
4,224,991
Pension cost
-
312,009
303,866
Total expenditures
7,005,470
6,980,917
6,467,693
Excess of revenues over expenditures
1,539,830
3,514,473
2,709,839
Other financing sources (uses)
Operating transfers in
Tax Incremental Finance
District 2 Fund
-
100,240
-
Operating transfers (out)
Debt Service Fund
(300,000)
(500,000)
(600,000)
Infrastructure Fund
-
(300,000)
(400,000)
Street and Bridge Fund
(300,000)
(650,000)
-
Tax Incremental Finance
District 2 Fund
(40,000)
-
(110,335)
Vehicle Replacement Fund
(355,000)
(355,000)
(251,000)
(995,000) (1,704,760) (1,361,335)
Excess of revenues and other financing
sources over expenditures and other
financing uses $ 544,830 1,809,713 1,348,504
Fund balance
May 1 15,291,287 13,942,783
April 30 $ 17,101,000 $ 15,291,287
See accompanying notes to financial statements.
43
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended April 30, 2001
Taxes
Property taxes - police pension
Sales tax
Local use tax
Income tax
Hotel /motel tax
Photo finishing tax
Licenses and permits
Beer/ liquor licenses
Food licenses
Other business licenses
Building permits
Non - business licenses and permits
Charges for services
Special police services
Transfer charges
Dispatching Services
Engineering charges
Fines and forfeits
Investment income
Interest
Net appreciation (depreciation) in
fair value of investments
Miscellaneous
Federal grant
State grant
False alarms
Sale of materials
Rentals
Miscellaneous
Telecommunication fees
Franchise fees
Total revenues
44
Budget
2,800,000
210,000
1,300,000
2,100,000
Actual
$ 312,009
2,974,901
231,066
1,424,890
2,170,934
60,000
68,375
5,000
6,629
32,500
28,463
250,000
613,181
52,500
57,473
82,000
76,828
60,000
60,000
135,000
139,620
5,000
12,052
282,000
288,500
J/U,000 LbU,4;JO
350,000 874,534
- 353,412
350,000 1,227,946
45,000
2,000
40,000
2,000
6,800
25,000
420,000
$ 8,545,300
10,000
1,940
63,275
2,959
2,725
54,320
464,566
191,764
$ 1U,495,39U
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
(Continued)
1
45
Budge
Actual
General government
Administration Department
Salaries
$ 1,141,000
$ 1,112,765
Overtime
14,220
8,936
Part -time
167,550
132,631
Employee benefits
198,660
134,713
Professional services
225,730
375,827
Travel, training, and dues
47,110
28,131
Printing and advertising
45,750
43,197
Communications
38,520
29,434
Insurance
52,000
36,559
Contractual services
172,400
117,567
Utility services
4,000
2,251
Motor vehicle maintenance
6,760
3,449
Repairs and maintenance
76,770
14,483
Miscellaneous
57,740
51,613
Supplies
41,750
26,757
Materials
1,000
-
Petroleum products
2,300
2,497
Housing assistance
37,000
38,300
Apparel
1,030
1,043
Small tools and equipment
2,000
434
Equipment
19,400
25,973
Streetscape
22,000
13,502
Total general government
2,374,690
2,200,062
Public safety
Police Department
Administrative service
Salaries
808,700
830,138 -t
Overtime
13,260
29,625 f
Part -time
24,350
8,582
Employee benefits
142,540
98,998
(Continued)
1
45
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Investigations
Salaries
Budget
Actual
Public safety (Continued)
9,930
5,831
Police Department (Continued)
29,550
20,534
Administrative service (Continued)
2,500
576
Professional services
$ 4,900
$ 1,859
Travel, training, and dues
9,200
6,475
Printing and advertising
8,000
5,140
Communications
46,000
45,635
Insurance
136,400
97,083
Contractual services
84,540
73,080
Motor vehicle maintenance
1,800
68
Repairs and maintenance
24,000
25,499
Supplies
46,700
48,508
Petroleum products
1,000
-
Apparel
8,350
8,350
Equipment
11,000
10,708
Miscellaneous
7,100
1,847
1,377,840
1,291,595
Investigations
Salaries
190,890
130,945
Overtime
9,930
5,831
Employee benefits
29,550
20,534
Travel, training, and dues
2,500
576
Motor vehicle maintenance
1,700
385
Petroleum products
1,500
85
Apparel
2,250
2,250
Equipment
1,700
926
240,020
161,532
Patrol
Salaries
1,998,480
2,039,001 �
Overtime
81,850
90,305 4
Part -time
46,220
45,232 ^b
Employee benefits
314,260
279,507
Travel, training, and dues
22,300
21,776
(Continued)
46
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Public safety (Continued)
Police Department (Continued)
Patrol (Continued)
Communications
Motor vehicle maintenance
Repairs and maintenance
Petroleum products
Apparel
Equipment
Special services
Overtime
Youth services
Salaries
Overtime
Part -time
Employee benefits
Travel, training, and dues
Motor vehicle maintenance
Petroleum products
Apparel
Equipment
Total public safety
Pension cost
Police
Total expenditures
47
Budget
$ 2,000
26,500
32,000
34,250
15,000
307,230
7,320
1,670
48,480
3,250
2,500
2,000
2,250
2,000
376,700
4,630,780
Actual
12,428
27,165
20
39,725
34,250
14,867
47 '2rZ7 x
286,866
3,698
45,900
3,181
1,681
510
2,250
312,009
$ 7,005,470 $ 6,980,917
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.
tStreet and Bridge Fund
t To account for the revenues and resources used in maintaining approximately 70 miles of
streets and the railroad station in the Village of Deerfield.
IIllinois 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.
t
Motor 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
To account for the 911 calling telephone system activity.
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En
VILLAGE OF DEERFIELD, ILLINOIS
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
Fund balance
May 1 _ 32,265 22,766
April 30 $ 43,804 $ 32,265
See accompanying notes to financial statements.
50
2001
2000
Budget
Actual
Actual
Revenues
$ - $
-
$ -
Expenditures
Public safety
Travel, training, and dues
250
80
150
Communications
1,800
1,425
1,615
Insurance
600
49
442
Contractual
2,000
-
1,419
Utility services
800
1,083
820
Repairs and maintenance
-
-
238
Motor vehicle maintenance
1,000
592
1,695
Supplies
500
-
1,095
Equipment
1,000
8,310
2,025
Total expenditures
7,950
11,539
9,499
Excess (deficiency) of revenues
over expenditures
$ 7,950
(11,539)
(9,499)
Fund balance
May 1 _ 32,265 22,766
April 30 $ 43,804 $ 32,265
See accompanying notes to financial statements.
50
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
Revenues
Taxes
Property taxes
Licenses and permits
Vehicle licenses
Charges for services
State highway maintenance
50/50 Tree Planting
Train station maintenance
Investment income
Interest
Net appreciation in
fair value of investments
Miscellaneous
Other
Rental income
Total revenues
Expenditures
Highways and streets
Administration
Cleaning
Traffic marking
Pavement patching
Tarring cracks
Drainage structures
Street lights and traffic signals
Miscellaneous maintenance
Snow and ice control
Tree removal
Tree planting
Railroad station maintenance
Weed control
Total expenditures
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
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
Fund balance
May 1
April 30
2001 2000
Budeet Actual Actual
$ 330,000
$ 340,989
$ 351,682
350,000
335,561
341,934
32,000
31,995
31,376
51000
16,658
4,930
-
1,500
1,500
45,000
28,156
41,728
-
6,590
-
3,000
198,915
35,220
4,500
5,200
4,250
769,500
965,564
812,620
215,750
204,435
183,246
51,190
31,329
46,081
86,710
71,024
75,126
147,860
123,658
137,955
55,490
31,274
47,621
42,320
37,712
36,758
130,030
77,674
117,813
80,540
66,746
68,611
231,530
343,282
184,270
85,110
917,711
86,347
18,150
34,847
18,412
35,270
38,887
39,100
25,510
10,538
21,301
1,205,460
1,989,117
1,062,641
(435,%0) (1,023,553) (250,021)
260,000
260,000
250,000
125,000
125,000
120,000
175,000
650,000
-
(100,000)
(100,000)
(100,000)
460,000
935,000
270,000
$ 24,040
(88,553)
19,979
503,265
483,286
$ 414,712
$ 503,265
See accompanying notes to financial statements.
51
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
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
Cleaning
Salaries
Overtime
Employee benefits
Equipment rental
Repairs and maintenance
Motor vehicle maintenance
Contractual
Supplies
Petroleum products
Small tools and equipment
Traffic marking
Salaries
Overtime
(Continued)
52
Budget
$ 72,630
7,000
6,270
13,340
2,800
7,500
1,700
2,900
8,000
7,700
4,000
65,010
4,400
8,500
1,500
2,500
215,750
33,440
520
5,730
500
3,000
4,000
1,000
1,600
1,000
51,190
36,990
320
Actual
92,650
4,600
5,962
14,437
10,334
3,269
1,338
2,611
4,417
4,659
4,610
37,187
6,631
8,582
1,397
204,435
20,945
8
3,502
4,367
787
1,510
31,329
27,505
191
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Pavement patching
Budge
Highways and streets (Continued)
71,480
Public works (Continued)
210
Traffic marking (Continued)
14,270
Part -time
$ 3,660
Employee benefits
6,540
Repairs and maintenance
500
Motor vehicle maintenance
500
Contractual
20,000
Petroleum products
200
Materials
8,000
Street signs
9,000
Equipment
^1,000
Pavement patching
36,890
Salaries
71,480
Overtime
210
Employee benefits
14,270
Repairs and maintenance
3,000
Motor vehicle maintenance
6,000
Petroleum products
1,400
Aggregates
50,000
Materials
1,500
Tarring cracks
Salaries
36,890
Overtime
400
Part -time
4,490
Employee benefits
6,210
Repairs and maintenance
1,000
Motor vehicle maintenance
700
Petroleum products
400
Aggregates
400
Materials
5,000
55,490
(Continued)
53
Actual
1,641
5,502
214
20,095
30
6,826
8,453
71,024
58,892
399
8,359
1,927
2,326
1,159
50,100
496
23,083
3,204
^40
31,274
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Highways and streets (Continued)
Public works (Continued)
Drainage structures
Salaries
Overtime
Employee benefits
Repairs and maintenance
Motor vehicle maintenance
Petroleum products
Aggregates
Materials
Street lights and traffic signals
Salaries
Overtime
Employee benefits
Equipment rental
Repairs and maintenance
Utility services
Motor vehicle maintenance
Contractual
Petroleum products
Aggregates
Materials
Miscellaneous maintenance
Salaries
Overtime
Employee benefits
Repairs and maintenance
Miscellaneous
Motor vehicle maintenance
Contractual
(Continued)
54
Budget
27,690
1,460
4,970
800
2,000
400
2,000
Actual
27,789
429
4,319
45
206
40
1,819
33,440
18,951
2,090
1,113
5,600
2,707
500
-
1,200
373
32,000
33,018
3,000
3,836
46,000
9,937
700
727
200
7,012
5,300
-
130,030
77,674
13,060
8,297
12,540
9,527
2,640
1,879
4,200
4,804
1,500
2,954
3,500
4,019
10,000
6,471
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Budget Actual
Highways and streets (Continued)
Public works (Continued)
Miscellaneous maintenance (Continued)
Petroleum products $ 700 $ 744
Aggregates 2,000 -
Materials 30,000 27,701
Small tools and equipment 400 350
80,540 66,746
Snow and ice control
Salaries
40,760
63,878
Overtime
38,660
68,549
Employee benefits
5,910
9,032
Equipment rental
1,000
-
Repairs and maintenance
27,000
6,456
Motor vehicle maintenance
19,000
59,915
Contractual
8,000
13,450
Supplies
2,900
1,477
Petroleum products
4,300
6,741
Salt
75,000
104,552
Aggregates
6,000
6,193
Materials
3,000
3,039
231,530
343,282
Tree removal
Salaries
18,810
101,654
Overtime
1,570
33,723
Part -time
6,580
1,160
Employee benefits
2,850
14,975
Repairs and maintenance
1,000
5,059
Motor vehicle maintenance
600
25,918
Contractual
52,900
725,710
Petroleum products
500
6,310
Materials
300
2,134
Equipment
-
1,068
85,110
917,711
(Continued)
55
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
Highways and streets (Continued)
Public works (Continued)
Tree planting
Salaries
Overtime
Employee benefits
Repairs and maintenance
Motor vehicle maintenance
Contractual
Petroleum products
Materials
Railroad station maintenance
Salaries
Overtime
Part -time
Employee benefits
Repairs and maintenance
Communication
Contractual
Supplies
Materials
Weed control
Salaries
Part -time
Employee benefits
Repairs and maintenance
Motor vehicle maintenance
Contractual
Petroleum products
Equipment
Total expenditures
56
Budget
9,300
110
1,540
200
600
6,000
200
200
Actual
7,452
860
1,291
159
24,209
167
9,400
7,725
210
162
6,170
6,619
990
1,037
1,400
1,575
1,000
432
10,000
13,042
800
2,695
5,300
5,600
10,450
6,159
3,870
-
1,890
1,172
3,000
320
2,100
2,791
3,000
-
400
96
800
-
25,510
10,538
$ 1,205,460 $ 1,989,117
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
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
Excess of revenues over expenditures
Fund balance
May 1
April 30
2001
Bum Actual
$ 890,000
11,000
-1 111
$ 893,180
11,354
103,352
2000
Actual
$ 929,719
12,123
78,354
7V1,VVV 1,VJL,YJ1 L,VLV,17V
500,000
443,058
416,254
364,000
357,195
328,899
864,000
800,253
745,153
$ 97,000
232,198
275,043
1,233,672 958,629
$ 1,465,870 $ 1,233,672
See accompanying notes to financial statements.
57
VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
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 of revenues over
expenditures
Other financing (uses)
Operating transfers (out)
Street and Bridge Fund
Excess (deficiency) of revenues
over expenditures and other
financing uses
Fund balance
May 1
April 30
2001 2000
Budget Actual Actual
$ 450,000 $ 524,575 $ 489,252
40,000
44,640
Y7V,VVV JUV,VUV
34,878
524,130
185,000
188,475
160,783
75,600
7,442
51,621
174,000
4,846
37,822
434,600
200,763
250,226
55,400
379,323
273,904
260,000 _ 260,000 250,000
$ 204,600 119,323
23,904
$ 810,218 $ 690,895
See accompanying notes to financial statements.
58
VILLAGE OF DEERFIELD, ILLINOIS
Enhanced 911 Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
See accompanying notes to financial statements.
59
2001
2000
Budget
Actual
Actual
Revenues
Charges for services
Other charges
$ 141,000 $
128,520
$ 133,981
Interest
7,000
13,077
10,152
Total revenues
148,000
141,597
144,133
Expenditures
Public safety
Repairs and maintenance
4,000
4,668
2,285
Communication telephone
10,000
9,983
3,328
Travel, training, and dues
2,000
117
-
Contractual
111,700
119,603
104,894
Equipment
38,000
37,936
19,587
Total expenditures
165,700
172,307
130,094
Excess (deficiency) of revenues
over expenditures
$ 17,700
(30,710)
14,039
Fund balance
May 1
180,296
166,257
April 30
$
149,586
$ 180,296
See accompanying notes to financial statements.
59
DEBT SERVICE FUND
Debt Service Fund
' To account for the accumulation of resources for the payment of general long -term debt.
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30, 2001 and 2000
2001 2000
ASSETS
Cash and investments $ 2,704,861 $ 2,668,663
Receivables
Property taxes 420,974 516,179
Accrued interest 32,148 13,003
Total assets $ 3,157,983 $ 3,197,845
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 298
$ 33,275
Accrued interest
942
300
Due to component unit
40,497
131,577
Due to other funds
13,354
69,976
Deferred property taxes
442,495
547,926
Total liabilities
497,586
783,054
Fund balance
Reserved for debt service
2,660,397
2,414,791
Total liabilities and fund balance
$ 3,157,983
$ 3,197,845
See accompanying notes to financial statements.
60
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
2001 2000
Budget Actual Actual
Revenues
Taxes
Property taxes
$ 442,495
$ 558,802
$ 644,219
Replacement taxes
80,000
79,024
84,372
Investment income
Interest
142,000
220,806
98,031
Net appreciation in
fair value of investments
-
34,555
-
Miscellaneous
Tax incremental finance district
surplus property tax rebate
200,000
190,418
206,291
Total revenues
864,495
1,083,605
1,032,913
Expenditures
Debt service
Principal retirement
1,500,000
2,630,000
1,080,000
Interest
634,050
902,300
954,923
Fiscal charges
-
2,449
2,606
Total expenditures
2,134,050
3,534,749
2,037,529
Excess (deficiency) of revenues
over expenditures
(1,269,555)
(2,451,144)
(1,004,616)
Other financing sources
Operating transfers in
General Fund
-
500,000
600,000
TIF 2 Fund
2,196,750
2,196,750
728,250
2,196,750
2,696,750
1,328,250
Excess of revenues and
other financing sources over
expenditures
$ 927,195
245,606
323,634
Fund balance
May 1
2,414,791
2,091,157
April 30
$ 2,660,397
$ 2,414,791
See accompanying notes to financial statements.
61
CAPITAL 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.
Tax 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.
Infrastructure Replacement Fund
Established in 1989 for the purpose of maintaining, repairing, and renovating the capital assets
of the Village.
Project 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.
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ENTERPRISE FUNDS
IWater Fund
' 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
tfacilities within the Village.
ASSETS
Current assets
Cash and investments
Receivables
Property taxes
Accounts
Accrued interest
Other
Due from component unit
Due from other funds
Other assets
Deferred bond issuance costs
Inventories
Fixed assets (net of accumu-
lated depreciation)
Total assets
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
Accrued payroll
Compensated absences
payable
Contracts payable
Due to other funds
Other payables
Total liabilities
Long -term liabilities
General obligation bonds
payable
Total liabilities
Fund equity
Contributed capital
Retained earnings
Unreserved
Total fund equity
Total liabilities and
fund equity
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Balance Sheet
April 30, 2001
(with comparative totals for 2000)
Commuter
Parking Totals
Water Sewerage Refuse Lot 2001 2000
$ 6,584,277 $ 1,753,310 $ 252,972 $ 498,978 $ 9,089,537 $ 11,900,029
-
-
717,735 -
717,735
716,019
632,003
374,447
79,107 -
1,085,557
992,879
64,491
3,410
5,631 8,000
81,532
121,986
13,516
10,722
1,505 -
25,743
17,782
-
-
3,755 -
3,755
2,073
13,487
-
11,069 -
24,556
13,061
30,145
-
- -
30,145
32,300
37,659
-
- -
37,659
39,981
55,043
1,804
- -
56,847
56,847
7,430,621
2,143,693
1,071,774 506,978
11,153,066
13,892,957
6,506,768 4,061,245 - 82,364 10,650,377 6,596,550
$ 13,937,389 $ 6,204,938 $ 1,071,774 $ 589,342 $ 21,803,443 $ 20,489,507
$ 677,624 $
11,409 $
107,224 $ 11,421 $
807,678 $
266,830
6,743
12,540
- 640
19,923
32,051
99,408
163,708
- -
263,116
243,477
-
12,595
- -
12,595
28,271
-
-
13,487 -
13,487
-
46,244
-
2,986 -
49,230
46,417
830,019
200,252
123,697 12,061
1,166,029
617,046
4,460,000
-
- - 4,460,000
4,735,000
5,290,019
200,252
123,697 12,061 5,626,029
5,352,046
1,471,999
4,705,628
- - 6,177,627
6,402,359
7,175,371
1,299,058
948,077 577,281 9,999,787
8,735,102
8,647,370
6,004,686
948,077 577,281 16,177,414
15,137,461
$ 13,937,389 $ 6,204,938 $ 1,071,774 $ 589,342 $ 21,803,443 $ 20,489,507
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30, 2001
(with comparative totals for 2000)
See accompanying notes to financial statements.
65
Commuter
Parking
Totals
Water
Sewerage
Refuse
Lot
2001
2000
Operating revenues
'
Charges for services
Water sales
$ 3,399,161
$ -
$ -
$ -
$ 3,399,161
$ 3,624,389
Sewer charges
-
1,668,934
-
-
1,668,934
1,669,797
Refuse billings
-
-
347,213
-
347,213
332,020
t
Parking lot fees
-
-
-
155,856
155,856
160,286
Surcharges
-
51,066
-
-
51,066
50,766
Miscellaneous
60,661
55,759
45,270
-
161,690
162,280
Total operating revenues
3,459,822
1,775,759
392,483
155,856
5,783,920
'
5,999,538
Operating expenses excluding
t
depreciation
Administration
272,703
220,629
112,147
-
605,479
545,476 '
Operations
2,468,268
1,324,858
1,088,820
69,349
4,951,295
5,014,221
Total operating expenses
excluding depreciation
2,740,971
1,545,487
1,200,967
69,349
5,556,774
5,559,697
Operating income (loss)
'
before depreciation
718,851
230,272
(808,484)
86,507
227,146
439,841
Depreciation
82,783
170,497
-
5,243
258,523
254,672
Operating income (loss)
636,068
59,775
(808,484)
81,264
(31,377)
'
185,169
Nonoperating revenues (expenses)
Investment income
614,125
98,761
28,274
44,092
785,252
666,134
Property taxes
-
-
744,544
-
744,544
'
770,259
Interest expense
(210,441)
-
-
-
(210,441)
(221,969)
403,684
98,761
772,818
44,092
1,319,355
1,214,424
Income before
'
operating transfers
1,039,752
158,536
(35,666)
125,356
1,287,978
1,399,593
Operating transfers (out)
(23,000)
(33,000)
(14,000)
178,025
(248,025)
(189,000)
Net income (loss)
1,016,752
125,536
(49,666)
(52,669)
1,039,953
1,210,593 '
Other changes in retained earnings
Depreciation that reduces
contributed capital
48,861
135,319
-
40,552
224,732
224,804 '
Net increase (decrease) in
retained earnings
1,065,613
260,855
(49,666)
(12,117)
1,264,685
1,435,397
Retained earnings
'
May 1
6,109,758
1,038,203
997,743
589,398
8,735,102
7,299,705
April 30
$ 7,175,371
$ 1,299,058
$ 948,077
$ 577,281
$ 9,999,787
$ 8,735,102 ,
See accompanying notes to financial statements.
65
Cash flows from operating
activities
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided
by (used in) operating activities
Depreciation
Other nonoperating revenues
Changes in assets and liabilities
Receivables
Due from component unit
Due from other funds
Other assets
Deferred bond issuance costs
Accounts payable
Accrued payroll
Insurance payable
Contracts payable
Compensated absences payable
Other payables
Due to other funds
Cash flows from noncapital
financing activities
Operating transfers (out)
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 investing activities
Purchase of investment securities
Proceeds from sale and maturities
of investment securities
Interest
Net appreciation in
fair value of investments
Net increase (decrease) in cash
and cash equivalents
Cash and cash equivalents
May 1
April 30
Cash and investments
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30, 2001
(with comparative totals for 2000)
Commuter
Parking Totals
Water Sewerage Refuse Lot 2001 2000
$ 636,068 $
59,775
$ (808,484) $
81,264 $
(31,377) $
185,169
82,783
170,497
-
5,243
258,523
254,672
-
-
744,544
-
744,544
770,259
(42537)
(38,773)
(14,405)
-
(95,715)
(124,196)
_
_
(1,682)
-
(1,682)
3,201
(13,487)
-
1,992
-
(11,495)
(12,850)
2,155
-
-
-
2,155
2,604
2,322
-
-
-
2,322
2,239
519,810
4,362
16,141
535
540,848
(95,493)
(8,959)
(3,523)
-
354
(12,128)
8,295
-
-
(7,730)
-
(15,676)
-
-
(15,676)
28,271
31,260
(11,621)
-
-
19,639
(22,715)
-
-
2,814
-
2,814
172
-
-
13,487
-
13,487
-
1,209,415
165,041
(45,593)
87,3%
1,416,259
991,898
(23,000) (33,000) (14,000) (178,025) (248,025) (189,000)
(275,000) - - - (275,000) (265,000)
(4,291,544) (16,564) - - (4,308,108) (658,098)
(210,441) - - - (210,441) (221,969)
(4,776,985) (16,564) - - (4,793,549) (1,145,067)
(11,706,861) (1,560,830) (243,058) (603,721) (14,114,470) (14,600,000)
14,582,647 2,059,835 203,573 303,721 17,149,776 8,368,882
566,491 110,017 25,846 31,156 733,510 580,765
87,260 - - 4,936 92,1% -
3,529,537 609,022 (13,639) (263,908) 3,861,012 (5,650,353)
(61,033) 724,499 (73,232) (354,537) 235,697 (5,992,522)
1,254,949 327,816 86,719 553,515 2,222,999 8,215,521
$ 1,193,916 $ 1,052,315 $ 13,487 $ 198,978 $ 2,458,696 $ 2,222,999
Cash and cash equivalents $ 1,193,916 $ 1,052,315 $ 13,487 $ 198,978 $ 2,458,696 $ 2,222,999
Investments 5,390,361 700,995 239,485 300,000 6,630,841 9,677,030
$ 6,584,277 $ 1,753,310 $ 252,972 $ 498,978 $ 9,089,537 $ 11,900,029
See accompanying notes to financial statements.
..
VILLAGE OF DEERFIELD, ILLINOIS '
Water Fund
Balance Sheet '
April 30, 2001 and 2000
Fixed assets
Cost 8,418,422 4,126,878
Accumulated depreciation (1,911,654) (1,833,113)
6,506,768 2,293,765
Total assets $ 13,937,389 $ 12,653,527
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
2001
2000
ASSETS
6,743
15,702
Current assets
99,408
68,148
Cash and investments
$ 6,584,277
$ 9,531,979
Receivables
830,019
287,909
Accounts - billed
118,392
75,855
Accounts - unbilled
513,611
513,611
Accrued interest
64,491
104,117
Other
13,516
6,876
Due from other funds
13,487
-
Other assets
30,145
32,300
Deferred bond issuance costs net of amortization
37,659
39,981
Inventories
55,043
55,043
7,430,621
10,359,762
Fixed assets
Cost 8,418,422 4,126,878
Accumulated depreciation (1,911,654) (1,833,113)
6,506,768 2,293,765
Total assets $ 13,937,389 $ 12,653,527
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 677,624
$ 157,814
Accrued payroll
6,743
15,702
Compensated absences payable
99,408
68,148
Other payables
46,244
46,245
830,019
287,909
Long -term liabilities
General obligation bonds payable
4,460,000
4,735,000
Total liabilities
5,290,019
5,022,909
Fund equity
Contributed capital
1,471,999
1,520,860
Retained earnings
7,175,371
6,109,758
Total fund equity
8,647,370
7,630,618
Total liabilities and fund equity
$ 13,937,389
$ 12,653,527
See accompanying notes to financial statements.
67
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
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 before depreciation and amortization
Depreciation and amortization
Operating income
Nonoperating revenues (expenses)
Investment income
Interest income
Net appreciation in
fair value of investments
Interest expense
Income before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income
Other changes in retained earnings
Depreciation that reduces contributed capital
Net increase in retained earnings
Retained earnings
May 1
April 30
2001 2000
u Qet ctua Actual
$ 3,550,000 $ 3,399,161 $ 3,624,389
15,000
23,820
18,540
28,000
35,055
32,227
5,000
1,786
1,385
3,598,000
3,459,822
3,676,541
239,960
272,703
222,104
2,090,847
2,023,722
2,195,024
387,163
344,757
353,678
126,490
99,789
86,216
-
-
106
2,844,460
2,740,971
2,857,128
753,540
718,851
819,413
-
82,783
80,588
753,540
636,068
738,825
180,000
526,865
517,221
87,260 -
(210,441) (221,969)
180,000 403,684 295,252
933,540 1,039,752 1,034,077
(23,000) (23,000) (23,000)
$ 910,540 1,016,752 1,011,077
48,861 48,861
1,065,613 1,059,938
6,109,758 5,049,820
$ 7,175,371 $ 6,109,758
See accompanying notes to financial statements.
.:
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
Operations
Budget
Actual
Administration
Salaries
$ 104,180
$ 141,683
Overtime
4,700
3,749
Part -time
6,270
5,958
Employee benefits
19,510
18,215
Professional services
1,700
178
Travel, training, and dues
900
399
Printing and advertising
1,000
3,004
Communications
11,800
12,259
Contractual services
2,400
5,665
Insurance
53,500
51,952
Motor vehicle maintenance
1,900
939
Miscellaneous
1,500
1,877
Supplies
1,400
857
Petroleum products
1,100
1,515
Occupancy
20,000
20,000
Apparel
2,600
4,153
Repairs and maintenance
5,500
300
Total administration
239,960
272,703
Operations
Distribution
Salaries
128,120
97,054
Overtime
10,450
8,235
Employee benefits
17,500
16,383
Professional services
9,700
6,724
Printing and advertising
800
-
Contractual services
8,600
4,273,801
Utility services
71,900
72,106
Motor vehicle maintenance
4,000
2,171
Repairs and maintenance
11,900
4,708
Miscellaneous
600
-
Purchase of water
1,800,000
1,808,607
Supplies
700
-
Petroleum products
1,700
2,214
Chlorine
500
-
Equipment
45,000
15,860
Materials
1,000
26
Total
2,112,470
6,307,889
Less non - operating expenses
Fixed assets capitalized
(21,623)
(4,284,167)
Total distribution
21090,847
2,023,722
(Continued)
69
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
70
Budget
Actual
Operations (Continued)
Main and fire hydrant maintenance
Salaries
$ 150,690
$ 116,436
Overtime
41,800
52,482
Part -time
9,720
5,437
Employee benefits
16,630
19,852
Contractual services
36,100
34,714
Motor vehicle maintenance
18,000
21,717
Repairs and maintenance
12,400
2,131
Equipment rental
1,000
99
Miscellaneous
3,000
3,080
Petroleum products
2,700
3,272
Small tools and equipment
500
739
Aggregates
22,000
15,044
Equipment
7,000
6,321
Materials
73,000
70,810
Total
394,540
352,134
Less non - operating expenses
Fixed assets capitalized
(7,377)
(7,377)
Total main and fire hydrant maintenance
387,163
344,757
Meter maintenance
Salaries
64,790
45,242
Overtime
1,050
804
Part -time
1,460
-
Employee benefits
10,890
7,233
Professional services
1,000
395
Travel, training, and dues
200
-
Printing and advertising
300
-
Contractual services
1,000
-
Motor vehicle maintenance
3,000
6,920
Repairs and maintenance
800
880
Miscellaneous
500
200
Petroleum products
900
991
Materials
5,500
5,415
Small tools and equipment
100
-
Equipment
35,000
31,709
Total meter maintenance
126,490
99,789
Water system improvements
Miscellaneous
-
-
Total water system improvements
-
-
Total operating expenses
$ 2,844,460
$ 2,740,971
70
Water system
Equipment and
vehicles
Water system
Equipment and
vehicles
Net asset value
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2001
Assets
Balances Balances
May 1 Additions Retirements April 30
$ 3,555,673 $ 4,271,144 $ - $ 7,826,817
571,205
$ 4,126,878 $ 4,291,544
591,605
Accumulated Depreciation
Balances Balances
M_ ay 1 Additions Retirements April 30
$ 1,319,940 $ 70,163 $ - 1,390,103
$ 1,833,113 $ 78,541
71
1,911,654
$ 6,506,768
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30, 2001 and 2000
ASSETS
Current assets
Cash and investments
Receivables
Accounts - billed
Accounts - unbilled
Accrued interest
Other
Inventories
Fixed assets
Cost
Accumulated depreciation
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Accrued payroll
Compensated absences payable
Contracts payable
Total liabilities
Fund equity
Contributed capital
Retained earnings
Total fund equity
Total liabilities and fund equity
2001 2000
$ 1,753,310 $ 1,527,816
88,178
54,081
286,269
286,269
3,410
14,666
10,722
6,046
11,205,272 11,188,708
(7,144,027) (6,973,530)
4,061,245 4,215,178
$ 6,204,938 $ 6,105,860
$ 11,409 $
7,047
12,540
16,063
163,708
175,329
12,595
28,271
200,252
226,710
4,705,628
1,299,058
4,840,947
1,038,203
6,004,686
5,879,150
$ 6,204,938 $ 6,105,860
See accompanying notes to financial statements.
72
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
See accompanying notes to financial statements.
73
2001
2000
Bu ¢et
Actual
Actual
Operating revenues
Charges for services
Sewer charges
$ 1,640,000
$ 1,668,934
$ 1,669,797
Surcharges - construction
-
51,066
50,766
Miscellaneous
Permits and fees
91000
4,777
11,525
Penalties
18,000
21,036
18,047
Other
30,000
29,946
28,337
Total operating revenues
1,697,000
1,775,759
1,778,472
Operating expenses excluding depreciation
Administration
291,890
220,629
208,701
Operations
Treatment plant
1,257,310
983,066
929,341
Cleaning and maintenance
172,976
135,457
165,931
Construction
256,300
206,335
208,098
Total operating expenses excluding
depreciation
1,978,476
1,545,487
1,512,071
Operating income (loss) before depreciation
(281,476)
230,272
266,401
Depreciation
130,000
170,497
168,841
Operating income (loss)
(411,476)
59,775
97,560
Nonoperating revenues
Investment income
Interest income
65,000
98,761
95,111
Depreciation reserve
300,000
-
-
365,000
98,761
95,111
Income (loss) before operating transfers
(46,476)
158,536
192,671
Operating transfers (out)
Vehicle Replacement Fund
(33,000)
(33,000)
(33,000)
Net income (loss)
$ (79,476)
125,536
159,671
Other changes in retained earnings
Depreciation that reduces contributed capital
135,319
135,319
Net increase in retained earnings
260,855
294,990
Retained earnings
May 1
1,038,203
743,213
April 30
$ 1,299,058
$ 1,038,203
See accompanying notes to financial statements.
73
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
(Continued)
74
Budeet
Actual
Administration
Salaries
$ 110,250
$ 101,926
Overtime
4,600
3,989
Part -time
6,270
5,962
Employee benefits
19,420
18,394
Contractual services
5,400
3,767
Professional services
15,200
-
Travel, training, and dues
600
106
Printing and advertising
200
179
Communications
6,000
4,071
Insurance
89,150
52,919
Motor vehicle maintenance
2,000
1,566
Repairs and maintenance
7,000
489
Miscellaneous
1,000
1,329
Supplies
1,200
815
Petroleum products
1,300
1,671
Occupancy
20,000
20,000
Apparel
2,300
3,446
Total administration
291,890
220,629
Operations
Treatment plant
Salaries
476,730
467,778
Overtime
20,270
16,174
Part -time
7,630
4,270
Employee benefits
84,580
74,800
Professional services
5,000
-
Travel, training, and dues
3,000
2,829
Printing and advertising
100
21
Communications
8,300
7,258
Contractual services
30,500
558
Utility services
191,000
217,072
Motor vehicle maintenance
5,500
11,010
Repairs and maintenance
315,500
71,710
Equipment rental
2,000
1,600
Supplies
57,500
71,029
Petroleum products
8,300
4,301
Chlorine
4,000
-
Aggregates
8,000
4,766
Materials
21,500
14,634
Small tools and equipment
1,000
114
Apparel
3,200
5,649
Equipment
6,600
15,551
Miscellaneous
3,700
4,804
Total treatment plant
1,263,910
995,928
Less non - operating expenses
Fixed assets capitalized
(6,600)
(12,862)
Total treatment plant
1,257,310
983,066
(Continued)
74
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
75
Budget
Actual
Operations (Continued)
Cleaning and maintenance
Salaries
$ 98,440
$ 73,665
Overtime
6,160
8,973
Part -time
3,550
6,562
Employee benefits
17,230
11,594
Contractual services
14,000
3,275
Motor vehicle maintenance
6,000
8,100
Repairs and maintenance
6,000
583
Equipment rental
1,000
-
Miscellaneous
2,000
1,223
Supplies
10,093
18,935
Petroleum products
1,400
993
Aggregates
2,800
1,821
Materials
7,500
1,543
Equipment
205
1,795
Small tools and equipment
300
97
Total cleaning and maintenance
176,678
139,159
Less non- operating expenses
Fixed assets capitalized
(3,702)
(3,702)
Total cleaning and maintenance
172,976
135,457
Construction
Salaries
115,470
96,490
Overtime
1,050
1,676
Part -time
1,990
4,578
Employee benefits
18,490
17,396
Contractual services
63,300
3,800
Motor vehicle maintenance
7,200
12,881
Repairs and maintenance
3,700
3,227
Equipment rental
5,000
-
Supplies
1,000
-
Petroleum products
2,900
5,211
Aggregates
10,000
8,071
Materials
26,000
53,005
Small tools and equipment
200
-
Total construction
256,300
206,335
Total operating expenses
$ 1,982,178
$ 1,549,189
75
Sewer system
Equipment and
vehicles
Sewer system
Equipment and
vehicles
Net asset value
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2001
Assets
Balances Balances
May 1 Additions Retirements April 30
$ 10,825,703 $ - $ - $ 10,825,703
363,005 16,564 - 379,569
$ 11,188,708 $ 16,564 $ - 11,205,272
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
$ 6,662,799 $ 155,331 $ - 6,818,130
310,731
$ 6,973,530
15,166
$ 170,497
76
325,897
7,144,027
$ 4,061,245
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30, 2001 and 2000
Total assets $ 1,071,774 $ 1,088,998
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 107,224 $ 91,083
Due to other funds 13,487 -
Other liabilities 2,986 172
123,697 91,255
Retained earnings 948,077 997,743
Total liabilities and retained earnings $ 1,071,774 $ 1,088,998
See accompanying notes to financial statements.
77
2001
2000
ASSETS
Current assets
Cash and investments
$ 252,972
$ 286,719
Receivables
Property taxes
717,735
716,019
Accounts - billed
14,052
10,707
Accounts - unbilled
65,055
52,356
Accrued interest
5,631
3,203
Other
1,505
4,860
Due from component unit
3,755
2,073
Due from other funds
11,069
13,061
Total assets $ 1,071,774 $ 1,088,998
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 107,224 $ 91,083
Due to other funds 13,487 -
Other liabilities 2,986 172
123,697 91,255
Retained earnings 948,077 997,743
Total liabilities and retained earnings $ 1,071,774 $ 1,088,998
See accompanying notes to financial statements.
77
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
2001 2000
Budget Actual Actual
Operating revenues
Charges for services
Refuse billing
Miscellaneous
Total operating revenues
Operating expenses
Administration
Operations
Contractual services
Total operating expenses
Operating (loss)
Nonoperating revenues
Investment income
Interest income
Property taxes
Income (loss) before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income (loss)
Retained earnings
May 1
April 30
$ 330,000
$ 347,213
$ 332,020
56,000
45,270
52,219
386,000
392,483
384,239
142,990
112,147
114,671
1,050,000
1,088,820
1,007,772
1,192,990
1,200,967
1,122,443
806,990
808,484
738,204
24,000
28,274
23,348
755,000
744,544
770,259
779,000
772,818
793,607
(27,990)
(35,666)
55,403
14,000 14,000 13,000
$ 41,990 (49,666) 42,403
997,743 955,340
$ 948,077 $ 997,743
See accompanying notes to financial statements.
78
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30, 2001 and 2000
2001 2000
ASSETS
Current assets
Cash and investments $ 498,978 $ 553,515
Receivables
Accrued interest 8,000 -
506,978 553,515
Fixed assets
Cost 710,108 710,108
Accumulated depreciation 627,744 622,501
82,364 87,607
Total assets $ 589,342 $ 641,122
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 11,421
$ 10,886
Accrued payroll
640
286
Total current liabilities
12,061
11,172
Fund equity
Contributed capital
-
40,552
Retained earnings
577,281
589,398
Total fund equity
577,281
629,950
Total liabilities and fund equity
$ 589,342
$ 641,122
See accompanying notes to financial statements.
79
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
Operating revenues
Parking lot fees
Operating expenses excluding
depreciation
Operations
Operating income before depreciation
Depreciation
Operating income
Nonoperating revenues
Investment income
Interest income
Net appreciation in
fair value of investments
Income before operating transfers
Operating transfers (out)
Street and Bridge Fund
Infrastructure Fund
Net (loss)
Other changes in retained earnings
Depreciation that reduces
contributed capital
Net increase (decrease) in retained earnings
Retained earnings
May 1
April 30
2001 2000
Budget Actual Actual
$ 159,000 $ 155,856 $ 160,286
77,560 69,349
68,055
81,440 86,507
92,231
- 5,243
5,243
81,440 81,264
86,988
26,000
39,156
30,454
-
4,936
-
26,000
44,092
30,454
107,440
125,356
117,442
(125,000)
(125,000)
(120,000)
-
53,025
-
125,000
178,025)
120,000
$ 17,560
(52,669)
(2,558)
(12,117) 38,066
$ 577,281 $ 589,398
See accompanying notes to financial statements.
80
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
Operations
Parking lots - Village and federal funds
Salaries
Benefits
Insurance
Utility service
Repairs and maintenance
Property rentals
Supplies
Miscellaneous
Aggregates
Materials
Contractual
Equipment
Total parking lots - Village and
federal funds
Parking lots - Village construction
Salaries
Salaries - overtime
Benefits
Insurance
Utility services
Repairs and maintenance
Supplies
Aggregates
Materials
Contractual
Equipment
Total parking lots - Village construction
Total operating expenses
81
Budge
$ 10,870
1,800
530
3,100
2,000
7,500
400
200
200
2,100
12,000
42,700
10,660
210
1,720
470
5,500
500
300
100
2,400
12,000
1,000
34,860
Actual
10,409
1,540
489
2,313
7,440
8
1,650
11,843
35,692
10,410
1,540
322
5,251
402
1,650
14,082
$ 77,560 $ 69,349
Land
Parking lot
improvements
Parking lot
Net asset value
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2001
Assets
Balances Balances
May 1 Additions Retirements April 30
$ 77,500 $ - $ - $ 77,500
$ 710,108
710,108
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
$ 622,501 $ 5,243 $ - 627,744
82
$ 82,364
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.
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.
1
1
1
1
1
1
'
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30, 2001
'
(with comparative totals for 2000)
Totals
'
Garage Insurance
2001
2000
ASSETS
'
Current assets
Cash and investments
$ 84,583 $ 1,938,846
$
2,023,429 $
698,687
'
Receivables
Accounts
23 -
23
117
Accrued interest
- 6,491
6,491
8,518
'
Inventories
69,231 -
69,231
60,398
'
Total assets
$ 153,837 $ 1,945,337
$
2,099,174 $
767,720
'
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
$ 2,225 $ 114,316
$
116,541 $
76,200
Accrued payroll
3,085 -
3,085
2,426
'
Compensated absences
payable
54,226 -
54,226
44,916
Claims payable
- 219,068
219,068
219,068
Total liabilities
59,536 333,384
392,920
342,610
'
Retained earnings
Reserved for liability insurance - 808,759
808,759
-
Reserved for medical liabilities - 615,428
615,428
-
'
Unreserved
94,301 187,766
282,067
425,110
94,301 1,611,953
1,706,254
425,110
'
Total liabilities and
retained earnings
$ 153,837 $ 1,945,337
$
2,099,174 $
767,720
'
See accompanying notes to financial statements.
83
1
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April
30, 2001
(with comparative totals for 2000)
Totals
Garage Insurance
2001
2000
Operating revenues
Charges for services
Billings
$ 253,981 $
1,276,529
$ 1,530,510
$ 1,395,746
Miscellaneous
4,311
-
4,311
2,860
Total operating
revenues
258,292
1,276,529
1,534,821
1,398,606
Operating expenses
Administration
-
1,461,200
1,461,200
999,520
Operations
254,392
-
254,392
218,272
Total operating
expenses
254,392
1,461,200
1,715,592
1,217,792
Operating income (loss)
3,900
(184,671)
(180,771)
180,814
Nonoperating revenues
Investment income
1,003
38,725
39,728
25,535
Income (loss) before
operating transfers
4,903
(145,946)
(141,043)
206,349
Operating transfers (out)
2,000
-
2,000
2,000
Net income (loss)
2,903
(145,946)
(143,043)
204,349
Retained earrings
May 1
91,398
333,712
425,110
220,761
Residual equity transfer in
Deposit Fund
-
1,424,187
1,424,187
-
April 30
$ 94,301 $
1,611,953
$ 1,706,254
$ 425,110
See accompanying notes to financial statements.
84
' VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
jt Combinin g Statement of Cash Flows
Year Ended April 30, 2001
(with comparative totals for 2000)
j' Totals
Garage Insurance 2001 2000
1
1
1
1
1
1
1
1
1
1
1
Cash flows from operating activities
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided by
(used in) operating activities
Changes in assets and liabilities
Receivables
Accounts payable
Accrued interest
Accrued payroll
Compensated absences payable
Inventories
Cash flows from noncapital financing
activities
Operating transfers (out)
Residual equity transfer in
Cash flows from investing activities
Interest
Net appreciation in fair value of
investments
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents
May 1
April 30
$ 3,900 $ (184,671) $ (180,771) $ 180,814
94
- 94
(510)
40,851 40,341
-
2,027 2,027
659
- 659
9,310
- 9,310
8,833
- 8,833
4,620 141,793 137,173
279
(21,048)
(8,518)
30
4,236
155,793
(2,000)
-
(2,000)
(2,000)
1,424,187
1,424,187
-
2,000
1,424,187
1,422,187
2,000
1,003
32,143
33,146
25,535
-
6,582
6,582
-
1,003
38,725
39,728
25,535
3,623
1,321,119
1,324,742
179,328
80,960
617,727
698,687
519,359
$ 84,583
$ 1,938,846
$ 2,023,429
$ 698,687
See accompanying notes to financial statements.
85
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
Operating revenues
Charges for services
Billings
Miscellaneous
Total revenues
Operating expenses
Operations
Operating income (loss)
Nonoperating revenues
Investment income
Interest income
Income (loss) before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income (loss)
Retained earnings
May 1
April 30
2001 2000
Bu_ dg_et Actual Actual
$ 221,500 $ 253,981 $ 225,294
3,000 4,311 2,860
224,500 258,292 228,154
237,760 254,392 218,272
(13,260) 3,900 9,882
1,000 1,003 1,039
(12,260) 4,903 10,921
2,000 2,000 2,000
$ 14,260 2,903 8,921
91,398 82,477
$ 94,301 $ 91,398
See accompanying notes to financial statements.
86
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2001
Operations
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
87
Budget Actual
$ 124,150 $ 137,721
8,570
11,738
23,940
20,342
800
1,272
5,000
5,987
400
8
400
-
1,000
679
1,500
1,053
7,350
4,606
500
737
300
665
200
-
2,500
2,273
55,100
61,475
$ 237,760 $ 254,392
VILLAGE OF DEERFIELD, ILLINOIS
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 2001 and 2000
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
Retained earnings
May 1
Residual equity transfer in
Deposit Fund
April 30
2001 2000
$ 1,276,529 $ 1,170,452
1,461,200 999,520
(184,671) 170,932
32,143 24,496
6,582 -
(145,946) 195,428
333,712 138,284
1,424,187 -
$ 1,611,953 $ 333,712
See accompanying notes to financial statements.
88
TRUST AND AGENCY FUNDS
IPension Trust Fund
' Police Pension Fund - to account for the accumulation of resources to pay pension costs.
Resources are contributed by police force members at rates fixed by state statutes and by the
Village through an annual property tax levy.
Agency 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.
' Lake -Cook Metra Study Grant Fund - to account for a grant that is passed through the Village.
' 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.
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VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Plan Net Assets
April 30, 2001
ASSETS
Cash and cash equivalents
Receivables
Accrued interest
Due from other funds
Due from component unit
Other
$ 141,302
167,444
16,607
1,691
55
185,797
Investments, at fair value
U.S. government obligations
10,771,921
U.S. agencies securities
535,665
Insurance contract
920,327
Mutual funds
3,785,203
Municipal obligations
2,886,334
18,899,450
Total assets 19,226,549
LIABILITIES
Accounts payable 2,135
Other liabilities 8,701
Due to other funds 20,309
31,145
NET ASSETS HELD IN TRUST FOR PENSION
BENEFITS
(A schedule of funding progress for this plan
is presented following the notes to financial
statements)
See accompanying notes to financial statements.
.E
$ 19,195,404
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Changes in Plan Net Assets - Budget and Actual
Year Ended April 30, 2001
Deductions
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Total deductions
Net increase
Net assets held in trust for pension
benefits
May 1
April 30
584,200
Budget
Actual
Additions
12,000
9,712
Contributions - employer
Property taxes - current
$ 340,000
$ 312,009
Replacement taxes
9,000
8,921 "
Contributions - employee
220,000
248,548
Investment Income
Net appreciation in fair value
of investments
-
664,730
Interest earned on investments
1,450,000
397,197
Total additions
2,019,000
1,631,405
Deductions
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Total deductions
Net increase
Net assets held in trust for pension
benefits
May 1
April 30
584,200
602,920
25,000
31,202
12,000
9,712
621,200 643,834
$ 1,397,800 987,571
See accompanying notes to financial statements.
91
18,207,833
$ 19,195,404
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 2001
Balances Balances
MU -11 Additions Deductions April 30
All Funds
ASSETS
Cash and investments
$ 1,849,055
$ 432,441
$ 1,430,852 $ 850,644
Receivables - other
27,017
24,375
- 51,392
Due from other funds
5,907
100,000
5,907 100,000
Total assets
$ 1,881,979
$ 556,816
$ 1,436,759 $ 1,002,036
LIABILITIES
Accounts payable
$ 30,640
$ 18,919
$ 12,572 $ 36,987
Deposits payable
1,781,576
510,906
1,424,187 868,295
Other liabilities
63,856
18,029
- 81,885
Due to other funds
5,907
8,962
- 14,869
Total liabilities
$ 1,881,979
$ 556,816
$ 1,436,759 $ 1,002,036
Deposit Fund
ASSETS
Cash and investments $ 1,791,580 $ 410,930 $ 1,424,187 $ 778,323
Due from other funds - 100,000 - 100,000
$ 1,791,580 $ 510,930 $ 1,424,187 $ 878,323
LIABILITIES
Accounts payable $ 10,004 $ 24 $ - $ 10,028
Deposits payable 1,781,576 510,906 1,424,187 868,295
Total liabilities $ 1,791,580 $ 510,930 $ 1,424,187 $ 878,323
(Continued)
92
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 2001
Total liabilities $ 6,844 $ 6,765 $ - $ 13,609
Lake -Cook Metra Study Grant Fund
ASSETS
Cash and investments
Balances
6,665
Balances
-
Ma -1
Additions Deductions
April 30
Deerfield Cemetery Association Fund
Due from other funds
5,907
ASSETS
-
5,907
Receivables - other
$ 6,844
$ 6,765 $ -
$ 13,609
LIABILITIES
3,390
Accounts payable
$ 937
$ 1,193 $ -
$ 2,130
Due to other funds
5,907
5,572 -
11,479
Total liabilities $ 6,844 $ 6,765 $ - $ 13,609
Lake -Cook Metra Study Grant Fund
ASSETS
Cash and investments
$
6,665
$
-
$
6,665
$
-
Due from other funds
5,907
-
5,907
-
Receivables - other
-
3,390
3,390
-
Total assets
$
12,572
$
3,390
$
15,962
$
-
LIABILITIES
Accounts payable
$
12,572
$
-
$
12,572
$
-
Due to other funds
-
3,390
3,390
-
Total liabilities
$
12,572
$
3,390
$
15,962
$
-
East Shore Radio Network Fund
ASSETS
Cash and investments
$
50,810
$
21,511
$
-
$
72,321
Receivables - other
20,173
14,220
-
34,393
Total assets
$
70,983
$
35,731
$
-
$
106,714
LIABILITIES
Accounts payable
$
7,127
$
17,702
$
-
$
24,829
Other liabilities
63,856
18,029
-
81,885
Total liabilities
$
70,983
$
35,731
$
-
$
106,714
See accompanying notes to financial statements.
93
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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
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 2001 and 2000
2001 2000
GENERAL FIXED ASSETS
Land $ 15,914,477 $ 15,914,477
Buildings and improvements 5,367,684 5,367,684
Vehicles 1,568,189 1,410,969
Equipment 3,354,583 3,174,828
$ 26,204,933 $ 25,867,958
INVESTMENT IN GENERAL FIXED ASSETS
General revenues $ 20,203,924 $ 19,866,949
Tax incremental financing bonds 4,101,009 4,101,009
General obligation bonds 1,500,000 1,500,000
Installment contracts 400,000 400,000
$ 26,204,933 $ 25,867,958
94
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30, 2001
$ 15,914,477 $ 5,367,684 $ 1,568,189 $ 3,354,583 $ 26,204,933
95
Buildings
and
Function
Land
Improvements
Vehicles
Eguiyment
Totals
General government
$ 14,493,695
$ 321,977
$ 73,117
$ 1,117,475
$ 16,006,264.
Public safety
1,271,340
1,156,845
438,090
1,377,378
4,243,653
Public works
149,442
3,888,862
1,056,982
859,730
5,955,016
$ 15,914,477 $ 5,367,684 $ 1,568,189 $ 3,354,583 $ 26,204,933
95
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function
Year Ended April 30, 2001
$ 25,867,958 $ 660,604 $ 323,629 $ 26,204,933
Balances
Balances
Function
MU —1
Additions
Retirements
April 30
General government
$ 15,996,743
$ 22,579
$ 13,058
$ 16,006,264
Public safety
4,044,526
451,753
252,626
4,243,653
Public works
5,826,689
186,272
57,945
5,955,016
$ 25,867,958 $ 660,604 $ 323,629 $ 26,204,933
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GENERAL LONG -TERM DEBT ACCOUNT GROUP
tTo account for the noncurrent portion of the Government's bond issue liabilities.
VILLAGE OF DEERFIELD, ILLINOIS
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
April 30, 2001
(with comparative totals for 2000)
AMOUNT AVAILABLE AND
TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL
LONG -TERM DEBT
Amount available for debt
service
Amount to be provided for
retirement of general long-
term debt
GENERAL LONG -TERM
DEBT PAYABLE
General obligation bonds
payable
General
Obligation
Refunding
Bond Series
of 1993
General
Obligation
Bond Series Totals
of 1998 2001 2000
$ 2,660,397 $ - $ 2,660,397 $ 2,414,791
2,034,603 15,500,000 17,534,603 20,410,209
$ 4,695,000 $ 15,500,000 $ 20,195,000 $ 22,825,000
$ 4,695,000 $ 15,500,000 $ 20,195,000 $ 22,825,000
97
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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.
i
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Combining Balance Sheet
April 30, 2001
(with comparative totals for 2000)
General Fixed
Asset Account Totals
General Grout/ 2001 2000
ASSETS
Cash and investments
$
1,458,204
$ -
$ 1,458,204
$
1,035,016
Receivables - property taxes
1,295,853
-
1,295,853
1,332,241
Due from primary government
40,497
-
40,497
212,916
General fixed assets
-
1,943,568
1,943,568
1,893,301
Total assets
$
2,794,554
$ 1,943,568
$ 4,738,122
$
4,473,474
LIABILITIES AND
FUND EQUITY
Liabilities
Accounts payable
$
55,002
$ -
$ 55,002
$
54,961
Due to primary government
11,518
-
11,518
6,361
Deferred property taxes
1,384,000
-
1,384,000
1,413,639
Total liabilities
1,450,520
-
1,450,520
1,474,961
Fund equity
Investment in general
fixed assets
-
1,943,568
1,943,568
1,893,301
Fund balance - unreserved
Designated - capital
improvements
140,000
-
140,000
140,000
Undesignated
1,204,034
-
1,204,034
965,212
Total fund equity
1,344,034
1,943,568
3,287,602
2,998,513
Total liabilities and
fund equity
$
2,794,554
$ 1,943,568
$ 4,738,122
$
4,473,474
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2001 and Actual Only for 2000
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
Gifts
Miscellaneous
Total revenues
Expenditures
Culture and recreation
Excess of revenues
over expenditures
Other financing (uses)
Operating transfers (out) - primary
government
Excess of revenues
over expenditures and other
financing uses
Fund balance
May 1
April 30
2001
Bu Qet Actua
$ 1,384,000
16,000
21,000
25,000
30,000
6,000
12,000
60,000
10,000
140,000
1,000
1,000
1,706,000
150,000
(150,000)
$ 1,388,325
27,423
21,393
25,175
45,176
5,517
12,565
89,829
204,789
1,564
16,822
1,838,578
1,599,756
238,822
238,822
2000
Actual
$ 1,373,672
29,279
21,376
21,575
36,988
6,141
11,047
64,169
778
198,491
1,928
48,130
1,813,574
1,738,955
74,619
74,619
1,105,212 1,030,593
$ 1,344,034 $ 1,105,212
See accompanying notes to financial statements.
,
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2001
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
' Data base
New equipment
Printing
' Miscellaneous
Remodeling project
Total expenditures
100
Budget
425,000
476,000
76,000
8,500
12,000
10,000
23,500
97,000
1,500
54,000
27,000
165,000
42,500
25,000
5,000
15,000
3,000
25,000
14,000
1,000
5n_nnn
$ 1,556,000
Actual
389,764
495,827
97,161
24,293
10,939
13,402
19,133
89,210
1,274
45,513
29,020
156,321
45,192
20,737
2,770
15,185
550
19,947
10,308
2,860
$ 1,489,406
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 2001
GENERAL FIXED ASSETS
Land
Buildings and improvements
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
101
$ 145,556
1,365,570
$ 1,943,568
$ 1,943,568
'
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
'
April 30, 2001
'
Insureds
Descri lion of Coverage
Amount of Covera e
'
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
$ 51,000,000
'
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.
102
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
April 30, 2001
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
May 1, 1993
December 15, 2004
$ 9,995,000
$ 5,000
3.90%,4.00%, and 4.10%
June 15 and December 15
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Levy
Bond
Tax Lew
Interest Due On
Year
Numbers
Principal
Interest
Totals
Tune 15
Amount
Dec. 15
Amount
2000
1057 -1294
$ 1,185,000
$ 192,495
$ 1,377,495
2001
$ 96,247
2001
$ 96,248
2001
1295 -1543
1,240,000
143,910
1,383,910
2002
71,955
2002
71,955
2002
1544 -1797
1,265,000
93,070
1,358,070
2003
46,535
2003
46,535
2003
1798 -1999
1,005,000
41,205
1,046,205
2004
20,603
2004
20,602
$—A,69-5 .000
$ 470.680
$ 5.165. 680
235 0
$ 235.340
vt
103
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1997
April 30, 2001
December 1, 1997
December 1, 2012
$ 5,000,000
$ 5,000
4.35 %, 4.38 %, 4.40 %, 4.45 %, and 4.50%
June 1 and December 1
American National Bank and Trust Company
of Chicago °
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Levy
Bond
Tax Lew
Interest Due On
Year
Numbers
Principal
Interest
Totals
June 1
Amount
Dec.1
Amount
2000
109 -166
$ 290,000
$ 198,410
$ 488,410
2001
$ 99,205
2001
$ 99,205
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
424 -495
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
$ 4,460.000
$ 1,397.006
$ 5.857.006
L-6 03
503
104
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1998
April 30, 2001
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
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Bond
Tax Lew
Interest Due On
Year
Numbers
Principal
Interest
Totals
Oct.1
Amount
Apr.1
Amount
2000
301 -600
$ 1,500,000
$ 633,750
$ 2,133,750
2001
$ 332,625
2002 $
301,125
2001
601 -900
1,500,000
570,375
2,070,375
2002
301,125
2003
269,250
2002
901 -1,200
1,500,000
506,250
2,006,250
2003
269,250
2004
237,000
2003
1,201 -1,500
1,500,000
441,750
1,941,750
2004
237,000
2005
204,750
2004
1,501 -1,800
1,500,000
377,250
1,877,250
2005
204,750
2006
172,500
2005
1,801 -2,200
2,000,000
302,000
2,302,000
2006
172,500
2007
129,500
2006
2,201 -2,600
2,000,000
216,000
2,216,000
2007
129,500
2008
86,500
2007
2,601 -3,000
2,000,000
130,000
2,130,000
2008
86,500
2009
43,500
2008
3,001 -3,400
2,000,000
43,500
2,043,500
2009
43,500
$ 15.500,000
$ 3. 220,875
18,720.875
1.776,750
$
1.444.125
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' VILLAGE OF DEERFIELD, ILLINOIS
Property Tax Assessed Valuations, Rates, Extensions, and Collections
' Last Ten Fiscal Years
April 30, 2001
(See Following Page)
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30, 2001
Data Source
Office of the County Clerk
109
1
1
1
Ratio of
Real Property
-
Total Assessed
Tax
Equalized
Estimated
Value to
Levy
Assessed
Actual
Total- Estimated
Year
Value
Value
Actual Value
1991
$ 522,438,968 $
1,567,000,000
33.3%
1992
547,603,297
1,643,000,000
33.3
1993
570,794,665
1,712,000,000
33.3
1994
583,049,834
1,749,000,000
33.3
1995
603,544,983
1,811,000,000
33.3
1996
624,187,752
1,891,000,000
33.3
1997
648,880,301
1,947,000,000
33.3
1998
677,651,742
2,033,000,000
33.3
1999
701,085,856
2,103,257,568
33.3
2000
737,589,929
2,212,769,787
33.3
Data Source
Office of the County Clerk
109
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VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Direct and Overlapping Bonded Debt
April 30, 2001
(2)
* Percentage
of Debt
(1) Applicable
Gross to ** Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Deerfield
$ 20,195,000
100.00%
$ 20,195,000
Metropolitan Sanitary District
804,395,000
.107
860,703
Lake County and Forest Preserve
253,366,527
3.871
9,807,818
Cook County and Cook County Forest Preserve
2,173,415,000
.105
2,282,086
North Shore Sanitary District
13,543,017
.024
3,250
Northbrook Park District
19,895,000
3.431
682,597
Township High School #113
69,215,000
25.591
17,712,810
Northfield Township High School #225
18,781,993
2.763
518,946
Junior College #532
11,433,529
4.088
467,402
North Shore School District #112
40,703,000
.237
96,466
3,404,838,066
32,432,078
Total gross debt
3,425,033,066
52,627,078
Less debt service fund amount
available - Village of Deerfield
2,660,397
2,660,397
Total gross debt less available amount
$ 3,422,372,669
$ 49,966,681
* - Determined by ratio of assessed value of property subject to taxation in overlapping unit
to value of property subject to taxation.
** - Amount in column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
112
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Legal Debt Margin
April 30, 2001
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 thereafter approved by referendum... shall not be included in
the foregoing percentage amounts."
To date, the General Assembly has set no limits for home rule municipalities.
Illustrative Computation of Debt Margin if Government Were Not a Home Rule Municipality
The 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 - 2000
Legal debt limit - 8.625%
Amount of debt applicable to limit
General Obligation Refunding Bond Series 1993
General Obligation Bond Series 1998
Legal debt margin
113
$ 737,589,929
$ 63,617,131
4,695,000
15,500,000 20,195,000
$ 43,422,131
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VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30, 2001
Data Sources
(1) Derived from data from the Department of Commerce, Special Census, 1997
(2) Derived from data from the Department of Commerce, Bureau of the Census, 2000
(3) Percentage of people over 25 years of age or over with 4 or more years of college
education from the Northeastern Illinois Planning Commission
(4) Enrollment figures derived from combined enrollment of District 109 (grade school) and
District 113 (high school)
(5) Unemployment figures based on one - fourth of Lake County figures from the Bureau of
Labor Statistics
115
(3)
Percentage of
People Over
25 Years
of Age
(2)
With Four
(5)
Per
(2)
or More
(4)
Unemploy-
Fiscal
(1)
Household
Median
Years of
School
ment
Year
Population
Income
Age
College
Enrollment
Percentage
1992
17,327
$ 71,966
36.3
48.3
3,251
1.2%
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
60.0
3,978
.9
1997
17,327
71,966
35.9
59.6
4,060
.9
1998
18,002
71,966
35.9
59.6
4,275
.9
1999
18,002
71,966
35.9
59.6
4,362
.7
2000
18,002
71,966
35.9
59.6
4,500
.9
2001
18,420
95,196
39.6
59.6
4,717
.9
Data Sources
(1) Derived from data from the Department of Commerce, Special Census, 1997
(2) Derived from data from the Department of Commerce, Bureau of the Census, 2000
(3) Percentage of people over 25 years of age or over with 4 or more years of college
education from the Northeastern Illinois Planning Commission
(4) Enrollment figures derived from combined enrollment of District 109 (grade school) and
District 113 (high school)
(5) Unemployment figures based on one - fourth of Lake County figures from the Bureau of
Labor Statistics
115
Fiscal
Year
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30, 2001
(1)
Residential
Construction
Number
of Units Value
256
(1)
Commercial
— Construction
Number
4,552,000
of Units
Value
139
497
10,639,343
114
14,582,113
103
6,525,766
128
11,879,282
126
10,244,658
110
20,622,746
7
13,614,000
11
43,547,842
10
17,555,220
10
27,153,621
(1)
Residential
Construction
Number
of Units Value
256
8,922,854
49
8,575,000
25
4,552,000
161
13,543,000
139
4,366,274
28
9,710,530
28
7,279,300
31
9,348,746
30
9,121,730
34
25,089,352
Bank
D. eposits
114,301,809
339,627,000
134,200,800
126,586,600
266,731,677
255,374,171
517,655,000
N/A
420,924,000
390,440,000
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Lake and Cook County Tax Extension Offices
N/A - Not available.
116
(2)
Total
Property
Value
1,567,000,000
1,643,000,000
1,712,000,000
1,749,000,000
1,811,000,000
1,873,000,000
1,947,000,000
2,103,000,000
2,213,000,000
N/A
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30, 2001
Data Source
Office of the County Clerk
117
Percentage
2000
of Total
Assessed
Assessed
Taxpayers
Type of Business
Valuation
Valuation
Mid America Asset
Management
Deerbrook Shopping Center
$ 27,459,437
3.2%
Crane & Norcross
Parkway North
25,109,113
2.9
Cornerstone Deerfield LLC
Corporate 500 Center
22,322,607
2.6
Taxpayer of Record
Lake Cook Office Center
18,817,180
2.2
Travenol Lab Tax
Department
i
Baxter Office Building
16,175,516
1.9
Estate of James Campbell
Arbor Lake Center
15,806,527
1.8
Felcor Suites Ltd.
Partnership
Embassy Suites Hotel
13,680,895
1.6
S.M. Brell LP
Hyatt Campus Office Park
7,060,429
0.8
Stein Lake Cook III
Office Building
6,328,401
0.7
Draper and Kramer
Lake Cook
Deerfield Business Center
6,029,085
0.7
$ 158.889,170
18.4%
Data Source
Office of the County Clerk
117
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30, 2001
Date of Incorporation 1903
Form of Government Manager /Council
Geographic Location North Suburban
Population:
1960
11,748
1970
18,876
1980
17,430
1990
17,327
1997
18,002
2000
18,420
Municipal Services and Facilities:
Number of Full-Time Employees (FTE)
110
Miles of Streets
70
Miles of Alleys
4
Miles of Sewers
140
Building Inspection:
Number of Permits Issued in Fiscal Year 2001 1,247
Fire Protection District:
Number of Firefighters and Officers 43
Number of Stations 1
(Continued)
118
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30, 2001
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
119
1
39
1
221,000
21
357
6,006
2,890,617 gallons
78