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Village CAFR For Year Ended April 30, 2001i i i COMP � REHEM1,;:i VE N V :UAL F NANC REP0,RT f or the year ended 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 40 41 42 43 44 45 -47 M. 49 1 1 1 1 1 1 1 1 J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 ,.i 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 1 1 1 1 �E OFfj� ( /C- \ Fqf ? 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 1 1 1 1 1 1 1 1 1 1 L 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 xi z a z n .. a r m m O z � CROWE CHIZEK 1 1 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 1 1 1 1 1 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 1 1 1 1 1 1 1 1 1 1 1 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. 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Q) r-z O O N [� 00 M d� O�11 N LO LO N r M N c M 'T r�-i 1--1 m N' co cfn N O M v 19 L OOH � 0 rL�+ 00 r~ N 'l1 O O\ m O O 00 O N m 11 C14 l� 06 00 z tl r N O\ L O\ O 00 \0 C 00 d i U to r N N N N N N 11 r4 M ON r to e--1 � N 0 0 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 to 0 O 0 0 0 0 0 0 O 00 0 co 0) \0 00 L� N v M 00 L� O N O O tri L6 V O tj 0 0 N � � M z O LO pin O d 00 N Vz tl L. 4) O m O) � � G � d G v w m m Q) i d - -I Q) E - w a a > a u w r. ti co V. �. 0 5 a O O Q) ` 0 V w 'i� �, lCC d aCi , y w y w .-QUO O (J „— U C� ct y u �b0 N m rn bc 00 +F N 8 Q) G G O~i FO -0 H S U w W U (� W ƒ / k / k a .§ k 2 � § / .� � 0 k � m C) ƒ \ 7 m �* N 00 § 2 2§$ = \ V C14 n 0 CO a 4 a 6 q a @ § ° / \ / \ § a 3 2 & ± E $ 9 gin a22 » a a / ƒ / \ � g k 2 , $ § � C ~ / C E / � @ a / / / / / / « 2 / a a a a 0 0 o m m eq $ § g E E E R 6 3 & eea Q) g$§ Q p E ® @ a / 7 o 0 0 0 \ E E E Q « m 2 S E t , m Cl) � m e o a a \ \ C14 C N E § ƒ E y g 7� < e = 4 & 7 < q 5 � g § a a § kk k « / \ \ / ■ a a \ 7 u § ^ ( ( \ 0 § �u� , \ / % , 5 2 �\� tx � \ / f te \ \ \ 0 \ \ / / k / k a .§ k 2 � § / .� � 0 k � 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 1 1 1 1 1 1 1 1 1 1 1 1 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 x r� c zM o° �o [ ab y� O� Zz z .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. F�1 °z �O O 00 �O 00 0 04 N +� N "A a, N ' N M 0000 can 'D co um `O A y N oo O ►-+ O u m N 0 W OOI 00 Om 9 WA v N N a ffl � W co i N FLj rn a+ O N F' � � �0 \0 N LO N d N N O M O O� N LO h O, d� N 11 1 �O O 04 N H � N N N N N x v N d! 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CD CD 0 O O O O C) '-i N� N N O ON A A uN n r O y y n m m V"' � Xr v V7 � O aN v 00 N M O I N 0) ep �-' �-+ LO 00 N -+ N V) fR N a ° 0, b M v N lA In lA '0 N N o� TO LO LO 00 N OIN N Ln co O N h N N N tR Q) y e°a a°Jn v i i p i N v LO O N x u °' > F U > � p a c: r+l CN g > G 4 O O �i i H w 00 x L O F N u 000 O to Lf) W CQ) N M M z N eM � N n C y a, H N t++ O M N M M N m i U O G v .01+ H W � A fA Ln 00 N � 0� N In [� M co M n N M H N �p O M 000 000 N H H 00 N LO N M O O � M M h n n cr) n n ch p O 0 N N Cf) NNN � O O M 00 00 (V 1 e~+ N 00 0 O ri H r- 0) Lq Lq Lq Sao O 0 O N N N M co 0 °o I o CD 10 0 m ' O O O N N I .I . CD CD 0 O O O O C) '-i MI �� cn Cl M N N N c`! ER a\ M N 0\00 N rn Ln t\ N N FR O D 00 n N O 000` r+ 'r ull N I aD M 00 N N � � V�u (mV M IA N � � m LO LO N n c O V Lo LM A 04 I- c 00 fR O1 O y y Q) y y n � Xr v V7 � v � O p b v v 0 vV y b d U O V) a a (U 0, b ° v N ,y .� o > p. Q>l h 0 Q) y e°a a°Jn v F u 3 ob F 03 m x u °' > F U > � p a c: C. y °; g > G 4 O O Lam' w w ~ O MI �� cn Cl M N N N c`! ER a\ M N 0\00 N rn Ln t\ N N FR O D 00 n N O 000` r+ 'r ull N I aD M 00 N N � � V�u (mV M IA N � � m LO LO N n c O V Lo LM A 04 I- c 00 fR O1 O y � Xr v V7 � v � O p b v v 0 vV y b d U O V) a x 1 G7 N h 0� 0 f. e� 0 U ' U cl U 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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L." ea G O U U cd N 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. O F�1 A I w w �w I w A 0 a a I 1 I I t 0 O O w y N � 0 w � w u o cioN v ° b0 po m 9 cz tz ca Q p 0 U .� 3 C I- eo u� N '. n U) in rn N O O c eM O M n co � N 0 f!-T N N N n n o 00 O ti (7 M W O M NO N 00 00 n N 00 O 5, '7 1 C0 r. K w 0 N � M 00 to cr� eq O N cN o � rl I- o c Lo N oD N I M fAl 00 a, O O N '+ 000 N fA N d' CS Lo N tA n O fA 0 cn �� v L6 fA n N 0 a\ �M G y G o 000 000 00 rn 04 W � cn H N Vi m H fi? 6 G e� N O M a, r N F7 M O \O �o 00 N N [v N � N tR ER w x ° k0 N M a, M C r n n A M >, b a R O �z Z Ll y cu S cn p v CZ L r. CJ h p° v cu F, °° Hi a q*Z: 9 Y3 G L d M \ rn � [ d N N au� rx �A c O M y, M O M °o 00 r+ 00 A u� N '. n U) in rn N O O c eM O M n co � N 0 f!-T N N N n n o 00 O ti (7 M W O M NO N 00 00 n N 00 O 5, '7 1 C0 r. K w 0 N � M 00 to cr� eq O N cN o � rl I- o c Lo N oD N I M fAl 00 a, O O N '+ 000 N fA N d' CS Lo N tA n O fA 0 cn �� v L6 fA n N 0 a\ �M G y G o CL) � cn u� N '. n U) in rn N O O c eM O M n co � N 0 f!-T N N N n n o 00 O ti (7 M W O M NO N 00 00 n N 00 O 5, '7 1 C0 r. K w 0 N � M 00 to cr� eq O N cN o � rl I- o c Lo N oD N I M fAl 00 a, O O N '+ 000 N fA N d' CS Lo N tA n O fA 0 cn �� v L6 fA y cl w 0 w O bA Q ed O U as N N M m H r N F7 4J A Ir 'a OG1 y C U A >, b a R Z y cu S cn p v h p° v F, °° a q*Z: 9 < d U rx y cl w 0 w O bA Q ed O U as N N M 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 �n C r" ' 0G oa Cy b� 1 1 1 1 1 J '1 1 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 aZ" a 0o �z ' C b 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 n O ro O z c x '-1 COMPONENT UNIT Component Unit (Public Library Fund) - The Public Library Fund is used to account for the resources necessary to provide the educational, cultural, and recreational activities of the Deerfield Public Library. 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 $ 1.444.125 105 I c`�O oNO co o can N N C 0 � � O O LO O N N d' e-+ to to N 00 d ' Efl m N O O LO 00 ' OI r+ 00 \ ! 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U U 0 f u w 1 O N 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 Itt r -W a1 Q O p +I N Or N N v +' r-' M LO a' N fw w .+ V v �wcr) W p 0 v r-i W > � �M-1 C7 a) a) d � � a 0'" Q O O \° ° O O O M P4 Itt r N p +I N Or N N M LO r-i ER \° ° m � O m OI ��+ N ( O N N e� fA OR N �I C N I r•� fR OA O [� � 0� �O ~ r� r-4 r-i Efl OA O 00 l� LO n 0 r-I O r• CF) 00 L 0-0 LO as Lfj ry d4 i 00 � ° y a 00 Ct 06 N00 oON r o O0 ift o ° U N 00 l Lf) � RS rti � v1 .� r•+ to W I M OA m u m) m O N (J rte+ N to N 0 N Q H4 o N m � e N N O� I � r-4 �V d a � v v a�i C7 �° �, 2s >' °D a� ° Z a v a a a w - E— °av b H v °'x eo 4) i v Q Itt r 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