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Village CAFR For Year Ended April 30, 19991 ' VILLAGE OF DEERFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT ' YEAR ENDED APRIL 30,1999 1 1 I 1 1 1 I- Prepared by Finance Department ' George J. Valentine Finance Director 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 30,1999 PAGE INTRODUCTORY SECTION Principal Officials i Organization 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 All 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 All Pension Trust Funds Combined Statement of Changes in Plan Net Assets 7 All Proprietary Fund Types Combined Statement of Cash Flows 8 Notes to Financial Statements 9-36 VILLAGE OF DEERFIELD, ILLINOIS Comprehensive Annual Financial Report Table of Contents Year Ended April 30,1999 PAGE FINANCIAL SECTION (CONT.) REQUIRED SUPPLEMENTARY INFORMATION 42 Analysis of Funding Progress Illinois Municipal Retirement Fund 37 Police Pension Fund 38 Employer Contributions 45-47 Illinois Municipal Retirement Fund 39 Police Pension Fund 40 Year 2000 Information 41 COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES 49 GOVERNMENTAL FUND TYPES GENERAL FUND General Fund Balance Sheet 42 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 43 Schedule of Revenues - Budget and Actual 44 Schedule of Expenditures - Budget and Actual 45-47 SPECIAL REVENUE FUNDS All Funds Combining Balance Sheet 48 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 49 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 30,1999 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES SPECIAL REVENUE FUNDS (CONT.) Emergency Services/ Disaster Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 50 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 Schedule of Revenues and Other Financing Sources, and Expenditures - Budget and Actual 62 VILLAGE OF DEERFIELD, ILLINOIS Comprehensive Annual Financial Report Table of Contents Year Ended April 30,1999 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) CAPITAL PROJECT FUNDS All Funds Combining Balance Sheet 63 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 64 PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Combining Balance Sheet 65 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 66 Combining Statement of Cash Flows 67 Water Fund Balance Sheet 68 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 69 Schedule of Operating Expenses - Budget and Actual 70-71 Schedule of Fixed Assets and Depreciation 72 Sewerage Fund Balance Sheet 73 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 74 Schedule of Operating Expenses - Budget and Actual 75-76 Schedule of Fixed Assets and Depreciation 77 Refuse Fund Balance Sheet 78 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 79 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 30,1999 PAGE FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT.) ENTERPRISE FUNDS (CONT.) Commuter Parking Lot Fund Balance Sheet 80 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 81 Schedule of Operating Expenses - Budget and Actual 82 Schedule of Fixed Assets and Depreciation 83 INTERNAL SERVICE FUNDS All Funds Combining Balance Sheet 84 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 85 Combining Statement of Cash Flows 86 Garage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 87 Schedule of Operating Expenses - Budget and Actual 88 Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings 89 VILLAGE OF DEERFIELD, ILLINOIS Comprehensive Annual Financial Report Table of Contents Year Ended April 30,1999 PAGE FINANCIAL SECTION (CONT.) FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Combining Balance Sheet 90 Statement of Plan Net Assets 91 Statement of Changes in Plan Net Assets - Budget and Actual (Pension Trust Fund) 92 Combining Statement of Changes in Assets and Liabilities (Agency Funds) 93-94 ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source 95 Schedule of General Fixed Assets - by Function 96 Schedule of Changes in General Fixed Assets - by Function 97 GENERAL LONG -TERM DEBT ACCOUNT GROUP Schedule of General Long -Term Debt 98 COMPONENT UNIT STATEMENTS AND SCHEDULES Public Library Combining Balance Sheet 99 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 100 Schedule of Expenditures - Budget and Actual 101 Schedule of General Fixed Assets 102 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 30,1999 FINANCIAL SECTION (CONT.) SUPPLEMENTAL DATA PAGE Schedule of Insurance in Force 103 Long -Term Debt Requirements General Obligation Refunding Bond Series of 1993 104 General Obligation Bond Series of 1997 105 General Obligation Bond Series of 1998 106 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years 107 General Governmental Expenditures by Function - Last Ten Fiscal Years 108 Property Tax Assessed Valuations, Rates, Extensions, and Collections - Last Ten Fiscal Years 109 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 110 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 111 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years 112 Schedule of Direct and Overlapping Bonded Debt 113 Schedule of Legal Debt Margin 114 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures - Last Ten Fiscal Years 115 VILLAGE OF DEERFIELD, ILLINOIS Comprehensive Annual Financial Report Table of Contents Year Ended April 30,1999 STATISTICAL SECTION (CONT.) Demographic Statistics - Last Ten Fiscal Years Property Value, Construction, and Bank Deposits - Last Ten Fiscal years Principal Taxpayers Miscellaneous Statistics PAGE 116 117 118 119-120 1 1 1 1 1 1 1 1 1 1 1 �11 i i i i VILLAGE OF DEERFIELD, ILLINOIS Principal Officials April 30,1999 LEGISLATIVE VILLAGE BOARD OF TRUSTEES Harriet E. Rosenthal John H. Heuberger Marvin W. Ehlers Bernard Forrest, Mayor Robert D. Franz, Clerk ADMINISTRATIVE Edwin B. Seidman Vernon E. Swanson Michael Swartz Robert D. Franz, Village Manager FINANCE DEPARTMENT George J. Valentine Director of Finance/ Treasurer VILLAGE OF DEERFIELD ORGANIZATIONAL CHART PUBLIC BOARDS & MAYOR & BOARD VILLAGE ATTORNEY COMMISSIONS OF TRUSTEES 1 ADMINISTRATIVE VILLAGE MANAGER ASSISTANT 3 Employees POLICE FINANCE COMMUNITY WORKS DEVELOPMENT LENGINEERING 54 Employees T Employees 5 Employees ployees 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 PERMITS STORM BILLING DRAINAGE tRESEARCH & PURCHASING APPEARANCE PLAN DESIGN DEVELOPMENT REVIEW & REVIEW ii 1 1 1 1 1 1 1 1 1 1 1 1 11 1 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, 1998 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. �CE Ofiy� n AND �1NA°A President ' coaPnOUT s � cmcheo QC�G Q�J. Executive Director iii VILLAGE OF DEERFIELD 1] 1 1 1 1 1 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. iv 850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000 October 21, 1999 To: The Mayor and Board of Trustees 1 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, 1999, 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. 1 1 1 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. 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 September 1997 Special Census recorded a population of 18,002 within a land area of 7.0 square miles. The Village's population increased less than 41. from 1980, whereas the number of housing units in the Village grew 119. to 6, 100, 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 in the middle of the Lake Cook corridor and in both counties. The Cook County area encompasses 10.9% of the Village's equalized assessed valuation, and, according to the 1990 census, the area is made up entirely 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. The official vacancy rate is 2.62% of the 3,000,000 square feet available according to "Grain's ", August 19 -26, 1996 issue, placing the Village vacancy rate at the lowest of all Chicago area markets with net rentable space in excess of 2,000,000 square feet. 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 when the Village had no hotel rooms. This is important to the Village since the Village levies a 60 occupancy tax (increased to 6% effective 8/1/98) on rooms which generated revenue of $2,027,473 for the year ending 4/30/99, a 23% increase over 1997 -98. Unemployment in Lake County in 1998 was 3.7% compared with 4.5% in the state of Illinois and an estimated 1.8% 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 is redeveloping the 50 acre PUD with 400 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 demolition of the Sara Lee buildings is complete, and all 400 building permits have been issued for the new development as of 7/31/98. It is estimated that the Optima development will increase Deerfield's population by 800 (400 over the 1997 special census). Currently all construction is complete, and all but the final five units are sold. The Village sales tax revenue for 1999 increased 1.7% to $2,531,629 compared to $2,489,277 for 1998. Two major factors affected the sales tax receipts: (1) The demolition of the Deerfield Commons shopping center (see page vi, Deerfield Square) . Demolition began in September 1998 and is continuing. (2) The completion of a Home Depot. The store opened in November 1998, about half way through the fiscal year. The Village believes that the completion of Deerfield Square and the continued operations of Home Depot will have a major positive effect on the Village's financial health. All of these factors indicate that Deerfield is and will continue to be a financially vibrant community. MAJOR INITIATIVES Oncgo i nc( In response to growing environmental awareness and concern for decreasing landfill capacity, Deerfield initiated the weekly curbside collection of u 1 (2) South Commons. The Village has selected James Company to construct a combination of townhouses, villas and condominiums. The 150 unit development will be adjacent to Deerfield Square. The Village will provide the developer with approximately ten acres of land, cleared and ready for construction, for 9,000,000. The project has received Plan I vi Experience has clearly shown that economic revitalization generally occurs recyclable newspapers, glass and cans from residences within the Village in September 1989. Plastic milk bottles were added to the program in October of 1990, and other plastics were added in September of 1991. In September 1994, Deerfield expanded its recycling of plastics to include #5 thru #7. After many years of actively promoting recycling, Deerfield was recently recognized as one of the top recycling communities in Lake County. The Village took proposals for refuse and recycling service. The proposal accepted by the Village was a reduction in the previous cost by 330. This ' cost measured the total cost of refuse, including yard waste bags and dumping fees. 1990 also saw the implementation of Deerfield's yard waste collection program. Developed in response to the state ban on the landfilling of lawn wastes, more than 9,500 cubic yards have not been landfilled in 1997. Because of all these services, an estimated 4011 of the residential refuse was diverted from area landfills between January 1, 1997 and December 31, 1997. Approximately 891. of all families in the Village of Deerfield participate in the recycling program. 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 exhibits many of the typical problems common to aging commercial districts throughout the country. Diverse ownership of inadequately sized and ill- arranged parcels has resulted in incompatible development, causing both visual and functional problems. The Village has added the 52 acre Sara Lee site to this district. (2) South Commons. The Village has selected James Company to construct a combination of townhouses, villas and condominiums. The 150 unit development will be adjacent to Deerfield Square. The Village will provide the developer with approximately ten acres of land, cleared and ready for construction, for 9,000,000. The project has received Plan I vi 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, has begun 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 will 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. The Village signed a redevelopment agreement with CRM Industries. Under this agreement, the Village will acquire and clear approximately 17 acres and contribute this land to the developer. In addition, the Village will pay for certain infrastructure improvements. The total Village contribution is approximately $19,000,000. The plan calls for a development of approximately 255,000 square feet of retail and office space, replacing an obsolete mall of approximately 140,000 square feet. Demolition began on September 22, 1998. Funding for the project is provided largely by a $17,000,000 bond issue sold 4/15/98. Repayment of the bond issue will come from the TIF District. Currently Phase One is under construction, and major tenants (Walgreens and Whole Foods) have been signed. Completion and occupancy are anticipated in January 2000. (2) South Commons. The Village has selected James Company to construct a combination of townhouses, villas and condominiums. The 150 unit development will be adjacent to Deerfield Square. The Village will provide the developer with approximately ten acres of land, cleared and ready for construction, for 9,000,000. The project has received Plan I vi Commission approval and preliminary approval by the Village Board. It is anticipated that construction will begin in fall of 1999. (3) Deerfield Center. The Village has also selected a developer. Mesirow /Northern Realty, to redo the southeast corner of Deerfield and Waukegan Roads. The Village has acquired of the needed property and has sold the cleared site of approximately 5.7 acres to the developer for $2,500,000. The new development will consist of 45,000 square feet of retail, 20,000 square feet of office /retail and approximately 60 rental units. The construction phase of the project will begin in fall of 1999. B. Capital Expenditures. The Village reviews its fiscal plan on an annual basis to determine the need for capital investment. The buildings are generally in good condition, requiring little more than normal maintenance. The Village storm and sanitary sewer system is generally adequate; however, there are some areas where there is some spot flooding. The Village is undertaking a review to determine how this may be resolved. The water system, however, appears to need some capital expenditures. Engineering reports indicate a need for transmission lines in the western part of the Village and perhaps some additional storage. These repairs will require capital budget expenditures of approximately $7,000,000 from the 1997 -98 to the 2000 -2001 fiscal years. The Village has sold a $5,000,000 bond issue to begin the project. The remainder will be financed out of operating revenues or by borrowing, depending on the magnitude. 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, 1999, and the amount and percentage of increases and decreases in relation to prior year revenues. vii 1 1 t 1 .1 f 1 i I 1 1 Revenues* Taxes Licenses & Permits Intergovernmental Charges for Services Fines Interest Miscellaneous Total 11,572,825 12,506,787 100.00 933,962 8.07 *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 24% of taxes or $2,011,760. This is a decrease of $65,000 from the prior year, or a 5.2% decrease. This is the seventh consecutive year of a decrease in property tax. 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, 1999, sales tax receipts totalled $2, 531, 629 or 30.110 of the total taxes received. This is an increase of $42, 354 over the prior year. 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 1998 -99 tax receipts of $2,027,473 which is 24.1% of total taxes received in 1998 -99, and an increase of 23% over 1997 -98. It is the Village's belief that this tax will continue to increase at a rate exceeding the cost of living. Licenses and Permits. License and permit revenue has increased by $210,989, a 241 increase. The level of permit revenue is likely to be maintained for the next fiscal year due to major construction in the Village Center. Interest. Interest earnings increased approximately 71. due to an increase in cash balances which were somewhat higher than in previous years. Charges for Services. These revenues have decreased by $105,000 due to a reduction in charges to developers for engineering fees. These fees are charged at the beginning of a project. Fines. Fines increased by $27,427. This marked an increase of emphasis in the Village's traffic control efforts in 1998 -99. Miscellaneous. The current increase in miscellaneous 1999 1999 General Fund was because of non - recurring items in prior 1999 Increase Percent 1998 1999 Percent (Decrease) Increase Amount Amount of Total 1998 (Decrease) 7,915,059 8,407,737 67.22 492,678 6.22 888,798 1,099,787 8.79 210,989 23.74 413,612 426,053 3.41 12,441 3.01 514,647 409,701 3.28 (104,946) (20.39) 383,218 410,645 3.28 27,427 7.16 815,915 869,151 6.95 53,236 6.52 641,576 883,713 7.07 242,137 37.74 Total 11,572,825 12,506,787 100.00 933,962 8.07 *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 24% of taxes or $2,011,760. This is a decrease of $65,000 from the prior year, or a 5.2% decrease. This is the seventh consecutive year of a decrease in property tax. 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, 1999, sales tax receipts totalled $2, 531, 629 or 30.110 of the total taxes received. This is an increase of $42, 354 over the prior year. 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 1998 -99 tax receipts of $2,027,473 which is 24.1% of total taxes received in 1998 -99, and an increase of 23% over 1997 -98. It is the Village's belief that this tax will continue to increase at a rate exceeding the cost of living. Licenses and Permits. License and permit revenue has increased by $210,989, a 241 increase. The level of permit revenue is likely to be maintained for the next fiscal year due to major construction in the Village Center. Interest. Interest earnings increased approximately 71. due to an increase in cash balances which were somewhat higher than in previous years. Charges for Services. These revenues have decreased by $105,000 due to a reduction in charges to developers for engineering fees. These fees are charged at the beginning of a project. Fines. Fines increased by $27,427. This marked an increase of emphasis in the Village's traffic control efforts in 1998 -99. 1 viii Miscellaneous. The current increase in miscellaneous revenue in the General Fund was because of non - recurring items in prior years. The following schedule presents a summary of general fund, special revenue funds, and debt service funds expenditures for the fiscal year ended April 30, 1999, and the percentage of increases and decreases in relation to prior year amounts. 1 viii General Fund Balance. The undesignated fund balance has increased to $5,328,913 from $4,613,535 and the Village's designated fund balance has increased to $4,000,000. This decrease results from the transfer of $2,500,000 to the Village's Infrastructure Replacement Fund and an advance to the TIF 2 fund. The designated 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 $2,000,000 for future capital expenditures for repairs and maintenance of the infrastructure. The Village's undesignated fund balance of $5,328,513 is the equivalent of 318 working days of expenditures. 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) increased by approximately $27,000 due primarily to an increase in water main maintenance. The Water Fund had an operating increase, before depreciation, of $871,312. A 299. water rate increase was passed effective June 1, 1998. In December 1997 the Village sold a $5,000,000 bond issue for water system improvements. The Village paid only interest in 1998 -99. In 1999 -2000 the Village will begin paying principal as well as interest. In the Sewerage Fund, the total operating expenses decreased by $172,887 due to a decrease in construction of $128,000. The fund had an operating income before depreciation of $74,220. Cash and investments increased by $59,000. The Refuse Fund had a net income of $38,167. Expenses (excluding depreciation) increased to $1,098,948 from $1,086,226, a 1.2% increase. Pension Trust. Fund Operations. The operations of the Village of Deerfield Police Pension Fund (PERS) remained relatively stable in 1999. For the ix 1999 1999 1999 Increase Percent 1998 1999 Percent (Decrease) Increase Expenditures* Amount Amount of Total 1998 (Decrease) Current General Govt. 1,818,201 1,897,466 18.06 79,265 4.36 Public Safety 3,969,926 4,114,093 39.15 144,167 3.63 Highways /Streets 1,314,201 1,323,005 12.59 8,804 .67 Misc. 957,328 1,039,233 9.89 81,905 8.56 Debt Service Principal 1,000,000 1,050,000 9.99 50,000 5.00 Interest 377,930 1,084,617 10.32 706,687 186.99 Total 9,437,586 10,508,414 100.00 1,070,828 11.35 *Amounts above: exclude discretely presented Component Unit - Public Library The increase in General Government was $79,265, A 4.49. increase. This is due to the filling of vacant positions and general expenditures. The $144,167 increase (3.6 %) in expenses in the Police Department is the result of the salary and insurance increases. The increase of $8,804 or .7% in Highways and Streets is virtually the same as last year. General Fund Balance. The undesignated fund balance has increased to $5,328,913 from $4,613,535 and the Village's designated fund balance has increased to $4,000,000. This decrease results from the transfer of $2,500,000 to the Village's Infrastructure Replacement Fund and an advance to the TIF 2 fund. The designated 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 $2,000,000 for future capital expenditures for repairs and maintenance of the infrastructure. The Village's undesignated fund balance of $5,328,513 is the equivalent of 318 working days of expenditures. 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) increased by approximately $27,000 due primarily to an increase in water main maintenance. The Water Fund had an operating increase, before depreciation, of $871,312. A 299. water rate increase was passed effective June 1, 1998. In December 1997 the Village sold a $5,000,000 bond issue for water system improvements. The Village paid only interest in 1998 -99. In 1999 -2000 the Village will begin paying principal as well as interest. In the Sewerage Fund, the total operating expenses decreased by $172,887 due to a decrease in construction of $128,000. The fund had an operating income before depreciation of $74,220. Cash and investments increased by $59,000. The Refuse Fund had a net income of $38,167. Expenses (excluding depreciation) increased to $1,098,948 from $1,086,226, a 1.2% increase. Pension Trust. Fund Operations. The operations of the Village of Deerfield Police Pension Fund (PERS) remained relatively stable in 1999. For the ix n year ended April 30, 1999, the funded portion is 1220. The actuarial assumption for investments is 8.5% and for projected salary increases is Debt Administration. On April 30, 1999, the Village had a number of debt issues outstanding. These issues included $23,905,000 of net general obligation bonded debt with $5,000,000 to be repaid from the Water Fund. Of this, $17,000,000 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 - 1998 677,651,742 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 $50,675,235. Of these, $33,989,967 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 $16,685,268, as detailed below, is held in accounts not subject to risk categorization. $15,777,371 is invested in The Illinois Funds, and the remaining $907,897 is in life insurance company contracts. Risk Management. The Village participates in the Municipal Insurance 1 Cooperative Agency, MICA. MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, Workers' Compensation claims, and Public Officials Liability claims of its member municipalities. The Village's payments to MICA are displayed on the financial statements as expenditures /expenses in the appropriate funds. The Village also participates in the High -Level Excess Liability Pool, a public entity risk pool, to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self- insurance retention). The Village's payments to HELP are displayed on the financial statements as expenditures /expenses in appropriate funds. OTHER INFORMATION Independent Audit. State statutes require an annual audit by independent certified public accountants. The accounting firm of Crowe, Chizek and r R Legal Debt Limit - 8.625% 58,447,463 Amount of Debt applied to fund 23,905,000 Legal Debt Margin 34,542,463 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 5.42 %. The pension trust fund achieved a yield rate of 8.279. 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 9.659. for 90 day U.S. Treasury bills and 6.419. for 10 year U.S. Treasury notes. The Village earned interest revenue of $1,811,636 on its investments in the governmental fund type, $640,354 in the proprietary fund and $1,328,820 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 $50,675,235. Of these, $33,989,967 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 $16,685,268, as detailed below, is held in accounts not subject to risk categorization. $15,777,371 is invested in The Illinois Funds, and the remaining $907,897 is in life insurance company contracts. Risk Management. The Village participates in the Municipal Insurance 1 Cooperative Agency, MICA. MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, Workers' Compensation claims, and Public Officials Liability claims of its member municipalities. The Village's payments to MICA are displayed on the financial statements as expenditures /expenses in the appropriate funds. The Village also participates in the High -Level Excess Liability Pool, a public entity risk pool, to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self- insurance retention). The Village's payments to HELP are displayed on the financial statements as expenditures /expenses in appropriate funds. OTHER INFORMATION Independent Audit. State statutes require an annual audit by independent certified public accountants. The accounting firm of Crowe, Chizek and r R 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, 1998. 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 ten 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 has our sincere appreciation for the contributions made in the preparation of this report. 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, George 64. Va entine Finance Di ctor xi 1 1 1 1 I 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 �o m 0 ap 0 .: 'az 00 �m z v z CROWS CHIZEK 1 1 IREPORT 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, 1999, 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, 1998 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 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 audit. We conducted our audits in accordance with generally accepted auditing standards. 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, 1999, ' and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. 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, 1999, 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 enterprise funds as of April 30, 1998 and the results of operations of the individual general, special revenue, debt service, 1 1 1 1 enterprise, internal service, police pension, and component unit - public library general funds for the year then ended in conformity with generally accepted accounting principles. The Year 2000 supplementary information on page 41 is not a required part of the basic financial statements but is supplementary information required by the Governmental t Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information ' and do not express an opinion on it. In addition, we do not provide assurance that the Village of Deerfield, Illinois is or will become Year 2000 compliant, that the Village of Deerfield, Illinois' Year 2000 remediation efforts will be successful in whole or in part, or that parties with which tthe Village of Deerfield, Illinois does business are or will become Year 2000 compliant. 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 37 to 40, is presented for purposes of additional analysis and is 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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O N n0- N � 7 Efi ffi O O O to N l� 00 n M O O ro LO 0) 7 z M N t� Lr) 7 u M y N O N N N yq EH ro u O O O O Q 0 00 00 0 N \0 M M M E!i ER � ' � or0 oo0 Ci ro N N C14 IT 7I C\ It v co In m u N r cri r r ca G y V 00 00 rn CD r 00 � o 0 00 V� G to ro G cu O v O ~ u u O 7 .G 0 N y ; O ca ro ro G i y N v, y u to to U u w u ro i O G 7ro a, a a � (u ¢ W o axi a w G Q) E cC Ln cC U G f� O r v7 .1 O C G (C a E O v v ca Q) VILLAGE OF DEERFIELD, ILLINOIS All Proprietary Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended April 30, 1999 (with comparative totals for 1998) Income (loss) before operating transfers 1,161,935 25,976 1,187,911 Totals Operating transfers (out) (435,650) (2,000) (437,650) Internal (Memorandum Only) 726,285 Enterprise Service 1999 1998 Operating revenues Depreciation that reduces Charges for services $ 5,423,152 $ 1,315,271 $ 6,738,423 $ 5,575,530 Miscellaneous 160,263 3,545 163,808 134,252 Total operating revenues 5,583,415 1,318,816 6,902,231 5,709,782 Operating expenses Administration 550,693 1,095,909 1,646,602 1,573,848 Operations 4,715,651 221,913 4,937,564 5,051,162 Depreciation 265,635 - 265,635 329,948 Total operating expenses 5,531,979 1,317,822 6,849,801 6,954,958 Operating income (loss) 51,436 994 52,430 (1,245,176) Nonoperating revenues (expenses) Interest income 615,372 24,982 640,354 468,315 Property taxes 745,460 - 745,460 738,761 Interest expense (250,333) - (250,333) - 1,110,499 24,982 1,135,481 1,207,076 Income (loss) before operating transfers 1,161,935 25,976 1,187,911 (38,100) Operating transfers (out) (435,650) (2,000) (437,650) (190,650) Net income (loss) 726,285 23,976 750,261 (228,750) Other changes in retained earnings Depreciation that reduces capital 224,804 - 224,804 224,804 Net increase(decrease)in retained earnings - 951,089 23,976 975,065 (3,946) Retained earnings May 1 6,348,616 196,785 6,545,401 6,549,347 April 30 $ 7,299,705 $ 220,761 $ 7,520,466 $ 6,545,401 See accompanying notes to financial statements. 5 1 1 1 1 1 1 1 i i VILLAGE OF DEERFIELD, ILLINOIS Police Pension Fund Combined Statement of Changes in Plan Net Assets Year Ended April 30,1999 Additions Contributions - employer Property taxes - current $ 283,751 Replacement taxes 8,869 Contributions - employee 204,772 Investment income Net (depreciation) in fair value of investments (53,735) Interest earned on investments 1,328,874 Total additions 1,772,531 Deductions Benefits and refunds Pension payments 491,890 Separation refunds 40,847 Miscellaneous 4,863 Total deductions 537,600 Net increase 1,234,931 Net assets held in trust for pension benefits May 1 16,453,866 April 30 $ 17,688,797 See accompanying notes to the financial statements. FA VILLAGE OF DEERFIELD, ILLINOIS , All Proprietary Fund Types Combined Statement of Cash Flows ' Year Ended April 30,1999 (with comparative totals for 1998) ' Cash flows from noncapital financing activities Operating transfers (out) (435,650) (2,000) (437,650) (190,650) Cash flows from capital and related financing activities Bond proceeds - - - 4,957,780 Fixed assets purchased - - - (66,992) Interest paid on general obligation bonds (250,333) - (250,333) - (250,333) - (250,333) 4,890,788 Cash flows from investing activities Purchase of investment securities (2,750,000) - Totals (12,050,000) Proceeds from sale and maturities Internal (Memorandum Only) Enterprise Service 1999 1998 Cash flows from operating activities 7,393,541 8,974,865 Interest Operating income (loss) $ 51,436 $ 994 $ 52,430 $ (1,245,176) Adjustments to reconcile operating (loss) to net 4,958,318 324,982 5,283,300 (2,563,069) cash provided by operating activities Net increase in cash and cash equivalents 4,938,489 385,754 5,324,243 Depreciation 265,635 - 265,635 329,948 Other nonoperating revenues 745,460 - 745,460 738,761 Changes in assets and liabilities 3,410,637 1,038,653 April 30 Receivables (117,206) (341) (117,547) 7,625 Due from component unit (2,809) - (2,809) 4,018 Inventories (211) - (211) - Other assets 21,677 - 21,677 (56,581) Accounts payable (152,817) 15,241 (137,576) 192,828 Accrued interest - 950 950 - Claims payable - 42,063 42,063 - Accrued payroll 8,661 709 9,370 5,314 Insurance payable 7,730 - 7,730 - Contracts payable (211,558) - (211,558) 211,558 Compensated absences payable 23,323 3,156 26,479 27,208 Other payables 28,364 - 28,364 17,881 Due to component unit (1,531) - (1,531) 1,531 666,154 62,772 728,926 234,915 Cash flows from noncapital financing activities Operating transfers (out) (435,650) (2,000) (437,650) (190,650) Cash flows from capital and related financing activities Bond proceeds - - - 4,957,780 Fixed assets purchased - - - (66,992) Interest paid on general obligation bonds (250,333) - (250,333) - (250,333) - (250,333) 4,890,788 Cash flows from investing activities Purchase of investment securities (2,750,000) - (2,750,000) (12,050,000) Proceeds from sale and maturities of investment securities 7,093,541 300,000 7,393,541 8,974,865 Interest 614,777 24,982 639,759 512,066 ' 4,958,318 324,982 5,283,300 (2,563,069) Net increase in cash and cash equivalents 4,938,489 385,754 5,324,243 2,371,984 Cash and cash equivalents May 1 3,277,032 133,605 3,410,637 1,038,653 April 30 $ 8,215,521 $ 519,359 $ 8,734,880 $ 3,410,637 Cash and investments Cash and cash equivalents $ 8,215,521 $ 519,359 $ 8,734,880 $ 3,410,637 Investments 3,450,000 - 3,450,000 8,092,946 $ 11,665,521 $ 519,359 $ 12,184,880 $ 11,503,583 ' See accompanying notes to financial statements. ' 8 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements ' April 30,1999 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Deerfield, Illinois (Government) have been prepared in conformity with generally accepted accounting principles (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 generally accepted accounting principles, 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 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. Discretely Presented Component Unit: Village of Deerfield Public Library The Deerfield Public Library has a separately elected seven - member board which annually determines its budget and resulting tax levy. Upon approval of the Government, 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. ' (Continued) 1 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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." 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). (Continued) 10 1 1 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ' Fund Accounting (Continued) 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. Basis of Accounting: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund -type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund -type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. r' 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. 1 (Continued) 11 i� VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of Accounting (Continued) 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 generally accepted accounting principles. 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. 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. (Continued) 12 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements tApril 30,1999 1 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 approximate 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. 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. (Continued) 13 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fixed Assets: (Continued) 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. 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. (Continued) 14 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements ' April 30,1999 ' NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued ' 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 generally accepted accounting principles. 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. 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 may add to, subtract from, or change appropriations, but may not ' change the form of the budget. Management cannot amend the total budget for individual funds without seeking the approval of the governing body. ' Expenditures may not 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. 1 1 (Continued) 15 VILLAGE OF DEERFIELD, ILLINOIS ' Notes to Financial Statements April 30,1999 ' NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) ' 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: Deficit ' Fund Balance Emergency Services/ Disaster $ 22,766 ' 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 I Street and Bridge $ 28,466 Debt Service 350,688 ' Commuter Parking Lot 2,002 Garage 4,253 Police Pension 52,500 ' 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 $600, 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 may 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. (Continued) 16 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Deposits: At year -end, the carrying amount of the Government's deposits totaled $245,049 and bank balances totaled $456,397 and the Discretely Presented Component Unit's carrying amount of deposits totaled $14,315 and bank balances totaled $14,315. --- -- - - -- 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 name. $ 245,049 $ 14,315 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 245 0 S 14,315 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. (Continued) 17 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30, 1999 NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Investments: (Continued) Primary Government --- Carrying Amount/ Fair Value -- __�w_�__ Cate o -- - --- 1 2 3 Totals U.S. Government Securities $ 18,437,035 $ - $ - $ 18,437,035 GNMA 904,368 - - 904,368 Municipal Bonds 2,688,265 - - 2,688,265 Commercial paper 11,960,299 - - 11,960,299 $ 33.989.967 $-- $ - 33,989,967 • The Illinois Funds 15,777,371 • Life Insurance Contracts and Separate Accounts 907,897 Total investments - primary government $ 50.675,235 Discretely Presented Component Unit * The Illinois Funds $ 1,212,996 Total investments - discretely presented component unit $ 1.212.996 * (Not subject to risk categorization) The pension trust fund owns 35% percent of the investments in Category 1. NOTE 4 - RECEIVABLES -TAXES Property taxes for 1998 attach as an enforceable lien on January 1, 1998 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, 1999 and August 1, 1999 and are payable in two installments, on or about March 1, 1999 and September 1, 1999. The County collects such taxes and remits them periodically. (Continued) LK 1 t Y M 1 1 1 1 1 1 I 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 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 $ 24,590,810 $ 984,469 71,532 $ 25.501747 Discretely Presented Component Unit Balances Water/ sewer system Balances Equipment and vehicles May 1 Additions Retirements Al2ril 30 Land $ 15,914,477 $ - $ - $ 15,914,477 Buildings and improvements 4,976,660 389,718 - 5,366,378 Vehicles 947,284 519,978 60,082 1,407,180 Equipment 2,752,389 74,773 11,450 2,815,712 $ 24,590,810 $ 984,469 71,532 $ 25.501747 Discretely Presented Component Unit Enterprise Funds Land Balances Water/ sewer system Balances Equipment and vehicles May Additions Retirements April 30 Land $ 145,556 $ - $ - $ 145,556 Building and improvements 1,231,820 76,009 - 1,307,829 Equipment 435,022 4,894 - 439,916 $ 1,812,398 $ 80,903 $ $ 1893,301 Proprietary Fixed Assets: The following is a summary of proprietary fund -type fixed assets as of the date of this report: Enterprise Funds Land $ 77,500 Water/ sewer system 13,723,278 Equipment and vehicles 934,210 Parking lot improvements 632,608 15,367,596 Accumulated depreciation (9,178,560) (Continued) 19 E1 - :' 1 . VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 5 - FIXED ASSETS (Continued) Proprietary Fixed Assets (Continued) In proprietary funds, the following estimated useful lives are used to compute depreciation: Water/ sewer system 50 - 60 years Equipment 10 - 20 years Vehicles 4 - 5 years Parking lot improvements 20 years 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) ( "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. 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: Unpaid claims - beginning Incurred claims (including IBNR) Claim payments Unpaid claims - ending (Continued) 20 Fiscal Year Ending April 30, 1999 1998 $ 177,005 $ 177,005 830,167 707,506 788104) (707,506) 21 08 705 tVILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 I NOTE 6 - RISK MANAGEMENT (Continued) Municipal Insurance Cooperative Agency (MICA) The Government participates in the Municipal Insurance Cooperative Agency (MICA). MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, workers' compensation claims, and public officials liability claims of its members. The 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. 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. (Continued) 21 An intergovernmental agreement VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 6 - RISK MANAGEMENT (Continued) High -Level Excess Liability Pool (HELP) (Continued) 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 Member 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. General obligation bonds are direct obligations and pledge the full faith and credit of the Government. General obligation bonds currently outstanding are as follows: 4.2% to 4.35 %) Service ** 17,000,000 - - 17,000,000 $ 29,955,000 $ - $ 1.050,000 $ 28,905,000 * The Government abates the tax levy on this bond issue annually. The debt is recorded in and 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) 22 1 1 Fund Debt Balances Balances Issue Retired By MU —1 Additions Reductions Aril 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 $ 7,955,000 $ - $ 1,050,000 $ 6,905,000 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* 5,000,000 - - 5,000,000 General Obligation Bond Series of 1998 ($17,000,000 dated April 15, 1998; maturing October 1, 2009; payable in annual installments; interest rates from Debt 4.2% to 4.35 %) Service ** 17,000,000 - - 17,000,000 $ 29,955,000 $ - $ 1.050,000 $ 28,905,000 * The Government abates the tax levy on this bond issue annually. The debt is recorded in and 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) 22 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 30,1999 NOTE 8 - LONG -TERM DEBT (Continued) Debt Service Requirements to Maturity: Annual debt service requirements to maturity are as follows: Fiscal Year General Ending Obligation April 30 Bonds 2000 $ 2,214,198 2001 2,582,516 2002 4,062,655 2003 4,003,310 2004 3,915,895 2005 3,540,887 2006 2,425,498 2007 2,369,868 2008 2,789,598 2009 2,701,910 2010 2,618,555 2011 2,533,810 2012 491,175 2013 491,150 Total Principal and Interest $ 36,737,025 Interest Portion 7,832,025 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 M� 1 Additions Reductions April 30 General Obligation Refunding Bond Series of 1993 $ 7,955,000 $ - $ 1,050,000 $ 6,905,000 General Obligation Bond Series of 1998 17,000,000 - - 17,000,000 $ 24.955,000 $ - $ 1,050.000 $ 23.905.000 (Continued) 23 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30, 1999 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. Advance Refunding - General Long -Term Debt: On May 1, 1993, the Government issued general obligation bonds to defease portions of its Series 1986 and Series 1988 Corporate Purpose Bonds. The net proceeds were used to purchase U.S. government securities. Those securities were deposited in an irrevocable trust with American National Bank and Trust Company, Chicago, to provide for all future debt service payments of the refunded bonds. As a result, the refunded bonds are considered to be defeased and the liability for those bonds has been removed from the general long -term debt account group. $7,930,000 of the 1986 and Series 1988 Corporate Purpose Bonds are outstanding at April 30, 1998. 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 which 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. (Continued) 24 1 1 1 u 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 8 - LONG -TERM DEBT (Continued) Noncommitment Debt - Industrial Development Revenue Bonds: (Continued) 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 12/1/95 Industrial Revenue 32,150,000 Jewish Federation NOTE 9 - INTERFUND ASSETS/LIABILITIES Due From/To Other Funds: Receivable Fund Payable Fund General Enhanced 911 Police Pension Deposit ' Special Revenue Street and Bridge IMRF ' Debt Service C 1 1 1 1 1 Enterprise Refuse Advances From/To Other Funds: Receivable Fund General Debt Service Emergency Services/ Disaster Street and Bridge IMRF Street and Bridge Police Pension Payable Fund Tax Incremental Finance District 2 (Continued) 25 Amount $ 8,220 29,909 13,266 51,395 198 22,497 27,408 561 11,841 12,402 164 47 211 $ 91,416 Amount $ 3,986,930 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 9 - INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Primary Government and Component Unit: Receivable Entity Payable Entity Amount Primary government - Component unit - Public Library - General Fund Refuse Fund $ 5,274 Police Pension Fund 3,451 Street Fund 1,504 Total 10 229 Component unit - Primary government - Public Library General Fund IMRF Fund L-3-8.492 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 3.61°/x. In future years, this allocation percentage will be subject to change because HELP's Agreement provides that each year, the Members will be assessed based upon a formula which 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) 26 1 1 i 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, 1999 NOTE 10 - COMMITMENTS (Continued) Solid Waste Agency of Lake County ( SWALCO): 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 1998 and no future payments are expected. 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: Operating revenues Depreciation and amortization expense Operating income (loss) Operating transfers out Tax revenues Net income (loss) Plant, property, and equipment Additions Deletions Total assets Net working capital Bonds and other long -term liabilities Payable from operating revenues Payable from other sources Total equity Commuter Water Sewerage Refuse Parking Lot Totals $ 3,521,599 $ 1,523,517 $ 379,987 $ 158,312 $ 5,583,415 71,400 799,912 (23,000) 1,016,404 11,917,352 9,736,463 165,422 - 28,813 (91,202) (718,961) 61,687 (33,000) (12,650) (367,000) - 745,460 - (70,608) 38,167 (257,678) 6,032,683 1,042,197 1,506,371 955,340 640,882 539,658 265,635 51,436 (435,650) 745,460 726,285 19,633,114 12,737,832 5,000,000 - - - 5,000,000 6,619,541 5,719,479 955,340 632,508 13,926,868 (Continued) 27 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 12 - CONTRIBUTED CAPITAL During the fiscal year, contributed capital increased/ decreased by the following amounts: Commuter Water Sewer Parking Lot Totals Increases $ - $ - $ - $ - Decreases - depreciation 48,861 135,319 40,624 224,804 Net (decrease) (48,861) (135,319) (40,624) (224,804) Contributed capital May 1 1,618,582 5,111,585 121,800 6,851,967 April 30 $ 1,569,721 1-19-7-6-2-67 LA1 176 $ 6,627,163 NOTE 13 - FUND EQUITY Tax Incremental Finance District 1 Fund - Surplus Rebate On December 22, 1998, the Government passed Resolution No. 98 -26 titled "Resolution Declaring a Surplus of Tax Increment Financing Funds" in accordance with the Illinois Compiled Statutes. The Government determined that the sum of $6,771,257 held in the Tax Incremental Finance District 1 Fund was surplus funds and should be redistributed to the appropriate taxing districts in Fiscal 1999. (Continued) 28 IVILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 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 which may be disallowed by the grantor cannot be determined at this time although the Government expects such amounts, if any, to be immaterial. 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. 1 1 1 1 1 1 1 1 1 1 1 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. (Continued) 29 VILLAGE OF DEERFIELD, ILLINOIS , Notes to Financial Statements April 30,1999 ' NOTE 15 - JOINT VENTURES (Continued) Solid Waste Agency of Lake County ( SWALCO): (Continued) The members of SWALCO and their percentage shares based on formulae contained in the Agency Agreement as of April 30,1998 are: 100.00% 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. (Continued) ' 30 % 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% 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. (Continued) ' 30 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, 1999 NOTE 15 - JOINT VENTURES (Continued) Solid Waste Agency of Lake County ( SWALCO): (Continued) Summary of Financial Information of Joint Venture Summary of Financial Position as of November 30,1998: Assets Liabilities and Fund Equity Current assets $ 1,496,989 Current liabilities $1,748,969 Fund equity Investment in general Fixed assets 112,966 fixed assets 112,966 Fund balance - unreserved 251980) (139,01 4) Total liabilities Total assets 1.609,955 and fund equity 60 Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended November 30,1998: Total revenues $ 2,981,545 Total expenditures 3,137,763 Excess (deficiency) of revenues over expenditures (156,218) Fund balance May 1 (95,762) November 30 LIZ5=1 8 ) Complete financial statements can be obtained from the Solid Waste Agency of Lake County, 1300 N. Skokie Highway, Suite 103, Gurnee, IL 60031. The Government made no payments to SWALCO for the year ended April 30,1999. (Continued) 31 VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 ' 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 $5,600. 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 ten participants eligible to receive benefits. Accordingly, no liability has been recorded for post - employment health care benefits. 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, 1998, was $6,898,432. Of this amount, $4,170,583 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 1998, the rate was 10.47 percent. (Continued) 32 ' VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS Plan Descriptions and Provisions: 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 may 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, 1999 was $2,294,044 out of a total payroll of $7,011,097. At April 30, 1999, the Police Pension Plan membership consisted of: ' Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 15 Current employees Vested ] 27 Nonvested J 12 Total __5_4 ' The following is a summary of the Police Pension Plan as provided for in Illinois Compiled Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one -half of the salary attached to the rank ' held on the last day of service or for one year prior to the last day, whichever is greater. The pension shall be increased by 2 percent of such salary for each additional year of service over 20 years up to 30 years and 1 percent of such salary for each additional year of service over 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. ' (Continued) 33 VILLAGE OF DEERFIELD, ILLINOIS , Notes to Financial Statements April 30,1999 ' NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS Plan Descriptions and Provisions: (Continued) Police Pension (Continued) Covered employees are required to contribute 9 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. Summary of Significant Accounting Policies and Plan Asset Matters: Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments: Investments are reported at fair value. Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed - income securities are recognized on the transaction date. Significant Investments: There are no investments (other than U.S. government and U.S. government guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits. Related Party Transactions: There were no securities of the employer or any other related parties included in plan assets, including any loans. (Continued) 34 ' VILLAGE OF DEERFIELD, ILLINOIS Notes to Financial Statements April 30,1999 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Policy and Annual Pension Cost: F,I �J 1 1 1 (Continued) 35 The amount shown below as the "pension benefit 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 on a going - concern basis, assess progress made in users assess the funding status of the system 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 determine contributions to the systems. method used to ' Illinois Municipal Retirement Police Pension Contribution rates Government 10.47% 12.76% Members 4.50% 9.00% Annual pension cost $ 436,660 $ 133,214 Contributions made 436,660 292,620 ' Illinois Municipal Police Retirement Pension ' Actuarial valuation date 12/31/98 5/1/98 Actuarial method Entry age Entry age ' Amortization method Level percentage of pay, closed Level percentage of pay, closed Remaining amortization period 34 years 36 years ' Asset valuation method 5 -year smoothed market Market Actuarial assumptions Investment rate of return* Projected salary increase* 7.5% 0.4% to 11.6% 8.5% 6.0% *Includes inflation of 4.25% 3.5% F,I �J 1 1 1 (Continued) 35 VILLAGE OF DEERFIELD, ILLINOIS ' Notes to Financial Statements April 30,1999 ' NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Net Pension Asset: The Government's annual pension cost and net pension asset for the Police Pension Fund for the current year were as follows: Annual required contribution $ 149,125 Interest on net pension asset (39,035) Adjustment to annual required contribution 23,124 Annual pension cost 133,214 Contributions made 292,620 Increase in net pension asset (159,406) Net pension asset - beginning of period 459 224) Net pension asset - end of period 618 ) Trend Information: Trend information gives an indication of the progress made in accumulating of sufficient assets to pay benefits when due. Net pension obligation 1997 - N/A 1998 - - 1999 - - N/A - Information not available. 36 Illinois Municipal Police Year Retirement Pension Annual pension cost (APC) 1997 $ 415,341 N/A 1998 439,978 $ 136,133 1999 436,660 133,214 Percentage of APC contributed 1997 100.00% N/A 1998 100.00% 180.52% 1999 100.00% 219.66% Net pension obligation 1997 - N/A 1998 - - 1999 - - N/A - Information not available. 36 1 1 I 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information q Pp Y Analysis of Funding Progress 1 April 30,1999 1 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 percent of pay, closed and the amortization period was 34 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 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post- retirement benefit increases of 3% compounded annually. 1 1 1 37 1 Unfunded Actuarial Accrued (2) (4) Liability (1) Actuarial Unfunded 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) (2 - 1 Pa rol (4)+(5 1993 $ 5,314,327 $ 7,299,275 72.81% $ 1,984,948 $ 3,349,867 59.25% ' 1994 6,281,437 8,197,903 76.62 1,916,466 3,551,487 53.96 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 t1998 11,683,923 12,220,108 95.61 5361185 4,170,583 12.86 1 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 percent of pay, closed and the amortization period was 34 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 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post- retirement benefit increases of 3% compounded annually. 1 1 1 37 1 VILLAGE OF DEERFIELD, ILLINOIS ' Police Pension Fund Required Supplementary Information Analysis of Funding Progress April 30,1999 ' 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 percent of pay, closed and the amortization period was 36 years; the asset valuation method was the market method; and the significant actuarial assumptions were an investment rate of return at 8.5% compounded annually including a 3.5% inflation factor, a projected salary increases assumption of 6.0% compounded annually including a 3.5% inflation factor, and post- retirement benefit increases of 3% compounded annually. 1 1 (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 May 1 Assets - Entry Age (1)+(2) (2 - 1 Payroll (4)+(5 1993 N/A N/A N/A N/A N/A N/A 1994 N/A N/A N/A N/A N/A N/A 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) 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 percent of pay, closed and the amortization period was 36 years; the asset valuation method was the market method; and the significant actuarial assumptions were an investment rate of return at 8.5% compounded annually including a 3.5% inflation factor, a projected salary increases assumption of 6.0% compounded annually including a 3.5% inflation factor, and post- retirement benefit increases of 3% compounded annually. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 Year Ended December 31 1993 VILLAGE OF DEERFIELD, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Employer Contributions April 30,1999 Employer Contributions $ 385,909 Required Contribution $ 385,909 Percent Contributed 100.00% 1994 410,552 410,552 100.00 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 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 percent of pay, closed and the amortization period was 34 years; the asset valuation method was a three -year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 7.5% compounded annually including a 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post - retirement benefit increases of 3% compounded annually. 39 VILLAGE OF DEERFIELD, ILLINOIS Police Pension Fund Required Supplementary Information Employer Contributions April 30,1999 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 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 percent of pay, closed and the amortization period was 36 years; the asset valuation method was a three -year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8.5% compounded annually including a 3.5% inflation factor, a projected salary increases assumption of 6.0% compounded annually including a 3.5% inflation factor, and post - retirement benefit increases of 3% compounded annually. 40 Annual Year Ended Employer Required Percent April 30 Contributions Contribution Contributed 1994 N/A N/A N/A 1995 N/A N/A N/A 1996 N/A N/A N/A 1997 N/A N/A N/A 1998 $ 245,757 $ 136,133 180.52% 1999 292,620 149,125 196.22 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 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 percent of pay, closed and the amortization period was 36 years; the asset valuation method was a three -year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8.5% compounded annually including a 3.5% inflation factor, a projected salary increases assumption of 6.0% compounded annually including a 3.5% inflation factor, and post - retirement benefit increases of 3% compounded annually. 40 VILLAGE OF DEERFIELD, ILLINOIS Required Supplementary Information r Year 2000 Information April 30, 1999 General Description: The Government is currently addressing Year 2000 issues relating to its computer systems and other electronic equipment. The Year 2000 issue refers to the fact that many computer programs use only the last two digits to refer to a year. Therefore, both 1900 and 2000 would be referred to as "00." Computer programs have to be adjusted to recognize the difference between those two years or the programs will fail or create errors. Also, some programs may not be able to recognize that 2000 is a leap year. Further, the Year 2000 issue could affect electronic equipment —such as environmental systems, elevators, and vehicles- - containing computer chips that have date recognition features. The Government decentralized the Year 2000 Project by appointing an overall project officer to coordinate government -wide issues, with each department responsible for the execution of its Year 2000 efforts. External personnel are working with the mission - critical systems and electronic equipment. No significant external resources have been committed as of April 30, 1999 towards this project. ' The Government has identified certain computer systems and electronic equipment that are mission - critical and is subjecting those systems and equipment to the following stages of work to address Year 2000 issues: • Awareness stage - establishing a budget and project and project plan for dealing with the Year 2000 issue. f0 Assessment stage - identifying the systems and components for which Year 2000 compliance work is needed. • Remediation stage - making changes to the system and equipment. • Validation/ testing stage - validating and testing the changes that were made during the remediation stage. The Government's Year 2000 remediation work for its mission- critical systems and electronic equipment are in the following stages of work. C means complete, P means in process, and A means still needs to be addressed. Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the year 2000 and thereafter. Management cannot ensure that the Government is or will be Year 2000 ready, that the Government's remediation efforts will be successful in whole or in part, or that parties with whom the Government does business will be Year 2000 ready. 1 ' 41 Awareness Assessment Remediation Validation Computer hardware C C P A Computer software C C P A Telephone system C C A A HVAC system C C C P Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the year 2000 and thereafter. Management cannot ensure that the Government is or will be Year 2000 ready, that the Government's remediation efforts will be successful in whole or in part, or that parties with whom the Government does business will be Year 2000 ready. 1 ' 41 GENERAL FUND I' The General Fund (also referred to as the Corporate Fund) ' To account for resources traditionally associated with governmental services not required to be accounted for in another fund. u 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS General Fund Balance Sheet April 30, 1999 and 1998 1999 1998 ASSETS Cash and investments $ 10,164,538 $ 7,815,230 Receivables 91,283 77,762 Property taxes 273,581 230,933 Accrued interest 32,758 49,861 Other 176,851 209,349 Due from other governments 303,490 260,342 Sales tax 452,336 398,400 State income tax 158,901 144,850 Due from other funds 51,395 42,676 Inventory 15,703 4,659 Advances to other funds 3,986,930 3,932,000 Total assets $ 15,312,993 $ 12,827,958 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 87,112 $ 81,217 Accrued payroll 91,283 77,762 Insurance payable 5,572 - Compensated absences payable 853,645 807,411 Other payables 29,108 7,782 Deferred revenue 303,490 260,342 Total liabilities 1,370,210 1,234,514 Fund balance Reserved for due from other governments 611,237 543,250 Reserved for inventory 15,703 4,659 Reserved for advances to other funds 3,986,930 3,932,000 Unreserved Designated - future improvements 4,000,000 2,500,000 Undesignated 5,328,913 4,613,535 Total fund balance 13,942,783 11,593,444 Total liabilities and fund balance $ 15,312,993 $ 12,827,958 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 30,1999 and Actual Only for 1998 Expenditures General government Public safety Pension cost Total expenditures Excess of revenues over expenditures Other financing sources (uses) Operating transfers in Tax Incremental Finance District 2 Fund Operating transfers (out) Debt Service Fund Infrastructure Fund Tax Incremental Finance District 2 Fund Vehicle Replacement Fund Excess of revenues and other financing sources over expenditures and other financing uses Fund balance May 1 April 30 2,122,440 1999 1,818,201 1998 3,998,825 Budget Actual Actual Revenues 6,341,610 6,180,042 5,918,666 Taxes $ 5,264,000 $ 6,327,437 $ 5,762,783 Licenses and permits 338,500 758,124 547,207 Charges for services 295,000 250,076 356,520 Fines and forfeits 345,000 410,645 383,218 Interest 300,000 550,901 531,328 Miscellaneous 382,100 675,079 425,718 Total revenues 6,924,600 8,972,262 8,006,774 Expenditures General government Public safety Pension cost Total expenditures Excess of revenues over expenditures Other financing sources (uses) Operating transfers in Tax Incremental Finance District 2 Fund Operating transfers (out) Debt Service Fund Infrastructure Fund Tax Incremental Finance District 2 Fund Vehicle Replacement Fund Excess of revenues and other financing sources over expenditures and other financing uses Fund balance May 1 April 30 2,122,440 1,897,466 1,818,201 4,219,170 3,998,825 3,858,954 - 283,751 241,511 6,341,610 6,180,042 5,918,666 582,990 2,792,220 2,088,108 54,930 (275,000) (150,000) (150,000) (427,000) (100,000) (96,811) (74,603) (251,000) (251,000) (241,000) (501,000) (442,881) (1,017,603) $ 81,990 2,349,339 1,070,505 11,593,444 10,522, 939 $ 13,942,783 $ 11,593,444 See accompanying notes to financial statements. 43 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended April 30, 1999 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 Interest Miscellaneous Federal grant False alarms Sale of materials Rentals Miscellaneous Telecommunication fees Franchise fees Total revenues II Budget Actual $ - $ 283,751 2,425,000 2,531,629 155,000 182,499 1,150,000 1,266,056 1,500,000 2,027,473 34,000 36,029 5,264,000 6,327,437 54,000 54,175 5,000 4,297 32,500 33,066 200,000 611,233 47,000 55,353 338,500 758,124 71,000 66,272 60,000 60,000 114,000 123,754 50,000 50 295,000 250,076 345,000 410,645 300,000 550,901 52,000 40,000 6,600 27,500 20,000 236,000 382,100 $ 6,924,600 52,500 39,160 2,750 20,792 35,607 370,345 675,079 $ 8,972,262 VILLAGE OF DEERFIELD, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended April 30,1999 Public safety Budget Actual General government Police Department Administration Department Administrative service Salaries $ 1,012,340 $ 1,036,988 Overtime 12,230 14,740 Part -time 150,960 124,858 Employee benefits 169,570 129,018 Professional services 199,300 175,772 Travel, training, and dues 46,190 32,801 Printing and advertising 61,550 26,944 Communications 31,100 36,066 Insurance 51,000 44,320 Contractual services 135,300 103,740 Utility services 4,000 3,927 Motor vehicle maintenance 4,550 3,514 Repairs and maintenance 79,450 35,144 Rental property repairs - 693 Miscellaneous 73,250 33,799 Supplies 34,500 28,761 Materials 1,000 - Petroleum products 2,650 1,611 Housing assistance 37,000 39,850 Apparel 500 111 Small tools and equipment 1,000 165 Equipment 15,000 11,856 Streetscape - 12,788 Total general government 2,122,440 1,897,466 Public safety Police Department Administrative service ' Salaries 724,910 694,131 Overtime 11,290 28,103 Part -time 19,790 22,078 ' Employee benefits 122,330 89,353 t (Continued) ' 45 1 VILLAGE, OF DEERFIELD, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended April 30,1999 Licenses and permits Beer/ liquor licenses Budge Actual Taxes 5,000 4,297 Property taxes - police pension $ - $ 283,751 Sales tax 2,425,000 2,531,629 Local use tax 155,000 182,499 Income tax 1,150,000 1,266,056 Hotel/ motel tax 1,500,000 2,027,473 Photo finishing tax 34,000 36,029 Transfer charges 5,264,000 6,327,437 Licenses and permits Beer/ liquor licenses 54,000 54,175 Food licenses 5,000 4,297 Other business licenses 32,500 33,066 Building permits 200,000 611,233 Non - business licenses and permits 47,000 55,353 675,079 338,500 758,124 Charges for services Special police services 71,000 66,272 Transfer charges 60,000 60,000 Dispatching Services 114,000 123,754 Engineering charges 50,000 50 295,000 250,076 Fines and forfeits Interest Miscellaneous Federal grant False alarms Sale of materials Rentals Miscellaneous Telecommunication fees Franchise fees Total revenues 44 345,000 410,645 300,000 550,901 52,000 52,500 40,000 39,160 - 2,750 6,600 20,792 27,500 35,607 20,000 370,345 236,000 153,925 382,100 675,079 $ 6,924,600 $ 8,972,262 VILLAGE OF DEERFIELD, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended April 30, 1999 ' Budget Actual Public safety (Continued) Police Department (Continued) Administrative service (Continued) Professional services $ 4,900 $ - Travel, training, and dues 9,090 4,985 Printing and advertising 8,000 5,364 Communications Insurance 36,350 130,000 43,928 92,167 Contractual services 69,410 59,005 Motor vehicle maintenance 1,800 362 Repairs and maintenance 24,000 18,209 Supplies 50,700 43,867 ' Petroleum products 1,000 175 Apparel 7,600 7,600 Equipment 11,000 11,952 ' Miscellaneous 6,100 7,537 1,238,270 1,128,816 Investigations Salaries 197,580 196,685 tEmployee Overtime benefits 9,880 23,960 4,752 24,492 Travel, training, and dues 2,500 3,296 ' Motor vehicle maintenance Petroleum products 1,700 1,500 1,743 719 Apparel 2,100 2,100 Equipment 1,700 1,013 ' 240,920 234,800 Patrol Salaries 1,855,050 1,807,817 Overtime 61,190 59,136 Part -time 42,950 39,290 Employee benefits 248,650 239,843 Travel, training, and dues 21,300 24,196 f] 1 (Continued) 46 VILLAGE OF DEERFIELD, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended April 30,1999 2,329,840 2,257,238 Special services Overtime 61,620 57,979 Youth services Salaries Budget Actual Public safety (Continued) 7,540 3,637 Police Department (Continued) 1,670 1,670 Patrol (Continued) 34,540 33,354 Communications - 713 Motor vehicle maintenance $ 28,000 $ 26,807 Petroleum products 32,000 20,963 Apparel 32,700 32,700 Equipment 8,000 5,773 2,329,840 2,257,238 Special services Overtime 61,620 57,979 Youth services Salaries 292,920 273,495 Overtime 7,540 3,637 Part -time 1,670 1,670 Employee benefits 34,540 33,354 Travel, training, and dues 3,250 1,541 Motor vehicle maintenance 2,500 888 Petroleum products 2,000 639 Apparel 2,100 2,100 Equipment 2,000 2,668 348,520 319,992 Total public safety 4,219,170 3,998,825 Pension cost Police - 283,751 Total expenditures $ 6,341,610 $ 6,180,042 47 1 �1 SPECIAL REVENUE FUNDS 1 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. i Street and Bridge Fund To account for the revenues and resources used in maintaining approximately 70 miles of streets and the railroad station in the Village of Deerfield. Illinois Municipal Retirement Fund rTo account for the revenues and expenditures associated with providing disability and pension benefits for Deerfield employees. The fund also provides the employer portion of F.I.C.A. contributions. 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 iare met in connection with a special assessment project. tEnhanced 911 Fund ITo account for the 911 calling telephone system activity. 1 1 1 1 1 G 1 1 1 1 1 1 1 N N N O m M m QN -�r M ' a' M 00 M 0 N Ln ON N 0 o0 h N N 0` �c N '- c O in 7 ON w M c M o in o l� ~ w iQ 7� [� LO ON r O, WOI cy\ N O Q) N-- O cn r+ r. Cf) ch R O O W Q) [l, M T M M oc z O O r. GO N C m M C — C' 00 M N Cr t j Ln M '.n a M x � 3 N in -V M N C N n 1 1 1 1 1 1 1 y V y y v [ x > a C 7 vy R > C y Q W� A y •y, v y N X 'G° a Q Z > m° a o R > :? .E yc y cn; ° Q °� y E n R K m y E E E R m§ R R o m u e Q O y y" [� Q m¢ Q 5 U a Q Q c u C4 v W R f� v t� O y O E 0 u U fC 00 It N N N O m M m QN -�r M ' a' M 00 M N Ln ON N N o0 h N N 0` �c N '- c O in 7 ON w M c M o in o a 7� [� LO M O, N O N-- cn r+ r. (V ch R O N O 00 a, aN M T M M oc z O O r. GO N C m M C — C' 00 M N Cr t j Ln M '.n M x � m N in -V M N C N n ON T N n cn r. N cn EA -"� 1. V� LO en N ' CC 1 1 N ' O n N 00 m M N ti �I T a\ N W LO 00 oc � m u i N 00 r 00 3 W en N N i N T N Lo N �' C 00 G. y 00 00 �' N �' 00 D\ d' 00 N ,� 7 •y 'A to Cl 00 ' M in C' T ON O O N O 00 O N N 00 -- N ' \O O N N N V M M T O M lO in O 00 00 \G (n N M h N O R O \0 h N e-+ o0 h C' N 00 O <f ch 00 C1 72 0 N 00 � C 00 0\ � C0 y3 Ffl di ti C n n U y y u R N N N N pp eA Efi y V y y v [ x > a C 7 vy R > C y Q W� A y •y, v y N X 'G° a Q Z > m° a o R > :? .E yc y cn; ° Q °� y E n R K m y E E E R m§ R R o m u e Q O y y" [� Q m¢ Q 5 U a Q Q c u C4 v W R f� v t� O y O E 0 u U fC 00 It v v R �v R O i O C� 'a O u u R Q) v U) N N N \C Z 07 Q) N a' O O u 9 00 N N �+"f N T- N X N N 0 T [� O (ff O O cc Op r+ cn 00 O\ cC O O a' N O T n Lr� O N O � N O M 00 N N M N M rr r" ch h a' r' r^ M M N 00 O r.i N C.L. � r c� fR Q) bD ER � O x u7 N FBI 0 LO O O C ^ N N N T U O z m N T N T z O \O m[� 00 rn z C 00 N O T' N N 1G rn ON 1 N M m O \D T M N A L6 cn � v o O h cn G M N N TI w Oc N N T o W W v r+ N ¢ > W > Q- -0 — X v R w 0 � C7a vi 7 di nQ) 3 � T � O N ? N C U y C M N C^ en v O O U v C� M z mm R T R N P. y O) G .r. I 7 aA Vi U .5 C > LLI O M z v U v v R �v R O i O C� 'a O u u R Q) v U) N N N \C Z I N a' O O O 9 00 N N �+"f N T- N X N N 0 T [� O O O O O O O Op r+ cn 00 O\ cC O O a' N O T n Lr� O N O � N O M 00 N N M N M rr r" ch h a' r' r^ M M N 00 O r.i N � r c� fR ER N M M 0 CT M O x u7 N 0 LO O O C N N N N T O z m N T N T z O \O m[� O d' z C 00 N O T' N N 1G C O O O C O 1 N M m O \D T M N n L6 cn � cn cn O h cn G M N N TI o0 y N in N Oc N N T T — M M M N r+ N O N cn — v � vi 7 di T 00 N N C N C U y 000 M N C^ en O O U C� M z mm r 0 T R N P. y O) G .r. I 7 5 Vi U C > LLI M z v 5 O N T T 00 0 O 0 O N M y c m o> .M-+ ci [- C u 5 i c C 0000 ONO OTC X r tc N M 00 X 5 R N N N N C14 0 0 z z W � N N N w 7 CL Tr a v n n N N n T C y ^3 er M '••� M M M z N L i �-- ,T ' �+ �D u7 N O O O O O O �A N '• �O 00 N C 00 Oc 7 O O O d' h N N N 00 00 G T O r, \.0 T M \G en \O cn 00 -Q N �O 00 O O N co `-' N .M.. LO m (n kA bR, ' ' N N N N N Uy u7 N N 00 .r rte., cl. wcn v v R �v R O i O C� 'a O u u R Q) v U) r v � r c� X v x > 7J v) v � 7 w > C U y m c C U v .5 U U mm r 0 T R N P. y O) G .r. I 7 5 Vi U U W > M z v 5 v R y y y c y c m o> ci [- C u 5 i c C G X v s 0 0 X 5 R 7 i Q C4 W W O W w v v R �v R O i O C� 'a O u u R Q) v U) 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i VILLAGE OF DEERFIELD, ILLINOIS Emergency Services/ Disaster Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended April 30,1999 and Actual Only for 1998 Revenues Expenditures Public safety Travel, training, and dues Communications Insurance Contractual Utility services Motor vehicle maintenance Supplies Total expenditures Excess (deficiency) of revenues over expenditures Fund balance May 1 April 30 1999 1998 Budget Actual Actual 250 - - 1,800 1,529 1,231 600 651 42 2,660 1,419 1,290 600 858 738 500 971 994 500 - - 6,910 5,428 4,295 $ (6,910) (5,428) (4,295) (17,338) (13,043) $ (22,766) $ (17,338) 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 30,1999 and Actual Only for 1998 Revenues Taxes Property taxes Licenses and permits Vehicle licenses Charges for services State highway maintenance 50/ 50 Tree Planting Train station maintenance Interest 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 Vehicle Replacement Fund Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Fund balance May 1 April 30 1999 182,065 1998 Bud et Actual Actual $ 330,000 $ 347,431 $ 332,078 350,000 341,663 341,591 30,000 23,046 36,864 5,000 2,825 1,856 1,500 1,500 1,500 35,000 63,223 44,047 3,000 1,903 8,926 - 3,850 - 754,500 785,441 766,862 186,260 182,065 166,649 46,120 47,713 42,809 70,730 56,176 65,322 127,310 128,126 127,438 49,450 45,227 46,187 36,610 37,868 31,398 125,120 119,215 99,720 68,780 64,057 70,615 204,310 264,947 193,716 72,700 66,425 74,831 16,640 15,715 10,021 27,640 33,388 16,857 21,730 20,944 15,766 1,053,400 1,081,866 961,329 (298,900) (296,425) (194,467) 240,000 240,000 235,000 120,000 120,000 120,000 (97,000) (97,000) (65,000) 263,000 263,000 290,000 $ (35,900) (33,425) 95,533 516,711 421,178 $ 483,286 $ 516,711 See accompanying notes to financial statements. 51 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Street and Bridge Fund Schedule of Expenditures - Budget and Actual Year Ended April 30,1999 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 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 Actual $ 58,040 $ 69,909 7,700 5,293 5,960 6,185 10,590 10,166 2,670 3,801 8,500 11,358 1,800 1,412 2,800 3,004 4,200 4,536 7,000 8,503 2,800 4,733 62,000 35,327 2,600 2,885 8,200 13,807 1,400 1,146 186,260 182,065 29,200 30,896 730 96 3,990 5,139 1,000 - 4,000 - 3,000 9,385 1,200 - 1,500 1,670 1,000 281 32,760 28,252 420 118 VILLAGE OF DEERFIELD, ILLINOIS Street and Bridge Fund Schedule of Expenditures - Budget and Actual Year Ended April 30,1999 Pavement patching Salaries Budget Actual Highways and streets (Continued) 210 38 Public works (Continued) 9,670 10,969 Traffic marking (Continued) 3,000 2,305 Part -time $ 3,540 $ 1,563 Employee benefits 7,110 3,507 Repairs and maintenance 300 494 Motor vehicle maintenance 500 316 Contractual 17,000 17,199 Petroleum products 100 - Materials 5,000 1,218 Street signs 4,000 3,509 70,730 56,176 Pavement patching Salaries 65,630 67,946 Overtime 210 38 Employee benefits 9,670 10,969 Repairs and maintenance 3,000 2,305 Motor vehicle maintenance 6,000 5,881 Petroleum products 1,300 848 Aggregates 40,000 40,110 Materials 1,500 29 Aggregates 127,310 128,126 Tarring cracks Salaries 30,980 30,107 Overtime 420 479 Part -time 4,270 4,133 Employee benefits 5,280 4,711 Repairs and maintenance 1,800 319 Motor vehicle maintenance 700 279 Petroleum products 500 215 Aggregates 500 - Materials 5,000 4,984 49,450 45,227 (Continued) 53 1 VILLAGE OF DEERFIELD, ILLINOIS ' Street lights and traffic signals g � Salaries 28,990 25,315 Overtime 2,080 1,507 Employee benefits 4,450 3,710 Street and Bridge Fund 1,000 - Schedule of Expenditures - Budget and Actual 2,000 ' Year Ended April 30,1999 Utility services 28,000 30,952 Motor vehicle maintenance 2,500 3,875 ' Budge Actual 45,853 Highways and streets (Continued) Petroleum products 600 ' Public works (Continued) Aggregates Drainage structures Materials 5,300 tOvertime Salaries $ 24,300 1,460 $ 29,244 364 119,215 Employee benefits 3,550 3,811 Repairs and maintenance 800 340 Motor vehicle maintenance 2,000 1,115 9,864 Petroleum products 300 78 11,999 Aggregates 2,000 648 2,093 Materials 2,200 2,268 - 36,610 37,868 ' Street lights and traffic signals g � Salaries 28,990 25,315 Overtime 2,080 1,507 Employee benefits 4,450 3,710 1 1 (Continued) 54 Equipment rental 1,000 - Repairs and maintenance 2,000 565 Utility services 28,000 30,952 Motor vehicle maintenance 2,500 3,875 ' Contractual 50,000 45,853 Petroleum products 600 550 Aggregates 1 Materials 5,300 6,086 125,120 119,215 Miscellaneous maintenance Salaries 9,360 9,864 Overtime 10,920 11,999 Employee benefits 2,000 2,093 Equipment rental 200 - Repairs and maintenance 4,200 5,098 Miscellaneous 1,500 444 Motor vehicle maintenance 2,000 4,000 5,487 2,761 Contractual 1 1 (Continued) 54 VILLAGE OF DEERFIELD, ILLINOIS Street and Bridge Fund Schedule of Expenditures - Budget and Actual Year Ended April 30,1999 Highways and streets (Continued) Public works (Continued) Miscellaneous maintenance (Continued) Petroleum products Aggregates Materials Small tools and equipment Snow and ice control Salaries Overtime Employee benefits Equipment rental Repairs and maintenance Motor vehicle maintenance Contractual Supplies Petroleum products Salt Aggregates Materials Tree removal Salaries Overtime Part -time Employee benefits Repairs and maintenance Motor vehicle maintenance Contractual Petroleum products Materials Equipment (Continued) 55 Budget Actual $ 600 $ 562 2,000 787 31,600 24,962 400 - 68,780 64,057 34,760 45,411 35,360 52,558 5,490 5,601 1,000 - 26,000 11,193 14,000 49,236 8,000 20,875 2,700 1,545 4,000 3,632 65,000 67,797 6,000 5,017 2,000 2,082 204,310 264,947 14,480 15,186 730 1,554 6,240 2,925 2,750 2,278 1,200 475 500 535 45,900 43,108 300 364 300 - VILLAGE OF DEERFIELD, ILLINOIS Street and Bridge Fund Schedule of Expenditures - Budget and Actual Year Ended April 30, 1999 Budge Actual Highways and streets (Continued) Public works (Continued) ' Tree planting Salaries $ 8,250 $ 7,465 Overtime 210 - Employee benefits 980 1,215 Repairs and maintenance 300 - Motor vehicle maintenance 400 559 Contractual 6,000 6,242 Petroleum products 100 63 Materials 400 171 16,640 15,715 Railroad station maintenance Salaries 3,570 5,685 Overtime 110 153 Part -time 5,830 2,386 Employee benefits 930 723 Repairs and maintenance 1,500 2,492 Communication - 996 Contractual 9,000 14,286 Supplies 700 4,051 Materials 6,000 1,260 Equipment 1,356 27,640 33,388 Weed control Salaries 6,460 10,969 Part -time 3,640 - Employee benefits 1,330 2,148 Repairs and maintenance 5,200 2,955 Motor vehicle maintenance 1,200 4,718 Contractual 3,000 - Petroleum products 300 154 Materials 100 - Equipment 500 - 21,730 20,944 Total expenditures $ 1,053,400 $ 1,081,866 56 VILLAGE OF DEERFIELD, ILLINOIS Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended April 30,1999 and Actual Only for 1998 Revenues Taxes Property taxes Replacement taxes Interest 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 1999 1998 Budget Actual Actual $ 910,000 $ 922,191 $ 915,730 10,000 11,285 10,714 35,000 69,487 47,354 955,000 1,002,963 973,798 500,000 433,749 348,000 321,733 848,000 755,482 $ 107,000 247,481 407,478 / 1J,V1/ 257,981 711,148 453,167 $ 958,629 $ 711,148 See accompanying notes to financial statements. 57 1 1 1 1 1 1 f t 1 1 1 4 1 1 r i VILLAGE OF DEERFIELD, ILLINOIS Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended April 30, 1999 and Actual Only for 1998 Revenues Intergovernmental Allotments earned Interest 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 1999 1998 Budget Actual Actual $ 427,500 $ 426,053 $ 413,612 40,000 32,224 42,217 467,500 458,277 455,829 138,000 142,731 181,502 6,000 5,939 - 228,500 92,469 171,370 372,500 241,139 352,872 95,000 217,138 102,957 (240,000) (240,000) (235,000) $ (145,000) (22,862) (132,043) 689,853 821,896 $ 666,991 $ 689,853 See accompanying notes to financial statements. VILLAGE OF DEERFIELD, ILLINOIS Enhanced 911 Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended April 30,1999 and Actual Only for 1998 Revenues Charges for services Other charges Interest Total revenues Expenditures Public safety Repairs and maintenance Communication telephone Travel, training, and dues Contractual Equipment Total expenditures 1999 1998 Budget Actual Actual $ 125,000 $ 132,254 $ 117,907 5,000 8,465 5,668 130,000 140,719 123,575 4,000 294 500 10,000 9,246 - 2,000 90 1,000 99,200 83,139 87,613 18,000 17,071 17,564 133,200 109,840 106,677 Excess (deficiency) of revenues over expenditures $ (3,200) Fund balance May 1 April 30 30,879 16,898 135,378 118,480 $ 166,257 $ 135,378 See accompanying notes to financial statements. a 1 �I 1 7 1 1 DEBT SERVICE FUND ' Debt Service Fund To account for the accumulation of resources for the payment of General Long -Term Debt. 1 1 1 1 1 1 1 1 1 F, 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Debt Service Fund Balance Sheet April 30, 1999 and 1998 LIABILITIES AND FUND BALANCE Liabilities Accrued interest $ 89,708 $ 33,282 Due to component unit - 7,231 Due to other funds 4,911 - Deferred property taxes 619,371 881,634 Total liabilities 713,990 922,147 Fund balance Reserved for debt service 2,091,157 2,378,720 Total liabilities and fund balance $ 2,805,147 $ 3,300,867 See accompanying notes to financial statements. 60 1999 1998 ASSETS Cash and investments $ 2,231,074 $ 2,450,611 Receivables Property taxes 557,648 808,200 Accrued interest 4,023 16,022 Due from other funds 12,402 24,275 Due from component unit - 1,759 Total assets $ 2,805,147 $ 3,300,867 LIABILITIES AND FUND BALANCE Liabilities Accrued interest $ 89,708 $ 33,282 Due to component unit - 7,231 Due to other funds 4,911 - Deferred property taxes 619,371 881,634 Total liabilities 713,990 922,147 Fund balance Reserved for debt service 2,091,157 2,378,720 Total liabilities and fund balance $ 2,805,147 $ 3,300,867 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 30,1999 and Actual Only for 1998 See accompanying notes to financial statements. 61 1999 1998 Budget Actual Actual Revenues Taxes Property taxes $ 619,105 $ (�1I20,853 $ -- 819,185 Replacement taxes 70,000 " 78,540 —74,569 Interest 135,000 144,851 145,301 Miscellaneous Tax incremental finance district surplus property tax rebate 210,000 202,881 — 206,932 Total revenues 1,034,105 1,147,125 1,245,987 Expenditures Debt service Principal retirement 1,080,000 1,050,000 1,000,000 Interest 699,929 1,082,517 376,155 Fiscal charges 4,000 2,100 . 1,775 Total expenditures 1,783,929 2,134,617 1,377,930 Excess (deficiency) of revenues over expenditures (749,824) (987,492) (131,943) Other financing sources Operating transfers in TIF 2 Fund - 699,929 —275,000 Excess (deficiency) of revenues and other financing sources over expenditures $ (749,824) (287,563) 143,057 Fund balance May 1 2,378,720 2,235,663 April 30 $ 2,091,157 $ 2,378,720 See accompanying notes to financial statements. 61 VILLAGE OF DEERFIELD, ILLINOIS Debt Service Fund Schedule of Revenues and Other Financing Sources and Expenditures - Budget and Actual Year Ended April 30, 1999 Total revenues and other financing sources $ 1,034,105 $ 1,847,054 Expenditures General Obligation Refunding Bond Series of 1993 Principal 33 j �( $ 1,080,000 $ 1,050,000 3 Interest c j , ��.�) 699,929 1,082,517 Fiscal charges ' 4,000 2,100 Total expenditures 62 $ 1,783,929 $ 2,134,617 Budget Actual Revenues and other financing sources General Obligation Refunding Bond Series of 1993 Property taxes $ 619,105 $ 720,853 Replacement taxes 70,000 78,540 Interest 135,000 144,851 Miscellaneous Tax incremental finance district surplus property tax rebate 210,000 202,881 Operating transfer in TIF 2 - 699,929 Total revenues and other financing sources $ 1,034,105 $ 1,847,054 Expenditures General Obligation Refunding Bond Series of 1993 Principal 33 j �( $ 1,080,000 $ 1,050,000 3 Interest c j , ��.�) 699,929 1,082,517 Fiscal charges ' 4,000 2,100 Total expenditures 62 $ 1,783,929 $ 2,134,617 1 1 1 L 1 1 1 1 1 El 1 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. 1 r �C G v V) R U ctf O to O 0. 0 u u ^m1 ^W W U) M M 00 N 0 O N N E 00 O L ' N M O M O z 00 T oc N N O O T T T T ' t\ T N 00 N z 00 (14 T O \G N N N LO 00 O N N M cn T l� tl cr) V O N 00 r-' O N N M T O O 00 00 0\ 1� ,f of N t� O N T N er V k N O r O CO n N tN ,. m c �- cor.oM T xt, Z O 00 00 T N N 00 LO r. 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C O a a) ;6 0 .0 H w U X °.' a � � � � � � � � � � � � � � � � � � � \ / / < : u .( 2 V) # \ < _ q .§ w c � § 0 ( U) \ \�/ \ \ / u - / ƒ 0 / r // / / _ ( E $� < m a w @ < # 0 S , - ) \ ! u m m u & ® 0 E_ u \ , #Ra r r G/S % \ \ 2 f \ § E 2 \ \ \ ( e $/§ / 3 0 0 i a\ $ 00 @ \ « C\ ®® % ƒ @ _ & 2 R m & n # / / _ ,r ,r 2 m m S § a{ 6 q g ! 2 [ o o E r \)/ '°'C = c = t { % $ F % ° \ § \ 7 « e \\» g g N ƒ N wCL : ® e a ± m z \Wm oc�/$ 2 Ln cn § u t s w« R m r 2 2 / u = / / � \ � w 6 _ @ 2 C C \ / N E ) \ / / / ® « y $ * © R r A( 2 j � 6 @ \ / / < : u .( 2 V) # \ < _ q .§ w c � § 0 ( U) u - / ƒ 0 0 0 ( u / \ $ { ) U _ 0 S , - ) , ! u m m u & k; 0 E_ u % \ \ § E 2 \ \ \ ( / 3 0 0 / a/ 7$ ƒ 2 < \ / / < : u .( 2 V) # \ < _ q .§ w c � § 0 ( U) 1 1 1 ENTERPRISE FUNDS Water Fund rTo 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. rRefuse Fund To account for all revenues and expenses necessary to provide the residents of the Village of ' Deerfield with refuse service. Commuter Parking Lot Fund To account for all activity necessary to construct, operate, and maintain the commuter parking ' facilities within the Village. i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 [I 1 1 1 1 1 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 Insurance payable Other payables Due to component unit 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, 1999 (with comparative totals for 1998) Commuter Parking Totals Water Sewerage Refuse Lot 1999 1998 $ 9,290,397 $ 1,524,366 $ 302,876 $ 547,882 $ 11,665,521 $ 11,069,978 - - 671,167 - 671,167 658,047 573,635 280,283 61,876 150 915,944 773,550 30,004 3,410 - - 33,414 68,840 8,071 9,712 793 4,910 18,576 21,458 - - 5,274 - 5,274 2,465 - - 211 - 211 - 34,904 - - - 34,904 56,581 42,220 - - 42,220 42,220 55,043 1,804 - - 56,847 56,847 10,034,274 1,819,575 1,042,197 548,032 13,444,078 12,749,986 1,883,078 4,213,108 - 92,850 6,189,036 6,454,671 $ 11,917,352 $ 6,032,683 $ 1,042,197 $ 640,882 $ 19,633,114 $ 19,204,657 $ 163,152 $ 104,490 $ 86,654 $ 8,027 $ 362,323 $ 515,140 7,139 16,339 - 278 23,756 15,095 78,727 187,465 - 266,192 242,869 - - - - - 211,558 2,548 4,910 203 69 7,730 - 46,245 - - - 46,245 17,881 1,531 297,811 313,204 86,857 8,374 706,246 1,004,074 5,000,000 - - 5,000,000 5,000,000 5,297,811 313,204 86,857 8,374 5,706,246 6,004,074 1,569,721 4,976,266 - 81,176 6,627,163 6,851,967 5,049,820 743,213 955,340 551,332 7,299,705 6,348,616 6,619,541 5,719,479 955,340 632,508 13,926,868 13,200,583 $ 11,917,352 $ 6,032,683 $ 1,042,197 $ 640,882 $ 19,633,114 $ 19,204,657 See accompanying notes to financial statements. M&I Operating revenues Charges for services Water sales Sewer charges Refuse billings Parking lot fees Surcharges Miscellaneous Total operating revenues Operating expenses excluding depreciation Administration Operations Total operating expenses excluding depreciation Operating income (loss) before depreciation Depreciation Operating income (loss) Nonoperating revenues (expenses) Interest income Property taxes Interest expense Income (loss) before operating transfers Operating transfers (out) Net income (loss) Other changes in retained earnings Depreciation that reduces contributed capital Net increase (decrease) in retained earnings Retained earnings May 1 April 30 VILLAGE OF DEERFIELD, ILLINOIS Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings - Unreserved Year Ended April 30,1999 (with comparative totals for 1998) Commuter Parking Totals Water Sewerage Refuse Lot 1999 1998 $ 3,471,466 $ - $ $ $ 3,471,466 $ 2,515,132 - 1,411,356 - 1,411,356 1,403,174 - 331,336 - 331,336 331,652 - - - 158,312 158,312 159,072 - 50,682 - - 50,682 50,652 50,133 61,479 48,651 - 160,263 130,041 3,521,599 1,523,517 379,987 158,312 - 5,583,415 4,589,723 194,188 237,816 118,689 - 550,693 538,628 2,456,099 1,211,481 980,259 67,812 4,715,651 4,851,125 2,650,287 1,449,297 1,098,948 67,812 5,266,344 5,389,753 ' 871,312 74,220 (718,961) 90,500 317,071 (800,030) 71,400 165,422 - 28,813 265,635 329,948 799,912 (91,202) (718,961) 61,687 51,436 (1,129,978) 489,825 53,594 24,318 47,635 615,372 443,101 ' - - 745,460 - 745,460 738,761 (250,333) - - - (250,333) - 239,492 53,594 769,778 47,635 1,110,499 1,181,862 ' 1,039,404 (37,608) 50,817 109,322 1,161,935 51,884 (23,000) (33,000) (12,650) (367,000) (435,650) (188,650) 1,016,404 (70,608) 38,167 (257,678) 726,285 (136,766) 48,861 135,319 - 40,624 224,804 224,804 ' 1,065,265 64,711 38,167 (217,054) 951,089 88,038 3,984,555 678,502 917,173 768,386 6,348,616 6,260,578 $ 5,049,820 $ 743,213 $ 955,340 $ 551,332 $ 7,299,705 $ 6,348,616 See accompanying notes to financial statements. 66 1 67 VILLAGE OF DEERFIELD, ILLINOIS Enterprise Funds Combining Statement of Cash Flows Year Ended April 30,1999 ' (with comparative totals for 1998) Commuter Parking Totals Water Sewerage Refuse Lot 1999 1998 Cash flows from operating activities Operating income (loss) $ 799,912 $ (91,202) $ (718,961) $ 61,687 $ 51,436 S (1,129,978) Adjustments to reconcile operating income (loss) to net cash provided by operating activities Depreciation 71,400 165,422 28,813 265,635 329,948 Other nonoperating revenues 745,460 745,460 738,761 Changes in assets and liabilities Receivables (122,509) 9,665 (9,341) 4,979 (117,206) 7,680 Due from component unit (2,809) (2,809) 4,018 Due from other funds (211) (211) Other assets 21,677 - - 21,677 (56,581) Accounts payable (174,925) 36,088 (11,407) (2,573) (152,817) 168,552 Accrued payroll 2,149 6,234 278 8,661 5,149 Insurance payable 2,548 4,910 203 69 7,730 Contracts payable (100,974) (110,584) - - (211,558) 211,558 Compensated absences payable Other payables 5,383 28,364 17,940 - - 23,323 28,364 26,830 17,881 Due to component unit (1,531) (1,531) 1,531 533,025 38,473 1,403 93,253 666,154 325,349 Cash flows from noncapital financing activities Operating transfers (out) (23,000) (33,000) (12,650) (367,000) (435,650) (188,650) Cash flows from capital and related financing activities Bond proceeds - - - - 4,957,780 Fixed assets purchased (66,992) Interest paid on general obligation bonds (250,333) (250,333) (250,333) (250,333) 4,890,788 Cash flows from investing activities Purchase of investment securities (2,050,000) (700,000) (2,750,000) (11,450,000) Proceeds from sale and maturities of investment securities 5,293,604 1,000,000 149,937 650,000 7,093,541 8,249,865 Interest 489,825 52,999 24,318 47,635 614,777 479,706 3,733,429 352,999 174,255 697,635 4,958,318 (2,720,429) Net increase in cash and cash equivalents 3,993,121 358,472 163,008 423,888 4,938,489 2,307,058 Cash and cash equivalents May 1 2,547,276 465,894 139,868 123,994 3,277,032 969,974 April 30 $ 6,540,397 $ 824,366 $ 302,876 $ 547,882 $ 8,215,521 $ 3,277,032 Cash and investments Cash and cash equivalents $ 6,540,397 $ 824,366 $ 302,876 $ 547,882 $ 8,215,521 $ 3,277,032 Investments 2,750,000 700,000 3,450,000 7,792,946 $ 9,290,397 $ 1,524,366 $ 302,876 $ 547,882 $ 11,665,521 $ 11,069,978 See accompanying notes to financial statements. 67 VILLAGE OF DEERFIELD, ILLINOIS Water Fund Balance Sheet April 30, 1999 and 1998 Fixed assets Cost 3,639,691 3,639,691 Accumulated depreciation (1,756,613) (1,685,213) 1,883,078 1,954,478 Total assets $ 11,917,352 $ 11,138,403 LIABILITIES AND FUND EQUITY Current liabilities Accounts payable 1999 1998 ASSETS 7,139 4,990 Current assets - 100,974 Cash and investments $ 9,290,397 $ 8,540,880 Receivables 2,548 - Accounts - billed 60,024 59,804 Accounts - unbilled 513,611 365,079 Accrued interest 30,004 54,051 Other 8,071 10,267 Other assets 34,904 56,581 Deferred bond issuance costs 42,220 42,220 Inventories 55,043 55,043 10,034,274 9,183,925 Fixed assets Cost 3,639,691 3,639,691 Accumulated depreciation (1,756,613) (1,685,213) 1,883,078 1,954,478 Total assets $ 11,917,352 $ 11,138,403 LIABILITIES AND FUND EQUITY Current liabilities Accounts payable $ 163,152 $ 338,077 Accrued payroll 7,139 4,990 Contracts payable - 100,974 Compensated absences payable 78,727 73,344 Insurance payable 2,548 - Other payables 46,245 17,881 297,811 535,266 Long -term liabilities General obligation bond payable 5,000,000 5,000,000 Total liabilities 5,297,811 5,535,266 Fund equity Contributed capital 1,569,721 1,618,582 Retained earnings 5,049,820 3,984,555 Total fund equity 6,619,541 5,603,137 Total liabilities and fund equity $ 11,917,352 $ 11,138,403 See accompanying notes to financial statements. .: ' VILLAGE OF DEERFIELD, ILLINOIS Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual r Year Ended April 30,1999 and Actual Only for 1998 1-1 1 1 1 1 1 1 I] 1 1 1 1 1 r Operating revenues Charges for services Water sales Miscellaneous Permits and fees Penalties Other Total operating revenues Operating expenses excluding depreciation Administration Operations Distribution Maintenance - mains and fire hydrants Maintenance - meters Water system improvements Total operating expenses excluding depreciation Operating income (loss) before depreciation Depreciation Operating income (loss) Nonoperating revenues (expenses) Interest income 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 1999 1998 Budget Actual Actual $ 3,125,000 $ 3,471,466 $ 2,515,132 15,000 20,253 13,771 25,000 30,176 21,674 5,000 (296) 1,600 3,170,000 3,521,599 2,552,177 219,450 194,188 204,879 2,098,699 2,018,955 1,863,325 504,648 298,991 476,309 101,200 98,594 79,457 - 39,559 - 2,923,997 2,650,287 2,623,970 246,003 871,312 (71,793) - 71,400 71,400 246,003 799,912 (143,193) 453,076 489,825 291,641 - (250,333) - 453,076 239,492 291,641 699,079 1,039,404 148,448 (23,000) (23,000) (23,000) $ 676,079 1,016,404 125,448 48,861 48,861 1,065,265 174,309 3,984,555 3,810,246 $ 5,049,820 $ 3,984,555 See accompanying notes to financial statements. .• VILLAGE OF DEERFIELD, ILLINOIS Water Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30, 1999 Operations Budget Administration Salaries $ 91,800 Overtime 4,370 Part -time 5,960 Employee benefits 15,320 Professional services 2,700 Travel, training, and dues 900 Printing and advertising 11000 Communications 10,000 Contractual services 2,300 Insurance 51,000 Motor vehicle maintenance 1,900 Miscellaneous 1,500 Supplies 1,700 Petroleum products 900 Occupancy 20,000 Apparel 2,600 Materials 5,500 Repairs and maintenance 219,450 Total administration Operations Distribution Salaries 113,570 Overtime 10,400 Employee benefits 12,170 Professional services 6,500 Printing and advertising 800 Contractual services 47,809 Utility services 71,500 Motor vehicle maintenance 2,500 Repairs and maintenance 11,900 Miscellaneous 950 Purchase of water 1,800,000 Supplies 700 Petroleum products 1,600 Chlorine 1,000 Equipment 27,800 2,000 Materials 2,111,199 Total Less non - operating expenses Fixed assets capitalized (12,500) Total distribution 2,098,699 (Continued) 70 Actual 93,688 3,895 5,533 13,994 337 2,772 12,094 1,790 34,239 627 985 773 967 20,000 1,703 78,706 7,020 11,396 6,288 3,544 62,888 5,949 4,257 1,829,572 1,487 7,457 1 f 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Water Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30,1999 Operations (Continued) Main and fire hydrant maintenance Salaries Overtime Part -time Employee benefits Contractual services Motor vehicle maintenance Repairs and maintenance Equipment rental Miscellaneous Petroleum products Small tools and equipment Aggregates Equipment Materials Total Less non - operating expenses Fixed assets capitalized Total main and fire hydrant maintenance Meter maintenance Salaries Overtime Part -time Employee benefits Professional services Travel, training, and dues Printing and advertising Contractual services Motor vehicle maintenance Repairs and maintenance Miscellaneous Petroleum products Materials Small tools and equipment Equipment Total meter maintenance Water system improvements Professional services Miscellaneous Total water system improvements Total operating expenses 71 Budget $ 93,960 28,080 9,260 12,220 246,100 10,000 12,400 1,000 3,000 2,600 300 19,000 2,000 66,000 505,920 (1,272) 504,648 57,930 1,040 1,360 8,170 1,000 200 300 1,000 3,000 700 100 800 5,500 100 20,000 101,200 Z� L,y13,yy/ Actual $ 93,146 45,946 4,630 13,226 30,283 21,981 277 2,182 267 17,640 1,460 67,953 298,991 64,568 207 560 10,407 118 1,041 120 552 4,968 16,053 98,594 39,209 $ 2,650,287 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, 1999 Assets Balances Balances May 1 Additions Retirements A_ ril 30 $ 3,068,486 $ - $ - $ 3,068,486 571,205 $ 3,639,691 571,205 $ - 3,639,691 Accumulated Depreciation Balances Balances May 1 Additions Retirements Apri130 $ 1,120,720 $ 1,064 $ - 1,121,784 564,493 $ 1,685,213 70,336 $ 71,400 72 634,829 1,756,613 $ 1,883,078 ' VILLAGE OF DEERFIELD, ILLINOIS Sewerage Fund Balance Sheet April 30,1999 and 1998 1999 1998 ASSETS Current assets Cash and investments $ 1,524,366 $ 1,465,299 Receivables Accounts - billed 41,596 47,203 Accounts - unbilIed 238,687 238,687 Accrued interest 3,410 8,524 Other 9,712 8,656 Inventories 1,804 1,804 1,819,575 1,770,173 Fixed assets Cost 11,017,797 11,017,797 Accumulated depreciation (6,804,689) (6,639,267) 4,213,108 4,378,530 Total assets $ 6,032,683 $ 6,148,703 LIABILITIES AND FUND EQUITY Current liabilities Accounts payable $ 104,490 $ 68,402 Accrued payroll 16,339 10,105 Compensated absences payable 187,465 169,525 Contracts payable - 110,584 Insurance payable 4,910 - ' Total liabilities 313,204 358,616 Fund equity Contributed capital 4,976,266 5,111,585 Retained earnings 743,213 678,502 Total fund equity 5,719,479 5,790,087 Total liabilities and fund equity $ 6,032,683 $ 6,148,703 See accompanying notes to financial statements. 73 VILLAGE OF DEERFIELD, ILLINOIS ' Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended April 30,1999 and Actual Only for 1998 See accompanying notes to financial statements. 74 1999 1998 Budget Actual Actual Operating revenues Charges for services Sewer charges $ 1,420,000 $ 1,411,356 $ 1,403,174 Surcharges - construction - 50,682 50,652 Miscellaneous Permits and fees 15,000 11,200 12,163 Penalties 17,000 15,294 14,965 Other 25,000 34,985 21,707 Total operating revenues 1,477,000 1,523,517 1,502,661 Operating expenses excluding depreciation Administration 261,320 237,816 225,433 Operations Treatment plant 984,050 893,951 935,677 Cleaning and maintenance 159,520 137,214 152,617 Construction 220,560 180,316 308,457 Total operating expenses excluding depreciation 1,625,450 1,449,297 1,622,184 Operating income (loss) before depreciation (148,450) 74,220 (119,523) Depreciation 102,500 165,422 226,278 Operating (loss) (250,950) (91,202) (345,801} Nonoperating revenues Interest income 60,000 53,594 83,703 Depreciation reserve 160,000 - - 220,000 53,594 83,703 Income (loss) before operating transfers (30,950) (37,608) (262,098) Operating transfers (out) Vehicle Replacement Fund (33,000) (33,000) (33,000) Net (loss) $ (63,950) (70,608) (295,098) Other changes in retained earnings Depreciation that reduces contributed capital 135,319 135,319 Net increase (decrease) in retained earnings 64,711 (159,779) Retained earnings May 1 678,502 838,281 April 30 $ 743,213 $ 678,502 See accompanying notes to financial statements. 74 VILLAGE OF DEERFIELD, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30, 1999 Operations Budget Actual Administration Salaries $ 91,820 $ 111,775 Overtime 4,270 3,766 Part -time 5,960 5,533 Employee benefits 15,350 14,017 Contractual services 3,600 3,171 Professional services 15,200 - Travel, training, and dues 600 275 Printing and advertising 300 470 Communications 3,520 5,080 Insurance 85,000 66,449 Motor vehicle maintenance 1,200 1,349 Repairs and maintenance 8,800 1,287 Miscellaneous 1,000 684 Supplies 1,400 912 Petroleum products 1,200 1,212 Occupancy 20,000 20,000 Aggregates 2,100 1,836 Apparel 7,000 6,386 Small tools and equipment 261,320 237,816 Total administration 3,100 2,213 Operations Treatment plant Salaries 424,460 425,857 Overtime 18,720 21,154 Part -time 7,280 6,825 Employee benefits 63,340 65,267 Professional services 5,000 3,681 Travel, training, and dues 2,000 765 Printing and advertising 50 156 Communications 7,700 7,156 Contractual services 30,500 30,401 Utility services 191,000 171,600 Motor vehicle maintenance 4,000 5,972 Repairs and maintenance 164,000 93,989 Equipment rental 2,000 - Supplies 25,500 30,083 Petroleum products 8,000 5,880 Chlorine 7,000 4,530 Aggregates 6,000 7,395 Materials 7,000 6,386 Small tools and equipment 1,000 245 Apparel 3,100 2,213 Equipment 2,700 3,716 3,700 680 Miscellaneous 984,050 893,951 Total treatment plant (Continued) 75 VILLAGE OF DEERFIELD, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30,1999 Total operating expenses $ 1,625,450 $ 1,449,297 76 Budget Actual Operations (Continued) Cleaning and maintenance Salaries 81,700 77,951 Overtime 5,720 5,823 Part -time 3,330 2,418 Employee benefits 15,070 10,711 Contractual services 14,000 4,910 Motor vehicle maintenance 4,000 6,809 Repairs and maintenance 5,000 2,345 Equipment rental 1,000 - Miscellaneous 2,000 1,104 Supplies 10,500 8,615 Petroleum products 1,300 921 Aggregates 2,600 1,924 Materials 6,000 6,597 Equipment 7,000 7,070 300 16 Small tools and equipment 159,520 137,214 Total cleaning and maintenance Construction Salaries 101,300 108,662 Overtime 840 14 Part -time 1,880 658 Employee benefits 13,940 18,616 Contractual services 55,000 13,298 Motor vehicle maintenance 6,500 8,917 Repairs and maintenance 3,400 2,748 Equipment rental 5,000 - Supplies 1'000 Petroleum products 2,500 2,681 Aggregates 8,000 8,365 Materials 21,000 16,357 200 - Small tools and equipment 220,560 180,316 Total construction Total operating expenses $ 1,625,450 $ 1,449,297 76 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 30,1999 Assets Balances Balances MaX 1 Additions Retirements Aril 30 $ 10,654,792 $ - $ - $ 10,654,792 $ 11,017,797 363,005 11,017,797 Accumulated Depreciation Balances Balances May —1 Additions Retirements April 30 $ 6,355,556 $ 151,912 $ - 6,507,468 283,711 $ 6,639,267 13,510 $ 165,422 77 297,221 6,804,689 $ 4,213,108 VILLAGE OF DEERFIELD, ILLINOIS Refuse Fund Balance Sheet April 30, 1999 and 1998 LIABILITIES AND RETAINED EARNINGS Current liabilities Accounts payable $ 86,654 $ 98,061 Insurance payable 203 - Due to component unit - 1,531 86,857 99,592 Retained earnings 955,340 917,173 Total liabilities and retained earnings $ 1,042,197 $ 1,016,765 See accompanying notes to financial statements. 78 1999 1998 ASSETS Current assets Cash and investments $ 302,876 $ 289,805 Receivables Property taxes 671,167 658,047 Accounts - billed 9,520 10,421 Accounts - unbilled 52,356 52,356 Accrued interest - 1,136 Other 793 2,535 Due from component unit 5,274 2,465 Due from other funds 211 - Total assets $ 1,042,197 $ 1,016,765 LIABILITIES AND RETAINED EARNINGS Current liabilities Accounts payable $ 86,654 $ 98,061 Insurance payable 203 - Due to component unit - 1,531 86,857 99,592 Retained earnings 955,340 917,173 Total liabilities and retained earnings $ 1,042,197 $ 1,016,765 See accompanying notes to financial statements. 78 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Refuse Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended April 30,1999 and Actual Only for 1998 1999 1998 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 Interest income Property taxes Income (loss) before operating transfers Operating transfers (out) Vehicle Replacement Fund Net income (loss) Retained earnings May 1 April 30 $ 334,000 33,000 109,850 1,019,630 1,129,480 (762,480) 20,000 740,000 760,000 (2,480) $ 331,336 $ 331,652 48,651 44,161 379,987 375,813 118,689 108,316 980,259 977,910 (718,961) 24,318 745,460 769,778 50,817 (710,413) 24,233 738,761 762,994 52,581 (12,650) (12,650) (12,650) $ (15,130) 38,167 39,931 917,173 $ 955,340 See accompanying notes to financial statements. 79 877,242 $ 917,173 VILLAGE OF DEERFIELD, ILLINOIS Commuter Parking Lot Fund Balance Sheet April 30,1999 and 1998 ASSETS Current assets Cash and investments Receivables Accounts Accrued interest Fixed assets Cost Accumulated depreciation Total assets LIABILITIES AND FUND EQUITY Current liabilities Accounts payable Accrued payroll Insurance payable Total current liabilities Fund equity Contributed capital Retained earnings Total fund equity Total liabilities and fund equity 1999 1998 $ 547,882 $ 773,994 150 - - 5,129 548,032 779,123 710,108 710,108 (617,258) (588,445) 92,850 121,663 $ 640,882 $ 900,786 $ 8,027 $ 10,600 278 - 81,176 10,600 121,800 768,386 See accompanying notes to financial statements. 80 $ 640,882 $ 900,786 See accompanying notes to financial statements. 80 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended April 30, 1999 and Actual Only for 1998 Operating revenues Parking lot fees Operating expenses excluding depreciation Operations Operating income before depreciation Depreciation Operating income Nonoperating revenues Interest income 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 1999 1998 Budget Actual Actual $ 163,000 $ 158,312 $ 159,072 65,810 67,812 57,373 97,190 90,500 101,699 - 28,813 32,270 97,190 61,687 69,429 40,000 47,635 43,524 137,190 109,322 112,953 (120,000) (120,000) (120,000) (247,000) (247,000) - (367,000) (367,000) (120,000) $ (229,810) (257,678) (7,047) 40,624 40,624 (217,054) 33,577 768,386 $ 551,332 See accompanying notes to financial statements. 81 734,809 $ 768,386 VILLAGE OF DEERFIELD, ILLINOIS Commuter Parking Lot Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30,1999 Total parking lots - village and federal funds 37,260 Parking lots - village construction Budget Operations 8,850 Parking lots - village and federal funds - Salaries $ 9,160 Benefits 1,090 Insurance 510 Utility service 3,000 Repairs and maintenance 2,000 Property rentals 7,500 Supplies 400 Miscellaneous 200 Aggregates 200 Materials 1,000 Contractual 10,200 Equipment 2,000 Total parking lots - village and federal funds 37,260 Parking lots - village construction Salaries 8,850 Salaries - overtime - Benefits 1,060 Insurance 440 Utility services 5,000 Repairs and maintenance 500 Supplies 400 Aggregates 100 Materials 1,000 Contractual 10,200 Equipment 1,000 Total parking lots - village construction Total operating expenses 82 Actual 10,383 1,433 569 2,944 80 7,440 6 2,031 11,910 180 8,372 791 1,242 487 5,125 866 33 30 1,980 11,910 30,836 $ 65,810 $ 67,812 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 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, 1999 Assets Balances Balances May 1 Additions Retirements April 30 $ 77,500 $ - $ - $ 77,500 632,608 $ 710,108 Accumulated Depreciation 632,608 710,108 Balances Balances May 1 Additions Retirements April 30 $ 588,445 $ 28,813 $ - 617,258 $ 92,850 83 1 1 1 INTERNAL SERVICE FUNDS 1 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 1 1 1 1 t 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Internal Service Funds Combining Balance Sheet April 30, 1999 (with comparative totals for 1998) LIABILITIES AND Totals Garage Insurance 1999 1998 ASSETS Current liabilities Current assets Accounts payable Cash and investments $ 68,213 $ 451,146 $ 519,359 $ 433,605 Receivables 2,396 - 2,396 Accounts 396 - 396 55 Accrued interest - - - 950 Inventories 60,398 - 60,398 60,398 Total assets $ 129,007 $ 451,146 $ 580,153 $ 495,008 LIABILITIES AND RETAINED EARNINGS Current liabilities Accounts payable $ 3,454 $ 93,794 $ 97,248 $ 82,007 Accrued payroll 2,396 - 2,396 1,687 Compensated absences payable 40,680 - 40,680 37,524 Claims payable - 219,068 219,068 177,005 Total liabilities 46,530 312,862 359,392 298,223 Retained earnings 82,477 138,284 220,761 196,785 Total liabilities and retained earnings $ 129,007 $ 451,146 $ 580,153 $ 495,008 See accompanying notes to financial statements. 84 VILLAGE OF DEERFIELD, ILLINOIS Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended April 30, 1999 (with comparative totals for 1998) Operating revenues Charges for services Billings Miscellaneous Total operating revenues Operating expenses Administration Operations Total operating expenses Operating income (loss) Nonoperating revenues Interest income Income (loss) before operating transfers Operating transfers (out) Net income (loss) Retained earnings May 1 April 30 Totals Garage Insurance 1999 1998 $ 233,802 $ 1,081,469 $ 1,315,271 $ 1,115,848 3,545 - 3,545 4,211 237,347 1,081,469 1,318,816 1,120, 059 - 1,095,909 1,095,909 1,035,220 221,913 - 221,913 200,037 221,913 1,095,909 1,317,822 1,235,257 15,434 (14,440) 994 (115,198) 724 24,258 24,982 25,214 16,158 9,818 25,976 (89,984) (2,000) - (2,000) (2,000) 14,158 68,319 9,818 23,976 (91,984) 128,466 196,785 288,769 $ 82,477 $ 138,284 $ 220,761 $ 196,785 See accompanying notes to financial statements. 85 VILLAGE OF DEERFIELD, ILLINOIS Internal Service Funds Combining Statement of Cash Flows ' Year Ended April 30, 1999 (with comparative totals for 1998) Totals Garage Insurance 1999 1998 Cash flows from operating activities Operating income (loss) $ 15,434 $ (14,440) $ 994 $ (115,198) Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities Receivables (341) - (341) (55) Accounts payable 949 14,292 15,241 24,276 Accrued interest - 950 950 - Claims payable - 42,063 42,063 - Accrued payroll 709 709 165 Compensated absences payable 3,156 - 3,156 378 ' 19,907 42,865 62,772 (90,434) Cash flows from noncapital financing activities Operating transfers (out) (2,000) - (2,000) (2,000) ' Cash flows from investing activities Purchase of investment securities - - (600,000) Proceeds from sale and maturities of investment securities - 300,000 300,000 725,000 Interest 724 24,258 24,982 32,360 724 324,258 324,982 157,360 Net increase in cash and cash equivalents 18,631 367,123 385,754 64,926 Cash and cash equivalents May 1 49,582 84,023 133,605 68,679 April 30 $ 68,213 $ 451,146 $ 519,359 $ 133,605 Cash and investments Cash and cash equivalents $ 68,213 $ 451,146 $ 519,359 $ 133,605 Investments - - - 300,000 $ 68,213 $ 451,146 $ 519,359 $ 433,605 ' See accompanying notes to financial statements. 86 VILLAGE OF DEERFIELD, ILLINOIS Garage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended April 30, 1999 and Actual Only for 1998 Operating revenues Charges for services Billings Miscellaneous Total revenues Operating expenses Operations Operating income Nonoperating revenues Interest income Income before operating transfers Operating transfers (out) Vehicle Replacement Fund Net income Retained earnings May 1 April 30 1999 1998 Budget Actual Actual $ 217,500 $ 233,802 $ 215,165 4,000 3,545 4,211 221,500 237,347 219,376 217,660 221,913 200,037 3,840 15,434 19,339 - 724 - 3,840 16,158 19,339 (2,000) (2,000) (2,000) $ 1,840 14,158 17,339 68,319 50,980 $ 82,477 $ 68,319 See accompanying notes to financial statements. 87 VILLAGE OF DEERFIELD, ILLINOIS Garage Fund Schedule of Operating Expenses - Budget and Actual Year Ended April 30, 1999 Total operating expenses :: $ 217,660 $ 221,913 Budget Actual Operations Public works department Salaries $ 111,970 $ 124,095 Overtime 7,910 10,956 Employee benefits 17,280 18,403 Apparel 750 541 Repairs and maintenance 6,000 828 Travel, training, and dues 500 8 Printing and advertising 400 374 Communications 650 630 Utility services 1,600 1,410 Insurance 7,000 5,669 Petroleum products 300 364 Miscellaneous 400 50 Materials 300 - Small tools and equipment 2,500 2,498 Supplies 60,100 56,087 Total operating expenses :: $ 217,660 $ 221,913 Operating revenues Charges for services Billings Operating expenses Administration Insurance Operating (loss) Nonoperating revenues Interest income Net income (loss) Retained earnings May 1 April 30 VILLAGE OF DEERFIELD, ILLINOIS Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended April 30, 1999 and 1998 1999 1998 $ 1,081,469 $ 900,683 1,095,909 1,035,220 (14,440) (134,537) 24,258 25,214 9,818 (109,323) 128,466 $ 138,284 See accompanying notes to financial statements. 89 237,789 $ 128,466 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I TRUST AND AGENCY FUNDS Pension 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 which are being held on a temporary basis. Deerfield Cemetery Association Fund - to account for the monies on deposit with the Village which 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 which are being held for the East Shore Radio Network. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 V) zz 0.4 04 Q w w W ^W^ O Q� a a IH m v Q) V) U c4 V) O �r G cz a O U U c4 v v U) F. •l to M 00 ON T N N ON l� 0� Ls. u ON � r G it �0 ° �0 t1i O d\ C 00 ca r 0` � T 0 tai E— O U U 0000 tMn C 3 m v Q) V) U c4 V) O �r G cz a O U U c4 v v U) F. •l to M N M T N N l� l� 0� 00 N M N it �0 ef' O �0 t1i 0\ " to n d\ C 00 N to N 0` � T c�1 v, v u Lnn 0000 tMn C 00 �I b oc 00 ,Y, m Y "'a y cA -A i4 qz U O I--' 0\ LO Z LO 00, N LO N N N Cc G C [N� 00 to N Q\ h n to N n M N m y N tN 0 M 00 N ON N l �0 C' s Y Y W z v G. a! m R' a O a y 0�� w= a C1 O C1 M F- 0 a � Ef' tf3 di .v. �4 M Ln T M T p p Y O M M 0; er n M .L O 3 00 M n 0\ � to to z x m m Cf) m U in fa .3 vs v C N tn 00p a\p n Q to 0C v 21 N :.., y U y q a a O m o N rn T a°c O x t7 00 00 Ntri N o n c* n a N a N O l q y3 'A cfl Efl U ) N to IN 'IV i° rn rn a 00 t\ oc V x n rn o t; 00 N M 0000 N m v Q) V) U c4 V) O �r G cz a O U U c4 v v U) F. •l v, v u b ,Y, m Y "'a qz U - Cc G E f [^ m y R 0 u m Izl ' u s Y Y W z v G. a! m R' a O a y F= a w= a C1 O C1 M F- 0 a m v Q) V) U c4 V) O �r G cz a O U U c4 v v U) F. •l VILLAGE OF DEERFIELD, ILLINOIS Police Pension Fund Statement of Plan Net Assets April 30, 1999 ASSETS Cash and cash equivalents $ 3,638,183 Receivables Accrued interest 142,755 Due from component unit 3,451 Other 1,873 148,079 Investments, at fair value U.S. government obligations 9,438,101 Insurance contract 907,897 Municipal obligations 3,592,633 13,938,631 Total assets 17,724,893 LIABILITIES Other liabilities 6,140 Due to other funds 29,956 K. 1•. NET ASSETS HELD IN TRUST FOR PENSION BENEFITS (A schedule of funding progress for this plan is presented following the notes to financial statements) $ 17,688,797 See accompanying notes to financial statements. 91 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 Statement of Changes in Plan Net Assets - Budget and Actual Year Ended April 30, 1999 Additions Contributions - employer Property taxes - current Replacement taxes Contributions - employee Investment Income Net (depreciation) in fair value of investments Interest earned on investments Total additions 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 Budget $ 300,000 $ 8,000 200,000 Actual 283,751 8,869 204,772 - (53,735) 1,225,000 1,328,874 1,733,000 1,772,531 460,100 20,000 5,000 485,100 $ 1,247,900 See accompanying notes to financial statements. 92 491,890 40,847 537,600 1,234,931 16,453,866 $ 17,688,797 VILLAGE OF DEERFIELD, ILLINOIS Agency Funds Combining Statement of Changes in Assets and Liabilities Year Ended April 30,1999 Balances Balances MU -1 Additions Deductions April 30 All Funds ASSETS Cash and investments $ 1,400,366 $ 273,797 $ 5,668 $ 1,668,495 Receivables - other 138,759 2,958 112,384 29,333 Due from other funds 14,923 - 14,923 - Total assets $ 1,554,048 $ 276,755 $ 132,975 $ 1,697,828 LIABILITIES Accounts payable $ 8,043 $ 5,891 $ 889 $ 13,045 Deposits payable 1,475,547 153,411 6,876 1,622,082 Other liabilities 42,269 7,166 - 49,435 Due to other funds 28,189 - 14,923 13,266 Total liabilities $ 1,554,048 $ 166,468 $ 22,688 $ 1,697,828 Deposit Fund ASSETS Cash and investments $ 1,359,459 $ 266,341 $ - $ 1,625,800 Receivables- other 101,540 - 97,461 4,079 Due from other funds 14,923 - 14,923 - $ 1,475,922 $ 266,341 $ 112,384 $ 1,629,879 LIABILITIES Accounts payable $ 5,194 $ 546 $ - $ 5,740 Deposits payable 1,457,462 153,411 - 1,610,873 Due to other funds 13,266 - - 13,266 Total liabilities $ 1,475,922 $ 153,957 $ - $ 1,629,879 (Continued) 93 ' VILLAGE OF DEERFIELD, ILLINOIS Agency Funds Combining Statement of Changes in Assets and Liabilities ' Year Ended April 30,1999 Balances Balances Max 1 Additions Deductions April 30 ' Deerfield Cemetery Association Fund ASSETS Cash and investments S 6,190 $ - $ 5,668 $ 522 tReceivables - other 11,895 - - 11,895 Total assets $ 24,615 $ - $ 5,668 $ 12,417 ' LIABILITIES Accounts payable $ $ 1,208 $ $ 1,208 Deposits Payable 18,085 - 6,876 11,209 ' S 18,085 $ 1,208 $ 6,876 $ 12,417 Total liabilities ' Lake -Cook Metra Study Grant Fund ASSETS Cash and investments S - $ 4,137 $ - $ 4,137 ' Receivables - other 14,923 14,923 Total assets $ 14,923 $ 4,137 $ 14,923 $ 4,137 ' LIABILITIES Accounts payable S - $ 4,137 $ - $ 4,137 ' Due to other funds 14,923 - 14,923 - Totalliabilities $ 14,923 $ 4,137 $ 14,923 $ 4,137 ' East Shore Radio Network Fund ASSETS Cash and investments S 34,717 $ 3,319 $ - $ 38,036 ' Receivables - other 10,401 2,958 - 13,359 Total assets $ 45,118 $ 6,277 $ - $ 51,395 LIABILITIES Accounts payable S 2,849 $ - S 889 $ 1,960 Other liabilities 42,269 7,166 - 49,435 tTotal liabilities S 45,118 $ 7,166 $ 889 $ 51,395 ' See accompanying notes to financial statements. ' 94 1 1 1 1 1 1 1 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. u 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 General Fixed Assets Account Group Schedule of General Fixed Assets - by Source April 30, 1999 and 1998 1999 1998 GENERAL FIXED ASSETS Land $ 15,914,477 $ 15,914,477 Buildings and improvements 5,366,378 4,976,660 Vehicles 1,407,180 947,284 Equipment 2,815,712 2,752,389 $ 25,503,747 $ 24,590,810 INVESTMENT IN GENERAL FIXED ASSETS General revenues $ 19,502,738 $ 18,589,801 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 95 $ 25,503,747 $ 24,590,810 VILLAGE OF DEERFIELD, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Function April 30, 1999 $15,914,477 $ 5,366,378 $ 1,407,180 $ 2,815,712 $ 25,503,747 OR Buildings and Function Land Improvements Vehicles E2uipment Totals General government $14,493,695 $ 321,977 $ 73,117 $ 1,080,130 $ 15,968,919 Public safety 1,271,340 1,155,539 378,855 1,066,854 3,872,588 Public works 149,442 3,888,862 955,208 668,728 5,662,240 $15,914,477 $ 5,366,378 $ 1,407,180 $ 2,815,712 $ 25,503,747 OR ' VILLAGE OF DEERFIELD, ILLINOIS tGeneral Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function ' Year Ended April 30, 1999 Balances Balances Function May I Additions Retirements April 30 General government $ 15,915,747 $ 54,122 $ 950 $ 15,968,919 Public safety 3,486,671 453,999 68,082 3,872,588 ' Public 5,188,392 476,348 2,500 5,662,240 works ' $ 24,590,810 $ 984,469 $ 71,532 $ 25,503,747 t 97 1 1 1 J 1 1 1 GENERAL LONG -TERM DEBT ACCOUNT GROUP ITo account for the noncurrent portion of the Government's Bond Issue liabilities. 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 1 1 VILLAGE OF DEERFIELD, ILLINOIS General Long -Term Debt Account Group Schedule of General Long -Term Debt April 30,1999 (with comparative totals for 1998) 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 17,000,000 Obligation General Refunding Obligation Bond Series Bond Series Totals of 1993 of 1998 1999 1998 $ 2,091,157 $ - $ 2,091,157 $ 2,378,720 4,813,843 17,000,000 21,813,843 22,576,280 $ 6,905,000 $ 17,000,000 $ 23,905,000 $ 24,955,000 $ 6,905,000 $ 17,000,000 $ 23,905,000 $ 24,955,000 n 0 0 z m Z -1 C Z a 1 1 1 1 1 1 1 1 1 1 1 i7 L �1 II u 1 1 I 1 1 1 1 1 1 1 1 1 1 1 j 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. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Component Unit - Public Library Combining Balance Sheet April 30,1999 (with comparative totals for 1998) General Fixed Asset Account General Grou ASSETS Totals 1999 1998 Cash and investments $ 1,227,911 $ - $ 1,227,911 $ 1,020,110 Receivables - property taxes 1,211,139 - 1,211,139 1,175,471 Due from primary government 38,492 - 38,492 51,491 General fixed assets - 1,893,301 1,893,301 1,812,398 Total assets $ 2,477,542 $ 1,893,301 $ 4,370,843 $ 4,059,470 LIABILITIES AND FUND EQUITY Liabilities Accounts payable $ 91,688 $ - $ 91,688 $ 114,743 Due to primary government 10,229 - 10,229 9,338 Deferred property taxes 1,345,032 - 1,345,032 1,308,757 Total liabilities 1,446,949 - 1,446,949 1,432,838 Fund equity Investment in general fixed assets - 1,893,301 1,893,301 1,812,398 Fund balance - unreserved Designated - capital improvements 140,000 - 140,000 140,000 Undesignated 890,593 - 890,593 674,234 Total fund equity 1,030,593 1,893,301 2,923,894 2,626,632 Total liabilities and fund equity $ 2,477,542 $ 1,893,301 $ 4,370,843 $ 4,059,470 See accompanying notes to financial statements. 99 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 30,1999 and Actual Only for 1998 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 Insurance rebate Miscellaneous Reserve for repairs and replacement Total revenues Expenditures Culture and recreation Excess (deficiency) of revenues over expenditures Other financing (uses) Operating transfers (out) Excess (deficiency) of revenues over expenditures and other financing uses Fund balance May 1 April 30 1999 1998 Bu Qet Actual Actual $ 1,343,000 $ 1,286,000 $ 1,217,104 16,000 27,255 25,877 21,000 21,459 21,659 15,500 28,646 20,413 35,000 32,437 35,346 8,000 6,173 8,334 18,000 14,237 14,083 40,000 63,464 71,684 11,000 10,929 19,245 140,000 192,580 186,010 500 1,370 870 - - 9,225 1,000 842 1,629 240,000 - - 1,889,000 1,685,392 1,631,479 1,688,000 1,469,033 201,000 216,359 (201,000) $ - 216,359 814,234 $ 1,030,593 See accompanying notes to financial statements. 100 1,727,111 (95,632) (95,632) 909,866 $ 814,234 I PI 1 101 VILLAGE OF DEERFIELD, ILLINOIS Component Unit - Public Library General Fund Expenditures Schedule of - Budget and Actual Year Ended April 30,1999 'Budge t Actual ' Culture and recreation Salaries - professional $ 436,000 $ 366,951 Salaries - non - professional 428,000 437,021 Employee benefits 65,500 63,096 Professional services 5,000 33,003 Education, travel, and dues 8,800 7,844 Communication 9,200 11,060 Insurance 25,600 17,786 Contractual services 145,300 111,225 ' Utilities 1,500 1,255 Repairs, maintenance of building and equipment building supplies 40,000 43,401 Supplies - library and office 22,500 31,431 Books 140,000 133,999 Periodicals 40,000 39,937 Audio - visual 35,000 25,538 Binding 3,600 2,395 Special library programs Data base 11,000 3,000 13,535 23,280 New equipment 8,500 4,894 ' Printing Cataloging service 12,000 6,000 9,739 3,634 Miscellaneous 1,500 1,126 Remodeling project 240,000 86,883 Total expenditures $ 1,688,000 $ 1,469,033 I PI 1 101 VILLAGE OF DEERFIELD, ILLINOIS Component Unit - Public Library General Fixed Assets Account Group Schedule of General Fixed Assets - by Source April 30,1999 GENERAL FIXED ASSETS Land $ 145,556 Buildings and improvements 1,307,829 Equipment 439,916 $ 1,893,301 INVESTMENT IN GENERAL FIXED ASSETS General revenues $ 1,893,301 102 1 1 1 1 1 1 1 i i i i VILLAGE OF DEERFIELD, ILLINOIS Schedule of Insurance in Force April 30,1999 Insureds Description of Coverage Amount of Coverage Village of Deerfield Workers' Compensation Statutory/ Village of Deerfield Comprehensive Automobile Liability Bodily Injury and Property $1,000,000 Village of Deerfield General Liability $1,000,000 Village of Deerfield Blanket Building and Contents $ 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. 103 VILLAGE OF DEERFIELD, ILLINOIS Long -Term Debt Requirements General Obligation Refunding Bond Series of 1993 April 30,1999 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Payable at 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 Tax $ 1,363,105 238,825 Levy Bond - - - -- — Year Numbers Principal 1998 623 -839 $1,080,000 1999 840 -1056 1,130,000 2000 1057 -1294 1,185�p 2001 - 2 43 ;24 ,000 2002 1544 -1797 1,265,000 2003 1798 -1999 1,005,000 $ 6.905.000 -Tax Le Interest Totals $ 283,105 $ 1,363,105 238,825 1,368,825 192,495 1,377,495 143,910 1,383,910 93,070 1,358,070 41.205 1,046,205 992 6 0 L1,897 104 - -- Interest Due On - -- June 15 Amount Dec 15 Amount 1999 5 141,552 1999 $ 141,553 2000 119,413 2000 119,412 2001 96,247 2001 96,248 2002 71,955 2002 71,955 2003 46,535 2003 46,535 2004 20,603 2004 20,602 L-496 .305 $ 496.305 e 1 VILLAGE OF DEERFIELD, ILLINOIS Long -Term Debt Requirements General Obligation Bond Series of 1997 April 30,1999 1 1 1 105 Date of Issue December 1, 1997 Date of Maturity December 1, 2012 Authorized Issue Denomination of Bonds $ 5,000,000 $ 5,000 Interest Rates 4.35 %, 4.38 %, 4.40 %, 4.45 %, and 4.50 % Interest Dates Payable at June 1 and December 1 American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond ----------- - - - - -- -Tax Leyy ------- - --- -- ------ - - - - -- Interest Due On------------------- Year Numbers Principal Interest Totals June 1 Amount Dec 1 Amount 1998 1 -53 $ 265,000 $ 221,968 $ 486,968 1999 $ 110,984 1999 $ 110,984 1999 54-108 2000 109 -166 275,000 290,000 210,441 485,441 198,410 488,410 2000 2001 105,221 99,205 2999 2001 105,220 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 2004 356 -423 330,000 340,000 158,432 488,432 143,748 483,748 2004 2005 79,216 71,874 2004 2005 79,216 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 2011 907 -1,000 450,000 470,000 41,175 491,175 21,150 491,150 2011 2012 20,588 10,575 2011 2012 20,587 10,575 S5 A0 000 SIM9 415 5 6.829.415 J-914 .709 $ 914.709 1 1 1 105 VILLAGE OF DEERFIELD, ILLINOIS Long -Term Debt Requirements General Obligation Bond Series of 1998 April 30,1999 Date of Issue April 15,1998 Date of Maturity October 1, 2009 Authorized Issue $ 17,000,000 Denomination of Bonds $ 5,000 Interest Rates 4.20 %, 4.25 %, 4.30 %, and 4.35% Interest Dates April 1 and October 1 Payable at American National Bank and Trust Company _______ of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond --------Tax Le ----------------- _______ Interest Due On - -- Year Numbers Principal Interest Totals Apri11 Amount Oct 1 Amount 1999 S - $ 728,250 $ 728,250 1999 $ Q6-4,M- 19_9 3 2000 1 -300 1,500,000 728,250 21228,250 2000 364- I2�200^J- 64,1 2001 301 -600 1,500,000 665,250 2,165,250 2001 - '"�_�2 21 2001 332,625 2002 601 -900 1,500,000 602,250 2,102,250 2002 301;1 -25 2002 301,125 2003 901 -1,200 1,500,000 538,500 2,038,500 2003 269,250 2003 269,250 2004 1,201 -1,500 1,500,000 474,000 1,974,000 2004 237,000 2004 237,000 2005 1,501 -1,800 1,500,000 409,500 1,909,500 2005 204,750 2005 204,750 2006 1,801 -2,200 2,000,000 345,000 2,345,000 2006 172,500 2006 172,500 2007 2,201 -2,600 2,000,000 259,000 2,259,000 2007 129,500 2007 129,500 2008 2,601 -3,000 2,000,000 173,000 2,173,000 2008 86,500 2008 86,500 2009 3,001 -3,400 2,000,000 87,000 2,087,000 2009 43,500 2009 43,500 5_1Z ,000,000 U,010 $ 22,O10A00 2 505 000 $ 2,505,000 r 106 i 11 1 1 1 1 1 1 1 [I 1 1 1 1 R .O v 3 O~ c D c Q) G O 0. O U 'C3 G R G 7 w v (n v 0 M G R v 3 G v Q) R V R w. v G Q) V1 Q) y O O U U C o G71 Cn d z Q > 0 N OE 000 `� r ON m n ON V� LO d r all p 6 (� `-i O N c� N ~ O` r-z ~ H vi cy� N ON Ln 'D O N ONO ' 00 OI 00 00 LO co 06 N H 000 v Ln 0000 0000 ON c r tft � a 01 � M � I d\I O 'R n M ON N M ~ 00 Cs rO L � � O C� Tt m 1 00 1 0 r Cori 00 0 00 00 r VNI v cq ° N � tNtl ON O C) O � m to N 0 zeti rl d �O ONO Q) dT tn ^` ~ fC O LO d N to O O\ M N M �0 0 a OJ > � �I LO O 000 0 to [� M C\ Ln Lo OO L� 00 CT ►Ww R ON d` M Ln M LO M 't N l� \0 N O\ W V w o w (z Ln ao O\ 0 ON oM 00 rn Q I N to M M N 04 O) \0 n m N � C O > to �R M o M tv Lrn a\ C) LO fi CO N r: � M ~ NLn C� CO 0000 N O 1 M M O a 01 O t ON �I N m CO \ N ~ tMA C~4 � O � A N N r- n O r O N O� \R \R OI N NM t!') l�f'f 6 r tA G (1 7 0) R R v y X 0a i y G) ar O r tvif w H V .n c ,i V w G R .O v 3 O~ c D c Q) G O 0. 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N r r- 00 R u tn R L d ++ O v 41 y. r �u v N o v m c v o `-' '- W w v v ° h o W Cf) o0 SOD C F" O ~ N N 3 y R w c7 e T u c z o > 1 1 1 F1 1 1 1 1 1 1 1 1 r 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS Property Tax Assessed Valuations, Rates, Extensions, and Collections Last Ten Fiscal Years April 30,1999 (See Following Page) O V O U M °z a •� v 1"r X ti cu Q vi >4 ON ON w ca ri U Wvi w cr) W Q v a a Q) Q) Q X v 4. 0 I G O O c� O O L, O O O �p � � fJ rn oo r N N � m � z N N N q*� N N E rr-+ can "0 Q O M 00 O N H N r� r•+ r-z i � O EH i Lr) i mO o 00 O LO r --�00 [t ' C C C C O O C C O G N LO " o o LO N N N : r-+ to O\ t`On goo io r� N N d' i n Qr G Lr� cV O N \o O 00 N Cf) � N N N 0 N O i M r1l lCl fA � i n� N v o o " V co cn �v C O 0 6 O O O O i G C7% 00 In N �o d' t17 ON N C M n N N O N 00 'p to to " O in C, 00 N � M 0, 0, 5 � 00co Z°N� 0 0 Q c r- LO ON \0O av' O O NNcoO N o 0 0 0 0 0 0 0 0 Lo O o o r-4 O O 00 00 O0 000 dN+ 00a\ ton�NLo N N ~ 000 0 cn \D N N r� O C\ d4 cn ON O 5R Go cn r+ r+ O 00 cn cn N r~ i N O O O rN� N O 0 O O cc C C O O C ' rti i 0 cn � to C en 00 N 00 d; C\ m N NO � O N d� O* N ", rN-+ G� Lo NO LOO Q\ Q 00 m ro LO \0 r-+ O cT MN r--z 4 cn CI00 00 Eft VNI tql i i ER i vl Ti O O ri O to e-! 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VILLAGE OF DEERFIELD, ILLINOIS Assessed and Estimated Actual Value of Taxable Property Last Ten Fiscal Years April 30,1999 Data Source Office of the County Clerk 110 Ratio of _------ _..------- Real Property - - - -- - - - -- Total Assessed Tax Equalized Estimated Value to Levy Assessed Actual Total Estimated Year Value Value Actual Value 1989 $ 428,039,204 $ 1,284,000,000 33.3 1990 489,019,552 1,467,000,000 33.3 1991 522,438,968 1,567,000,000 33.3 1992 547,603,297 1,643,000,000 33.3 1993 570,794,665 1,712,000,000 33.3 1994 583,049,834 1,749,000,000 33.3 1995 603,544,983 1,811,000,000 33.3 1996 624,187,752 1,891,000,000 33.3 1997 648,880,301 1,947,000,000 33.3 1998 677,651,742 2,033,000,000 33.3 Data Source Office of the County Clerk 110 1 i 1 1 i 1 1 1 1 1 1 i 1 i 1 00 00 " ON 00 to \C) 00 00 N � '14, r ' -4 e-4 ON I M O N " 00 00 CO " \D 00 N 00 � '' N t! 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O �° v �' r C 0 H 0 ° o D ca O 76 7 v H iii CL O R U tl0 H LL p y Q I^ U v v a Z R O N-. v Z * .*Y /R� C) I v VILLAGE OF DEERFIELD, ILLINOIS Schedule of Direct and Overlapping Bonded Debt April 30,1999 * - 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 A 1 1 113 (2) * Percentage of Debt (1) Applicable Gross to ** Government's Governmental Unit Bonded Debt Government Share of Debt Village of Deerfield $ 28,905,000 100.000% $ 28,905,000 ' Metropolitan Sanitary District 1,033,375,000 .096 995,172 Lake County and Forest Preserve 154,510,936 3.727 5,758,835 Cook County and Cook County Forest Preserve 1,628,630 0.094 1,534,687 Deerfield Park District 110,000 14.730 16,203 Northbrook Park District 11,139,725 3.180 354,020 Deerfield School District #109 19,800,000 70.777 14,013,748 _ Township High School #113 2,580,000 26.595 686,160 Northfield Township High School #225 7,675,000 2.578 197,849 Junior College #532 20,714,166 4.313 893,303 Glenbrook Sanitary District 290,000 2.042 5,921 Total gross debt 1,280,728,457 53,360,898 Less debt service fund amount available - Village of Deerfield 2,091,157 2,091,157 Total gross debt less available amount $ 1,278,637,300 $ 51,269,741 * - 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 A 1 1 113 VILLAGE OF DEERFIELD, ILLINOIS Schedule of Legal Debt Margin April 30,1999 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 Goverrunent 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 -1998 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 114 $ 677,651,742 $ 58,447,463 6,905,000 17,000,000 23,905,000 $ 34,542,463 f f 1 1 1 1 f 1 1 l 1 1 1 1 1 1 1 N v Q O r N �s bO rn O v 0 �b 0, '"' X r I t�ri w vwCo w a o Q) N r w QJ --' r V a v z O ER O � �j Yr w O O c� O f� N 0 r N � 0, r I t�ri N r r ER O f� d cq GD M m t, \0 r. (V r m cfi r. r r r Eft O I� r OBI r n � r-i O r EA O cn l� 'I uC Cq ui � o r 0 r" 00 r r �I N C, N CD r r o r+ O O N N co I a, r a r O a � Eft r co a a ml L6 C6 N N LO G N O O SCl. Eft G O U � Cf) C n r4i N R r \0 00 vi ^d r ON � O Elt w A u o rl o o o° cn r 0 00 p 0 R CO O M, 'r r lti v r 06 L: ER R U v R u GQ1 Q) r V V r L v ... y0 N v v v > v L C L .� 000 G v v_ E > -Ci OD d v O v v v v m v > a ac a ;o Ro w 0 H H o°o v C4 cc v w v 0 > N VILLAGE OF DEERFIELD, ILLINOIS Demographic Statistics Last Ten Fiscal Years April 30,1999 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, 1990 (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 1/4 of Lake County figures from the Bureau of Labor Statistics 116 1 1 (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 1990 17,500 $ 53,600 37.5 51.8% 3,106 1.0% 1991 17,327 55,000 37.7 48.8 3,277 1.0 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 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, 1990 (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 1/4 of Lake County figures from the Bureau of Labor Statistics 116 1 1 1 1 1 l E f 1 1 1 1 1 1 1 1 i 1 1 VILLAGE OF DEERFIELD, ILLINOIS Property Value, Construction, and Bank Deposits Last Ten Fiscal Years April 30,1999 Data Sources (1) Construction figures - Village of Deerfield, Building and Zoning Department (2) Lake and Cook County Tax Extension Offices N/ A - Not available. 117 (1) (1) Commercial - - - -- Construction - - -- Fiscal Number (2) Year of Units Value 1990 150 $ 33,113,366 1991 89 16,908,426 1992 497 10,639,343 1993 114 14,582,113 1994 103 6,525,766 1995 128 11,879,282 1996 126 10,244,658 1997 110 20,622,746 1998 7 13,614,000 1999 11 43,547,842 Data Sources (1) Construction figures - Village of Deerfield, Building and Zoning Department (2) Lake and Cook County Tax Extension Offices N/ A - Not available. 117 (1) Residential (3) ---- Construction - -- (2) Total Number Bank Property of Units Value Deposits Value 77 $ 12,085,690 $ 187,961,000 $ 1,284,000,000 21 3,836,605 230,405,569 1,467,000,000 256 8,922,854 114,301,809 1,567,000,000 49 8,575,000 339,627,000 1,643,000,000 25 4,552,000 134,200,800 1,712,000,000 161 13,543,000 126,586,600 1,749,000,000 139 4,366,274 266,731,677 1,811,000,000 28 9,710,530 255,374,171 1,873,000,000 28 7,279,300 517,655,000 1,947,000,000 31 9,348,746 N/A N/A Data Sources (1) Construction figures - Village of Deerfield, Building and Zoning Department (2) Lake and Cook County Tax Extension Offices N/ A - Not available. 117 VILLAGE OF DEERFIELD, ILLINOIS Principal Taxpayers April 30,1999 Taxpayers Type of Business VMC, Inc. Deerbrook Shopping Center Cornerstone Deerfield LLC Corporate 500 Center CarrAmerica Parkway North Stein and Company Lake Cook Office Center Estate of James Campbell Baxter International Marriott Corporation Equitable Life Insurance Draper and Kramer State Farm Insurance Data Source Office of the County Clerk Office Building Office Buildings Hotels Hyatt Campus Office Park Office Buildings Office Building 118 1997 Assessed Valuation $ 22,367,861 20,164,847 19,646,563 19,941,421 14,596,061 13,744,410 7,378,007 5,883,981 5,650,694 5,302,557 $ 132,676,402 Perceiltage of Total Assessed Valuation W&P. 3.23 3.15 2.87 2.34 2.20 1.18 0.94 0.91 0.85 21.26% VILLAGE OF DEERFIELD, ILLINOIS Miscellaneous Statistics April 30,1999 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 Municipal Services & Facilities Number of Full-Time Employees (FTE) 111 Miles of Streets 70 Miles of Alleys 4 Miles of Sewers 140 Building Inspection Number of Permits Issued in Fiscal Year 1998 1,293 Fire Protection District Number of Firefighters and Officers 31 Number of Stations 1 (Continued) 119 VILLAGE OF DEERFIELD, ILLINOIS Miscellaneous Statistics April 30,1999 Police Protection Number of Stations 1 Number of Policemen and Officers 38 Library Services Number of Branch Libraries 1 Number of Books 150,000 Recreation Facilities Number of Parks and Playgrounds 20 Park Area in Acres 288 Municipal Water Utility Population Serviced - Number of Service Connections 6,050 Average Daily Pumpage 2,971,916 gals. Miles of Water Mains 65+ Data Source Village Records 120