Village CAFR For Year Ended April 30, 1998C , MAP °RE H
ANNUAL
Ft N AAMC IAL
REPOIRlarl
for the year ended
APRIL., 30 1998
V.I�,LLAGGE OF "D
EE R F I E L D
LLLIN,O.IS
I- -
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
APRIL 30,1998
Prepared by Finance Department
George J. Valentine
Finance Director
' VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
1
Table of Contents
Year Ended April 30,1998
INTRODUCTORY SECTION
Principal Officials
Organization Chart
' Certificate of Achievement for Excellence in
Financial Reporting
Director of Finance's Letter of Transmittal
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS
GENERAL PURPOSE FINANCIAL STATEMENTS
All Fund Types and Account Groups and Discretely Presented
Component Unit
Combined Balance Sheet
All Governmental Fund Types and Discretely Presented
Component Unit
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances
General, Special Revenue, and Debt Service Fund Types
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
All Proprietary and Fiduciary (Pension Trust) Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings- Unreserved /Fund Balances
All Pension Trust Funds
Combined Statement of Changes in Plan Net Assets
All Proprietary Fund Types
Combined Statement of Cash Flows
Notes to Financial Statements
PAGE
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1998
PAGE
FINANCIAL SECTION (CONT.)
REQUIRED SUPPLEMENTARY INFORMATION
Analysis of Funding Progress
Illinois Municipal Retirement Fund
38
Police Pension Fund
39
Employer Contributions
Illinois Municipal Retirement Fund
40
Police Pension Fund
41
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
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
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1998
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 30,1998
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 - Unreserved - 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 - Unreserved - 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- Unreserved - Budget and Actual
79
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1998
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 - Unreserved - 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- Unreserved
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 - Unreserved
89
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1998
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
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1998
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 30,1998
STATISTICAL SECTION (CONT.)
Demographic Statistics - Last Ten Fiscal Years
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal years
Principal Taxpayers
Miscellaneous Statistics
PAGE
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118
119-120
VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30,1998
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Bernard Forrest, Mayor
Harriet E. Rosenthal Edwin B. Seidman
John H. Heuberger
Marvin W. Ehlers
Robert D. Franz, Clerk
ADMINISTRATIVE
Vernon E. Swanson
Michael Swartz
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance /Treasurer
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VILLAGE OF DEERFIELD ORGANIZATIONAL CHART
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BOARDS &
MAYOR & BOARD
VILLAGE ATTORNEY
COMMISSIONS
OF TRUSTEES
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ADMINISTRATIVE
VILLAGE MANAGER
ASSISTANT
3 Employees
POLICE
COMMUNITY
PUBLIC WORKS
FINANCE
DEVELOPMENT
& ENGINEERING
' 54 Employees
7 Employees
5 EmPbY�s
32 Employees
PATROL
PLANNING
WATER
BUDGETING
WORKS
INVESTIGATIONS
ZONING
SEWAGE
ACCOUNTING
TREATMENT
YOUTH
CODE
STREETS
TREASURY
MANAGEMENT
ENFORCEMENT
COMMUNICATIONS
VEHICLE
PERSONNEL
=REVIEW
MAINTENANCE
RECORDS
PERMITS
STORM
UTILITY
BILLING
DRAINAGE
RESEARCH &
APPEARANCE
FPLAN DESIGN
PURCHASING
DEVELOPMENT
REVIEW
REVIEW
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� Certificate of
Achievement
for Excellence
1 in Financial
� Reporting
Presented to
Village of Deerfield,
Illinois
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Executive Director
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For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 1997
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.
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VILLAGE OF DEERFIELD
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October 21, 1998
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To: The Mayor and Board of Trustees
and the residents of the Village of Deerfield
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The comprehensive annual financial report of the Village of Deerfield for
the fiscal year ended April 30, 1998, 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
1 purpose financial statements, the combining, individual fund, and account
group financial statements and schedules, as well as the independent
auditor's report on the financial statements and schedules. The
statistical section includes selected financial and demographic
information, generally presented on a multi -year basis.
Found within the Comprehensive Annual Financial Report are all funds and
account groups of the Village of Deerfield, as well as all of its component
' units (generally separate entities for which the Village is financially
accountable ). A full range of municipal services is provided by the
Village, including finance and general administration, police, community
development, waterworks and sewerage, and public works maintenance and
improvement. In addition to general government functions, the Police
Pension Fund and the Public Library are included in the reporting entity.
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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 49. from
1980, whereas the number of housing units in the Village grew llo 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 10.9t 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 5% occupancy tax
(increased to 6% effective 8/1/98) on rooms which generated revenue of
$1,652,933 for the year ending 4/30/98, a 13% increase over 1996 -97.
Unemployment in Lake County in August 1998 was 4.1$ compared with 5.2t
in the state of Illinois and an estimated .9% in Deerfield.
In 1995 The Village Board granted approval for the development of a
Residential Planned Unit Development at the former Sara Lee site by Optima,
Inc. Optima 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 will provide 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).
The Village sales tax revenue for 1998 was flat ($2,489,277 compared to
$2,484,458 for 1997) . This was caused by the relocation of a significant
retailer (Service Merchandise) to an adjacent community and by traffic
congestion due to the construction of an underpass. This construction
interfered traffic flow in one of the Village's major retail areas.
The Village Board has approved a preliminary plan for the construction
of a 100,000 square foot Home Depot. The developer projects $350,000 in
sales tax to the Village of Deerfield. The schedule calls for the store
to open in November 1998.
All of these factors indicate that Deerfield is and will continue to be
a financially vibrant community.
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MAJOR INITIATIVES
For the Year
In response to growing environmental awareness and concern for decreasing
landfill capacity, Deerfield initiated the weekly curbside collection of
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 V. 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 335.1-. 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.
(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 to be 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.
(2) South Commons. The Village has selected James Company to
construct a combination of townhouses, villas and condominiums. The 150
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Because of all these services, an estimated 40% of the residential refuse
was diverted from area landfills between January 1, 1997 and December 31,
1997. Approximately 89% 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.
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 to be 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.
(2) South Commons. The Village has selected James Company to
construct a combination of townhouses, villas and condominiums. The 150
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unit development will be adjacent to Deerfield Square. The Village will
provide the developer with approximately ten acres of land for $7,500,000.
The project has received Plan Commission approval and preliminary approval
by the Village Board. It is anticipated that construction will begin in
spring 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 all but approximately 5% of the
needed property and will sell 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. It is anticipated that the project will
begin in September 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.
Reverse Commuter Grant
Deerfield was awarded a two year $1.7 million CMAQ grant to provide shuttle
bus service for reverse commuters utilizing the new Lake Cook train station
as well as for the installation of sidewalks leading to the station. After
six months of operation, the service is providing average daily ridership
of 275. The original projection was 200.
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. The 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
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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, 1998, and the amount and percentage
of increases and decreases in relation to prior year revenues.
Another significant revenue source is the hotel tax, a 5t 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 1997 -98 tax receipts
of $1,652,933 which is 20.90 of total taxes received in 1997 -98, and an
' increase of 13% over 1996 -97. 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
$130,929, a 171, increase. The major area of increase was in building
permits which increased by $119,631. The level of permit revenue is likely
to be maintained for the next two fiscal years.
Interest. Interest earnings decreased approximately 4% due to a decrease
in cash balances which were somewhat lower than in previous years.
Charges for Services. These revenues have increased by $120,592 due
primarily to charges to developers for engineering fees. These fees are
charged at the beginning of a project.
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1998
1998
1998
Increase
Percent
1997 1998 Percent
(Decrease)
Increase
Revenues* Amount Amount of Total
1997
(Decrease)
Taxes 7,428,344 7,915,059 68.39
486,715
6.55
Licenses
& Permits 757,869 888,798 7.68
130,929
17.28
Intergovernmental 407,040 413,612 3.57
61572
1.61
Charges for
Services 394,055 514,647 4.45
120,592
30.60
Fines 321,884 383,218 3.31
61,334
19.05
Interest 847,983 815,915 7.05
(32,068)
(3.78)
Miscellaneous 557,930 641,576 5.55
83,646
14.99
Total 10,715,105 11,572,825 100.00
857,720
8.00
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 260 of taxes or $2,077,707.
This is a
decrease of $87,292 from the prior year, or a 4.3% decrease.
This is the
sixth consecutive year of a decrease in property tax.
Sales tax is another major category of revenue.
The Village
receives a
11, 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, 1998, sales tax receipts totalled
$2,489,277 or 32%
of the total taxes received. This is a slight
increase of
$4,819 over
the prior year.
Another significant revenue source is the hotel tax, a 5t 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 1997 -98 tax receipts
of $1,652,933 which is 20.90 of total taxes received in 1997 -98, and an
' increase of 13% over 1996 -97. 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
$130,929, a 171, increase. The major area of increase was in building
permits which increased by $119,631. The level of permit revenue is likely
to be maintained for the next two fiscal years.
Interest. Interest earnings decreased approximately 4% due to a decrease
in cash balances which were somewhat lower than in previous years.
Charges for Services. These revenues have increased by $120,592 due
primarily to charges to developers for engineering fees. These fees are
charged at the beginning of a project.
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Fines. Fines increased by $61,334. This marked an increase of emphasis
in the Village's traffic control efforts in 1997 -98.
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, 1998, and the percentage of increases and decreases in relation to
prior year amounts.
1998 1998
1998 Increase Percent
1997 1998 Percent (Decrease) Increase
Expenditures* Amount Amount of Total 1997 (Decrease)
Current
General Govt.
Public Safety
Highways /Streets
Misc.
Debt Service
Principal
Interest
Total
1,753,993
1,818,201
19.26
64,208
3.66
3,749,106
3,969,926
42.07
220,820
5.89
1,139,403
1,314,201
13.93
174,798
15.34
719,943
957,328
10.14
237,385
32.97
1,265,000
1,000,000
10.60
(265,000)
(20.95)
439,880
377,930
4.00
(61,950)
(14.08)
9,067,325
9,437,586
100.00
370,261
4.08
*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $64, 208. This is due to the filling
of vacant positions and general expenditures.
The $220,820 increase (5.9a) in expenses in the Police Department is the
result of the addition of three officers and an increase of approximately
$44,000 in extra duty details.
The increase of $174,798 or 15.3% in Highways and Streets is due to a
return to a normal level of street maintenance and repairs.
General Fund Balance. The undesignated fund balance has increased to
$4,613,535 from $4,000,000 and the Village's designated fund balance has
decreased to $2,500,000. 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 $1,000,000 for future capital expenditures for
repairs and maintenance of the infrastructure. The Village's undesignated
fund balance of $4,613,535 is the equivalent of 268 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 $210,000 due primarily to an increase in water main
maintenance. The Water Fund had an operating loss, before depreciation,
of $71,793. A 299. water rate increase was passed effective June 1, 1998.
In the Sewerage Fund, the total operating expenses increased by $165,000
due to an increase in construction of $205,000. The fund had an operating
loss before depreciation of $119,523. Cash increased by $45,000.
ix
n
tThe
Refuse Fund had a net income of $39,931. Expenses (excluding
depreciation) increased to $1,086,226 from $1,040,663, a 4.4% increase.
1
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1998. For the
year ended April 30, 1998, the funded portion is 124 %. The actuarial
assumption for investments is 8.5% and for projected salary increases is
Debt Administration. On April 30, 1998, the Village had a number of debt
issues outstanding. These issues included $22,576,280 of net general
obligation bonded debt and no revenue bonds. 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 - 1997 648,880,301
Legal Debt Limit - 8.625% 55,965,926
Amount of Debt applied to fund 24,955,000
Legal Debt Margin 31,010,926
Cash Management. Cash temporarily idle during the year was invested in
demand deposits, certificates of deposit, obligations of the U.S. Treasury,
r
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 6.03%. The
pension trust fund achieved a yield rate of 9.38% on cash and investments.
The higher rate of return on pension fund investments is attributable to
the long -term nature of most holdings in its portfolio. The Village's
investment performance ranks favorably when compared to average yield rates
of 5.16% for 90 day U. S. Treasury bills and 6. 02% for 10 year U. S. Treasury
notes. The Village earned interest revenue of $1,799,638 on all
investments except the Trust and Agency fund group and $1,572,048 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 $63,919,179. Of these,
$45,073,818 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
$18,845,361, as detailed below, is held in accounts not subject to risk
categorization. $18,099,472 is invested in The Illinois Funds, and the
remaining $745,889 is in life insurance company contracts.
Risk Management. The Village participates in the Municipal Insurance
Cooperative Agency, MICA. MICA is a public entity risk pool whose members
are Illinois municipalities. MICA manages and funds first party property
losses, third party liability claims, Workers' Compensation claims, and
Public Officials Liability claims of its member municipalities. The
Village's payments to MICA are displayed on the financial statements as
expenditures /expenses in the appropriate funds. The Village also
participates in the High -Level Excess Liability Pool, a public entity risk
pool, to provide excess liability coverage ($10,000,000 of coverage after
a $1,000,000 self- insurance retention). The Village's payments to HELP
are displayed on the financial statements as expenditures /expenses in
appropriate funds.
x
OTHER INFORMATION
Independent Audit. State statutes require an annual audit by independent
certified public accountants. The accounting firm of Crowe, Chizek and
Company LLP was selected by the Village's audit committee. The auditor's
report on the general purpose financial statements and combining and
individual fund statements and schedules is included in the financial
section of this report.
Awards. The Government Finance Officers Association of the United States
and Canada (GFOA) awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Village of Deerfield for its comprehensive
annual financial report for the fiscal year ended April 30, 1997. 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.
s ctfully submitt��
i
George J. V. nt' e
Finance Director
xi
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CROWS CHIZEK
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, 1998, 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,
1997 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, 1998,
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, 1998, 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,
' 1997 and the results of operations of the individual general, special revenue, debt service,
enterprise, internal service, police pension, and component unit - public library general funds
for the year then ended in conformity with generally accepted accounting principles.
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 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.
Oak Brook, Illinois
July 17,1998
2
C ", CQ, c C-�
Crowe, Chizek and Company LLP
IVILLAGE OF DEERFIELD, ILLINOIS
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All Fund Types and Account Groups
and Discretely Presented Component Unit
Combined Balance Sheet
April 30,1998
(with comparative totals for 1997)
(See Following Page)
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2
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30,1998
(with comparative totals for 1997)
Income (loss) before operating
transfers
51,884 (89,984)
(38,100)
Totals
Operating transfers (out)
(188,650) (2,000)
(190,650)
Internal
(Memorandum Only)
(136,766) (91,984)
Enterprise
Service
1998
1997
Operating revenues
Depreciation that reduces
Charges for services
S 4,459,682
S 1,115,848
$ 5,575,530 $
5,541,312
Miscellaneous
130,041
4,211
134,252
160,587
Total operating revenues
4,589,723
1,120,059
5,709,782
5,701,899
Operating expenses
Administration
538,628
1,035,220
1,573,848
1,410,204
Operations
4,851,125
200,037
5,051,162
4,668,378
Depreciation
329,948
-
329,948
377,407
Total operating expenses
5,719,701
1,235,257
6,954,958
6,455,989
Operating (loss)
(1,129,978)
(115,198)
(1,245,176)
(754,090)
Nonoperating revenues
Interest income
443,101
25,214
468,315
316,622
Property taxes
738,761
-
738,761
718,942
1,181,862
25,214
1,207,076
1,035,564
Income (loss) before operating
transfers
51,884 (89,984)
(38,100)
281,474
Operating transfers (out)
(188,650) (2,000)
(190,650)
(170,650)
Net income (loss)
(136,766) (91,984)
(228,750)
110,824
Other changes in retained earnings
Depreciation that reduces
capital
224,804 -
224,804
224,804
Net increase (decrease) in retained earnings - 88,038 (91,984) (3,946) 335,628
Retained earnings
May 1 6,260,578 288,769 6,549,347 6,213,719
April 30 S 6,348,616 $ 196,785 $ 6,545,401 S 6,549,347
See accompanying notes to financial statements.
6
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1
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Combined Statement of Changes in Plan Net Assets
Year Ended April 30,1998
Additions
Contributions - employer
Property taxes - current
$ 241,511
Replacement taxes
8,418
Contributions - employee
197,452
Investment income
Net appreciation in fair value
of investments
272,710
Gain on sale of investments
12,670
Interest earned on investments
1,286,668
Total additions
2,019,429
Deductions
Benefits and refunds
Pension payments
445,357
Separation refunds
29,907
Miscellaneous
5,885
Total deductions
481,149
Net increase
1,538,280
Net assets held in trust for pension
benefits
May 1- as previously reported 13,835,005
Restatement 1,080,581
Adjusted balance 14,915,586
April 30 $ 16,453,866
See accompanying notes to the financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended April 30, 1998
(with comparative totals for 1997)
Cash flows from noncapital financing activities
Operating transfers (out) (188,650) (2,000) (190,650) (170,650)
Cash flows from capital and related
financing activities
Bond proceeds 4,957,780 4,957,780
Fixed assets purchased (66,992) (66,992) (33,633)
4,890,788 4,890,788 (33,633)
Cash flows from investing activities
Purchase of investment securities
Proprietary Fund Types
Totals
(12,050,000)
(6,207,633)
Proceeds from sale and maturities
Internal
(Memorandum
Only)
Enterprise
Service
1998
1997
Cash flows from operating activities
Interest on investments
479,706
32,360
512,066
Operating (loss)
$ (1,129,978)
$ (115,198)
S (1,245,176) $
(754,090)
Adjustments to reconcile operating (loss) to net
Net increase (decrease) in cash and cash equivalents
2,307,058
64,926
2,371,984
cash provided by (used in) operating activities
Cash and cash equivalents
Depreciation
329,948
969,974
329,948
377,407
Other nonoperating revenues
738,761
-
738,761
718,942
Changes in assets and liabilities
Cash and investments
Receivables
7,680
(55)
7,625
127,520
Due from component unit
4,018
-
4,018
(6,306)
Inventories
-
-
(1,320)
Other assets
(56,581)
-
(56,581)
-
Accounts payable
168,552
24,276
192,828
64,746
Accrued payroll
5,149
165
5,314
7,483
Contracts payable
211,558
-
211,558
-
Compensated absences payable
26,830
378
27,208
21,485
Other payables
17,881
-
17,881
-
Due to component unit
1,531
1,531
-
325,349
(90,434)
234,915
555,867
Cash flows from noncapital financing activities
Operating transfers (out) (188,650) (2,000) (190,650) (170,650)
Cash flows from capital and related
financing activities
Bond proceeds 4,957,780 4,957,780
Fixed assets purchased (66,992) (66,992) (33,633)
4,890,788 4,890,788 (33,633)
Cash flows from investing activities
Purchase of investment securities
(11,450,000)
(600,000)
(12,050,000)
(6,207,633)
Proceeds from sale and maturities
of investment securities
8,249,865
725,000
8,974,865
5,325,526
Interest on investments
479,706
32,360
512,066
289,786
(2,720,429)
157,360
(2,563,069)
(592,321)
Net increase (decrease) in cash and cash equivalents
2,307,058
64,926
2,371,984
(240,737)
Cash and cash equivalents
May 1
969,974
68,679
1,038,653
1,279,390
April 30
S 3,277,032 $
133,605
$ 3,410,637 $
1,038,653
Cash and investments
Cash and cash equivalents
$ 3,277,032 $
133,605
$ 3,410,637 $
1,038,653
Investments
7,792,946
300,000
8,092,946
5,017,811
$ 11,069,978 $ 433,605 $ 11,503,583 $ 6,056,464
See accompanying notes to financial statements.
0
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1998
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)
9
i
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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 the Agency 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
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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.
r
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.
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.
(Continued)
11
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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
' April 30,1998
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and Investments:
Cash and Cash Equivalents
jFor purposes of the statement of cash flows, the Government's proprietary fund types consider
all highly liquid investments with an original maturity of three months or less when purchased
to be cash equivalents.
Investments
Investments are stated at cost or amortized cost, subject to adjustment for market declines
judged to be other than temporary (lower of cost or market), except for investments in the
pension trust fund which are reported at market 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.
tInventories: 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.
t
(Continued)
13
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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 30,1998
r
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.
' The budget may only be amended by the governing body.
Expenditures may not legally exceed budgeted appropriations at the fund level. During the
year, no supplementary appropriations were necessary.
(Continued)
15
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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 $ 17,338
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
Refuse $ 17,966
Police Pension 11,299
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 Public
Treasurer's Investment Pool. 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 30,1998
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Deposits: At year -end the carrying amount of the Government's deposits totaled $398,207 and
the bank balances totaled $318,030, and the Discretely Presented Component Unit's carrying
amount of deposits totaled $37,592 and the bank balances totaled $37,592.
--- - - - - -- 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. $ 318,030 $ 37,592
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
It agent but not in the Government's name, and
deposits which are uninsured and uncollateralized. -
1 Total Deposits 318 30 37,592
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, 1998
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Investments: (Continued)
Primary Government
------- - - - - -- Carrying Amount - - - - --
------------------ Category ------- - - - - --
Market
1 2 3
Totals
Values
U.S. Government Securities
$ 30,852,690 $ - $ -
$ 30,852,690
$ 30,798,082
GNMA
1,416,345 - -
1,416,345
1,416,345
Municipal Bonds
1,889,515 - -
1,899,515
1,899,515
Commercial paper
10,905,268 - -
10,905,268
10,846,405
$ 45,073,818 $- $-
45,073,818
44,960,347
• The Illinois Funds
• Life Insurance Contracts
and Separate Accounts
Total Investments - Primary Government
Component Unit
* The Illinois Funds
Total investments -
Discretely Presented Component Unit
* (Not subject to risk categorization)
18,099,472 18,899,472
745,889 745,889
$ 63,919,179 $ 64,605,708
$ 981,918 $ 981,918
$ 981,918 $ 981.918
The pension trust fund owns 29% percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1997 attach as an enforceable lien on January 1, 1997 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, 1998, and August 1, 1998 and are payable in two installments, on or about March 1,
1998, and September 1, 1998. The County collects such taxes and remits them periodically.
(Continued)
18
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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
$ 16,058,856 $ 8,536,569 4,615 $ 24,590,810
Discretely Presented Component Unit
Balances Balances
M93L11 Additions Retirements April 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 848,116 383,704 - 1,231,820
Equipment 435,022 - - 435,022
$ 1,428,694 $---383 ,704 $ - $ 1,812,398
Proprietary Fixed Assets: The following is a summary of proprietary fund -type fixed assets as
of the date of this report:
Enterprise
Funds
Land
Balances
Water /sewer system
Balances
Equipment and vehicles
May 1
Additions
Retirements April 30
Land
$ 7,596,346
$ 8,318,131
$ - $ 15,914,477
Buildings and improvements
4,916,773
59,887
- 4,976,660
Vehicles
901,836
45,448
- 947,284
Equipment
2,643,901
113,103
4,615 2,752,389
$ 16,058,856 $ 8,536,569 4,615 $ 24,590,810
Discretely Presented Component Unit
Balances Balances
M93L11 Additions Retirements April 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 848,116 383,704 - 1,231,820
Equipment 435,022 - - 435,022
$ 1,428,694 $---383 ,704 $ - $ 1,812,398
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
(8,912,925)
$ 6,454,671
(Continued)
19
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1998
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,
1998 1997
$ 177,005 $ 177,005
707,506 575,686
(707,506) (575,686)
$ 177,005 $ 177.005
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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.
The High -Level Excess Liability Pool (the "Agency ") was organized on April 1, 1987. The
purpose of the Agency 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 the Agency.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of debt by the Agency; adopts bylaws, rules, and regulations; and exercises such
powers and performs such duties as may be prescribed in the Agency Agreement or the by
laws.
The Government does not exercise any control over the activities of the Agency 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 the Agency. The bond proceeds were
' put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement
(Continued)
21
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
among the Agency, the Village of Elk Grove Village, and the Members provides that the
Agency 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 the Agency and its Members are unconditional.
1
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:
rates from 4.2% to 4.35 %) Service ** - 17,000,000 - 17,000,000
$ 8,955,000 $ 22,000,000 $ 1,000,000 $ 29,955,000
* 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
I
Fund Debt
Balances Balances
—
Issue
Retired By
May 1 Additions Reductions April 30
General Obligation Refunding`
Bond Series of 1993; ($9,995,000
dated May 1, 1993; maturing
December 15, 2004; payable in
annual installments; interest
Debt
rates from 3.9% to 4.10 %)
Service
$ 8,955,000 $ - $ 1,000,000 $ 7,955,000
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
Debt
rates from 4.2% to 4.35 %) Service ** - 17,000,000 - 17,000,000
$ 8,955,000 $ 22,000,000 $ 1,000,000 $ 29,955,000
* 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
I
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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
Al2ri130
Bonds
1999
$ 1,598,123
2000
2,185,877
2001
2,582,516
2002
4,094,155
2003
4,034,810
2004
3,947,770
2005
3,573,137
2006
2,457,748
2007
2,398,118
2008
2,832,598
2009
2,744,910
2010
2,661,555
2011
2,577,310
2012
491,175
2013
491,150
Total Principal
and Interest $ 38,670,952
Interest Portion $ 8,715,952
Changes in Long -Term Liabilities: During the fiscal year, the following changes occurred in
liabilities reported in the general long -term debt account group:
General Obligation Refunding Bond
Series of 1993
General Obligation Bond Series of 1998
Balances Balances
MU —1 Additions Reductions April 30
$ 8,955,000 $ - $ 1,000,000 $ 7,955,000
- 17,000,000 - 17,000,000
$ 8,955,000 $ 17,000,000 $ 1,000,000 $ 24,955,000
(Continued)
23
VILLAGE OF DEERFIELD, ILLINOIS r
Notes to Financial Statements
April 30, 1998 r
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 Quly 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 have
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
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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/ /96
Industrial Revenue
Jewish Federation
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
Receivable Fund Payable Fund
General Police Pension
Deposit
Special Revenue
Street and Bridge
Debt Service
Tax Incremental Finance District 2
Trust and Agency
Deposit Fund
Advances From/To Other Funds:
Receivable Fund
General
Emergency Services/ Disaster
Debt Service
Lake -Cook Metra Study
Grant
Payable Fund
Tax Incremental
Finance District 2
(Continued)
25
Amount
$ 29,409
13.267
42,676
17,093
24,275
14,923
98.967
Amount
L
3.932,000
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
NOTE 9 - INTERFUND ASSETS/LIABILITIES (Continued)
Due From/To Primary Government and Component Unit:
Receivable Entity
Primary government -
Debt Service Fund
Refuse Fund
IMRF Fund
Police Pension Fund
Street Fund
Total
Component unit -
Public Library General Fund
Payable Entity
Component unit -
Public Library - General Fund
Primary government -
Debt Service Fund
Refuse Fund
IMRF Fund
Police Pension Fund
Street Fund
Amount
$ 1,759
2,465
3,062
949
1,103
9 338
$ 7,231
1,530
41,253
741
736
Total 514 1
NOTE 10 - COMMITMENTS
High -Level Excess Liability Pool (HELP): The Government has committed to purchase excess
liability insurance from the High -Level Excess Liability Pool (Agency), a joint venture of Illinois
municipalities. The Government expects to pay the following minimum amounts (these
amounts represent the Government's share of the principal and interest - "fixed costs" - of the
Agency):
Fiscal
Year Ending V
AAgril 30 Amount
1999 $ 32,712
These amounts have been calculated using the Government's current allocation percentage of
3.61 %. In future years, this allocation percentage will be subject to change because the Agency's
Agreement provides that each year members will be assessed based upon a formula which
specifies the following four criteria for allocating premium costs:
Mile f
Miles o streets
Full -time equivalent employees
Number of motor vehicles
Operating revenues
The Government has passed a resolution authorizing the extension of the HELP Pool for ten ;
years beginning May 1, 1998.
(Continued)
26
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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:
(Continued)
27
Commuter
Water
Sewerage
Refuse
Parking Lot
Totals
Operating revenues
$ 2,552,177
$ 1,502,661
$ 375,813
$ 159,072 $
4,589,723
Depreciation and
amortization expense
71,400
226,278
-
32,270
329,948
Operating income (loss)
(143,193)
(345,801)
(710,413)
69,429
(1,129,978)
Operating transfers out
(23,000)
(33,000)
(12,650)
(120,000)
(188,650)
Tax revenues
-
-
738,761
-
738,761
Net income (loss)
125,448
(295,098)
39,931
(7,047)
(136;766)
Plant, property, and equipment
Additions
66,992
-
-
-
66,992
Deletions
(13,771)
-
-
-
(13,771)
Total assets
11,138,403
6,148,703
1,016,765
900,786
19,204,657
Net working capital
8,648,659
1,411,557
917,173
768,523
11,745,912
Bonds and other long -term
liabilities
Payable from operating
revenues
5,000,000
-
-
-
5,000,000
Payable from other sources
-
-
-
-
-
Total equity
5,603,137
5,790,087
917,173
890,186
13,200,583
(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1998
NOTE 12 - CONTRIBUTED CAPITAL
During the fiscal year, contributed capital increased /decreased by the following amounts:
Commuter
Water Sewerage Parking Lot Totals
Increases $ - $ - $ - $ -
Decreases - depreciation 48,861 135,319 40,624 224,804
Net (decrease) (48,861) (135,319) (40,624) (224,804)
Contributed capital
May 1 1,667,443 5,246,904 162,424 7,076,771
April 30 $ 1,618,582 $ 5,111.585 121,800 $ 6,851,967
NOTE 13 - FUND EQUITY
Tax Incremental Finance District 1 Fund - Surplus Rebate
On August 19, 1996, the Government passed Resolution No. 96 -09 titled 'Resolution Declaring a
Surplus of Tax Increment Financing Funds" in accordance with the Illinois Compiled Statutes.
The Government determined that the sum of $6,665,868 held in the Tax Incremental Finance
District 1 Fund was surplus funds and should be redistributed to the appropriate taxing
districts in Fiscal 1998.
(Continued)
28
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
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 the High -Level
Excess Liability Pool provides that each member is liable for its proportionate share of any costs
arising from defaults in payment obligations by other members.
Solid Waste Agency of Lake County (SWALCO): The Government's contract with the Solid
Waste Agency of Lake County 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 the Solid Waste Agency of Lake County (the Agency) which
consists of thirty -five municipalities. The Agency 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). The Agency
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, 1998
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
The members of the Agency and their percentage shares based on formulae contained in the
Agency Agreement as of April 30,1997 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 the Agency upon the approval of
each member.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of Bonds or Notes by the Agency; 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 the Agency upon the approval of
each member.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of Bonds or Notes by the Agency; 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
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1998
r.
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 April 30,1997:
Assets Liabilities and Fund Equity
Current assets $ 442,302 Current liabilities 242,385
Fund equity
Investment in general
Fixed assets 32,282 fixed assets 32,282
Fund balance - unreserved 199,917
232,199
Total liabilities
Total assets 474 584 and fund equity LAZ4 584
Summa ry of Revenues Expenditures, and Changes in Fund Balance for the year ended
April 30,1997:
Total revenues $ 810,943
Total expenditures 777,275
Excess of revenues over expenditures 33,668
Fund balance
May 1 166,249
April 30 $ 199.917
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 the Agency for the year ended April
30, 1998.
r.
r
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998 i
NOTE 16 - DEFERRED COMPENSATION PLAN
The Government offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all Government employees, permits
them to defer a portion of their salary until future years. Participation in the plan is optional.
The deferred compensation is not available to employees until termination, retirement, death or
unforeseeable emergency.
During fiscal year 1997, the primary government and component unit converted the deferred
compensation plan to a trust. Therefore, the plan will no longer appear as an agency fund. In
1996, the total assets were $3,655,008 and $56,809, respectively.
NOTE 17 - POSTEMPLOYMENT BENEFITS
In addition to providing 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 receive a pension from the
Government in the Illinois Municipal Retirement Fund or Police Pension Fund. The cost of
retiree health care benefits is recognized as an expenditure as insurance premiums are paid.
For the fiscal year, those costs total $6,500. 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.
(Continued)
32
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
�1 April 30,1998
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Illinois Municipal Retirement
The Government contributes to the Illinois Municipal Retirement Fund IMRF , a defined
_ P ( )
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, 1997, was $6,590,327. Of this
amount, $4,023,817 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 1 -2/3% 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% 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% 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 1997, the rate was 10.88 %.
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, 1998 was $2,199,822
out of a total payroll of $6,688,785. At April 30, 1998, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 14
Current employees
Vested ] 28
Nonvested ] 12
Total 54
(Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
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% of such salary for each additional year of service over 20 years
up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a
maximum of 75% 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% of the original pension and 3% compounded interest
annually thereafter.
Covered employees are required to contribute 9% 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.
(Continued)
34
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Summary of Significant Accounting Policies and Plan Asset Matters: (Continued)
Method Used to Value Investments: (Continued)
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.
Funding Policy and Annual Pension Cost:
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 users assess the funding status of the system
on a going- concern basis, assess progress made in accumulating sufficient assets to pay benefits
when due, and make comparisons among employers. The measure is the actuarial present
value of credited projected benefits and is independent of the funding method used to
determine contributions to the Systems.
Contribution rates
Government
Members
Annual pension cost
Contributions made
Illinois Municipal Police
Retirement Pension
(Continued)
35
10.88% 7.20%
4.50% 9.00%
$ 439,978 $ 136,133
439,978 245,757
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1998
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Summary of Significant Accounting Policies and Plan Asset Matters: (Continued)
Funding Policy and Annual Pension Cost: (Continued)
Illinois Municipal
Retirement
Actuarial valuation date
12/31/97
Actuarial method
Entry age
Amortization method
Level percentage
Annual pension cost
of pay, closed
Remaining amortization period
35 years
Asset valuation method
5 -year smoothed
Net pension asset - beginning of period
market
Actuarial assumptions
Investment rate of return*
7.5%
Projected salary increase*
0.4% to 11.6%
*Includes inflation of
4.25%
Police
Pension
5/1/97
Entry age
Level percentage
of pay, closed
36 years
Market
8.5%
6.0%
3.5%
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
$ 150,903
Interest on net pension asset
(29,717)
Adjustment to annual required contribution
14,947
Annual pension cost
136,133
Contributions made
245,757
Increase in net pension asset
(109,624)
Net pension asset - beginning of period
(349,610
Net pension asset - end of period 459 224)
Trend Information: Trend information gives an indication of the progress made in
accumulating of sufficient assets to pay benefits when due.
Year
Annual pension cost (APC) 1996
1997
1998
(Continued)
36
Illinois
Municipal Police
Retirement Pension
$ 406,597 N/A
415,341 N/A
439,978 $ 136,133
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1998
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Summary of Significant Accounting Policies and Plan Asset Matters: (Continued)
Trend Information: (Continued)
N/A — Information not available.
NOTE 19 - RESTATEMENT OF FUND BALANCE
Net assets held in trust for pension benefits were restated for the Police Pension Fund (increase
of $1,320,581) to implement GASB Statements 25 and 27.
37
Illinois
Municipal
Police
Year
Retirement
Pension
Percentage of APC contributed 1996
100.00%
N/A
1997
100.00%
N/A
1998
100.00%
180.52%
Net pension obligation 1996
-
N/A
1997
-
N/A
1998
-
-
N/A — Information not available.
NOTE 19 - RESTATEMENT OF FUND BALANCE
Net assets held in trust for pension benefits were restated for the Police Pension Fund (increase
of $1,320,581) to implement GASB Statements 25 and 27.
37
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VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1998
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 35 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.
W.,
(6)
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
Payroll
(4)+(5
1992 $
4,372,368
$ 6,555,275
66.70%
$ 2,182,907
$ 3,115,096
70.08%
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
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 35 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.
W.,
VILLAGE OF DEERFIELD, ILLINOIS I
Police Pension Fund t
Required Supplementary Information
Analysis of Funding Progress t
April 30, 1998
1997 $ 15,155,586 $12,200,363 124.22% $ (2,955,223) $ 2,199,822 (134.34)%
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.
39
(6)
Unfunded/
Overfunded
Actuarial
(4)
Accrued
(2)
Unfunded/
Liability
(1)
Actuarial
Overfunded
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value
Liability
Funded
Accrued
Annual
of Covered
Date
of Plan
(AAL)
Ratio
Liability
Covered
Payroll
May 1
Assets
- Entry Age
(l)-.-(2)
(2 - 1
Payroll
(4)+(5
1992
N/A
N/A
N/A
N/A
N/A
N/A
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)%
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.
39
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Employer Contributions
April 30, 1998
Year Ended
Employer
Required
Percent
December 31
Contributions
Contribution
Contributed
1992
$ 399,044
$ 399,044
100.00%
1993
385,909
385,909
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
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
35 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.
40
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Required Supplementary Information
Employer Contributions
April 30,1998
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.
41
Annual
Year Ended
Employer
Required
Percent
April 30
Contributions
Contribution
Contributed
1993
N/A
N/A
N/A
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%
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.
41
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GENERAL FUND
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.
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Balance Sheet
April 30, 1998 and 1997
1998 1997
ASSETS
Cash and investments
$ 7,815,230
$ 8,169,588
Receivables
77,762
52,964
Property taxes
230,933
-
Accrued interest
49,861
189,634
Other
209,349
173,943
Due from other governments
1,234,514
880,084
Sales tax
398,400
394,757
State income tax
144,850
129,523
Due from other funds
42,676
11,761
Inventory
4,659
13,817
Advances to other funds
3,932,000
2,320,000
Total assets
$ 12,827,958
$ 11,403,023
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 81,217
$ 63,147
Accrued payroll
77,762
52,964
Compensated absences payable
807,411
761,675
Other payables
7,782
2,298
Deferred revenue
260,342
-
Total liabilities
1,234,514
880,084
Fund balance
Reserved for due from other governments
543,250
524,280
Reserved for inventory
4,659
13,817
Reserved for advances to other funds
3,932,000
2,320,000
Unreserved
Designated - future improvements
2,500,000
3,664,842
Undesignated
4,613,535
4,000,000
Total fund balance
11,593,444
10,522,939
Total liabilities and fund balance
$ 12,827,958
$ 11,403,023
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 30,1998 and Actual Only for 1997
Excess (deficiency) of revenues
over expenditures and other
financing uses $ 114,613 1,070,505 (440,755)
Fund balance
May 1 10,522,939 10,963,694
April 30 $ 11,593,444 $ 10,522,939
See accompanying notes to financial statements.
43
1998
1997
Budget
Actual
Awl
Revenues
Taxes
$ 5,207,000
$ 5,762,783
$ 5,185,977
Licenses and permits
290,500
547,207
421,058
Charges for services
251,000
356,520
255,639
Fines and forfeits
310,000
383,218
321,884
Interest
300,000
531,328
591,597
Miscellaneous
336,100
425,718
338,319
Total revenues
6,694,600
8,006,774
7,114,474
Expenditures
General government
2,027,005
1,818,201
1,753,993
Public safety
4,061,982
3,858,954
3,652,101
Pension cost
-
241,511
-
Total expenditures
6,088,987
5,918,666
5,406,094
Excess of revenues over expenditures
605,613
2,088,108
1,708,380
Other financing (uses)
Operating transfers (out)
Debt Service Fund
(250,000)
(275,000)
(400,000)
Infrastructure Fund
-
(427,000)
(1,551,000)
Tax Incremental Finance
District 2 Fund
-
(74,603)
(13,135)
Vehicle Replacement Fund
(241,000)
(241,000)
(185,000)
(491,000)
(1,017,603)
(2,149,135)
Excess (deficiency) of revenues
over expenditures and other
financing uses $ 114,613 1,070,505 (440,755)
Fund balance
May 1 10,522,939 10,963,694
April 30 $ 11,593,444 $ 10,522,939
See accompanying notes to financial statements.
43
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended April 30,1998
Licenses and permits
Beer/ liquor licenses
Budget
Actual
Taxes
5,000
4,769
Property taxes - police pension
$ -
$ 241,511
Sales tax
2,550,000
2,489,277
Local use tax
182,000
152,049
Income tax
1,075,000
1,195,517
Hotel/ motel tax
1,400,000
1,652,933
Photo finishing tax
-
31,496
Federal grant
5,207,000
5,762,783
Licenses and permits
Beer/ liquor licenses
561000
55,275
Food licenses
5,000
4,769
Other business licenses
32,500
39,343
Building permits
150,000
390,074
Non - business licenses and permits
47,000
57,746
Fines and forfeits
290,500
547,207
Charges for services
Special police services
71,000
63,767
Transfer charges
60,000
60,000
Dispatching Services
114,000
114,478
Engineering charges
6,000
118,275
251,000
356,520
Fines and forfeits
310,000
383,218
Interest
300,000
531,328
Miscellaneous
Federal grant
-
45,000
False alarms
25,000
33,745
Sale of materials
-
2,733
Rentals
43,600
7,380
Miscellaneous
27,500
60,976
Telecommunication fees
14,000
15,568
Franchise fees
226,000
260,316
336,100
425,718
Total revenues
$ 6,694,600
$ 8,006,774
44
tVILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Budget Actual
General government
Administration Department
Salaries $ 967,400 $ 988,328
Overtime 10,760 12,177
'
Part -time
145,270
115,332
Employee benefits
152,800
108,112
Professional services
203,800
196,535
'
Travel, training, and dues
44,200
31,474
Printing and advertising
28,500
33,516
Communications
29,275
25,828
Insurance
51,000
38,648
Contractual services
127,700
100,347
Utility services 4,000 1,850
Motor vehicle maintenance 4,400 2,460
Repairs and maintenance 82,600 9,334
Rental property repairs 3,000 -
Miscellaneous 71,250 41,471
Supplies 33,100 30,278
Materials 1,000 -
Petroleum products 2,650 1,805
Housing assistance 37,000 31,600
' Apparel 500 399
Small tools and equipment 1,000 780
Equipment 25,800 27,688
Streetscape - 20,239
Total general government 2,027,005 1,818,201
Public safety
Police Department
Administrative service
'
Salaries
697,020
684,782
Overtime
8,850
14,087
Part -time
Employee benefits
18,020
109,620
24,916
77,042
'
(Continued)
45
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Investigations
Salaries
Budget
Actual
Public safety (Continued)
9500
6,129
Police Department (Continued)
23560
20,766
Administrative service (Continued)
2,500
1,492
Professional services
$ 4,900
$ 2,403
Travel, training, and dues
9,310
6,682
Printing and advertising
8,000
7,850
Communications
29,700
26,073
Insurance
130,000
109,380
Contractual services
67,500
49,766
Motor vehicle maintenance
1,800
313
Repairs and maintenance
24,000
29,095
Supplies
40,500
45,379
Petroleum products
1,000
186
Apparel
7,600
7,600
Equipment
11,000
10,457
Miscellaneous
7,100
5,045
1,175,920
1,101,056
Investigations
Salaries
189,980
195,023
Overtime
9500
6,129
Employee benefits
23560
20,766
Travel, training, and dues
2,500
1,492
Motor vehicle maintenance
1,700
951
Petroleum products
1,500
1,202
Apparel
2,100
2,100
Equipment
1,700
1,986
232,540
229,649
Patrol
Salaries 1,783,700 1,721,411
Overtime 56,832 47,842
Part -time 42,290 38,395
Employee benefits 245590 209,829
Travel, training, and dues 21,300 21,190
(Continued)
46
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1998
Special services
Overtime 631250 56,710
Youth services
Salaries
Budget
Actual
Public safety (Continued)
71250
6,338
Police Department (Continued)
1,600
1,550
Patrol (Continued)
39,510
27,598
Motor vehicle maintenance
$ 28,000
$ 29,003
Petroleum products
30,000
29,678
Apparel
32,700
31,194
Equipment
8,000
7,992
Equipment
2,248,412
2,136,534
Special services
Overtime 631250 56,710
Youth services
Salaries
281,650
293,441
Overtime
71250
6,338
Part -time
1,600
1,550
Employee benefits
39,510
27,598
Travel, training, and dues
3,250
2,119
Motor vehicle maintenance
2,500
910
Petroleum products
2,000
843
Apparel
2,100
2,100
Equipment
2,000
106
341,860
335,005
Total public safety
4,061,982
3,858,954
Pension cost
Police - 241,511
Total expenditures $ 6,088,987 $ 5,918,666
47
1
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ISPECIAL REVENUE FUNDS
tEmergency 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.
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 i
li ois Munic pal Retirement Fund
' To 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
tto be used for the following purposes: (1) street construction or reconstruction to improve
traffic capacity; (2) installation of traffic signs, signals, and controls; (3) sidewalk repair and
replacement; and (4) the public benefit share of new street improvements when certain criteria
' are met in connection with a special assessment project.
' Enhanced 911 Fund
To account for the 911 calling telephone system activity.
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VILLAGE OF DEERFIELD, ILLINOIS
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
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
1997
Actual
250
-
-
1,800
1,231
1,225
600
42
102
1,400
1,290
2,658
600
738
693
500
994
565
500
-
-
5,650
4,295
5,243
$ (5,650)
(4,295)
(5,243)
(13,043) (7,800)
$ (17,338) $ (13,043)
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Statement of Revenues, Expenditures,
' and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
'
1998
1997
Bum
Actual
Actual
Revenues
Taxes
Property taxes
$ 330,000 $
332,078
$ 348,464
Licenses and permits
Vehicle licenses
350,000
341,591
336,811
'
Charges for services
State highway maintenance
29,000
36,864
21,436
50/50 Tree Planting
5,000
1,856
1,495
' Train station maintenance
1,500
1,500
1,500
Interest
30,000
44,047
35,486
Miscellaneous
Other
3,000
8,926
3,729
'
Total revenues
748,500
766,862
748,921
Expenditures
Highways and streets
'
Administration
187,910
166,649
175,992
Cleaning
46,430
42,809
42,134
Traffic marking
67,470
65,322
63,088
Pavement patching
124,230
127,438
129,172
Tarring cracks
46,850
46,187
39,677
Drainage structures
35,910
31,398
32,805
Street lights and traffic signals
135,060
99,720
100,535
Miscellaneous maintenance
68,920
70,615
62,082
Snow and ice control
186,710
193,716
233,810
Tree removal
75,500
74,831
77,953
Tree planting
16,740
10,021
14,280
Railroad station maintenance
27,990
16,857 •
17,573
Weed control
18,010
15,766
13,167
Total expenditures
1,037,730
961,329
1,002,268
Excess (deficiency) of revenues over expenditures
(289,230)
(194,467)
253,347)
Other financing sources (uses)
Operating transfers in (out)
Motor Fuel Tax Fund
235,000
235,000
230,000
Commuter Parking Lot Fund
120,000
120,000
100,000
Vehicle Replacement Fund
(65,000)
(65,000)
(70,000)
290,000
290,000
260,000
Excess of revenues and other financing
sources over expenditures and other financing uses
$ 770
95,533
6,653
Fund balance
May 1
421,178
414,525
April 30
$®
$®
See accompanying notes to financial statements.
51
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Cleaning
Salaries
Budget
Actual
Highways and streets
1,000
.283
Public works
4,160
3,381
Administration
1,000
-
Salaries
$ 55,800
$ 64,244
Overtime
7,390
7,139
Part -time
5,730
5,430
Employee benefits
11,520
8,192
Apparel
2,670
2,606
Repairs and maintenance
8,000
7,684
Travel, training, and dues
1,800
1,672
Printing and advertising
2,900
4,611
Communications
4,600
2,141
Miscellaneous
7,000
5,968
Motor vehicle maintenance
2,600
3,360
Insurance
65,000
38,557
Contractual
4,100
3,865
Supplies
7,500
9,924
Petroleum products
1,300
1,256
187,910
166,649
Cleaning
Salaries
28,070
26,458
Overtime
1,000
.283
Employee benefits
4,160
3,381
Equipment rental
1,000
-
Repairs and maintenance
5,000
565
Motor vehicle maintenance
2,500
10,225
Contractual
1,500
64
Supplies
1,500
1,344
Petroleum products
1,200
434
Small tools and equipment
500
55
46,430
42,809
Traffic marking
Salaries 31,500 34,512
Overtime 400 64
(Continued)
52
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Pavement patching
Salaries
Budget
Actual
Highways and streets (Continued)
200
108
Public works (Continued)
9,430
8,409
Traffic marking (Continued)
3,000
1,729
Part -time
$ 31410
$ 2,636
Employee benefits
4,960
4,979
Repairs and maintenance
400
40
Motor vehicle maintenance
700
155
Contractual
17,000
16,900
Petroleum products
100
42
Materials
5,000
4,456
Street signs
4,000
1,538
67,470
65,322
Pavement patching
Salaries
63,100
66,563
Overtime
200
108
Employee benefits
9,430
8,409
Repairs and maintenance
3,000
1,729
Motor vehicle maintenance
5,800
8,841
Petroleum products
1,200
993
Aggregates
40,000
40,208
Materials
1,500
587
Aggregates
124,230
127,438
Tarring cracks
Salaries
29,780
32,120
Overtime
100
353
Part -time
4,040
3,198
Employee benefits
4,380
4,403
Repairs and maintenance
1,800
1,581
Motor vehicle maintenance
700
119
Petroleum products
450
306
Aggregates
600
30
Materials
5,000
4,077
46,850
46,187
(Continued)
53
VILLAGE OF DEERFIELD, ILLINOIS I
Street and Bridge Fund
25,170
27,488
'
Schedule of Expenditures - Budget and Actual
1,100
Employee benefits
Year Ended April 30,1998
3,663
Equipment rental
1,000
-
Buffet
Actual
181
Highways and streets (Continued)
27,000
31,623
Motor vehicle maintenance
Public works (Continued)
3,736
Contractual
'
Drainage structures
Petroleum products
1,000
526
Salaries
$ 23,350
$ 23,574
Materials
Overtime
1,400
234
135,060
Employee benefits
3,960
2,871
Repairs and maintenance
Motor vehicle maintenance
800
2,000
-
2,203
,
Petroleum products
200
17
Employee benefits
Aggregates
2,000
1,753
600
Materials
2,200
746
'
Miscellaneous
35,910
31,398
Motor vehicle maintenance
Street lights and traffic signals
Salaries
25,170
27,488
Overtime
2,000
1,100
Employee benefits
3,390
3,663
Equipment rental
1,000
-
Repairs and maintenance
2,000
181
Utility services
27,000
31,623
Motor vehicle maintenance
2,000
3,736
Contractual
66,000
25,787
Petroleum products
1,000
526
Aggregates
300
64
Materials
5,200
5,552
135,060
99,720
Miscellaneous maintenance
Salaries
9,000
10,209
Overtime
10,500
8,715
Employee benefits
3,170
1,263
Equipment rental
600
-
Repairs and maintenance
4,200
4,020
Miscellaneous
1,500
1,313
Motor vehicle maintenance
1,800
6,191
Contractual
3,700
4,272
(Continued)
54
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Budget Actual
Highways and streets (Continued)
Public works (Continued)
Miscellaneous maintenance (Continued)
Petroleum products $ 500 $ 932
Aggregates 2,000 1,421
Materials 31,550 32,196
Small tools and equipment 400 83
68,920 70,615
Snow and ice control
Salaries
33,420
33,897
Overtime
30,000
26,556
Employee benefits
4,990
3,756
Equipment rental
1,000
-
Repairs and maintenance
26,000
16,619
Motor vehicle maintenance
13,000
28,623
Contractual
8,000
-
Supplies
2,800
1,339
Petroleum products
4,000
2,209
Salt
55,000
74,225
Aggregates
6,000
5,810
Materials
2,500
682
186,710
193,716
Tree removal
Salaries
13,920
14,813
Overtime
700
644
Part -time
6,000
4,027
Employee benefits
2,380
2,422
Repairs and maintenance
1,000
2,350
Motor vehicle maintenance
500
-
Contractual
46,500
47,549
Petroleum products
200
176
Materials
300
-
Equipment
4,000
2,850
75,500
74,831
(Continued)
55
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
Railroad station maintenance
Salaries
Budget
Actual
Highways and streets (Continued)
100
58
Public works (Continued)
5,590
2,099
Tree planting
2,070
429
Salaries
$ 7,930
$ 6,531
Overtime
200
-
Employee benefits
1,410
785
Repairs and maintenance
300
-
Motor vehicle maintenance
400
-
Contractual
6,000
2,677
Petroleum products
100
28
Materials
400
-
16,740
10,021
Railroad station maintenance
Salaries
3,430
2,948
Overtime
100
58
Part -time
5,590
2,099
Employee benefits
2,070
429
Repairs and maintenance
3,000
533
Contractual
6,000
10,178
Supplies
800
320
Materials
7,000
292
27,990
16,857
Weed control
Salaries
6,210
4,593
Part -time
3,410
852
Employee benefits
1,290
881
Repairs and maintenance
5,000
5,715
Motor vehicle maintenance
1,000
2,964
Petroleum products
400
281
Materials
200
-
Equipment
500
480
18,010
15,766
Total expenditures
$ 1,037,730
$ 961,329
56
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
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
1998 1997
Budget Actual Actual
$ 910,000 $ 915,730 $ 888,830
9,000 10,714 9,720
30,000 47,354 34,480
949,000 973,798 933,030
500,000
407,478
425,846
347,500
308,339
294,097
847,500
715,817
719,943
$ 101,500
257,981
213,087
453,167 240,080
$ 711,148 $ 453,167
See accompanying notes to financial statements.
57
VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
Revenues
Intergovernmental
Allotments earned
Interest
Total revenues
Expenditures
Highways and streets
Street resurfacing and renovation
program
Bridge rehabilitation
Traffic signals
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing (uses)
Operating transfers (out)
Street and Bridge Fund
Excess (deficiency) of revenues
over expenditures and other
financing uses
Fund balance
May 1
April 30
11.
1997
Actual
$ 402,000 $ 413,612 $ 407,040
432,000 455,829 447,118
127,000
181,502
125,247
-
-
1,583
464,250
171,370
10,305
591,250
352,872
137,135
(159,250)
102,957
309,983
(235,000) (235,000) (230,000)
$ (394,250) (132,043) 79,983
821,896 741,913
$ 689,853 $ 821,896
See accompanying notes to financial statements.
58
VILLAGE OF DEERFIELD, ILLINOIS
Enhanced 911 Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
Revenues
Charges for services
Other charges
Interest
Total revenues
Expenditures
Public safety
Repairs and Maintenance
Travel, training, and dues
Contractual
Equipment
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
1998 1997
Budget Actual Actual
$ 125,000 $ 117,907 $ 113,985
4,000 5,668 4,024
129,000 123,575 118,009
4,000
500
-
2,000
1,000
-
97,760
87,613
54,010
18,000
17,564
37,752
121,760
106,677
91,762
$ 7,240
16,898
26,247
$ 135,378 $ 118,480
See accompanying notes to financial statements.
59
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DEBT SERVICE FUND
Debt Service Fund
To account for the accumulation of resources for the payment of General Long -Term Debt.
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30,1998 and 1997
1998 1997
ASSETS
Cash and investments $ 2,450,611 $ 2,263,590
Receivables
Property taxes 808,200 715,493
Accrued interest 16,022 32,687
Due from Tax Incremental Finance District #1 Fund 24,275 -
Due from component unit 1,759 24,048
Total assets $ 3,300,867 $ 3,035,818
LIABILITIES AND FUND BALANCE
Liabilities
Accrued interest $ 33,282 $ -
Due to component unit 7,231 -
Deferred property taxes 881,634 800,155
Total liabilities 922,147 800,155
Fund balance
Reserved for debt service 2,378,720 2,235,663
Total liabilities and fund balance $ 3,300,867 $ 3,035,818
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, 1998 and Actual Only for 1997
1998
Actual
$ 819,185
74,569
145,301
206,932
1,245,987
1,000,000
376,155
1,775
1,377,930
(131,943)
1997
Actual
$ 927,705
67,648
142,318
215,882
1,353,553
1,265,000
435,365
4,515
1,704,880
(351,327)
275,000 400,000
143,057
2,235,663
$ 2,378,720
See accompanying notes to financial statements.
61
48,673
2,186,990
$ 2,235,663
Budget
Revenues
Taxes
Property taxes
$ 705,155
Replacement taxes
65,000
Interest
100,000
Miscellaneous
Tax incremental finance district
surplus property tax rebate
210,000
Total revenues
1,080,155
Expenditures
Debt service
Principal retirement
1,000,000
Interest
376,155
Fiscal charges
2,000
Total expenditures
1,378,155
Excess (deficiency) of revenues
over expenditures
(298,000)
Other financing sources
Operating transfers in
General Fund
_
Excess (deficiency) of revenues and
other financing sources over
expenditures
$ (298,000)
Fund balance
May 1
April 30
Actual
$ 819,185
74,569
145,301
206,932
1,245,987
1,000,000
376,155
1,775
1,377,930
(131,943)
1997
Actual
$ 927,705
67,648
142,318
215,882
1,353,553
1,265,000
435,365
4,515
1,704,880
(351,327)
275,000 400,000
143,057
2,235,663
$ 2,378,720
See accompanying notes to financial statements.
61
48,673
2,186,990
$ 2,235,663
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Schedule of Revenues and Other Financing Sources
and Expenditures - Budget and Actual
Year Ended April 30,1998
Revenues and other financing sources
General Obligation Refunding Bond Series of 1993
Property taxes
Replacement taxes
Interest
Miscellaneous
Tax incremental finance district
surplus property tax rebate
Operating transfer in
General Fund
Total revenues and other financing sources
Expenditures
General Obligation Refunding Bond Series of 1993
Principal
Interest
Fiscal charges
Total expenditures
62
Budget Actual
$ 705,155 $ 819,185
65,000 74,569
100,000 145,301
210,000 206,932
- 275,000
$ 1,080,155 $ 1,520,987
$ 1,000,000
$ 11000,000
376,155
376,155
2,000
1,775
$ 1,378,155
$ 1,377,930
i
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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 Reylacement Fund
Established in 1989 for the purpose of maintaining, repairing, and renovating the capital assets
of the Village.
Project 29 Fund
Established in 1991 to account for the funds held in escrow as required by the Local
Cooperation Agreement between the Department of the Army and the Village for the
construction of the Flood Water Retention Reservoir No. 29A on the West Fork of the North
Branch of the Chicago River.
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ENTERPRISE FUNDS
To account for all activity necessary to provide water to the residents of the Village of Deerfield
including administration, operation, maintenance, financing, and related Debt Service.
Sewerage Fund
To account for the provision of sewer service to the residents of the Village of Deerfield. All
activity necessary to provide such services is accounted for in this fund including, but not
limited to, administration, construction, maintenance, and operations of the Sewerage
Treatment Plant.
Refuse Fund
To account for all revenues and expenses necessary to provide the residents of the Village of
Deerfield with refuse service.
Commuter Parking Lot Fund
To account for all activity necessary to construct, operate, and maintain the commuter parking
facilities within the Village.
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Balance Sheet
April 30, 1998
(with comparative totals for 1997)
Fixed assets (net of accumu-
lated depreciation)
1,954,478
4,378,530
-
Commuter
6,454,671
6,717,627
Total assets
$11,138,403
$ 6,148,703
$1,016,765
Parking
Totals
$13,909,922
LIABILITIES AND
Water
Sewerage
Refuse
Lot
1998
1997
ASSETS
Current assets
Cash and investments
$ 8,540,880
$1,465,299
$ 289,805
$ 773,994
$ 11,069,978 $
5,562,785
Receivables
4,990
10,105
-
-
15,095
9,946
Property taxes
-
-
658,047
-
658,047
648,290
Accounts
424,883
285,890
62,777
-
773,550
773,073
Accrued interest
54,051
8,524
1,136
5,129
68,840
105,445
Other
10,267
8,656
2,535
-
21,458
39,372
Due from component unit
-
-
2,465
-
2,465
6,483
Other assets
56,581
-
-
-
56,581
-
Deferred bond issuance costs
42,220
-
-
-
42,220
-
Inventories
55,043
1,804
-
-
56,847
56,847
payable
9,183,925
1,770,173
1,016,765
779,123
12,749,986
7,192,295
Fixed assets (net of accumu-
lated depreciation)
1,954,478
4,378,530
-
121,663
6,454,671
6,717,627
Total assets
$11,138,403
$ 6,148,703
$1,016,765
$ 900,786
$ 19,204,657
$13,909,922
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
$ 338,077
$ 68,402
$ 98,061
$ 10,600
$ 515,140
$ 346,588
Accrued payroll
4,990
10,105
-
-
15,095
9,946
Compensated absences
payable
73,344
169,525
-
-
242,869
216,039
Contracts payable
100,974
110,584
211,558
-
Other payables
17,881
-
-
-
17,881
-
Due to component unit
-
-
1,531
-
1,531
-
Total liabilities
535,266
358,616
99,592
10,600
1,004,074
572,573
Long -term liabilities
General obligation bond
payable
5,000,000
-
-
-
5,000,000
-
Total liabilities
5,535,266
358,616
99,592
10,600
6,004,074
572,573
Fund equity
Contributed capital
1,618,582
5,111,585
-
121,800
6,851,967
7,076,771
Retained earnings
Unreserved
3,984,555
678,502
917,173
768,386
6,348,616
6,260,578
Total fund equity
5,603,137
5,790,087
917,173
890,186
13,200,583
13,337,349
Total liabilities and
fund equity
$11,138,403
$ 6,148,703
$1,016,765
$ 900,786
$ 19,204,657
$13,909,922
See accompanying notes to financial statements.
65
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30, 1998
(with comparative totals for 1997)
Income (loss) before
operating transfers
148,448
(262,098)
52,581
Commuter
51,884
238,041
Operating transfers (out)
(23,000)
(33,000)
(12,650)
Parking
Totals
(168,650)
Net income (loss)
Water
Sewerage
Refuse
Lot
1998
1997
Operating revenues
Charges for services
Water sales
S 2,515,132
$ -
$
S
S 2,515,132 S
2,527,341
Sewer charges
-
1,403,174
40,624
1,403,174
1,334,177
Refuse billings
-
331,652
331,652
326,377
Parking lot fees
-
-
159,072
159,072
168,391
Surcharges
-
50,652
-
-
50,652
50,406
Miscellaneous
37,045
48,835
44,161
-
130,041
160,587
Total operating revenues
2,552,177
1,502,661
375,813
159,072
4,589,723
4,567,279
Operating expenses excluding
3,810,246
838,281
877,242
734,809
6,260,578
5,966,383
depreciation
Administration
204,879
225,433
108,316
-
538,628
504,133
Operations
2,419,091
1,396,751
977,910
57,373
4,851,125
4,456,196
Total operating expenses
excluding depreciation
2,623,970
1,622,184
1,086,226
57,373
5,389,753
4,960,329
Operating income (loss)
before depreciation
(71,793)
(119,523)
(710,413)
101,699
(800,030)
(393,050)
Depreciation
71,400
226,278
-
32,270
329,948
377,407
Operating income (loss)
(143,193)
(345,801)
(710,413)
69,429
(1,129,978)
(770,457)
Nonoperating revenues
Interest income
291,641
83,703
24,233
43,524
443,101
289,556
Property taxes
-
-
738,761
-
738,761
718,942
291,641
83,703
762,994
43,524
1,181,862
1,008,498
Income (loss) before
operating transfers
148,448
(262,098)
52,581
112,953
51,884
238,041
Operating transfers (out)
(23,000)
(33,000)
(12,650)
(120,000)
(188,650)
(168,650)
Net income (loss)
125,448
(295,098)
39,931
(7,047)
(136,766)
69,391
Other changes in retained
earnings - unreserved
Depreciation that reduces
contributed capital
48,861
135,319
40,624
224,804
224,804
Net increase (decrease) in
retained earnings -
unreserved
174,309
(159,779)
39,931
33,577
88,038
294,195
Retained earnings -
unreserved
May 1
3,810,246
838,281
877,242
734,809
6,260,578
5,966,383
April 30 $ 3,984,555 S 678,502 S 917,173 5 768,386 $ 6,348,616 S 6,260,578
See accompanying notes to financial statements.
..
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30, 1998
(with comparative totals for 1997)
Cash flows from noncapital
Commuter
financing activities
Parking
Totals
Operating transfers (out) (
Water
Sewerage
Refuse
Lot
1998
1997
Cash flows from operating
Cash flows from capital and
activities
Operating income (loss)
$ (143,193)
S (345,801)
S (710,413)
$ 69,429
$ (1,129,978) $
(770,457)
Adjustments to reconcile operating
Bond proceeds 4
4,957,780 -
- -
- -
- 4
income (loss) to net cash provided
-
Fixed assets purchased
(66,992) (
by (used in) operating activities
(33,633)
Depreciation
71,400
226,278
-
32,270
329,948
377,407
Other nonoperating revenues
O
-
738,761
-
738,761
718,942
Changes in assets and liabilities
Receivables
9,757
6,522
(8,599)
-
7,680
127,410
Due from component unit
-
-
4,018
-
4,018
(6,306)
Inventories
-
-
-
-
(1,320)
Other assets
(56,581)
(56,581)
-
Accounts payable
197,344
(48,369)
17,721
1,856
168,552
68,982
Accrued payroll
1,213
3,936
-
-
5,149
6,055
Contracts payable
100,974
110,584
211,558
-
Compensated absences payable
4,954
21,876
-
-
26,830
18,712
Other payables
17,881
17,881
-
-
1,531
-
1,531
-
Due to component unit
203,749
(24,974)
43,019
103,555
325,349
539,425
Cash flows from noncapital
financing activities
Operating transfers (out) (
(23,000) (
(33,000) (
(12,650) (
(120,000) (
(188,650) .
. (168,650)
Cash flows from capital and
related financing activities
Bond proceeds 4
4,957,780 -
- -
- -
- 4
4,957,780 -
-
Fixed assets purchased
(66,992) (
(66,992) (
(33,633)
Net increase (decrease) in cash and
2,173,516 145,251 55,007 (66,716) 2,307,058 (203,978)
cash equivalents
Cash and cash equivalents
373,760 320,643 84,861 190,710 969,974 1,173,952
May 1
April 30 S 2,547,276 $ 465,894 $ 139,868 $ 123,994 $ 3,277,032 $ 969,974
Cash and investments
Cash and cash equivalents 5 2,547,276 $ 465,894 S 139,868 $ 123,994 $ 3,277,032 $ 969,974
Investments 5,993,604 999,405 149,937 650,000 7,792,946 4,592,811
$ 8,540,880 $ 1,465,299 $ 289,805 $ 773,994 $ 11,069,978 $ 5,562,785
See accompanying notes to financial statements.
67
See accompanying notes to financial statements.
67
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Balance Sheet
April 30,1998 and 1997
ASSETS
Current assets
Cash and investments
Receivables
Accounts - billed
Accounts - unbilled
Accrued interest
Other
Other assets
Deferred bond issuance costs
Inventories
Fixed assets
Cost
Accumulated depreciation
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Accrued payroll
Contracts payable
Compensated absences payable
Other payables
Long -term liabilities
•a -
..
$ 8,540,880 $ 3,167,229
59,804
365,079
54,051
10,267
56,581
42,220
55,043
9,183,925
3,639,691
(1,685,213)
1,954,478
$ 11,138,403
$ 338,077
4,990
100,974
73,344
535,266
General obligation bond payable 5,000,000
Fund equity
Contributed capital 1,618,582
Retained earnings
Unreserved 3,984,555
Total fund equity 5,603,137
Total liabilities and fund equity $ 11,138,403
See accompanying notes to financial statements.
,
58,555
365,079
64,524
21,273
3,731,703
3,572,699
(1,613,813)
1,958,886
$ 5,690,589
$ 140,733
3,777
68,390
212,900
1,667,443
3,810,246
5,477,689
$ 5,690,589
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
See accompanying notes to financial statements.
1998
1997
tRjget
Actu a
Actual
Operating revenues
Charges for services
Water sales
$ 2,540,000
$ 2,515,132
$ 2,527,341
Miscellaneous
Permits and fees
14,000
13,771
15,286
Penalties
27,000
21,674
25,290
Other
5,000
1,600
550
Total operating revenues
2,586,000
2,552,177
2,568,467
Operating expenses excluding depreciation
Administration
217,170
204,879
202,886
Operations
Distribution
1,980,480
1,863,325
1,892,804
Maintenance - mains and fire hydrants
514,128
476,309
242,537
Maintenance - meters
105,820
79,457
74,444
Total operating expenses excluding depreciation
2,817,598
2,623,970
2,412,671
Operating income (loss) before depreciation
(231,598)
(71,793)
155,796
Depreciation
-
71,400
97,045
Operating income (loss)
(231,598)
(143,193)
58,751
Nonoperating revenues
Interest income
150,000
291,641
165,155
Income (loss) before operating transfers
(81,598)
148,448
223,906
Operating transfers (out)
Vehicle Replacement Fund
(23,000)
(23,000)
(23,000)
Net income (loss)
$ (104,598)
125,448
200,906
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
48,861
48,861
Net increase in retained earnings - unreserved
174,309
249,767
Retained earnings - unreserved
May 1
3,810,246
3,560,479
April 30
$ 3,984,555
$ 3,810,246
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 1998
Operations
Budget
Actual
Administration
Salaries
$ 88,270
$ 93,720
Overtime
4,200
5,068
Part -time
5,730
5,582
Employee benefits
16,570
12,417
Professional services
2,700
-
Travel, training, and dues
900
81
Printing and advertising
1,700
1,767
Communications
10,300
9,623
Contractual services
2,100
1,523
Insurance
51,000
48,554
Motor vehicle maintenance
1,900
469
Miscellaneous
1,500
607
Supplies
1,700
1,769
Petroleum products
500
1,170
Occupancy
20,000
20,000
Apparel
2,600
1,376
Repairs and maintenance
5,500
1,153
Total administration
217,170
204,879
Operations
Distribution
Salaries
109,200
83,934
Overtime
12,800
6,148
Employee benefits
11,780
10,961
Professional services
6,500
5,748
Printing and advertising
800
711
Contractual services
8,600
5,729
Utility services
71,500
64,772
Motor vehicle maintenance
2,500
3,043
Repairs and maintenance
3,500
11,523
Miscellaneous
600
279
Purchase of water
1,700,000
1,621,084
Supplies
700
-
Petroleum products
1,500
1,259
Chlorine
1,000
950
Equipment
60,000
59,400
Materials
2,000
284
Total
1,992,980
1,875,825
Less non - operating expenses
Fixed assets capitalized
(12,500)
(12,500)
Total distribution
1,980,480
1,863,325
(Continued)
70
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1998
71
Budget
Actual
Operations (Continued)
Main and fire hydrant maintenance
Salaries
$ 86,900
$ 86,533
Overtime
26,800
20,587
Part -time
8,900
7,928
Employee benefits
13,100
10,547
Contractual services
274,600
257,133
Motor vehicle maintenance
9,000
16,173
Repairs and maintenance
11,900
7,430
Equipment rental
1,000
675
Miscellaneous
3,000
1,320
Petroleum products
3,500
2,232
Small tools and equipment
300
-
Aggregates
19,000
12,498
Equipment
2,000
1,272
Materials
55,400
53,253
Total
515,400
477,581
Less non - operating expenses
Fixed assets capitalized
(1,272)
(1,272)
Total main and fire hydrant maintenance
514,128
476,309
Meter maintenance
Salaries
55,700
47,090
Overtime
1,000
158
Part -time
1,240
720
Employee benefits
9,880
6,653
Professional services
1,000
4,355
Travel, training, and dues
200
-
Printing and advertising
300
-
Contractual services
1,000
163
Motor vehicle maintenance
3,000
1,757
Repairs and maintenance
700
80
Miscellaneous
100
-
Supplies
300
-
Petroleum products
800
628
Materials
5,500
103
Small tools and equipment
100
-
Equipment
25,000
17,750
Total meter maintenance
105,820
79,457
Total operating expenses
$ 2,817,598
$ 2,623,970
71
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 30,1998
Assets
Balances Balances
May 1 Additions Retirements Al2ril 30
$ 3,015,265 $ 53,221 $ - $ 3,068,486
$ 3,572,699 $ 66,992
571,205
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements Al2ri130
$ 1,119,656 $ 1,064 $ - 1,120,720
494,157
$ 1,613,813
$ 71,400
72
564,493
$ 1,954,478
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30,1998 and 1997
ASSETS
Current assets
Cash and investments
$ 1,465,299
$ 1,420,048
Receivables
(6,639,267)
(6,412,989)
Accounts - billed
47,203
48,085
Accounts - unbilled
238,687
238,687
Accrued interest
8,524
28,046
Other
8,656
14,296
Inventories
1,804
1,804
Accrued payroll
1,770,173
1,750,966
Fixed assets
Cost
11,017,797
11,017,797
Accumulated depreciation
(6,639,267)
(6,412,989)
4,378,530
4,604,808
Total assets
$ 6,148,703
$ 6,355,774
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 68,402
$ 116,771
Accrued payroll
10,105
6;169
Compensated absences payable
169,525
147,649
Contracts payable
110,584
-
Total liabilities
358,616
270,589
Fund equity
Contributed capital 5,111,585 5,246,904
Retained earnings - unreserved 678,502 838,281
Total fund equity 5,790,087 6,085,185
Total liabilities and fund equity $ 6,148,703 $ 6,355,774
See accompanying notes to financial statements.
73
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
See accompanying notes to financial statements.
74
1998
1997
Budget
Actual
Actual
Operating revenues
Charges for services
Sewer charges
$ 1,400,000 $
1,403,174
$ 1,334,177
Surcharges - construction
-
50,652
50,406
Miscellaneous
Permits and fees
15,000
12,163
20,211
Penalties
17,000
14,965
16,014
Ot}1er
28,000
21,707
47,980
Total operating revenues
1,460,000
1,502,661
1,468,788
Operating expenses excluding depreciation
Administration
244,440
225,433
224,271
Operations
Treatment plant
928,940
935,677
932,225
Cleaning and maintenance
142,480
152,617
144,467
Construction
323,510
308,457
155,578
Total operating expenses excluding
depreciation
1,639,370
1,622,184
1,456,541
Operating income (loss) before depreciation
(179,370)
(119,523)
12,247
Depreciation
102,500
226,278
248,092
Operating (loss)
(281,870)
(345,801)
(235,845)
Nonoperating revenues
Interest income
60,000
83,703
68,854
Depreciation reserve
140,800
-
-
200,800
83,703
68,854
Income (loss) before operating transfers
(81,070)
(262,098)
(166,991)
Operating transfers in (out)
Vehicle Replacement Fund
(33,000)
(33,000)
(33,000)
Infrastructure Replacement Fund
132,000
-
-
99,000
(33,000)
(33,000)
Net income (loss)
s 17,930
(295,098)
(199,991)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
135,319
135,319
Net (decrease) in retained earnings - unreserved
(159,779)
(64,672)
Retained earnings - unreserved
May 1
838,281
902,953
April 30
$
678,502
$ 838,281
See accompanying notes to financial statements.
74
VILLAGE OF DEERFIELD, ILLINOIS 1
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1998
Operations
Budget
Actual
Administration
Salaries
$ 88,280
$ 115,552
Overtime
4,100
4,956
Part -time
5,730
5,435
Employee benefits
16,510
12,411
Contractual services
4,700
1,834
Professional services
200
314
Travel, training, and dues
600
141
Printing and advertising
300
154
Communications
3,520
3,142
Insurance
85,000
54,199
Motor vehicle maintenance
1,100
1,264
Repairs and maintenance
8,800
1,187
Miscellaneous
1,200
455
Supplies
1,300
1,038
Petroleum products
1,000
1,377
Occupancy
20,000
20,000
Aggregates
2,100
1,974
Apparel
7,000
2,654
Small tools and equipment
244,440
225,433
Total administration
3,100
2,383
Operations
Treatment plant
Salaries
408,130
417374
Overtime
18,000
15,576
Part -time
5,900
6,192
Employee benefits
67,810
54,416
Professional services
5,000
-
Travel, training, and dues
2,250
'
640
Printing and advertising
150
-
Communications
7,900
6,699
Contractual services
30,500
402
Utility services
171,000
203,585
Motor vehicle maintenance
4,000
3,725
Repairs and maintenance
145,800
173,449
Equipment rental
2,000
740
Supplies
22,500
28,065
Petroleum products
8,000
4,351
Chlorine
6,000
8,281
Aggregates
5,500
3,443
Materials
7,000
2,654
Small tools and equipment
1,200
687
Apparel
3,100
2,383
Equipment
3,500
-
3,700
3,015
Miscellaneous
928,940
935,677
Total treatment plant
(Continued)
75
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1998
Total operating expenses S 1,639,370 $ 1,622,184
76
Budget
Actual
° Operations (Continued)
Cleaning and maintenance
Salaries
78,550
83,911
Overtime
5,500
3,841
Part -time
3,110
2,163
Employee benefits
13,720
11,905
Contractual services
7,000
14,012
Motor vehicle maintenance
3,500
6,758
Repairs and maintenance
5,000
4,171
Equipment rental
1,000
1,035
Miscellaneous
2,000
1,582
Supplies
11,300
15,727
Petroleum products
1,400
1,003
Aggregates
2,600
1,583
Materials
6,000
4,723
Equipment
1,500
-
Small tools and equipment
300
203
Total cleaning and maintenance
142,480
152,617
Construction
Salaries
97,400
94,978
Overtime
800
489
Part -time
1,760
1,652
Employee benefits
16,750
11,139
Contractual services
162,000
150,815
Motor vehicle maintenance
6,400
8,347
Repairs and maintenance
3,200
3,729
Equipment rental
5,000
-
Supplies
1,000
756
Petroleum products
2,000
3,254
Aggregates
8,000
5,716
Materials
19,000
27,582
Small tools and equipment
200
-
Total construction
323,510
308,457
Total operating expenses S 1,639,370 $ 1,622,184
76
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1998
Assets
Balances Balances
May 1 Additions Retirements April
Sewer system $ 10,654,792 $ - $ - $ 10,654,792
Equipment and
vehicles 363,005 - - 363,005
$ 11,017,797 $ - $ - 11,017,797
Accumulated Depreciation
Sewer system
Equipment and
vehicles
Net asset value
Balances
May 1
$ 6,142,788
Additions
$ 212,768
- - C - 4
270,201 13,510 -
$ 6,412,989 $ 226,278 $ -
77
April 30
6,355,556
6,639,267
$ 4,378,530
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30,1998 and 1997
ASSETS
Current assets
1998 1997
Cash and investments
$
289,805
$
234,798
Receivables
Property taxes
658,047
648,290
Accounts - billed
10,421
10,311
Accounts - unbilled
52,356
52,356
Accrued interest
1,136
1,541
Other
2,535
3,803
Due from component unit
2,465
6,483
Total assets
$
1,016,765
$
957,582
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$
98,061
$
80,340
Due to component unit
1,531
-
99,592
80,340
Retained earnings
Unreserved
917,173
877,242
Total liabilities and retained earnings
$
1,016,765
$
957,582
See accompanying notes to financial statements.
78
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
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 before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income
Retained earnings - unreserved
May 1
April 30
1998
Budget Actual
$ 324,000 $ 331,652
31,000 44,161
355,000 375,813
111,470
956,790
1,068,260
(713,260)
14,000
725,000
739,000
25,740
(12, 650)
$ 13,090
108,316
(710,413)
24,233
738,761
762.994
1997
Actual
$ 326,377
35,256
361,633
76,976
963,687
1,040,663
(679,030)
17,055
52,581 56,967
(12,650)
39,931
$ 917,173
See accompanying notes to financial statements.
79
(12,650)
44,317
$ 877,242
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30,1998 and 1997
ASSETS
Current assets
Cash and investments
Receivables - accrued interest
Fixed assets
Cost
Accumulated depreciation
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Fund equity
Contributed capital
Retained earnings - unreserved
Total fund equity
Total liabilities and fund equity
$ 773,994 $ 740,710
5,129 11,334
779,123 752,044
710,108
710,108
(588,445)
(556,175)
121,663
153,933
$ 900,786
$ 905,977
$ 10,600 $ 8,744
121,800
768,386
$ 900,786
See accompanying notes to financial statements.
M
162,424
$ 905,977
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
1998 1997
Budget Actual Actual
Operating revenues
Parking lot fees $ 168,000 $ 159,072 $ 168,391
Operating expenses excluding
depreciation
Operations
59,670
57,373
50,454
Operating income before depreciation
108,330
101,699
117,937
Depreciation
-
32,270
32,270
Operating income
108,330
69,429
85,667
Nonoperating revenues
Interest income
33,000
43,524
38,492
Income before operating transfers
141,330
112,953
124,159
Operating transfers (out)
Street and Bridge Fund
(120,000)
(120,000)
(100,000)
Infrastructure Fund
(275,000)
-
-
(395,000)
(120,000)
(100,000)
Net income (loss)
$ (253,670)
(7,047)
24,159
Other changes in retained earnings -
unreserved
Depreciation that reduces
contributed capital
40,624
40,624
Net increase in retained earnings -
unreserved
33,577
64,783
Retained earnings - unreserved
May 1
734,809
670,026
April 30
$ 768,386
$ 734,809
See accompanying notes to financial statements.
81
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1998
Parking lots - village construction
Salaries
Budget
Actual
Operations
900
1,085
Parking lots - village and federal funds
440
342
Salaries
$ 8,800
$ 9,318
Benefits
1,020
1,195
Insurance
510
406
Utility service
4,000
2,829
Repairs and maintenance
2,000
80
Property rentals
7,500
7,440
Supplies
400
17
Miscellaneous
200
17
Aggregates
200
-
Materials
800
432
Contractual
7,700
10,098
Equipment
2,000
-
Total parking lots - village and
federal funds
35,130
31,832
Parking lots - village construction
Salaries
8,500
8,280
Benefits
900
1,085
Insurance
440
342
Utility services
4,000
4,900
Repairs and maintenance
500
285
Supplies
400
24
Aggregates
100
-
Materials
1,000
527
Contractual
7,700
10,098
Equipment
1,000
-
Total parking lots - village construction
24,540
25,541
Total operating expenses
$ 59,670
$ 57,373
EN
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1998
Assets
Balances Balances
May I Addition Retirements ril30
Land $ 77,500 $ - $ - $ 77,500
Parking lot
improvements 632,608 - - 632,608
$ 710,108 $ - $ - 710,108
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot $ 556,175 $ 32,270 $ - 588,445
Net asset value $ 121,663
EX
INTERNAL SERVICE FUNDS
Garage Fund
To account for all activity necessary to maintain the efficient and safe operation of Village
vehicles and equipment. The Garage is operated and maintained by the Village of Deerfield
and the various departments are billed according to the services rendered.
Insurance Fund
To account for monies set aside for the payment of medical, dental, and life insurance
premiums for Village employees. The revenue is derived from charges to the various funds.
ASSETS
Current assets
Cash and investments
Receivables
Accounts
Accrued interest
Inventories
Total assets
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
Accrued payroll
Compensated absences
payable
Claims payable
Total liabilities
Retained earnings
Unreserved
Total liabilities and
retained earnings
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30,1998
(with comparative totals for 1997)
Totals
Garage Insurance 1998 1997
$ 49,582 $ 384,023
55
60,398
$ 110,035
950
$ 384,973
$ 433,605
55
950
60,398
$ 495,008
$ 493,679
8,096
60,398
$ 562,173
$ 2,505 $ 79,502 $ 82,007 $ 57,731
1,687 - 1,687 1,522
37,524 - 37,524 37,146
- 177,005 177,005 177,005
41,716 256,507 298,223 273,404
68,319 128,466
$ 110,035 $ 384,973
196,785 288,769
$ 495,008 $ 562,173
See accompanying notes to financial statements.
84
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1998
(with comparative totals for 1997)
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 -
unreserved
May 1
April 30
Totals Garage
Insurance .-2a ..
$ 215,165
$ 900,683
$ 1,115,848
$ 1,134,620
4,211
-
4,211
-
219,376
900,683
1,120,059
1,134,620
-
1,035,220
1,035,220
906,071
200,037
-
200,037
212,182
200,037
1,035,220
1,235,257
1,118,253
19,339
(134,537)
(115,198)
16,367
-
25,214
25,214
27,066
19,339
(109,323)
(89,984)
43,433
(2,000)
-
(2,000)
(2,000)
17,339
(109,323)
(91,984)
41,433
50,980
237,789
288,769
247,336
$ 68,319
$ 128,466
$ 196,785
$ 288,769
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS I
Internal Service Funds
Combining Statement of Cash Flows
Year Ended April 30,1998
(with comparative totals for 1997)
Cash flows from operating activities
Operating income (loss)
Adjustments to reconcile operating
income (loss) to net cash provided by
(used in) operating activities
Changes in assets and liabilities
Receivables
Accounts payable
Accrued payroll
Compensated absences payable
Cash flows from noncapital financing
activities
Operating transfers (out)
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and maturities
of investment securities
Interest on investments
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents
May 1
April 30
Cash and investments
Cash and cash equivalents
Investments
Totals
Gard
Insurance
1998
1997
$ 19,339
$ (134,537)
$ (115,198)
$ 16,367
(55) -
(55)
110
(775) 25,051
24,276
(4,236)
165 -
165
1,428
378 -
378
2,773
19,052 (109,486)
(90,434)
16,442
(2,000)
-
(2,000)
(2,000)
-
(600,000)
(600,000)
(625,000)
-
725,000-
725,000
550,000
-
32,360
32,360
23,799
-
157,360
157,360
(51,201)
17,052
47,874
64,926
(36,759)
32,530
36,149
68,679
105,438
$ 49,582
$ 84,023
$ 133,605
$ 68,679
$ 49,582 $ 84,023 $ 133,605 $ 68,679
- 300,000 300,000 425,000
$ 49,582 $ 384,023 $ 433,605 $ 493,679
See accompanying notes to financial statements.
0
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VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
Operating revenues
Charges for services
Billings
Miscellaneous
Total revenues
Operating expenses
Operations
Income before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income
Retained earnings
May 1
April 30
1997
Actual
$ 216,500 $ 215,165 $ 238,577
4,000 4,211 -
220,500 219,376 238,577
218,500 200,037 212,182
2,000 19,339 26,395
(2,000) (2,000) (2,000)
$ - 17,339 24,395
50,980 26,585
$ 68,319 $ 50,980
See accompanying notes to financial statements.
87
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1998
Budget
Actual
Operations
Public works department
Salaries
$ 107,660
$ 114,120
Overtime
7,600
8,721
Employee benefits
18,340
14,766
Apparel
750
590
Repairs and maintenance
6,000
3,243
Travel, training, and dues
700
53
Printing and advertising
400
-
Communications
700
533
Utility services
1,600
1,137
Insurance
7,000
4,680
Petroleum products
300
276
Miscellaneous
400
50
Materials
500
-
Small tools and equipment
2,500
2,205
Supplies
61,390
47,113
Equipment
2,660
2,550
Total operating expenses
$ 218,500
$ 200,037
1
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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 30,1998 and 1997
$ 900,683 $ 896,043
1,035,220
(134,537)
906,071
(10,028)
25,214 27,066
(109,323) 17,038
237,789
$ 128,466
See accompanying notes to financial statements.
89
$ 237,789
1
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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.
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VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Plan Net Assets
April 30, 1998
ASSETS
Cash and cash equivalents $ 2,452,450
Receivables
Accrued interest 156,573
Due from component unit 949
Other 1,873
159,395
Investments, at fair value
U.S. government obligations
10,905,875
Insurance contract
745,889
Municipal obligations
1,899,515
Corporate obligations
326,190
13,877,469
Total assets 16,489,314
LIABILITIES
Other liabilities 5,298
Due to other funds 29,409
Due to component unit 741
35,448
NET ASSETS HELD IN TRUST FOR PENSION
BENEFITS
(A schedule of funding progress for this plan
is presented following the notes to financial
statements)
See accompanying notes to financial statements.
91
$ 16,453,866
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Changes in Plan Net Assets - Budget and Actual
Year Ended April 30, 1998
Additions
Contributions - employer
Property taxes - current
Replacement taxes
Contributions - employee
Investment Income
Net appreciation in fair value
of investments
Gain on sale 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- as previously reported
Restatement
Adjusted balance
April 30
Budget Actual
$ 280,000 $ 241,511
8,000 8,418
200,000 197,452
272,710
- 12,670
1,130,000 1,286,668
1,618,000 2,019,429
447,850
445,357
20,000
29,907
2,000
5,885
469,850
481,149
$ 1,148,150 1,538,280
See accompanying notes to financial statements.
92
13,835,005
1,080,581
14,915,586
$ 16,453,866
1
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VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30,1998
Deposit Fund
ASSETS
Cash and investments $ 1,316,417 $ 43,042 $ - $ 1,359,459
Receivables- other - 101,540 - 101,540
Due from other funds - 14,923 - 14,923
$ 1,316,417 $ 159,505 $ - $ 1,475,922
LIABILITIES
Accounts payable $ 6,982 $ - $ 1,788 $ 5,194
Deposits payable 1,297,674 159,788 - 1,457,462
Due to other funds 11,761 1,505 - 13,266
Total liabilities $ 1,316,417 $ 161,293 $ 1,788 $ 1,475,922
(Continued)
93
Balances
Balances
Ma3L1
Additions
Deductions
April
All Funds
ASSETS
Cash and investments
$
1,383,500
$
44,086
$ 27,220
$
1,400,366
Receivables - other
16,131
122,628
-
138,759
Due from other funds
14,923
14,923
Assets held by agents for deferred
compensation plan (market value)
3,655,008
-
3,655,008
-
Total assets
$
5,054,639
$
181,637
$ 3,682,228
$
1,554,048
LIABILITIES
Accounts payable
$
37,193
$
-
$ 29,150
$
8,043
Deposits payable
1,322,289
159,788
6,530
1,475,547
Due to other funds
11,761
16,428
-
28,189
Due to participants
3,683,396
13,881
3,655,008
42,269
Total liabilities
$
5,054,639
$
190,097
$ 3,690,688
$
1,554,048
Deposit Fund
ASSETS
Cash and investments $ 1,316,417 $ 43,042 $ - $ 1,359,459
Receivables- other - 101,540 - 101,540
Due from other funds - 14,923 - 14,923
$ 1,316,417 $ 159,505 $ - $ 1,475,922
LIABILITIES
Accounts payable $ 6,982 $ - $ 1,788 $ 5,194
Deposits payable 1,297,674 159,788 - 1,457,462
Due to other funds 11,761 1,505 - 13,266
Total liabilities $ 1,316,417 $ 161,293 $ 1,788 $ 1,475,922
(Continued)
93
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30,1998
Balances Balances
May -1 Additions Deductions April 30
Deerfield Cemetery Association Fund
ASSETS
Cash and investments
$
12,720
$
- $
6,530
$
6,190
Receivables - other
Receivables - other
11,895
4,236
-
-
11,895
Total assets
$
24,615
$
- $
6,530
$
18,085
LIABILITIES
$
14,923
LIABILITIES
Accounts payable
$
-
$
- $
-
$
-
Deposits Payable
$
24,615
$
-
6,530
18,085
Total liabilities
$
24,615
$
- $
6,530
$
18,085
Lake -Cook Metra Study Grant Fund
ASSETS
Cash and investments
$
20,690
$
-
$
20,690
$
-
Receivables - other
4,236
10,687
-
14,923
Total assets
$
24,926
$
10,687
$
20,690
$
14,923
LIABILITIES
Accounts payable
$
24,926
$
-
$
24,926
$
-
Due to other funds
-
14,923
-
14,923
Total liabilities
$
24,926
$
14,923
$
24,926
$
14,923
East Shore Radio Network Fund
ASSETS
Cash and investments
$
33,673
$
1,044
$
-
$
34,717
Receivables - other
-
10,401
-
10,401
Total assets
$
33,673
$
11,445
$
-
$
45,118
LIABILITIES
Accounts payable
$
5,285
$
-
$
2,436
$
2,849
Due to participants
28,388
13,881
-
42,269
Total liabilities
$
33,673
$
13,881
$
2,436
$
45,118
See accompanying notes to financial statements.
94
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Fixed assets used in operations are not accounted for in governmental funds. General fixed
assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds.
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1998 and 1997
1998 1997
GENERAL FIXED ASSETS
Land $ 15,914,477 $ 7,596,346
Buildings and improvements 4,976,660 4,916,773
Vehicles 947,284 901,836
Equipment 2,752,389 2,643,901
$ 24,590,810 $ 16,058,856
INVESTMENT IN GENERAL FIXED ASSETS
General revenues $ 18,589,801 $ 10,057,847
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
$ 24,590,810 $ 16,058,856
95
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30,1998
$ 15,914,477 $ 4,976,660 $ 947,284 $ 2,752,389 $ 24,590,810
Buildings
and
Function
Land
Improvements
Vehicles
Equipment
Totals
General government
$ 14,493,695
$ 296,254
$ 59,035
$ 1,066,763
$ 15,915,747
Public safety
1,271,340
1,071,389
109,064
1,034,878
3,486,671
Public works
149,442
3,609,017
779,185
650,748
5,188,392
$ 15,914,477 $ 4,976,660 $ 947,284 $ 2,752,389 $ 24,590,810
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function
Year Ended April 30,1998
Function
General government
Public safety
Public works
Balances Balances
May 1 Additions Retirements A1ri130
$ 7,576,301 $ 8,339,446 $ - $ 15,915,747
3,428,539 61,708 3,576
5,054,016 135,415 1,039
$ 16,058,856 $ 8,536,569 $ 4,615
97
3,486,671
5,188,392
$ 24,590,810
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ITo account for the noncurrent portion of the Government's Bond Issue liabilities.
1
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VILLAGE OF DEERFIELD, ILLINOIS
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
April 30, 1998
(with comparative totals for 1997)
AMOUNT AVAILABLE AND
TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL
LONG -TERM DEBT
Amount available for debt
service
Amount to be provided for
retirement of general long-
term debt
GENERAL LONG -TERM
DEBT PAYABLE
General obligation bonds
payable
General
Obligation
Refunding
Bond Series
of 1993
$ 2,378,720 $
General
Obligation
Bond Series
of 1998
Total
1998 1997
- $ 2,378,720 $ 2,235,663
5,576,280
17,000,000
22,576,280
6,719,337
$ 7,955,000
$ 17,000,000
$ 24,955,000
$ 8,955,000
$ 7,955,000 $ 17,000,000 $ 24,955,000 $ 8,955,000
See accompanying notes to financial statements.
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COMPONENT UNIT
' Component Unit (Public Library Fund) - The Public Library Fund is used to account for the
resources necessary to provide the educational, cultural, and recreational activities of the
Deerfield Public Library.
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Combining Balance Sheet
April 30,1998
(with comparative totals for 1997)
General Fixed
Asset Account Totals
General Gru 1998 1997
ASSETS
Cash and investments
$ 1,020,110
$ -
$ 1,020,110
$ 1,140,560
Receivables - property taxes
1,175,471
-
1,175,471
1,081,244
Due from primary government
51,491
-
51,491
-
Assets held by agents for
deferred compensation plan
(market value)
-
-
-
56,809
General fixed assets
-
1,812,398
1,812,398
1,428,694
Total assets
$ 2,247,072
$ 1,812,398
$ 4,059,470
$ 3,707,307
LIABILITIES AND
FUND EQUITY
Liabilities
Accounts payable
$ 114,743
$ -
$ 114,743
$ 58,954
Due to primary government
9,338
-
9,338
43,767
Deferred property taxes
1,308,757
-
1,308,757
1,209,217
Due to participants
-
-
-
56,809
Total liabilities
1,432,838
-
1,432,838
1,368,747
Fund equity
Investment in general
fixed assets
-
1,812,398
1,812,398
1,428,694
Fund balance - unreserved
Designated - capital
improvements
140,000
-
140,000
203,250
Undesignated
674,234
-
674,234
706,616
Total fund equity
814,234
1,812,398
2,626,632
2,338,560
Total liabilities and
fund equity
$ 2,247,072
$ 1,812,398
$ 4,059,470
$ 3,707,307
See accompanying notes to financial statements.
..
rVILLAGE
OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
'
Statement
of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1998 and Actual Only for 1997
1998
1997
Bum
Actual
Actual
Revenues
Taxes
'
Property taxes
$ 1,269,000 $
1,217,104
$ 1,188,139
Replacement taxes
16,000
25,877
23,475
Intergovernmental
'
Grants
21,000
21,659
21,659
Charges for services
Non - resident fees
15,500
20,413
19,393
'
Fees, fines, penalties
35,000
35,346
36,480
Xerox
8,000
8,334
9,041
Videos
15,000
14,083
16,425
Interest
36,000
71,684
57,797
Miscellaneous
'
Impact fees
17,000
19,245
24,442
Tax incremental finance district
surplus property tax rebate
170,000
186,010
185,970
Gifts
500
870
4,579
Insurance rebate
9,225
9,680
Miscellaneous
500
1,629
-
Reserve for repairs and
replacement
360,000
-
-
Total revenues
1,963,500
1,631,479
1,597,080
tExpenditures
Culture and recreation
1,751,500
1,727,111
1,294,422
Excess (deficiency) of revenues
over expenditures
212,000
(95,632)
302,658
Other financing (uses)
Operating transfers (out)
(212,000)
-
-
Excess (deficiency) of revenues
over expenditures and other
financing uses
$ -
(95,632)
302,658
Fund balance
'
May 1
909,866
607,208
April 30
$
814,234
$ 909,866
See accompanying notes to financial statements.
100
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1998
101
Budget
Actual
Culture and recreation
Salaries - professional
$ 430,228
$ 390,130
Salaries - non - professional
419,280
407,650
Employee benefits
61,500
53,001
Professional services
5,000
7,954
Education, travel, and dues
7,800
4,868
Communication
9,200
9,361
Insurance
23,600
23,455
Contractual services
20,600
58,656
Utilities
1,500
1,071
Repairs, maintenance of building and
equipment building supplies
38,000
33,421
Supplies - library and office
20,000
31,404
Books
130,000
128,983
Periodicals
40,000
29,485
Audio - visual
25,000
23,573
Binding
3,600
-
Special library programs
9,000
11,622
Data base
3,000
20,226
New equipment
5,000
5,079
Printing
12,000
11,643
Cataloging service
5,000
5,443
Miscellaneous
1,500
721
Automation project
120,692
85,661
Remodeling project
360,000
383,704
Total expenditures
$ 1,751,500
$ 1,727,111
101
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1998
GENERAL FIXED ASSETS
Land
Buildings and improvements
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
102
$ 145,556
1,231,820
435,022
$ 1,812,398
$ 1,812,398
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
April 30,1998
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
$10,000,000
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 30,1998
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
May 1, 1993
December 15, 2004
$9,995,000
5,000
3.90%,4.00%, and 4.10%
June 15 and December 15
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Levy
Bond
--
- ---Tax Levy —
- - - - - --
Year
Numbers
Pria! i al
Interest
Totals
1997
412 -622
$1,050,000
$ 326,155
$ 1,376,155
1998
623 -839
1,080,000
283,105
1,363,105
1999
840 -1056
1,130,000
238,825
1,368,825
2000
1057 -1294
1,185,000
192,495
1,377,495
2001
1295 -1543
1,240,000
143,910
1,383,910
2002
1544 -1797
1,265,000
93,070
1,358,070
2003
1798 -1999
1,005,000
41,205
1,046,205
i7.215 $1.318.765 $ 9.273.765
104
Interest Due On-
une 15
Amount
Dec 15
Amount
1998
$ 163,078
1998
$ 163,077
1999
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
$ 659.383 659 382
1
1
1
1
1
1
1
1
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Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1997
April 30, 1998
December 1, 1997
December 1, 2012
$5,000,000
5,000
4.35%,4.38%,4.40%,4.45%, and 4.50%
June 1 and December 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy Bond
-
Tax Levy ------
--- - --
Interest Due On
Year Numbers
Principal
Interest
Totals
June 1
Amount
Dec 1
Amount
1997
$ -
$ 221,968
$ 221,968
1998
$ 110,984
1998
$ 110,984
1998
265,000
221,968
486,968
1999
110,984
1999
110,984
1999
275,000
210,441
485,441
2000
105,221
2999
105,220
2000
290,000
198,410
488,410
2001
99,205
2001
99,205
2001
300,000
185,650
485,650
2002
92,825
2002
92,825
2002
315,000
172,450
487,450
2003
86,225
2003
86,225
2003
330,000
158,432
488,432
2004
79,216
2004
79,216
2004
340,000
143,748
483,748
2005
71,874
2005
71,874
2005
360,000
128,618
488,618
2006
64,309
2006
64,309
2006
375,000
112,598
487,598
2007
56,299
2007
56,299
2007
390,000
95,910
485,910
2008
47,955
2008
47,955
2008
410,000
78,555
488,555
2009
39,278
2009
39,277
2009
430,000
60,310
490,310
2010
30,155
2010
30,155
2010
450,000
41,175
491,175
2011
20,588
2011
20,587
2011
470,000
21,150
491,150
2012
10,575
2012
10,575
LIMO
LIQL1 383
$ 7,051,383
$1,025,693
$1,025,690
105
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1998
April 30,1998
April 15,1998
October 1, 2009
$17,000,000
5,000
4.20%,4.25%,4.30%, and 4.35%
April 1 and October 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Levy Bond
Tax Levy
--
Interest Due On
Year Numbers
Principal
Interest
Totals
April 1
Amount
Oct 1
Amount
1998
$ -
$ 335,804
$ 335,804
1998
$ -
1998
$ 335,804
1999
-
728,250
728,250
1999
364,125
1999
364,125
2000
1,500,000
728,250
2,228,250
2000
364,125
2000
364,125
2001
1,500,000
665,250
2,165,250
2001
332,625
2001
332,625
2002
1,500,000
602,250
2,102,250
2002
301,125
2002
301,125
2003
1,500,000
538,500
2,038,500
2003
269,250
2003
269,250
2004
1,500,000
474,000
1,974,000
2004
237,000
2004
237,000
2005
1,500,000
409,500
1,909,500
2005
204,750
2005
204,750
2006
2,000,000
345,000
2,345,000
2006
172500
2006
172,500
2007
2,000,000
259,000
2,259,000
2007
129,500
2007
129,500
2008
2,000,000
173,000
2,173,000
2008
86,500
2008
86,500
2009
2,000,000
87,000
2,087,000
2009
43,500
2009
43,500
$ 17,000,000
t5,345
$ 22,345,804
$ 2,505,000
$ 2.840,804
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VILLAGE OF DEERFIELD, ILLINOIS
Property Tax Assessed Valuations, Rates, Extensions, and Collections
rLast Ten Fiscal Years
April 30,1998
1
1
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(See Following Page)
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30,1998
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
1988
$ 377,208,775
$ 1,131,000,000
33.3
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
Data Source
Office of the County Clerk
110
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VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Direct and Overlapping Bonded Debt
April 30,1998
(2)
* Percentage
of Debt
(1) Applicable
Gross to ** Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Deerfield $
24,955,000 100.000%
$ 24,955,000
Metropolitan Sanitary District
1,083,315,000
.095
1,029,149
Lake County and Forest Preserve
150,081,175
4.141
6,214,861
Cook County and
Cook County Forest Preserve
1,679,045,000
0.093
1,561,512
North Shore Sanitary District
17,268,820
0.025
4,317
Deerfield Park District
370,000
97.395
360,362
Northbrook Park District
12,702,350
2.935
372,814
Deerfield School District # 109
19,950,000
71.228
14,209,986
Township High School #113
3,100,000
26.725
828,475
Northfield Township High School #225
9,225,000
2.489
229,610
Junior College #532
16,850,658
4.385
738,901
Lake County Special Service Area #5
240,000
45.566
109,358
Total gross debt
3,017,103,003
50,614,345
Less debt service fund amount
available - Village of Deerfield
2,378,720
2,378,720
Total gross debt less available amount $ 3,014,724,283
$ 48.235,625
* - 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
113
VILLAGE OF DEERFIELD, ILLINOIS I
Schedule of Legal Debt Margin
April 30,1998 1
The Government is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt
margin.
"The General Assembly may limit by law the amount and require referendum approval of
debt to be incurred by home rule municipalities, payable from ad valorem property tax
receipts, only in excess of the following percentages of the assessed value of its taxable
property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of
one per cent:... indebtedness which is outstanding on the effective date (July 1, 1971) of
this constitution or which is thereafter approved by referendum... shall not be included in
the foregoing percentage amounts."
To date the General Assembly has set no limits for home rule municipalities.
Illustrative Computation of Debt Margin if Government Were Not a Home Rule Municipality
The Government is a home rule municipality and as such has no debt limitations. If, however,
the Government were a non -home rule municipality its available debt limit would be as
follows:
Equalized assessed valuation -1997
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
.l:::1 1
$ 55,965,926
7,955,000
17,000,000 24,955,000
$ 31,010,926
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VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30,1998
(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
(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
1989
17,500
$ 50,900
37.4
51.5%
3,238
0.9%
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
(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
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30,1998
(1)
Commercial
— Construction —
Fiscal Number
Year of Units Value
1989 222 $ 75,592,000
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
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top three banks in
Deerfield
(3) Lake and Cook County Tax Extension Offices
117
(1)
Residential
(3)
--- Construction - - - --
(2)
Total
Number
Bank
Property
of Units
Value
Deposits
Value
72
$ 12,463,000
$ 163,472,790
$1,131,000,000
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
1,891,000,000
28
7,279,300
517,655,000
1,891,000,000
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top three banks in
Deerfield
(3) Lake and Cook County Tax Extension Offices
117
Taxpayers
VMC, Inc.
Matas Corporation
CarrAmerica
Stein and Company
Estate of James
Campbell
Travenol Labs
Marriott Corporation
Equitable Life
Insurance
Draper and Kramer
State Farm Insurance
Data Source
Office of the County Clerk
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30,1998
Percentage
118
$ 132.676,402 21.26%
1996
of Total
Assessed
Assessed
Type of Business
Valuation
Valuation
Deerbrook Shopping Center
$ 22,367,861
3.58%
Corporate 500 Center
20,164,847
3.23
Parkway North
19,646,563
3.15
Lake Cook Office Center
19,941,421
2.87
Office Building
14,596,061
2.34
Office Buildings
13,744,410
2.20
Hotels
7,378,007
1.18
Hyatt Campus Office Park
5,883,981
0.94
Office Buildings
5,650,694
0.91
Office Building
5,302,557
0.85
118
$ 132.676,402 21.26%
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1998
Date of Incorporation
1903
Form of Government
Manager /Council
Geographic Location
North Suburban
Population
140
1960
11,748
1970
18,876
1980
17,430
1990
17,327
1997
18,002
Municipal Services & Facilities
Number of Full -Time Employees
108
Miles of Streets
70
Miles of Alleys
4
Miles of Sewers
140
Building Inspection
Number of Permits Issued in Fiscal Year 1997
Fire Protection District
Number of Firefighters and Officers
Number of Stations
(Continued)
119
1,276
31
1
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30, 1998
Police Protection
Number of Stations
Number of Policemen and Officers
Library Services
Number of Branch Libraries
Number of Books
Recreation Facilities
Number of Parks and Playgrounds
Park Area in Acres
Municipal Water Utility
Population Serviced - Number of Service Connections
Average Daily Pumpage
Miles of Water Mains
Data Source
Village Records
120
1
38
1
150,000
20
288
6,050
2,821,917 gals.
65+