Village CAFR For Year Ended April 30, 1996r
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VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
APRIL 30,1996
Prepared by Finance Department
George J. Valentine
Finance Director
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
INTRODUCTORY SECTION
Principal Officials i
Organization Chart ii
Certificate of Achievement for Excellence in
Financial Reporting iii
Director of Finance's Letter of Transmittal iv -xi
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS
1 - 2
GENERAL PURPOSE FINANCIAL STATEMENTS
All Fund Types and Account Groups and Discretely Presented
Component Unit
Combined Balance Sheet
3
All Governmental Fund Types, and Discretely Presented
Component Unit
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances
4
General, Special Revenue, and Debt Service Fund Types
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
5
All Proprietary and Fiduciary (Pension Trust) Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings- Unreserved /Fund Balances
6
All Proprietary Fund Types
Combined Statement of Cash Flows
7
Notes to Financial Statements
8-41
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONT.)
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
Municipal Audit Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
50
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
51
IVILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONY.)
GOVERNMENTAL FUND TYPES (CONT.)
SPECIAL REVENUE FUNDS (CONT.)
Street and Bridge Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
52
Schedule of Expenditures - Budget and Actual
53-57
Illinois Municipal Retirement Fund
'
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
58
Motor Fuel Tax Fund
Statement of Revenues Expenditures, and
p ,
Changes in Fund Balance - Budget and Actual
59
Enhanced 911 Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
60
'
DEBT SERVICE FUND
Balance Sheet
61
'
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
62
'
Schedule of Revenues and Other Financing
Sources, and Expenditures - Budget and Actual
63
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
CAPITAL PROJECT FUNDS
All Funds
Combining Balance Sheet
64
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances
65
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS
All Funds
Combining Balance Sheet
66
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
67
Combining Statement of Cash Flows
68
Water Fund
Balance Sheet
69
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unreserved - Budget and Actual
70
Schedule of Operating Expenses - Budget and Actual
71-72
Schedule of Fixed Assets and Depreciation
73
Sewerage Fund
Balance Sheet
74
Statement of Revenues, Expenses, and Changes in
Retained Earnings- Unreserved - Budget and Actual
75
Schedule of Operating Expenses - Budget and Actual
76-77
Schedule of Fixed Assets and Depreciation
78
Refuse Fund
Balance Sheet
79
Statement of Revenues, Expenses, and Changes in
Retained Earnings- Unreserved - Budget and Actual
80
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
Commuter Parking Lot Fund
Balance Sheet
81
Statement of Revenues, Expenses, and Changes in
Retained Earnings- Unreserved - Budget and Actual
82
Schedule of Operating Expenses - Budget and Actual
83
Schedule of Fixed Assets and Depreciation
84
INTERNAL SERVICE FUNDS
All Funds
Combining Balance Sheet
85
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings- Unreserved
86
Combining Statement of Cash Flows
87
Garage Fund
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
88
Schedule of Operating Expenses - Budget and Actual
89
Insurance Fund
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unreserved 90
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONT.)
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet 91
Statement of Revenues, Expenses, and Changes in Fund
Balance - 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
Statement of Changes in Assets and Liabilities
(Deferred Compensation Plan Fund)
102
Schedule of General Fixed Assets
103
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
FINANCIAL SECTION (CONT.)
SUPPLEMENTAL DATA
112
Required Supplementary Information
Analysis of Funding Progress
113
Illinois Municipal Retirement Fund
104
Police Pension Fund
105
Revenues by Source
Illinois Municipal Retirement Fund
106
Revenues by Source and Expenses by Type
Police Pension Fund
107
Schedule of Insurance in Force
108
Long -Term Debt Requirements
Corporate Purpose Bond Series of 1986
109
General Obligation Bond Series of 1991
110
General Obligation Refunding Bond Series of 1993
111
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years
112
General Governmental Expenditures by Function - Last Ten
Fiscal Years
113
Property Tax Assessed Valuations, Rates, Extensions, and
Collections - Last Ten Fiscal Years
114
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years
115
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years
116
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1996
PAGE
STATISTICAL SECTION (CONT.)
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita -
Last Ten Fiscal Years 117
Schedule of Direct and.Overlapping Bonded Debt
118
Schedule of Legal Debt Margin
119
Ratio of Annual Debt Service Expenditures for General Obligation
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
120
Demographic Statistics - Last Ten Fiscal Years
121
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal years
122
Principal Taxpayers
123
Miscellaneous Statistics
124-125
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VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30,1996
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Bernard Forrest, Mayor
Harriet E. Rosenthal
John H. Heuberger
Marvin W. Ehlers
Robert D. Franz, Clerk
ADMINISTRATIVE
Edwin B. Seidman
Vernon E. Swanson
Michael Swartz
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance /Treasurer
' VILLAGE OF DEERFIELD ORGANIZATIONAL CHART
PUBLIC
L�
'
BOARDS
MAYOR & BOARD
&
of TRUSTEES
VILLAGE ATTORNEY
COMMISSIONS
ADMINISTRAWE
VILLAGE MANAGER
'
ASSISTANT
3 Employees
POLICE
FINANCE
COMMUNITY
PUBLIC WORKS
DEVELOPMENT
& ENGINEERING
'
51 Employees
7 Employees
5 Employees
l__
33 Employees
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PATROL
BUDGETING
PLANNING
WATER
WORKS
INVESTIGATIONS
ACCOUNTING
ZONING
SEWAGE
TREATMENT
'
YOUTH
TREASURY
CODE
STREETS
MANAGEMENT
ENFORCEMENT
BUILDING
COMMUNICATIONS
PERSONNEL
PLAN
REVIEW
VEHICLE
MAINTENANCE
RECORDS
UTILITY
PERMITS
STORM
BILLING
DRAINAGE
RESEARCH RCH
APPEARANCE
PLAN DESIGN
PURCHASING
DEVELOPMENT
REVIEW
& REVIEW
'
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Certificate of
1 Achievement
for Excellence
In Financial
Reporting
1 Presented to
Village of Deerfield,
1
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
' April 30, 1995
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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N MO
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4gCA6� O`
Executive Director
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VILLAGE OF DEERFIELD
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IOctober 24, 1996
To: The Mayor and Board of Trustees
and the residents of the Village of Deerfield
The comprehensive annual financial report of the Village of Deerfield for
the fiscal year ended April 30, 1996, is hereby submitted. Responsibility
for both the accuracy of the data and the completeness and fairness of
the presentation, including all disclosures, rests with the Village. To
' the best of our knowledge and belief, the enclosed data is accurate in
all material respects and is reported in a manner designed to present
fairly the financial position and results of operations of the various
funds and account groups of the Village. All disclosures necessary to
' enable the reader to gain an understanding of the Village's financial
activities have been included.
The comprehensive annual financial report is presented in three sections:
introductory, financial, and statistical. The introductory section
includes this transmittal letter, the Village's organizational chart and
a list of principal officials. The financial section includes the general
purpose financial statements, the combining, individual fund, and account
1 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
IPension 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
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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 1990
Census recorded a population of 17,327 within a land area of 7.0 square
miles. The Village's population decreased less than 1.0% from 1980,
whereas the number of housing units in the Village grew 10.3% to 6,054,
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 11.5% 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
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Illinois toll road at Lake Cook Road which provide improved access and
reduce dependency on the crowded Deerfield Road entrance. The official
vacancy rate is 2.62% of the 3,000,000 square feet available according
to "Crain' s", August 19 -26, 1996, 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 1050 hotel /motel rooms. This
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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 on
rooms which yielded $1,259,100 for the year ending 4/30/96, which is a
7.5% increase over 1994 -95. Unemployment in Lake County in August 1995
was 4.39. compared with 5.3% in the state of Illinois and estimated 1.1%
in Deerfield.
Sara Lee, a bakery products company, closed its bakery operations in
January 1991. This has not had a significant impact on Village revenues
since Sara Lee's assessed valuation at the time of closing was only 1.2%
of the Village's total. This site was primarily a bakery goods processing
plant and had little retail sales. There were approximately 400 employees
working for Sara Lee; however, their hiring area was spread throughout
Lake and Cook Counties, and relatively few of the affected employees were
residents of Deerfield. Therefore, any economic dislocations involved
were spread over a broad area with minimal direct impact on the Village
of 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 will relocate and build a fire station on the 2.66 acres
of land and will surrender its current station to the Village. The
demolition of the Sara Lee buildings is complete, and 313 building permits
have been issued for the new development as of 7/31/96. It is estimated
that the Optima development will increase Deerfield's population by 800.
The Village sales tax revenue for 1996 was $2,684,917 compared to
$2,428,667 for 1995. This is a 10.5% increase, which can be considered
an indicator of a vital economy.
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 33 %. 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, 000 cubic yards have not been landfilled in 1995.
Because of all these services, over 37% of the residential refuse was
diverted from area landfills between January 1, 1995 and December 31, 1995.
Approximately 88% 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.
The Village is in negotiations with a developer which, if successful, will
culminate in the clearing of the south east quadrant of Deerfield and the
construction of 66,000 square feet of retail and office space.
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.
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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 year.
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 237 round trips per day.
The original projection was 200.
Special Census
In the spring of 1997, a special census is to be performed. It is
anticipated that the Village will gain a minimum of 1,000 residents. This
will increase Village revenue by approximately $90 per capita, or a minimum
of $90,000 per year.
FINANCIAL INFORMATION
Management of the Village is responsible for establishing and maintaining
an internal control structure 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 structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) cost of a control
should not exceed the benefits likely to be derived; and (2) the valuation
of costs and benefits requires estimates and judgments by management.
Budgeting Controls. In addition, the Village maintains budgetary controls.
The objective of these budgetary controls is to ensure compliance with
legal provisions embodied in the annual appropriated budget approved by
the Village's governing body. Activities of the general fund, special
revenue funds, debt service fund, enterprise funds, internal service fund
(garage fund) , and pension trust funds are included in the annual
appropriated budget.
Project - length financial plans are adopted for the capital projects funds.
The level of budgetary control (that is, the level at which expenditures
cannot legally exceed the appropriated amount) is established at the fund
level. The Village also maintains an encumbrance accounting system as
one technique of accomplishing budgetary control. Encumbered amounts lapse
at year end. However, encumbrances generally are reappropriated as part
of the following year's budget.
As demonstrated by the statements and schedules included in the financial
section of this report, the Village continues to meet its responsibility
for sound financial management.
General Government Functions. The following schedule presents a summary
of general fund, special revenue funds, and debt service funds revenues
for the fiscal year ended April 30, 1996, and the amount and percentage
of increases and decreases in relation to prior year revenues.
Vii
*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 32% of taxes or $2,168,771. This is a
decrease of $18,761 from the prior year, or a .9% decrease. This is the
fourth consecutive year of decrease in property tax.
Sales tax is another major category of revenue. The Village receives a
1% tax on the exchange of tangible personal property. This tax is
collected by the State of Illinois and remitted to the Village. For the
year ended April 30, 1996, sales tax receipts totalled $2,684,917 or 37%
of the total taxes received. This is an increase over the previous year
of approximately 5.5 %. The Village believes that the increase is
indicative of the strength of the Village business community.
Another significant revenue source is the hotel tax, a 5% tax 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 1050 rooms and 1995 -96 tax receipts of $1,259,100 which is
17.2% of total taxes received in 1995 -96, and an increase of 7.3% over
1994 -95. 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 risen sharply. There
was an increase of $142,359 or a 20% increase. This is due primarily to
the development discussed in Economic Conditions and Outlook. Building
permits increased to $359,941. The level of permit revenue is likely to
continue for the next two fiscal years.
Interest. Interest earnings increased approximately 41% due to a general
increase in interest rates.
Chartres for Services. These revenues have decreased $78,418 due primarily
to charges to developers for engineering fees. These fees are charged
at the beginning of a project.
Miscellaneous. The current decreases in miscellaneous revenue were in
the General Fund because of a non - recurring item (the sale of used squad
cars for $46,600).
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 1996, and the percentage of increases and decreases in relation to
prior year amounts.
Viii
Increase
Percent
1995
1996
Percent
(Decrease)
of Increase
Revenues*
Amount
Amount
of Total
from 1995
(Decrease)
Taxes
6,835,737
7,326,096
68.73
490,359
7.17
Licenses
& Permits
704,147
849,506
7.97
145,359
20.64
Intergovernmental
425,384
409,926
3.85
(15,458)
(3.63)
Charges for
Services
423,642
345,224
3.24
(78,418)
(18.51)
Fines
320,166
350,768
3.29
30,602
9.56
Interest
563,318
792,817
7.44
229,499
40.74
Miscellaneous
641,547
585,599
5.49
(55,948)
(8.72)
Total
9,913,941
10,659,936
100.00
745,995
7.52
*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 32% of taxes or $2,168,771. This is a
decrease of $18,761 from the prior year, or a .9% decrease. This is the
fourth consecutive year of decrease in property tax.
Sales tax is another major category of revenue. The Village receives a
1% tax on the exchange of tangible personal property. This tax is
collected by the State of Illinois and remitted to the Village. For the
year ended April 30, 1996, sales tax receipts totalled $2,684,917 or 37%
of the total taxes received. This is an increase over the previous year
of approximately 5.5 %. The Village believes that the increase is
indicative of the strength of the Village business community.
Another significant revenue source is the hotel tax, a 5% tax 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 1050 rooms and 1995 -96 tax receipts of $1,259,100 which is
17.2% of total taxes received in 1995 -96, and an increase of 7.3% over
1994 -95. 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 risen sharply. There
was an increase of $142,359 or a 20% increase. This is due primarily to
the development discussed in Economic Conditions and Outlook. Building
permits increased to $359,941. The level of permit revenue is likely to
continue for the next two fiscal years.
Interest. Interest earnings increased approximately 41% due to a general
increase in interest rates.
Chartres for Services. These revenues have decreased $78,418 due primarily
to charges to developers for engineering fees. These fees are charged
at the beginning of a project.
Miscellaneous. The current decreases in miscellaneous revenue were in
the General Fund because of a non - recurring item (the sale of used squad
cars for $46,600).
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 1996, and the percentage of increases and decreases in relation to
prior year amounts.
Viii
Increase Percent
1995 1996 Percent (Decrease) of Increase
Expenditures* Amount Amount of Total from 1995 (Decrease)
projects, these expenditures are not necessarily even from year to year.
General Fund Balance. The undesignated fund balance has increased to
Current
increased to $5,200,000. The designated fund balance represents the
General Govt. 1,622,179
1,783,331 18.96 1611152 9.93
Public Safety 3,526,351
3,713,793 39.48 187,442 5.32
$1,320,000 and has an additional $3,950,000 designated for this project.
Highways /Streets 1,091,677
1,509,772 16.05 418,095 38.30
Misc. 687,732
691,259 7.35 3,.527 .51
undesignated fund balance of $3,848,753 is the equivalent of 255 working
Debt Service
days of expenditures.
Principal 1,230,000
1,195,000 12.71 (35,000) (2.85)
of four separate and distinct activities: the Water Fund, the Sewerage
Interest 592,189
511,630 5.45 (80,559) (13.60)
tTotal
8,750,128
9,404,785 100.00 6541637 7.48
approximately $154,000 due primarily to an increase in water main
maintenance. The Water Fund had an operating income of $333,496. This
*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $161,152. This represents an
increase in legal and counsel
fee for cable television renewal and the
that is $1,364,720 vs. $1,188,418. The fund had a net loss of $135,044;
transfer of audit function
from its own fund to the Administrative
Department.
depreciation) decreased from $1,440,898 to $1,247,716, a 13.4% decrease.
The $187,442 increase (5.3%)
in expenses in the Police Department is the
result of the wage settlement costing $102,000.
tThe
increase of $418,095 or 38.30%
in Highways and Streets is the result
increased to 114%, from 110% the prior year. The actuarial assumption
of the completion of motor fuel
tax funds for the resurfacing of Deerfield
1
Road at a cost of $523,000.
These funds are frequently reserved for
specific projects and used as
required, but because of the nature of the
projects, these expenditures are not necessarily even from year to year.
General Fund Balance. The undesignated fund balance has increased to
1
$3,848,753 from $3,531,947 and the Village's designated fund balance has
increased to $5,200,000. 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
$1,320,000 and has an additional $3,950,000 designated for this project.
In addition, the Village has designated $1,250,000 for future capital
expenditures for repairs and maintenance of infrastructures. The Village's
undesignated fund balance of $3,848,753 is the equivalent of 255 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 $154,000 due primarily to an increase in water main
maintenance. The Water Fund had an operating income of $333,496. This
was also due to the major increase in water sales from June through
January.
In the Sewerage Fund, the total operating expenses increased by $175,000,
that is $1,364,720 vs. $1,188,418. The fund had a net loss of $135,044;
however, operating income before depreciation was $251,577.
The Refuse Fund had a net income of $55,154. Expenses (excluding
depreciation) decreased from $1,440,898 to $1,247,716, a 13.4% decrease.
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1996. For the
year ended April 30, 1996, the pension benefit obligation funding level
increased to 114%, from 110% the prior year. The actuarial assumption
for investments was 8.5% and for projected salaries was 6 %.
1
ix
1
Debt Administration. At April 30, 1996, the Village had a number of debt
issues outstanding. These issues included $8,033,010 of net general
obligation bonded debt and no revenue bonds. The Village continues to
be rated AA+ 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 - 1995 603,544,983
Legal Debt Limit - 8.6250 52,055,755
Amount of Debt applied to fund 10,220,000
Legal Debt Margin 41,835,755
Cash Management. Cash temporarily idle during the year was invested in
demand deposits, certificates of deposit, obligations of the U.S. Treasury,
and commercial paper. The pension's trust funds investment portfolio also
includes insurance company separate accounts and a guaranteed investment
contract. The average yield on investments, except for the Trust and
Agency fund group, was 6.025%. The pension trust fund achieved a yield
rate of 9.338 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 5.370 for 90 day U.S.
Treasury bills and 6.331 for 10 year U.S. Treasury notes. The Village
earned interest revenue of $1,586,620 on all investments except the Trust
and Agency fund group and $1,185,565 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 "B" or better. The Village's investments total $40,823,970. Of these,
$26,855,918 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
$13,968,052, as detailed below, is held in accounts not subject to risk
categorization. $10,262,909 is invested in the Illinois Public Treasury
Pool, $3,111,526 is in a deferred compensation plan asset account, and
the remaining $563,617 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 ($5,000,000 of coverage after
a $1,000,000 self- insurance retention). The Village's payments to HELP
are displayed on the financial statements as expenditures /expenses in
appropriate funds.
OTHER INFORMATION
Independent Audit. State statutes require an annual audit by independent
certified public accountants. The accounting firm of Crowe Chizek and
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.
x
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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 suppoi
pr ration of this report would not have been
es tfully submitted,
,- George J. Vale'tine
Finance Direct
xi
t of the Village Board,
possible.
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, 1995. The
Certificate of Achievement
is a prestigious national
award recognizing
conformance with the highest
standards for preparation
of state and local
government financial reports.
1
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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 suppoi
pr ration of this report would not have been
es tfully submitted,
,- George J. Vale'tine
Finance Direct
xi
t of the Village Board,
possible.
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CROWE CHIZEK
REPORT OF INDEPENDENT AUDITORS
tThe Honorable Mayor
Members of the Board of Trustees
Village of Deerfield, Illinois
4
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, 1996, 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,
1995 and the general, special revenue, debt service, enterprise, internal service, police pension,
and component unit - public library general funds' individual fund statements of revenues,
expenditures/ expenses, and changes in fund balances/ retained earnings 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 audit 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 audit provides 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, 1996,
and the results of its operations and cash flows of its proprietary fund types for the year then
jended 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, 1996, 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,
1995 and the results of operations of the individual general, special revenue, debt service,
1
1
enterprise, internal service, police pension, and component unit - public library general funds
for the year then ended in conformity with generally accepted accounting principles.
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
t\ group financial statements taken as a whole.
1
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.
ck, Ct't'-J C"��
Crowe, Chizek and Company LLP
Oak Brook, Illinois
�. July 15, 1996
1
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7.
VILLAGE OF DEERFIELD, ILLINOIS
All Fund Types and Account Groups
' and Discretely Presented Component Unit
Combined Balance Sheet
April 30,1996
(with comparative totals for 1995))
1
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VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary and Fiduciary
(Pension Trust) Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved/ Fund Balances
Year Ended April 30, 1996
(with comparative totals for 1995)
Operating revenues
Taxes
Charges for services
Contributions
Interest
Miscellaneous
Total operating revenues
Operating expenses
Administration
Operations
Depreciation
Benefits and refunds
Miscellaneous
Total operating expenses
Operating income (loss)
Nonoperating revenues
Interest income
Property taxes
Income before operating
transfers
Operating transfers (out)
Net income (loss)
Other changes in retained earnings -
unreserved /fund balances
Depreciation that reduces
capital
Net increase (decrease) in retained
earnings - unreserved /fund balances
Retained earnings - unreserved/
fund balances
May 1
Prior period adjustments
Adjusted balances
April 30
Fiduciary
Proprietary
Fund Types
Fund Type
Totals
361,297
361,297
Internal
Pension
(Memorandum Only)
2,507
Enterprise
Service
Trust
1996
1995
$ -
$ -
$ 232,578
$ 232,578 $
222,673
4,982,273
940,853
-
5,923,126
5,984,447
-
-
182,731
182,731
174,366
-
1,185565
1,185565
988,561
196,268
-
196,268
159,735
5,178,541
940,853
1,600,874
7,720,268
7529,782
459,905 661,475
4,668,307 192,166
361,297 - -
- 318,461
- - 1,444
5,489509 853,641 319,905
(310,968) 87,212 1,280,969
1,121,380
1,211,770
4,860,473
4,707,017
361,297
361,297
318,461
305,114
1,444
2,507
6,663,055
6587,705
1,057,213 942,077
252,151
30,767
282,918
277,160
724,021
-
724,021
745,275
976,172
30,767
1,006,939
1,022,435
665,204
117,979 1,280,969
2,064,152
1,964512
(490,000)
(186,317) -
(676,317)
(564,354)
175,204
(68,338) 1,280,969
1,387,835
1,400,158
184,847 - 184,847 172381
360,051 (68,338) 1,280,969 1572,682 1,572,539
5,875,043 315,674 11,405529 17 ,596,246 16,112,940
- - - - (89,233)
5,875,043 315,674 11,405529 17,596,246 16,023,707
$ 6,235,094 $ 247,336 $ 12,686,498 $ 19,168,928 $ 17 ,596,246
See accompanying notes to financial statements.
C-1
1
i
1
1
1
1
1
1
1
1
1
1
1
i
1
i
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1
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended April 30,1996
(with comparative totals for 1995)
Cash flows from operating activities
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided by operating
activities
Depreciation
Other nonoperating revenues
Changes in assets and liabilities
Receivables
Due from other funds
Due from component unit
Inventories
Accounts payable
Accrued payroll
Compensated absences payable
Claims payable
Due to other funds
Cash flows from noncapital financing activities
Operating transfers (out)
Cash flows from capital and related
financing activities
Fixed assets purchased
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
Proprietary Fund Types Totals
Internal (Memorandum Only)
Enterprise Service 1996 1995
$ (310,968) $ 87,212 $ (223,756) $ (135,902)
361,297
(400,954)
361,297
361,297
724,021
-
724,021
745,275
(150,018)
190
(149,828)
(104,669)
2,137
-
2,137
(15)
(177)
(177)
3,413
12,749
(927,452)
12,749
(26,526)
(33,497)
(11,089)
(44,586)
28,401
3,891
94
3,985
-
12,833
-
12,833
14,256
-
1,279,390 $
-
(6,624)
(604)
(13,088)
(13,692)
(10,854)
621,664
63,319
684,983
868,052
(490,000)
(186,317)
(676,317)
(564,354)
_ (38,604)
(1,481,887)
(400,954)
(1,882,841)
(1,932,801)
1,814,338
303589
2,117,927
453,699
318,463
29,880
348,343
286,556
650,914
(67,485)
583,429
(1,192,546)
782,578
(190,483)
592,095
(927,452)
391,374
295,921
687,295
1,614,747
$ 1,173,952 $
105,438 $
1,279,390 $
687,295
$ 1,173,952 $
105,438 $
1,279,390 $
687,295
3,785,464
350,877
4,136,341
4,446,520
$ 4,959,416 $
456,315 $
5,415,731 $
5,133,815
See accompanying notes to financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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)
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1996
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued
Ijoint 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 , rou
g P
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.
fl
1
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1
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)
7
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1996
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, either a pension trust fund, a nonexpendable trust
fund, or an expendable trust fund is used. The terms "nonexpendable" and "expendable" refer
to whether or not the Government is under an obligation to maintain the trust principal.
Agency funds generally are used to account for assets that the Government holds on behalf of
others as their agent.
The general fixed assets account group is used to account for fixed assets not accounted for in
proprietary or trust funds. The general long -term debt account group is used to account for
general long -term debt and certain other liabilities that are not specific liabilities of proprietary
or trust funds.
Basis of Accounting: The accounting and financial reporting treatment applied to a fund is
determined by its measurement focus. Ali governmental funds and expendable trust 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, expendable
trust funds, 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)
10
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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.
1 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
1 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.
1
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I
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)
11
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and Investments:
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Government's proprietary fund types consider
all highly liquid investments with an original maturity of three months or less when purchased
to be cash equivalents.
Investments
Investments 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
deferred compensation agency fund and insurance company separate accounts 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.
Inventories: Inventories are valued at cost, which approximates market, using the first -
in /first -out (FIFO) method. The costs of governmental fund -type inventories are recorded as
expenditures when consumed rather than when purchased.
Prepaid Items: Payments made to vendors for services that will benefit periods beyond the
date of this report are recorded as prepaid items.
Fixed Assets: General fixed assets are not capitalized in the funds used to acquire or construct
them. Instead, capital acquisition and construction are reflected as expenditures in
governmental funds, and the related assets are reported in the general fixed assets account
group. All purchased fixed assets are valued at cost where historical records are available and
at an estimated historical cost where no historical records exist. Donated fixed assets are
valued at their estimated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized. Improvements are capitalized and depreciated
over the remaining useful lives of the related fixed assets, as applicable.
(Continued)
12
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
1 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.
LAssets 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 o n proprietary fu n d 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.
1 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
8 8 $ $� Y g
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.
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Bond Discounts/Issuance Costs: In governmental fund types, bond discounts and issuance
costs are recognized in the current period.
(Continued)
13
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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.
GASB Pronouncements The Government has elected, under the provisions of GASB
Statement 20, entitled "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)
14
1
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued)
Deficit Fund Balances/Retained Earnings of Individual Funds: The following funds had a
deficit in fund balance/ retained earnings as of the date of this report:
Fund
Emergency Services /Disaster
Tax Incremental Finance District 2
' Excess of Actual Expenditures /Expenses Over Budget in
funds had an excess of actual expenditures /expenses
amortization) over budget for the fiscal year:
Deficit
Balance
$ 7,800
768,710
Individual Funds: The following
(exclusive of depreciation and
1 Fund Excess
Debt Service $ 1,475
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 $2,380 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.
1
' (Continued)
15
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1996
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Deposits: At year -end the carrying amount of the Government's deposits totaled $(102,640)
and the bank balances totaled $239,113, and the Discretely Presented Component Unit's
carrying amount of deposits totaled $34,077 and the bank balances totaled $19,862.
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. $ 239,113 $ 19,862
Category 2
Deposits covered by collateral held by the pledging
financial institution's trust department, or by its
agent, in the Government's name.
Category 3
Deposits covered by collateral held by the pledging
financial institution, or its trust department, or its
agent but not in the Government's name, and
deposits which are uninsured and uncollateralized. -
Total Deposits
239,113 1 2
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)
16
IVILLAGE OF DEERFIELD, ILLINOIS
I
1
t
1
1
1
1
I
1
1
i
1
• Deferred Compensation
Plan Assets
• Illinois Public Treasurer's
Investment Pool
• Life Insurance Contracts
and Separate Accounts
Total Investments - Primary Government
Component Unit
3,111,526 3,111,526
10,262,909 10,262,909
563,617 563,617
40 42
• Deferred Compensation Plan Assets $ 46,403 $ 46,403
• Illinois Public Treasurer's
Investment Pool 735.083 735.083
Discretely Presented Component Unit $ 781.486 781.486
• (Not Subject to Risk Categorization)
The pension trust fund owns 37 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1995 attach as an enforceable lien on January 1, 1995, 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, 1996, and August 1, 1996, and are payable in two installments, on or about
March 1, 1996, and September 1, 1996. The County collects such taxes and remits them
periodically.
(Continued)
17
Notes to Financial Statements
April 30, 1996
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
1
Investments: (Continued)
Primary Government
----------------- - - - - -- Carrying Amount ---------------------
--------------------- Category -------- - - - - --
Market
1 2
Totals
Value
iU.S.
Government Securities
$ 23,082,551 $ - $ -
$ 23,082,551
$ 24,480,539
GNMA
1,606,398 - -
1,606,398
1,648,398
Municipal Bonds
2.196.969 - -
2.196.969
2.185.330
$ 26.885.918 - -
� �
26,885,918
28,314,267
I
1
t
1
1
1
1
I
1
1
i
1
• Deferred Compensation
Plan Assets
• Illinois Public Treasurer's
Investment Pool
• Life Insurance Contracts
and Separate Accounts
Total Investments - Primary Government
Component Unit
3,111,526 3,111,526
10,262,909 10,262,909
563,617 563,617
40 42
• Deferred Compensation Plan Assets $ 46,403 $ 46,403
• Illinois Public Treasurer's
Investment Pool 735.083 735.083
Discretely Presented Component Unit $ 781.486 781.486
• (Not Subject to Risk Categorization)
The pension trust fund owns 37 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1995 attach as an enforceable lien on January 1, 1995, 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, 1996, and August 1, 1996, and are payable in two installments, on or about
March 1, 1996, and September 1, 1996. The County collects such taxes and remits them
periodically.
(Continued)
17
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 5 - FIXED ASSETS
General Fixed Assets Account Group: The following is a summary of changes in the general
fixed assets account group during the fiscal year:
Primary Government
Balances
Balances
May 1
Additions
Retirements
April 30
Land $ 3,522,331
$ 248,901
$ -
$ 3,771,232
Buildings and improvements 4,915,798
-
-
4,915,798
Vehicles 769,655
476,860
194,571
1,051,944
Equipment 2,050,780
316,427
9,426
2,357,781
11,258,564
$ 1,042,188
203,997
$ 12,096,755
Discretely Presented Component Unit
Balances
Balances
May 1
Additions
Retirements
April 30
Land $ 145,556
$ -
$ -
$ 145,556
Building and improvements 848,116
-
-
848,116
Equipment 420,137
14,885
-
435,022
$ 1,413,809
14,885
$
$ 1,428,694
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
13,670,057
Equipment and Vehicles
886,806
Parking Lot Improvements
632,608
15,266,971
Accumulated depreciation
8,205,570
E, a *109 11
(Continued)
18
1
1
1
1
I
t
1
[i
1
1
t
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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
Construction Contracts: The Government has entered into contracts for the construction or
renovation of various facilities as follows:
Phase III Streetscape
Osterman Avenue
Improvements
Deerfield Road
Rehabilitation Project
1995 Street
Rehabilitation Project
NOTE 6 - RISK MANAGEMENT
Required
Project Expended Further
Authorization To Date Financing
$ 1,014,524 $ 943,054 None
1,346,614
1,153,127
None
475,994
28,041
None
131,900
51,625
None
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.
(Continued)
19
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 6 - RISK MANAGEMENT (Continued)
Each participating fund of the Government makes payments to the Fund based upon actuarial
estimates of the amounts needed to pay prior and current -year claims. Liabilities of the Fund
are reported when it is probable that a loss has occurred and the amount of the loss can be
reasonably estimated. Liabilities include an amount for claims that have been incurred but not
reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim
settlement trends including frequency and amount of payouts, and other economic and
societal factors. Changes in the balances of claims liabilities during the past two fiscal years are
as follows:
Unpaid claims - beginning
Incurred claims (including IBNR)
Claim payments
Unpaid claims - ending
Municipal Insurance Cooperative Agency (MICA)
Fiscal Year Ending
April 30,
1996 1995
$ 177,005 $ 170,381
614,521 540,964
(614,521) (534,340)
$ 177,005 $ 177,005
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 in Illinois to provide excess liability
coverage ($5,000,000 of coverage after a $1,000,000 self - insurance retention). The Government's
payments to HELP are displayed on the financial statements as expenditures /expenses in
appropriate funds.
(Continued)
20
1
1
1
1
1
C
1
1
1
1
t
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
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 by -laws, 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
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.
NOTE 7 - LEASE OBLIGATIONS
No material capital or operating leases were in effect as of the date of this report.
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds: The Government issues general obligation bonds for the
acquisition and construction of major capital facilities.
(Continued)
21
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1996
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds:
General obligation bonds are direct obligations and pledge the full faith and credit of the
Government. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired By May 1 Additions Reductions April 30
Corporate Purpose Bond Series
of 1986; ($11,000,000 dated
May 1, 1986; maturing
January 1, 2005; payable in
annual installments; interest
Debt
rates from 6.40% to 7.75 %)
Service
Corporate Purpose Bond Series
of 1988; ($3,000,000 dated
November 1, 1988; maturing
January 1, 1996; payable in
annual installments; interest
Debt
rates from 6.7% to 8.0%)
Service
Corporate Purpose Bond Series
of 1991; ($1,500,000 dated
July 1, 1991; maturing
January 1, 1997; payable in
annual installments; interest
* *Debt
rates from 5.2% to 5.8 %)
Service
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 4.109/6)
Service
1.1 11'1
175,000 -
.11 111
:1 111 2 111
175,000
11 111
• :1 111 � 1 11'1
If fll
Snow, 1 111
1 .1 1,1;1
** The Government abates the tax levy on this bond issue annually. The debt is being
retired by transfers from the Tax Incremental Finance District 2 Fund.
(Continued)
22
1
1
1
1
1
1
L
t
[1
1
[l
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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
AARri130
Bonds
1997
$ 1,684,764
1998
1,367,155
1999
1,376,155
2000
1,363,105
2001
1,368,825
2002
1,377,495
2003
1,383,910
2004
1,358,070
2005
1,046,205
Total Principal
and Interest S 12,325,684
Interest Portion $ 2,105,684
Changes in Long -Term Liabilities: During the fiscal year the following changes occurred in
liabilities reported in the general long -term debt account group:
(Continued)
W
Balances
Balances
Ma
Additions Reductions
Al2ril
Corporate Purpose Bond Series of 1986
$ 1,060,000
$ - $ 580,000
$ 480,000
Corporate Purpose Bond Series of 1988
175,000
- 1751000
-
General Obligation Bond Series of 1991
600,000
- 300,000
300,000
General Obligation Refunding Bond
Series of 1993
9,580,000
12,415,QM
- 140,000
$ - $ 1.195.000
9,440,000
$--1022.0,M
(Continued)
W
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996 t
NOTE 8 - LONG -TERM DEBT (Continued)
Legal Debt Margin: The Government is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt
margin.
"The General Assembly may limit by law the amount and require referendum approval of
debt to be incurred by home rule municipalities, payable from ad valorem property tax
receipts, only in excess of the following percentages of the assessed value of its taxable
property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of
one percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this
constitution or which is thereafter approved by referendum... shall not be included in the
foregoing percentage amounts."
To date the General Assembly has set no limits for home rule municipalities.
Advance Refunding - General Long -Term Debt: On May 1, 1993, the Government issued
general obligation bonds to defease portions of its Series 1986 and Series 1988 Corporate
Purpose Bonds. The net proceeds were used to purchase U.S. government securities. Those
securities were deposited in an irrevocable trust with American National Bank and Trust
Company, Chicago, to provide for all future debt service payments of the refunded bonds. As
a result, the refunded bonds are considered to be defeased and the liability for those bonds
have been removed from the general long -term debt account group.
The Series 1988 Bonds outstanding ($1,975,000) were called for redemption on January 1, 1996
at 101.5% of par value.
At April 30, 1996, $6,840,000 of the Series 1986 Bonds were outstanding and considered
defeased. These Bonds are scheduled to be called for redemption on July 1, 1996 at 102% of par
value.
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.
(Continued)
24
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 8 - LONG -TERM DEBT (Continued)
Noncommitment Debt - Industrial Development Revenue Bonds: (Continued)
Industrial Development Revenue Bonds are not a debt of the Government. The entity using
the bond proceeds to finance a construction or improvement project is liable for the bonds.
Since the Government does not act as an agent for Industrial Development Revenue Bonds, the
transactions relating to the bonds and property do not appear in the Government's financial
statements.
The Government has authorized the issuance of the following such bonds:
Date Issued Type of Bond Amount Debtor
12/20/82 Industrial Revenue $ 1,615,000 Chi -Chi's Inc.
4/16/84 Industrial Revenue 1,000,000 Teradyne, Inc.
12/17/84 Industrial Revenue 4,500,000 Industrialplex
Limited Partnership
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
' Receivable Fund Payable Fund Amount
General Emergency Services/ Disaster $ 7,120
Deposit 8,869
15,989
Street and Bridge General 1,123
Emergency Services/ Disaster 376
1,499
1 $ 17,488
(Continued)
25
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 9 - INTERFUND ASSETS/LIABILITIES (Continued)
Advances From/To Other Funds:
Receivable Fund Payable Fund
General Tax Incremental Finance District 2
Due From/To Primary Government and Component Unit:
Receivable Entity
Component unit -
Public Library - General Fund
Primary government -
Debt Service Fund
Refuse Fund
IMRF Fund
Police Pension Fund
Payable Entity
Primary government
Street and Bridge Fund
Component unit -
Public Library - General Fund
(Continued)
26
Amount
$ 1,320A00
Amount
$ 204
177
1,085
9
147
i
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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
Al2ri130 Amount
1997 $ 25,731
1998 26,024
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:
Miles of streets
Full-time equivalent employees
Number of motor vehicles
Operating revenues
Solid Waste Agency of Lake County (SWALCO): The Government has committed to pay its
share of the annual operating costs and fixed costs of the SWALCO. The Government's share
of dual costs is expected to be funded through tipping fees paid by refuse haulers. The
Government expects to be delivering refuse to the Agency beginning May of 1996. Cost
jprojection amounts are not yet available for 1996.
The Agency has entered into Solid Waste Disposal Contracts with member municipalities. The
Contracts are irrevocable and may not be terminated or amended except as provided in the
Contract. Each member is obligated, on a "take or pay" basis, to purchase or in any event to
pay for a minimum annual cost of the system.
The obligation of the Government to make all payments as required by this Contract is
unconditional and irrevocable, without regard to performance or nonperformance by the
Agency of its obligations under this Contract.
(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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)
28
Commuter
Water
Sewerage
Refuse
Parking Lot
Totals
Operating revenues $
2,794,079
$ 1,616,297
$ 581,684
$ 186,481 $
5,178,541
Depreciation and
amortization expense
89,782
239,245
-
32,270
361,297
Operating income (loss)
243,714
12,332
(666,032)
99,018
(310,968)
Operating grants, entitlements,
and shared revenues
-
-
-
-
-
Operating transfers in
-
-
-
-
-
Operating transfers out
(187,000)
(198,000)
(15,000)
(90,000)
(490,000)
Tax revenues
-
-
724,021
-
724,021
Net income (loss)
209,792
(135,044)
55,154
45,302
175,204
Current capital contributions
-
-
-
-
-
Current capital transfers
-
-
-
-
-
Plant, property, and equipment
Additions
-
-
-
-
-
Deletions
-
-
-
-
-
Total assets
5,626,415
6,594,221
911,760
883,097
14,015,493
Net working capital
3,398,705
1,556,767
832,925
686,871
6,475,268
Bonds and other long -term
liabilities
Payable from operating
revenues
-
-
-
-
-
Payable from other sources
-
-
-
-
-
Total equity
5,429,775
6,400,895
832,925
873,074
13,536,669
(Continued)
28
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1996
NOTE 12 - CONTRIBUTED CAPITAL
During the fiscal year, contributed capital increased/ decreased by the following amounts:
Commuter
' Water Sewera a Parking Lot Totals
Increases $ - $ - $ - $
Decreases - depreciation 40,679 124,403 19,765 184,847
Net increase (decrease) (40,679) (124,403) (19,765) (184,847)
Contributed capital
May 1 1,756,983 5,506,626 222,813 7,486,422
April 30 $ 1,716,304 $ 5,382,223 203,048 7301375
NOTE 13 - FUND EQUITY
Restatements - During the year, the following restatements were made:
The General, Water, and Sewerage Funds for 1995 have been restated to correct an error in
recording income from an investment in public entity risk pool - HELP. The effect of the
restatement was to decrease fund balance/ retained earnings by $22,779, $3,992, and $9,851,
' respectively.
Prior Period Adjustments - During the year, the following prior period adjustments were
made:
Fund balance/ retained earnings for the General, Water, and Sewerage Funds have been
decreased by $146,832, $25,732, and $63,501, respectively, to correct errors in accounting for
- an investment in public entity risk pool -HELP.
Tax Incremental Finance District 1 Fund - Surplus Rebate
On December 18, 1995, the Government passed Resolution No. 95 -17 titled 'Resolution
Declaring a Surplus of Tax Increment Financing Funds" in accordance with the Illinois
Compiled Statutes. The Government determined that the sum of $6,717,026 held in the Tax
Incremental Finance District 1 Fund was surplus funds and should be redistributed to the
appropriate taxing districts in Fiscal 1996.
(Continued)
29
VILLAGE OF DEERFIELD, ILLINOIS 1
Notes to Financial Statements
April 30,1996
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)
30
1 VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
I April 30,1996
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
Description of joint Venture
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 by -laws, rules and
regulations, and exercises such powers and performs such duties as may be prescribed in the
Agency Agreement or the by -laws.
(Continued)
31
The members of the Agency and their percentage shares based on formulae contained in the
Agency Agreement
as of April
30, 1995 are:
Share
% Share
% Share
Antioch
1.06%
Lake County
19.88%
Riverwoods
.94%
Beach Park
1.65
Lake Forest
6.13
Round Lake
.61
Deer Park
.74
Lake Villa
.55
Round Lake Beach
2.55
Deerfield
4.25
Lake Zurich
3.21
Round Lake Park
.64
Grayslake
1.46
Libertyville
4.38
Third Lake
.24
Green Oaks
.47
Lincolnshire
1.74
Vernon Hills
3.36
Gurnee
3.11
Lindenhurst
1.45
Wadsworth
.39
Hawthorn Woods
1.07
Long Grove
1.42
Wauconda
1.31
Highland Park
8.03
Mundelein
4.12
Waukegan
12.15
Kildeer
.67
North Barrington
.66
Winthrop Harbor
1.08
Lake Barrington
1.16
North Chicago
3.13
Zion
3.92
Lake Bluff
1.61
Park City
.86
These percentage shares are subject to change in future years
based on the combination of the
population and equalized assessed valuation of the municipalities.
Description of joint Venture
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 by -laws, rules and
regulations, and exercises such powers and performs such duties as may be prescribed in the
Agency Agreement or the by -laws.
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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 30,1995:
Assets Liabilities and Fund Equity
Current assets $ 55,553 Current liabilities 25,147
Fund equity
Investment in general
Fixed assets 14,635 fixed assets 14,635
Fund balance - unreserved 30,406
45,041
Total liabilities
Total assets i-7 .1 K and fund equity L 70,188
Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended
April 30,1995:
Total revenues $ 596,483
Total expenditures 566,077
Excess of revenues over expenditures 30,406
Fund balance
May 1 -
April 30 30,406
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, 1996.
(Continued)
32
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
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. All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other beneficiary) solely
the property and rights of the Government subject only to the claims of the Government's
general creditors. Participants' rights under the plan are equal to those of general creditors of
�t the Government in an amount equal to the fair market value of the deferred account for each
participant.
jIt is the opinion of the Government's legal counsel that the Government has no liability for
losses under the plan but does have the duty of due care that would be required of an ordinary
prudent investor. The Government believes that it is unlikely that it will use the assets to
satisfy the claims of general creditors in the future.
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 $2,450. 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 $35. Currently there
are six participants eligible to receive benefits. Accordingly, no liability has been recorded for
post- retirement health care benefits.
1
1 (Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Illinois Municipal Retirement
The Government contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent multiple - employer public employee retirement system, that acts as a common
investment and administrative agent for local governments and school districts in Illinois. The
Government's total payroll for the year ended December 31, 1995, was $6,004,312. Of this
amount, $3,693,506 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 percent
of their final rate (average of the highest 48 consecutive months' earnings during the last 10
years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year
thereafter. IMRF also provides death and disability benefits. These benefit provisions and all
other requirements are established by Illinois Compiled Statutes.
Participating members are required to contribute 4.5 percent of their annual salary to IMRF.
The Government is required to contribute the remaining amounts necessary to fund the
coverage of its own employees in the System, using the actuarial basis specified by state statute
(entry age normal); for 1995, the rate was 11.01 percent.
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, 1996 was $2,030,345
out of a total payroll of $6,088,903. At April 30, 1996, the Police Pension Plan membership
consisted of:
(Continued)
34
LVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 11
Current employees
Vested ] 25
Nonvested ] 13
Total —4
The following is a summary of the Police Pension Plan as provided for in Illinois Compiled
Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability benefits.
Employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive an annual retirement benefit of one -half of the salary attached to the rank
held on the last day of service, or for one year prior to the last day, whichever is greater. The
` pension shall be increased by 2% 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% simple 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.
(Continued)
35
VILLAGE OF DEERFIELD, ILLINOIS �.
Notes to Financial Statements
April 30,1996 1
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
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: Fixed - income securities are reported at amortized cost
with discounts or premiums amortized using the effective interest rate method, subject to
adjustment for market declines judged to be other than temporary (lower of cost or market).
Investment income is recognized as earned.
Gains and losses on sales and exchanges of fixed- income securities are recognized on the
transaction date. Equity securities are reported at cost subject to adjustment for market
declines judged to be other than temporary (lower of cost or market).
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 Status and Progress:
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.
(Continued)
36
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Status and Progress: (Continued)
Illinois
Municipal
Police
Retirement
Pension
Actuarial valuation date December 31,
April 30,
1995
1996
Significant actuarial assumptions
a) Rate of return on investment 7.50% 8.50%
of present and future assets compounded compounded
annually annually
b) Projected salary increases - 4.25% 3.0%
attributable to inflation compounded compounded
annually annually
c) Additional projected salary
increases - attributable 3.0%
to seniority /merit compounded
0.6%-6.8% annually
d) Post - retirement benefit 3.00% 3.00%
increases compounded
annually
(Continued)
37
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Status and Progress: (Continued)
Pension benefit obligation
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving benefits
Current employees
Accumulated employee contributions
including allocated investment earnings
Employer - financed vested
Employer - financed nonvested
Total pension benefit obligation
Net assets available for benefits,
at lower of cost or market
(Market values)
(IMRF - $ 7,105,132)
(Police - 14,123,053)
(Totals - $ _ 21,228.185)
Unfunded (assets in excess of)
pension benefit obligation
Illinois
Municipal
Retirement
Totals
Police (Memorandum
Pension QWy)
(Note)
$ 662,040 $ 4,618,575 $ 5,280,615
2,134,963 1,653,188 3,788,151
5,395,116 4,558,879 9,953,995
380,159 301,862 682,021
8,572,278 11,132,504 19,704,782
7,032,907 12,686,498 19,719,405
(Note) The pension benefit obligation applicable to retirees and beneficiaries currently
receiving benefits is not included in the above schedule due to the fact that this
obligation was transferred from the Government to IMRF as a whole when the annuity
became payable.
Effects on the Pension Benefit Obligation of Current -Year Changes
Illinois Municipal Retirement: There were no changes in the actuarial assumptions or benefit
provisions.
Police Pension: There were no current -year changes in the actuarial assumptions or benefit
provisions.
(Continued)
38
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made:
Illinois Municipal Retirement and Police Pension
The Systems funding policy provide for actuarially determined periodic contributions at rates
that, for individual employees, accumulate assets gradually over time so that sufficient assets
will be available to pay benefits when due. The rate for the Government's employee group as a
whole has tended to remain level as a percentage of annual covered payroll. The contributions
rate for normal cost is determined using the entry age normal actuarial funding method. The
IMRF and Police Pension Systems used the level percentage of payroll method to amortize the
unfunded liability over a 40 year period.
The significant actuarial assumptions used to compute the actuarially determined contribution
requirements are the same as those used to compute the pension benefit obligation as
described above.
Illinois Totals
Municipal Police (Memorandum
Retirement Pension Only
(Continued)
39
Actuarial valuation date
December 31,
1995
April 30,
1996
Actuarially determined contribution
requirement
As a dollar amount
Employer
Normal cost
$ 266,671
$ 128,599
$ 395,270
Amortization of unfunded
actuarial accrued liability
102,310
22,304
124,614
Death and disability cost
141774
-
14,774
Supplemental retirement benefit
22,900
-
22,900
406,655
150,903
557,558
Employee - normal cost
166,208
182,731
341939
72 8Q
$ 333,634
7
(Continued)
39
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1996
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made: (Continued)
Illinois Totals
Municipal Police (Memorandum
Retirement Pension gow
As a % of current covered payroll
Employer
Normal cost
7.22%
6.33%
6.91%
Amortization of unfunded
actuarial accrued liability
2.77
1.10
2.18
Death and disability cost
.40
-
.26
Supplemental retirement benefit
.62
-
.40
11.01
743
9.74
Employee - normal cost
4.50
9.00
6.10
15.51%
16.43%
15.84%
Contribution made
As a dollar amount
Employer
$ 406,655
$ 232,578
$ 639,233
Employee
166,208
182,731
348,939
572,863
41
172
As a % of current covered payroll
Employer 11.01% 11.46% 11.17%
Employee 4.50 9.00 6.10
15.51 20.4k% __L7.270/16
Effects on the Contribution Requirements of Current -Year Changes:
Illinois Municipal Retirement: There have been no changes in the actuarial assumptions,
actuarial funding method, or benefit provisions.
Police Pension: There have been no changes in the actuarial assumptions, actuarial funding
method, or benefit provisions.
(Continued)
EEO
IVILLAGE OF DEERFIELD, ILLINOIS
�
Notes to Financial Statements
April 30,1996
As a % of annual covered payroll
1994
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
10.69
11.23
Trend Information: Trend information gives an indication of
the progress made in
11.56
accumulating sufficient assets to pay benefits when due. Trend information may be found in
11.54
the supplemental section of the Government's annual financial report.
1996
11.01
11.46
11.17
,t
Illinois
$ 385,905
Totals
$ 555,910
Municipal
Police
(Memorandum
410,551
406,655
Year Retirement
Pension
Only
Net assets available for benefits
as a % of the pension benefit 1994 71.22
111.56
95.33
385,905
obligation (PBO) 1995 73.37
110.47
95.34
1996 82.04
113.96
100.07
Unfunded (assets in excess of) PBO
as a % of annual covered payroll
(expressing the unfunded pension
benefit obligation as a percentage
of annual covered payroll approxi-
mately adjusts for the effects of 1994 53.54 (58.40) 13.97
inflation for analysis purposes) 1995 53.29 (55.79) 14.97
1996 41.68 (76.54) (0.25)
1995 410,551 222,673 633,224
1996 406,655 232,578 639,233
if NOTE 19 - INTERFUND OPERATING TRANSFERS
During the year, the Insurance Fund made an operating transfer to the Deposit (Agency) Fund,
therefore operating transfers are not reciprocal on the general purpose financial statements.
I
41
Employer contributions
As a % of annual covered payroll
1994
11.52
10.69
11.23
1995
11.56
11.49
11.54
1996
11.01
11.46
11.17
Required
1994
$ 385,905
$ 170,005
$ 555,910
1995
1996
410,551
406,655
159,619
150,903
570,170
557,558
Made
1994
385,905
195,933
581,838
1995 410,551 222,673 633,224
1996 406,655 232,578 639,233
if NOTE 19 - INTERFUND OPERATING TRANSFERS
During the year, the Insurance Fund made an operating transfer to the Deposit (Agency) Fund,
therefore operating transfers are not reciprocal on the general purpose financial statements.
I
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, 1996 and 1995
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 94,879 $ 79,448
Accrued payroll 23,687 -
Compensated absences payable 783,802 725,270
Other payables 2,949 13,951
Due to other funds 1,123 -
Due to component unit - 39
Total liabilities 906,440 818,708
Fund balance
Reserved for due from other governments 579,989 509,959
Reserved for inventory 14,952 13,332
Reserved for advances to other funds 1,320,000 1,320,000
Unreserved
Designated - future improvements 5,200,000 4,750,000
Undesignated 3,848,753 3,531,947
Total fund balance 10,963,694 10,125,238
Total liabilities and fund balance $ 11,870,134 $ 10,943,946
See accompanying notes to financial statements.
1996
1995
ASSETS
Cash and investments
$ 9,599,546
$ 8,634,261
Receivables
Accrued interest
177,529
146,892
Other
162,129
159,738
Due from other governments
Sales tax
462,173
415,559
State income tax
117,816
94,400
Due from other funds
15,989
159,764
Inventory
14,952
13,332
Advances to other funds
1,320,000
1,320,000
Total assets
$ 11,870,134
$ 10,943,946
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 94,879 $ 79,448
Accrued payroll 23,687 -
Compensated absences payable 783,802 725,270
Other payables 2,949 13,951
Due to other funds 1,123 -
Due to component unit - 39
Total liabilities 906,440 818,708
Fund balance
Reserved for due from other governments 579,989 509,959
Reserved for inventory 14,952 13,332
Reserved for advances to other funds 1,320,000 1,320,000
Unreserved
Designated - future improvements 5,200,000 4,750,000
Undesignated 3,848,753 3,531,947
Total fund balance 10,963,694 10,125,238
Total liabilities and fund balance $ 11,870,134 $ 10,943,946
See accompanying notes to financial statements.
1
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t
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
Revenues
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest.
Miscellaneous
Total revenues
Expenditures
General government
Public safety
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses)
Operating transfers in (out)
Debt Service Fund
Tax Incremental Finance
District 1 Fund
Tax Incremental Finance
District 2 Fund
Vehicle and Equipment Replacement Fund
Excess of revenues and other financing
sources over expenditures and other
financing uses
Fund balance
May 1
Prior period adjustment
Adjusted balance
Residual equity transfer in
Municipal Audit Fund
April 30
1996
budget Actual
$ 4,600,000
282,500
186,500
290,000
300,000
313,300
5,972,300
1,917,000
3,713,505
5,630,505
$
5,091,709
513,672
4,797
203,840
350,768
600,980
1995
Actual
$ 4,588,321
367,928
13,209
291,879
320,166
386,139
1,783,331
3,617,636
5,400,967
1,731,110
(775,000)
1,622,179
3,435,381
5,057,560
1,301,943
28,107 -
(50,000) (21,241) (17,876)
(152,700) (152,700) (124,000)
(202,700) (920,834) (141,876)
$ 139,095 810,276 1,160,067
10,125,238
10,125,238
28,180
10,153,418
$ 10,963,694
See accompanying notes to financial statements.
43
9,112,003
(146,832)
8,965,171
8,965,171
$ 10,125,238
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended April 30,1996
Licenses and permits
Beer/ liquor licenses
Budget
Actual
Taxes
5,000
4,902
Sales tax
$ 2,450,000
$ 2,684,917
Local use tax
150,000
135,865
Income tax
800,000
980,900
Hotel/ motel tax
1,200,000
1,259,100
Photofinishing tax
-
30,927
Miscellaneous
4,600,000
5,091,709
Licenses and permits
Beer/ liquor licenses
57,000
56,795
Food licenses
5,000
4,902
Other business licenses
27,500
29,410
Building permits
150,000
359,941
Animal licenses
7,000
7,770
Non - business licenses and permits
36,000
54,854
Interest
282,500
513,672
Intergovernmental
State grants - 4,797
Charges for services
Special police services
16,500
32,540
Transfer charges
60,000
60,000
Dispatching Services
100,000
103,200
Engineering charges
10,000
8,100
186,500
203,840
Fines and forfeits
290,000
350,768
Interest
300,000
600,980
Miscellaneous
False alarms
40,000
49,180
Sale of materials
-
2,319
Rentals
43,800
31,940
Miscellaneous
27,500
66,976
Franchise fees
202,000
215,896
313,300
366,311
Total revenues $ 5,972,300 $ 7,132,077
44
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VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1996
(Continued)
45
Budget
Actual
General government
Administration Department
Salaries
$ 865,090
$ 901,039
Overtime
10,100
10,645
Part -time
151,690
150,952
Employee benefits
172,180
129,800
Professional services
210,300
210,082
Travel, training, and dues
34,850
30,754
Printing and advertising
22,500
22,885
Communications
29,530
25,857
Insurance
62,500
43,183
Contractual services
112,000
89,560
Utility services
5,000
3,334
Motor vehicle maintenance
4,000
2,729
Repairs and maintenance
57,800
29,570
Equipment rental
-
768
Rental property repairs
3,000
458
Miscellaneous
57,700
44,062
Supplies
32,900
36,124
Materials
1,000
-
Petroleum products
2,550
1,845
Housing assistance
37,000
28,940
Apparel
800
-
Small tools and equipment
1,000
813
Equipment
43,510
16,946
Improvements other than buildings
-
2,985
Total general government
1,917,000
1,783,331
Public safety
Police Department
Administrative service
Salaries
689,390
656,601
Overtime
6,000
13,706
Part -time
46,500
43,869
Employee benefits
114,740
87,400
(Continued)
45
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1996
Investigations
Salaries
Budget
Actual
Public safety (Continued)
Overtime
Employee benefits
8,800
20,550
Police Department (Continued)
Travel, training, and dues
Administrative service (Continued)
730
Professional services
$ 5,000
$ 3,374
Travel, training, and dues
12,645
8,094
Printing and advertising
7,200
8,806
Communications
26,100
30,341
Insurance
144,790
114,829
Contractual services
57,840
40,194
Motor vehicle maintenance
1,800
2,864
Repairs and maintenance
24,300
26,041
Supplies
38,500
37,385
Petroleum products
1,000
238
Apparel
8,300
8,300
Equipment
14,740
13,881
Miscellaneous
6,700
3,766
1,205,545
1,099,689
Investigations
Salaries
169,560
173,398
Overtime
Employee benefits
8,800
20,550
7,848
22,598
Travel, training, and dues
2,500
730
Contractual
-
96
Motor vehicle maintenance
1,700
3,279
t
Petroleum products
1,500
1,413
Apparel
2,100
2,100
Equipment
3,000
3,094
'
209,710
214,556
'
Patrol
Salaries
1,519,560
1,582,607
Overtime
45,000
57,055
Part -time
40,860
37,522
Employee benefits
234,790
219,723
Travel, training, and dues
21,670
14,876
'
(Continued)
'
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VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1996
1,956,530 2,000,762
Special services
Overtime 18,640 38,690
Youth services
Salaries
Budget
Actual
Public safety (Continued)
7,000
4,709
Police Department (Continued)
1,550
1,550
Patrol (Continued)
40,860
31,905
Motor vehicle maintenance
$ 27,000
$ 31,816
Repairs and maintenance
-
145
Petroleum products
30,000
25,862
Apparel
29,000
26,307
Equipment
8,650
4,849
1,956,530 2,000,762
Special services
Overtime 18,640 38,690
Youth services
Salaries
261,320
217,198
Overtime
7,000
4,709
Part -time
1,550
1,550
Employee benefits
40,860
31,905
Travel, training, and dues
3,250
1,439
Motor vehicle maintenance
3,000
2,221
Petroleum products
2,000
909
Apparel
2,100
2,100
Equipment
2,000
1,908
323,080
263,939
Total public safety
3,713,505
3,617,636
Total expenditures
$ 5,630,505
$ 5,400,967
47
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ISPECIAL REVENUE FUNDS
IMunicipal Audit Fund
To account for an independent, outside audit conducted by a firm engaged by the Mayor and
' Board of Trustees on an annual basis as required by State law. These are earmarked funds that
can only be expended for audit purposes. This fund was closed in fiscal 1996.
Emergency Services/Disaster Fund
8 �'
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 maintainin g approximately roximatel 70 miles of
Y
streets and the Railroad Station in the Village of Deerfield.
Illinois Municipal 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.
IMotor Fuel Tax Fund
To account for the activities involved with street maintenance and construction. Financing is
1 provided by the Village's share of State gasoline taxes. State law requires these gasoline taxes
to be used for the following purposes: (1) Street construction or reconstruction to improve
traffic capacity; (2) Installation of traffic signs, signals, and controls; (3) Sidewalk repair and
replacement; and (4) The public benefit share of new street improvements when certain criteria
are met in connection with a special assessment project.
IEnhanced 911 Fund
jTo account for the 911 calling telephone system activity.
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VILLAGE OF DEERFIELD, ILLINOIS
Municipal Audit Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
Revenues
Taxes
Property taxes
Interest
Total revenues
Expenditures
Miscellaneous
Contractual
Excess of revenues over expenditures
Fund balance
May 1
Residual equity transfer (out)
General Fund
April 30
1996
Bud et Actual
$ 14,975
14,975
1995
Actual
$ 14,963
18
14,981
- 13,875
14,975 1,106
13,205
(28,180)
See accompanying notes to financial statements.
50
12,099
$ 13,205
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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, 1996 and Actual Only for 1995
Revenues
Taxes
Property taxes
Interest
Total revenues
Expenditures
Public safety
Travel, training, and dues
Communications
Insurance
Contractual
Utility services
Motor vehicle maintenance
Supplies
Equipment
Total expenditures
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
April 30
1996 1995
Budget Actual Actual
$ - $ 4,992 $ 4,990
6
4,992 4,996
250
-
35
1,800
1,224
978
600
120
124
1,300
-
1,369
500
682
618
-
611
995
500
-
-
2,500
2,795
-
7,450
5,432
4,119
$ (7,450)
(440)
877
(7,360) 8,237)
$ (7,800) $ (7,360)
See accompanying notes to financial statements.
51
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
Revenues
Taxes
Property taxes
Licenses and permits
Vehicle licenses
Charges for services
State highway maintenance
50/50 Sidewalk and curb
50/50 Tree
Train station maintenance
Interest
Miscellaneous
Other
Total revenues
Expenditures
Highways and streets
Administration
Cleaning
Traffic marking
Pavement patching
Tarring cracks
Drainage structures
Street lights and traffic signals
Miscellaneous maintenance
Snow and ice control
Tree removal
Tree planting
Railroad station maintenance
Weed control
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses)
Operating transfers in (out)
Motor Fuel Tax Fund
Vehicle and Equipment Replacement Fund
Commuter Parking Lot Fund
Excess of revenues and other financing
sources over expenditures and other financing uses
1996 1995
budget Actual Actual
$ 330,000 $
342,013 $
329,437
350,000
335,834
336,219
26,000
27,865
26,638
5,000
-
-
-
2,251
3,655
1,500
1,500
1,500
30,000
36,258
30,698
3,000
980
3,122
745,500
746,701
731,269
190,130
174,268
163,927
49,530
42,073
45,534
62,600
60,053
56,209
120,430
115,430
108,523
45,960
42,453
40,294
33,900
33,022
31,579
114,320
97,173
113,988
66,760
68,817
69,727
166,000
223,365
144,235
67,430
65,406
72,098
18,290
11,643
16,738
31,910
25,213
24,400
20,590
14,032
15,852
987,850
972,948
903,104
(242,350) (226,247) (171,835)
225,000
225,000
215,000
(70,000)
(70,000)
(48,500)
90,000
90,000
80,000
245,000
245,000
246,500
$ 2,650
18,753
74,665
Fund balance
May 1 395,772 321,107
App 30 $ 414,525 $ 395,772
See accompanying notes to financial statements.
52
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1996
Budget
Highways and streets
26,200
Public works
900
Administration
4,330
Salaries
$ 52,100
Overtime
6,900
Part -time
5,400
Employee benefits
11,990
Apparel
1,800
Repairs and maintenance
6,300
Travel, training, and dues
1,700
Printing and advertising
4,300
Communications
4,650
Miscellaneous
4,700
Motor vehicle maintenance
2,500
Insurance
72,090
Professional services
100
Contractual
4,800
Supplies
7,100
Petroleum products
11200
Equipment
2,500
190,130
Cleaning
Salaries
26,200
Overtime
900
Employee benefits
4,330
Equipment rental
500
Repairs and maintenance
9,000
Motor vehicle maintenance
2,500
Contractual
2,000
Supplies
2,200
Petroleum products
1,200
Small tools and equipment
700
49,530
Actual
61,049
4,772
4,971
9,208
1,363
4,337
1,116
4,578
4,071
4,206
6,932
49,588
5,358
7,676
1,487
174,268
24,841
779
4,085
9,422
998
1,502
446
42,073
Traffic marking
Salaries 29,400 29,188
Overtime 430 413
(Continued)
53
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1996
Pavement patching
Salaries
Budget
Actual
Highways and streets (Continued)
220
347
Public works (Continued)
9,810
8,708
Traffic marking (Continued)
3,000
1,321
Part -time
$ 3,300
$ 2,508
Employee benefits
5,170
3,826
Repairs and maintenance
500
533
Motor vehicle maintenance
700
401
Contractual
13,000
13,684
Petroleum products
100
170
Materials
5,000
4,170
Street signs
5,000
5,160
62,600
60,053
Pavement patching
Salaries
58,900
57,551
Overtime
220
347
Employee benefits
9,810
8,708
Repairs and maintenance
3,000
1,321
Motor vehicle maintenance
5,800
6,748
Petroleum products
1,200
605
Aggregates
40,000
39,957
Materials
1,500
193
Aggregates
120,430
115,430
Tarring cracks
Salaries
27,800
27,171
Overtime
100
30
Part -time
3,900
3,183
Employee benefits
4,560
3,939
Equipment rental
300
-
Repairs and maintenance
1,800
1,784
Motor vehicle maintenance
700
158
Petroleum products
400
162
Aggregates
600
820
Materials
5,000
4,406
Equipment
800
800
45,960
42,453
(Continued)
54
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1996
t
Budget
Actual
Highways and streets (Continued)
Public works (Continued)
'
Drainage structures
Salaries $
21,800
$ 22,174
Overtime
Employee benefits
1,000
4,100
1,397
3,133
Repairs and maintenance
800
600
Motor vehicle maintenance
2,000
2,060
t
Petroleum products
200
104
Aggregates
2,000
1,028
t33,900
Materials
2,000
2,526
33,022
Street lights and traffic signals
Salaries
23,500
24,236
Overtime
2,500
1,165
t
Employee benefits
3,520
4,455
Equipment rental
1,000
Repairs and maintenance
21600
399
Utility services
32,000
22,141
Motor vehicle maintenance
2,700
3,772
Contractual
40,000
35,344
'
Petroleum products
1,000
851
Aggregates
300
Materials
5,200
4,810
114,320
97,173
Miscellaneous maintenance
Salaries
8,400
10,970
Overtime
9,000
9,136
Employee benefits
3,310
1,997
Equipment rental
600
Repairs and maintenance
4,200
4,772
Miscellaneous
1,500
3,047
Motor vehicle maintenance
1,400
3,471
Contractual
3,700
3,954
(Continued)
55
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1996
Budget Actual
Highways and streets (Continued)
Public works (Continued)
13,000
12,801
Miscellaneous maintenance (Continued)
730
743
Petroleum products
$ 400 $
676
Aggregates
2,300
537
Materials
31,550
30,241
Small tools and equipment
400
16
Contractual
66,760
68,817
Petroleum products
Snow and ice control
170
Materials
Salaries
31,200
38,380
Overtime
21,300
45,763
Employee benefits
5,200
6,160
Equipment rental
1,000
-
Repairs and maintenance
24,000
38,679
Motor vehicle maintenance
12,000
15,756
Contractual
7,500
-
Supplies
2,300
740
Petroleum products
5,000
2,864
Salt
48,000
69,278
Aggregates
6,000
5,267.
Materials
2,500
478
Tree removal
Salaries
13,000
12,801
Overtime
730
743
Part -time
5,800
3,395
Employee benefits
2,450
1,799
Repairs and maintenance
1,000
1,043
Motor vehicle maintenance
800
450
Contractual
42,500
44,291
Petroleum products
400
170
Materials
500
714
Equipment
250
-
67,430
65,406
(Continued)
56
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1996
Highways and streets (Continued)
Public works (Continued)
Tree planting
Salaries
Overtime
Employee benefits
Repairs and maintenance
Motor vehicle maintenance
Contractual
Petroleum products
Materials
Railroad station maintenance
Salaries
Overtime
Part -time
Employee benefits
Repairs and maintenance
Contractual
Supplies
Aggregates
Materials
Weed control
Salaries
Part -time
Employee benefits
Repairs and maintenance
Motor vehicle maintenance
Contractual
Petroleum products
Materials
Equipment
Total expenditures
57
$
Budget
7,400
230
1,460
300
400
8,000
100
18,290
3,200
100
5,400
2,150
4,700
8,480
780
100
31,910
5,800
3,300
1,340
4,000
1,000
4,000
400
300
$ 987,850
911
Actual
5,967
992
40
78
4,542
24
3,564
86
1,881
446
4,961
7,643
888
5,744
25,213
7,490
628
1,184
3,598
909
193
30
$ 972,948
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
Revenues
Taxes
Property taxes
Replacement taxes
Interest
Total revenues
Expenditures
Miscellaneous
Illinois municipal retirement
payments - employer
FICA payments - employer
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
1996
Budget Actual
$ 870,000 $ 848,864
8,000 9,428
490,000
322,000
812,000
$ 78,000
--- ---
409,029
282,230
691,259
190,394
49,686
$ 240,080
See accompanying notes to financial statements.
58
1995
Actual
$ 798,369
8,604
13,685
820,658
404,715
269,142
673,857
146,801
(97,115)
$ 49,686
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VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
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
1996 1995
Budget Actual Actual
$ 375,000 $ 405,129 $ 412,175
60,000 38,164 46,768
435,000 443,293 458,943
628,000
469,278
109,853
18,000
3,742
71,820
61,000
63,804
6,900
707,000
536,824
188,573
(272,000)
(93,531)
270,370
(225,000) (225,000) (215,000)
$ (497,000) (318,531)
1,060,444
$ 741,913
See accompanying notes to financial statements.
W,
55,370
1,005,074
$ 1,060,444
VILLAGE OF DEERFIELD, ILLINOIS
Enhanced 911 Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
Revenues
Charges for services
Other charges
Interest
Total revenues
Expenditures
Public safety
Travel, training, and dues
Contractual
Equipment
Total expenditures
Excess (deficiency) of revenues over expenditures
Fund balance
May 1
April 30
1996 1995
Budget Actual Actual
$ 96,000 $ 109,768 $ 99,970
1,000 3,991 1,904
97,000 113,759 101,874
1,000 - -
79,500 74,704 76,798
16,800 16,021 10,053
971300 90,725 86,851
$ (300) 23,034 15,023
69,199 54,176
$ 92,233 $ 69,199
See accompanying notes to financial statements.
60
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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.
1
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30, 1996 and 1995
ASSETS
Cash and investments
Receivables
Property taxes
Accrued interest
Due from other funds
Due from component unit
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Deferred property taxes
Fund balance
Reserved for debt service
Total liabilities and fund balance
1996 1995
$ 2,272,360 $ 1,549,609
844,344 883,756
5,375 22,509
- 1,155
204 -
$ 3,122,283 $ 2,457,029
$ 935,293 $ 978,295
2,186,990 1,478,734
$ 3,122,283 $ 2,457,029
See accompanying notes to financial statements.
61
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
Expenditures
1996
1995
Debt service
Budget
Actual
Actual
Revenues
1,700,155 ]
1,195,000
1,230,000
Taxes
]
506,630
585,965
Property taxes
$ 915,755 $
948,499
$ 1,039,773
Replacement taxes
50,000
65,616
59,884
Interest
95,000
90,063
89,181
Miscellaneous
(434,400)
(384,144)
(423,251)
Tax incremental finance district
surplus property tax rebate
210,000
218,308
210,100
Total revenues
1,270,755
1,322,486
1,398,938
Expenditures
Debt service
Principal retirement
1,700,155 ]
1,195,000
1,230,000
Interest
]
506,630
585,965
Fiscal charges
5,000
5,000
6,224
Total expenditures
1,705,155
1,706,630
1,822,189
Excess (deficiency) of revenues
over expenditures
(434,400)
(384,144)
(423,251)
Other financing sources
Operating transfers in
General Fund
-
775,000
-
Tax Incremental Finance District
#2 Fund
317,400
317,400
334,500
317,400
1,092,400
334,500
Excess (deficiency) of revenues and
other financing sources over
expenditures $ (117,000) 708,256 (88,751)
Fund balance
May 1 1,478,734 1,567,485
April 30 $ 2,186,990 $ 1,478,734
See accompanying notes to financial statements.
62
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Schedule of Revenues and Other Financing Sources
and Expenditures - Budget and Actual
Year Ended April 30, 1996
Total revenues and other financing sources $ 1,588,155 $ 2,414,886
Expenditures
Budget
Actual
Revenues and other financing sources
Principal
[ $ 580,000
Corporate Purpose Bond Series of 1986
[ 68,739
General Obligation Bond Series of 1988
Property taxes
$ 434,550
$ 450,087
Replacement taxes
23,726
31,137
General Obligation Bond Series of 1988
Principal
[ 300,000
Property taxes
124,842
129,305
Replacement taxes
6,816
8,945
General Obligation Bond Series of 1991
[ 392,015
Fiscal charges
Operating transfer in
Total expenditures
$ 1,705,155 $ 1,706,630
Tax Incremental Finance District #2 Fund
317,400
317,400
General Obligation Refunding Bond Series of 1993
Property taxes
356,364
369,107
Replacement taxes
19,457
25,534
Interest
95,000
90,063
Miscellaneous
Tax incremental finance district
surplus property tax rebate
210,000
218,308
Operating transfer in
General Fund
-
775,000
Total revenues and other financing sources $ 1,588,155 $ 2,414,886
Expenditures
Corporate Purpose Bond Series of 1986
Principal
[ $ 580,000
Interest
[ 68,739
General Obligation Bond Series of 1988
Principal
[ 175,000
Interest
[ 11,376
General Obligation Bond Series of 1991
$ 1,700,155
Principal
[ 300,000
Interest
[ 34,500
General Obligation Refunding Bond Series of 1993
Principal
[ 140,000
Interest
[ 392,015
Fiscal charges
5,000 5,000
Total expenditures
$ 1,705,155 $ 1,706,630
63
'
7
1
CAPITAL PROJECTS FUNDS
Tax Incremental Finance District 1 Fund
Established in 1982 to provide funds for land acquisition and improvements to the Village of
Deerfield Tax Increment Financing District.
Tax Incremental Finance District 2 Fund
Established in 1987 to provide funds for land acquisition and improvements to the Village of
Deerfield Tax Increment Financing District.
IVehicle and Equipment Replacement Fund
Established to account for the funds annually set aside for the eventual replacement of certain
vehicles and other equipment.
Capital Improvements Series 1988 Fund
Established in 1988 to provide funds for the acquisition of right -of -way for the Access Avenue
Project: traffic signal modification; sanitary sewer and street rehabilitation; the installment of a
new 16 inch water main, and storm drainage improvements. This fund was closed in fiscal
1996.
Infrastructure Replacement Fund
Established in 1989 for the purpose of maintaining, repairing and renovating the capital assets
of the Village.
IProject 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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H
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, 1996
(with comparative totals for 1995)
Fixed assets (net of accumu-
lated depreciation) 2,031,070 4,844,128 186,203 7,061,401 7,422,698
Total assets $ 5,626,415 $ 6,594,221 $ 911,760 $ 883,097 $ 14,015,493 $ 13,857,966
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
$ 142,708 $
46,040 $
78,835 $
Commuter
277,606 $
311,403
Accrued payroll
1,135
2,756
-
Parking
Totals
-
Compensated absences
Water
Sewerage
Refuse
Lot
1996
1995
ASSETS
52,797
144,530
-
197,327
184,494
Current assets
-
-
-
-
-
604
Cash and investments
$ 2,866,471
$ 1,252,358
$ 155,062
$ 685,525 $
4,959,416 $
4,584,382
Receivables
Property taxes
-
-
674,135
-
674,135
674,587
Accounts
585,717
466,565
75,905
-
1,128,187
961,079
Accrued interest
51,765
15,937
3,042
11,369
82,113
73,632
Other
41,766
9,332
3,439
-
54,537
71,175
Due from other funds
-
-
-
-
-
2,137
Due from component unit
-
-
177
-
177
-
Inventories
49,626
5,901
-
-
55,527
68,276
3,595,345
1,750,093
911,760
696,894
6,954,092
6,435,268
Fixed assets (net of accumu-
lated depreciation) 2,031,070 4,844,128 186,203 7,061,401 7,422,698
Total assets $ 5,626,415 $ 6,594,221 $ 911,760 $ 883,097 $ 14,015,493 $ 13,857,966
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
$ 142,708 $
46,040 $
78,835 $
10,023 $
277,606 $
311,403
Accrued payroll
1,135
2,756
-
-
3,891
-
Compensated absences
payable
52,797
144,530
-
197,327
184,494
Due to component unit
-
-
-
-
-
604
Total liabilities
196,640
193,326
78,835
10,023
478,824
496,501
Fund equity
Contributed capital
1,716,304
5,382,223
-
203,048
7,301,575
7,486,422
Retained earnings
Unreserved
3,713,471
1,018,672
832,925
670,026
6,235,094
5,875,043
Total fund equity
5,429,775
6,400,895
832,925
873,074
13,536,669
13,361,465
Total liabilities and
fund equity
$ 5,626,415 $
6,594,221 $
911,760 $
883,097 $
14,015,493 $
13,857,966
See accompanying notes to financial statements.
::
'
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
'Combining
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
'
Year Ended April 30,1996
(with comparative totals for 1995)
Commuter
Parking
Totals
Water Sewerage Refuse
Lot
1996
1995
'
Operating revenues
Charges for services
Water sales
$ 2,737,670 $ - $
$ $
2,737,670 $
2539,379
Sewer charges
- 1,492,864
1,492,864
1,340,537
Refuse billings
515,638
515,638
716,453
Parking lot fees
186,481
186,481
167,474
Surcharges
- 49,620 -
49,620
49,206
Miscellaneous
56,409 73,813 66,046
196,268
159,735
Total operating revenues
2,794,079 1,616,297 581,684
186,481
5,178,541
4,972,784
Operating expenses excluding
depreciation
Administration
189,442 205,951 64,512
-
459,905
459,391
Operations
2,271,141 1,158,769 1,183,204
55,193
4,668,307
4,525,591
Total operating expenses
excluding depreciation
2,460,583 1,364,720 1,247,716
55,193
5,128,212
4,984,982
'
Operating income (loss)
before depreciation
333,496 251,577 (666,032)
131,288
50,329
(12,198)
Depreciation
89,782 239,245 -
32,270
361,297
361,297
'Operating
income (loss)
243,714 12,332 (666,032)
99,018
(310,968)
(373,495)
Nonoperating revenues
Interest income
153,078 50,624 12,165
36,284
252,151
260,367
Property taxes
724,021
724,021
745,275
153,078 50,624 736,186
36,284
976,172
1,005,642
Income before
operating transfers
396,792 62,956 70,154
135,302
665,204
632,147
'
Operating transfers (out)
(187,000) (198,000) (15,000)
(90,000)
(490,000)
(564,354)
Net income (loss)
209,792 (135,044) 55,154
45,302
175,204
67,793
'
Other changes in retained
earnings - unreserved
Depreciation that reduces
'
contributed capital
40,679 124,403 -
19,765
184,847
172,381
Net increase(decrease)in
retained earnings -
unreserved
250,471 (10,641) 55,154
65,067
360,051
240,174
,
Retained earnings -
unreserved
May 1
3,463,000 1,029,313 777,771
604,959
5,875,043
5,724,102
Prior period adjustments
Adjusted balances
- -
3,463,000 1,029,313 777,771
604,959
-
5,875,043
(89,233)
5,634,869
' April 30 $ 3,713,471 $ 1,018,672 $ 832,925 $ 670,026 $ 6,235,094 5 5,875,043
See accompanying notes to financial statements.
67
i
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30,1996
(with comparative totals for 1995)
Cash flows from noncapitaI
164,522
634,320
(49,238)
Commuter
782,578
(1,075,324)
financing activities
Parking
Totals
Operating transfers (out)
Water
Sewerage
Refuse
Lot
1996
1995
Cash flows from operating
$ 382,725 $
750,998 $
5,347 $
34,882 $
1,173,952 $
391,374
activities
Operating income (loss)
$ 243,714
$ 12,332
$ (666,032)
$ 99,018
$ (310,968) $
(373,495)
Adjustments to reconcile operating
2,483,746
501,360
149,715
650,643
3,785,464
4,193,008
income (loss) to net cash provided
(1,132,516)
-
(149,715)
(199,656)
(1,481,887)
(1,780,504)
by operating activities
Depreciation
89,782
239,245
-
32,270
361,297
361,297
Other nonoperating revenues
-
-
724,021
-
724,021
745,275
Changes in assets and liabilities
111,313
697,181
(140,592)
(16,988)
650,914
(1,119,434)
Receivables
(138,298)
(100,271)
88,551
(150,018)
(104,533)
Due from other funds
2,137
2,137
(15)
Due from component unit
-
(177)
(177)
3,413
Inventories
15,849
(3,100)
-
-
12,749
(24,059)
Accounts payable
30,254
(30,883)
(41,542)
8,674
(33,497)
23,597
Accrued payroll
1,135
2,756
-
3,891
-
Compensated absences payable
(2,227)
15,060
-
12,833
14,984
Due to other funds
-
-
(604)
-
(604)
604
240,209
135,139
106,354
139,962
621,664
647,068
Cash flows from noncapitaI
164,522
634,320
(49,238)
32,974
782,578
(1,075,324)
financing activities
Operating transfers (out)
(187,000)
(198,000)
(15,000)
(90,000)
(490,000)
(564,354)
Cash flows from capital and
$ 382,725 $
750,998 $
5,347 $
34,882 $
1,173,952 $
391,374
related financing activities
Fixed assets purchased
$ 382,725 $
750,998 $
5,347 $
-
1,173,952 $
(38,604)
Cash flows from investing activities
2,483,746
501,360
149,715
650,643
3,785,464
4,193,008
Purchase of investment securities
(1,132,516)
-
(149,715)
(199,656)
(1,481,887)
(1,780,504)
Proceeds from sale and maturities
of investment securities
1,061,813
600,000
-
152,525
1,814,338
390,417
Interest on investments
182,016
97,181
9,123
30,143
318,463
270,653
111,313
697,181
(140,592)
(16,988)
650,914
(1,119,434)
Net increase (decrease) in cash and
cash equivalents
164,522
634,320
(49,238)
32,974
782,578
(1,075,324)
Cash and cash equivalents
May 1
218,203
116,678
54,595
1,908
391,374
1,466,698
April 30
$ 382,725 $
750,998 $
5,347 $
34,882 $
1,173,952 $
391,374
Cash and investments
Cash and cash equivalents
$ 382,725 $
750,998 $
5,347 $
34,882 $
1,173,952 $
391,374
Investments
2,483,746
501,360
149,715
650,643
3,785,464
4,193,008
$ 2,866,471 $
1,252,358 $
155,062 $
685,525 $
4,959,416 $
4584,382
See accompanying notes to financial statements.
68
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Balance Sheet
April 30, 1996 and 1995
Fixed assets
Cost 3,547,838 3,547,838
Accumulated depreciation (1,516,768) (1,426,986)
2,031,070 2,120,852
Total assets $ 5,626,415 $ 5,387,761
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 142,708 $ 112,454
Accrued payroll 1,135 -
Compensated absences payable 52,797 55,024
196,640 167,478
Fund equity
Contributed capital 1,716,304 1,757,283
Retained earnings
Unreserved 3,713,471 3,463,000
Total fund equity 5,429,775 5,220,283
Total liabilities and fund equity $ 5,626,415 $ 5,387,761
See accompanying notes to financial statements.
.•
1996
1995
ASSETS
Current assets
Cash and investments
$ 2,866,471
$ 2,664,311
Receivables
Accounts - billed
72,725
95,226
Accounts - unbilled
512,992
336,691
Accrued interest
51,765
47,938
Other
41,766
57,268
Inventories
49,626
65,475
3,595,345
3,266,909
Fixed assets
Cost 3,547,838 3,547,838
Accumulated depreciation (1,516,768) (1,426,986)
2,031,070 2,120,852
Total assets $ 5,626,415 $ 5,387,761
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 142,708 $ 112,454
Accrued payroll 1,135 -
Compensated absences payable 52,797 55,024
196,640 167,478
Fund equity
Contributed capital 1,716,304 1,757,283
Retained earnings
Unreserved 3,713,471 3,463,000
Total fund equity 5,429,775 5,220,283
Total liabilities and fund equity $ 5,626,415 $ 5,387,761
See accompanying notes to financial statements.
.•
VILLAGE OF DEERFIELD, ILLINOIS '
Water Fund
Statement of Revenues Expenses, ,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995 '
Operating revenues
Charges for services
Water sales
Miscellaneous
Permits and fees
Penalties
Other
Total operating revenues
Operating expenses excluding depreciation
Administration
Operations
Distribution
Maintenance - mains and fire hydrants
Maintenance - meters
Total operating expenses excluding depreciation
Operating income (loss) before depreciation
Depreciation
Operating income (loss)
Nonoperating revenues
Interest income
Income (loss) before operating transfers
Operating transfers (out)
Vehicle and Equipment Replacement Fund
Infrastructure Replacement Fund
Net income (loss)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
Net increase in retained earnings - unreserved
Retained earnings - unreserved
1996 1995
Budget Actual Actual
$ 2,460,000 $ 2,737,670 $ 2,539,379
10,000
25,418
19,276
26,000
25,815
24,990
6,000
5,176
377
2,502,000
2,794,079
2,584,022
217,580
189,442
190,430
1,944,040
1,797,045
1,812,372
417,740
395,776
204,565
93,580
78,320
99,486
2,672,940
2,460,583
2,306,853
(170,940)
333,496
277,169
-
89,782
89,782
(170,940)
243,714
187,387
100,000
153,078
167,051
(70,940)
396,792
354,438
(22,000)
(22,000)
(36,500)
-
(165,000)
(54,980)
(22,000)
(187,000)
(91,480)
$ (92,940)
209,792
262,958
40,679 29,606
250,471 292,564
May 1 3,463,000 3,196,168
Prior period adjustment - (25,732)
Adjusted balance 3,463,000 3,170,436
April 30 $ 3,713,471 $ 3,463,000
See accompanying notes to financial statements.
70
iVILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of g x Operating Expenses - Budget and Actual
p p g
Year Ended April 30,1996
Budget
Actual
Administration
Salaries
$ 82,400
$ 87,718
Overtime
Part -time
3,900
5,400
3,186
4,430
Employee benefits
17,240
13,528
1
Professional services
Travel, training, and dues
5,200
1,100
750
175
Printing and advertising
2,400
1,504
'
Communications
Contractual services
9,650
2,100
10,007
1,681
Insurance
59,090
40,837
Motor vehicle maintenance
Miscellaneous
1,900
1,500
1,727
-
Supplies
1,500
1,611
Petroleum products
Occupancy
300
20,000
544
20,000
Apparel
1,800
1,370
'
Repairs and maintenance
Total administration
2,100
217,580
374
189,442
1
Operations
Distribution
Salaries
101,900
78,423
Overtime
11,200
13,205
Employee benefits
12,240
11,970
Professional services
6,500
9,338
Printing and advertising
800
-
Contractual services
8,600
11,447
'
Utility services
71,500
52,856
Motor vehicle maintenance
2,500
2,396
Repairs and maintenance
3,500
20,662
'
Miscellaneous
600
-
Purchase of water
1,720,000
1,593,200
Supplies
700
158
'
Petroleum products
1,000
2,074
Chlorine
11000
Materials
2,000
1,316
1
Total distribution
1,944,040
1,797,045
(Continued)
71
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1996
Budget Actual
Operations (Continued)
52,000
44,753
Main and fire hydrant maintenance
1,100
608
Salaries
$ 78,600
$ 77,067
Overtime
24,500
34,614
Part -time
8,600
5,361
Employee benefits
13,640
12,296
Contractual services
163,400
113,577
Motor vehicle maintenance
9,000
11,318
Repairs and maintenance
10,500
33,202
Equipment rental
1,000
270
Miscellaneous
30,000
18,599
Petroleum products
3,500
2,394
Small tools and equipment
300
165
Aggregates
17,000
18,302
Equipment
6,700
3,837
Materials
51,000
64,774
Total main and fire hydrant maintenance
417,740
395,776
Meter maintenance
Salaries
52,000
44,753
Overtime
1,100
608
Part -time
1,200
1,200
Employee benefits
10,280
6,572
Professional services
1,000
240
Travel, training, and dues
200
-
Printing and advertising
300
-
Contractual services
1,000
-
Motor vehicle maintenance
3,000
1,074
Repairs and maintenance
700
262
Miscellaneous
100
-
Supplies
300
8
Petroleum products
800
640
Materials
5,000
5,526
Small tools and equipment
100
-
Equipment
16,500
17,437
Total meter maintenance
93,580
78,320
Total operating expenses
$ 2,672,940
$ 2,460,583
72
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 30,1996
Assets
Balances Balances
M4L11 Additions Retirements April 30
$ 3,015,265 $ - $ - $ 3,015,265
532,573
$ 3,547,838
532,573
$ 3,547,838
Accumulated Depreciation
Balances Balances
MAY —1 Additions Retirements April 30
$ 1,009,289 $ 63,997 $ - $ 1,073,286
417,697
$ 1,426,986
25,785
$ 89,782
73
443,482
$ 1,516,768
$ 2,031,070
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30, 1996 and 1995
Fixed assets
Cost 11,009,025 11,009,025
Accumulated depreciation (6,164,897) 5,925,652)
4,844,128 5,083,373
Total assets
1996
1995
ASSETS
Current assets
Cash and investments
$ 1,252,358
$ 1,262,153
Receivables
2,756
-
Accounts - billed
104,822
129,545
Accounts - unbilled
361,743
235,414
Accrued interest
15,937
18,379
Other
9,332
10,667
Inventories
5,901
2,801
1,750,093
1,658,959
Fixed assets
Cost 11,009,025 11,009,025
Accumulated depreciation (6,164,897) 5,925,652)
4,844,128 5,083,373
Total assets
$ 6,594,221
$ 6,742,332
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 46,040
$ 76,923
Accrued payroll
2,756
-
Compensated absences payable
144,530
129,470
Total liabilities
193,326
206,393
Fund equity
Contributed capital 5,382,223 5,506,626
Retained earnings - unreserved 1,018,672 1,029,313
Total fund equity 6,400,895 6,535,939
Total liabilities and fund equity $ 6,594,221 $ 6,742,332
See accompanying notes to financial statements.
74
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues Expenses,
p ,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
'
1996
1995
Budget
Actual
Actual
Operating revenues
Charges for services
Sewer charges
$ 1,350,000
$ 1,492,864
$ 1,340,537
Surcharges - construction
-
49,620
49,206
Miscellaneous
Permits and fees
14,000
29,410
33,327
Penalties
16,000
16,661
15,383
Other
25,000
27,742
14,868
Total operating revenues
1,405,000
1,616,297
1,453,321
Operating expenses excluding depreciation
Administration
244,020
205,951
204,644
Operations
1
Treatment plant
865,710
887,266
715,636
Cleaning and maintenance
139,270
129,760
128,243
Construction
147,310
141,743
139,895
Total operating expenses excluding
'
depreciation
1,396,310
1,364,720
1,188,418
Operating income before depreciation
8,690
251,577
264,903
'
Depreciation
102,500
239,245
239,245
Operating income (loss)
(93,810)
12,332
25,658
'
Nonoperating revenues
Interest income
60,000
50,624
57,935
Depreciation reserve
100,000
-
-
'
Income before transfers
160,000
66,190
50,624
62,956
57,935
83,593
operating
Operating transfers (out)
'
Vehicle and Equipment Replacement Fund
(33,000)
(33,000)
(20,000)
Infrastructure Replacement Fund
(165,000)
(359,774)
(33,000)
(198,000)
(379,774)
Net income (loss)
$ 33,190
(135,044)
(296,181)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
124,403
125,891
Net (decrease) in retained earnings - unreserved
(10,641)
(170,290)
Retained earnings - unreserved
May 1
1,029,313
1,263,104
Prior period adjustment
-
(63,501)
Adjusted balance
1,029 313
1,199,603
April 30
$ 1,018,672
$ 1,029,313
See accompanying
notes to financial statements.
75
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1996
Operations
Budget
Actual
Administration
Salaries
$ 82,400
$ 89,623
Overtime
3,700
3,635
Part -time
5,400
4,663
Employee benefits
17,180
13,582
Professional services
200
230
Travel, training, and dues
600
165
Printing and advertising
150
188
Communications
3,460
3,400
Insurance
98,430
60,630
Motor vehicle maintenance
900
797
Repairs and maintenance
1,800
630
Miscellaneous
1,200
382
Supplies
1,300
1,386
Petroleum products
1,000
1,010
Occupancy
20,000
20,000
Apparel
1,500
1,112
Contractual services
4,800
4,518
Total administration
244,020
205,951
Operations
Treatment plant
Salaries
375,900
378,996
Overtime
14,900
19,140
Part -time
5,700
8,138
Employee benefits
70,560
57,007
Professional services
5,000
-
Travel, training, and dues
1,650
1,488
Printing and advertising
300
29
Communications
7,800
8,291
Contractual services
30,500
29,778
Utility services
185,500
204,304
Motor vehicle maintenance
4,000
4,894
Repairs and maintenance
108,500
122,864
Equipment rental
4,500
-
Supplies
18,000
27,614
Petroleum products
8,000
4,547
Chlorine
5,000
3,122
Aggregates
5,000
4,151
Materials
7,000
6,346
Small tools and equipment
1,200
934
Apparel
2,000
2,061
(Continued)
76
1
1
1
1
i
1
t
t
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1996
Budget Actual
Operations (Continued)
Treatment plant (Continued)
Equipment $ 1,000 $ 423
Miscellaneous 3,700 3,139
Total treatment plant 865,710 887,266
Cleaning and maintenance
Salaries
70,800
75,089
Overtime
5,300
5,275
Part -time
3,000
1,738
Employee benefits
14,270
11,838
Contractual services
7,000
6,581
Motor vehicle maintenance
3,500
5,869
Repairs and maintenance
5,000
5,689
Equipment rental
1,000
350
Miscellaneous
2,000
-
Supplies
12,600
9,804
Petroleum products
1,400
563
Aggregates
2,600
1,431
Materials
6,000
4,065
Equipment
4,500
1,468
Small tools and equipment
300
-
Total cleaning and maintenance
139,270
129,760
Construction
Salaries
87,700
86,489
Overtime
860
545
Part -time
1,700
920
Employee benefits
17,450
12,735
Contractual services
5,000
-
Motor vehicle maintenance
6,200
6,924
Repairs and maintenance
3,200
2,355
Equipment rental
1,000
-
Supplies
1,000
80
Petroleum products
2,000
2,821
Aggregates
6,000
10,310
Materials
15,000
18,564
Small tools and equipment
200
-
Total construction
147,310
141,743
Total operating expenses
$ 1,396,310
$ 1,364,720
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 1996
Assets
Balances Balances
May 1 Additions Retirements April 30
Sewer system $ 10,654,792 $ - $ - $ 10,654,792
Equipment and
vehicles 354,233 - - 354,233
$ 11,009,025 $ - $ - $ 11,009,025
Accumulated Depreciation
Balances Balances
M_ ay 1 Additions Retirements April 30
Sewer system $ 5,675,564 $ 232,641 $ - $ 5,908,205
Equipment and
vehicles 250,088 6,604 - 256,692
$ 5,925,652 $ 239,245 $ - $ 6,164,897
Net asset value $ 4,844,128
78
t
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30,1996 and 1995
ASSETS
Current assets
1996 1995
Cash and investments
$
155,062
$
54,585
Receivables
Property taxes
674,135
674,587
Accounts - billed
23,549
44,957
Accounts - unbilled
52,356
119,246
Accrued interest
3,042
-
Other
3,439
3,240
Due from other funds
-
2,137
Due from component unit
177
-
Total assets
$
911,760
$
898,752
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$
78,835
$
120,377
Due to component unit
-
604
Total liabilities
78,835
120,981
Retained earnings
Unreserved
832,925
777,771
Total liabilities and retained earnings
$
911,760
$
898,752
See accompanying notes to financial statements.
M
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
Operating revenues
Charges for services
Refuse billing
Miscellaneous
Total operating revenues
Operating expenses
Administration
Operations
Contractual services
Total operating expenses
Operating (loss)
Nonoperating revenues
Interest income
Property taxes
Income (loss) before operating transfers
Operating transfers (out)
Vehicle and Equipment Replacement Fund
Net income (loss)
Retained earnings - unreserved
May 1
April 30
1996 1995
Budget Actual Actual
$ 735,000
$ 515,638
$ 716,453
26,500
66,046
51,514
761,500
581,684
767,967
78,170
64,512
64,317
1,437,490
1,183,204
1,376,581
1,515,660
1,247,716
1,440,898
(754,160)
(666,032)
(672,931)
6,000
12,165
7,803
725,000
724,021
745,275
731,000
736,186
753,078
(23,160)
70,154
80,147
(15,000)
(15,000)
(13,100)
$ (38,160)
55,154
67,047
777,771 710,724
$ 832,925 $ 777,771
See accompanying notes to financial statements.
all
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30, 1996 and 1995
1996 1995
ASSETS
Current assets
Cash and investments $ 685,525 $ 603,333
Receivables - accrued interest 11,369 7,315
696,894 610,648
Fixed assets
Cost 710,108 710,108
Accumulated depreciation (523,905) (491,635)
186,203 218,473
Total assets $ 883,097 $ 829,121
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 10,023 $ 1,349
Fund equity
Contributed capital 203,048 222,813
Retained earnings - unreserved 670,026 604,959
Total fund equity 873,074 827,772
Total liabilities and fund equity $ 883,097 $ 829,121
See accompanying notes to financial statements.
81
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
Operating revenues
Parking lot fees
Operating expenses excluding
depreciation
Operations
Operating income before depreciation
Depreciation
Operating income
Nonoperating revenues
Interest income
Income before operating transfers
Operating transfers (out)
Street and Bridge Fund
Net income
Other changes in retained earnings -
unreserved
Depreciation that reduces
contributed capital
Net increase in retained earnings -
unreserved
Retained earnings - unreserved
May 1
April 30
1996 1995
Budget Actual Actual
$ 183,000 $ 186,481 $ 167,474
59,300
55,193
48,813
123,700
131,288
118,661
-
32,270
32,270
123,700
99,018
86,391
27,000
36,284
27,578
150,700
135,302
113,969
(90,000)
(90,000)
(80,000)
$ 60,700
45,302
33,969
19,765 16,884
65,067
604,959
$ 670,026
See accompanying notes to financial statements.
82
50,853
554,106
$ 604,959
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
i
1
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1996
Parking lots - village construction
Salaries
Budget
Actual
Operations
950
1,196
Parking lots - village and federal funds
440
364
Salaries
$ 8,200
$ 7,792
Benefits
1,070
1,196
Insurance
510
447
Utility service
4,600
3,045
Repairs and maintenance
2,000
3,620
Property rentals
7,500
7,440
Supplies
550
-
Miscellaneous
200
-
Aggregates
200
-
Materials
800
560
Contractual
7,680
7,642
Equipment
2,000
-
Total parking lots - village and
federal funds
35,310
31,742
Parking lots - village construction
Salaries
7,920
7,791
Benefits
950
1,196
Insurance
440
364
Utility services
4,000
5,149
Repairs and maintenance
500
447
Supplies
400
137
Aggregates
100
-
Materials
1,000
725
Contractual
7,680
7,642
Equipment
1,000
-
Total parking lots - village construction
23,990
23,451
Total operating expenses
$ 59,300
$ 55,193
83
Land
Parking lot
improvements
Parking lot
Net asset value
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 1996
Assets
Balances Balances
May 1 Additions Retirements Aril 30
$ 77,500 $ - $ - $ 77,500
632,608
$ 710,108
Accumulated Depreciation
632,608
$ 710,108
Balances Balances
May 1 Additions Retirements April 30
$ 491,635 $ 32,270 $ - $ 523,905
$ 186,203
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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.
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VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30, 1996
(with comparative totals for 1995)
Totals
Garaze Insurance 1996 1995
ASSETS
Current assets
Cash and investments
$
3,065
$
453,250
$
456,315
$
549,433
Receivables
Accounts
110
-
110
300
Accrued interest
-
3,952
3,952
3,065
Inventories
60,398
-
60,398
60,398
Total assets
$
63,573
$
457,202
$
520,775
$
613,196
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
$
2,521
$
59,446
$
61,967
$
73,056
Accrued payroll
94
-
94
-
Compensated absences
payable
34,373
-
34,373
34,373
Claims payable
-
177,005
177,005
177,005
Due to other funds
-
-
-
13,088
Total liabilities
36,988
236,451
273,439
297,522
Retained earnings
Unreserved
26,585
220,751
247,336
315,674
Total liabilities and
retained earnings
$
63,573
$
457,202
$
520,775
$
613,196
See accompanying notes to financial statements.
85
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VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1996
(with comparative totals for 1995)
See accompanying notes to financial statements.
86
Totals
Garage
Insurance
1996
1995
Operating revenues
Charges for services
Billings
$ 210,901
$ 729,952
$ 940,853 $
1,171,398
Operating expenses
Administration
-
661,475
661,475
752,379
Operations
192,166
-
192,166
181,426
Total operating
expenses
192,166
661,475
853,641
933,805
Operating income
18,735
68,477
87,212
237,593
Nonoperating revenues
Interest income
-
30,767
30,767
16,793
Income before
operating transfers
18,735
99,244
117,979
254,386
Operating transfers (out)
(2,000)
(184,317)
(186,317)
-
Net income (loss)
16,735
(85,073)
(68,338)
254,386
Retained earnings -
unreserved
May 1
9,850
305,824
315,674
61,288
April 30
$ 26,585
$ 220,751
$ 247,336 $
315,674
See accompanying notes to financial statements.
86
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
Year Ended April 30,1996
(with comparative totals for 1995)
Cash flows from operating activities
Operating income
Adjustments to reconcile operating
income to net cash provided by
operating activities
Changes in assets and liabilities
Receivables
Inventories
Accounts payable
Accrued payroll
Compensated absences payable
Claims payable
Due to other funds
Cash flows from noncapital financing
activities
Operating transfers out
Cash flows from capital and related
financing activities
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
Totals
Garage Insurance 5
$ 18,735 $ 68,477 $ 87,212 $ 237,593
190
- 190
(136)
-
- -
(2,467)
(866)
(10,223) (11,089)
4,804
94
- 94
-
-
- -
(728)
-
- -
(6,624)
(13,088)
- (13,088)
(11,458)
5,065
58,254 63,319
220,984
(2,000) (184,317) (186,317)
- (400,954)
(400,954)
(152,297)
- 303,589
303,589
63,282
- 29,880
29,880
15,903
- (67,485)
67,485)
(73,112)
3,065 (193,548)
(190,483)
147,872
- 295,921
295,921
148,049
$ 3,065 $ 102,373
$ 105,438
$ 295,921
Cash and cash equivalents $ 3,065 $ 102,373 $ 105,438 $ 295,921
Investments - 350,877 350,877 253,512
$ 3,065 $ 453,250 $ 456,315 $ 549,433
See accompanying notes to financial statements.
87
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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, 1996 and Actual Only for 1995
Operating revenues
Charges for services
Billings
Operating expenses
Operations
Income before operating transfers
Operating transfers (out)
Vehicle and Equipment Replacement Fund
Net income
Retained earnings
May 1
April 30
1996 1995
Budget Actual Actual
$ 217,000 $ 210,901 $ 197,454
209,180 192,166 181,426
7,820 18,735 16,028
(2,000) (2,000) -
$ 5,820 16,735 16,028
9,850 (6,178)
$ 26,585 $ 9,850
See accompanying notes to financial statements.
88
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 1996
EIjo
Budget
Actual
Operations
Public works department
Salaries
$ 100,500
$ 107,856
Overtime
6,400
8,322
Employee benefits
19,100
16,452
Apparel
500
473
Repairs and maintenance
6,000
A,212
Travel, training, and dues
700
18
Printing and advertising
400
87
Communications
700
578
Utility services
1,600
1,354
Insurance
8,780
4,293
Petroleum products
300
262
Miscellaneous
400
-
Materials
500
-
Small tools and equipment
2,500
2,303
Supplies
60,200
45,357
Equipment
600
599
Total operating expenses
$ 209,180
$ 192,166
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VILLAGE OF DEERFIELD, ILLINOIS
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 1996 and 1995
1996 1995
Operating revenues
Charges for services
Billings $ 729,952 $ 973,944
Operating expenses
Administration
Insurance
661,475
752,379
Operating income
68,477
221,565
Nonoperating revenues
Interest income
30,767
16,793
Income before operating transfers
99,244
238,358
Operating transfer (out)
Deposit Fund
(184,317)
-
Net income (loss)
(85,073)
238,358
Retained earnings
May 1
305,824
67,466
April 30
$ 220,751
$ 305,824
See accompanying notes to financial statements.
90
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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.
Deferred Compensation Plan Fund - to account for salary deductions held by the government
employees. The deferred compensation is available to employees upon termination or
retirement.
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 Revenues, Expenses,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1996 and Actual Only for 1995
Operating revenues
Taxes
Property taxes
Replacement taxes
Contributions
Employee contributions
Interest
Total revenues
Operating expenses
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Miscellaneous
Total operating expenses
Net income
Fund balance
May 1
April 30
1996 1995
Budget Actual Actual
$ 225,000
$ 225,170
$ 215,912
6,000
7,408
6,761
185,000
182,731
174,366
1,010,000
1,185,565
988,561
1,426,000
1,600,874
1,385,600
370,000 318,461 305,114
20,000 - -
2,000 1,444 2,507
392,000 319,905 307,621
$ 1,034,000 1,280,969 1,077,979
11,405,529 10,327,550
$ 12,686,498 $ 11,405,529
See accompanying notes to financial statements.
92
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VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 1996
Balances Balances
May 1 Additions Deductions April 30
All Funds
Assets
Cash and investments
Receivables - other
Assets held by agents for deferred
compensation plan (market value)
Total assets
Liabilities
Accounts payable
Deposits payable
Due to other funds
Due to participants
Total liabilities
Deposit Fund
Assets
Cash and investments
Receivables- other
Liabilities
Accounts payable
Deposits payable
Due to other funds
Total liabilities
Deferred Compensation
Plan Fund
$ 587,429
$ 472,845
$ 154,112
$ 906,162
34,164
118,477
2,880
149,761
2,308,035
877,621
74,130
3,111,526
$ 2,929,628
$ 1,468,943
$ 231,122
$ 4,167,449
$ 16,342
$ 164,335
$ 138,105
$ 42,572
567,546
405,898
-
973,444
17,576
8,869
17,576
8,869
2,328,164
889,841
75,441
3,142,564
$ 2,929,628 $ 1,468,943 $ 231,122 $ 4,167,449
578,500 296,621 10,954 $ 864,167
- 96,314 - 96,314
$ 578,500 $ 392,935 $ 10,954 $ 960,481
$ 4,778 $ 7,753 $ 4,778 $ 7,753
567,546 376,313 - 943,859
6,176 8,869 6,176 8,869
$ 578,500 $ 392,935 $ 10,954 $ 960,481
Assets
Assets held by agents for deferred
plan (market value) $ 2,308,035 $ 877,621 $ 74,130 $ 3,111,526
Liabilities
Due to participants $ 2,308,035 $ 877,621 $ 74,130 $ 3,111,526
(Continued)
93
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 1996
Balances Balances
May 1 Additions Deductions April 30
Deerfield Cemetery Association Fund
Assets
Cash and investments $ - $ 31,527 $ 11,895 $ 19,632
Receivables- other 11,895 - - 11,895
Total assets 11,895 31,527 11,895 31,527
Liabilities
Accounts payable $ 495 $ 1,942 $ 495 $ 1,942
Deposits Payable - 29,585 - 29,585
Due to other funds 11,400 - 11,400 -
Total liabilities $ 11,895 $ 31,527 $ 11,895 $ 31,527
Lake -Cook Metra Study Grant Fund
Assets
Cash and investments $ - $ 131,266 $ 131,263 $ 3
Receivables - other 9,500 22,163 - 31,663
Total assets $ 9,500 $ 153,429 $ 131,263 $ 31,666
Liabilities
Accounts payable $ 9,500 $ 153,429 $ 131,263 $ 31,666
East Shore Radio Network Fund
Assets
Cash and investments $ 8,929 $ 13,431 $ - $ 22,360
Receivables - other 12,769 - 2,880 9,889
Total assets $ 21,698 $ 13,431 $ 2,880 $ 32,249
Liabilities
Accounts payable $ 1,569 $ 1,211 $ 1,569 $ 1,211
Due to participants 20,129 12,220 1,311 31,038
Total liabilities $ 21,698 $ 13,431 $ 2,880 $ 32,249
See accompanying notes to financial statements.
94
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GENERAL FIXED ASSETS ACCOUNT GROUP
Fixed assets used in operations are not accounted for in governmental funds. General fixed
assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds.
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VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1996 and 1995
GENERAL FIXED ASSETS
Land
Buildings and improvements
Vehicles
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
Tax incremental financing bonds
General obligation bonds
Installment contracts
95
1996 1995
$ 3,771,232 $ 3,522,331
4,915,798 4,915,798
1,051,944 769,655
2,357,781 2,050,780
$ 12,096,755 $ 11,258,564
$ 6,095,746 $ 5,257,555
4,101,009 4,101,009
1,500,000 1,500,000
400,000 400,000
$ 12,096,755 $ 11,258,564
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30, 1996
$ 3,771,232 $ 4,915,798 $ 1,051,944 $ 2,357,781 $ 12,096,755
.,
Buildings
and
Function
Land
Improvements
Vehicles
Equipment
Totals
General government
$ 2,350,450
$ 296,254
$ 53,953
$ 965,320
$ 3,665,977
Public safety
1,271,340
1,063,748
277,064
782,880
3,395,032
Public works
149,442
3,555,796
720,927
609,581
5,035,746
$ 3,771,232 $ 4,915,798 $ 1,051,944 $ 2,357,781 $ 12,096,755
.,
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by
Function
'
Year Ended April 30,1996
'
Balances
Balances
Function May 1 Additions Retirements
April 30
General g overnment $ 3,343,967 $ 331,436 $
9,426
$ 3,665,977
Public safety 3,042,048 393,532
40,548
3,395,032
Public works 4,872,549 317,220
154,023
5,035,746
$ 11,258,564 $ 1,042,188 $
203,997
$ 12,096,755
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GENERAL LONG -TERM DEBT ACCOUNT GROUP
' To account for the noncurrent portion of the Government's Bond Issue liabilities.
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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.
ASSETS
Cash and investments
Receivables - property taxes
Due from primary government
Assets held by agents for
deferred compensation plan
(market value)
General fixed assets
Total assets
LIABILITIES AND
FUND EQUITY
Liabilities
Accounts payable
Due to primary government
Deferred property taxes
Due to participants
Total liabilities
Fund equity
Investment in general
fixed assets
Fund balance - unreserved
Designated - capital
improvements
Undesignated
Total liabilities and
fund equity
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Combining Balance Sheet
April 30,1996
(with comparative totals for 1995)
Agency
Fund
Def erre General Fixed
General Compensation Asset Account Totals
Fund Plan Fund Group 1996 1995
$ 769,760 $ - $ - $ 769,760 $ 827,306
1,081,376 - - 1,081,376 1,020,850
200 - - 200 16,807
- 46,403 - 46,403 19,846
- - 1,428,694 1,428,694 1,413,809
$ 1,851,336 $ 46,403 $ 1,428,694 $ 3,326,433 $ 3,298,618
$ 44,796 $ - $
1,475 -
1,197,857 -
- 46,403 _
1,244,128 46,403
$ 44,796 $ 109,524
1,475 -
1,197,857 1,130,054
46,403 19,846
1,290,531 1,259,424
1,428,694 1,428,694 1,413,809
140,000 - - 140,000 150,000
467,208 - - 467,208 475,385
607,208 - 1,428,694 2,035,902 2,039,194
$ 1,851,336 $ 46,403 $ 1,428,694 $ 3,326,433 $ 3,298,618
See accompanying notes to financial statements.
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VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1996 and Actual Only for 1995
Revenues
Taxes
Property taxes
Replacement taxes
Intergovernmental
Grants
Charges for services
Non - resident fees
Fees, fines, penalties
Reciprocal borrowing
Xerox
Videos
Interest
Miscellaneous
Impact fees
Tax incremental finance district
surplus property tax rebate
Gifts
Insurance Rebate
Reserve for repairs and
replacement
Total revenues
Expenditures
Culture and recreation
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
April 30
1996 1995
Budget Actual Actual
$ 1,162,968
$ 1,095,201
$ 1,004,087
16,000
22,770
20,781
21,000
21,659
21,659
16,000
17,496
16,506
35,000
37,391
35,161
-
-
191
7,500
8,872
7,975
15,000
16,487
23,945
26,000
43,257
41,258
-
26,318
20,821
140,000
166,063
153,356
500
5,051
9,468
-
18,960
-
160,000
-
-
1,599,968
1,479,525
1,355,208
$ - (18,177) 42,474
$ 607,208 $ 625,385
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 30,1996
Total expenditures $ 1,599,968 $ 1,497,702
101
Budget
Actual
Culture and recreation
Salaries - professional
$ 365,656
$ 314,134
Salaries - non - professional
417,207
369,254
Employee benefits
65,150
50,868
Professional services
5,000
12,665
Education, travel, and dues
8,750
5,825
Communication
10,420
8,665
Insurance
20,375
16,209
Contractual services
28,600
21,419
Utilities
1,500
1,021
Repairs, maintenance of building and
equipment building supplies
115,000
365,610
Supplies - library and office
20,000
23,953
Books
110,000
107,247
Periodicals
38,500
26,180
Audio - visual
20,000
32,333
Binding
3,600
1,338
Special library programs
6,325
9,568
Data base
2,500
16,959
New equipment
16,500
26,385
Printing
8,750
9,361
Cataloging service
5,500
2,472
Miscellaneous
1,000
1,444
Automation project
109,635
74,792
Improvements - other than building
80,000
-
TIF Reserve
140,000
-
Total expenditures $ 1,599,968 $ 1,497,702
101
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VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Agency Fund
Statement of Changes in Assets and Liabilities
Year Ended April 30,1996
Balances
Mull Additions Deductions
Deferred Compensation
Plan Fund
Assets
Assets held by agents
for deferred plan
(market value) $ 19,846 $ 27,994
Liabilities
Due to participants $ 19,846 $ 27,994
$ 1,437
$ 1,437
See accompanying notes to financial statements.
102
Balances
April 30
$ 46,403
$ 46,403
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1996
GENERAL FIXED ASSETS
Land $ 145,556
Buildings and improvements 848,116
Equipment 435,022
$ 1,428,694
INVESTMENT IN GENERAL FIXED ASSETS
General revenues $ 1,428,694
RIX,
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VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1996
1987
$1,851,900
$ 3,229,435
57.34%
$1,377,535
(6)
(1)
1988
1,488,727
3,137,943
47.44
Unfunded
Net
65.21
1989
1,770,910
3,489,507
Pension
Assets
2,636,443
65.19
1990
2,320,255
Benefit
Available
2,144,195
2,800,891
(4)
1991
Obligation
for
61.92
1,793,409
Unfunded
59.96
as a
Benefits
(2)
(3)
Pension
(5)
Percentage
(Lower of
Pension
Percentage
Benefit
Annual
of Covered
Calendar Cost or
Benefit
Funded
Obligation
Covered
Payroll
Year Market )
Obligation
M+(2) 2
Q-(1) 1
Payroll
(4)+(5
1987
$1,851,900
$ 3,229,435
57.34%
$1,377,535
$2,292,114
60.10%
1988
1,488,727
3,137,943
47.44
1,649,216
2,529,121
65.21
1989
1,770,910
3,489,507
50.75
1,718,597
2,636,443
65.19
1990
2,320,255
4,464,450
51.97
2,144,195
2,800,891
76.55
1991
2,916,035
4,709,444
61.92
1,793,409
2,990,934
59.96
1992
3,782,246
5,482,073
68.99
1,699,827
3,115,096
54.57
1993
4,437,725
6,231,398
71.22
1,793,673
3,349,867
53.54
1994
5,213,379
7,105,834
73.37
1,892,455
3,551,486
53.29
1995
7,032,907
8,572,278
82.04
1,539,371
3,693,506
41.68
(During the implementation transition period all information required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going - concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PERS.
104
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1996
(During the implementation transition period all information required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going - concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PERS.
105
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(6)
Unfunded
(Assets in
(1)
Excess of)
Net
(4)
Pension
Assets
Unfunded
Benefit
Available
(Assets in
Obligation
for
Excess of)
as a
Benefits
(2)
(3)
Pension
(5)
Percentage
(Lower of
Pension
Percentage
Benefit
Annual
of Covered
Fiscal
Cost or
Benefit
Funded
Obligation
Covered
Payroll
Year
Market )
Obligation
(1)+(2)
(2)-(11
Payroll
(4)+(5
1988
$5,055,040
$ 4,290,531
118.00
$ (764,509)
$1,237,594
(62.00)%
1989
5,692,830
4,823,277
118.00
(869,278)
1,380,114
(63.00)
1990
6,425,063
5,242,623
122.55
(1,182,440)
1,460,008
(80.99)
1991
7,494,864
6,309,081
118.79
(1,185,783)
1,565,933
(75.72)
1992
8,380,701
7,017,405
119.43
(1,363,296)
1,552,844
(87.79)
1993
9,274,684
8,394,887
110.48
(879,797)
1,767,665
(49.77)
1994
10,327,550
9,257,629
111.56
(1,069,921)
1,832,033
(58.40)
1995
11,405,529
10,324,705
110.47
(1,080,824)
1,937,400
(55.79)
1996
12,686,498
11,132,504
113.96
(1,553,994)
2,030,345
(76.54)
(During the implementation transition period all information required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going - concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the
greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded pension
benefit obligation as a percentage of annual covered payroll approximately adjusts for the
effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller the percentage, the stronger the PERS.
105
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VILLAGE OF DEERFIELD, ILLINOIS
Illinois
Municipal Retirement Fund
Required Supplementary Information
Revenues by Source
April 30, 1996
Employer
Contributions
as a
Revenues by Source —
-
Percentage
Calendar
Employee
Employer Investment
of Covered
IYear
Contributions
Contributions Income
Totals
Payroll
1986
$ 95,745
$ 167,152 N/A $
262,897
8.27%
1987
103,137
179,472 N/A
282,609
8.21
'
1988
113,907
204,352 N/A
318,259
8.08
1989
118,539
266,280 N/A
384,819
10.10
1990
126,040
329,945 N/A
455,985
11.78
I1991
134,592
372,669 N/A
507,261
12.46
1992
140,232
399,043 N/A
539,275
12.81
1993
150,744
385,905 N/A
536,649
11.52
1994
159,817
410,551 N/A
570,368
11.56
1995
166,208
406,655 N/A
572,863
11.01
N/A - not applicable
r
106
VILLAGE OF DEERFIELD, ILLINOIS I
Police Pension Fund
Required Supplementary Information
Revenues by Source and Expenses by Type
April 30, 1996 '
107
-
- Expenses by
Type-----------
- --
Employer
Administrative
Year
Contributions
Expenses
Refunds
Totals
1987
$ 83,885
as a
$17,050
$101,034
Revenues by
Source-
53
Percentage
Fiscal
Employee
Employer
Investment
-
of Covered
Year
Contributions
Contributions
Income
Totals
Pa roll
1987
$ 99,923
$ 180,434
$ 458,868
$ 739,225
15.08%
1988
107,902
150,024
473,397
731,323
12.08
1989
83,619
155,430
488,746
727,795
11.26
1990
127,777
160,461
562,558
850,796
11.00
1991
136,638
155,284
772,839
1,064,761
9.92
1992
139,756
166,382
809,346
1,115,484
10.71
1993
160,894
180,787
789,704
1,131,385
10.23
1994
164,883
195,933
987,515
1,348,331
10.69
1995
174,366
222,673
988,561
1,385,600
11.49
1996
182,731
232,578
1,185,565
1,600,874
11.46
107
-
- Expenses by
Type-----------
- --
Fiscal
Administrative
Year
Benefits
Expenses
Refunds
Totals
1987
$ 83,885
$ 99
$17,050
$101,034
1988
87,859
53
-
87,912
1989
88,660
1,620
-
90,280
1990
117,720
568
-
118,288
1991
154,844
585
-
155,429
1992
216,190
1,019
12,438
229,647
1993
234,872
2,530
-
237,402
1994
290,772
1,189
3,504
295,465
1995
305,114
2,507
-
307,621
1996
318,461
1,444
-
319,905
107
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
April 30, 1996
Insureds
Description of Coverage
Amount of Coverage
'
Village of Deerfield
Workers' Compensation
Statutory/
$ 30,000,000
'
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
$ 30,000,000
Village of Deerfield
Boiler and Machinery
$10,000
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.
i
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108
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Denomination of Bonds
Interest Rates
Principal Maturity Date
Interest Dates
Payable at
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
Corporate Purpose Bond Series of 1986
April 30,1996
May 1, 1986
January 1, 2005
$11,000,000
$11,000,000
5,000
6.4%-7.75%
January 1
July 1 and January 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy Bond ------- - - - - --
Year Numbers Principal
1995 0737 -0765 4�n.000
Tam-------------------
Interes Totals
_I�15$(29_ � 495.509
----------- - - - - -- Interest Due On
LuLy 1 Amount Ian. 1
1996 —4
Amount
Bonds numbered 766 to 2200 ($6,840,000) were in substance defeased with the issuance of the
General Obligation Refunding Bond Series of 1993 and will be called on July 1, 1996 at 102% of
par value.
109
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Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1991
April 30,1996
July 1, 1991
January 1, 1997
$1,500,000
5,000
5.20-5.80%
July 1 and January 1
January 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
*Tax
Levy Bond ------------ - - - - -- Tax Lew ----------- - - - - -- ------- - - - - -- Interest Due On--------------
Year Numbers Principal Interest Totals ui l Amount an. 1 Amount
1995 241 -300 i 17 Q 317.400 1996 1997 $___&7ffl
* The government abates the tax levy on this bond issue annually. The debt is being retired
with a transfer from Tax Incremental Finance District 2 Fund.
110
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
April 30,1996
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
--------------------- TaxTa Levy--------------- - - - - --
------------- - - - - -- Interest Due On-------------------
Year
Numbers
Principal
Interest
Totals
lune 15
Amount
Dec 15
Amount
1995
113 -210
$ 485,000
$ 386,555
$ 871,555
1996
$ 193,278
1996
$ 193,277
1996
211 -411
1,000,000
367,155
1,367,155
1997
183,577
1997
183,578
1997
412 -622
1,050,000
326,155
1,376,155
1998
163,078
1998
163,077
1998
623 -839
1,080,000
283,105
1,363,105
1999
141,552
1999
141,553
1999
840 -1056
1,130,000
238,825
1,368,825
2000
119,413
2000
119,412
2000
1057 -1294
1,185,000
192,495
1,377,495
2001
96,247
2001
96,248
2001
1295 -1543
1,240,000
143,910
1,383,910
2002
71,955
2002
71,955
2002
1544 -1797
1,265,000
93,070
1,358,070
2003
46,535
2003
46,535
2003
1798 -1999
1,005,000
9,440,QQQ
41,205
$2,072,475
1,046,205
5 11,512.475
2004
20,603
2004
20,602
111
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VILLAGE OF DEERFIELD, ILLINOIS
Property Tax Assessed Valuations, Rates, Extensions, and Collections
Last Ten Fiscal Years
April 30,1996
(See Following Page)
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30,1996
Data Source
Office of the County Clerk
115
Ratio of
Real Property
Total Assessed
Tax
Equalized
Estimated
Value to
Levy
Assessed
Actual
Total Estimated
Year
Value
Value
Actual Value
1986
$ 279,386,218 $
839,000,000
33.3
1987
314,987,029
945,000,000
33.3
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
Data Source
Office of the County Clerk
115
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* - 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
118
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Direct and Overlapping Bonded Debt
April 30,1996
(2)
* Percentage
of Debt
(1)
Applicable
Gross
to
** Government's
Governmental Unit
Bonded Debt
Government
Share of Debt
Village of Deerfield
$ 10,220,000
100.000%
$ 10,220,000
Metropolitan Sanitary District
1,149,260,000
.098
1,126,275
Lake County and Forest Preserve
178,241,175
4.230
7,539,602
Cook County and
Cook County Forest Preserve
1,717,935,000
0.096
1,649,218
North Shore Sanitary District
17,709,046
0.025
4,427
Deerfield Park District
640,000
97.213
622,163
Northbrook Park District
14,190,000
3.035
430,667
Deerfield School District #109
19,950,000
70.920
14,148,540
Township High School #113
3,100,000
26.959
835,729
Northfield Township High School #225
10,675,000
2.535
270,611
Junior College #532
16,005,000
4.482
717,344
Oakton Community College #535
2,925,000
0.599
17,521
Lake County Special Service Area #5
340,000
43.580
148,172
Total gross debt
3,141,190,221
37,730,269
Less debt service fund amount
available - Village of Deerfield
2,186,990
2,186,990
Total gross debt less available amount $ 3.139,003,231
$ 35,543,279
* - 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
118
VILLAGE OF DEERFIELD, ILLINOIS I
Schedule of Legal Debt Margin
April 30,1996 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 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.
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 -1995
Legal debt limit - 8.625%
Amount of debt applicable to limit
52,055,755
Corporate Purpose Bond Series 1986 $ 480,000
General Obligation Bond Series 1991 300,000
General Obligation Refunding Bond Series 1993 9,440,000
Total 10,220,000
Legal debt margin
119
$ 41.835.755
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VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30,1996
(3)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
College
51.1%
51.3
51.5
51.8
48.8
48.3
58.8
59.6
60.7
60.0
(5)
(2)
Unemploy-
School
ment
Per
(2)
Fiscal
(1)
Household
Median
Year
Population
Income
Age
1987
17,500
$ 47,500
36.8
1988
17,500
48,100
37.2
1989
17,500
50,900
37.4
1990
17,500
53,600
37.5
1991
17,327
55,000
37.7
1992
17,327
71,966
36.3
1993
17,327
70,046
36.3
1994
17,327
78,830
35.9
1995
17,327
71,966
35.6
1996
17,327
71,966
35.9
(3)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
College
51.1%
51.3
51.5
51.8
48.8
48.3
58.8
59.6
60.7
60.0
Data Sources
(1) Derived from data from the Department of Commerce and Community Affairs
(2) Village records
(3) Percentage of people over 25 years of age or over with 4 or more years of college
education. 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
121
(5)
(4)
Unemploy-
School
ment
Enrollment
Percentage
3,602
1.3%
3,276
1.1
3,238
0.9
3,106
1.0
3,277
1.0
3,251
1.2
3,410
1.3
3,462
1.1
4,287
1.0
5,461
.9
Data Sources
(1) Derived from data from the Department of Commerce and Community Affairs
(2) Village records
(3) Percentage of people over 25 years of age or over with 4 or more years of college
education. 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
121
1
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top four banks in Deerfield
3 Lake and Cook Count Tax Extension Offices
() Y
1]
f
' ,u
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30,1996
(1)
(1)
�I
Commercial
Residential
(3)
— Construction
— Construction
(2)
Total
Fiscal
Year
Number
Units
Value
Number
of Units Value
Bank
Deposits
Property
Value
of
1987
79
$ 44,287,589
86 $ 8,089,179
$ 141,241,000
$ 839,000,000
1988
110
21,705,751
51 5,489,656
149,182,000
945,000,000
1989
222
75,592,000
72 12,463,000
163,472,790
1,131,000,000
1990
1991
150
89
33,113,366
16,908,426
77 12,085,690
21 3,836,605
187,961,000
230,405,569
1,284,000,000
1,467,000,000
1992
497
10,639,343
256 8,922,854
114,301,809
1,567,000,000
1993
114
14,582,113
49 8,575,000
339,627,000
1,643,000,000
i1994
103
6,525,766
25 4,552,000
134,200,800
1,712,000,000
1995
128
11,879,282
161 13,543,000
126,586,600
1,749,000,000
1996
126
10,244,658
139 4,366,274
266,731,677
1,811,000,000
1
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top four banks in Deerfield
3 Lake and Cook Count Tax Extension Offices
() Y
1]
f
' ,u
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30,1996
Percentage
* The most recently available information.
Data Source
Office of the County Clerk
123
$ 156,413,460 27.41%
1993
of Total
Assessed
Assessed
Taxpayers
Type of Business
Valuation*
Valuation
Stein and Company
Lake Cook Office Center
$ 26,204,431
4.59%
VMC, Inc.
Deerbrook Shopping Center
21,007,507
3.68
Baxter International
Office Buildings
20,633,422
3.61
Matas Corporation
Corporate 500 Center
20,343,300
3.56
Travenol Labs
Office Buildings
14,718,822
2.58
Walsh Higgins and
Company
Tollway North Office Park
14,415,382
2.53
Arbor Lake Center
Office Building
14,081,861
2.47
Deerfield - Saunders
Parkway North Office
Joint Venture
Building
9,798,425
1.72
American National Bank
& Trust
Parkway North
7,977,130
1.40
Marriott Corporation
Hotels
7,233,180
1.27
* The most recently available information.
Data Source
Office of the County Clerk
123
$ 156,413,460 27.41%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1996
Date of Incorporation 1903
Form of Government Manager /Council
Geographic Location North Suburban
Population
1960 11,748
1970
18,876
1980
17,430
1990
17,327
Municipal Services & Facilities
Number of Full-Time Employees
104
Miles of Streets
70
Miles of Alleys
4
Miles of Sewers
140
Building Inspection
Number of Permits Issued in Fiscal Year 1996 972
Fire Protection District
Number of Firefighters and Officers 31
Number of Stations 1
(Continued)
124
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1996
Police Protection
Number of Stations 1
Number of Policemen and Officers 38
Library Services
Number of Branch Libraries 1
Number of Books 150,000
Recreation Facilities
Number of Parks and Playgrounds 20
Park Area in Acres 288
Municipal Water Utility
Population Serviced 6,050
Average Daily Pumpage 2,317,909 gals.
Miles of Water Mains 82
Data Source
Village Records
125