Village CAFR For Year Ended April 30, 1995VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
APRIL 30, 1995
Prepared by Finance Department
George J. Valentine
Finance Director
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
INTRODUCTORY SECTION
Principal Officials i
Organization Chart
Certificate of Achievement for Excellence in
Financial Reporting
Director of Finance's Letter of Transmittal iv -xi
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS
1-2
GENERAL PURPOSE FINANCIAL STATEMENTS
All Fund Types, Account Groups and Discretely Presented
Component Unit
Combined Balance Sheet
3
All Governmental and Fiduciary (Expendable Trust) 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
8-40
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund
Balance Sheet
41
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
42
Schedule of Revenues - Budget and Actual
43
Schedule of Expenditures - Budget and Actual
44-46
SPECIAL REVENUE FUNDS
All Funds
Combining Balance Sheet
47
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
48
Municipal Audit Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
49
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
50
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
SPECIAL REVENUE FUNDS (CONT.)
Street and Bridge Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
51
Schedule of Expenditures - Budget and Actual
52-56
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
57
Motor Fuel Tax Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
58
Transportation Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
59
Enhanced 911 Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
60
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
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
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
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
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
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
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
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet 91
Statement of Revenues, Expenditures, and Changes in
Fund Balance (Expendable Trust Fund) 92
Statement of Revenues, Expenses, and Changes in Fund
Balance - Budget and Actual (Pension Trust Fund) 93
Combining Statement of Changes in Assets and Liabilities
(Agency Funds) 94-95
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source 96
Schedule of General Fixed Assets - by Function 97
Schedule of Changes in General Fixed Assets - by Function 98
GENERAL LONG -TERM DEBT ACCOUNT GROUP
Schedule of General Long -Term Debt 99
COMPONENT UNIT STATEMENTS AND SCHEDULES
Public Library
Combining Balance Sheet
100
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual
101
Schedule of Expenditures - Budget and Actual
102
Statement of Changes in Assets and Liabilities
(Deferred Compensation Plan Fund)
103
Schedule of General Fixed Assets
104
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
FINANCIAL SECTION (CONT.)
SUPPLEMENTAL DATA
Required Supplementary Information
Analysis of Funding Progress
Illinois Municipal Retirement Fund
105
Police Pension Fund
106
Revenues by Source
Illinois Municipal Retirement Fund
107
Revenues by Source and Expenses by Type
Police Pension Fund
108
Schedule of Insurance in Force
109
Long -Term Debt Requirements
Corporate Purpose Bond Series of 1986
110
Corporate Purpose Bond Series of 1988
111
General Obligation Bond Series of 1991
112
General Obligation Refunding Bond Series of 1993
113
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years 114
General Governmental Expenditures by Function - Last Ten
Fiscal Years 115
Property Tax Assessed Valuations, Rates, Extensions, and
Collections - Last Ten Fiscal Years 116
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years 117
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1995
PAGE
STATISTICAL SECTION (CONT.)
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years 118
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita -
Last Ten Fiscal Years
119
Schedule of Direct and Overlapping Bonded Debt
120
Schedule of Legal Debt Margin
121
Ratio of Annual Debt Service Expenditures for General Obligation
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
122
Demographic Statistics - Last Ten Fiscal Years
123
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal years
124
Principal Taxpayers
125
Miscellaneous Statistics
126-127
VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30,1995
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal
John H. Heuberger
Marvin W. Ehlers
Bernard Forrest, Mayor
Robert D. Franz, Clerk
ADMINISTRATIVE
Edwin B. Seidman
Vernon E. Swanson
Michael Swartz
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance/ Treasurer
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VILLAGE OF DEERFIELD ORGANIZATIONAL CHART
' PUBLIC .
BOARDS MAYOR & BOARD
& of TRUSTEES VILLAGE ATTORNEY
COMMISSIONS
ADMINISTRATIVE VILLAGE MANAGER
ASSISTANT
3 Employees
POLICE FINANCE LDEVELOPMENT MMUNITY PUBLIC WORKS
& ENGINEERING
' 51 Employees 7 Employees Employees 33 Employees
PATROL BUDGETING PLANNING WATER
WORKS
INVESTIGATIONS ACCOUNTING ZONING SEWAGE
TREATMENT
TREASURY CODE
YOU MANAGEMENT ENFORCEMENT STREETS
BUILDING VEHICLE
COMMUNICATIONS PERSONNEL PLAN MAINTENANCE
REVIEW
RECORDS BILLING PERMITS DRAINAGE STORM
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RESEARCH APPEARANCE PLAN DESIGN
& PURCHASING REVIEW & REVIEW
DEVELOPMENT
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1 Certificate of
� Achievement
� for Excellence
in Financial
i Reporting
Presented to
� Village of Deerfield,
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 1994
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.
President
Y#7 ze�t
Executive Director
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VILLAGE OF DEERFIELD
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IOctober 17, 1995
Found within the Comprehensive Annual Financial Report are all funds and
account groups of the Village of Deerfield, as well as all of its component
units (generally separate entities for which the Village is financially
accountable). A full range of municipal services is provided by the
Village, including finance and general administration, police, community
development, waterworks and sewerage, and public works maintenance and
improvement. In addition to general government functions, the Police
Pension Fund and the public library are included in the reporting entity.
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850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 708.945.5000
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, 1995, is hereby submitted. Responsibility
for both the accuracy of the data and the completeness and fairness of
the presentation, including all disclosures, rests with the Village. To
the best of our knowledge and belief, the enclosed data is accurate in
all material respects and is reported in a manner designed to present
fairly the financial position and results of operations of the various
funds and account groups of the village. All disclosures necessary to
enable the reader to gain an understanding of the Village's financial
activities have been included.
The comprehensive annual financial report is presented in three sections:
introductory, financial, and statistical. The introductory section
includes this transmittal letter, the Village's organizational chart and
a list of principal officials. The financial section includes the general
purpose financial statements, the combining, individual fund, and account
group financial statements and schedules, as well as the independent
auditor's report on the financial statements and schedules. The
statistical section includes selected financial and demographic
information, generally presented on a multi -year basis.
Found within the Comprehensive Annual Financial Report are all funds and
account groups of the Village of Deerfield, as well as all of its component
units (generally separate entities for which the Village is financially
accountable). A full range of municipal services is provided by the
Village, including finance and general administration, police, community
development, waterworks and sewerage, and public works maintenance and
improvement. In addition to general government functions, the Police
Pension Fund and the public library are included in the reporting entity.
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850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 708.945.5000
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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 11.50 of the Village's equalized assessed valuation, and,
according to the 1990 census, the area is made up entirely of commercial
properties. Recently completed were entrance and exit ramps for the
Illinois toll road at Lake Cook Road which provide improved access and
reduce dependency on the crowded Deerfield Road entrance. A further
indication of the Village's financial growth is the Village's current
' inventory of 1050 hotel /motel rooms. This has increased from 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 $1,173,143
for the year ending 4/30/95, which is a 9.5% increase over 1993 -94.
Unemployment in Lake County in August 1995 was 4.39k compared with 5.3%
in the state of Illinois and estimated 1.1% in Deerfield.
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Sara Lee, a bakery products company, closed its bakery operations in
January 1991. The Village does not believe that this has had a significant
impact on Village revenues since Sara Lee's assessed valuation at the time
of closing was only 1.29. 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 model units are
expected to be available by late spring of 1995. It is estimated that
the Optima development will increase Deerfield's population by 800.
The Village sales tax revenue for 1995 was $2,428,667 compared to
$2,313,020 for 1994. This is a 5.0% 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.
MAJOR INITIATIVES
For the Year
The Village, in conjunction with the U. S. Army Corps of Engineers and
the Illinois Department of Transportation - Division of Water Resources,
is completing the regional storm water retention basin at the southwest
corner of Lake -Cook and Pfingsten Roads. This project is part of the North
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Branch Storm Water Management Plan, providing protection to Deerfield and
the downstream communities of Northbrook and Glenview. Scheduled for
completion in the fall of 1995, this multi -year construction project will
continue to demand significant attention from the Village.
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 curbside program, as well as other scavenger services, is administered
through a negotiated contract with Laidlaw Waste Systems extended through
December 31, 1995. The Village will issue a Request for Proposal (RFP)
during the fall of 1995.
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 17,000 cubic yards have not been landfilled.
Because of all these services, over 430 of the residential refuse was
diverted from area landfills between January 1, 1990 and July 31, 1994.
Approximately 890 of all families in the Village of Deerfield participate
in the recycling program.
For the Future
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.
Reverse Commuter Grant
The Village and the Lake Cook Road TMA (Transportation Management
Association) will also continue to work with METRA (the metropolitan rail
division of the Regional Transportation Authority) to develop a second
commuter rail station within the Village. Planned to serve traditional
and "reverse" commuters in the Lake -Cook corridor, the station will be
located on part of the 26 acre site being developed jointly by Metra and
Deerfield. Approximately 400 -500 commuter parking spaces will be provided
during the initial phase of construction (1994 -95), with a total of 800
when development is completed.
Deerfield has been awarded a $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.
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Budaeting 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, 1995, and the amount and percentage
of increases and decreases in relation to prior year revenues.
Increase Percent
1995 Percent (Decrease) of Increase
Revenues* Amount of Total from 1994 (Decrease)
Taxes
6,835,737
68.96
Recvclina Scavenger Service
3.89
After a successful second year, the Public Works Department is making
preparations for the weekly collection of leaves from residential areas
of the Village. Previously gathered only once each fall, the weekly
& Permits
pick -up during November is an increase in service due to the state ban
7.10
on landfilling yard wastes and resident requests for additional service.
31.41
Leaves are recycled into a landfill.
425,384
FINANCIAL INFORMATION
8,779
Management of the Village is responsible for establishing and maintaining
Charges for
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
423,642
financial statements in conformity with generally accepted accounting
177,396
principles. The internal control structure is designed to provide
Fines
reasonable, but not absolute, assurance that these objectives are met.
3.23
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
16.27
of costs and benefits requires estimates and judgments by management.
Budaeting 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, 1995, and the amount and percentage
of increases and decreases in relation to prior year revenues.
Increase Percent
1995 Percent (Decrease) of Increase
Revenues* Amount of Total from 1994 (Decrease)
Taxes
6,835,737
68.96
255,789
3.89
Licenses
& Permits
704,147
7.10
168,302
31.41
Intergovernmental
425,384
4.29
8,779
2.11
Charges for
Services
423,642
4.27
177,396
72.04
Fines
320,166
3.23
44,797
16.27
Interest
563,318
5.68
(70,840)
(11.17)
Miscellaneous
641,547
6.47
64,517
11.18
Total
9;913,941 100.00
648,740
7.00
*Amounts above exclude
discretely
presented
Component Unit - Public Library
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Taxes. The general heading of taxes encompasses several different types
of taxes. Property tax makes up 32% of taxes or $2,187,532. This is a
decrease of $100,429 from the prior year, or a 4.39% decrease.
Sales tax is another major category of revenue. The Village receives a
19. 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, 1995, sales tax receipts totalled $2,428,667 or 36%
of the total taxes received. This is an increase over the previous year
of approximately 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 1994 -95 tax receipts of $1,173,143 which is
17.2% of total taxes received in 1994 -95, and an increase of 9.50 over
1993 -94. 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 $168,302 or a 31% increase. This is due primarily to
the development discussed in Economic Conditions and Outlook. Building
pe =its increases to $147,807. The level of permit revenue is likely to
continue for the next two fiscal years.
Interest. Interest earnings dropped approximately 11% due to a general
reduction in interest rates.
Charges for Services. These revenues have increased $177,396 due primarily
to charges to developers for engineering fees. This level is not likely
to continue.
Miscellaneous. The major increases in miscellaneous revenue were in the
General Fund for increase in equities in a public risk pool of $22,729
and the sale of fixed assets (used squad cars) at auction for $46,600.
The Village signed a retroactive agreement with Illinois Bell for the use
of the public way. The retroactive portion was $29,993, and the additional
monthly fee was approximately $1,000.
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 1995, and the percentage of increases and decreases in relation to
prior year amounts.
Expenditures*
Current
General Govt.
Public Safety
Highways /Streets
Misc.
Debt Service
Principal
Interest
Total
*Amounts above exclude discretely presented Component Unit - Public Library
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Increase
Percent
1995
Percent
(Decrease)
of Increase
Amount
of Total
from 1994
(Decrease)
1,622,179
18.54
(20,787)
(1.28)
3,526,351
40.30
142,217
4.03
1,091,677
12.47
(73,064)
(6.27)
687,732
7.86
18,907
2.82
1,230,000
14.06
(140,000)
(10.22)
592,189
6.77
(618)
(.10)
8,750,128
100.00
(73,345)
(.83)
*Amounts above exclude discretely presented Component Unit - Public Library
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The decrease in General Government was resents a 20 787. This re
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stabilization in cost levels and a reduction of $40,000 from the previous
year for building maintenance.
The $142,217 increase (4.03 %) in expenses in the Police Department is the
result of adding emergency medical dispatch. This allows the dispatcher
to provide assistance to callers while at the same time routing the
appropriate personnel to the scene.
The decrease of $73,064 or 6.27% in Highways and Streets is the result
of the completion of a project which had been budgeted in the previous
year. The 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 tc
$3,531,947 from $2,424,768 and the Village's designated fund balance has
remained at $4,750,000. The designated fund balance represents the
Village's continuing intent to fund a large portion of the downtown TI=
by advances from the General Fund. At this point, the Village has advanced
$1,320,000 and has an additional $3,500,000 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 $3,931,947 is the equivalent of 240 workinc
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
approximately $104,000 due primarily
purchased. The Water Fund had a net
$210,327. This was also due to the
June through January.
(before depreciation) increased b-:'
to an increase in the cost of water
income of $266,950, an increase of
major increase in water sales from
In the Sewerage Fund, the total operating expenses decreased by $62,000,
that is $1,188,418 vs. $1,250,501. The fund had a net loss of $286,330;
however, operating income before depreciation was $264,903.
The Refuse Fund had a net income of $67,047. Expenses (excluding
depreciation) increased from $1,422,183 to $1,440,898, a 1% increase.
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1994. For the
year ended April 30, 1995, the pension benefit obligation funding level
decreased to 110 %, from 111% the prior year. The actuarial assumption
for investments was 8.5% and for projected salaries was 6%.
Debt Administration. At April 30, 1995, the Village had a number of deb;.
issues outstanding. These issues included $9,936,266 of net general
obligation bonded debt and no revenue bonds. The par value savings were
$636,107. 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 - 1994 (estimated) 594,213,459
Legal Debt Limit - 8.625% 51,250,911
Legal Debt Margin 39,835,910
lx
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 5.00 %. The pension trust fund. achieved a yield
rate of 9.80 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 4.99% for 90 day U.S.
Treasury bills and 7.47% for 10 year U.S. Treasury notes. The Village
earned interest revenue of $2,122,168 on all investments except the Trust
and Agency fund group and $988,561 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 $37,452,014. Of these,
$32,941,511 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
$4,510,503, as detailed below, is held in accounts not subject to risk
categorization. $1,597,481 is invested in the Illinois Public Treasury
Pool, $2,308,035 is in a deferred compensation plan asset account, and
the remaining $604,987 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 was
selected by the Village's audit committee. The auditor's report on the
general purpose financial statements and combining and individual fund
statements and schedules is included in the financial section of this
report.
Awards. The Government Finance Officers Association of the United States
and Canada (GFOA) awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Village of Deerfield for its comprehensive
annual financial report for the fiscal year ended April 30, 1994. The
Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit
must publish an easily readable and efficiently organized comprehensive
annual financial report (CAFR) whose contents conform to program standards.
Such CAFR must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The
Village of Deerfield has received a Certificate of Achievement for the
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last ten consecutive years. We believe our current report continues to
conform to the Certificate of Achievement program requirements, and we
are submitting it to the GFOA.
Acknowledgments. The preparation of the comprehensive annual financial
report on a timely basis was made possible by the dedicated service of
the entire staff of the finance department. Each member of the department
has our sincere appreciation for the contributions made in the preparation
of this report.
In closing, without the leadership and support of the Village Board,
preparation of this report would not have been possible.
R cnectfully submitted,
,George J. Valentine
Finance Director
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REPORT OF INDEPENDENT AUDITORS
CROWS CHIZEK
1 REPORT OF INDEPENDENT AUDITORS
The Honorable Mayor
Members of the Board of Trustees
Village of Deerfield, Illinois
We have audited the accompanying general purpose financial statements and the combining,
individual fund, and account group financial statements of the Village of Deerfield, Illinois, as
of and for the year ended April 30, 1995, 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,
1994 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 and
' "Government Auditing Standards ", issued by the Comptroller General of the United States.
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, 1995,
and the results of its operations and cash flows of its proprietary fund types for the year then
ended in conformity with generally accepted accounting principles. Also, in our opinion, the
' combining, individual fund, and account group financial statements referred to above present
fairly, in all material respects, the financial position of each of the individual funds and account
groups of the Village of Deerfield, Illinois, as of April 30, 1995, 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,
1994 and the results of operations of the individual general, special revenue, debt service,
enterprise, internal service, police pension, and component unit - public library general funds
for the year then ended in conformity with generally accepted accounting principles.
In accordance with "Government Auditing Standards ", we have also issued a report dated
June 20, 1995 on our consideration of Village of Deerfield, Illinois' internal control structure and
a report dated June 20,1995 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole and on the combining, individual fund, and account group
financial statements. The accompanying financial information listed as supplemental and
schedules in the accompanying table of contents is presented for purposes of additional
analysis and is not a required part of the general purpose financial statements of the Village of
Deerfield, Illinois. Such information has been subjected to the auditing procedures applied in
the audit of the general purpose, combining, individual fund, and account group financial
statements and, in our opinion, is fairly presented in all material respects in relation to the
general purpose financial statements and each of the combining, individual fund, and account
group financial statements taken as a whole.
The introductory and statistical information listed in the table of contents was not audited by
us and, accordingly, we do not express an opinion thereon.
Oak Brook, Illinois
June 20, 1995
2
" J 'Y- 14-�
Crowe, Chizek and Company
IVILLAGE OF DEERFIELD, ILLINOIS
' All Fund Types and Account Groups
Combined Balance Sheet
April 30,1995
(with comparative totals for 1994))
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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 30,1995
(with comparative totals for 1994)
See accompanying notes to financial statements.
2
Fiduciary
Proprietary
Fund Types
Fund Type
Totals
Internal
Pension
(Memorandum
Only)
E,nteTrise
Senrirp
Trust
1295
129A
Operating revenues
Taxes
$ -
$ -
$ 222,673
$ 222,673 $
195,933
Charges for services
4,813,049
1,171,398
-
5,984,447
5,640,502
Contributions
-
-
174,366
174,366
164,883
Interest
-
-
988,561
988,561
987,515
Miscellaneous
159,735
-
-
159,735
68,901
Total operating revenues
4,972,794
1.171,E
1,3�8�,600
7529.782
7,057,734
Operating expenses
Administration
459,391
752,379
-
1,211,770
1,533,544
Operations
4,525,591
181,426
-
4,707,017
4,604,029
Depreciation
361,297
-
-
361,297
360,657
Benefits and refunds
-
-
305,114
305,114
294,276
Miscellaneous
-
-
_x,507
_1,507
1,189
Total operating expenses
5,346,279
933,805
307.621
6,582,705
6,793,695
Operating income (loss)
(,x,4951
237,593
1,077.979
942,077
x,039
Nonoperating revenues
Interest income
260,367
16,793
-
277,160
234,765
Income from public entity
risk pool
13,843
-
-
13,843
-
Property taxes
745,275
1019 84_5
-
16,793
-
-
745,275
_1,036,278
723,151
957,916
Income before operating
transfers
645,990
254,386
1,077,979
1,978,355
1,221,955
Operating transfers (out)
(564,0
-
-
(564,3541
(149,6001
Net income
81,636
254,386
1,077,979
1,414,001
1,072,355
Other changes in retained earnings -
unreserved /fund balances
Depreciation that reduces
capital
172,381
-
172.381
180.241
Net increase in retained earnings -
unreserved/ fund balances
254,017
254,386
1,077,979
1,586,382
1,252,596
Retained earnings - unreserved/
fund balances
May 1
5,724.102
61,288
10,327,550
16,11 .940 14,860344
April 30
$ 5.978.119
S 315.674
$ 11.405.529
$17.699.322 S 16.112.940
See accompanying notes to financial statements.
2
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended April 30,1995
(with comparative totals for 1994)
Cash flows from noncapital financing activities
Operating transfers (out) (564,3541 (564 3541 (149 6001
Cash flows from capital and related
financing activities
Fixed assets purchased (38 6041 - (38.604) (41,106)
Cash flows from investing activities
Purchase of investment securities (1,780,504) (152,297) (1,932,801) (675,803)
Proceeds from sale and maturities
of investment securities 390,417 63,282 453,699 1,526,663
Interest on investments 270,653 15,903 286.556 225,180
_(1.119,4341 (73;1121 (1.192.5461 1,076,040
Net increase (decrease) in cash and cash
equivalents (1,075,324) 147,872 (927,452) 1,214,183
Cash and cash equivalents
May 1 1.466.698 148,049 1,614,747 400,564
April 30 5 391.374 5 295.921 5 687.295 5 1.614.747
Cash and investments
Cash and cash equivalents $ 391,374 $ 295,921 $ 687,295 $ 1,614,747
Investments 4,193,008 253,5 4,446.520 1001,079
5 4.584.382 549.433 5 5.133115 5 4.615.826
Noncash investing, capital and financing activities:
The Enterprise Funds received $30,014 in contributed fixed assets during the year.
See accompanying notes to financial statements.
7
Proprietary Fund Types
Totals
Internal
(Memorandum
Only)
Enterprise _
mice
122
1224
Cash flows from operating activities
Operating income (loss)
$ (373,495)
$ 237,593
$ (135,902) $
(788,827)
Adjustments to reconcile operating income
(loss) to net cash provided by operating
activities
Depreciation
361,297
-
361,297
360,657
Other nonoperating revenues
745,275
-
745,275
723,151
Changes in assets and liabilities
Receivables
(104,533)
(136)
(104,669)
23,929
Due from other funds
(15)
-
(15)
(4,373)
Due from component unit
3,413
3,413
-
Inventories
(24,059)
(2,467)
(26,526)
(8,981)
Accounts payable
23,597
4,804
28,401
(9,174)
Compensated absences payable
14,984
(728)
14,256
9,260
Claims payable
-
(6,624)
(6,624)
58,381
Due to other funds
604
647,068
(11,4581
220,984
(10-854)
868,052
(35.1741
328,99
Cash flows from noncapital financing activities
Operating transfers (out) (564,3541 (564 3541 (149 6001
Cash flows from capital and related
financing activities
Fixed assets purchased (38 6041 - (38.604) (41,106)
Cash flows from investing activities
Purchase of investment securities (1,780,504) (152,297) (1,932,801) (675,803)
Proceeds from sale and maturities
of investment securities 390,417 63,282 453,699 1,526,663
Interest on investments 270,653 15,903 286.556 225,180
_(1.119,4341 (73;1121 (1.192.5461 1,076,040
Net increase (decrease) in cash and cash
equivalents (1,075,324) 147,872 (927,452) 1,214,183
Cash and cash equivalents
May 1 1.466.698 148,049 1,614,747 400,564
April 30 5 391.374 5 295.921 5 687.295 5 1.614.747
Cash and investments
Cash and cash equivalents $ 391,374 $ 295,921 $ 687,295 $ 1,614,747
Investments 4,193,008 253,5 4,446.520 1001,079
5 4.584.382 549.433 5 5.133115 5 4.615.826
Noncash investing, capital and financing activities:
The Enterprise Funds received $30,014 in contributed fixed assets during the year.
See accompanying notes to financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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 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
potential component units discussed below are included in the Government's reporting entity
because of the significance of their operational or financial relationship with the Government.
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
President, 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)
D
1 VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
tJoint Ventures:
Solid Waste Agency of Lake County ( SWALCO)
The Government is a participant with thirty -five other municipalities in a joint venture.
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. On dissolution of the Agency, the net assets of
SWALCO will be shared proportionately by its members. SWALCO is reported as a
proprietary joint venture. Additional required disclosures may be found in the
Commitments, Contingent Liabilities, and Joint Ventures notes to financial statements.
1 Fund Accounting: The Government uses funds and account groups to report on its financial
position, results of its operations, and cash flows. Fund accounting is designed to demonstrate
legal compliance and to aid financial management by segregating transactions related to certain
' government functions or activities.
A fund is a separate accounting entity with a self - balancing set of accounts. An account group,
on the other hand, is a financial reporting device designed to provide accountability for certain
assets and liabilities that are not recorded in the funds because they do not directly affect net
expendable available financial resources.
tFunds are classified into the following categories: governmental, proprietary, and fiduciary.
Each category, in turn, is divided into separate "fund types ".
' Governmental funds are used to account for all or most of the Government's general activities,
including the collection and disbursement of earmarked monies (special revenue funds), the
acquisition or construction of general fixed assets (capital projects funds), and the servicing of
general long -term debt (debt service funds). The general fund is used to account for all
activities of the general government not accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the private sector,
where the determination of net income is necessary or useful to sound financial administration.
Goods or services from such activities can be provided either to outside parties (enterprise
funds) or to other departments or agencies primarily within the Government (internal service
funds).
. (Continued)
2
VILLAGE OF DEERFIELD, ILLINOIS 1
Notes to Financial Statements
April 30,1995
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. All 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) I
10 1
IVILLAGE OF DEERFIELD, ILLINOIS
1
Notes to Financial Statements
April 30,1995
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Continued)
Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest
revenue, and charges for services. Sales, income, and motor fuel taxes, and fines collected and
held by the state at year end on behalf of the Government also are recognized as revenue.
Permit revenues are not susceptible to accrual because generally they are not measurable until
received in cash.
The accrual basis of accounting is utilized by proprietary and pension trust funds. Under this
method, revenues are recorded when earned, and expenses are recorded at the time liabilities
are incurred.
The Government reports deferred revenue on its combined balance sheet. Deferred revenues
arise when a potential revenue does not meet both the "measurable" and "available" criteria for
recognition in the current period. Deferred revenues also arise when resources are received by
' the Government before it has a legal claim to them, as when grant monies are received prior to
the incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Government has a legal claim to the resources, the
' liability for deferred revenue is removed from the combined balance sheet and revenue is
recognized.
Budgets: Budgets are adopted on a basis consistent with generally accepted accounting
principles. Annual appropriated budgets are adopted (at the fund level) for the General,
Special Revenue, Debt Service, Enterprise, Garage (Internal Service) and Pension Trust funds.
The annual appropriated budget is legally enacted and provides for a legal level of control at
the fund level. All annual appropriations lapse at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting - -under which purchase orders, contracts and other commitments for
the expenditure of resources are recorded to reserve that portion of the applicable
appropriation - -is utilized in the governmental funds. Material encumbrances outstanding at
year end, if any, are reported as reservations of fund balances and do not constitute
expenditures or liabilities because the commitments will be honored during the subsequent
year.
(Continued)
1 11
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30,1995 ,
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) I
12 1
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
I April 30,1995
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets: (Continued)
Public domain ( "infrastructure ") general fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as
these assets are immovable and of value only to the Government.
w Assets in the general fixed assets account group are not depreciated. Depreciation of buildings,
equipment, water /sewer systems, and vehicles in the proprietary fund types is computed
' using the straight -line method.
Interest is capitalized on proprietary fund assets acquired with tax- exempt debt. The amount
of interest to be capitalized is calculated by offsetting interest expense incurred from the date of
the borrowing until completion of the project with interest earned on invested proceeds over
the same period.
Compensated Absences: Vested or accumulated vacation leave 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.
tLong -Term Obligations: Long -term debt is recognized as a liability of a governmental fund
when due, or when resources have been accumulated in the debt service fund for payment
' early in the following year. For other long -term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability of a
governmental fund. The remaining portion of such obligations is reported in the general long-
term debt account group. Long -term liabilities expected to be financed from proprietary fund
operations are accounted for in those funds.
Fund Equity: Contributed capital is recorded in proprietary funds that have received capital
grants or contributions from developers, customers, or other funds. Reserves represent those
portions of fund equity not appropriable for expenditure or legally segregated for a specific
future use. Designated fund balances represent tentative plans for future use of financial
resources.
Bond Discounts/Issuance Costs: In governmental fund types, bond discounts and issuance
costs are recognized in the current period.
(Continued)
1 13
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1995
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.
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) 1
14 1
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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:
Deficit
Fund Balance
Emergency Services/ Disaster $ 7,360
Tax Incremental Finance District 2 1,434,198
Excess of Actual Expenditures/Expenses Over Budget in Individual Funds: The following
funds had an excess of actual expenditures/ expenses (exclusive of depreciation and
amortization) over budget for the fiscal year:
Fund Excess
Enhanced 911 $ 9,051
Debt Service 115,979
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.
(Continued)
15
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30,1995
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Deposits: At year -end the carrying amount of the Government's deposits totaled $(287,723)
and the bank balances totaled $248,475, and the Discretely Presented Component Unit's
carrying amount of deposits totaled $24,756 and the bank balances totaled $19,862.
Category 1
Deposits covered by federal depository
insurance, or by collateral held by the
Government, or its agent, in the
Government's name.
Category 2
Deposits covered by collateral held by the
pledging financial institution's trust
department, or by its agent, in the
Government's name.
Category 3
Deposits covered by collateral held by the
pledging financial institution, or its trust
department, or its agent but not in the
Government's name, and deposits which
are uninsured and uncollateralized.
Total Deposits
Bank Balances
Discretely
Presented
Primary Component
Government Unit
$ 248,475 $ 19,862
$ 248.475 $ 19,862
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 and unregistered investments.
(Continued)
16 1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Investments: (Continued)
Primary Government
• Deferred Compensation
Plan Assets 2,308,035 2,308,035
• Illinois Public Treasurer's
Investment Pool 1,597,481 1,597,481
• Life Insurance Contracts
and Separate Accounts 604,987 604,987
Total Investments - Primary Government $ 37,452,014 $ 38 641.561
Component Unit
• Deferred Compensation Plan Assets $ 19,846 $ 19,846
• Illinois Public Treasurer's
Investment Pool 801,950 801,950
Discretely Presented Component Unit $ 821,796 L---82L726
• (Not Subject to Risk Categorization)
The pension trust fund owns 30 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1994 attach as an enforceable lien on January 1, 1994, 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, 1995, and August
1, 1995, and are payable in two installments, on or about March 1, 1995, and September 1, 1995. The
County collects such taxes and remits them periodically.
(Continued)
17
-------------- - - - - -- Categ-------
-- - - --
Market
1 2
Totals
Value
U.S. Government Securities
$ 25,669,562 $
- $ - $ 25,669,562
$ 26,860,871
GNMA
1,485,473
- - 1,485,473
1,514,572
Municipal Bonds
1,356,677
- - 1,356,677
1,325,816
Commercial Paper
4,429,799
- - 4,429,799
4429,799
$ 32,941,511
1-- 32,941,511
34,131,058
• Deferred Compensation
Plan Assets 2,308,035 2,308,035
• Illinois Public Treasurer's
Investment Pool 1,597,481 1,597,481
• Life Insurance Contracts
and Separate Accounts 604,987 604,987
Total Investments - Primary Government $ 37,452,014 $ 38 641.561
Component Unit
• Deferred Compensation Plan Assets $ 19,846 $ 19,846
• Illinois Public Treasurer's
Investment Pool 801,950 801,950
Discretely Presented Component Unit $ 821,796 L---82L726
• (Not Subject to Risk Categorization)
The pension trust fund owns 30 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1994 attach as an enforceable lien on January 1, 1994, 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, 1995, and August
1, 1995, and are payable in two installments, on or about March 1, 1995, and September 1, 1995. The
County collects such taxes and remits them periodically.
(Continued)
17
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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:
Water /Sewer system
13,670,057
Primary Government
886,806
Parking Lot Improvements
632,608
Balances
Accumulated depreciation
Balances
May 1
Additions
Retirements A rp it 30
Land
$ 3,522,331
$ -
$ - $ 3,522,331
Buildings and improvements
4,905,862
9,936
- 4,915,798
Vehicles
760,913
71,938
63,196 769,655
Equipment
1,942,657
112,776
4,653 2,050,780
$ 11,131,763 194,650 1_67,M2 $ 11,258,564
Discretely Presented Component Unit
Balances Balances
May 1 Additions Retirements Aril 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 761,216 86,900 - 848,116
Equipment 420,137 - - 420,137
$ 1,326,909 L 86,900 I $ 1,413,809
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
7,844,273
(Continued)
18
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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
1994 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 has established an Insurance Fund (an internal service fund). The
Government is self - insured for medical coverage.
Each participating fund makes payments to the Insurance Fund. Such payments are displayed
on the financial statement as revenues expenditures /expenses (quasi -external transfers).
Municipal Insurance Cooperative Agency (MICA)
The Government participates in the Municipal Insurance Cooperative Agency (MICA). MICA
is a public entity risk pool established by certain units of local government in Illinois to
administer some or all of the general liability insurance programs of these members.
The Agency manages and funds first party property losses, third party liability claims,
workers' compensation claims, and public officials' liability claims of its members.
■ (Continued)
19
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 6 - RISK MANAGEMENT (Continued)
Municipal Insurance Cooperative Agency (MICA) (Continued)
Management consists of a Board of Directors comprised of one appointed representative from
each member. In addition, there are two officers: a Benefit Administrator and a Treasurer.
The Government does not exercise any control over the activities of the Agency beyond its
representation on the Board of Directors.
For the year ended April 30, 1994, MICA had a total equity of $1,531,747 and revenues over
expenses of $55,219. The Government's total payments for the year ended April 30, 1995 were
$300,607.
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.
The purpose of HELP is to act as a joint self - insurance pool for the purpose of seeking the
prevention or lessening of liability claims for injuries to persons or property or claims for errors
and omissions made against the Members and other parties included within the scope of
coverage of HELP.
HELP is governed by a Board of Directors which consists of one appointed representative from
each member municipality. Each Director has an equal vote. The officers of HELP are
appointed by the Board of Directors. The Board of Directors determines the general policy of
HELP, makes all appropriations, approves contracts, adopts resolutions providing for the
issuance of debt by HELP, adopts by -laws, rules and regulations, and exercises such powers
and performs such duties as may be prescribed in the HELP Agreement or the by -laws.
The Government does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
(Continued) 1
20 1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
At April 30, 1994, the total equity of HELP was $7,553,655, of which the Government's share
was $272,687. For the year ended April 30, 1994, the net income of HELP was $1,014,463, of
which the Government's share was $38,448. The Government made payments totaling $35,696
to HELP during the year ended April 30,1995.
NOTE 7 - LEASE OBLIGATIONS
No material capital or operating leases were in effect as of the date of this report.
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds: The Government issues general obligation bonds for the
acquisition and construction of major capital facilities.
General obligation bonds are direct obligations and pledge the full faith and credit of the
Government. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired By May1 Additions Reductions April 30
Corporate Purpose Bond Series
of 1982; ($500,000 dated
October 1, 1982; maturing
December 1, 1994; payable in
annual installments; interest
* *Debt
rates from 4.4% to 6.0 %)
Service $ 75,000 $ - $ 75,000 $ -
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 1,605,000 - 545,000 1,060,000
Corporate Purpose Bond Series
of 1987; ($10,000,000 dated
October 8, 1987; maturing
*Expend -
October 8, 2002; interest rates
able
from 8.4% to 8.5 %)
Trust 10,000,000 - 10,000,000 -
(Continued)
21
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements '
April 30,1995
NOTE 8 - LONG -TERM DEBT (Continued)
General Obligation Bonds: (Continued)
Fund Debt
Issue Retired D4
Corporate Purpose Bond Series
of 1988; ($3,000,000 dated
November 1, 1988; maturing
January 1, 2004; payable in
annual installments; interest Debt
rates from 6.79/o to 8.0 %) Service
Corporate Purpose Bond Series
of 1991; ($1,500,00 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; ($9,995,00
dated May 1, 1993; maturing
December 15, 2004; payable in
annual installments; interest Debt
rates from 3.9% to 4.10 %) Service
$
Balances
350,000 $
Balances
Additions Reductions Al2ril 30
- $ 175,000 $ 175,000
30,00 60,00 '
F — - 11;1 1 1;1 ;1 1.1.1
* These bonds were issued in Fiscal 1988 with the proceeds used to purchase $10,000,000 of
Dade County Florida Aviation Revenue Bonds. Those Revenue Bonds were carried as an
investment and the Village's general obligation bonds were carried as a liability in the
Expendable Trust Fund with the interest income on the Revenue Bonds paying the
interest expenditures on the general obligation bonds. The Revenue Bonds were called
during Fiscal 1995. The Village subsequently called its outstanding general obligation
bonds in accordance with the escrow agreement.
** The Government abates the tax levy on these bond issues annually. The debt is being
retired for the Corporate Purpose Bond Series of 1982 by transfers from the Tax
Incremental Finance District 1 Fund, and retired for the General Obligation Bond Series
of 1991 by transfers from the Tax Incremental Finance District 2 Fund.
(Continued) I
22 1
IVILLAGE OF DEERFIELD, ILLINOIS
I Notes to Financial Statements
April 30,1995
NOTE 8 - LONG -TERM DEBT (Continued)
Debt Service Requirements to Maturity: Annual debt service requirements to maturity are as
follows:
1 Fiscal
1
'
Year
General
'
Ending
Obligation
April 30
Bonds
'
1996
$ 1,701,630
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
$ 14,027,314
Interest Portion
$ 2,612,314
'
Changes in Long -Term
Liabilities: During the fiscal year the following changes occurred in
liabilities reported in
the general long -term debt account group:
1
'
Corporate Purpose Bond Series of 1982
Corporate Purpose Bond Series of 1986
Corporate Purpose Bond Series of 1988
General Obligation Bond Series of 1991
General Obligation Refunding Bond
Series of 1993
1
1
1
Balances Balances
May-1 Additions Reductions Al2ril 30
$ 75,000 $ - $ 75,000. $ -
1,605,000 - 545,000 1,060,000
350,000 - 175,000 175,000
900,000 - 300,000 600,000
9.715,000 - 135.000 9.580.000
$ 12,645.000 - $ 1.230,000 $ 11.415 M
(Continued)
23
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements ,
April 30,1995
NOTE 8 - LONG -TERM DEBT (Continued)
Legal Debt Margin: The Government is a home rule municipality.
Chapter 65, Section 5/8 -5 -1 of the Illinois Compiled Statutes 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
$9,995,000 in general obligation bonds with an average interest rate of 4.04% to advance refund
$6,840,000 Corporate Purpose Bonds Series 1986 due January 1, 1997 through 2005, inclusive,
with an average interest rate of 6.72 %, and $1,975,000 Corporate Purpose Bonds Series 1988
due January 1, 1997 through 2004, inclusive, with an average interest rate of 6.81 %. The net
proceeds of $9,832,391 (after payment of $69,779 in underwriting fees, insurance and other
issuance costs) 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 future requirements of the Corporate Purpose Bond Series of 1986 and 1988 to be paid
from escrow are as follows:
Fiscal Year
1986 Issue
1988 Issue
Ending April 30
Principal
Interest Rate
Principal
Interest Rate
1997
$ 140,000
6.50%
$ 200,000
6.60%
1998
660,000
6.60
200,000
6.70
1999
700,000
6.70
225,000
6.75
2000
750,000
6.80
225,000
6.80
2001
800,000
6.90
250,000
6.90
2002
855,000
6.75
275,000
6.90
2003
915,000
6.75
300,000
6.90
2004
975,000
6.75
300,000
6.90
2005
1,045,000
6.75
(Continued) I
24 1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 8 - LONG -TERM DEBT (Continued)
Noncommitment Debt - Industrial Development Revenue Bonds: The Government qualifies
as a Home Rule Unit under Section 6(a) of Article VII of the 1970 Constitution of Illinois and,
under the powers granted by this section, can exercise any power and perform any function
pertaining to its government and affairs which is not prohibited by the Illinois Compiled
Statutes.
The issuance of Industrial Development Revenue Bonds by the Government is to finance in
whole or in part the cost of the acquisition, purchase, construction, reconstruction,
improvement, equipping, betterment or extension of any economic development project in
order to encourage economic development within or near the Government.
Industrial Development Revenue Bonds are not a debt of the Government. The entity using
the bond proceeds to finance a construction or improvement project is liable for the bonds.
Since the Government does not act as an agent for Industrial Development Revenue Bonds, the
transactions relating to the bonds and property do not appear in the Government's financial
statements.
The Government has authorized the issuance of the following such bonds:
12/20/82 Industrial Revenue
4/16/84 Industrial Revenue
12/17/84 Industrial Revenue
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
$ 1,615,000 Chi -Chi's Inc.
1,000,000 Teradyne, Inc.
4,500,000 Industrialplex
Limited Partnership
General Emergency Services /Disaster $ 6,071
Tax Increment Finance District #2 123,029
Garage 13,088
Deposit 6,176
Deerfield Cemetery Association 11,400
159,764
Emergency Services /Disaster
Debt Service
Street and Bridge
Municipal Audit
Street and Bridge
Illinois Municipal Retirement
(Continued)
25
17
438
700
1,155
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
NOTE 9 - INTERFUND ASSETS/LIABILITIES (Continued)
Due From/To Other Funds: (Continued)
Receivable Fund Payable Fund
Refuse Municipal Audit
Emergency Services /Disaster
Police Pension
Advances From/To Other Funds:
Receivable Fund
General
Street and Bridge
Payable Fund
Tax Increment Finance District #2
Due From/To Primary Government and Component Unit:
Receivable Entity Payable Entity
Component unit - Primary government -
Public Library - General General
Emergency Services/ Disaster
Street and Bridge
Illinois Municipal Retirement
Refuse
Police Pension
(Continued)
26
Amount
$ 1,939
198
2,137
1,833
164,894
Amount
$ 1.320,000
"e
$ 39
461
13,229
2,304
604
170
1 7
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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
'April 30 Amount
1996 $ 26,258
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 1995. Cost
projection amounts are not yet available for 1995.
' 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.
t(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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
Sew- -- erage
Refuse
Parking Lo
Totals
Operating revenues $
2,584,022
$ 1,453,321
$ 767,967
$ 167,474 $
4,972,784
Depreciation and
amortization expense
89,782
239,245
-
32,270
361,297
Operating income (loss)
187,387
25,658
(672,931)
86,391
(373,495)
Operating grants, entitlements,
and shared revenues
-
-
-
-
-
Operating transfers in
-
-
-
-
-
Operating transfers out
91,480
379,774
13,100
80,000
564,354
Tax revenues
-
-
745,275
-
745,275
Net income (loss)
266,950
(286,330)
67,047
33,969
81,636
Current capital contributions
15,007
15,007
-
-
30,014
Current capital transfers
-
-
-
-
-
Plant, property, and equipment
Additions
16,563
52,055
-
-
68,618
Deletions
16,466
15,268
-
-
31,734
Total assets
5,417,485
6,815,684
898,752
829,121
13,961,042
Net working capital
3,129,155
1,525,918
777,771
609,299
6,042,143
Bonds and other long -term
liabilities
Payable from operating
revenues
-
-
-
-
-
Payable from other sources
-
-
-
-
-
Total equity
5,250,007
6,609,291
777,771
827,772
13,464,841
(Continued)
28
1 VILLAGE OF DEERFIELD, ILLINOIS
I Notes to Financial Statements
April 30,1995
NOTE 12 - CONTRIBUTED CAPITAL
During the fiscal year, contributed capital increased/ decreased by the following
amounts:
Commuter
' Water
Sewerage
Parking Lot
Totals
Increases $ 15,007
$ 15,007
$ -
$ 30,014
' Decreases - depreciation 29,606
125,891
16,884
172,381
Net increase (decrease) (14,599)
(110,884)
(16,884)
(142,367)
Contributed capital
May 1 1,771,882
5,617,510
239,697
7,629,089
April 30 $ 1,757,283
$ 5,506,626
222,813
$ 7,486,722
NOTE 13 - FUND EQUITY
Tax Incremental Finance District 1 Fund - Surplus Rebate
On December 19, 1994, the Government passed Resolution No. 94 -13 titled "Resolution
Declaring a Surplus of Tax Increment Financing Funds" in accordance with the Illinois
Compiled Statutes. The Government determined that the sum of $6,500,000 held in the Tax
Incremental Finance District 1 Fund was surplus funds and should be redistributed to the
appropriate taxing districts in Fiscal 1-995.
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.
(Continued)
9
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1995
NOTE 14 - CONTINGENT LIABILITIES (Continued)
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.
The members of the Agency and their percentage shares based on formulae contained in the
Agency agreement as of April 30,1994 are:
(Continued)
01
% Share
% Share
% Share
Antioch
1.06%
Lake County
19.88%
Riverwoods
.94%
Beach Park
1.65
Lake Forest
6.13
Round Lake
.61
Deer Park
.74
Lake Villa
.55
Round Lake Beach
2.55
Deerfield
4.25
Lake Zurich
3.21
Round Lake Park
.64
Grayslake
1.46
Libertyville
4.38
Third Lake
.24
Green Oaks
.47
Lincolnshire
1.74
Vernon Hills
3.36
Gurnee
3.11
Lindenhurst
1.45
Wadsworth
.39
Hawthorn Woods
1.07
Long Grove
1.42
Wauconda
1.31
Highland Park
8.03
Mundelein
4.12
Waukegan
12.15
Kildeer
.67
North Barrington
.66
Winthrop Harbor
1.08
Lake Barrington
1.16
North Chicago
3.13
Zion
3.92
Lake Bluff
1.61
Park City
.86
100.00%
These percentage shares are subject
to change in
future years
based on the combination of the
population and equalized assessed valuation of the municipalities.
(Continued)
01
VILLAGE OF DEERFIELD, ILLINOIS
I Notes to Financial Statements
April 30,1995
t
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 Mayor or
President, Trustee, or Chief Administrative Officer 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.
Summary of Financial Information of Joint Venture
Summary of Financial Position as of April 30,1994:
Assets Liabilities and Fund Equity
Current assets Current liabilities
Receivables and other 155,920 Cash overdrafts $ 30,605
Accounts payable 117,075
Accrued payroll and
payroll taxes 8,240
155,920
Fund equity
Investment in general
Fixed assets 13,015 fixed assets 13,015
Fund balance - unreserved
13,015
Total liabilities
Total assets 168,935 and fund equity L168,935
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements ,
April 30, 1995
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
Summary of Financial Information of Joint Venture (Continued)
Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended
April 30,1994:
Total revenues $ 722,909
Total expenditures 738,743
(Deficiency) of revenues over expenditures (15,834)
Fund balance
May 1 15,834
April 30 $ -
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 30,1995.
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
the Government in an amount equal to the fair market value of the deferred account for each
participant.
It 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.
(Continued) I
32 1
1 VILLAGE OF DEERFIELD, ILLINOIS
I Notes to Financial Statements
April 30,1995
NOTE 17 - POSTEMPLOYMENT BENEFITS
' In addition to providing pension benefits described, the Government provides
postemployment 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 $2,310. The Government pays 25
percent of the cost of the health insurance premiums for the retirees to a maximum of $35.
Accordingly, no liability has been recorded for post - retirement health care benefits.
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
IIllinois 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, 1994, was $5,703,255. Of this
' amount, $3,551,486 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 1994, the rate was 11.56 percent.
(Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements '
April 30,1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
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 30,1995 was $1,937,400
out of a total payroll of $5,756,428. At April 30, 1995, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 11
Current employees
Vested ] 23
Nonvested ] 15
Total 42
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.
(Continued) I
34 1
VILLAGE OF DEERFIELD, ILLINOIS
1 Notes to Financial Statements
April 30, 1995
1
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
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. Effective July 1, 1993, the Government's
contributions must accumulate to the point where the past service cost for the Police Pension
Plan is fully funded by the year 2033.
Summary of Significant Accounting Policies and Plan Asset Matters:
Basis of Accounting - The financial statements are prepared using the accrual basis of
accounting. Employee and employer contributions are recognized as revenues in the period in
which employee services are performed.
Method Used to Value Investments - 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.
(Continued)
35
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements '
April 30,1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
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.
Illinois
Municipal Police
Retirement Pension
Actuarial valuation date December 31, April 30,
1994 1995
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% ] 6.0%
attributable to inflation compounded ] compounded
annually J annually
c) Additional projected salary
increases - attributable ] (Note - separate
to seniority /merit ] information on
] for b) and c)
1.00% ] not available)
d) Post - retirement benefit 3.00% 3.00%
increases compounded
annually
(Continued) I
36 1
VILLAGE OF DEERFIELD, ILLINOIS
1 Notes to Financial Statements
April 30, 1995
' 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
Y P
provisions.
I(Continued)
1 37
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
'
Funding Status and Progress: (Continued)
Illinois
Totals
Municipal
Police
(Memorandum
Retirement
Pension
Qom)
Pension benefit obligation
'
Retirees and beneficiaries currently
receiving benefits and terminated
(Note)
employees not yet receiving benefits
$ 332,128 $
4,461,670
$ 4,793,798
Current employees
Accumulated employee contributions
including allocated investment earnings
1,961,608
1,470,503
3,432,111
'
Employer - financed vested
Employer - financed nonvested
4,305,835
506,263
4,221,717
170,815
8,527,552
677,078
Total pension benefit obligation
7,105,834
10,324,705
17,430,539
Net assets available for benefits,
at lower of cost or market
5,213.379
11,405,529
16,618,908
(Market values)
(IMRF - $ 5,496,821)
(Police 12,710,531)
(Totals - 18207.3,0
Unfunded (assets in excess of)
pension benefit obligation
$ 1,892,455 $
(1,080,824)
$ 8116`31
(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
Y P
provisions.
I(Continued)
1 37
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
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.
Actuarial valuation date
Actuarially determined contribution
requirement
As a dollar amount
Employer
Normal cost
Amortization of unfunded
actuarial accrued liability
Death and disability cost
Supplemental retirement benefit
Employee - normal cost
Illinois Totals
Municipal Police (Memorandum
Retirement Pension Qn,W
December 31, April 30,
1994 1995
$ 280,324
$ 134,214
$ 414,538
112,582
25,405
137,987
15,626
-
15,626
2,019
-
2,019
410,551
159,619
570,170
159,817
174,366
334,183
57
333,985
904,353
(Continued) I
38 1
1 VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1995
' As a % of current covered payroll
Employer 11.56% 11.49% 11.54%
Employee 4.50 9.00 6.09
106% 20.49% 17.63%
Effects on the contribution requirements of current -year changes:
1 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.
t(Continued)
' 39
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
'
Contributions Required and Contributions Made: (Continued)
Illinois
Municipal
Police
Totals
(Memorandum
Retirement
Pension
QDW
As a % of current covered payroll
Employer
Normal cost
7.33%
6.93%
7.55%
Amortization of unfunded
actuarial accrued liability
3.17
1.31
2.51
Death and disability cost
.62
-
.28
Supplemental retirement benefit
.44
-
.04
11.56
8.24
10.38
Employee - normal cost
4.50
9.00
6.11
16.06 %
17.24%
16.49%
Contribution made
'
As a dollar amount
Employer
$ 410,551
$ 222,673
$ 633,224
Employee
159.817
174366
334,183
7 8
$ 397,039
J 967,407
' As a % of current covered payroll
Employer 11.56% 11.49% 11.54%
Employee 4.50 9.00 6.09
106% 20.49% 17.63%
Effects on the contribution requirements of current -year changes:
1 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.
t(Continued)
' 39
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1995
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Trend Information: Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due. Trend information may be found in
the supplemental section of the Government's annual financial report.
Illinois Totals
Municipal Police (Memorandum
Year Retirement Pension QMA4
Net assets available for benefits
as a % of the pension benefit 1993 68.99% 110.48% 106.28%
obligation (PBO) 1994 71.22 111.56 95.33
1995 73.37 110.47 95.34
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 1993 54.57 (49.77) 16.97
inflation for analysis purposes) 1994 53.54 (58.40) 13.97
1995 53.29 (55.79) 14.79
Employer contributions
As a % of annual covered payroll
1993
12.81
10.23
11.83
1994
11.52
10.69
11.23
1995
11.56
11.49
11.54
Required
1993
$ 399,041
$ 134,475
$ 533,466
1994
385,905
170,005
555,910
1995
410,551
159,619
570,170
Made
1993
399,041
180,787
579,828
1994
385,905
195,933
581,838
1995
410,551
222,673
633,224
40
GOVERNMENTAL FUND TYPES
I
1
GENERALFUND
The General Fund - (also referred to as the Corporate Fund)
To account for resources traditionally associated with govermnental services not required to be
accounted for in another fund.
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Balance Sheet
April 30,1995 and 1994
Investment in public entity risk pool - HELP
Total assets $ 11,113,557 $ 9,988,957
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 79,448 $ 220,875
Compensated absences payable 725,270 651,358
Other payables 13,951 4,721
Due to component unit 39 -
Total liabilities 81 708 876,954
Fund balance
Reserved for due from other governments
1995
1994
ASSETS
13,332
6,111
Cash and investments
$ 8,634,261
$ 7,526,092
Receivables
Accrued interest
146,892
65,447
Other
159,738
162,788
Due from other governments
4,750,000
4,750,000
Sales tax
415,559
381,702
State income tax
94,400
82,590
Due from other funds
159,764
297,395
Inventory
13,332
6,111
Advances to other funds
1,320,000
1,320,000
Investment in public entity risk pool - HELP
Total assets $ 11,113,557 $ 9,988,957
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 79,448 $ 220,875
Compensated absences payable 725,270 651,358
Other payables 13,951 4,721
Due to component unit 39 -
Total liabilities 81 708 876,954
Fund balance
Reserved for due from other governments
509,959
464,292
Reserved for inventory
13,332
6,111
Reserved for advances to other funds
1,320,000
1,320,000
Reserved for investment in public entity risk
pool - HELP
169,611
146,832
Unreserved
Designated - future improvements
4,750,000
4,750,000
Undesignated
3„5 ,947
2,424,768
Total fund balance
10,294,849
9,11 003
Total liabilities and fund balance
1 11,113,557
$ 9,988,957
See accompanying notes to financial statements.
41
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
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 (uses)
Operating transfers (out)
Tax Incremental Finance
District 2 Fund
Vehicle Replacement Fund
Excess of revenues over expenditures
and other financing uses
Fund balance
May 1
Residual equity transfer in
Transportation Fund
April 30
1995 1994
Budget Actual Actual
$ 4,252,000 $ 4,588,321 $ 4,235,365
204,500
367,928
200,226
-
13,209
533
186,500
291,879
117,788
270,000
320,166
275,369
301,000
386,139
468,384
325,700
414,640
374,126
5,539,700
6,382,282
5,671,791
1,762,190
1,622,179
1,642,966
3,570,230
3,435,381
3,314,493
5,332,420
5,057,560
4,957,459
207,280
1,324,722
714,332
(50,000)
(17,876)
(25,570)
(124,000)
(124,000)
(515,000)
(174,000)
(141,876)
(540,570)
$ 33,280
1,182,846
173,762
9,112,003 8,932,458
- 5,783
$ 10,294,849 $ 9,112,003
See accompanying notes to financial statements.
EVA
VILLAGE OF DEERFIELD, ILLINOIS I
General Fund '
Schedule of Revenues - Budget and Actual
Year Ended April 30,1995
c 1 Taxes Actual
Sales tax $ 2,300,000 $ 2,428,667
Local use tax 127,000 127,248
Income tax 750,000 829,826
Hotel /motel tax 1,075,000 1,173,143
Photofinishing tax - 29,437
4,252,000 4,588,321
Licenses and permits
Beer /liquor licenses
55,000
57,713
Food licenses
5,000
6,025
Other business licenses
22,500
33,777
Building permits
85,000
216,944
Animal licenses
5,000
7,513
Non - business licenses and permits
32,000
204,500
45,956
367,928
Intergovernmental
State grants
-
13,209
Charges for services
Special police services
16,500
18,979
Transfer charges
60,000
60,000
Dispatching Services
100,000
97,903
Engineering charges
10,000
186,500
114,997
291,879
Fines and forfeits
270,000
320,166
Interest
301,000
386,139
Miscellaneous
False alarms
50,000
33,045
Sale of materials
-
2,385
Rentals
44,200
37,515
Miscellaneous
27,500
59,463
Franchise fees
204,000
212,853
Income from public entity risk pool
-
22,779
Proceeds from sale of fixed assets
325,700
46,600
414,640
Total revenues
$ 5,539,700
$ 6,382,282
43
IVILLAGE OF DEERFIELD, ILLINOIS
' General Fund
Schedule of Expenditures - Budget and Actual
' Year Ended April 30,1995
' Contractual services 86,600 68,393
Utility services 5,000 4,500
Motor vehicle maintenance 6,600 4,032
' Repairs and maintenance 35,800 15,786
Equipment rental 732
Rental property repairs 3,000 96
Miscellaneous 50,750 24,199
Supplies 33,800 26,942
Materials 1,000 -
'
Petroleum products
2,500
1,520
Housing assistance
Bu
Actual
'
General government
800
292
Administration Department
1,000
548
Salaries
$ 839,970
$ 833,957
'
Overtime
9,570
8,829
'
Part -time
142,000
140,383
Employee benefits
161,830
126,154
Professional services
190,300
190,423
Travel, training, and dues
34,200
29,306
647,132
19,230
Printing and advertising
Communications
22,350
28,320
17,632
25,433
28,772
Insurance
62,500
46,848
' Contractual services 86,600 68,393
Utility services 5,000 4,500
Motor vehicle maintenance 6,600 4,032
' Repairs and maintenance 35,800 15,786
Equipment rental 732
Rental property repairs 3,000 96
Miscellaneous 50,750 24,199
Supplies 33,800 26,942
Materials 1,000 -
'
Petroleum products
2,500
1,520
Housing assistance
36,000
27,700
Apparel
800
292
Small tools and equipment
1,000
548
Equipment
8,300
5,782
Improvements other than buildings
-
22,692
'
Total general government
1,762,190
1,622,179
'
Public safety
Police Department
Administrative service
'
Salaries
Overtime
646,920
5,150
647,132
19,230
Part -time
43,720
28,772
Employee benefits
112,310
77,697
(Continued)
44
VILLAGE OF DEERFIELD, ILLINOIS '
General Fund '
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995 '
1,132,360 1,054,488
Investigations
Salaries
Budget
Actual
Public safety (Continued)
9,060
6,580
Police Department (Continued)
22,880
22,155
Administrative service (Continued)
2,450
1,814
Professional services
$ 6,500
$ 1,467
Travel, training, and dues
6,600
9,620
Printing and advertising
6,400
5,619
Communications
27,100
19,802
Insurance
141,650
115,090
Contractual services
48,370
39,784
Motor vehicle maintenance
1,800
2,139
Repairs and maintenance
23,540
26,845
Supplies
34,600
37,233
Petroleum products
1,000
199
Apparel
8,500
10,337
Equipment
13,200
13,111
Miscellaneous
5,000
411
1,132,360 1,054,488
Investigations
Salaries
160,960
167,173
Overtime
9,060
6,580
Employee benefits
22,880
22,155
Travel, training, and dues
2,450
1,814
Motor vehicle maintenance
1,700
1,235
Petroleum products
1,500
597
Apparel
1,800
1,800
Equipment
3,500
3,000
203,850
204,354
Patrol
Salaries
1,550,400
1,505,259
Overtime
43,260
44,344
Part -time
34,620
34,223
Employee benefits
207,110
207,002
Travel, training, and dues
27,200
22,894
(Continued)
45
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Budget Actual
Public safety (Continued)
Police Department (Continued)
Patrol (Continued)
Motor vehicle maintenance $ 27,000 $ 25,156
Repairs and maintenance - 80
Petroleum products 35,000 21,437
Apparel 27,000 25,436
Equipment 11,360 10,098
Motor vehicles - 11,424
1,962,950 1,907,353
Special services
Overtime 18,540 15,810
Youth services
Salaries
200,120
203,866
Overtime
5,150
5,699
Part -time
1,550
1,500
Employee benefits
32,960
32,457
Travel, training, and dues
3,550
3,554
Motor vehicle maintenance
3,500
1,811
Petroleum products
2,000
948
Apparel
1,200
1,477
Equipment
2,500
2,064
252,530
253,376
Total public safety
3,570,230
3,435,381
Total expenditures
$ 5,332,420
$ 5,057,560
46
1
1
IMunicipal Audit Fund
SPECIAL REVENUE FUNDS
To account for an independent, outside audit is 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.
Emergency Services/Disaster Fund
' To account for the Emergency Services and Disaster Agency which supersedes the Civil
Defense Agency and now basically relates to natural disasters caused by floods and tornadoes.
The Agency also prepares a plan of action to be taken if man-made disasters occur.
' Street and Bridge Fund
To account for the revenues and resources used in maintaining approximately 70 miles of
streets and the Railroad Station in the Village of Deerfield.
Illinois Municipal Retirement Fund
To account for the revenues and expenditures associated with providing disability and pension
benefits for Deerfield employees. The fund also provides the employer portion of F.I.C.A.
Contributions.
Motor Fuel Tax Fund
' To account for the activities involved with street maintenance and construction. Financing is
provided by the Village's share of State gasoline taxes. State law requires these gasoline taxes
to be used for the following purposes: (1) Street construction or reconstruction to improve
traffic capacity; (2) Installation of traffic signs, signals, and controls; (3) Sidewalk repair and
replacement; and (4) The public benefit share of new street improvements when certain criteria
are met in connection with a special assessment project.
Enhanced 911 Fund
To account for the 911 calling telephone system activity.
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VILLAGE OF DEERFIELD, ILLINOIS
Municipal Audit Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
Revenues
Taxes
Property taxes
Interest
Total revenues
Expenditures
Miscellaneous
Contractual
Excess of revenues over expenditures
Fund balance
May 1
April 30
1995 1994
Budget Actual Actual
$ 15,000 $ 14,963 $ 13,981
18 19
15,000 14,981 14,000
— 14,500 13,875 13,225
S 500 1,106 775
See accompanying notes to financial statements.
49
VILLAGE OF DEERFIELD, ILLINOIS
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
Revenues
Taxes
Property taxes
Interest
Miscellaneous
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
Apr1130
1995
Budget Actual
$ 5,000 $ 4,990
6
250
1,800
600
1,300
500
35
978
124
1,369
618
995
M
See accompanying notes to financial statements.
50
1994
Actual
$ 4,991
6
1,762
6,759
969
123
1,369
640
305
47
3,306
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
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
Commuter Parking Lot Fund
Vehicle Replacement Fund
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
Fund balance
May 1
April 30
1995
163,927
1994
46,750
45,534
Actual
$ 330,000 $
329,437
$ 338,737
340,000
336,219
335,619
26,000
26,638
25,669
5,000
-
-
-
3,655
4,476
1,500
1,500
1,500
20,000
3,000
725,E
30,698
3,122
731,269
28,699
2,063
736,763
182,770
163,927
184,953
46,750
45,534
43,792
58,950
56,209
45,244
113,390
108,523
101,168
44,470
40,294
34,909
33,030
31,579
35,618
101,880
113,988
80,421
66,500
69,727
58,831
161,520
144,235
274,635
65,880
72,098
63,221
18,160
16,738
14,486
31,620
16,120
941,040
24,400
15,852
903,104
31,647
x,579
981,504
(215,540)
215,000
(171,8451
215,000
(244,7411
210,000
80,000
(48,5001
246,500
80,000
(48,500
246,500
80,000
(48,540)
241,500
$ 30.960
74,665
(3,241)
See accompanying notes to financial statements.
51
i
i
i
i
i1
N
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Cleaning
Budget
Actual
Highways and streets
25,290
24,530
Public works
1,030
881
Administration
4,130
3,762
Salaries
$ 50,320
$ 58,990
Overtime
6,900
5,268
Part -time
4,220
4,960
Employee benefits
11,440
8,864
Apparel
1,800
1,778
Repairs and maintenance
3,300
3,615
Travel, training, and dues
1,800
1,820
Printing and advertising
4,800
2,223
Communications
4,250
2,377
Miscellaneous
4,000
2,783
Motor vehicle maintenance
2,900
3,095
Insurance
70,540
55,154
Professional services
100
-
Contractual
7,800
5,891
Supplies
7,100
5,919
Petroleum products
1,500
1,190
182,770
163,927
Cleaning
Salaries
25,290
24,530
Overtime
1,030
881
Employee benefits
4,130
3,762
Equipment rental
500
-
Repairs and maintenance
7,000
12,502
Motor vehicle maintenance
2,500
453
Contractual
2,000
-
Supplies
2,200
2,056
Petroleum products
1,400
700
Small tools and equipment
700
650
46,750
45,534
Traffic marking
Salaries
28,360
30,758
Overtime
410
277
(Continued)
52
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Pavement patching
Salaries
Budget
Actual
Highways and streets (Continued)
210
90
Public works (Continued)
9,350
8,001
Traffic marking (Continued)
3,000
2,589
Part -time
$ 3,250
$ 1,280
Employee benefits
4,930
4,927
Repairs and maintenance
700
405
Motor vehicle maintenance
700
205
Contractual
10,000
9,951
Petroleum products
100
51
Materials
5,000
2,237
Street signs
5,500
6,118
58,950
56,209
Pavement patching
Salaries
56,900
54,422
Overtime
210
90
Employee benefits
9,350
8,001
Repairs and maintenance
3,000
2,589
Motor vehicle maintenance
5,830
4,111
Petroleum products
1,600
788
Aggregates
35,000
37,737
Materials
1,500
785
Aggregates
113,390
108,523
Tarring cracks
Salaries
26,820
27,625
Overtime
210
6
Part -time
3,900
1,575
Employee benefits
4,340
3,896
Equipment rental
500
-
Repairs and maintenance
1,800
1,728
Motor vehicle maintenance
700
352
Petroleum products
600
185
Aggregates
600
671
Materials
5,000
4,256
44,470
40,294
(Continued)
53
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Budget
Actual
' Highways and streets (Continued)
Public works (Continued)
Drainage structures
rSalaries
$ 21,070
$ 21,393
Overtime
720
1,629
Employee benefits
3,910
3,439
Repairs and maintenance
800
979
Motor vehicle maintenance
2,330
753
Petroleum products
200
87
Aggregates
2,000
1,939
Materials
2,000
1,360
33,030
31,579
Street lights and traffic signals
Salaries
22,720
31,086
Overtime
3,200
918
Employee benefits
3,360
4,975
' Equipment rental
1,000
1,455
Repairs and maintenance
2,600
331
Utility services
32,000
21,048
' Motor vehicle maintenance
2,700
5,260
Contractual
28,000
41,575
Petroleum products
1,000
944
Aggregates
300
279
Materials
5,000
6,117
101,880
113,988
Miscellaneous maintenance
Salaries
8,130
11,484
Overtime
9,270
7,614
Employee benefits
3,150
2,063
Equipment rental
600
-
'
Repairs and maintenance
4,200
5,029
Miscellaneous
1,500
1,422
Motor vehicle maintenance
1,200
2,717
Contractual
3,700
2,729
(Continued)
54
VILLAGE OF DEERFIELD, ILLINOIS '
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Bu_ dget Actual
Highways and streets (Continued)
Public works (Continued)
Miscellaneous maintenance (Continued)
Petroleum products $ 500 $ 481
Aggregates 2,300 2,651
Materials 31,550 33,532
Small tools and equipment 400 5
66,500 69,727
Snow and ice control
Salaries
30,150
20,006
Overtime
20,600
27,392
Employee benefits
4,970
3,254
Equipment rental
1,000
-
Repairs and maintenance
23,500
24,185
Motor vehicle maintenance
12,000
8,988
Contractual
7,500
-
Supplies
2,300
3,110
Petroleum products
5,000
1,896
Salt
46,000
48,180
Aggregates
6,000
5,767
Materials
2,500
1,457
161,520
144,235
Tree removal
Salaries
12,600
16,181
Overtime
710
162
Part -time
5,760
5,309
Employee benefits
2,340
2,217
Repairs and maintenance
1,000
803
Motor vehicle maintenance
820
100
Contractual
42,000
47,048
Petroleum products
400
209
Materials
-
69
Equipment
250
-
65,880
72,098
(Continued)
55
' VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
' Year Ended April 30,1995
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
Petroleum products
Materials
Equipment
Total expenditures
56
$ 7,140
220
1,400
300
500
8,000
200
400
18,160
3,090
210
5,400
2,060
4,700
8,480
580
100
7,000
31,620
5,550
3,250
1,270
4,000
900
400
300
450
16,120
$ 941,040
Actual
$ 9,204
19
1,504
85
5,388
48
490
16,738
3,965
25
1,470
790
2,282
8,083
811
_6,974
24,400
6,186
969
1,094
4,850
2,293
155
305
15,852
$ 903,104
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
Expenditures
Miscellaneous
Illinois municipal retirement
payments - employer 450,000 404,715 395,593
FICA payments - employer 363,000 269,142 260,007
Total expenditures 813,000 673,857 655,600
Excess of revenues over expenditures $ 47,000 146,801 106,067
Fund balance
May 1 (97,115) (203,182)
April 30 $ 49,686 $ (97,115)
See accompanying notes to financial statements.
57
1995
1994
Buffet
Actual
Actual
Revenues
Taxes
Property taxes
$ 850,000 $
798,369
$ 748,104
Replacement taxes
8,000
8,604
8,136
Interest
2,000
13,685
5,427
Total revenues
860,000
820,658
761,667
Expenditures
Miscellaneous
Illinois municipal retirement
payments - employer 450,000 404,715 395,593
FICA payments - employer 363,000 269,142 260,007
Total expenditures 813,000 673,857 655,600
Excess of revenues over expenditures $ 47,000 146,801 106,067
Fund balance
May 1 (97,115) (203,182)
April 30 $ 49,686 $ (97,115)
See accompanying notes to financial statements.
57
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
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
1995 1994
Budget Actual Actual
$ 380,000 $ 412,175 $ 416,072
50,000 46,768 36,539
430.000 458,943 452,611
499,000
109,853
71,749
50,000
120,000
669.000
71,820
6.900
188,573
44,880
66,608
183,237
(239,000)
270,370
269,374
1 (454000) 55,370 59,374
See accompanying notes to financial statements.
M.
VILLAGE OF DEERFIELD, ILLINOIS
Transportation Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
1995
Budget Actual
Revenues
Intergovernmental
Grant
Expenditures
Miscellaneous
Transportation
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
Residual equity transfer (out)
General Fund
April 30
See accompanying notes to financial statements.
59
1994
Actual
5,783
(5,783)
VILLAGE OF DEERFIELD, ILLINOIS
Enhanced 911 Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
Revenues
Charges for services
Other charges
Interest
Total revenues
Expenditures
Public safety
Contractual
Equipment
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
1995 1994
Budget Actual Actual
$ 96,000 $ 99,970 $ 96,813
1,000 1,904 773
97,000 101,874 97,586
70,500
76,798
29,699
7,300
10,053
36,489
77,800
86,851
66,188
$ 19,200
15,023
31,398
54,176
22,778
$ 69,199
$ 54,176
See accompanying notes to financial statements.
60
1
1
1
1
1
DEBT SERVICE FUND
Debt Service Fund
To account for the accumulation of resources for the payment of General Long -Term Debt.
F
1
1
1
11,
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30, 1995 and 1994
ASSETS
Cash and investments
Receivables
Property taxes
Accrued interest
Due from other funds
Due from component unit
Total assets
LIABILITIES AND FUND BALANCES
Liabilities
Deferred property taxes
Fund balances
Reserved for debt service
Total liabilities and fund balances
$ 1,549,609 $ 1,664,465
883,756 900,335
22,509 17,579
1,155 5,924
- 1,227
$ 2.457.029 $ 2.589.530
$ 978,295 $ 1,022,045
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 30,1995 and Actual Only for 1994
1995 1994
Budge Actual Actual
Revenues
Taxes
Property taxes $ 934,210 $ 1,039,773 $ 1,174,012
Replacement taxes 45,000 59,884 56,622
Interest 90,000 89,181 94,311
Miscellaneous
Tax incremental finance district
surplus property tax rebate 200,000 210.100 199,079
Total revenues 1,269,210 1,398,938 1„52 ,024
Expenditures
Debt service
Principal retirement
1,701,210 ] 1,230,000 1,370,000
Interest
] 585,965 517,553
Fiscal charges
5,000 6,224 75,254
Total expenditures
1,10 1,822,189 1,962,807
Excess (deficiency) of revenues
over expenditures
(437,000) (4230 (438,783)
Other financing sources
General Obligation Bond proceeds
- - 91910,043
Transfer to escrow agent
- - (9,832,391)
Operating transfers in
Tax Incremental Finance District
#1 Fund
- - 82,200
Tax Incremental Finance District
#2 Fund
334,500 334,500 351,E
334500 334,E 511,152
Excess (deficiency) of revenues and
other financing sources over
expenditures 5 (1025001 (88,751) 72,369
Fund balance
May 1 1,567,485 1,495,116
April 30 $ 1.478.734 $ 1.567.485
See accompanying notes to financial statements.
62
VILLAGE OF DEERFIELD, ILLINOIS I
Debt Service Fund '
Schedule of Revenues and Other Financing Sources
and Expenditures - Budget and Actual '
Year Ended April 30,1995
Revenues and other financing sources
Corporate Purpose Bond Series of 1992
Operating transfer in
Tax Incremental Finance District #1 Fund
Corporate Purpose Bond Series of 1986
Property taxes
Replacement taxes
General Obligation Bond Series of 1988
Property taxes
Replacement taxes
General Obligation Bond Series of 1991
Operating transfer in
Tax Incremental Finance District #2 Fund
General Obligation Refunding Bond Series of 1993
Property taxes
Replacement taxes
Interest
Miscellaneous
Tax incremental finance district
surplus property tax rebate
Total revenues and other financing sources
Expenditures
Corporate Purpose Bond Series of 1982
Principal
Interest
Corporate Purpose Bond Series of 1986
Principal
Interest
General Obligation Bond Series of 1988
Principal
Interest
General Obligation Bond Series of 1991
Principal
Interest
General Obligation Refunding Bond Series of 1993
Principal
Interest
Fiscal charges
Total expenditures
63
Budget Actual
204,180
9,835
197,750
9,525
334,500
532,280
25,640
90,000
227,252
13,090
220,095
12,674
334,500
592,426
34,120
89,181
$ 75,000
7,200
[ 545,000
[ 107,435
$ 1,701,210 [ 175,000
[ 22,750
[ 300,000
[ 51,300
[ 135,000
[ 397,280
5,000 6,224
1,706,210 S 1,822,189
1
1
1
1
1
1
1
1
CAPITAL PROJECTS FUNDS
Tax Incremental Finance District 1 Fund
' Established in 1982 to provide funds for land ac q uisition 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.
t
Vehicle and Equipment Replacement Fund
Established to account for the funds annually et aside for the eventual replacement of certain
Y P
vehicles and other equipment.
t
Capital Improvements Series 1988 Fund
' Established in 1988 to rovide funds for the acquisition of right-of-way for the Access Avenue
P q g Y
Project: traffic signal modification; sanitary sewer and street rehabilitation; the installment of a
tnew 16 inch water main, and storm drainage improvements.
Infrastructure Replacement Fund
Established in 1989 for the purpose of maintaining, repairing and renovating the capital assets
' of the Village.
' Project 29 Fund
Established in 1991 to account for the funds held in escrow as required by the Local
Cooperation Agreement between the Department of the Army and the Village for the
construction of the Flood Water Retention Reservoir No. 29A on the West Fork of the North
Branch of the Chicago River.
Capital Projects Series 1991 Fund
' Established in 1991 to rovide various improvements for the redevelopment of downtown
P P P
Deerfield. This fund was closed in Fiscal 1995.
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PROPRIETARY FUND TYPES
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ENTERPRISE FUNDS
Water Fund
To account for all activity necessary to provide water to the residents of the Village of Deerfield
including administration, operation, maintenance, financing and related Debt Service.
Sewerage Fund
To account for the provision of sewer service to the residents of the Village of Deerfield. All
activity necessary to provide such services is accounted for in this fund including, but not
limited to, administration, construction, maintenance, and operations of the Sewerage
Treatment Plant.
Refuse Fund
To account for all revenues and expenses necessary to provide the residents of the Village of
Deerfield with refuse service.
Commuter Parking Lot Fund
To account for all activity necessary to construct, operate, and maintain the commuter parking
facilities within the Village.
VILLAGE OF DEERFIELD, ILLINOIS I
Enterprise Funds
Combining Balance Sheet
April 30,1995 ,
(with comparative totals for 1994)
Fixed assets (net of accumu-
lated depreciation) 2,120,852 5,083,373 218,473 7,4 ,698 7,715,377
Total assets $ 5.417.485 $ 6.815.684 S 898.752 S 829.121 S 13.961.042 $ 13.810.207
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable $ 112,454 $ 76,923 $ 120,377 $ 1,349 $ 311,103 $ 287,506
Compensated absences
payable 55,024 129,470 - - 184,494 169,510
Due to component unit - 604 - 604
Total liabilities 167,478 206,393 120,981 1,349 496,201 457,016
Fund equity
Contributed capital 1,757,283 5,506,626 - 222,813 7,486,722 7,629,089
Retained earnings
'
Commuter
Total fund equity 5,250.007 6,609,291 777,771 827,772 13,464,841 13,353,191
'
Total liabilities and
fund equity $ 5. 417,485 $ 6.815.684 $ 898.752 $ 829.121 $ 13.961,042 $ 13.810,207
Parking
Totals
See accompanying notes to financial statements.
ater
Sewer
&f =
LQt
121
1221
ASSETS
Current assets
Cash and investments
$ 2,664,311
$1,262,153
$ 54,585
$ 603,333
$ 4,584,382 $
4,304,442
Receivables
Property taxes
-
-
674,587
-
674,587
640,308
Accounts
431,917
364,959
164,203
-
961,079
881,305
Accrued interest
47,938
18,379
-
7,315
73,632
49,095
Other
57,268
10,667
3,240
-
71,175
80,695
Due from other funds
-
-
2,137
-
2,137
2,122
Due from component unit
-
-
-
-
-
3,413
Inventories
65,475
2,801
-
-
68,276
44,217
Investment in public
entity risk pool - HELP
29,724
73,352
-
103,076
89,233
3,296,633
1,732,311
898,752
610,648
6,538,344
6,094,830
Fixed assets (net of accumu-
lated depreciation) 2,120,852 5,083,373 218,473 7,4 ,698 7,715,377
Total assets $ 5.417.485 $ 6.815.684 S 898.752 S 829.121 S 13.961.042 $ 13.810.207
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable $ 112,454 $ 76,923 $ 120,377 $ 1,349 $ 311,103 $ 287,506
Compensated absences
payable 55,024 129,470 - - 184,494 169,510
Due to component unit - 604 - 604
Total liabilities 167,478 206,393 120,981 1,349 496,201 457,016
Fund equity
Contributed capital 1,757,283 5,506,626 - 222,813 7,486,722 7,629,089
Retained earnings
'
Unreserved 3,4 ,724 1,102 6,_65 777,771 604,959 5,978,119 5.724,1
Total fund equity 5,250.007 6,609,291 777,771 827,772 13,464,841 13,353,191
'
Total liabilities and
fund equity $ 5. 417,485 $ 6.815.684 $ 898.752 $ 829.121 $ 13.961,042 $ 13.810,207
See accompanying notes to financial statements.
'
66
ISee accompanying notes to financial statements.
1 67
VILLAGE OF DEERFIELD, ILLINOIS
'
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1995
(with comparative totals for 1994)
Commuter
Parking
Totals
Water Sewaee Refuse LQk
1221
1224
Operating revenues
Charges for services
'
Water sales
$ 2,539,379 $ $ $ $
2,539,379 $
2,250,359
Sewer charges
1,340,537 - -
1,340,537
1,170,214
Refuse billings
- - 716,453 -
716,453
732,188
Parking lot fees
- - - 167,474
167,474
174,636
Surcharges
49,206
49,206
48,470
Miscellaneous
x,643 63,578 51,514
159,735
68,901
'
Total operating revenues
Operating expenses excluding
2194,022 1,453,E 767,967 167,474
4,972,784
4,444,768
depreciation
Administration
190,430 204,644 64,317 -
459,391
528,030
Operations
1116 423 983,774 1„376,581 48.813
525„591
4,39 982
Total operating expenses
excluding depreciation
_2,� f0 �,853 1,188,418 1,440899 48,813
4,994,982
4,927-012
Operating income (loss)
before depreciation
277,169 264,903 (672,931) 118,661
(12,198)
(482,244)
Depreciation
89,782 239,74 - 32.270
361,797
360.657
Operating income (loss)
_ 187,387 25,658 0,9311 86.391
(,373,4951
(842,9011
Nonoperating revenues
Interest income
167,051 57,935 7,803 27,578
260,367
226,348
Income from public entity
risk pool
3,992 9,851
13,843
Property taxes
745,275 -
171,043 67,786 753,078 27,578
745,275
723,151_
949.499
Income before
1,019,485
operating transfers
358,430 93,444 80,147 113,969
645,990
106,598
Operating transfers ( out)
(91,4901 x379,774) (13"1001 (80,0001
(564,3541
(149,6001
Net income (loss)
266,950 (286,330) 67,047 33,969
81,636
(43,002)
_
Other changes in retained
earnings - unreserved
Depreciation that reduces
contributed capital
29,606 125,891 16,884
172„381
180,241
Net increase (decrease) in
retained earnings -
unreserved
296,556 (160,439) 67,047 50,853
254,017
137,239
Retained earnings -
unreserved
'
May 1
3196,168 1,263,104 710,724 554 106
5-724,102
5-586863
April 30
S 3.492.724 S 1.102.665 S 777171 S 604.959 S
5.978.119 S
5.724.102
ISee accompanying notes to financial statements.
1 67
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30,1995
(with comparative totals for 1994)
Cash flows from noncapital
financing activities
Operating transfers (out) 491,4801 (379,774) (13,1001 (80.0001 (564 3541 (149-600
Cash flows from capital and
related financing activities
Fixed assets purchased (1.556) (3Z,0481 - - (38,6041 (41,1061
Cash flows from investing activities
Purchase of investment securities (1,528,576) - - (251,928) (1,780,504) (567,475)
Proceeds from sale and maturities
of investment securities 390,417 - - 390,417 1,457,928
Interest on investments 134,569 101,421 7,803 26,860 270,653 218,938
(1,003,5901 101,421 7803 (225.0681 (1,119,434) 1,109,391
Net increase (decrease) in cash and
cash equivalents (831,728) (86,994) 29,538 (186,140) (1,075,324) 1,127,528
Cash and cash equivalents
May 1 1,049,931 203,672 25,047 188,048 1,466698 339,170
April 30 $ 218.203 5 116.678 S 54.585 8 1.908 $ 391.374 $ 1.466.698
Cash and investments
Cash and cash equivalents $ 218,203 $ 116,678 $ 54,585 $ 1,908 $ 391,374 $ 1,466,698
Investments 2,446-109 1,145,475 - 601,425 4-193-008 2,837 744
$ 2.664.311 $ 1,162-153 5 54.585 9 603.333 $ 4.584.382 $ 4.304.442
Noncash investing, capital and financing activities:
The Water Fund and Sewerage Fund received $15,007 and $15,007 in contributed fixed assets during the year, respectively.
See accompanying notes to financial statements.
.:
Commuter
Parking
Totals
Water Seweragg
Ed=
Lmk
1m
1224
Cash flows from operating
activities
Operating income (loss)
$ 187,387 $
25,658
$ (672,931)
$ 86,391
$ (373,495) $
(842,901)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities
Depreciation
89,782
239,245
-
32,270
361,297
360,657
Other nonoperating revenues
-
-
745,275
-
745,275
723,151
Changes in assets and liabilities
Receivables
38,720
(90,527)
(52,726)
-
(104,533)
23,940
Due from other funds
-
-
(15)
-
(15)
(4,373)
Due from component unit
-
-
3,413
-
3,413
-
Inventories
(25,362)
1,303
-
-
(24,059)
(10,687)
Accounts payable
(27,856)
39,971
11,215
267
23,597
(38,730)
Compensated absences payable
2,227
12,757
-
-
14,984
7,793
Due to other funds
-
x,898
-
228,407
604
34,835
-
118.928
604
647,068
(10,0071
208,843
Cash flows from noncapital
financing activities
Operating transfers (out) 491,4801 (379,774) (13,1001 (80.0001 (564 3541 (149-600
Cash flows from capital and
related financing activities
Fixed assets purchased (1.556) (3Z,0481 - - (38,6041 (41,1061
Cash flows from investing activities
Purchase of investment securities (1,528,576) - - (251,928) (1,780,504) (567,475)
Proceeds from sale and maturities
of investment securities 390,417 - - 390,417 1,457,928
Interest on investments 134,569 101,421 7,803 26,860 270,653 218,938
(1,003,5901 101,421 7803 (225.0681 (1,119,434) 1,109,391
Net increase (decrease) in cash and
cash equivalents (831,728) (86,994) 29,538 (186,140) (1,075,324) 1,127,528
Cash and cash equivalents
May 1 1,049,931 203,672 25,047 188,048 1,466698 339,170
April 30 $ 218.203 5 116.678 S 54.585 8 1.908 $ 391.374 $ 1.466.698
Cash and investments
Cash and cash equivalents $ 218,203 $ 116,678 $ 54,585 $ 1,908 $ 391,374 $ 1,466,698
Investments 2,446-109 1,145,475 - 601,425 4-193-008 2,837 744
$ 2.664.311 $ 1,162-153 5 54.585 9 603.333 $ 4.584.382 $ 4.304.442
Noncash investing, capital and financing activities:
The Water Fund and Sewerage Fund received $15,007 and $15,007 in contributed fixed assets during the year, respectively.
See accompanying notes to financial statements.
.:
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Balance Sheet
April 30,1995 and 1994
ASSETS
Current assets
19955 1994 .
Cash and investments
$ 2,664,311
$ 2,348,714
Receivables
Accounts - billed
95,226
88,035
Accounts - unbilled
336,691
365,766
Accrued interest
47,938
24,622
Other
57,268
74,104
Inventories
65,475
40,113
Investment in public entity risk pool - HELP
29,724
3,296,633
25,732
_2,967,086
Fixed assets
Cost 3,547,838 3,547,741
Accumulated depreciation (1,426+986) (1,353,0
2,120,852 2,194,071
Total assets $ 5.417.485 $ 5.161,157
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 112,454 $ 140,310
Compensated absences payable 55,024 5297
167,478 193,107
Fund equity
Contributed capital 1,757,283 1,771,882
Retained earnings
Unreserved 3,49224 3,196,168
Total fund equity 5,250,007 4,9650
Total liabilities and fund equity $ 5.417.485 $ 5.161.157
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 30,1995 and Actual Only for 1994
1995
1994
Budge t
Actual
Actual
Operating revenues
Charges for services
Water sales
$ 2,300,000 $
2,539,379
$ 2,250,359
Miscellaneous
Permits and fees
10,000
19,276
5,823
'
Penalties
24,000
24,990
21,267
Other
6,000
377
354
Total operating revenues
_2,340,000
2,584,022
2,277,803
'
Operating expenses excluding depreciation
Administration
206,157
190,430
227,317
Operations
,
Distribution
1,803,480
1,812,372
1,665,072
Maintenance - mains and fire hydrants
313,967
204,565
242,605
Maintenance - meters
91,630
99,486
67,967
'
Total operating expenses excluding depreciation
2,415,234
2,306,$53
x,202,961
Operating income (loss) before depreciation
(75,234)
277,169
74,842
'
Depreciation
89,782
89,782
Operating income (Ioss)
(7-5,234 1
187,E
(14,240
Nonoperating revenues
Interest income
Income from public entity risk pool
80,000
-
167,051
3,992
108,063
-
'
80.000
171,043
108,E
Income before operating transfers
4266
358,430
93,123
Operating transfers (out)
Vehicle Replacement Fund
(36,500)
(36,500)
(36,500)
Infrastructure Replacement Fund
(45,x)
--015m) 015m) --(91•480
(54,980)
)
Net income
$ (76.7341
266,950
-(36,500)
56,623
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
29,606
39,720
Net increase in retained earnings -
296,556
96,343
,
unreserved
Retained earnings - unreserved
May 1
J
,3196,168
3,099,825
'
April 30
$
3,492,724
$ 3.126, ffi
See accompanying notes to financial
statements.
'
70
1
1
1
L
1
1
u
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
(Continued)
71
Budget
AchLd
Administration
Salaries
$ 79,570
$ 83,164
Overtime
3,530
3,621
Part -time
4,220
4,771
Employee benefits
16,440
12,862
Professional services
5,200
2,452
Travel, training, and dues
1,100
91
Printing and advertising
2,400
2,404
Communications
9,250
9,069
Contractual services
2,100
1,740
Insurance
53,720
42,442
Motor vehicle maintenance
1,900
3,087
Miscellaneous
1,000
496
Supplies
1,600
1,932
Petroleum products
400
397
Occupancy
20,000
20,000
Apparel
1,800
1,900
Repairs and maintenance
2,100
175
Total
206,330
190,603
Less nonoperating items
Fixed assets capitalized
173
173
Total administration
206,157
190A30
Operations
Distribution
Salaries
98,500
53,849
Overtime
10,800
14,090
Employee benefits
11,680
11,445
Professional services
6,500
3,895
Printing and advertising
500
1,472
Contractual services
8,600
7,729
Utility services
71,400
61,375
Motor vehicle maintenance
2,500
5,750
-- - - Repairs and maintenance
4,200
415
Miscellaneous
600
96
Purchase of water
1,575,000
1,641,880
Supplies
700
-
Petroleum products
1,000
1,446
Chlorine
1,000
-
Materials
3,000
1,487
Equipment
7,500
7,443
Total distribution
1.803.480
1.812.372
(Continued)
71
VILLAGE OF DEERFIELD, ILLINOIS 1
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
Less nonoperating items
Budget
Actual
Operations (Continued)
1,383
1,383
Main and fire hydrant maintenance
313,967
204,565
Salaries
$ 75,990 $
79,365
Overtime
23,690
22,411
Part-time
8,570
3,771
Employee benefits
13,000
12,650
Contractual services
103,400
25,149
Motor vehicle maintenance
9,000
8,934
Repairs and maintenance
10,500
8,048
Equipment rental
1,000
2,213
Miscellaneous
2,900
800
Petroleum products
3,500
2,119
Small tools and equipment
300
296
Aggregates
16,000
12,248
Equipment
1,500
1,208
Motor vehicles
-
-
Materials
46,000
26,736
Total
315,350
205,948
Less nonoperating items
Fixed assets capitalized
1,383
1,383
Total main and fire hydrant maintenance
313,967
204,565
Meter maintenance
Salaries
50,260
59,797
Overtime
1,030
299
Part-time
1,130
1,013
Employee benefits
9,810
6,172
Professional services
1,000
-
Travel, training, and dues
200
-
Printing and advertising
500
-
Contractual services
1,000
180
Motor vehicle maintenance
3,000
2,956
Repairs and maintenance
700
638
Miscellaneous
100
-
Supplies
300
-
Petroleum products
1,000
585
Materials
5,000
2,403
Small tools and equipment
100
17
Equipment
16,500
2$,426
Total meter maintenance
91,630
99,486
Total operating expenses
S 2,415,234
2,306,853
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 30,1995
Balances
May -1
$ 3,015,265
Additions
Assets
Retirements
Balances
Uril. 3
$ 3,015,265
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements Al2ri130
$ 945,292 $ 63,997 $ - $ 1,009,289
73
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30,1995 and 1994
Fixed assets
Cost 11,009,025 10,972,238
Accumulated depreciation (6,925,652) (5,7011-75)
5,083,373 5,270,563
Total assets $ 6.815.684 $ 7,034,279
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 76,923 $ 36,952
Compensated absences payable 129,470 116,713
Total liabilities 206,393 153,665
Fund equity
Contributed capital 5,506,626 5,617,510
Retained earnings - unreserved 1,1,665 1,263,104
Total fund equity 6,609,291 _6,81,614
Total liabilities and fund equity $ 6,815.684 $ 7,034.279
See accompanying notes to financial statements.
74
1995
1994
ASSETS
Current assets
Cash and investments
$ 1,262,153
$ 1,392,633
Receivables
Accounts - billed
129,545
65,317
Accounts - unbilled
235,414
215,130
Accrued interest
18,379
18,379
Other
10,667
4,652
Inventories
2,801
4,104
Investment in public entity risk pool - HELP
73,352
1,72,311
63,501
1,763,716
Fixed assets
Cost 11,009,025 10,972,238
Accumulated depreciation (6,925,652) (5,7011-75)
5,083,373 5,270,563
Total assets $ 6.815.684 $ 7,034,279
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 76,923 $ 36,952
Compensated absences payable 129,470 116,713
Total liabilities 206,393 153,665
Fund equity
Contributed capital 5,506,626 5,617,510
Retained earnings - unreserved 1,1,665 1,263,104
Total fund equity 6,609,291 _6,81,614
Total liabilities and fund equity $ 6,815.684 $ 7,034.279
See accompanying notes to financial statements.
74
IVILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
I and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April
30,1995 and Actual Only for 1994
'
1995
1994
Bid 9d Actual
Actual
Operating revenues
Charges for services
Sewer charges
$ 1,300,000 $
1,340,537 $
1,170,214
Surcharges - construction
-
49,206
48,470
Miscellaneous
Permits and fees
12,000
33,327
8,450
Penalties
16,000
15,383
13,134
Other
25,000
14,_868
16,809
Total operating revenues
1„353,000
1,453,321
1,257,077
Operating expenses excluding depreciation
Administration
234,818
204,644
214,058
Operations
Treatment plant
776,521
715,636
767,215
Cleaning and maintenance
132,993
128,243
120,992
Construction
143,430
139,895
148.236
Total operating expenses excluding
depreciation
1,287,.762
1,188418
1,250,501
' Operating income before depreciation
65,238
264,903
6,576
Depreciation
102,500
239,245
239,245
Operating income (loss)
(32,2621
25,658
(2,12 ffD)
Nonoperating revenues
Interest income
50,000
57,935
77,011
Income from public entity risk pool
50,000
9,851
67,786
77,011
Income (loss) before operating transfers
12„738
93,444
(155,6581
Operating transfers (out)
Vehicle Replacement Fund
(20,000)
(20,000)
(20,000)
Infrastructure Replacement Fund
-
G20,00W
(359
(379,7541
(20,000
' Net (loss)
S (7.2621
(286,330)
(175,658)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
125,891
124,551
Net (decrease) in retained earnings - unreserved
(160,439)
(51,107)
Retained earnings - unreserved
May 1
1,261104
x,314,211
April 30
$
1.102.665 S
1.263.104
1 See accompanying notes to financial statements.
75
VILLAGE OF DEERFIELD, ILLINOIS 1
Sewerage Fund '
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
(Continued)
76
Rudw
A=d
Administration
Salaries
$ 79,570
$ 83,123
Overtime
3,530
3,512
Part -time
4,220
4,959
Employee benefits
16,380
12,948
Professional services
200
306
Travel, training, and dues
600
138
Printing and advertising
150
-
Communications
3,060
3,063
Insurance
95,070
65,420
Motor vehicle maintenance
900
2,692
Repairs and maintenance
1,800
422
Miscellaneous
500
657
Supplies
1,700
1,616
Petroleum products
1,000
785
Occupancy
20,000
20,000
Apparel
1,500
1,148
Contractual services
4,800
4,017
Total
234,980
204,806
Less nonoperating items
Fixed assets capitalized
162
162
Total administration
234.818
204,644
Operations
Treatment plant
Salaries
363,180
359,230
Overtime
14,420
14,920
Part -time
5,620
5,086
Employee benefits
67,310
56,595
Professional services
5,000
6,258
Travel, training, and dues
1,650
835
Printing and advertising
300
-
Communications
7,800
6,745
Contractual services
30,500
-
Utility services
185,500
148,177
Motor vehicle maintenance
4,000
5,104
Repairs and maintenance
68,000
66,170
Equipment rental
4,500
9
Supplies
17,000
19,808
Petroleum products
8,000
6,248
Chlorine
5,000
8,064
Aggregates
5,000
2,926
Materials
6,500
9,068
Small tools and equipment
1,200
739
Apparel
2,000
2,058
(Continued)
76
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
Buo Actual
Operations (Continued)
Treatment plant (Continued)
Equipment $ 5,500 $ 30,463
Miscellaneous 3,000 1,592
Total 810,980 750,095
Less nonoperating items
Fixed assets capitalized
34,459
34,459
Total treatment plant
776,521
715,636
Cleaning and maintenance
Salaries
68,370
77,999
Overtime
5,150
5,534
Part -time
2,990
2,740
Employee benefits
13,610
11,735
Contractual services
7,000
2,088
Motor vehicle maintenance
4,500
3,777
Repairs and maintenance
5,000
6,539
Equipment rental
1,000
1,174
Miscellaneous
2,000
1,314
Supplies
12,600
7,282
Petroleum products
1,400
613
Aggregates
2,500
1,479
Materials
6,000
5,887
Equipment
3,000
2,509
Small tools and. equipment
300
-
Total
135,420
130,670
Less nonoperating items
Fixed assets capitalized
2,427
2,427
Total cleaning and maintenance
132,993
128.243
Construction
Salaries
84,710
87,949
Overtime
830
25
Part -time
1,650
-
Employee benefits
16,640
12,208
Contractual services
5,000
3,672
Motor vehicle maintenance
6,200
8,829
Repairs and maintenance
3,200
7,425
Equipment rental
1,000
-
Supplies
1,000
37
Petroleum products
2,000
2,761
Aggregates
6,000
3,348
Materials
15,000
13,641
Small tools and equipment
200
-
Total construction
143,430
139,895
Total operating expenses
L__1.287'= S
1.188.418
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1995
Assets
Balances Balances
MU-1 Additions Retirements Al2ril 30
Sewer system $ 10,654,792 $ - $ - $ 10,654,792
Equipment and
vehicles 317,446 x,055 15,268 354,233
$ 10,972,238 $ 52,055 $ 15,268 $ 11,009,025
Accumulated Depreciation
Balances Balances
May –11 Additions Retirements April 30
Sewer system $ 5,442,923 $ 232,641 $ - $ 5,675,564
Equipment and
vehicles 258,E 6,604 15,268 250,088
$ 5,701,675 $ 239,245 $ 15,268 $ 5,925,652
Net asset value $ 5,083,373
0
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30,1995 and 1994
See accompanying notes to financial statements.
79
1995
1994
ASSETS
Current assets
Cash and investments
$ 54,585
$ 25,047
Receivables
Property taxes
674,587
640,308
Accounts - billed
44,957
24,034
Accounts - unbilled
119,246
123,023
Other
3,240
1,939
Due from other funds
2,137
2,122
Due from component unit
-
3,413
Total assets
$ 898.752
$ 819,886
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 120,377
$ 109,162
Due to component unit
604
-
Total liabilities
120,981
109,162
Retained earnings
Unreserved
777,771
710,724
Total liabilities and retained earnings
$ 898.752
$ 819,886
See accompanying notes to financial statements.
79
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
1995 1994
Budget Actual Actual
Operating revenues
Charges for services
Refuse billing $ 734,000 $ 716,453 $ 732,188
Miscellaneous 20500 51,514 3,064
Total operating revenues 754,500 767,967 735,22
Operating expenses
Administration
77,190 64,317
86,655
Operations
Contractual services
1,400,370 1,376,581
1,335, 28
Total operating expenses
1,477,560 1,440,898
1,422,193
Operating (loss)
(723,060) (6,931)
(.686,931)
Nonoperating revenues
Interest income
6,000 7,803
4,613
Property taxes
725,000 745,275
731,000 753,078
723,1
727,764
Income before operating transfers
7,940 80,147
40,833
Operating transfers (out)
Vehicle Replacement Fund
(13,100) (13,100)
(13,100)
Net income (loss)
$ (5,160) 67,047
27,733
Retained earnings - unreserved
May 1 710,724 682,991
April 30 $ 777,771 $ 710,724
See accompanying notes to financial statements.
:E
1
1
1
1
i
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30,1995 and 1994
ASSETS
Current assets
Cash and investments
Receivables - accrued interest
Fixed assets
Cost
Accumulated depreciation
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Fund equity
Contributed capital
Retained earnings - unreserved
Total fund equity
Total liabilities and fund equity
$ 603,333 $ 538,048
2,315 6,094
610,648 5444,142
710,108 710,108
(441,635) (4459,365)
218,473 250,743
See accompanying notes to financial statements.
a
r
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
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
1995 1994
Buret Actual Actual
$ 173,000 $ 167,474 $ 174,636
53,410 48,$13 51,367
119,590 118,661 123,269
- 32,270 31,530
119,590 86,391 91,639
20,000 27,578 36,661
139,590 113,969 128,300
(80,000) (MM) (80,000)
$ 59,590 33,969 48,300
50,853
See accompanying notes to financial statements.
82
64,270
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
Operations
Parking lots - village and federal funds
Salaries
Benefits
Insurance
Utility service
Repairs and maintenance
Property rentals
Supplies
Miscellaneous
Aggregates
Materials
Contractual
Equipment
Total parking lots - village and
federal funds
Parking lots - village construction
Salaries
Benefits
Insurance
Utility services
Repairs and maintenance
Supplies
Aggregates
Materials
Contractual
Equipment
Total parking lots - village construction
Total operating expenses
a
$ 5,280
1,000
460
4,600
2,000
7,500
550
200
200
800
7,680
_2,000
E.1
Actual
7,700
1,215
595
2,886
435
7,440
172
730
6,612
5,160
7,356
900
1,156
400
393
4,000
4,296
500
120
400
125
100
-
1,000
971
7,680
1,000
6,611
-
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1995
Assets
Balances Balances
May 1 Additions Retirements Aril 30
Land $ 77,500 $ - $ - $ 77,500
Parking lot
improvements 632,608 - - 632,608
$ 710.108 $ $ 710.108
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot $ 459.365 $ 32.270 $ - $ 491.635
Net asset value $ 218.473
::,
1
1
1
1
INTERNAL SERVICE FUNDS
Garage Fund
To account for all activity necessary to maintain the efficient and safe operation of Village
vehicles and equipment. The Garage is operated and maintained by the Village of Deerfield
and the various departments are billed according to the services rendered.
IInsurance Fund
To account for monies set aside for the payment of medical, dental, and life insurance
premiums for Village employees. The revenue is derived from charges to the various funds.
1
I
1
1
1
1
1
ASSETS
Current assets
Cash and investments
Receivables
Accounts
Accrued interest
Inventories
Total assets
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
Compensated absences
payable
Claims payable
Due to other funds
Total liabilities
Retained earnings
Unreserved
Total liabilities and
retained earnings
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30, 1995
(with comparative totals for 1994)
Totals
Garage Insurance 1225 1994
$ - $ 549,433 $ 549,433 $ 311,384
300 - 300 164
- 3,065 3,065 2,175
60,398 - 60,398 57,931
1 60"698 S 552"498 $ 613,196 S 371.654
$ 3,387 $ 69,669
34,373 -
- 177,005
13,088 -
50,848 246,674
$ 73,056 $ 80,338
34,373 35,101
177,005 170,381
13,088 2,546
297,522 310,366
See accompanying notes to financial statements.
85
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1995
(with comparative totals for 1994)
See accompanying notes to financial statements.
86
Totals
Garage Insurance
1995
1294
Operating revenues
Charges for services
Billings
$ 197,454 $ 973,944
$ 1,171,398 $
1,264,635
Operating expenses
Administration
- 752,379
752,379
1,005,514
Operations
181,426 -
181,426
205,047
Total operating
expenses
181,.426 752,379
933,805
1,210,561
Operating income
16,028 221,565
237,593
54,074
Nonoperating revenues
Interest income
- 16x793
16,293
_8 ,417
Net income
16,028 238,358
254,386
62,491
Retained earnings -
unreserved
May 1
(.6,178) 67,466
61,288
(1,203)
April 30
$ 9,850 $ 305.824
$ 315.674 $
61.288
See accompanying notes to financial statements.
86
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
Year Ended April 30,1995
(with comparative totals for 1994)
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
Compensated absences payable
Claims payable
Due to other funds
Cash flows from noncapital financing
activities
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 in cash and cash
equivalents
Cash and cash equivalents
May 1
April 30
Totals
Garage Insurance 19.E 1294
$ 16,028 $ 221,565 $ 237,593 $ 54,074
(136) -
(136)
(11)
(2,467) -
(2,467)
1,706
(1,239) 6,043
4,804
29,556
(728) -
(728)
1,467
- (6,624)
— 8 -
- 22Q.984
(6,624)
—(11,458)
220,984
58,381
--- (25,167a
120,006
(152,297) (152,297) (108,328)
63,282 63,282 68,735
15,903 15,903 6,242
— (23,112) (73,112 (33,351)
147,872 147,872 86,655
Cash and investments
Cash and cash equivalents $ - $ 295,921 $ 295,921 $ 148,049
Investments - 253„512 253512 163335
$ $ 549.433 $ 549,433 $311384
See accompanying notes to financial statements.
87
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
Operating revenues
Charges for services
Billings
Operating expenses
Operations
Net income
Retained earnings
May 1
April 30
1995
Actual
1994
Actual
$ 208,000 $ 197,454 $ 226,289
$ 2,250 16,028
See accompanying notes to financial statements.
::
21,242
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1995
Budget
Actual
Operations
Public works department
Salaries
$ 97,130
$ 100,198
Overtime
6,180
4,863
Employee benefits
18,210
15,862
Apparel
500
938
Repairs and maintenance
6,000
3,413
Travel, training, and dues
700
59
Printing and advertising
400
64
Communications
700
413
Utility services
1,600
1,565
Insurance
7,980
4,827
Professional
50
-
Petroleum products
300
250
Miscellaneous
200
145
Materials
600
106
Small tools and equipment
2,500
2,159
Supplies
60,200
43,954
Equipment
2,5 00
_x,610
Total operating expenses
$ 205,750
$ 181.426
VILLAGE OF DEERFIELD, ILLINOIS
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30,1995 and 1994
See accompanying notes to financial statements.
90
1995
1994
Operating revenues
Charges for services
Billings
$ 973,944
$ 1,038,346
Operating expenses
Administration
Insurance
752,379
1,005,514
Operating income
221,565
32,832
Nonoperating revenues
Interest income
16,793
8,417
Net income
238,358
41,249
Retained earnings
May 1
674_66_
26,217
April 30
$ 305.824
S 67,466
See accompanying notes to financial statements.
90
1
FIDUCIARY FUND TYPES
I
1
9
1
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I
TRUST AND AGENCY FUNDS
1
Expendable Trust Fund
' Corporate Purpose Bond Series of 1987 Redemption Fund - to account for investments held in
escrow to pay future principal and interest requirements on the Corporate Purpose Bond Series
of 1987. This fund was closed in Fiscal 1995.
' 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.
1 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.
1
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VILLAGE OF DEERFIELD, ILLINOIS
Corporate Purpose Bond Series of 1987
Statement of Revenues, Expenditures,
and Changes in Fund Balance
Year Ended April 30,1995
Revenues
Interest $ 860,711
Expenditures
Interest 860,711
Excess of revenues over expenditures
Fund balance
May 1 -
April 30 $
See accompanying notes to financial statements.
92
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Revenues, Expenses,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1995 and Actual Only for 1994
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
1995 1994
Budget Actual Actual
$ 210,000 $ 215,912 $ 189,541
6,000 6,761 6,392
170,000 174,366 164,883
940,000 988,561 987,515
1,326,000 1,385,600 1,348,331
349,700 305,114 290,772
20,000 - 3,504
371,700 307,621 295,465
954,300. :..
See accompanying notes to financial statements.
93
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30,1995
Balances Balances
1ky-1 Additions Deductions Al2ri130
All Funds
Assets
Cash and investments $ 279,833 $ 337,620 $ 30,024 $ 587,429
Receivables-. other 9,248 34,164 9,248 34,164
Assets held by agents for deferred
compensation plan (market value) 1,906,270 464,,327 62,562 2,308,03�
Total assets
Liabilities
Accounts payable $ 4,997 $ 16,342 $ 4,997 $ 16,342
Deposits payable 273,929 298,155 4,538 567,546
Due to other funds 10,155 17,576 10,155 17,576
Due to participants 1,906,270 504,038 82,144 2,328,164
Total liabilities $ 2.195.351 $ 836.111 $ 101.834 $ 2,929.628
Deposit Fund
Assets
Cash and investments
Liabilities
Accounts payable $ 641 $ 4,778 $ 641 $ 4,778
Deposits payable 273,929 298,155 4,538 567,546
Due to other funds
Total liabilities
Deferred Compensation
Plan Fund
Assets
Assets held by agents for deferred
plan (market value) $1.906.270 $ 464327 1 62.562 j 2.308.Q35
Liabilities
Due to participants $ 1.906.270 $ 464,327 $ 62.562 $ 2.308.035
(Continued)
94
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30,1995
Balances Balances
May1 Additions Deductions April 30
Deerfield Cemetery Association Fund
Assets
Receivables - other $ 9,248 $ 11,895 $ 9,248 $ 11,895
Liabilities
Accounts payable $ 508 $ 495 $ 508 $ 495
Due to other funds 8240 11,400 8,740 11,400
Total liabilities $ 9,248 $ 11,895 $ 9,248 $ 11,895
Lake -Cook Metra Study Grant Fund
Assets
Cash and investments $ 3,848 $ - $ 3,848 $ -
Receivables - other - 9,500 - 9,500
Total assets $ 3,848 $ 9,500 $ 3,848 $ 9,500
Liabilities
Accounts payable $ 3,848 $ 9,500 $ 3,848 $ 9,500
East Shore Radio Network Fund
Assets
Cash and investments $ - $ 28,511 $ 19,582 $ 8,929
Receivables - other - 2,769 - 2,769
Total assets $ 41,280 $ 19,582 $ 21,698
Liabilities
Accounts payable $ - $ 1,569 $ - $ 1,569
Due to participants - 39,711 19.,582 20,129
Total assets 41,280 $ 19,582 $ 21,698
See accompanying notes to financial statements.
95
1
1
GENERAL FIXED ASSETS ACCOUNT GROUP
' Fixed assets used in operations are not accounted for in governmental funds. General fixed
assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds.
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 1995 and 1994
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
$ 3,522,331
4,915,798
769,655
2,050,780
$ 5,257,555
4,101,009
1,500,000
400,000
$ 3,522,331
4,905,862
760,913
1,942,657
$ 5,130,754
4,101,009
1,500,000
400,000
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30,1995
Buildings
and
Function Land Improvements Vehicles Equipment Totals
General government $ 2,101,549 $ 296,254 $ 53,953 $ 892,211 $ 3,343,967
Public safety 1,271,340 1,063,748 106,110 600,850 3,042,048
Public works 149,442 3,555,796 609,9 557,719 4,872,549
1 3.522.331 1 4.915.798 $ 769.655 $ 2.050.780 $ 11.258.564
97
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VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function
Year Ended April 30,1995
Balances Balances
Function May 1 Additiona Retirements April 30
General government $ 3,275,308 $ 86,710 $ 18,051 $ 3,343,967
Public safety 3,000,504 82,092 40,548 3,042,048
Public works 4,855,951 25,848 9250 408,549
$ 11,131,763 194bM $ 67.849 $ 11,258,564
1
GENERAL LONG -TERM DEBT ACCOUNT GROUP
1 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, 1995
(with comparative totals for 1994)
Agency
Fund
Deferred General Fixed
General Compensation Asset Account Totals
Euud Plan Fund Gr—°UD 122 12H
$ 827,306 $ - $ - $ 827,306 $ 733,506
1,020,850 - - 1,020,850 880,888
16,807 - - 16,807 7,690
19,846 19,846 1,906,270
M 1,413,809 1,326,909
$ 109,524 $ -
1,130,054 -
19,846
_» 19,846
$ - $ 109,524 $ 37,087
- 4,685
1,130,054 997,401
19,846 1,906,770
1,259,424 2,945,443
1,413,809 1,413,809 1,326,909
150,000 150,000 350,000
475.385 - 475,385 232,911
:19 2,039,194 1,909,820
See accompanying notes to financial statements.
100
1
1
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1
1
1
1
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i
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1
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 30,1995 and Actual Only for 1994
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
Reserve for repairs and
replacement
Total revenues
Expenditures
Culture and recreation
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
April 30
1995 1994
Budget Actual Actual
$ 1,097,140
$ 1,004,087
$ 930,913
16,000
20,781
19,649
20,000
21,659
20,619
15,000
16,506
16,167
39,375
35,161
41,591
2,000
191
1,050
10,000
7,975
10,039
15,000
23,945
12,212
24,750
41,258
311614
-
20,821
-
100,000
153,356
139,249
500
9,468
11,552
1,499,765 1,355,208 1,234,655
1,699,765 1,312,M 1,352,055
(200.000) 42,474 (117,400)
See accompanying notes to financial statements.
101
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1995
Total expenditures
102
Budget
Actual
Culture and recreation
Salaries - professional
$ 329,811
$ 322,490
Salaries - non - professional
434,475
348,597
Employee benefits
61,550
62,018
Professional services
5,000
46,774
Education, travel, and dues
8,000
9,089
Communication
9,400
8,844
Insurance
19,500
15,421
Contractual services
20,100
21,558
Utilities
1,500
1,029
Repairs, maintenance of building and
equipment building supplies
388,425
190,943
Supplies - library and office
19,000
21,509
Books
104,500
97,956
Periodicals
38,000
35,107
Audio - visual
20,000
20,155
Binding
2,500
2,418
Special library programs
5,750
8,667
Data base
2,000
929
New equipment
12,500
2,656
Printing
8,400
6,589
Cataloging service
4,500
4,931
Miscellaneous
1,000
3,698
Automation project
93,854
81,356
Improvements - other than building
110,000
-
Total expenditures
102
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Agency Fund
Statement of Changes in Assets and Liabilities
Year Ended April 30,1995
Deferred Compensation
Plan Fund
Assets
Assets held by agents
for deferred plan
(market value)
Liabilities
Due to participants
Balances Balances
May-11 Additions Deductions April 30
103
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 1995
GENERAL FIXED ASSETS
Land
Buildings and improvements
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
104
$ 145,556
848,116
420,137
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1
VILLAGE OF DEERFIELD, ILLINOIS
IIllinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1995
' (6)
(1) Unfunded
Net Pension
Assets Benefit
Available (4) Obligation
for Unfunded 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 Marked Obligation (1)+(2) Q-(1) Payroll 4+
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
(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.
l
105
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1995
(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.
106
(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)
Q-(1)
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)
(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.
106
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Revenues by Source
April 30,1995
N/A -not applicable
107
Employer
Contributions
as a
Revenues by Source
Percentage
Calendar
Employee
Employer
Investment
of Covered
Year
Contributions
Contributions
Income
Totals
Payroll
1985
$ 89,372
$ 151,116
N/A
$ 240,488
8.30%
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
1991
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
N/A -not applicable
107
VILLAGE OF DEERFIELD, ILLINOIS ,
Police Pension Fund
Required Supplementary Information
Revenues by Source and Expenses by Type
April 30,1995 t
f:
Expenses by Type
Fiscal
Employer
Administrative
Year
Benefits
Contributions
Refunds
Totals
1986
$ 66,736
$ 937
as a
$ 68,810
1987
Revenues by Source
99
Percentage
Fiscal
Employee
Employer
Investment
-
of Covered
Year
Contributions
Contributions
Income
Totals
Payroll
1986
$ 97,525
$ 173,723
$ 361,378
$ 632,626
14.52%
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
f:
Expenses by Type
Fiscal
Administrative
Year
Benefits
Expenses
Refunds
Totals
1986
$ 66,736
$ 937
$ 1,137
$ 68,810
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
f:
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
April 30,1995
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
$ 5,000,000
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.
109
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 I
Long -Term Debt Requirements
Corporate Purpose Bond Series of 1986
April 30,1995
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 ------------ - - - - -- Tam------------ - - - - --
Y= Numbers Principal Interest Totals
1994 0621 -0736 $ 580,000 $ 68,739 $ 648,739
1995 0737 -0765 480,000 15.809 495,809
$1,060,000 _ $ 84,548 $ L144.548
---------- - - - - -- Interest Due On ----------------
LaLy1 Amount land Amount
1995 $ 34,369 1996 $ 34,370
1996 15,809 -
E 78 L34,370
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 9l0 of
par value.
110
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
Corporate Obligation Bond Series of 1988
April 30, 1995
November 1, 1988
January 1, 2004
$3,000,000
5,000
6.50%,6.60%,6.70% -
6.75 %, 6.80% 6.90 %, and 8.0%
July 1 and January 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
f
Tax
Levy Bond ------------- - - - - -- Taxes---------- - - - --- ---------- - - - - -- Interest Due On ----------------
Yeur Numbers Principal Interest Totals lui)LI Amount land Amount
1994 171 -205 $ 175,0()0 $ 11.376 j186.376 1995 $ 5.688 1996 5.688
Bonds numbered 206 - 600 ($1,975,000) were in substance defeased with the issuance of the
General Obligation Refunding Bond Series of 1993 and will be called on January 1, 1996 at
101.5% of par value.
111
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 30,1995
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 ------------ - - - - -- -Tam
Y= Numbers Principal iuteres
1994 181 -240 $ 300,000 $ 34,500
1995 241 - 300 300.000 17.400
L6QQ,QM LaLm
------- - - - - -- ------------- Interest Due On--------------
Totals July1 Amount land AmQuni
$ 334,500 1995 $ 17,250 1996 $ 17,250
317,400 1996 8,700 1997 8.700
L 651.900 L25,950 $ 25.950
* 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.
112
1
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1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
April 30, 1995
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
May 1, 1993
December 15, 2004
$9,995,000
5,000
3.90%,4.00%, and 4.10%
June 15 and December 15
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Bond
-------------- - ---
-- -Tam ---------------
- - - - --
-------------
- - - - -- Interest
Due On-------------------
Y=
Numbers
Principal
Interest
TQtgh
June 15
Amount
Dec 15
Amount
1994
84 -112
$ 140,000
$ 392,015
$ 532,015
1995
$ 196,007
1995
$ 196,008
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
41,205
1,046,205
2004
20,603
2004
20,602
$ 9,580,000
U,464,490
$ 12,044,490
U232,245
$112322A5
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' Property Tax Assessed Valuations, Rates, Extensions, and Collections
Last Ten Fiscal Years
April 30,1995
1
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30,1995
* Estimated
Data Source
Office of the County Clerk
117
Ratio of
Real Property
Total Assessed
Tax
Equalized
Estimated
Value to
Levy
Assessed
Actual
Total Estimated
Year
Value
Value
Actual Value
1985
$ 249,350,557 $
748,000,000
33.3
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*
594,213,459
1,783,000,000
33.3
* Estimated
Data Source
Office of the County Clerk
117
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VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Direct and Overlapping Bonded Debt
April 30,1995
Village of Deerfield
Metropolitan Sanitary District
Lake County and Forest Preserve
Cook County and
Cook County Forest Preserve
North Shore Sanitary District
Deerfield Park District
Northbrook Park District
Deerfield School District #109
Township High School #113
Junior College #532
Oakton Community College #535
Lake County Special Service Area #5
Total gross debt
Less debt service fund amount
available - Village of Deerfield
Total gross debt less available amount
(2)
* Percentage
of Debt
(1) Applicable
Gross to ** Government's
Bonded Debt Government Share of Debt
$ 11,415,000
689,000
92,340,370
345,165,232
24,480,000
680,030
15,120,913
2,033,225
670,313
19,349,827
5,600,000
392,163
517,936,073
1,478,734
$ 516,457,339
100.000% $ 11,415,000
.101 696
4.490 4,146,083
.099
341,714
.025
6,120
97.083
660,194
3.140
474,797
71.113
1,445,887
27.257
182,707
7.870
1,522,831
.635
35,560
38.490
150,944
20,382,533
• r_
* - Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation. (Based on 1993 figures -1994 unavailable.)
** - Amount in column (2) multiplied by amount in column (1).
IData Source
Office of the County Clerk
120
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Legal Debt Margin '
April 30, 1995
The Government is a home rule municipality.
Chapter 65, Section 5/8 -5 -1 of the Illinois Compiled Statutes governs computation of the legal
debt margin.
"The General Assembly may limit by law the amount and require referendum approval of
debt to be incurred by home rule municipalities, payable from ad valorem property tax
receipts, only in excess of the following percentages of the assessed value of its taxable
property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of
one per cent:... indebtedness which is outstanding on the effective date (July 1, 1971) of
this constitution or which is thereafter approved by referendum... shall not be included in
the foregoing percentage amounts."
To date the General Assembly has set no limits for home rule municipalities.
Illustrative Computation of Debt Margin if Government Were Not a Home Rule Municipality
The Government is a home rule municipality and as such has no debt limitations. If, however,
the Government were a non -home rule municipality its available debt limit would be as
follows:
Equalized assessed valuation -1994 (Estimated)
Legal debt limit - 8.625%
Amount of debt applicable to limit
Corporate Purpose Bond Series 1986
General Obligation Bond Series 1988
General Obligation Bond Series 1991
General Obligation Refunding Bond Series 1993
Total.
Legal debt margin
121
$ 1,060,000
175,000
600,000
$ 594,213,459
51,250,910
11,415.000
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I
VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30,1995
(3)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
Collegg
51.0%
51.1
51.3
51.5
51.8
48.8
48.3
58.8
59.6
60.7
(5)
(2)
Unemploy-
School
ment
Per
(2)
Fiscal
(1)
Household
Median
Year
Population
Income
Agg
1986
17,500
$ 46,100
36.5
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
(3)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
Collegg
51.0%
51.1
51.3
51.5
51.8
48.8
48.3
58.8
59.6
60.7
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
123
(5)
(4)
Unemploy-
School
ment
Enrollment
Percentage-
3,715
1.7%
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
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
123
1
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30, 1995
rj
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits
(3) Lake and Cook County Tax Extension Offices
124
(1)
(1)
Commercial
Residential
(3)
— Construction
— Construction
(2)
Total
'
Fiscal
Number
Number
Bank
Property
Year
of Units
Value
fo Units
Value
De osits
Value
1986
135
$ 37,746,399
90
$ 11,318,142
$ 130,155,000
$ 748,000,000
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
150
33,113,366
77
12,085,690
187,961,000
1,284,000,000
1991
89
16,908,426
21
3,836,605
230,405,569
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
1994
103
61525,766
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
rj
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits
(3) Lake and Cook County Tax Extension Offices
124
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30,1995
Percentage
* The 1994 Assessed Valuation was not available.
Data Source
Office of the County Clerk
125
$ 156,413,460 27.4101,
1993
of Total
Assessed
Assessed
Taxpayers
Type of Business
Valuation *
i n
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 1994 Assessed Valuation was not available.
Data Source
Office of the County Clerk
125
$ 156,413,460 27.4101,
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1995
Date of Incorporation 1903
Form of Government
Manager /Council
Geographic Location
North Suburban
Population
4
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 1995 972
Fire Protection District
Number of Firefighters and Officers 31
Number of Stations 1
(Continued)
126
VILLAGE OF DEERFIELD, ILLINOIS '
Miscellaneous Statistics
April 30,1995
Police Protection
Number of Stations
Number of Policemen and Officers
Library Services
Number of Branch Libraries
Number of Books
Recreation Facilities
Number of Parks and Playgrounds
Park Area in Acres
Municipal Water Utility
Population Serviced
Average Daily Pumpage
Miles of Water Mains
Data Source
Village Records
127
1
38
1
150,000
6,050
2,317,909 gals.
82