Village CAFR For Year Ended December 31, 2017Comprehensive Annual
Financial Report
for the year ended December 31, 2017
Village of Deerfield, Illinois
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
VILLAGE OF DEERFIELD, ILLINOIS
As of and for the Year Ended December 31, 2017
Prepared by Finance Department
Eric L. Burk
Director of Finance/Treasurer
VILLAGE OF DEERFIELD
TABLE OF CONTENTS
As of and for the Year Ended December 31, 2017
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal i - iv
Certificate of Achievement for Excellence in Financial Reporting v
Organization Chart vi
Principal Officials vii
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT 1 - 2
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT'S DISCUSSION AND ANALYSIS 3 - 9
BASIC FINANCIAL STATEMENTS
Government-W ide Financial Statements
Statement of Net Position 10
Statement of Activities 11 - 12
Fund Financial Statements
Balance Sheet - Governmental Funds 13 - 14
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of
Net Position 15
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds 16
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities 17
Statement of Net Position - Proprietary Funds 18 - 21
Statement of Revenues, Expenses and Changes in Net Position - Proprietary
Funds 22 - 23
Statement of Cash Flows - Proprietary Funds 24 - 27
Statement of Fiduciary Net Position - Fiduciary Funds 28
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 29
Index to Notes to Financial Statements 30
Notes to Financial Statements 31 - 73
REQUIRED SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget
and Actual - General Fund 74
VILLAGE OF DEERFIELD
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
REQUIRED SUPPLEMENTARY INFORMATION (cont.)
Historical Pension Information
Illinois Municipal Retirement Fund - Schedule of Changes in the Village's Net
Pension Liability and Related Ratios 75 - 76
Illinois Municipal Retirement Fund - Schedule of Employer Contributions 77 - 78
Police Pension Fund - Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 79
Police Pension Fund - Schedule of Employer Contributions 80 - 81
Police Pension Fund - Schedule of Investment Returns 82
OPEB Fund - Schedule of Employer Contributions and Schedule of Funding Progress 83
Notes to Required Supplementary Information 84
SUPPLEMENTARY INFORMATION
Major Governmental Funds
Detailed Schedule of Revenues - Budget and Actual - General Fund 85
Detailed Schedule of Expenditures - Budget and Actual - General Fund 86 - 88
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and
Actual - Debt Service Fund 89
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and
Actual - Infrastructure Replacement Fund 90
Nonmajor Governmental Funds
Combining Balance Sheet - Nonmajor Governmental Funds 91
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental Funds 92
Schedules of Revenues, Expenditures and Changes in Fund Balances (Deficit) -
Budget and Actual
Motor Fuel Tax Fund 93
Enhanced 911 Fund 94
2011B Debt Service Sinking Fund 95
Enterprise Funds
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Water Fund 96
Schedule of Operating Expenses - Budget and Actual - W ater Fund 97
Schedule of Capital Assets and Depreciation - W ater Fund 98
Schedule of Revenue, Expenses and Changes in Net Position - Budget and Actual
- Sewerage Fund 99
VILLAGE OF DEERFIELD
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
SUPPLEMENTARY INFORMATION (cont.)
Schedule of Operating Expenses - Budget and Actual - Sewerage Fund 100
Schedule of Capital Assets and Depreciation - Sewerage Fund 101
Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget to
Actual - Refuse Fund 102
Schedule of Revenues, Expenses and Changes in Fund Position - Budget to Actual
- Commuter Parking Lot Fund 103
Schedule of Operating Expenses - Budget to Actual - Commuter Parking Lot Fund 104
Schedule of Capital Assets and Depreciation - Commuter Parking Lot Fund 105
Internal Service Funds
Combining Statement of Net Position - Internal Services Funds 106
Combining Statement of Revenues, Expenses and Changes in Net Position -
Internal Service Funds 107
Combining Statement of Cash Flows - Internal Service Funds 108
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Garage Fund 109
Schedule of Operating Expenses - Budget and Actual - Garage Fund 110
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Vehicle and Equipment Replacement Fund 111
Fiduciary Funds
Statement of Changes in Fiduciary Net Position - Budget and Actual - Police
Pension - Pension Trust Fund 112
Combining Schedule of Changes in Assets and Liabilities - All Agency Funds 113
Long-Term Debt Requirements
General Obligation Bond Series 2010A 114
General Obligation Bond Series 2011A 115
General Obligation Bond Series 2011B 116
General Obligation Bond Series 2012 117
General Obligation Bond Series 2013 118
General Obligation Bond Series 2015 119
General Obligation Bond Series 2017 120
STATISTICAL SECTION
Net Position by Component - Last Ten Fiscal Years 121 - 122
Change in Net Position - Last Ten Fiscal Years 123 - 126
VILLAGE OF DEERFIELD
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
STATISTICAL SECTION (cont.)
Fund Balances of Governmental Funds - Last Ten Fiscal Years 127 - 128
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 129 - 130
Sales Tax by Category - Last Ten Calendar Years 131 - 132
Direct and Overlapping Sales Tax Rates - Last Ten Levy Years 133
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 134
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 135
Direct and Overlapping Bonded Debt - Governmental Activities 136
Legal Debt Margin Information 137
Demographic and Economic Information - Last Ten Fiscal Years 138
Principal Employers - Current Year and Nine Years Ago 139
Full-Time Equivalent Employees - Last Ten Fiscal Years 140
Operating Indicators - Last Ten Fiscal Years 141
Capital Asset Statistics - Last Ten Fiscal Years 142
OTHER INFORMATION
Continuing Disclosures 143 - 148
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Deerfield
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2016
·~.P··~
Executive Director/CEO
Village of Deerfield, Illinois Organization Chart
Village
Residents
Village
Board
Boards and
Commissions
Village
Manager
Assistant Village
Manager
Police Department
Patrol
Investigations &
Youth
Communications
Records
Finance
Department
Accounting
Budgeting
Personnel &
Payroll
Utility Billing &
Customer Service
Risk
Managment
Community
Development
Department
Permits,
Inspections Plan
Review
Planning
Code Enforcement
Zoning &
Appearance
Review
Public Works &
Engineering
Engineering
Inspection &
Review
Water Supply
Sewer
Maintenance &
Sewer Treatment
Vehicle
Maintenance
Street
Maintenance
Village
Attorney
vii
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2017
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal, Mayor
Daniel C. Shapiro Thomas L. Jester
Barbara J. Struthers William S. Seiden
Robert L. Benton Mary M. Oppenheim
Kent S. Street, Clerk
AD MINISTRATIVE
Kent S. Street, Village Manager
FINANCE DEPARTMENT
Eric L. Burk
Director of Finance/Treasurer
INDEPENDENT AUDITORS' REPORT To the Honorable Mayor and Members of the Board of Trustees Village of Deerfield, Illinois Report on the Financial Statements ~AKER TILLY We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Deerfield, Illinois, as of and for the year ended December 31, 2017, and the related notes to the financial-statements, which collectively comprise the Village of Deerfield's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with .accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control over financial reporting relevant to the Village of Deerfield's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Village of Deerfield's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Deerfield, Illinois, as of December 31, 2017 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. ~anindependentmemberof BAKER TILLY INTERNATIONAL Page 1
To the Honorable Mayor and Members of the Board of Trustees Village of Deerfield, Illinois Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Deerfield's basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Deerfield's basic financial statements. The introductory section, statistical section, and other information are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 8, 2018 on our consideration of the Village of Deerfield's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village of Deerfield's internal control over financial reporting and compliance. Oak Brook, Illinois June 8, 2018 Page 2
M A N AG E M E N T’S D I S C U S S I O N A N D A N A L Y S I S
Page 3
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2017
(UNAUDITED)
The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in
focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes
in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns.
Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page i) and
the Village’s financial statements (beginning on page 10).
Financial Highlights
• The Village’s General Fund ended the period with total revenues exceeding total expenditures by
$3,412,533. Combined with other financing uses of $4,749,753, the December 31, 2017 fund balance
decreased by $1,337,220. The 2017 General Fund budget originally showed a decrease of $3,417,018.
However, revenues exceeded budget due primarily to greater than expected tax and building permit
receipts. See Major Governmental Funds section of MD&A for further details.
• Sales tax and home rule sales tax increased $605,859 and $476,171, respectively in the current year. The
increase was due largely to greater than expected economic incentive activity, which also resulted in greater
than expected economic incentive expenditures and a budget amendment in the finance department
contractual services.
• In July of 2017, the State enacted a 2% administrative fee on the Village’s home rule sales tax. In addition,
the Local Government Distributive Fund (LGDF) was reduced by 10%. The Village’s share of state income
tax flows through the LGDF, but was partially offset by an accelerated payment schedule from the State.
State income tax decreased by $84,294.
• Hotel/motel tax revenue ($2,147,573) exceeded current year expectation of $1,900,000; business travel is
the primary reason for stays at Deerfield hotels. All six of the Deerfield hotels remained open during the
year.
• The Village collected $1,209,298 from the Electric Utility tax and $1,370,180 from the Simplified
Telecommunications tax. Electric Utility tax increased slightly from the prior year, but was consistent with
the current year budget. Simplified Telecommunications tax decreased from the prior year and is expected
to continue to decrease as use of data driven telecommunications increases.
• A 1% food and beverage tax was implemented in March of 2017. The tax was allocated to the infrastructure
replacement fund and generated $502,545.
• The infrastructure maintenance fee of ½ of 1% of the project value, which was implemented in 2012, totaled
to $303,457 for the year. This amount exceeded current year expectation, but decreased from the prior year
amount.
• 2017 was the final year of a three year (2015-2017) expanded capital plan. The plan included funding from
drawdowns of General Fund Balance and bond issues in 2015 and 2017.
• The Village retired $2,245,000 of general obligation debt and issued $5,700,000 of new general obligation
debt during the period. The new debt issue included $2,500,000 used for capital projects and the remainder
was used to refund bonds issued in 2008. The total balance of debt outstanding as of December 31, 2017
was $59,160,000.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The financial statement’s focus is on both the Village as a whole (government-wide) and on the major individual
funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a
basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 4
Government-Wide Financial Statements
The government-wide financial statements (see pages 10 - 12) are designed to be corporate-like in that all
governmental and business-type activities are consolidated into columns that add to a total for the Primary
Government. The focus of the Statement of Net Position (the “Unrestricted Net Position”) is designed to be similar to
bottom line results for the Village and its governmental and business-type activities. This statement combines and
consolidates the governmental fund’s current financial resources (short-term spendable resources) with capital assets
and long-term obligations using the accrual basis of accounting and economic resources measurement focus.
The Statement of Activities (see pages 11 – 12) is focused on both the gross and net cost of various activities
(including governmental and business-type), which are supported by the government’s general taxes and other
resources. This is intended to summarize and simplify the user’s analysis of the cost of various governmental
services and/or subsidy to various business-type activities.
The governmental activities reflect the Village’s basic services, including police, public works, engineering and
administration. Property tax, shared state sales tax, local hotel/motel tax and shared state income taxes finance the
majority of these services. The business-type activities reflect private sector type operations (Water, Sewer, Refuse
Disposal and Commuter Parking) where the charges for services typically cover all or most of the cost of operation,
including depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the fund financial statements presentation more
familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or
objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations.
Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather
than the Village as a whole. Major funds are separately reported while all others are combined into a single,
aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in
a later section of this report.
The governmental major funds (see pages 13 – 17) are reported in the fund financial statements and encompass
essentially the same functions reported as governmental activities in the government-wide financial statements.
However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable
resources and balances of spendable resources available at the end of the year. They are useful in evaluating
annual financing requirements of governmental programs and the commitment of spendable resources for the near-
term.
The government-wide financial statements provide a long-term view. Comparisons between the individual
governmental fund statements and the government-wide statements provide information about financing decisions
and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into
the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences
between these two perspectives.
Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the Village’s budget.
Proprietary or business-type activity funds (see pages 18 - 27) reported in the fund financial statements are for those
services for which the Village charges customers a fee. There are two kinds of proprietary funds, enterprise and
internal service. Enterprise funds essentially encompass the same functions reported as business-type activities in
the government-wide statements. Enterprise fund services are primarily provided to customers external to the Village
organization such as those of the water and sewer utilities, commuter parking lots and refuse collection and disposal.
Internal service funds provide services and charge fees to customers within the Village organization such as
equipment services (repair and maintenance of Village vehicles). Internal services are to both the governmental and
business-type activities of the government-wide financial statements.
Proprietary fund statements provide both long-term and short-term financial information consistent with the focus
provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual
fund information for internal service funds and non-major enterprise funds is found in combining statements in a later
section of this report.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 5
Fiduciary funds (see pages 28 - 29) such as the employee pension plans are reported in the fiduciary fund financial
statements, but are excluded from the government-wide reporting. Fiduciary fund financial statements report
resources that are not available to fund Village programs. Fiduciary fund financial statements report similarly to
proprietary funds.
The accompanying notes to the financial statements provide information essential to a full understanding of the
government-wide and fund financial statements. The notes to the financial statements begin on page 31 of this
report.
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information concerning the Village’s funding of pension benefit obligations to its employees and
budget information.
Major funds and component units are reported in the basic financial statements as discussed. Combining and
individual statements and schedules for non-major and internal service funds are presented in a subsequent section
of this report.
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended
April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net
position may be observed and used to discuss the changing financial position of the Village as a whole.
STATEMENT OF NET POSITION – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total – Primary Govt.
2017 2016 2017 2016 2017 2016
Current & Other Assets 54.91 57.65 4.17 1.80 59.08 59.45
Capital Assets 78.52 76.48 61.32 61.79 139.84 138.27
Total Assets 133.43 134.13 65.49 63.59 198.92 197.72
Deferred Outflows of Resources 10.53 13.83 0.82 0.95 11.35 14.78
Total Assets and Deferred
Outflows of Resources 143.96 147.96 66.31 64.54 210.27 212.50
Long-Term Liabilities 44.82 53.37 29.81 30.72 74.63 84.09
Other Liabilities 8.99 6.12 1.64 1.30 10.63 7.42
Total Liabilities 53.81 59.49 31.45 32.02 85.26 91.51
Deferred Inflows of Resources 21.03 14.46 0.03 0.03 21.06 14.49
Total Liabilities and Deferred
Inflows of Resources 74.84 73.95 31.48 32.05 106.32 106.00
Net Position:
Net Investment in Capital
Assets 56.11 54.33 32.57 32.11 88.68 87.84
Restricted 5.87 5.14 - - 5.87 5.14
Unrestricted 7.14 13.14 2.26 0.38 9.40 13.52
Total Net Position 69.12 74.01 34.83 32.49 103.95 106.50
The Village’s total primary government net position decreased by $2.55 million. The decrease was due largely to
changes in Deferred Outflows and Inflows of Resources related to Pension items (See Employee Retirement
Systems footnote) in the Governmental Activities. Governmental Activities Current & Other Assets have decreased
due to collection of prior year Due from other governments related to grants and delayed payments from the State.
Business-type Activities Current & Other Assets increased $2.37 million; $1.69 million of the increase was due to
internal service fund activity that was included as a Governmental Activities in the previous year. Governmental
Activities Capital Assets increased with the completion of several infrastructure projects. Governmental Activities
Long-Term Liabilities decreased $8.55 million due largely to a decrease in the actuarially determined Police Pension
Net Pension Liability. Business-type Activities Long-Term Liabilities decreased due to scheduled debt service
payments.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 6
The following table provides a summary of activities causing a change in net position.
Changes in Net Position – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total – Primary Govt.
2017 2016 2017 2016 2017 2016
Revenues:
Program Revenues:
Charges for Service 4.55 5.06 7.97 7.70 12.52 12.76
Operating Grants 0.47 0.46 - - 0.47 0.46
Capital Grants 0.95 6.85 1.06 2.92 2.01 9.77
General Revenue:
Property Taxes 7.21 7.20 - - 7.21 7.20
OtherTaxes/
Intergovernmental
18.71
17.51
-
-
18.71
17.51
Other 1.04 0.63 0.21 0.24 1.25 0.87
Total Revenue 32.93 37.71 9.24 10.86 42.17 48.57
Expenses:
General Government 10.10 8.94 - - 10.10 8.94
Public Safety 10.87 11.52 - - 10.87 11.52
Highways and Streets 13.07 12.90 - - 13.07 12.90
Interest/fiscal charges 1.00 0.92 - - 1.00 0.92
Water - - 4.10 4.41 4.10 4.41
Sewer - - 3.96 4.99 3.96 4.99
Refuse - - 1.32 1.45 1.32 1.45
Parking Lots - - 0.30 0.31 0.30 0.31
Total Expense 35.04 34.28 9.68 11.16 44.72 45.44
Increase(decrease) before
transfers -2.11 3.43 -0.44 -0.30 -2.55 3.13
Transfer in (out) -2.78 -2.77 2.78 2.77 - -
Changes in Net Position -4.89 0.66 2.34 2.47 -2.55 3.13
Ending Net Position 69.12 74.01 34.83 32.49 103.95 106.50
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
Capital grants decreased $5.90 million due to outside funding for major street reconstruction projects in the prior year.
Property tax revenue remained consistent as the Village Board abated a portion of the bonds issued in 2017. Other
taxes/intergovernmental increased due largely to economic incentive activity that also resulted in increased
expenditures. In addition, a local Food & Beverage tax was implemented in 2017 that resulting in $0.50 million.
Other revenue increased related to increases in interest rates.
Expenses
The Village’s Governmental Activities expenses increased by $0.76 million. Governmental Activities expenses were
affected by a reallocation of internal service fund in 2017, which skews comparability with the prior year. General
Government, Public Safety and Highway & Streets were increased by a total of $1.69 million to allocate beginning net
position to Business-type Activities through an internal balance account. The increase in General Government
expenses relates to economic incentive activity that also generated additional revenue. In addition, Motor Fuel Tax
(MFT) of $0.50 million was allocated to Highways and Street in 2017. MFT was allocated to General Government in
2016. The decrease in Public Safety relates to adjustments made to the actuarially determined Net Pension Liability
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 7
of the Police Pension Fund. Interest and fiscal charges reflect scheduled interest payments adjusted for interest
payable and amortization of discounts/premiums. $5.7 million of debt was incurred in 2017. $2.5 million was used to
completed infrastructure projects that remaining amount was used to refund bonds issued in 2008.
Business-type Activities
Revenue
A water rate increase of 4.0% was implemented in January, 2017; water sales totaled $4.21 million, which was less
than the budget of $4.41 million. Sewer user charges of $2.94 million were also less than the budget of $2.98 million.
The sewer rates were increased 2.5% in January 2017. Water and Sewer charges were below budget due to lower
usage demands in the current year. Refuse charge rates increased 2% in 2017 and revenue of $0.53 million was
consistent with the budgeted amount. The daily parking fee was held flat which resulted in revenue of $0.29 million
as expected.
Expenses
Water Fund operating expenses increased $0.12 million from the prior year. Wholesale water purchases increased
due to a rate increase from the supplier; however, the completion of the accelerated meter change out program and
increased leak detection surveys significantly decreased water loss resulting in fewer units of water being purchased.
The Village’s wholesale water supplier increased its rates on January 1st in combination with a series of annual
increases to fund the reconstruction of their water treatment plant.
Sewer Fund operating expenses increased $0.06 million in comparison to the prior year. The increase was due
largely to annual contractual increases.
Refuse Fund operating expenses increased slightly from the prior year due to contractual increases. Parking Fund
operating expenses decreased in comparison to the prior year due to additional security projects completed in the
prior year. Both funds were under their expense budget.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At December 31, 2017, the governmental funds reported a combined fund balance of $29.27 million which is a 7.4%
decrease from the beginning of the year ($31.61 million). The decrease is due to a planned draw down of General
Fund balance to partially fund an expanded three-year (2015-2017) capital program. Infrastructure Replacement
expenditures along with prior year bond proceeds being spent in the current year further reduced governmental funds
fund balance. The 2011 B sinking fund increased as expected. This fund will continue to increase until the Bonds
are due on December 1, 2028.
Major Governmental Funds
The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The
General Fund cash balance of $15.4 million provides for approximately 275 days of anticipated annual expenditures.
General Fund revenues exceeded the budget of $22.00 million by $2.37 million. Sales tax and Home Rule Sales tax
exceeded current year expectations due to economic incentive activity, which also resulted in greater than expected
economic incentive payments in the finance department and a budget amendment. Hotel/motel tax and building
permit revenue also exceeded the current year budget. State income tax was below budget due to a mid-year 10%
reduction of the LGDF. The reduction was partially offset by an accelerated payment schedule from the State.
General Fund expenditures were $0.29 million more than the original budget. This was caused primarily by
increased economic incentive payments resulting from greater than expected Sales tax. The budget was amended to
accommodate the increased incentive payment. Vacant positions in multiple departments offset the increased
economic incentive payments and resulted in General Fund expenditures that were $1.7 million under the amended
budget.
The table below shows the original and revised budget and the actual revenues and expenditures for the General
Fund. More information may be found on the schedule of revenues, expenditures and changes to fund balance on
page 74.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 8
General Fund Budget versus Actual
Fiscal year ended December 31, 2017
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 11.78 11.78 12.74
Intergovernmental 6.91 6.91 7.77
Other 3.31 3.31 3.87
Total 22.00 22.00 24.38
Expenditures & Transfers
Expenditures 20.67 22.67 20.96
Transfers – Net 4.75 4.75 4.75
Total 25.42 27.42 25.71
Change in Fund Balance -3.42 -5.42 -1.33
The Debt Service Fund is funded through property taxes and Build America Bond & Qualified Energy Conservation
Bond rebates. Revenues and expenditures in this fund were consistent with expectation, including Federal
Sequestration Cuts to the Build America Bond & Qualified Energy Conservation Bond rebates.
The Infrastructure Replacement Fund (IRF) is primarily funded with a home rule sales tax and grants. The Village
also implemented an Infrastructure Maintenance Fee of ½ of 1% of the project value in 2012. Revenue in the IRF
exceeded the budget by $0.30 million due partially to greater than expected Infrastructure Maintenance Fees and
home rule sales tax. Expenditures in the IRF totaled $11.22 million. Street improvements, along with engineering
costs for upcoming projects, accounted for the bulk of this fund’s expenditures.
Major Proprietary Funds
The major proprietary (or business-type) funds operated by the Village are the Water, Sewerage and Refuse Funds.
The Water Fund operating revenues totaled $4.35 million for the year. Actual operating expenses, excluding
depreciation totaled $4.07 million. Operating income of $0.21 million is a result of prior years’ emphasis on reducing
water loss. Overall, net position increased $0.40 million, which included depreciation of $0.29 million and
contributions of capital assets of $0.61 million.
The Sewerage Fund operating expenses were over budget by $0.06 million due primarily to greater than expected
personnel costs resulting from year-end accounting adjustments. The operating expenses excluding depreciation
exceeded operating revenues by $0.07 million due to increased operating costs. Capital expenses for the
foreseeable future in this fund have been transferred to the Infrastructure Fund.
The Refuse Fund operating expenses exceeded operating revenues by $0.90 million. This Village also transfers a
portion of its property tax levy to the refuse collection. Property tax transferred to the Refuse Fund totaled $0.96
million and the Refuse Fund’s net position increased $0.06 million during the year to $0.54 million.
Internal Service Funds
The Village’s combined internal service funds’ net position were $7.13 million as of December 31, 2017, with $5.2
million of the total available for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total
expenses in the Garage Fund exceeded total revenues, due to inventory adjustments, resulting in a decrease in net
position.
Capital assets
Effective May 1, 2004, the Village revised its policy of capitalizing assets to raise the minimum to $25,000 (actual) or
more in value. The Village’s investment in capital assets, net of accumulated depreciation, for governmental activities
as of December 31, 2017 was $78.52 million. The Village’s investment in capital assets, net of accumulated
depreciation, for business-type activities as of December 31, 2017 was $61.32 million. Major capital asset additions
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Page 9
during the current year included infrastructure improvements, streets and vehicles/equipment. Additional information
on capital assets is presented in Note III C to the financial statements.
Long-term debt
$5.7 million of new debt was issued during the year. $2.5 million was used for capital projects. The remaining
amount was used to refund the 2008 general obligation bond issue. The Village retired $2.245 million of general
obligation debt. At the end of the year, the Village had total bonded debt outstanding of $59.16 million. As a home
rule government, under Illinois law, the Village has no legal debt limit. As of December 31, 2017 the total Village debt
represented 4.20% of the 2016 equalized assessed value. Additional information on long-term debt is presented in
Note III E to the financial statements.
Bond Rating
The Village’s general obligation bonds are rated Aaa by Moody’s Investor Rating Service. The Aaa rating was
reaffirmed with the issuance of the General Obligation Bond Series of 2017.
Pension Funds
The Village continues to fully fund its annual required contributions to both the Police Pension Fund and Illinois
Municipal Retirement Fund. Increased salaries, an aging employee base, and end of career accumulated leave pay-
outs have resulted in large contributions to both funds which cover all full-time employees. Additional information on
the funding levels can be found in the Required Supplementary Information section.
Economic Factors
The national economic slowdown continues to affect the local Village micro-economy. However, slowdowns in local
retail sales and hotel/motel occupancies have rebounded from the previous year. The Village is an affluent residential
community with a substantial office/commercial presence including a number of headquarters operations in the health
services and pharmaceutical areas. Property taxes are a minor part of the overall operating revenues. Net of a
refuse fund transfer, property taxes total approximately 11% of General Fund revenue.
One of the major retail areas in the Village continues to has attracted major tenants. The Village is committed to
working with developers and land owners to help them fill vacant retail space. Building permit revenues have again
exceeded current period expectations.
The Village’s hotel/motel tax has reached a high of $2.1 million and exceeded current year budget by $0.25 million
due to more business travel. All of the Village’s six hotels have remained open during the year. The continued
strength of the local corporate employment provides a base level of demand for rooms which is the primary market
for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
B A S I C F I N A N C I A L S T A T E M E N T S
VILLAGE OF DEERFIELD
STATEMENT OF NET POSITION
As of December 31, 2017
Governmental
Activities
Business-Type
Activities Totals
ASSETS
Cash and investments $33,675,295 $1,517,454 $35,192,749
Receivables (net)
Property taxes 7,257,357 -7,257,357
Accounts 720,832 1,381,525 2,102,357
Accrued interest 62,876 1,241 64,117
Electric utility tax 106,122 -106,122
Due from other governmental units 12,770,547 -12,770,547
Note receivable 40,000 -40,000
Internal balances (1,009,414)1,009,414 -
Prepaid items 1,187,658 113,494 1,301,152
Inventory 104,747 155,384 260,131
Capital Assets
Capital Assets not being depreciated 21,655,991 1,975,097 23,631,088
Capital assets, being depreciated 117,064,488 72,639,640 189,704,128
Less: Accumulated depreciation (60,202,901)(13,299,537)(73,502,438)
Total Assets 133,433,598 65,493,712 198,927,310
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF 2,259,642 818,146 3,077,788
Pension items - Police Pension 8,271,151 -8,271,151
Total Deferred Outflows of Resources 10,530,793 818,146 11,348,939
LIABILITIES
Accounts payable 1,805,039 363,481 2,168,520
Accrued payroll 349,984 81,220 431,204
Contracts payable 4,061,136 -4,061,136
Deposits payable -41,236 41,236
Other payables 17,633 -17,633
Accrued interest payable 77,331 83,120 160,451
Noncurrent Liabilities
Due within one year 2,683,041 1,067,165 3,750,206
Due in more than one year 44,818,630 29,809,383 74,628,013
Total Liabilities 53,812,794 31,445,605 85,258,399
DEFERRED INFLOWS OF RESOURCES
Property taxes levied for a future period 7,257,357 -7,257,357
Pension items - IMRF 95,702 34,650 130,352
Pension items - Police Pension 13,677,432 -13,677,432
Total Deferred Inflows of Resources 21,030,491 34,650 21,065,141
NET POSITION
Net investment in capital assets 56,110,035 32,574,200 88,684,235
Restricted for
Maintenance of roadways 340,455 -340,455
Public safety 1,071,465 -1,071,465
Debt service 4,455,421 -4,455,421
Unrestricted 7,143,730 2,257,403 9,401,133
TOTAL NET POSITION $69,121,106 $34,831,603 $103,952,709
See accompanying notes to financial statements.
Page 10
VILLAGE OF DEERFIELD
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2017
Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Governmental Activities
General government $10,097,910 $2,538,758 $-$-
Public safety 10,868,594 1,127,634 --
Public works 13,068,419 301,855 472,113 949,252
Interest and fiscal charges 1,008,199 586,016 --
Total Governmental Activities 35,043,122 4,554,263 472,113 949,252
Business-type Activities
Water 4,098,233 4,211,302 -614,539
Sewerage 3,960,118 2,936,590 -443,616
Refuse 1,322,473 526,418 --
Commuter parking lot 301,514 292,829 --
Total Business-type Activities 9,682,338 7,967,139 -1,058,155
Total $44,725,460 $12,521,402 $472,113 $2,007,407
General Revenues
Taxes
Property
Replacement
Home rule sales
Local use
Hotel/motel
Simplified telecommunications
Electric utility tax
Food and beverage
Intergovernmental
Investment income
Gain on disposal of assets
Miscellaneous
Total General Revenues
Transfers
Change in net position
NET POSITION - Beginning of Year
NET POSITION - END OF YEAR
See accompanying notes to financial statements.
Page 11
Net (Expenses) Revenues and Changes in Net Position
Governmental
Activities
Business-type
Activities Totals
$(7,559,152)$-$(7,559,152)
(9,740,960)-(9,740,960)
(11,345,199)-(11,345,199)
(422,183)-(422,183)
(29,067,494)-(29,067,494)
-727,608 727,608
-(579,912)(579,912)
-(796,055)(796,055)
-(8,685)(8,685)
-(657,044)(657,044)
(29,067,494)(657,044)(29,724,538)
7,211,378 -7,211,378
139,424 -139,424
3,841,934 -3,841,934
504,239 -504,239
2,147,573 -2,147,573
1,370,180 -1,370,180
1,209,298 -1,209,298
502,545 -502,545
8,990,723 -8,990,723
393,675 10,848 404,523
138,673 -138,673
508,103 207,226 715,329
26,957,745 218,074 27,175,819
(2,776,036)2,776,036 -
(4,885,785)2,337,066 (2,548,719)
74,006,891 32,494,537 106,501,428
$69,121,106 $34,831,603 $103,952,709
See accompanying notes to financial statements.
Page 12
VILLAGE OF DEERFIELD
BALANCE SHEET
GOVERNMENTAL FUNDS
As of December 31, 2017
General Debt Service
Infrastructure
Replacement
Nonmajor
Governmental
Funds Totals
ASSETS
Cash and investments $15,450,261 $176,087 $7,099,861 $5,714,679 $28,440,888
Receivables
Taxes 3,535,997 3,721,360 --7,257,357
Accounts 607,995 -6,200 101,837 716,032
Accrued interest 21,660 1,176 4,739 29,667 57,242
Electric utility tax 106,122 ---106,122
Due from other governments 2,341,556 8,590,000 1,797,496 41,495 12,770,547
Note receivable 40,000 ---40,000
Advances to other funds 684,083 ---684,083
Prepaid items 1,180,641 ---1,180,641
Inventory 26,844 ---26,844
TOTAL ASSETS $23,995,159 $12,488,623 $8,908,296 $5,887,678 $51,279,756
See accompanying notes to financial statements.
Page 13
VILLAGE OF DEERFIELD
BALANCE SHEET
GOVERNMENTAL FUNDS
As of December 31, 2017
General Debt Service
Infrastructure
Replacement
Nonmajor
Governmental
Funds Totals
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities
Accounts payable $1,000,235 $-$726,034 $20,337 $1,746,606
Accrued payroll 341,795 ---341,795
Contracts payable --4,061,136 -4,061,136
Other payables 17,633 ---17,633
Total Liabilities 1,359,663 -4,787,170 20,337 6,167,170
.
Deferred Inflows of Resources
Unavailable revenues - Library -8,590,000 --8,590,000
Property taxes levied for a future
period 3,535,997 3,721,360 --7,257,357
Total Deferred Inflows of
Resources 3,535,997 12,311,360 --15,847,357
Fund Balances
Nonspendable for note receivable 40,000 ---40,000
Nonspendable for inventory 26,844 ---26,844
Nonspendable for prepaid items 1,180,641 ---1,180,641
Nonspendable for advance 684,083 ---684,083
Restricted for maintenance of
roadways ---340,455 340,455
Restricted for public safety ---1,071,465 1,071,465
Restricted for debt service ---4,455,421 4,455,421
Assigned to debt service -177,263 --177,263
Assigned to capital projects --4,121,126 -4,121,126
Assigned to subsequent year's
budget 606,765 ---606,765
Unassigned 16,561,166 ---16,561,166
Total Fund Balances 19,099,499 177,263 4,121,126 5,867,341 29,265,229
TOTAL LIABILITIES,
DEFERRED INFLOWS
OF RESOURCES, AND
FUND BALANCES $23,995,159 $12,488,623 $8,908,296 $5,887,678 $51,279,756
See accompanying notes to financial statements.
Page 14
VILLAGE OF DEERFIELD
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
As of December 31, 2017
Total Fund Balances - Governmental Funds $29,265,229
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets used in governmental funds are not financial resources and,
therefore, are not reported in the funds. 78,517,578
Less capital assets used in internal service funds (1,887,930)
Intergovernmental receivables from the Library is not unavailable revenue on the
statement of net position.8,590,000
Deferred outflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.10,530,793
Deferred inflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.(13,773,134)
Some liabilities, including long-term debt, are not due and payable in the current
period and therefore, are not reported in the funds.
Bonds and notes payable (30,419,000)
Compensated absences (1,504,948)
Other postemployment benefit payable (1,269,797)
Net pension liability (13,608,010)
Accrued interest (77,331)
Unamortized debt discount 54,868
Unamortized debt premium (754,784)
Less: Internal service fund long-term liabilities 21,226
Internal service funds are reported in the statement of net position as governmental
activities.
5,436,346
NET POSITION OF GOVERNMENTAL ACTIVITIES $69,121,106
See accompanying notes to financial statements.
Page 15
VILLAGE OF DEERFIELD
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2017
General Debt Service
Infrastructure
Replacement
Nonmajor
Governmental
Funds Totals
REVENUES
Taxes $12,741,167 $2,957,859 $1,783,190 $725,000 $18,207,216
Licenses and permits 1,784,230 ---1,784,230
Intergovernmental 7,769,025 492,569 894,985 472,113 9,628,692
Charges for services 501,245 --348,514 849,759
Fines and forfeits 264,926 ---264,926
Contributions -726,706 --726,706
Investment income 188,066 10,903 38,349 107,280 344,598
Miscellaneous 1,127,300 -445,455 -1,572,755
Total Revenues 24,375,959 4,188,037 3,161,979 1,652,907 33,378,882
EXPENDITURES
Current
General government 9,405,626 --664 9,406,290
Public safety 9,065,980 --270,622 9,336,602
Highway and streets 2,491,820 --494,000 2,985,820
Capital Outlay --11,221,765 140,729 11,362,494
Debt Service
Principal retirement -1,441,000 --1,441,000
Interest -923,128 -108,888 1,032,016
Total Expenditures 20,963,426 2,364,128 11,221,765 1,014,903 35,564,222
Excess (deficiency) of revenues over
expenditures 3,412,533 1,823,909 (8,059,786)638,004 (2,185,340)
OTHER FINANCING SOURCES (USES)
Transfers in -61,486 6,306,419 -6,367,905
Transfers out (4,749,753)(1,820,052)(61,486)(2,512,650)(9,143,941)
Issuance of refunding and general
obligation bonds ---5,700,000 5,700,000
Premium on debt issued ---240,732 240,732
Payment to refunded bonds escrow
agent ---(3,328,259)(3,328,259)
Total Other Financing Sources
(Uses)(4,749,753)(1,758,566)6,244,933 99,823 (163,563)
Net Change in Fund Balances (1,337,220)65,343 (1,814,853)737,827 (2,348,903)
FUND BALANCES - Beginning of Year 20,436,719 111,920 5,935,979 5,129,514 31,614,132
FUND BALANCES - END OF YEAR $19,099,499 $177,263 $4,121,126 $5,867,341 $29,265,229
See accompanying notes to financial statements.
Page 16
VILLAGE OF DEERFIELD
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2017
Net change in fund balances - total governmental funds $(2,348,903)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of net position
the cost of these assets is capitalized and they are depreciated over their estimated useful lives
and reported as depreciation expense in the statement of activities.
Capital outlay is reported as an expenditure in the fund financial statements but is capitalized
in the government-wide financial statements 6,194,277
Less internal service funds (393,934)
Depreciation is reported in the government-wide financial statements (2,640,358)
Net book value of assets retired (1,518,785)
Receivables not currently available are reported as revenue when collected or currently available in
the fund financial statements but are recognized as revenue when earned in the government-wide
financial statements.(520,000)
Debt issued provides current financial resources to governmental funds, but issuing debt increases
long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure
in the governmental funds, but the repayment reduces long-term liabilities in the statement of net
position.
Debt issued (5,700,000)
Principal repaid 1,441,000
Advance refunding of bond issuances are reported as an other financing use in the governmental
funds. However, advance refunding are considered a change in long-term liabilities in the
Statement of Net Position.3,215,000
Governmental funds report debt premiums and discounts as other financing sources (uses) or
expenditures. However, in the statement of net position, these are reported as additions to or
deductions from long-term debt. These are allocated over the period the debt is outstanding in the
statement of activities and are reported as interest expense.
Debt premium (240,732)
Amortization 25,422
Some expenses in the statement of activities do not require the use of current financial resources
and, therefore, are not reported as expenditures in the governmental funds.
Compensated absences (7,046)
Other postemployment benefits (166,322)
Accrued interest on debt (1,607)
Net pension liability - IMRF (282,939)
Net pension liability - police pension 9,139,532
Deferred outflows of resources related to pensions (3,298,035)
Deferred inflows of resources related to pensions (6,393,927)
Internal service funds portion of compensated absences 3,006
Internal service funds are used by management to charge self insurance costs to individual funds.
The change in net position of the internal service fund reported with governmental activities.(1,391,434)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $(4,885,785)
See accompanying notes to financial statements.
Page 17
VILLAGE OF DEERFIELD
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2017
Business-type Activities - Enterprise Funds
Water Sewerage Refuse
Nonmajor
Enterprise -
Commuter
Parking Lot Totals
ASSETS
Current Assets
Cash and investments $-$696,761 $528,179 $292,514 $1,517,454
Receivables
Accounts - billed 215,696 156,766 22,942 -395,404
Accounts - unbilled 526,804 373,543 85,774 -986,121
Accrued interest -554 399 288 1,241
Prepaid items 47,289 61,018 2,746 2,441 113,494
Inventory 117,424 37,960 --155,384
Total Current
Assets 907,213 1,326,602 640,040 295,243 3,169,098
Noncurrent Assets
Capital Assets
Capital assets not
being depreciated 1,897,597 --77,500 1,975,097
Capital assets being
depreciated 23,562,246 47,126,564 -1,950,830 72,639,640
Less: Accumulated
depreciation (5,492,698)(6,854,210)-(952,629)(13,299,537)
Total Noncurrent
Assets 19,967,145 40,272,354 -1,075,701 61,315,200
Total Assets 20,874,358 41,598,956 640,040 1,370,944 64,484,298
DEFERRED OUTFLOWS OF
RESOURCES
Pension items - IMRF 272,715 545,431 --818,146
Total Deferred Outflows
of Resources 272,715 545,431 --818,146
See accompanying notes to financial statements.
Page 18
Governmental
Activities -
Internal
Service Funds
$5,234,407
4,800
-
5,634
7,017
77,903
5,329,761
-
4,800,160
(2,912,230)
1,887,930
7,217,691
-
-
See accompanying notes to financial statements.
Page 19
VILLAGE OF DEERFIELD
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2017
Business-type Activities - Enterprise Funds
Water Sewerage Refuse
Nonmajor
Enterprise -
Commuter
Parking Lot Totals
LIABILITIES
Current Liabilities
Accounts payable $174,337 $80,511 $103,869 $4,703 $363,420
Accrued payroll 26,065 54,204 -951 81,220
Accrued interest -83,120 --83,120
Deposits payable 21,915 19,382 --41,297
Bonds payable -825,000 --825,000
Compensated absences payable 113,279 128,044 -842 242,165
Total Current Liabilities 335,596 1,190,261 103,869 6,496 1,636,222
Noncurrent Liabilities
Long-Term Debt
Advance from other funds 684,083 ---684,083
Compensated absences payable 15,447 17,460 -115 33,022
Net pension liability 530,945 1,061,890 --1,592,835
Other postemployment benefit
payable 44,868 113,117 --157,985
Bonds payable -28,025,541 --28,025,541
Total Noncurrent Liabilities 1,275,343 29,218,008 -115 30,493,466
Total Liabilities 1,610,939 30,408,269 103,869 6,611 32,129,688
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF 11,550 23,100 --34,650
Total Deferred Inflows of Resources 11,550 23,100 --34,650
NET POSITION
Net investment in capital assets 19,967,145 11,531,354 -1,075,701 32,574,200
Unrestricted (442,561)181,664 536,171 288,632 563,906
TOTAL NET POSITION $19,524,584 $11,713,018 $536,171 $1,364,333 33,138,106
Adjustments to reflect the consolidation of
internal service funds activities related to
enterprise funds.1,693,497
Net Position Business-type Activities $34,831,603
Net internal service funds reported in the
statement of net position as governmental
activities
See accompanying notes to financial statements.
Page 20
Governmental
Activities -
Internal Service
Funds
$58,433
8,189
-
-
-
21,226
87,848
-
-
-
-
-
-
87,848
-
-
1,887,930
5,241,913
7,129,843
(1,693,497)
$5,436,346
See accompanying notes to financial statements.
Page 21
VILLAGE OF DEERFIELD
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Water Sewerage Refuse
Nonmajor
Enterprise -
Commuter
Parking Lot Totals
OPERATING REVENUES
Charges for services $4,211,302 $2,936,590 $526,418 $292,829 $7,967,139
Miscellaneous 141,258 43,606 22,362 -207,226
Total Operating Revenues 4,352,560 2,980,196 548,780 292,829 8,174,365
OPERATING EXPENSES
Administration 722,016 767,822 --1,489,838
Operations 3,344,417 2,285,186 1,450,649 274,777 7,355,029
Capital outlay -----
Depreciation 499,221 1,003,050 -26,737 1,529,008
Total Operating Expenses 4,565,654 4,056,058 1,450,649 301,514 10,373,875
Operating Income
(Loss)(213,094)(1,075,862)(901,869)(8,685)(2,199,510)
NONOPERATING REVENUES
(EXPENSES)
Sales of capital assets -----
Investment income -4,713 3,622 2,513 10,848
Interest -(1,001,960)--(1,001,960)
Total Nonoperating
Revenues (Expenses)-(997,247)3,622 2,513 (991,112)
Income (Loss) Before
Contributions and
Transfers (213,094)(2,073,109)(898,247)(6,172)(3,190,622)
CONTRIBUTIONS AND
TRANSFERS
Contributions 614,539 443,616 --1,058,155
Transfers in -1,820,052 955,984 -2,776,036
Total Contributions and
Transfers 614,539 2,263,668 955,984 -3,834,191
Change in Net
Position 401,445 190,559 57,737 (6,172)643,569
NET POSITION - Beginning of
Year 19,123,139 11,522,459 478,434 1,370,505 32,494,537
NET POSITION- END
OF YEAR $19,524,584 $11,713,018 $536,171 $1,364,333 33,138,106
Adjustment to reflect the consolidation of internal service funds activities related to
enterprise funds 1,693,497
Change in Net Position of Business-type Activities $2,337,066
See accompanying notes to financial statements.
Page 22
Governmental
Activities -
Internal Service
Funds
$1,115,665
8,250
1,123,915
-
472,100
197,695
339,807
1,009,602
114,313
138,673
49,077
-
187,750
302,063
-
-
-
302,063
6,827,780
$7,129,843
See accompanying notes to financial statements.
Page 23
VILLAGE OF DEERFIELD
STATEMENT OF CASH FLOW S
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Water Sewerage Refuse
Nonmajor
Enterprise -
Commuter
Parking Lot Totals
CASH FLOWS FROM
OPERATING ACTIVITIES
Received from customers $4,107,746 $2,891,888 $521,445 $292,714 $7,813,793
Received from interfund
services -----
Received from miscellaneous
revenues 141,258 43,606 22,362 -207,226
Payments to suppliers (2,872,455)(1,167,274)(1,356,177)(234,495)(5,630,401)
Payments to employees (984,943)(1,726,644)(95,229)(38,845)(2,845,661)
Net Cash Flows From
Operating Activities 391,606 41,576 (907,599)19,374 (455,043)
CASH FLOWS FROM
INVESTING ACTIVITIES
Investment income -4,469 3,622 2,513 10,604
Net Cash Flows From
Investing Activities -4,469 3,622 2,513 10,604
CASH FLOWS FROM
NONCAPITAL FINANCING
ACTIVITIES
Interfund loan (391,606)---(391,606)
Interfund transfer -1,820,052 955,984 -2,776,036
Net Cash Flows From
Noncapital Financing
Activities (391,606)1,820,052 955,984 -2,384,430
CASH FLOWS FROM CAPITAL
AND RELATED FINANCING
ACTIVITIES
Capital assets purchased -----
Bond principal payments -(804,000)--(804,000)
Bond interest payments -(1,016,501)--(1,016,501)
Net Cash Flows From
Capital and Related
Financing Activities -(1,820,501)--(1,820,501)
Net Change in Cash
and Cash
Equivalents -45,596 52,007 21,887 119,490
CASH AND CASH
EQUIVALENTS - Beginning of
Year -651,165 476,172 270,627 1,397,964
CASH AND CASH
EQUIVALENTS - END OF
YEAR $-$696,761 $528,179 $292,514 $1,517,454
See accompanying notes to financial statements.
Page 24
Governmental
Activities -
Internal Service
Funds
$-
1,111,538
8,250
(326,322)
(227,716)
565,750
49,077
49,077
-
-
-
(595,068)
-
-
(595,068)
19,759
5,214,648
$5,234,407
See accompanying notes to financial statements.
Page 25
VILLAGE OF DEERFIELD
STATEMENT OF CASH FLOW S
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Water Sewerage Refuse
Nonmajor
Enterprise -
Commuter
Parking Lot Totals
RECONCILIATION OF
OPERATING INCOME
(LOSS) TO NET CASH
FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)$(213,094)$(1,075,862)$(901,869)$(8,685)$(2,199,510)
Adjustments to Reconcile
Operating Income (Loss)
to Net Cash Flows From
Operating Activities
Depreciation 499,221 1,003,050 -26,737 1,529,008
Changes in assets and
liabilities
Receivables (103,556)(44,702)(4,973)(115)(153,346)
Prepaid expenses (1,973)(597)(178)(266)(3,014)
Inventories 5,395 (21,372)--(15,977)
Accounts payable 118,545 (10,741)(518)1,872 109,158
Deposits payable (2,156)(416)(61)-(2,633)
Accrued payroll 427 (348)-34 113
Other postemployment
benefit payable 6,707 39,249 --45,956
Compensated absences
payable 1,151 (8,560)-(203)(7,612)
Pension items 80,939 161,875 --242,814
NET CASH FLOWS
FROM
OPERATING
AC TIVITIES $391,606 $41,576 $(907,599)$19,374 $(455,043)
NONCASH CAPITAL AND
RELATED FINANCING
AC TIVITIES
Contributions of capital
assets by other funds
$614,539 $443,616 $-$-
See accompanying notes to financial statements.
Page 26
Governmental
Activities -
Internal
Service Funds
$114,313
339,807
(4,127)
(673)
66,379
46,809
-
236
-
3,006
-
$565,750
$-
See accompanying notes to financial statements.
Page 27
VILLAGE OF DEERFIELD
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
As of December 31, 2017
Pension Trust Agency Funds
ASSETS
Cash and investments $4,522,499 $2,630,929
Investments
U.S. Treasury obligations 7,792,684 -
Corporate bonds 6,246,641 -
Mutual funds 29,181,672 -
Municipal bonds 90,040 -
Receivables - (net)
Accrued interest 102,107 165
Other receivables -2,500
Total Assets 47,935,643 2,633,594
LIABILITIES
Accounts payable $17,446 $8,749
Deposits payable -2,462,016
Other payables -162,829
Total Liabilities 17,446 2,633,594
NET POSITION
Restricted for retirement benefits $47,918,197
See accompanying notes to financial statements.
Page 28
VILLAGE OF DEERFIELD
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended December 31, 2017
Pension Trust
AD DITIONS
Contributions
Contributions - employer $1,100,000
Contributions - employee 390,162
Total Contributions 1,490,162
Investment income
Net appreciation in fair value of investments 5,280,507
Interest and dividends earned on investments 1,043,835
Total Investment Income 6,324,342
Less Investment expense 27,498
Net Investment Income 6,296,844
Total Additions 7,787,006
DEDUCTIONS
Pension payments 2,766,071
Separation refunds 134,576
Administrative 41,938
Total Deductions 2,942,585
Change in Net Position 4,844,421
NET POSITION - Beginning of Year 43,073,776
NET POSITION - END OF YEAR $47,918,197
See accompanying notes to financial statements.
Page 29
VILLAGE OF DEERFIELD
INDEX TO NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE Page
I Summary of Significant Accounting Policies 31
A.Reporting Entity 31
B.Government-W ide and Fund Financial Statements 31
C.Measurement Focus, Basis of Accounting, and Financial Statement
Presentation 34
D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position or Equity 36
1.Deposits and Investments 36
2.Receivables 39
3.Inventories and Prepaid Items 40
4.Capital Assets 41
5.Deferred Outflows of Resources 41
6.Compensated Absences 41
7.Long-Term Obligations 42
8.Deferred Inflows of Resources 42
9. Equity Classifications 43
10. Interfund Transactions 44
II Stewardship, Compliance, and Accountability 45
A.Excess Expenditures Over Appropriations 45
III Detailed Notes on All Funds 46
A.Deposits and Investments 46
B.Receivables 49
C.Capital Assets 50
D.Interfund Advances and Transfers 51
E.Long-Term Obligations 53
IV Other Information 56
A.Employees' Retirement System 56
B.Risk Management 65
C.Commitments and Contingencies 67
D.Joint Ventures 68
E.Other Postemployment Benefits 69
F.Subsequent Events 72
G.Tax Abatement 72
H.Effect of New Accounting Standards on Current-Period Financial Statements 72
See accompanying notes to financial statements.
Page 30
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Deerfield, Illinois (the Village) was incorporated in 1903. The Village is a home-rule
municipality, under the 1970 Illinois Constitution, located in Lake County, Illinois. The Village is governed
by an elected seven-member board.
The accounting policies of the Village of Deerfield, Illinois conform to accounting principles generally
accepted in the United States of America as applicable to governmental units. The accepted standard-
setting body for establishing governmental accounting and financial reporting principles is the
Governmental Accounting Standards Board (GASB).
A.REPORTING ENTITY
This report includes all of the funds of the Village. The reporting entity for the Village consists of the
primary government and its component units. Component units are legally separate organizations for
which the primary government is financially accountable or other organizations for which the nature and
significance of their relationship with the primary government are such that their exclusion would cause
the reporting entity's financial statements to be misleading. The Village has not identified any
organizations that meet this criteria.
The Police Pension Employees Retirement System (PPERS) is established for the Village's police
employees. PPERS functions for the benefit of these employees and is governed by a five-member
pension board. Two members appointed by the Village’s Mayor, one pension beneficiary elected by the
membership, and two police employees elected by the membership constitute the pension board. The
Village and the PPERS participants are obligated to fund all PPERS costs based upon actuarial
valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to
approve the actuarial assumptions used in the determination of contribution levels. Although it possesses
many characteristics of a legally separate government, 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 Village’s police
employees and because of the fiduciary nature of such activities. PPERS is reported as a pension trust
fund and the data for the pension is included in the government's fiduciary fund financial statements. No
separate annual financial report is issued for the PPERS.
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
Government-Wide Financial Statements
The statement of net position and statement of activities display information about the reporting
government as a whole. They include all funds of the reporting entity except for fiduciary funds.The
statements distinguish between governmental and business-type activities. Governmental activities
generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues.
Business-type activities are financed in whole or in part by fees charged to external parties for goods or
services. The effect of material interfund activity (except for activities reported in internal service funds)
has been eliminated from these statements.
Page 31
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.)
Government-Wide Financial Statements (cont.)
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. The Village does not allocate indirect expenses to functions in the statement
of activities. Program revenues include 1) charges to customers or applicants who purchase, use or
directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants
and contributions that are restricted to meeting the operational or capital requirements of a particular
function or segment. Taxes and other items not included among program revenues are reported as
general revenues. Internally dedicated resources are reported as general revenues rather than as
program revenues.
Fund Financial Statements
Financial statements of the Village are organized into funds, each of which is considered to be a separate
accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts,
which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net
position/fund balance, revenues, and expenditures/expenses.
Funds are organized as major funds or nonmajor funds within the governmental and proprietary
statements. An emphasis is placed on major funds within the governmental and proprietary categories. A
fund is considered major if it is the primary operating fund of the Village or meets the following criteria:
a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues,
or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of
the corresponding total for all funds of that category or type, and
b. The same element of the individual governmental or enterprise fund that met the 10% test is at
least 5% of the corresponding total for all governmental and enterprise funds combined.
c. In addition, any other governmental or enterprise fund that the Village believes is particularly
important to financial statement users may be reported as a major fund.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds,
even though the latter are excluded from the government-wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund
financial statements.
The Village reports the following major governmental funds:
General Fund - accounts for the Village's primary operating activities. It is used to account for
and report all financial resources of the general government, except those accounted for and
reported in another fund.
Page 32
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.)
Fund Financial Statements (cont.)
The Village reports the following major governmental funds: (cont.)
Debt Service Fund - used to account and report the assigned resources for the payment of
general long-term debt.
Infrastructure Replacement Fund - used to account for and report financial resources that are
assigned to expenditures for maintaining, repairing and renovating the capital assets of the
Village.
The Village reports the following major enterprise funds:
Water Fund - accounts for all activity necessary to provide water to the residents of the Village
including administration, operation, maintenance, financing and related debt service.
Sewerage Fund - accounts for all activities necessary to provide sewer service to the residents
of the Village including administration, construction, maintenance and operations of the
Sewerage Treatment Plant and related debt service.
Refuse Fund - accounts for all revenues and expenses necessary to provide the residents of the
Village with refuse service.
The Village reports the following nonmajor governmental and enterprise funds:
Special Revenue Funds - used to account for and report the proceeds of specific revenue
sources that are restricted or committed to expenditures for specified purposes (other than debt
service or capital projects).
Motor Fuel Tax Fund
Enhanced E911 Fund
Debt Service Funds - used to account for and report financial resources that are restricted,
committed, or assigned to expenditure for the payment of general long-term debt principal,
interest, and related costs.
2011B Debt Service Sinking Fund
Bond Proceeds Fund
Enterprise Fund - used to account for and report any activity for which a fee is charged to
external uses for goods or services, and must be used for activities which meet certain debt or
cost recovery criteria.
Commuter Parking Lot Fund
Page 33
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.)
Fund Financial Statements (cont.)
In addition, the Village reports the following fund types:
Internal Service Funds - used to account for and report the financing of goods or services
provided by one department or agency to other departments or agencies of the Village, or to
other governmental units, on a cost-reimbursement basis.
The Garage Fund accounts for all activity necessary to maintain the efficient and safe
operation of the Village's vehicles and equipment and is funded by various departments
according to services rendered.
The Vehicle and Equipment Replacement Fund accounts for purchases of vehicles and
equipment and is funded by various departments according to services rendered.
Pension Trust Fund - used to account for and report resources that are required to be held in
trust for the members and beneficiaries of defined benefit pension plans..
Police Pension Trust Fund
Agency Funds - used to account for and report assets held by the Village in a trustee capacity or
as an agent for individuals, private organizations, and/or other governmental units.
Deposit Fund
East Shore Radio Network Fund
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
Government-Wide Financial Statements
The government-wide statement of net position and statement of activities are reported using the
economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recorded when the liability is
incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from
exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes
are recognized as revenues in the year for which they are levied. Property taxes receivable for the
following year are recorded as receivables and deferred inflows. Grants and similar items are recognized
as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments
are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are
provided.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
Page 34
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.)
Fund Financial Statements
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recorded when they are both
measurable and available. Available means collectible within the current period or soon enough thereafter
to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be
available if they are collected within 60 days of the end of the current fiscal period. Sales taxes,
telecommunications taxes and use taxes use a 90-day period and income taxes use a 120-day period.
Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on
long-term debt, claims, judgments, compensated absences, and pension expenditures, which are
recorded as a fund liability when expected to be paid with expendable available financial resources.
Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized
as revenues in the succeeding year when services financed by the levy are being provided.
Grants and similar items are recognized as revenues in the period the Village is entitled the resources and
all eligibility requirements imposed by the provider have been met. Amounts received before eligibility
requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in
advance of meeting time requirements are recorded as deferred inflows.
Revenues susceptible to accrual include property taxes, franchise taxes, licenses, interest revenue and
charges for services. Other general revenues such as sales tax, telecommunication tax, local use tax and
motor fuel tax and fines owed to/collected by the state at year end on behalf of the Village also are
recognized as revenue. Permit revenues are not susceptible to accrual because generally they are not
measurable until received in cash.
The Village reports unavailable/deferred revenue on its financial statements. Unavailable revenues arise
when a potential revenue does not meet both the measurable and available or earned criteria for
recognition in the current period. Deferred revenues arise when resources are received by the Village
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 Village
has a legal claim to the resources, the deferred inflow of resources for unavailable revenue or the liability
for deferred revenue is removed from the financial statements and revenue is recognized.
Proprietary and fiduciary fund financial statements (other than agency funds) are reported using the
economic resources measurement focus and the accrual basis of accounting, as described previously in
this note. Agency funds follow the accrual basis of accounting, and do not have a measurement focus.
Page 35
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.)
Fund Financial Statements (cont.)
The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
water, sewerage, refuse and commuter parking lot funds are charges to customers for sales and services.
Special assessments are recorded as receivables and contribution revenue when levied. Operating
expenses for proprietary funds include the cost of sales and services, administrative expenses, and
depreciation on capital assets. All revenues and expenses not meeting this definition are reported as
nonoperating revenues and expenses.
All Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets,
deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenditures/expenses during the reporting period. Actual results could differ from those estimates.
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY
1.Deposits and Investments
For purposes of the statement of cash flows, the Village considers all highly liquid investments with an
initial maturity of three months or less when acquired to be cash equivalents.
Illinois Statutes and the Village's investment policy authorize the Village to make deposits/investments 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 agreement to repurchase these same obligations, repurchase
agreements, short-term commercial paper rated within the three highest classifications by at least two
standard rating services, and the Illinois Funds 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
the Illinois insurance company general and separate accounts, mutual funds meeting certain
requirements, equity securities, and corporate bonds meeting certain requirements. Pension funds with
net assets in excess of $10,000,000 and an appointed investment advisor may invest an additional portion
of its assets in common and preferred stocks and mutual funds that meet additional requirements.
Page 36
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
1.Deposits and Investments (cont.)
The Police Pension Fund Board of Trustees, in accordance with Illinois Statutes, establishes the following
target allocation across asset classes:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Corporate Bonds 34%1.70%
Equity 60%6.10%
U.S. Government 5%1.00%
Cash 1%-%
Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and
variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund.
Investments in mutual funds are exempt from the 5% limit.
Long-term expected real returns on the Police Pension Fund's investments under GASB reflect the period
of time that begins when a plan member begins to provide service to the employer and ends at the point
when all benefits to the plan member have been paid. The expected inflation rate is 3% and is included in
the long-term rate of return on investments. Long-term rates of return are expected to exhibit geometric
properties. Geometric rates of return are equal to arithmetic returns when the annual returns exhibit no
volatility over time. W hen arithmetic rates of return are volatile on a year-to-year basis, the actual realized
geometric returns over time will be lower. The higher the volatility, the greater the difference. Best
estimates or arithmetic real rates of return for each major asset class included in the Police Pension
Fund's target asset allocation are listed in the table above.
Additional restrictions may arise from local charters, ordinances, resolutions and grant resolutions.
The Village and Police Pension Fund have adopted investment policies. The policies follow the state
statute for allowable investments.It is the policy of the Village to invest its funds in a manner which will
provide the highest investment return with the maximum security while meeting the daily cash flow
demands of the Village and conforming to all state and local statutes governing the investment of public
funds, using the “prudent person” standard for managing the overall portfolio. The primary objective of the
policy of the Village is safety (preservation of capital and protection of investment principal), liquidity and
yield.
The Police Pension Fund's investment policy does not specifically prohibit the use of or the investment in
derivatives.
Page 37
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
1.Deposits and Investments (cont.)
Interest Rate Risk
In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring
the portfolio to provide liquidity for operating funds an maximizing yields for funds not needed within a five-
year period. The Village investment policy limits maturities to five years unless tied to a specific cash flow.
Investments may be purchased with maturities to match future projects or liability requirements. In
addition, the policy requires the Village to structure the investment portfolio so that securities mature to
meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open
market prior to maturity. In accordance with its investment policy, the Police Pension Fund limits its
exposure to interest rate risk by structuring the portfolio to provide liquidity to meet required pension
payments. The investment policy does not limit the maximum maturity length of investments in the fund.
Credit Risk
State Statutes limit the investments in commercial paper to the top three ratings of two nationally
recognized statistical rating organizations (NRSRO’s). The Village's investment policy authorizes
investments in any type of security allowed for in Illinois statutes regarding the investment of public funds.
The Police Pension Fund limits its exposure to credit risk by investing exclusively investment grade bonds,
or obligations guaranteed by the United States Government or securities issued by agencies of the United
States Government that are explicitly or implicitly guaranteed by the United States Governments.
Concentration of Credit Risk
The Village's investment policies require diversification of the investment portfolio to minimize risk of loss
resulting from over-concentration in a particular type of security, risk factor, issuer, or maturity, but does
not specify maximum amounts that can be invested in any one investment vehicle, maturity, issuer or
class of securities. The Police Pension Fund’s investment policy limits the amount of the portfolio that can
be invested in any one investment vehicle. W ith the exception of U.S. Treasury securities and authorized
pools, no more than 65% of the Police Pension Fund’s total investment portfolio can be invested in a
single security type or with a single financial institution.
Custodial Credit Risk - Deposits
The Village's investment policy requires pledging of collateral for all bank balances in excess of federal
depository insurance. In order to anticipate market changes and to provide a level of security for these
investments, the collateral level will be 100% of market value, over and above the insured amount
provided by the Federal Deposit Insurance Corporation. Collateral will always be held by an independent
third party with whom the Village has a current custodial agreement. The Police Pension Fund's
investment policies do not require pledging of collateral for bank balances in excess of federal depository
insurance, since flow-through FDIC insurance is available for the Fund's deposits with financial
institutions.
Page 38
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
1.Deposits and Investments (cont.)
Custodial Credit Risk - Investments
The Village's and Police Pension Fund’s investment policies require all securities to be held by a third
party custodian designated by the Treasurer and evidenced by safekeeping receipts. The Village's
investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of
FDIC insurable limits to be secured with collateralization pledged by the applicable financial institution to
the extent of 100% of the value of the deposit in excess of federal depository insurance with the collateral
held by the Village's agent in the Village's name. The Village’s investment policy also requires all security
transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP)
basis with the underlying investments held by a third party acting as the Village’s agent separate from
where the investment was purchased or by the trust department of the bank where purchased, in the
Village’s name. The Police Pension Fund’s investment policy requires all security transactions that are
exposed to custodial credit risk to be processed on a DVP basis with the underlying investments held by a
third party acting as the Police Pension Fund’s agent separate from where the investment was purchased
in the police pension fund’s name.
Investments with a maturity of less than one year when purchased, non-negotiable certificates of deposit
and other nonparticipating investments are stated at cost or amortized cost. Investments with a maturity
greater than one year when purchased and all investments of the pension trust fund are stated at fair
value, which is the amount at which an investment could be exchanged in a current transaction between
willing parties. Adjustments necessary to record investments at fair value are recorded in the operating
statement as increases or decreases in investment income. Investment income on commingled
investments of municipal accounting funds is allocated based on average balances. The difference
between the bank statement balance and carrying value is due to outstanding checks and/or deposits in
transit.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows
governments within the State to pool their funds for investment purposes. Illinois Funds is not registered
with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the
Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price,
the price for which the investments could be sold.
See Note III. A. for further information.
2.Receivables
Property taxes for levy year 2017 attaches as an enforceable lien on January 1, 2017, on property values
assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax
Levy Ordinance).
Page 39
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
2.Receivables (cont.)
Tax bills for levy year 2017 are prepared by the County and issued on or about February 1 for Cook
County and May 1 for Lake County, and are payable in two installments, on or about March 1 and August
1 for Cook County and June 1 and September 1 for Lake County.
The 2017 property tax levy is recognized as a receivable and deferred inflows in fiscal 2017. As the taxes
become available to finance current expenditures, they are recognized as revenues. At December 31,
2017, the property taxes receivable and related deferred inflows consisted of the estimated amount
collectible from the 2017 levy.
During the course of operations, transactions occur between individual funds that may result in amounts
owed between funds. Short-term interfund loans are reported as "due to and from other funds." Long-term
interfund loans (noncurrent portion) are reported as "advances from and to other funds." Interfund
receivables and payables between funds within governmental activities are eliminated in the statement of
net position. Any residual balances outstanding between the governmental activities and business-type
activities are reported in the government-wide financial statements as internal balances.
In the governmental fund financial statements, advances to other funds are offset equally by a
nonspendable fund balance account which indicates that they do not constitute expendable available
financial resources and, therefore, are not available for appropriation or by a restricted fund balance
account, if the funds will ultimately be restricted when the advance is repaid.
3.Inventories and Prepaid Items
Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the
purchases method of accounting. The costs of governmental fund inventories are recorded as
expenditures when consumed rather than when purchased. Proprietary fund inventories are generally
used for construction and/or for operation and maintenance work. They are not for resale. They are
valued at cost based on FIFO, and charged to construction and/or operation and maintenance expense
when used.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items/expenses in both government-wide and fund financial statements. Prepaid items/expenses
are accounted for on the consumption method.
Page 40
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
4.Capital Assets
Government-Wide Statements
Capital assets, which include property, plant and equipment, water and sewer system and infrastructure
assets (e.g., roads, bridges and similar items) are reported in the applicable governmental or business-
type activities columns in the government-wide financial statements. Capital assets are defined by the
Village as assets with an initial cost of more than $25,000 and an estimated useful life in excess of one
year. All capital assets are valued at historical cost, or estimated historical cost if actual amounts are
unavailable. Donated capital assets are recorded at their estimated acquisition value at the date of
donation. 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 capital assets, as applicable.
Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of
activities, with accumulated depreciation reflected in the statement of net position. Depreciation is
provided over the assets' estimated useful lives using the straight-line method. The range of estimated
useful lives by type of asset is as follows:
Buildings and building improvements 20-50 Years
Parking improvements 15-50 Years
Water/sewer system 40-60 Years
Vehicles, machinery and equipment 4-20 Years
Infrastructure 20-50 Years
Fund Financial Statements
In the fund financial statements, capital assets used in governmental fund operations are accounted for as
capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary
fund operations are accounted for the same way as in the government-wide statements.
5. Deferred Outflows of Resources
A deferred outflow of resources represents a consumption of net position/fund balance that applies to a
future period and will not be recognized as an outflow of resources (expense/expenditure) until that future
time.
6.Compensated Absences
Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only
benefits considered to be vested are disclosed in these statements.
Page 41
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
6. Compensated Absences (cont.)
All vested vacation and sick leave pay, including related Social Security and Medicare, that is owed to
retirees or terminated employees is accrued when incurred in the government-wide and proprietary fund
financial statements. A liability for these amounts is reported in governmental funds only if they have
matured, for example, as a result of employee resignations and retirements, and are payable with
expendable resources.
Payments for vacation and sick leave will be made at rates in effect when the benefits are used.
Accumulated vacation and sick leave liabilities at December 31, 2017, are determined on the basis of
current salary rates and include salary related payments.
7.Long-Term Obligations
All long-term obligations to be repaid from governmental and business-type resources are reported as
liabilities in the government-wide statements. The long-term obligations consist primarily of notes and
bonds payable and accrued compensated absences.
Long-term obligations for governmental funds are not reported as liabilities in the fund financial
statements. The face value of debts (plus any premiums) are reported as other financing sources and
payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the
same as it is in the government-wide statements.
For the government-wide statements and proprietary fund statements, bond premiums and discounts are
amortized over the life of the issue using the effective interest method. The balance at year end is shown
as an increase or decrease in the liability section of the statement of net position.
In the governmental fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums received on debt issuances are reported as other
financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs,
whether or not withheld from actual debt proceeds received, are reported as expenditures.
8.Deferred Inflows of Resources
A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a
future period and therefore will not be recognized as an inflow of resources (revenue) until that future time.
Page 42
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
8.Deferred Inflows of Resources (cont.)
The Village has two types of items which arise under a modified accrual basis of accounting that qualifies
for reporting in this category. Accordingly, unavailable revenue is reported in the governmental funds
balance sheet. The governmental funds report unavailable revenues from two sources: property taxes and
the long-term receivable from Deerfield Public Library (the Library). These amounts are deferred and
recognized as an inflow of resources in the period that the amounts become available. Additionally, the
pension plans of the Village have deferred inflows.
9. Equity Classifications
Government-Wide Statements
Equity is classified as net position and displayed in three components:
a. Net investment in capital assets - Consists of capital assets including restricted capital assets,
net of accumulated depreciation and reduced by the outstanding balances (excluding unspent
debt proceeds) of any bonds, mortgages, notes, or other borrowings that are attributable to the
acquisition, construction, or improvement of those assets.
b. Restricted net position - Consists of net position with constraints placed on their use either by 1)
external groups such as creditors, grantors, contributors, or laws or regulations of other
governments or, 2) law through constitutional provisions or enabling legislation.
c. Unrestricted net position - All other net positions that do not meet the definitions of "restricted" or
"net investment in capital assets."
When both restricted and unrestricted resources are available for use, it is the Village's policy to use
restricted resources first, then unrestricted resources as they are needed.
Fund Statements
Governmental fund balances are displayed as follows:
a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are
not in spendable form or because legal or contractual requirements require them to be
maintained intact.
b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external
groups such as creditors, grantors, contributors, or laws or regulations of other governments or
2) law through constitutional provisions or enabling legislation.
Page 43
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY (cont.)
9. Equity Classifications (cont.)
Fund Statements (cont.)
c. Committed - Includes fund balance amounts that are constrained for specific purposes that are
internally imposed by the government through formal action of the highest level of decision
making authority. Fund balance amounts are committed through a formal action (ordinance) of
the Village Board of Trustees. This formal action must occur prior to the end of the reporting
period, but the amount of the commitment, which will be subject to the constraints, may be
determined in the subsequent period. Any changes to the constraints imposed require the same
formal action of the Village Board of Trustees that originally created the commitment.
d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific
purposes that do not meet the criteria to be classified as restricted or committed. The Village
Board has, by ordinance, adopted a fund balance policy authorizing the Director of Finance to
assign amounts for a specific purpose. Assignments may take place after the end of the
reporting period.
e. Unassigned - Includes residual positive fund balance within the general fund which has not been
classified within the other above mentioned categories. Unassigned fund balance may also
include negative balances for any governmental fund if expenditures exceed amounts restricted,
committed, or assigned for those purposes.
Proprietary fund equity is classified the same as in the government-wide statements.
The Village considers restricted amounts to be spent first when both restricted and unrestricted fund
balance is available unless there are legal documents / contracts that prohibit doing this, such as in grant
agreements requiring dollar for dollar spending. Additionally, the Village would first use committed, then
assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.
Fiduciary fund equity is classified as held in trust for on the statement of fiduciary net position. Various
donor restrictions apply, including authorizing and spending trust income, and the village believes it is in
compliance with all significant restrictions.
10. Interfund Transactions
Interfund services 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 interfund
services and reimbursements, are reported as transfers.
Page 44
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A.EXCESS EXPENDITURES OVER APPROPRIATIONS
Funds
Budgeted
Expenditures
Actual
Expenditures
Excess
Expenditures Over
Budget
Sewerage $2,997,376 $4,056,058 $1,058,682
Commuter Parking Lot 282,660 301,514 18,854
Garage 405,685 472,100 66,415
Police Pension 2,799,300 2,942,585 143,285
The Village controls expenditures at the department level. Some individual departments experienced
expenditures which exceeded appropriations. The detail of those items can be found in the Village's year-
end budget to actual report. The Sewerage, Commuter Parking Lot and Garage fund expenditures are
over budget due to the timing of certain expenditures, such as depreciation and pension expense. The
Police Pension Fund is over budget due to a separation refund being paid during the fiscal year.
Page 45
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS
A.DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds, except the Pension
Trust Fund, 2011B Sinking Fund and the Bond Proceeds Fund. Each fund type’s portion of this pool is
displayed on the statement of net position and balance sheet as cash and investments. In addition,
investments are separately held by several of the Village's funds. The deposits and investments of the
Pension Trust Funds are held separately from those of other funds.
The Village's and the Police Pension's deposits and investments at year end were comprised as follows:
Carrying
Value
Statement
Balances Associated Risks
Deposits $4,496,269 $4,622,858 Custodial credit risk - deposits
Mutual funds 29,181,672 29,181,672 N/A
U.S. Treasury obligations 7,792,684 7,792,684 Custodial credit risk - investments,
interest rate risk
Certificates of deposit (negotiable)5,382,150 5,382,150 Credit risk, custodial credit risk -
investments, concentration of credit
risk, interest rate risk
Corporate bonds 6,246,641 6,246,641 Credit risk, custodial credit risk -
investments, concentration of credit
risk, interest rate risk
Municipal Bonds 90,040 90,040 Credit risk, custodial credit risk -
investments, concentration of credit
risk, interest rate risk
Illinois Funds 20,937,559 20,920,514 Credit risk
U.S. Agency obligations 11,527,799 11,527,799 Credit risk, custodial credit risk -
investments, concentration of credit
risk, interest rate risk
Petty cash 2,400 -N/A
Total Deposits and Investments $85,657,214 $85,764,358
Reconciliation to financial statements
Per statement of net position
Cash and investments $35,192,749
Per statement of net position - fiduciary
funds
Cash and investments 7,153,428
U.S. Treasury obligations 7,792,684
Corporate bonds 6,246,641
Mutual funds 29,181,672
Municipal bonds 90,040
Total Deposits and Investments $85,657,214
Page 46
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and
savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing
and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the
government is located, insured amounts are further limited to a total of $250,000 for the combined amount
of all deposit accounts.
The Village categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs
are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
The valuation methods for recurring fair value measurements are as follows:
Village
December 31, 2017
Investment Type Level 1 Level 2 Level 3 Total
U.S. Agency obligations $-$11,527,799 $-$11,527,799
Certificates of deposit (negotiable)5,382,150 --5,382,150
Total $5,382,150 $11,527,799 $-$16,909,949
Police Pension
December 31, 2017
Investment Type Level 1 Level 2 Level 3 Total
U.S. Treasury obligations $7,789,790 $2,894 $-$7,792,684
Corporate bonds -6,246,641 -6,246,641
Mutual funds 29,181,672 --29,181,672
Municipal bonds -90,040 -90,040
Total $36,971,462 $6,339,575 $-$43,311,037
Custodial Credit Risk
Deposits
Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may
not be returned to the Village.
The Village does not have any deposits exposed to custodial credit risk.
Page 47
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations.
As of December 31, 2017, the Village's and Police Pension's investments were rated as follows:
Investment Type
Standard &
Poors
Moody's
Investors
Services
Certificates of deposit (negotiable)Not rated Not rated
Corporate bonds BBB- to AA+Baa3 to AAA
Municipal bonds AA- to AAA A1
Illinois Funds AAA AAAm
U.S. Agency obligations AA+Aaa
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a
single issuer.
At December 31, 2017, there were no investments subject to concentration of credit risk
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment.
As of December 31, 2017, the Village's investments were as follows:
Village
Maturity (In Years)
Investment Type Fair Value
Less than 1
Year 1-5 Years 6-10 Years
Greater than
10 Years
Certificates of deposit
(negotiable)$5,382,150 $3,654,779 $1,727,371 $-$-
U.S. Agency obligations 11,527,799 -7,131,478 2,214,052 2,182,269
Totals $16,909,949 $3,654,779 $8,858,849 $2,214,052 $2,182,269
Page 48
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Interest Rate Risk (cont.)
Police Pension
Maturity (In Months)
Investment Type Fair Value
Less than 1
Year 1-5 Years 6-10 Years
Greater than
10 Years
U.S. treasury obligations $7,792,684 $-$4,948,520 $2,894 $2,841,270
Corporate bonds 6,246,641 421,283 3,035,649 2,675,854 113,855
Municipal Bonds 90,040 45,010 --45,030
Totals $14,129,365 $466,293 $7,984,169 $2,678,748 $3,000,155
Money-Weighted Rate of Return
Police Pension Fund
For the year ended December 31, 2017, the annual money-weighted rate of return on the police pension
plan investments, net of pension plan investment expense, was 15.08%. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
See Note I.D.1. for further information on deposit and investment policies.
B.RECEIVABLES
All of the receivables on the balance sheet are expected to be collected within one year.
The Village issued General Obligation Bonds in 2011 and 2013 on behalf of the Library to finance the
Library Improvement Project. These bonds are in the Village's name and are a liability of the village. The
Library receives property tax collections to pay for the bond principal and interest then remits the funds to
the Village as the principal and interest payments become due. The Village has recorded a receivable,
offset by unavailable revenue, for the amount of debt outstanding, less cash on hand, that the Library will
be paying the Village.
Page 49
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2017, was as follows:
Beginning
Balance Additions Deletions
Ending
Balance
Governmental Activities
Capital assets not being depreciated
Land $5,136,924 $-$-$5,136,924
Land right of way 16,180,188 --16,180,188
Construction in progress 501,381 208,517 371,019 338,879
Total Capital Assets Not Being
Depreciated 21,818,493 208,517 371,019 21,655,991
Capital assets being depreciated
Buildings and improvements 12,580,797 --12,580,797
Vehicles, machinery and equipment 4,978,809 737,269 283,356 5,432,722
Infrastructure 98,994,451 5,619,510 5,562,992 99,050,969
Total Capital Assets Being
Depreciated 116,554,057 6,356,779 5,846,348 117,064,488
Total Capital Assets 138,372,550 6,565,296 6,217,367 138,720,479
Less: Accumulated depreciation for
Buildings and improvements (4,467,368)(301,307)-(4,768,675)
Vehicles, machinery and equipment (3,085,351)(399,937)279,827 (3,205,461)
Infrastructure (54,337,387)(1,939,114)4,047,736 (52,228,765)
Total Accumulated Depreciation (61,890,106)(2,640,358)4,327,563 (60,202,901)
Net Capital Assets Being
Depreciated 54,663,951 3,716,421 1,518,785 56,861,587
Total Governmental
Activities Capital Assets,
Net of Accumulated
Depreciation $76,482,444 $3,924,938 $1,889,804 $78,517,578
Depreciation expense was charged to functions as follows:
Governmental Activities
General government $150,178
Public safety 183,354
Highway and streets 2,306,826
Total Governmental Activities Depreciation Expense $2,640,358
Page 50
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS (cont.)
Beginning
Balance Additions Deletions
Ending
Balance
Business-type Activities
Capital assets not being depreciation
Land $1,955,456 $-$-$1,955,456
Construction in progress -19,641 -19,641
Total Capital Assets Not Being
Depreciation 1,955,456 19,641 -1,975,097
Capital assets being depreciated
Buildings and improvements 45,185,189 --45,185,189
Parking lot improvements 1,950,830 --1,950,830
Vehicles, machinery and equipment 626,490 --626,490
Water distribution system 18,380,741 594,898 220,006 18,755,633
Sanitary sewer system 5,738,577 443,616 60,695 6,121,498
Total Capital Assets Being
Depreciated 71,881,827 1,038,514 280,701 72,639,640
Total Capital Assets 73,837,283 1,058,155 280,701 74,614,737
Less: Accumulated depreciation for
Buildings and improvements (6,326,588)(962,225)-(7,288,813)
Parking lot improvements (925,892)(26,737)-(952,629)
Vehicles, machinery and equipment (513,698)(17,511)-(531,209)
Water distribution system (2,679,073)(393,255)220,006 (2,852,322)
Sanitary sewer system (1,605,979)(129,280)60,695 (1,674,564)
Total Accumulated Depreciation (12,051,230)(1,529,008)280,701 (13,299,537)
Net Capital Assets Being
Depreciated 59,830,597 (490,494)-59,340,103
Business-type Capital
Assets, Net of
Accumulated
Depreciation $61,786,053 $(470,853)$-$61,315,200
D.INTERFUND ADVANCES AND TRANSFERS
Advances
The General Fund is advancing funds to the W ater Fund. The amount represents temporary financing of
the W ater Fund's operations. No repayment schedule has been established.
Page 51
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
D.INTERFUND ADVANCES AND TRANSFERS (cont.)
Advances (cont.)
The following is a schedule of interfund advances:
Receivable Fund Payable Fund Amount
Amount Not
Due W ithin One
Year
General Water $684,083 $684,083
Transfers
The following is a schedule of interfund transfers:
Fund Transferred To Fund Transferred From Amount Principal Purpose
Infrastructure
Replacement General $3,793,769 To fund capital projects
Refuse General 955,984
To subsidize administrative
charges
Infrastructure
Replacement Bond Proceeds 2,512,650
To provide reimbursement for
construction project costs
Debt Service
Infrastructure
Replacement 61,486 To fund debt service
Sewerage Debt Service 1,820,052
To fund debt service paid by
Sewerage Fund
Total - Fund Financial Statements 9,143,941
Less: Fund eliminations (6,367,905)
Total Transfers - Government-W ide Statement
of Activities $2,776,036
Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the
budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the
receipts to the debt service fund, and (3) use unrestricted revenues collected in the general fund to
finance various programs accounted for in other funds in accordance with budgetary authorizations.
Page 52
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS
Long-term obligations activity for the year ended December 31, 2017, was as follows:
Beginning
Balance Increases Decreases
Ending
Balance
Amounts Due
Within One
Year
Governmental Activities
Bonds Payable
General obligation debt $29,375,000 $5,700,000 $4,656,000 $30,419,000 $1,460,000
(Discounts)/Premiums 484,606 240,732 25,422 699,916 -
Sub-totals 29,859,606 5,940,732 4,681,422 31,118,916 1,460,000
Other Liabilities
Vested compensated
absences (governmental)1,479,682 1,195,607 1,191,567 1,483,722 1,201,815
Vested compensated
absences (internal service)18,220 21,335 18,329 21,226 21,226
Other postemployment
benefits 1,103,475 300,631 134,309 1,269,797 -
Net pension liability - IMRF 4,116,323 1,195,660 912,721 4,399,262 -
Net pension liability - Police 18,348,280 -9,139,532 9,208,748 -
Total Other Liabilities 25,065,980 2,713,233 11,396,458 16,382,755 1,223,041
Total Governmental
Activities Long-Term
Liabilities $54,925,586 $8,653,965 $16,077,880 $47,501,671 $2,683,041
Business-type Activities
Bonds Payable
General obligation debt $29,545,000 $-$804,000 $28,741,000 $825,000
(Discounts)/Premiums 122,530 -12,989 109,541 -
Sub-totals 29,667,530 -816,989 28,850,541 825,000
Other Liabilities
Vested compensated
absences 282,799 241,626 249,238 275,187 242,165
Other postemployment
benefits 112,029 83,067 37,111 157,985 -
Net pension liability - IMRF 1,490,392 473,905 371,462 1,592,835 -
Total Other Liabilities 1,885,220 798,598 657,811 2,026,007 242,165
Total Business-type
Activities Long-Term
Liabilities $31,552,750 $798,598 $1,474,800 $30,876,548 $1,067,165
Page 53
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS (cont.)
General Obligation Debt
All general obligation bonds payable are backed by the full faith and credit of the Village. Bonds in the
governmental funds will be retired by future property tax levies or other resources accumulated by the debt
service fund. Business-type activities debt is payable by revenues from user fees of the Sewerage Fund.
Governmental Activities
General Obligation Debt
Date of
Issue
Final
Maturity
Interest
Rates
Original
Indebtedness
Balance
December 31,
2017
General Obligation
Bond Series 2010A 11/03/2010 12/01/2028
0.80% -
5.00%$12,500,000 $3,464,000
General Obligation
Bond Series 2011A 10/17/2011 12/01/2031
1.00% -
3.25%9,900,000 7,930,000
General Obligation
Bond Series 2013 01/03/2013 12/01/2031
2.00% -
2.25%9,075,000 4,560,000
General Obligation
Bond Series 2015 05/19/2015 12/01/2034
3.00% -
3.25%9,575,000 8,800,000
General Obligation
Bond Series 2017 02/06/2017 12/01/2036
3.00% -
3.75%5,700,000 5,665,000
Total Governmental Activities - General Obligation Debt $30,419,000
Business-type Activities
General Obligation Debt
Date of
Issue
Final
Maturity
Interest
Rates
Original
Indebtedness
Balance
December 31,
2017
General Obligation
Bond Series 2010A 11/03/2010 12/01/2028
0.80% -
5.00%$12,500,000 $5,196,000
General Obligation
Bond Series 2011B 10/17/2011 12/01/2028 4.00%12,500,000 12,480,000
General Obligation
Bond Series 2012 01/21/2012 12/01/2031
1.25% -
2.75%10,000,000 10,000,000
General Obligation
Bond Series 2013 01/03/2013 12/01/2031
2.00% -
2.25%9,075,000 1,065,000
Total Business-type Activities - General Obligation Debt $28,741,000
Page 54
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS (cont.)
General Obligation Debt (cont.)
Debt service requirements to maturity are as follows:
Governmental Activities Business-type Activities
General Obligation Debt General Obligation Debt
Years Principal Interest Principal Interest
2018 $1,460,000 $884,355 $825,000 $1,041,022
2019 1,504,000 886,775 851,000 982,151
2020 1,555,000 846,508 875,000 962,558
2021 1,604,000 804,249 901,000 940,442
2022 1,655,000 760,153 930,000 915,716
2023-2027 9,182,000 3,044,654 5,108,000 4,132,186
2028-2032 10,179,000 1,466,605 19,251,000 1,082,687
2033-2037 3,280,000 252,220 --
Totals $30,419,000 $8,945,519 $28,741,000 $10,056,762
Advance Refunding
On February 28, 2017, the Village issued $5,700,000 in general obligation bonds with an average coupon
rate of 3%. A portion of the total issuance, $3,328,259, was placed in escrow to advance refund
$3,215,000 of outstanding bonds with an average coupon rate of 3%. The proceeds placed in escrow
were used to purchase U.S. government securities. Those securities were deposited in an irrevocable
trust with an escrow agent to provide for all future debt service payments on the refunded bonds. As a
result, the refunded bonds are considered defeased and the liability for those bonds has been removed
from the statement of net position.
This advance refunding also provided $2,500,000 of new money proceeds which were deposited in the
Village's Bond Proceeds Fund and then transferred to the Infrastructure Replacement Fund for future
capital projects.
The cash flow requirements on the refunded debt prior to the advance refunding was $4,437,888 and the
cash flow requirements on the refunding portion of the 2017 bonds are $4,181,025. The advance
refunding resulted in an economic gain (difference between the present values of the debt service
payments on the old and new debt) of $222,079.
Page 55
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION
A.EMPLOYEES' RETIREMENT SYSTEM
The Village contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund
(IMRF), an agent-multiple-employer public employee retirement system; and the Police Pension Plan
which is a single-employer pension plan. The benefits, benefits levels, employee contributions and
employer contributions for the plans are governed by Illinois Compiled Statutes and can only be amended
by the Illinois General Assembly. The Police Pension Plan does not issue a separate report on the
pension plan. IMRF does issue a publicly available report that includes financial statements and
supplementary information for the plan as a whole, but not for individual employers. That report can be
obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.
Illinois Municipal Retirement Fund
Plan description.All employees (other than those covered by the Police Pension plan) hired in positions
that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating
members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois Reciprocal
System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2. For Tier 1
participants, pension benefits vest after 8 years of service. Participating members who retire at age 55 (at
reduced benefits) or after age 60 (at full benefits) with 8 years of service are entitled to an annual
retirement benefit, payable monthly for life in an amount equal to 1-2/3% of their final rate of earnings
(average of the highest 48 consecutive months' earnings during the last 10 years) for credited service up
to 15 years and 3% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants,
pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced
benefits) or after age 67 (at full benefits) with 10 years of service are entitled to an annual retirement
benefit, payable monthly for life in an amount equal to 1-2/3% of their final rate of earnings for the first 15
years of service credit, plus 2% for each year of service after 15 years to a maximum of 75% of their final
rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months
within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased ever year after
retirement, upon reaching age 67, by the lesser of 3% of the original pension amount or 1/2 of the
increase in the Consumer Price Index of the original pension amount.
Under the employer number within IMRF, both the Village and the Deerfield Public Library contribute to the
plan. As a result, IMRF is considered to be an agent multiple-employer plan through which cost-sharing
occurs between the Village and the Deerfield Public Library.
Plan membership. At December 31, 2016, the measurement date, membership in the plan was as
follows:
Retirees and beneficiaries 123
Inactive, non-retired members 100
Active members 103
Total 326
Page 56
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Contributions. As set by statute, Village and Deerfield Public Library employees participating in IMRF are
required to contribute 4.50% of their annual covered salary. The statute requires the Village and Deerfield
Public Library to contribute the amount necessary, in addition to member contributions, to finance the
retirement coverage of its own employees. The Village and Deerfield Public Library’s actuarially
determined contribution rate for calendar year 2016 was 12.78% of annual covered payroll for IMRF. The
Village and Deerfield Public Library also contribute for disability benefits, death benefits and supplemental
retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death
benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by
statute.
Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2016,
and the total pension liability used to calculate the net pension liability/(asset) was determined by an
actuarial valuation as of that date.
Summary of Significant Accounting Policies. For purposes of measuring the net pension
liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions, and
pension expense, information about the fiduciary net position of IMRF and additions to/deductions from
IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For
this purpose, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
Actuarial Assumptions. The total pension liability for IMRF was determined by actuarial valuations
performed as of December 31, 2016 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Asset valuation method Market Value
Actuarial assumptions
Investment Rate of Return 7.50%
Inflation 3.50%
Salary increases 3.75% to 14.50%,
including inflation
Price inflation 2.75%
Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generational
projection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014
Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For
disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-
2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Disabled Retirees
Mortality Table applying the same adjustment that were applied for non-disabled lives. For active
members, an IMRF specific mortality table was used with fully generational projection scale MP-2014
(base year 2014). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table
with adjustments to match current IMRF experience.
Page 57
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan
investments was determined using an asset allocation study in which best-estimate ranges of expected
future real rates of return (net of pension plan investment expense and inflation) were developed for each
major asset class. These ranges were combined to produce long-term expected rate of return by the
target asset allocation percentage and by adding expected inflation. The target allocation and best
estimates of arithmetic and geometric real rates of return for each major asset class are summarized in
the following table:
Projected Returns/Risks
Asset Class
Target
Allocation
One Year
Arithmetic
Ten Year
Geometric
Equities 38.00%8.85%7.39%
International equities 17.00%9.55%7.59%
Fixed income 27.00%3.05%3.00%
Real estate 8.00%7.20%6.00%
Alternatives 9.00%
Private equity 13.15%8.15%
Hedge funds 5.55%5.25%
Commodities 4.40%2.75%
Cash equivalents 1.00%2.25%2.25%
Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.50%. The
discount rate calculated using the December 31, 2015 measurement date was 7.48%. The projection of
cash flows used to determine the discount rate assumed that member contributions will be made at the
current contribution rate and that Village contributions will be made at rates equal to the difference
between actuarially determined contribution rate and the member rate. Based on those assumptions, the
fiduciary net position was projected to be available to make all projected future benefit payments of current
plan members. Therefore, the long-term expected rate of return on investments was applied to all periods
of projected benefits to determine the total pension liability.
Discount rate sensitivity. The following is a sensitivity analysis of the net pension liability/(asset) to
changes in the discount rate. The table below presents net pension liability/(asset) of the Village
calculated using the discount rate of 7.50% as well as what the net pension liability/(asset) would be if it
were to be calculated using a discount rate that is 1 percentage point lower (6.50%) or 1 percentage point
higher (8.50%) than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
Village:
Total pension liability $44,810,186 $39,667,423 $35,576,741
Plan fiduciary net pension 33,675,327 33,675,326 33,675,327
Net pension liability/(asset)$11,134,859 $5,992,097 $1,901,414
Page 58
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Deerfield Public Library:
Total pension liability $11,911,568 $10,544,505 $9,457,108
Plan fiduciary net pension 8,951,670 8,951,670 8,951,670
Net pension liability/(asset)$2,959,898 $1,592,835 $505,438
Total:
Total pension liability $56,721,754 $50,211,928 $45,033,849
Plan fiduciary net pension 42,626,997 42,626,996 42,626,997
Net pension liability/(asset)$14,094,757 $7,584,932 $2,406,852
Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar
year ended December 31, 2016 were as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Asset)
(a) - (b)
Village:
Balances at December 31, 2015 $37,846,050 $32,239,336 $5,606,714
Service cost 639,717 -639,717
Interest on total pension liability 2,783,677 -2,783,677
Differences between expected and actual
experience of the total pension liability
393,734 -393,734
Change of assumptions (93,810)-(93,810)
Benefit payments, including refunds of
employee contributions
(1,901,945)(1,901,945)-
Contributions - employer -802,016 (802,016)
Contributions - employee -285,554 (285,554)
Net investment income -2,246,277 (2,246,277)
Other (net transfer)-4,088 (4,088)
Balances at December 31, 2016 $39,667,423 $33,675,326 $5,992,097
Page 59
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Deerfield Public Library:
Balances at December 31, 2015 $10,060,343 $8,569,950 $1,490,393
Service cost 170,051 -170,051
Interest on total pension liability 739,965 -739,965
Differences between expected and actual
experience of the total pension liability
104,664 -104,664
Change of assumptions (24,937)-(24,937)
Benefit payments, including refunds of
employee contributions
(505,580)(505,580)-
Contributions - employer -213,194 (213,194)
Contributions - employee -75,907 (75,907)
Net investment income -597,112 (597,112)
Other (net transfer)-1,088 (1,088)
Balances at December 31, 2016 $10,544,506 $8,951,671 $1,592,835
Total:
Balances at December 31, 2015 $47,906,393 $40,809,286 $7,097,107
Service cost 809,768 -809,768
Interest on total pension liability 3,523,642 -3,523,642
Differences between expected and actual
experience of the total pension liability
498,398 -498,398
Change of assumptions (118,747)-(118,747)
Benefit payments, including refunds of
employee contributions
(2,407,525)(2,407,525)-
Contributions - employer -1,015,210 (1,015,210)
Contributions - employee -361,461 (361,461)
Net investment income -2,843,389 (2,843,389)
Other (net transfer)-5,176 (5,176)
Balances at December 31, 2016 $50,211,929 $42,626,997 $7,584,932
Plan fiduciary net position as a percentage of
the total pension liability %84.89
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2017, the Village recognized pension expense of
$1,674,405. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Page 60
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Village:
Difference between expected and actual experience $295,519 $59,942
Assumption changes 383,448 70,410
Net difference between projected and actual earnings on pension
plan investments 1,639,388 -
Contributions subsequent to the measurement date 759,433 -
Total $3,077,788 $130,352
Deerfield Public Library:
Difference between expected and actual experience $78,556 $15,935
Assumption changes 101,929 18,716
Net difference between projected and actual earnings on pension
plan investments 435,787 -
Contributions subsequent to the measurement date 201,874 -
Total $818,146 $34,651
Total:
Difference between expected and actual experience $374,075 $75,877
Assumption changes 485,377 89,126
Net difference between projected and actual earnings on pension
plan investments 2,075,175 -
Contributions subsequent to the measurement date 961,307 -
Total $3,895,934 $165,003
The amount reported as deferred outflows resulting from contributions subsequent to the measurement
date in the above table will be recognized as a reduction in the net pension liability/(asset) for the year
ending . The remaining amounts reported as deferred outflows and inflows of resources related to
pensions ($2,769,624) will be recognized in pension expense as follows:
Year Ending December 31,Village
Deerfield Public
Library Total
2017 $927,079 $246,439 $1,173,518
2018 676,886 179,932 856,818
2019 555,115 147,562 702,677
2020 28,923 7,688 36,611
Total $2,188,003 $581,621 $2,769,624
Page 61
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension
Plan description. 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 contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS
5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension
trust fund.
As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death
and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1,
2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension
Fund as provided for in Illinois Compiled Statutes.
Tier 1 - Covered 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 on the last
day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased
by 2.5% of such salary for each additional year of service over 20 years up to 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 retirement 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 paid upon reaching at least the age 55, by 3% of the original
pension and 3% compounded annually thereafter.
Tier 2 - Covered employees attaining the age of 55 or more with 10 or more years of creditable service are
entitled to receive a monthly pension of 2.5% of the final average salary for each year of creditable
service. The salary is initially capped at $106,800 but increases annually thereafter and is limited to 75%
of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50
and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on
the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension
start date, whichever is later. Each annual increase shall be calculated at 3% or onehalf the annual
unadjusted percentage increase in the CPI, whichever is less.
Plan membership. At December 31, 2017, the Police Pension membership consisted of:
Retirees and beneficiaries 39
Inactive, non-retired members 1
Active members 38
Total 78
Page 62
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
Contributions. Covered employees are required to contribute 9.91% 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 Village is required to
contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled
actuary. Effective January 1, 2011 the Village’s contributions must accumulate to the point where the past
service cost for the Police Pension Plan is 90% funded by the year 2040. The Village's actuarially
determined contribution rate for the fiscal year ending December 31, 2017 was 27.90% of annual covered
payroll.
Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2017,
and the total pension liability used to calculate the net pension liability/(asset) was determined by an
annual actuarial valuation as of that date.
Summary of Significant Accounting Policies. The financial statements of the Police Pension Plan are
prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in
which contributions are due. The Village’s contributions are recognized when due and a formal
commitment to provide the contributions are made. Benefits and refunds are recognized when due and
payable in accordance with the terms of the plan.
Plan investments are reported at fair value. Short-term investments are reported at cost, which
approximated fair value. Investments that do not have an established market are reported at estimated
fair values.
Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed as
of December 31, 2017 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Asset valuation method Market Value
Actuarial assumptions
Interest rate 7.25%
Inflation 2.50%
Projected salary increases 4.00% - 16.67%
Cost-of-living adjustments 2.50
Mortality rates were based on the L&A 2016 Illinois Police Table. The actuarial assumptions used were
based on the results of an actuarial experience study conducted by the Illinois Department of Insurance.
Page 63
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
Discount rate. The discount rate used to measure the total pension liability for the Police Pension Plan
was 7.25%, the same as the prior valuation. The projection of cash flows used to determine the discount
rate assumed that member contributions will be made at the current contribution rate and that Village
contributions will be made at rates equal to the difference between actuarially determined contribution
rates and the member rate. Based on those assumptions, the Plan’s fiduciary net position was projected
to be available to make all projected future benefit payments of current plan members. Therefore, the
long-term expected rate of return on Plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in
the discount rate. The table below presents the pension liability of the Village calculated using the
discount rate of 7.25% as well as what the net pension liability would be if it were to be calculated using
a discount rate that is 1 percentage point lower (6.25%) or 1 percentage point higher (8.25%) than the
current rate:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $65,151,248 $57,126,945 $50,591,547
Plan fiduciary net position 47,918,197 47,918,197 47,918,197
Net pension liability $17,233,051 $9,208,748 $2,673,350
Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the
calendar year ended December 31, 2017 was as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/Asset
(a) - (b)
Balances at December 31, 2016 $61,422,055 $43,073,776 $18,348,279
Service cost 1,002,497 -1,002,497
Interest on total pension liability 3,862,179 -3,862,179
Changes in benefit terms 106,743 -106,743
Change of assumptions (6,365,881)-(6,365,881)
Benefit payments, including refunds of employee
contributions (2,900,648)(2,900,648)-
Contributions - employer -1,100,000 (1,100,000)
Contributions - employee -390,162 (390,162)
Net investment income -6,296,845 (6,296,845)
Administration -(41,938)41,938
Balances at December 31, 2017 $57,126,945 $47,918,197 $9,208,748
Page 64
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2017, the Village recognized pension expense of
$1,264,737. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $1,113,552 $1,540,618
Assumption changes 5,974,119 8,982,852
Net difference between projected and actual earnings on pension
plan investments 1,183,480 3,153,962
Total $8,271,151 $13,677,432
The amounts reported as deferred outflows and inflows of resources related to pensions ($5,406,281)
will be recognized in pension expense as follows:
Year Ending December 31,Amount
2018 $(181,516)
2019 (181,520)
2020 (1,039,654)
2021 (2,977,848)
2022 (1,025,743)
Total $(5,406,281)
B.RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets;
errors and omissions; workers compensation; and health care of its employees. The Village participates in
a public entity risk pool called to provide coverage for losses from (torts; theft of, damage to, or
destruction of assets; errors and omission; workers compensation; and health care of its employees).
However, other risks, such as (torts; theft of, damage to, or destruction of assets; errors and omission;
workers compensation; and health care of its employees) are accounted for and financed by the Village in
the general fund.
Page 65
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
B.RISK MANAGEMENT (cont.)
Public Entity Risk Pool
Municipal Insurance Cooperative Agency
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 members.
MICA provides $2,000,000 of coverage after a $5,000 deductible. The Village’s payments to MICA are
displayed on the financial statements as expenditures/expenses in appropriate funds.
Management consists of a Board of Directors comprised of one appointed representative from each
member. In addition, there are three officers, a Risk Manager and a Treasurer. The Village does not
exercise any control over activities of MICA beyond its representation on the Board of Directors. MICA
functions solely as an administrative agent for each member.
High-Level Excess Liability Pool
The Village is a member of the High-Level Excess Liability Pool (HELP). HELP is an insurance pool
consisting of fifteen municipalities in Illinois to provide excess liability coverage ($13,000,000 of coverage
after the $2,000,000 coverage provided by MICA). The Village's payments to HELP are displayed on the
financial statements as expenditures/expenses in appropriate funds.
The High-Level Excess Liability Pool was organized on April 1, 1987 with the initial agreement extending
to April 30, 2008. 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 and employers’ liability made against the members and other parties included within the scope
of its coverage.
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 the agency, 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 Agency Agreement or the by–laws.
The Village does not exercise any control over the activities of HELP beyond its representation on the
Board of Directors.
The Village paid $54,478 to HELP for the year ended December 31, 2017.
Page 66
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
B.RISK MANAGEMENT (cont.)
Public Entity Risk Pool (cont.)
Intergovernmental Personnel Benefit Cooperative
The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public
entity risk pool established by certain units of local government in Illinois to administer some or all of the
personnel benefit programs (primarily medical, dental, and life insurance coverage) offered by these
members to their officers and employees and to the officers and employees of certain other governmental,
quasi governmental, and nonprofit public service entities.
The IPBC receives, processes, and pays such claims as they may come within the benefit program of
each member. 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
Village does not exercise any control over the activities of the IPBC beyond its representation on the
Board of Directors.
C.COMMITMENTS AND CONTINGENCIES
Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting
Standards Board pronouncements are met. The liability and expenditure for claims and judgments are
only reported in governmental funds if it has matured. Claims and judgments are recorded in the
government-wide statements and proprietary funds as expenses when the related liabilities are incurred.
From time to time, the Village is party to various pending claims and legal proceedings. Although the
outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the
Village attorney that the likelihood is remote that any such claims or proceedings will have a material
adverse effect on the Village's financial position or results of operations.
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
agencies, principally the federal government. Any disallowed claims, including amounts already collected,
may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be
disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if
any, to be immaterial.
Solid Waste Agency of Lake County
The Village’s contract with SW ALCO provides that each member is liable for its proportionate share of any
costs arising from defaults in payment obligations by other members.
Page 67
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
C.COMMITMENTS AND CONTINGENCIES (cont.)
High-Level Excess Liability Pool
The Village has committed to purchase excess liability insurance from HELP, a joint venture of Illinois
municipalities.
These amounts have been calculated using the Village's current allocation percentage of 3.59% of
premium expense. In future years, this allocation percentage will be subject to change because HELP's
agreement provides that the members will be assessed each year based upon a formula that specifies the
following four criteria for allocating premium costs:
Miles of streets
Full-time equivalent employees
Number of licensed vehicles
Operating revenues
The Village has passed a resolution authorizing the extension of HELP for ten years beginning May 1,
2018. The Village's agreement with HELP provides that each member is liable for its proportionate share
of any costs arising from defaults in payment obligations by other members.
D.JOINT VENTURES
Solid Waste Agency of Lake County
The Village is a member of SW ALCO, which consists of 35 municipalities. SW ALCO 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). SW ALCO
is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal
system to serve its members.
These percentage shares are subject to change in future years based on the combination of the
population and equalized assessed valuation of the municipalities.
The members form a contiguous geographic service area, which is located in Lake County. Under the
agency agreement, additional members may join SW ALCO upon the approval of each member.
SW ALCO 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 SW ALCO are appointed by the
Board of Directors. The Board of Directors determines the general policy of SW ALCO; makes all
appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by
SW ALCO; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as
may be prescribed in the agency agreement or the by-laws.
Page 68
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
D.JOINT VENTURES (cont.)
SW ALCO is an oversight advisory board providing long range planning services to member municipalities.
The Village is a participant in SW ALCO, but no agreement has been reached as to services to be
provided.
Complete financial statements can be obtained from the Solid W aste Agency of Lake County, 1300 N.
Skokie Highway, Suite 103, Gurnee, Illinois 60031.
The Village does not have an equity interest in SW ALCO at December 31, 2017.
E.OTHER POSTEMPLOYMENT BENEFITS
The Village administers a single-employer defined benefit healthcare plan The plan provides for eligible
retirees through the Village’s group health insurance plan, which covers both active and retired members.
Benefit provisions are established through personnel policy guidelines and collective bargaining
agreements. The Retiree Health Plan does not issue a publicly available financial report.
Contribution requirements are established through personnel policy guidelines and collective bargaining
agreements and may be amended only through negotiations between the Village and the union.The
Village provides pre and post-Medicare postretirement health insurance to retirees, their spouses and
dependents (enrolled at time of employee's retirement). To be eligible for benefits, the employee must
qualify for retirement under one of the Village's two retirement plans. The Village pays a subsidy of 50% of
the cost of the monthly health insurance premiums for the retirees up to a maximum of $50. The retiree
pays the remainder of the blended premium. Upon a retiree becoming eligible for Medicare, the amount
payable under the Village's health plan will be reduces by the amount payable under Medicare for those
expenses that are covered under both.
Page 69
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
E.OTHER POSTEMPLOYMENT BENEFITS (cont.)
The Village’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the
annual required contribution of the employer (ARC), an amount actuarially determined in accordance with
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing
basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or
funding excess) over a period not to exceed thirty years. The following table shows the components of the
Village’s annual OPEB cost for the year, the amount actually contributed to plan, and changes in the
Village’s net OPEB obligation to the Retiree Health Plan:
Annual required contribution $375,594
Interest on net OPEB obligation 48,620
Adjustment to annual required contribution (40,516)
Annual OPEB cost 383,698
Contributions made (171,420)
Increase in net OPEB obligation (asset)212,278
Net OPEB Obligation (Asset) - Beginning of Year 1,215,504
Net OPEB Obligation (Asset) - End of Year $1,427,782
The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2017 and the two preceding years were as follows:
Fiscal Year Ended
Annual OPEB
Cost
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligation
December 31, 2015 $187,216 58.06 $1,000,362
December 31, 2016 367,814 41.51 1,215,504
December 31, 2017 383,698 44.68 1,427,782
Page 70
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
E.OTHER POSTEMPLOYMENT BENEFITS (cont.)
The funded status of the plan as of December 31, 2016, the most recent actuarial valuation date, was as
follows:
Actuarial accrued liability (AAL)$5,862,837
Actuarial value of plan assets -
Unfunded Actuarial Accrued Liability (UAAL)$5,862,837
Funded ratio (actuarial value of plan assets/AAL)-%
Covered payroll (active plan members)$12,945,062
UAAL as a percentage of covered payroll 45.29%
Actuarial valuations of an ongoing plan involve estimates for the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined
regarding the funded status of the plan and annual required contributions of the employer are subject to
continual revision as actual results are compared with past expectations and new estimates are made
about the future. The schedule of funding progress, presented as required supplementary information
following the notes to the financial statements, presents multiyear trend information that shows whether
the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued
liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time of
each valuation and the historical pattern of sharing benefit costs between the employer and plan members
to that point. The methods and assumptions used include techniques that are designed to reduce short-
term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term
perspective of the calculations.
In the December 31, 2016 actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions include a 4% investment rate of return and an annual healthcare cost trend rate of 5% and
an ultimate rate of 5%. Both rates include a 3% inflation assumption. The actuarial value of Retiree Health
Plan assets was determined using techniques that spread the effects of short-term volatility in the market
value of investments over a three-year period. The plan’s unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on an open basis. The amortization period at
December 31, 2017, was 30 years.
Page 71
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
F.SUBSEQUENT EVENTS
On May 21st, 2018, the Village issued $6,010,000 General Obligation Bonds, Series 2018. The bonds
mature annually on December 1, beginning December 1, 2019 through December 1, 2037 with maturities
ranging from $130,000 to $420,000. Interest is due semiannually on June 1 and December 1,
commencing June 1, 2019, with interest rate of 3.00%. The bonds were issued to finance certain capital
improvements of the Village.
G.TAX ABATEMENT
Tax abatements are a reduction in tax revenues that results from an agreement between one or more
governments and an individual or entity in which (a) one or more governments promise to forgo tax
revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific
action after the agreement has been entered into that contributes to economic development or otherwise
benefits the governments or the citizens of those governments.
The Village is disclosing all abatement agreements individually.
During the fiscal year 2002, the Village entered into an economic incentive agreement with a commercial
entity. The agreement was approved by the Board, in accordance with Illinois Compiled Statues. The
Village has agreed to reimburse the commercial entity 75% of the total sales tax revenue generated for
the first six years of the agreement, and 80% of any sales tax revenue generated for the seventh year and
all subsequent years. The amount of the rebates is limited to specified time period and are payable over
20 years solely from sales taxes generated by the commercial entity. The rebates are to be paid monthly
with the agreement expiring 20 years after commencement. The total amount of home-rule sales tax
rebated for the fiscal year ending December 31, 2017 was $2,320,654. At December 31, 2017, the Village
has accrued an estimated home-rule sales tax rebate liability of $259,774 for amounts collected by the
state through December 31, 2016 but not yet paid to the commercial entity. To date, the Village has
rebated $14,180,442 of home-rule sales tax to the commercial entity. The agreement has no stated
maximum. The rebate is not subject to recapture, in whole or in part.
Page 72
VILLAGE OF DEERFIELD
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE IV - OTHER INFORMATION (cont.)
H.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS
The Governmental Accounting Standards Board (GASB) has approved the following:
Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions
Statement No. 80, Blending Requirements for Certain Component Units - an Amendment of
GASB Statement No. 14
Statement No. 81, Irrevocable Split-Interest Agreements
Statement No. 83, Certain Asset Retirement Obligations
Statement No. 84, Fiduciary Activities
Statement No. 85, Omnibus 2017
Statement No. 86, Certain Debt Extinguishment Issues
Statement No. 87, Leases
Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and
Direct Placements
When they become effective, application of these standards may restate portions of these financial
statements.
Page 73
R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Taxes $11,781,753 $11,781,753 $12,741,167
Licenses and permits 1,430,500 1,430,500 1,784,230
Intergovernmental 6,907,000 6,907,000 7,769,025
Charges for services 614,000 614,000 501,245
Fines and forfeits 275,000 275,000 264,926
Investment income 105,000 105,000 188,066
Miscellaneous 891,400 891,400 1,127,300
Total Revenues 22,004,653 22,004,653 24,375,959
EXPENDITURES
General government 7,849,853 9,849,853 9,405,626
Public safety 9,958,384 9,958,384 9,065,980
Highway and streets 2,863,681 2,863,681 2,491,820
Total Expenditures 20,671,918 22,671,918 20,963,426
Excess (deficiency) of revenues over (under)
expenditures 1,332,735 (667,265)3,412,533
OTHER FINANCING SOURCES (USES)
Transfers out (4,749,753)(4,749,753)(4,749,753)
Total Other Financing Sources (Uses)(4,749,753)(4,749,753)(4,749,753)
Net Change in Fund Balance $(3,417,018)$(5,417,018)(1,337,220)
FUND BALANCE - Beginning of Year 20,436,719
FUND BALANCE - END OF YEAR $19,099,499
See independent auditors' report and accompanying notes to required supplementary information.
Page 74
See independent auditors' report and accompanying notes to required supplementary information.
Page 75
Village Library Total
Total pension liability
Service cost 646,241$ 171,785$ 818,026$
Interest 2,679,659 712,314 3,391,973
Differences between expected and actual experience (15,329) (4,075) (19,404)
Changes of assumptions 45,001 11,962 56,963
Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679)
Net change in total pension liability 1,429,804 380,075 1,809,879
Total pension liability - beginning 34,986,441 9,300,194 44,286,635
Total pension liability - ending (a)36,416,246$ 9,680,268$ 46,096,514$
Plan fiduciary net position
Employer contributions 793,323$ 210,883$ 1,004,206$
Employee contributions 274,164 72,879 347,043
Net investment income 159,860 42,495 202,355
Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679)
Other (net transfer)536,509 142,616 679,125
Net change in plan fiduciary net position (161,911) (43,040) (204,950)
Plan fiduciary net position - beginning 32,563,157 8,656,029 41,219,186
Plan fiduciary net position - ending (b)32,401,247$ 8,612,990$ 41,014,236$
Employer's net pension liability - ending (a) - (b)4,014,999$ 1,067,279$ 5,082,278$
Plan fiduciary net position as a percentage of the total
pension liability 88.97%
Covered-employee payroll 6,330,297$
Employer's net pension liability as a percentage of covered-
employee payroll 80.28%
Notes to Schedule:
VILLAGE OF DEERFIELD
The Village implemented GASB Statement No. 68 in fiscal year 2015. Information
prior to fiscal year 2015 is not available.
2015
Three Most Recent Fiscal Years
AND RELATED RATIOS
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY
ILLINOIS MUNICIPAL RETIREMENT FUND
See independent auditors' report and accompanying notes to required supplementary information.
Page 76
Village Library Total Village Library Total
646,241$ 171,785$ 818,026$ 639,717$ 170,051$ 809,768$
2,679,659 712,314 3,391,973 2,783,677 739,965 3,523,642
(15,329) (4,075) (19,404) 393,734 104,664 498,398
45,001 11,962 56,963 (93,810) (24,937) (118,747)
(1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525)
1,429,804 380,075 1,809,879 1,821,373 484,163 2,305,536
36,416,246 9,680,268 46,096,514 37,846,050 10,060,343 47,906,393
37,846,050$ 10,060,343$ 47,906,393$ 39,667,423$ 10,544,506$ 50,211,929$
793,323$ 210,883$ 1,004,206$ 802,016$ 213,194$ 1,015,210$
274,164 72,879 347,043 285,554 75,907 361,461
159,860 42,495 202,355 2,246,277 597,112 2,843,389
(1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525)
536,509 142,616 679,125 4,088 1,088 5,176
(161,911) (43,040) (204,950) 1,435,990 381,721 1,817,711
32,401,247 8,612,990 41,014,236 32,239,336 8,569,950 40,809,286
32,239,336$ 8,569,950$ 40,809,286$ 33,675,326$ 8,951,671$ 42,626,997$
5,606,714$ 1,490,393$ 7,097,107$ 5,992,097$ 1,592,835$ 7,584,932$
85.19%84.89%
6,330,297$ 7,943,748$
112.11%95.48%
20172016
See independent auditors' report and accompanying notes to required supplementary information.
Page 77
Village Library Total
Actuarially determined contribution 787,421 209,314 996,735
Contributions in relation to the actuarially
determined contribution (793,323) (210,883) (1,004,206)
Contribution deficiency (excess)(5,902)$ (1,569)$ (7,471)$
Covered-employee payroll 7,702,244
Contributions as a percentage of covered-
employee payroll 13.04%
Notes to Schedule:
Valuation date:
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Inflation 3.00%
Salary increases
Investment rate of return 7.50%
Retirement Age
Mortality
RP-2000
CHBCA
Other information:
There were no benefit changes during the year.
VILLAGE OF DEERFIELD
2015
Three Most Recent Fiscal Years
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
Experience-based table of rates that are specific to the type of eligibility
condition
4.40% to 16.00% including
inflation
Actuarially determined contribution rates are calculated as of December 31 each
year, which are are 6 months prior to the beginning of of the fiscal year in which
contributions are reported.
The Village implemented GASB Statement No. 68 in fiscal year 2015.
Information prior to fiscal year 2015 is not available.
Entry age normal
Level percentage of payroll, closed
29 years
5-Year Smoothed Market
See independent auditors' report and accompanying notes to required supplementary information.
Page 78
2017
Village Library Total Village Library Total
802,017 213,194 1,015,211 759,433$ 201,875 961,308
(802,016) (213,194) (1,015,210) (764,138) (203,125) (967,263)
1$ -$ 1$ (4,704)$ (1,251)$ (5,955)$
7,943,748 8,044,417$
12.78%12.02%
2016
See independent auditors' report and notes to required supplementary information.
Page 79
2014 2015 2016 2017
Total pension liability
Service cost 841,716$ 1,138,463$ 941,842$ 1,002,497$
Interest 3,358,650 2,800,129 4,212,748 3,862,179
Differences between expected and actual experience - 2,088,324 (2,314,800) 106,742
Changes of assumptions - 12,175,632 (5,531,502) (6,365,881)
Benefit payments, including refunds of member
contributions (2,447,399) (2,443,015) (2,603,139) (2,900,648)
Net change in total pension liability 1,752,967 15,759,533 (5,294,851) (4,295,111)
Total pension liability - beginning 49,204,407 50,957,374 66,716,907 61,422,056
Total pension liability - ending (a)50,957,374$ 66,716,907$ 61,422,056$ 57,126,945$
Plan fiduciary net position
Employer contributions 989,616$ 871,305$ 934,918$ 1,100,000$
Employee contributions 374,137 517,457 425,791 390,162
Net investment income 3,637,510 (4,524) 3,845,026 6,296,845
Benefit payments, including refunds of member
contributions (2,447,399) (2,443,015) (2,603,139) (2,900,648)
Administration (20,524) (23,217) (41,182) (41,938)
Net change in plan fiduciary net position 2,533,340 (1,081,994) 2,561,414 4,844,421
Plan fiduciary net position - beginning 39,061,016 41,594,356 40,512,362 43,073,776
Plan fiduciary net position - ending (b)41,594,356$ 40,512,362$ 43,073,776$ 47,918,197$
Village's net pension liability - ending (a) - (b)9,363,018$ 26,204,545$ 18,348,280$ 9,208,748$
Plan fiduciary net position as a percentage of the total
pension liability 81.63%60.72%70.13%83.88%
Covered-employee payroll 3,702,863$ 3,806,499$ 3,825,286$ 3,949,608$
Village's net pension liability as a percentage of covered-
employee payroll 252.86%688.42%479.66%233.16%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available.
Last Four Fiscal Years
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
VILLAGE OF DEERFIELD
Changes of assumptions. There was a change in assumption related to the discount rate made since the prior measurement date.
The discount rate used in the current actuarial valuation, dated December 31, 2017, is 7.25%. The discount rate used in the prior
actuarial valuations, dated December 31, 2016, December 31, 2015 and December 31, 2014 was 6.44%, 5.63%, and 7.00%,
respectively.
See independent auditors' report and notes to required supplementary information.
Page 80
2009 2010 2011 2012
Actuarially determined contribution 843,209$ 1,202,006$ 1,350,132$ 860,228$
Contributions in relation to the actuarially
determined contribution 843,209 1,202,006 1,350,132 860,228
Contribution deficiency (excess)-$ -$ -$ -$
Covered-employee payroll 3,104,786$ 3,356,276$ 3,216,370$ 3,412,049$
Contributions as a percentage of covered-
employee payroll 27.16%35.81%41.98%25.21%
*The Village changed to a December year end for the fiscal year ended December 31, 2013.
Notes to Schedule:
Valuation date: Actuarially determined contributions are calculated as of June 30 of the current fiscal year.
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Inflation
Salary increases
Investment rate of return
Mortality
The Plan implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from
actuarial valuations developed in conformity with GASB Statement No. 25 and 27.
POLICE PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
VILLAGE OF DEERFIELD
Last Ten Fiscal Years
L&A 2016 Illinois Police Mortality Rates
Entry-age normal
Level percentage of payroll, closed
26 years
Market value
5.75%, average, including inflation
2.50%
7.25%, net of pension plan investment expense,
including inflation
See independent auditors' report and notes to required supplementary information.
Page 81
2013 2013*2014 2015 2016 2017
1,023,006$ 895,479$ 989,616$ 871,305$ 934,918$ 934,836$
1,023,006 895,479 989,616 871,305 934,918 1,100,000
-$ -$ -$ -$ -$ (165,164)$
3,512,925$ 3,591,966$ 3,702,863$ 3,806,499$ 3,825,286$ 3,949,608$
29.12%24.93%26.73%22.89%24.44%27.85%
See independent auditors' report and notes to required supplementary information.
Page 82
2014 2015 2016 2017
Annual money-weighted rate of return,
net of investment expense 9.54%-0.02%9.73%15.08%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to
fiscal year 2014 is not available.
Last Four Fiscal Years
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
VILLAGE OF DEERFIELD
VILLAGE OF DEERFIELD
OPEB FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS AND SCHEDULE OF FUNDING PROGRESS
For the Year Ended December 31, 2017
Year Ended
Annual
Required
Contribution
Percentage
Contributed
12/31/17 $375,594 46 %
12/31/16 361,147 42
12/31/15 181,070 60
Actuarial
Valuation
Date
Actuarial Value
of Assets
(a)
Actuarial
Accrued
Liability (AAL)
- Projected
Unit
(b)
Unfunded AAL
(UAAL)
(b-a)
Funded
Ratio
(a/b)
Covered
Payroll
(c)
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
12/31/16 $-$5,862,837 $5,862,837 0%$12,945,062 45%
12/31/13 -4,168,658 4,168,658 0%9,909,624 42%
04/30/13 -4,168,658 4,168,658 0%9,909,624 42%
The Village is required to present the above information for the three most recent actuarial studies. The Village changed
to a December 31 year end for the fiscal year ended December 31, 2013.
See independent auditors' report and accompanying notes to required supplementary information.
Page 83
VILLAGE OF DEERFIELD
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended December 31, 2017
BUDGETARY INFORMATION
Annual budgets are adopted on a basis consistent with generally accepted accounting principles (at the
fund level) for the general, special revenue, debt service, capital projects, enterprise, internal service and
pension trust funds, with the exception of the Bond Proceeds Fund. The budget is as amended by the
Board of Trustees. 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 assign or commit 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 balance and do not constitute expenditures or liabilities because the commitments will
be honored during the subsequent year. No material encumbrances were recorded for 2017.
All departments of the Village submit requests for appropriation to the Village's manager so that a budget
may be prepared. The budget is prepared by fund and includes information on the past year, current year
estimates and requested appropriations for the next fiscal year.
The proposed budget is presented to the governing body for review. The governing body holds public
hearings and can add to, subtract from or change appropriations; but cannot change the form of the
budget. Management cannot amend the total budget for individual funds without seeking the approval of
the governing body. Expenditures cannot legally exceed budgeted appropriations at the fund level, and the
Board of Trustees must approve any over expenditures of appropriation or transfers of appropriated
amounts.
See independent auditors' report.
Page 84
S U P P L E M E N T A R Y I N F O R M A T I O N
VILLAGE OF DEERFIELD
DETAILED SCHEDULE OF REVENUES - BUDGET AND ACTUAL -
GENERAL FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
TAXES
Property $3,476,753 $3,476,753 $3,528,519
Replacement 130,000 130,000 139,424
Home rule sales 3,125,000 3,125,000 3,841,934
Local use 400,000 400,000 504,239
Electric utility 1,250,000 1,250,000 1,209,298
Hotel/Motel 1,900,000 1,900,000 2,147,573
Telecommunication 1,500,000 1,500,000 1,370,180
Total taxes 11,781,753 11,781,753 12,741,167
LICENSES AND PERMITS
Beer/liquor licenses 70,000 70,000 68,450
Food licenses 5,000 5,000 4,804
Other business licenses 5,500 5,500 5,070
Building permits 925,000 925,000 1,296,075
Contractor's licenses 7,000 7,000 7,200
Nonbusiness licenses and permits 48,000 48,000 32,830
Vehicle licenses 370,000 370,000 369,801
Total licenses and permits 1,430,500 1,430,500 1,784,230
INTERGOVERNMENTAL
Sales taxes 5,050,000 5,050,000 6,020,277
Income taxes 1,800,000 1,800,000 1,689,801
State highway maintenance 57,000 57,000 58,947
Total intergovernmental 6,907,000 6,907,000 7,769,025
CHARGES FOR SERVICES
Billings 279,000 279,000 254,069
Dispatching services 260,000 260,000 247,176
50/50 tree planting 65,000 65,000 -
Engineering services 10,000 10,000 -
Total charges for services 614,000 614,000 501,245
MISCELLANEOUS
False alarms 27,000 27,000 6,667
Rentals 235,000 235,000 284,465
Miscellaneous 196,900 196,900 364,255
Sale of capital assets 7,500 7,500 1,850
Franchise fees 425,000 425,000 470,063
Total miscellaneous 891,400 891,400 1,127,300
Fines and forfeits 275,000 275,000 264,926
Investment income 105,000 105,000 188,066
TOTAL REVENUES $22,004,653 $22,004,653 $24,375,959
Page 85
VILLAGE OF DEERFIELD
DETAILED SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL -
GENERAL FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
GENERAL GOVERNMENT
Finance department
Personnel services $956,500 $956,500 $897,571
Training and development 8,050 8,050 7,329
Contractual services 2,817,744 4,817,744 4,730,356
Commodities 14,500 14,500 6,886
Utilities 19,485 19,485 16,930
Capital outlay 4,200 4,200 3,295
Total Finance department 3,820,479 5,820,479 5,662,367
Administration
Personnel services 1,077,500 1,077,500 999,772
Training and development 19,850 19,850 3,657
Contractual services 640,179 640,179 638,828
Commodities 4,800 4,800 4,520
Utilities 10,510 10,510 9,605
Capital outlay 188,717 188,717 184,062
Total Administration 1,941,556 1,941,556 1,840,444
Community development
Personnel services 1,136,818 1,136,818 1,062,002
Training and development 7,700 7,700 5,350
Contractual services 135,796 135,796 71,785
Commodities 18,000 18,000 7,408
Utilities 12,410 12,410 10,567
Capital outlay 8,750 8,750 6,408
Total Community development 1,319,474 1,319,474 1,163,520
Engineering
Personnel services 502,740 502,740 485,408
Training and development 5,700 5,700 4,316
Contractual services 210,660 210,660 210,357
Commodities 12,600 12,600 9,837
Utilities 10,020 10,020 6,668
Capital outlay 26,624 26,624 22,709
Total Engineering 768,344 768,344 739,295
Total general government 7,849,853 9,849,853 9,405,626
PUBLIC SAFETY
POLICE DEPARTMENT
Administrative services
Personnel services 1,059,872 1,059,872 846,492
Training and development 17,940 17,940 10,629
Contractual services 663,122 663,122 625,625
Commodities 25,500 25,500 20,153
Utilities 20,510 20,510 16,116
Capital outlay 189,727 189,727 189,173
Total Administrative services 1,976,671 1,976,671 1,708,188
Page 86
VILLAGE OF DEERFIELD
DETAILED SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
Communications
Personnel services $1,004,925 $1,004,925 $996,349
Training and development 6,800 6,800 4,161
Contractual services 500 500 329
Capital outlay 5,000 5,000 1,383
Total Communications 1,017,225 1,017,225 1,002,222
Investigations
Personnel services 1,114,383 1,114,383 1,008,996
Training and development 15,500 15,500 13,877
Contractual services 6,370 6,370 5,688
Commodities 16,400 16,400 9,635
Capital outlay 10,500 10,500 5,805
Total Investigations 1,163,153 1,163,153 1,044,001
Patrol
Personnel services 5,312,885 5,312,885 4,986,448
Training and development 40,400 40,400 48,018
Contractual services 65,400 65,400 68,383
Commodities 127,100 127,100 49,609
Utilities 7,000 7,000 5,983
Capital outlay 85,950 85,950 52,831
Total Patrol 5,638,735 5,638,735 5,211,272
Special detail
Personnel services 162,600 162,600 100,297
Total Special detail 162,600 162,600 100,297
Total public safety 9,958,384 9,958,384 9,065,980
HIGHWAYS AND STREETS
Administration
Personnel services 306,150 306,150 294,503
Training and development 4,500 4,500 1,197
Contractual services 236,273 236,273 236,886
Commodities 6,700 6,700 7,299
Utilities 10,540 10,540 7,407
Capital outlay 187,468 187,468 187,876
Total Administration 751,631 751,631 735,168
Maintenance
Personnel services 755,700 755,700 674,943
Contractual services 134,000 134,000 181,940
Commodities 162,000 162,000 120,625
Utilities 110,000 110,000 95,544
Capital outlay 7,500 7,500 5,023
Total Maintenance 1,169,200 1,169,200 1,078,075
Page 87
VILLAGE OF DEERFIELD
DETAILED SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
Snow and ice control
Personnel services $122,750 $122,750 $38,541
Contractual services 114,000 114,000 81,433
Commodities 217,250 217,250 150,471
Capital outlay 27,250 27,250 22,620
Total Snow and ice control 481,250 481,250 293,065
Forestry
Personnel services 8,600 8,600 971
Contractual services 213,000 213,000 203,712
Commodities 15,000 15,000 4,862
Capital outlay 166,000 166,000 130,985
Total Forestry 402,600 402,600 340,530
Train station maintenance
Personnel services 9,750 9,750 9,881
Contractual services 43,500 43,500 31,750
Commodities 4,000 4,000 1,795
Utilities 1,750 1,750 1,556
Total Train station maintenance 59,000 59,000 44,982
Total highways and streets 2,863,681 2,863,681 2,491,820
TOTAL EXPENDITURES $20,671,918 $22,671,918 $20,963,426
Page 88
VILLAGE OF DEERFIELD
DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - DEBT SERVICE FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Taxes
Property $2,901,235 $2,901,235 $2,957,859
Intergovernmental 492,303 492,303 492,569
Contribution from library 726,706 726,706 726,706
Investment income 4,000 4,000 10,903
Total Revenues 4,124,244 4,124,244 4,188,037
EXPENDITURES
Debt service
Principal retirement 1,426,000 1,426,000 1,441,000
Interest 957,586 957,586 919,878
Fiscal charges 6,000 6,000 3,250
Total Expenditures 2,389,586 2,389,586 2,364,128
Excess (deficiency) of revenues over (under)
expenditures 1,734,658 1,734,658 1,823,909
OTHER FINANCING SOURCES (USES)
Transfers in 84,194 84,194 61,486
Transfers out (1,820,052)(1,820,052)(1,820,052)
Total Other Financing Sources (Uses)(1,735,858)(1,735,858)(1,758,566)
Net Change in Fund Balance $(1,200)$(1,200)65,343
FUND BALANCE - Beginning of Year 111,920
FUND BALANCE - END OF YEAR $177,263
Page 89
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - INFRASTRUCTURE REPLACEMENT FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Taxes
Home rule sales $1,050,000 $1,050,000 $1,280,645
Food and beverage 500,000 500,000 502,545
Intergovernmental 1,109,000 1,109,000 894,985
Investment income 5,000 5,000 38,349
Miscellaneous 200,000 200,000 445,455
Total Revenues 2,864,000 2,864,000 3,161,979
EXPENDITURES
Capital outlay
Contractual services 1,313,000 1,313,000 1,671,029
Construction 9,933,434 9,933,434 9,550,736
Total Expenditures 11,246,434 11,246,434 11,221,765
Excess (deficiency) of revenues over (under)
expenditures (8,382,434)(8,382,434)(8,059,786)
OTHER FINANCING SOURCES (USES)
Transfers in 6,293,769 6,293,769 6,306,419
Transfers out (84,194)(84,194)(61,486)
Total Other Financing Sources (Uses)6,209,575 6,209,575 6,244,933
Net Change in Fund Balance $(2,172,859)$(2,172,859)(1,814,853)
FUND BALANCE - Beginning of Year 5,935,979
FUND BALANCE - END OF YEAR $4,121,126
Page 90
VILLAGE OF DEERFIELD
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
As of December 31, 2017
Motor Fuel
Tax Enhanced 911
2011B Debt
Service
Sinking
Bond
Proceeds
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and investments $298,719 $988,865 $4,427,095 $-$5,714,679
Receivables
Accounts -101,837 --101,837
Accrued interest 241 1,100 28,326 -29,667
Due from other
governments 41,495 ---41,495
TOTAL ASSETS $340,455 $1,091,802 $4,455,421 $-$5,887,678
LIABILITIES AND FUND
BALANCES
Liabilities
Accounts payable $-$20,337 $-$-$20,337
Total Liabilities -20,337 --20,337
Fund Balances
Restricted for
maintenance of
roadways 340,455 ---340,455
Restricted for public
safety -1,071,465 --1,071,465
Restricted for debt
service --4,455,421 -4,455,421
Total Fund Balances 340,455 1,071,465 4,455,421 -5,867,341
TOTAL
LIABILITIES
AN D FUND
BALANCES $340,455 $1,091,802 $4,455,421 $-$5,887,678
Page 91
VILLAGE OF DEERFIELD
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2017
Motor Fuel
Tax Enhanced 911
2011B Debt
Service
Sinking
Bond
Proceeds
Total
Nonmajor
Governmental
Funds
REVENUES
Property taxes $-$-$725,000 $-$725,000
Intergovernmental 472,113 ---472,113
Charges for services -348,514 --348,514
Investment income 1,749 9,559 86,907 9,065 107,280
Total Revenues 473,862 358,073 811,907 9,065 1,652,907
EXPENDITURES
Current
General government --664 -664
Public safety -270,622 --270,622
Highway and streets 494,000 ---494,000
Capital Outlay -140,729 --140,729
Debt Service
Interest ---108,888 108,888
Total Expenditures 494,000 411,351 664 108,888 1,014,903
Excess (deficiency) of
revenues over expenditures (20,138)(53,278)811,243 (99,823)638,004
OTHER FINANCING
SOURCES (USES)
Transfers out ---(2,512,650)(2,512,650)
Issuance of refunding and
general obligation bonds ---5,700,000 5,700,000
Premium on debt issued ---240,732 240,732
Payment to refunded bonds
escrow agent ---(3,328,259)(3,328,259)
Total Other Financing
Sources (Uses)---99,823 99,823
Net Change in Fund
Balances (20,138)(53,278)811,243 -737,827
FUND BALANCES - Beginning
of Year 360,593 1,124,743 3,644,178 -5,129,514
FUND BALANCES -
END OF YEAR $340,455 $1,071,465 $4,455,421 $-$5,867,341
Page 92
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - MOTOR FUEL TAX FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Intergovernmental
Allotments earned $455,000 $455,000 $472,113
Investment income 2,000 2,000 1,749
Total Revenues 457,000 457,000 473,862
EXPENDITURES
Highways and streets
Capital outlay 494,000 494,000 494,000
Total Expenditures 494,000 494,000 494,000
Net Change in Fund Balance $(37,000)$(37,000)(20,138)
FUND BALANCE - Beginning of Year 360,593
FUND BALANCE - END OF YEAR $340,455
Page 93
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - ENHANCED 911 FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Charges for services
Other charges $280,000 $280,000 $348,514
Investment income 3,500 3,500 9,559
Total Revenues 283,500 283,500 358,073
EXPENDITURES
Public safety:
Contractual services 255,904 255,904 263,876
Utilities 13,500 13,500 6,746
Capital Outlay 174,514 174,514 140,729
Total Expenditures 443,918 443,918 411,351
Net Change in Fund Balance $(160,418)$(160,418)(53,278)
FUND BALANCE - Beginning of Year 1,124,743
FUND BALANCE - END OF YEAR $1,071,465
Page 94
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - 2011B DEBT SERVICE SINKING FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
REVENUES
Property taxes $725,000 $725,000 $725,000
Investment income 55,000 55,000 86,907
Total Revenues 780,000 780,000 811,907
EXPENDITURES
General Government:
Contractual services 1,200 1,200 664
Total Expenditures 1,200 1,200 664
Excess (deficiency) of revenues over (under)
expenditures 778,800 778,800 811,243
OTHER FINANCING SOURCES (USES)
Transfers out (40,000)(40,000)-
Total Other Financing Sources (Uses)(40,000)(40,000)-
Net Change in Fund Balance $738,800 $738,800 811,243
FUND BALANCE - Beginning of Year 3,644,178
FUND BALANCE - END OF YEAR $4,455,421
Page 95
Page 96
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
WATER FUND
For the Year Ended December 31, 2017
Original Final Total
OPERATING REVENUES
Charges for services
Water sales 4,410,000$ 4,410,000$ 4,211,302$
Miscellaneous
Permits and fees 40,000 40,000 38,155
Penalties 30,000 30,000 32,133
Other 71,000 71,000 70,970
Total operating revenues 4,551,000 4,551,000 4,352,560
OPERATING EXPENSES
Administration 636,763 636,763 722,016
Operations
Distribution 2,814,200 2,814,200 2,460,281
Maintenance - mains and fire hydrants 672,700 672,700 664,320
Maintenance - meters 204,000 204,000 219,816
Total operating expenses excluding depreciation 4,327,663 4,327,663 4,066,433
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 223,337 223,337 286,127
Depreciation - - 499,221
OPERATING INCOME (LOSS) - - (213,094)
CONTRIBUTIONS
Contributions - - 614,539
CHANGE IN NET POSITION 223,337$ 223,337$ 401,445
NET POSITION - BEGINNING OF YEAR 19,123,139
NET POSITION - END OF YEAR 19,524,584$
Budgeted Amounts
Page 97
VILLAGE OF DEERFIELD
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended December 31, 2017
Original Final Actual
ADMINISTRATION
Personnel services 369,550$ 369,550$ 449,624$
Training and development 1,850 1,850 1,636
Contractural services 201,170 201,170 209,887
Commodities 5,000 5,000 5,465
Utilities 11,440 11,440 7,858
Capital Outlay 47,753 47,753 47,546
Total administration 636,763 636,763 722,016
OPERATIONS
Distribution
Personnel services 144,300 144,300 151,916
Contractural services 45,000 45,000 43,546
Commodities 2,527,400 2,527,400 2,185,513
Utilities 92,500 92,500 78,269
Capital Outlay 5,000 5,000 1,037
Total distribution 2,814,200 2,814,200 2,460,281
Main and fire hydrant maintenance
Personnel services 384,000 384,000 373,212
Contractural services 118,000 118,000 94,765
Commodities 166,200 166,200 193,012
Capital outlay 4,500 4,500 3,331
Total main and fire hydrant maintenance 672,700 672,700 664,320
Meter maintenance
Personnel services 100,000 100,000 99,415
Contractural services 17,000 17,000 23,627
Commodities 5,000 5,000 1,390
Capital outlay 82,000 82,000 95,384
Total meter maintenance 204,000 204,000 219,816
Total operations 3,690,900 3,690,900 3,344,417
TOTAL OPERATING EXPENSES 4,327,663$ 4,327,663$ 4,066,433$
Budgeted Amounts
Page 98
VILLAGE OF DEERFIELD
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended December 31, 2017
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Land 1,877,956$ -$ -$ 1,877,956$
Construction in progress - 19,641 - 19,641
Buildings 4,180,123 - - 4,180,123
Water system improvements 18,380,741 594,898 220,006 18,755,633
Equipment and vehicles 626,490 - - 626,490
TOTAL 25,065,310$ 614,539$ 220,006$ 25,459,843$
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Buildings 2,020,712$ 88,455$ -$ 2,109,167$
Water system improvements 2,679,073 393,255 220,006 2,852,322
Equipment and vehicles 513,698 17,511 - 531,209
TOTAL 5,213,483$ 499,221$ 220,006$ 5,492,698$
NET ASSET VALUE 19,967,145$
Assets
Accumulated Depreciation
Page 99
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended December 31, 2017
Original Final Total
OPERATING REVENUES
Charges for services
Sewer charges 2,979,500$ 2,979,500$ 2,936,590$
Miscellaneous
Miscellaneous - - 3,653
Permits and fees 15,000 15,000 9,950
Penalties 30,000 30,000 29,403
Other 5,000 5,000 600
Total operating revenues 3,029,500 3,029,500 2,980,196
OPERATING EXPENSES
Administration 586,020 586,020 767,822
Operations
Treatment plant 1,723,406 1,723,406 1,675,547
Cleaning and maintenance 304,100 304,100 267,409
Construction 383,850 383,850 342,230
Total operating expenses excluding depreciation 2,997,376 2,997,376 3,053,008
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 32,124 32,124 (72,812)
Depreciation - - 1,003,050
OPERATING INCOME (LOSS) - - (1,075,862)
NON-OPERATING REVENUES (EXPENSES)
Investment income 2,000 2,000 4,713
Interest (1,018,052) (1,018,052) (1,001,960)
Total non-operating revenues (expenses)(1,016,052) (1,016,052) (997,247)
INCOME (LOSS) BEFORE TRANSFERS AND
CONTRIBUTIONS (983,928) (983,928) (2,073,109)
CONTRIBUTIONS AND TRANSFERS
Transfers in 1,820,052 1,820,052 1,820,052
Contributions - - 443,616
Net contributions and transfers 1,820,052 1,820,052 2,263,668
CHANGE IN NET POSITION 836,124$ 836,124$ 190,559
NET POSITION - BEGINNING OF YEAR 11,522,459
NET POSITION - END OF YEAR 11,713,018$
Budgeted Amounts
Page 100
VILLAGE OF DEERFIELD
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended December 31, 2017
Original Final Actual
ADMINISTRATION
Personnel services 264,950$ 264,950$ 439,919$
Training and development 2,100 2,100 1,226
Contractural services 232,800 232,800 242,032
Commodities 5,050 5,050 4,070
Utilities 4,200 4,200 3,244
Capital outlay 76,920 76,920 77,331
Total administration 586,020 586,020 767,822
OPERATIONS
Treatment plant
Personnel services 982,225 982,225 953,046
Training and development 11,000 11,000 6,819
Contractural services 266,260 266,260 214,754
Commodities 118,000 118,000 98,953
Utilities 269,360 269,360 325,865
Miscellaneous 19,000 19,000 19,000
Capital Outlay 57,561 57,561 57,110
Total treatment plant 1,723,406 1,723,406 1,675,547
Cleaning and maintenance
Personnel services 237,600 237,600 226,047
Contractural services 49,000 49,000 26,578
Commodities 17,500 17,500 14,784
Total cleaning and maintenance 304,100 304,100 267,409
Construction
Personnel services 306,150 306,150 299,848
Contractural services 20,500 20,500 16,021
Commodities 57,200 57,200 26,322
Capital Outlay - - 39
Total construction 383,850 383,850 342,230
Total operations 2,411,356 2,411,356 2,285,186
TOTAL OPERATING EXPENSES 2,997,376$ 2,997,376$ 3,053,008$
Budgeted Amounts
Page 101
VILLAGE OF DEERFIELD
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended December 31, 2017
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Sewer system 5,738,577$ 443,616$ 60,695$ 6,121,498$
Buildings and improvements 41,005,066 - - 41,005,066
TOTAL 46,743,643$ 443,616$ 60,695$ 47,126,564$
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Sewer system 1,605,979$ 129,280$ 60,695$ 1,674,564$
Buildings and improvements 4,305,876 873,770 - 5,179,646
TOTAL 5,911,855$ 1,003,050$ 60,695$ 6,854,210
NET ASSET VALUE 40,272,354$
Assets
Accumulated Depreciation
Page 102
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended December 31, 2017
Original Final Total
OPERATING REVENUES
Charges for services
Refuse billing 515,500$ 515,500$ 526,418$
Miscellaneous 12,000 12,000 22,362
Total operating revenues 527,500 527,500 548,780
OPERATING EXPENSES
Operations
Personnel services 115,250 115,250 95,229
Contractual services 1,327,000 1,327,000 1,317,247
Commodities 24,700 24,700 24,425
Capital outlay 13,748 13,748 13,748
Total operating expenses excluding depreciation 1,480,698 1,480,698 1,450,649
OPERATING INCOME (LOSS)(953,198) (953,198) (901,869)
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,500 1,500 3,622
Total non-operating revenues (expenses)1,500 1,500 3,622
INCOME (LOSS) BEFORE TRANSFERS (951,698) (951,698) (898,247)
TRANSFERS
Transfers in (955,984) (955,984) 955,984
CHANGE IN NET POSITION (1,907,682)$ (1,907,682)$ 57,737
NET POSITION - BEGINNING OF YEAR 478,434
NET POSITION - END OF YEAR 536,171$
Budgeted Amounts
Page 103
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2017
Original Final Total
OPERATING REVENUES
Charges for services
Parking lot fees 283,000$ 283,000$ 292,829$
Total operating revenues 283,000 283,000 292,829
OPERATING EXPENSES
Operations 282,660 282,660 274,777
Depreciation - - 26,737
Total operating expenses 282,660 282,660 301,514
OPERATING INCOME (LOSS) 340 340 (8,685)
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,400 1,400 2,513
Total non-operating revenues (expenses)1,400 1,400 2,513
CHANGE IN NET POSITION 1,740$ 1,740$ (6,172)
NET POSITION - BEGINNING OF YEAR 1,370,505
NET POSITION - END OF YEAR 1,364,333$
Budgeted Amounts
Page 104
VILLAGE OF DEERFIELD
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2017
Original Final Actual
OPERATIONS
Parking lots - village and federal funds
Personnel services 21,500$ 21,500$ 19,338$
Contractural services 129,010 129,010 126,908
Commodities 750 750 -
Utilities 3,900 3,900 2,480
Total parking lots - village and federal funds 155,160 155,160 148,726
Parking lots - village construction
Personnel services 21,500 21,500 19,338
Contractural services 99,000 99,000 103,855
Commodities 1,000 1,000 -
Utilities 6,000 6,000 2,858
Total treatment plant 127,500 127,500 126,051
TOTAL OPERATING EXPENSES 282,660$ 282,660$ 274,777$
Budgeted Amounts
Page 105
VILLAGE OF DEERFIELD
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2017
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Land 77,500$ -$ -$ 77,500$
Parking lot improvements 1,950,830 - - 1,950,830
TOTAL 2,028,330$ -$ -$ 2,028,330$
Balances Balances
December 31,December 31,
2016 Additions Retirements 2017
Parking lot improvements 925,892$ 26,737$ -$ 952,629$
TOTAL 925,892$ 26,737$ -$ 952,629
NET ASSET VALUE 1,075,701$
Assets
Accumulated Depreciation
VILLAGE OF DEERFIELD
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
As of December 31, 2017
Garage Fund
Vehicle &
Equipment
Replacement Totals
ASSETS
Current Assets
Cash and investments $5,621 $5,228,786 $5,234,407
Receivables
Accounts - billed 4,800 -4,800
Accrued interest 7 5,627 5,634
Prepaid items 7,017 -7,017
Inventory 77,903 -77,903
Total Current Assets 95,348 5,234,413 5,329,761
Noncurrent Assets
Capital assets
Property and equipment -4,800,160 4,800,160
Less: Accumulated depreciation -(2,912,230)(2,912,230)
Total Noncurrent Assets -1,887,930 1,887,930
Total Assets 95,348 7,122,343 7,217,691
LIABILITIES
Current Liabilities
Accounts payable 24,409 34,024 58,433
Accrued payroll 8,189 -8,189
Compensated absences payable 21,226 -21,226
Total Current Liabilities 53,824 34,024 87,848
Total Liabilities 53,824 34,024 87,848
NET POSITION
Net investment in capital assets -1,887,930 1,887,930
Unrestricted 41,524 5,200,389 5,241,913
TOTAL NET POSITION $41,524 $7,088,319 $7,129,843
Page 106
VILLAGE OF DEERFIELD
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2017
Garage Fund
Vehicle &
Equipment
Replacement Totals
OPERATING REVENUES
Billings $359,448 $756,217 $1,115,665
Miscellaneous 8,250 -8,250
Total Operating Revenues 367,698 756,217 1,123,915
OPERATING EXPENSES
Operations 472,100 -472,100
Capital outlay -197,695 197,695
Total Operating Expenses 472,100 197,695 669,795
Operating Income (Loss) Before Depreciation (104,402)558,522 454,120
Depreciation -339,807 339,807
Operating Income (Loss)(104,402)218,715 114,313
NONOPERATING REVENUES (EXPENSES)
Sales of fixed assets -138,673 138,673
Investment income 90 48,987 49,077
Total Nonoperating Revenues (Expenses)90 187,660 187,750
Income (Loss) Before Contributions (104,312)406,375 302,063
Change in net position (104,312)406,375 302,063
NET POSITION - Beginning of Year 145,836 6,681,944 6,827,780
NET POSITION - END OF YEAR $41,524 $7,088,319 $7,129,843
Page 107
VILLAGE OF DEERFIELD
COMBINING STATEMENT OF CASH FLOW S
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2017
Garage Fund
Vehicle &
Equipment
Replacement Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services $357,571 $753,967 $1,111,538
Receipts from miscellaneous revenue 8,250 -8,250
Payments to suppliers (161,441)(164,881)(326,322)
Payments to employees (227,716)-(227,716)
Net Cash Flows From Operating Activities (23,336)589,086 565,750
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income 90 48,987 49,077
Net Cash Flows From Investing Activities 90 48,987 49,077
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
AC TIVITIES
Acquisition and construction of capital assets -(595,068)(595,068)
Net Cash Flows From Capital and Related Financing
Activities -(595,068)(595,068)
Net Change in Cash and Cash Equivalents (23,246)43,005 19,759
CASH AND CASH EQUIVALENTS - Beginning of Year 28,867 5,185,781 5,214,648
CASH AND CASH EQUIVALENTS - END OF YEAR $5,621 $5,228,786 $5,234,407
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss)$(104,402)$218,715 $114,313
Adjustments to Reconcile Operating Income (Loss) to Net
Cash Flows From Operating Activities
Depreciation -339,807 339,807
Changes in assets and liabilities
Accounts receivable (1,877)(2,250)(4,127)
Prepaid expenses (673)-(673)
Inventories 66,379 -66,379
Accounts payable 13,995 32,814 46,809
Accrued payroll 236 -236
Compensated absences payable 3,006 -3,006
NET CASH FLOWS FROM OPERATING
AC TIVITIES $(23,336)$589,086 $565,750
NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES
None
Page 108
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
OPERATING REVENUES
Interfund services
Billings $395,000 $395,000 $359,448
Miscellaneous 10,000 10,000 8,250
Total Operating Revenues 405,000 405,000 367,698
OPERATING EXPENSES
Personnel services 405,685 405,685 472,100
Total Operating Expenses 405,685 405,685 472,100
Operating Loss (685)(685)(104,402)
NON-OPERATING REVENUES
Investment income 100 100 90
Total Non-Operating Revenues 100 100 90
Change in net position $(585)$(585)(104,312)
NET POSITION - Beginning of Year 145,836
NET POSITION - END OF YEAR $41,524
Page 109
Page 110
VILLAGE OF DEERFIELD
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31, 2017
Original Final Actual
OPERATING EXPENSES
Public works department
Personnel services 246,000$ 246,000$ 230,958$
Training and development 3,500 3,500 90
Contractural services 35,400 35,400 33,372
Commodities 109,800 109,800 199,376
Utilities 4,350 4,350 2,669
Capital Outlay 6,635 6,635 5,635
TOTAL OPERATING EXPENSES 405,685$ 405,685$ 472,100$
Budgeted Amounts
VILLAGE OF DEERFIELD
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
VEHICLE & EQUIPMENT REPLACEMENT FUND
For the Year Ended December 31, 2017
Budgeted Amounts
Original Final Actual
OPERATING REVENUES
Interfund services
Billings $756,217 $756,217 $756,217
Total Operating Revenues 756,217 756,217 756,217
OPERATING EXPENSES
Capital outlay 1,098,692 1,098,692 792,763
Less capital assets capitalized --(595,068)
Depreciation --339,807
Total --339,807
Total Operating Expenses 1,098,692 1,098,692 537,502
Operating Income (342,475)(342,475)218,715
NON-OPERATING REVENUES
Sales of fixed assets --138,673
Investment income 22,000 22,000 48,987
Total Non-Operating Revenues 22,000 22,000 187,660
Change in net position $(320,475)$(320,475)406,375
NET POSITION - Beginning of Year 6,681,944
NET POSITION - END OF YEAR $7,088,319
Page 111
VILLAGE OF DEERFIELD
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL
POLICE PENSION TRUST FUND
For the Year Ended December 31, 2017
2017
Original Budget Final Budget Actual
Additions
Contributions
Contributions - employer $1,100,000 $1,100,000 $1,100,000
Contributions - employee 395,000 395,000 390,162
Total contributions 1,495,000 1,495,000 1,490,162
Investment Income
Net appreciation in fair value of investments 500,000 500,000 5,280,507
Interest and dividends earned on investments 700,000 700,000 1,043,835
Total investment income 1,200,000 1,200,000 6,324,342
Less Investment expense 32,000 32,000 27,498
Net investment income 1,168,000 1,168,000 6,296,844
Total additions 2,663,000 2,663,000 7,787,006
Deductions
Pension payments 2,750,000 2,750,000 2,766,071
Separation refunds 15,000 15,000 134,576
Administrative 34,300 34,300 41,938
Total deductions 2,799,300 2,799,300 2,942,585
Change in net position $(136,300)$(136,300)4,844,421
Net position, beginning of year 43,073,776
Net position, end of year $47,918,197
Page 112
Page 113
VILLAGE OF DEERFIELD
COMBINING SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended December 31, 2017
Balance Balance
December 31, December 31,
2016 Additions Deletions 2017
All Funds
Assets
Cash and cash equivalents 2,882,901$ 687,627$ 939,599$ 2,630,929$
Receivables - accounts - 2,500 - 2,500
Receivables - accrued interest 55 110 - 165
Total assets 2,882,956$ 690,237$ 939,599$ 2,633,594$
Liabilities
Accounts payable 71,386$ 843,635$ 906,272$ 8,749$
Deposits payable 2,698,680 601,937 838,601 2,462,016
Other payables 112,890 86,895 36,956 162,829
Total liabilities 2,882,956$ 1,532,467$ 1,781,829$ 2,633,594$
Deposit Fund
Assets
Cash and cash equivalents 2,766,593$ 600,843$ 900,220$ 2,467,216$
Receivables - accounts - 2,500 - 2,500
Total assets 2,766,593$ 603,343$ 900,220$ 2,469,716$
Liabilities
Accounts payable 67,913$ 806,380$ 866,593$ 7,700$
Deposits payable 2,698,680 601,937 838,601 2,462,016
Total liabilities 2,766,593$ 1,408,317$ 1,705,194$ 2,469,716$
East Shore Radio Network Fund
Assets
Cash and cash equivalents 116,308$ 86,784$ 39,379$ 163,713$
Receivables - accrued interest 55 110 - 165
Total assets 116,363$ 86,894$ 39,379$ 163,878$
Liabilities
Accounts payable 3,473$ 37,255$ 39,679$ 1,049$
Other payables 112,890 86,895 36,956 162,829
Total liabilities 116,363$ 124,150$ 76,635$ 163,878$
L O N G-T E R M D E B T R E Q U I R E M E N T S
Page 114
Date of Issue
Date of Maturity
Authorised Issue $12,500,000
Denomination of Bonds $5,000
Interst Rates 0.80% to 5.50%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 575,000$ 402,918$ 977,918$ 2018 201,459$ 2018 201,459$
2018 585,000 385,380 970,380 2019 192,690 2019 192,690
2019 600,000 364,320 964,320 2020 182,160 2020 182,160
2020 610,000 341,220 951,220 2021 170,610 2021 170,610
2021 625,000 316,210 941,210 2022 158,105 2022 158,105
2022 645,000 289,335 934,335 2023 144,667 2023 144,668
2023 660,000 260,310 920,310 2024 130,155 2024 130,155
2024 680,000 229,290 909,290 2025 114,645 2025 114,645
2025 700,000 195,970 895,970 2026 97,985 2026 97,985
2026 720,000 160,270 880,270 2027 80,135 2027 80,135
2027 735,000 122,830 857,830 2028 61,415 2028 61,415
2028 750,000 83,875 833,875 2029 41,937 2029 41,938
2029 775,000 42,625 817,625 2030 21,312 2030 21,313
8,660,000$ 3,194,553$ 11,854,553$ 1,597,275$ 1,597,278$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2010A
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
November 3, 2010
December 1, 2030
Page 115
Date of Issue
Date of Maturity
Authorised Issue $9,900,000
Denomination of Bonds $5,000
Interst Rates 1.00% to 3.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 310,000$ 218,290$ 528,290$ 2018 109,145$ 2018 109,145$
2018 325,000 212,865 537,865 2019 106,433 2019 106,432
2019 340,000 206,365 546,365 2020 103,183 2020 103,182
2020 365,000 199,565 564,565 2021 99,783 2021 99,782
2021 380,000 192,265 572,265 2022 96,133 2022 96,132
2022 400,000 183,715 583,715 2023 91,858 2023 91,857
2023 425,000 174,115 599,115 2024 87,058 2024 87,057
2024 450,000 163,490 613,490 2025 81,745 2025 81,745
2025 475,000 151,340 626,340 2026 75,670 2026 75,670
2026 500,000 138,277 638,277 2027 69,139 2027 69,138
2027 355,000 123,277 478,277 2028 61,639 2028 61,638
2028 1,280,000 112,628 1,392,628 2029 56,314 2029 56,314
2029 1,335,000 74,228 1,409,228 2030 37,114 2030 37,114
2030 990,000 32,175 1,022,175 2031 16,088 2031 16,087
7,930,000$ 2,182,595$ 10,112,595$ 1,091,302$ 1,091,293$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2011A
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
October 17, 2011
December 1, 2031
Page 116
Date of Issue
Date of Maturity
Authorised Issue $12,500,000
Denomination of Bonds $5,000
Interst Rates 4%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 -$ 499,200$ 499,200$ 2018 249,600$ 2018 249,600$
2018 - 499,200 499,200 2019 249,600 2019 249,600
2019 - 499,200 499,200 2020 249,600 2020 249,600
2020 - 499,200 499,200 2021 249,600 2021 249,600
2021 - 499,200 499,200 2022 249,600 2022 249,600
2022 - 499,200 499,200 2023 249,600 2023 249,600
2023 - 499,200 499,200 2024 249,600 2024 249,600
2024 - 499,200 499,200 2025 249,600 2025 249,600
2025 - 499,200 499,200 2026 249,600 2026 249,600
2026 - 499,200 499,200 2027 249,600 2027 249,600
2027 12,480,000 499,200 12,979,200 2028 249,600 2028 249,600
12,480,000$ 5,491,200$ 17,971,200$ 2,745,600$ 2,745,600$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2011B
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
October 17, 2011
December 1, 2028
Page 117
Date of Issue
Date of Maturity
Authorised Issue $10,000,000
Denomination of Bonds $5,000
Interst Rates 1.25% to 2.75%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 135,000$ 234,763$ 369,763$ 2018 117,381$ 2018 117,382$
2018 440,000 233,075 673,075 2019 116,537 2019 116,538
2019 455,000 227,575 682,575 2020 113,787 2020 113,788
2020 475,000 220,750 695,750 2021 110,375 2021 110,375
2021 495,000 212,438 707,438 2022 106,219 2022 106,219
2022 515,000 203,775 718,775 2023 101,887 2023 101,888
2023 540,000 193,475 733,475 2024 96,737 2024 96,738
2024 555,000 182,674 737,674 2025 91,337 2025 91,337
2025 580,000 170,188 750,188 2026 85,094 2026 85,094
2026 600,000 157,138 757,138 2027 78,569 2027 78,569
2027 455,000 142,138 597,138 2028 71,069 2028 71,069
2028 1,380,000 130,762 1,510,762 2029 65,381 2029 65,381
2029 1,425,000 92,812 1,517,812 2030 46,406 2030 46,406
2030 1,950,000 53,625 2,003,625 2031 26,812 2031 26,813
10,000,000$ 2,455,188$ 12,455,188$ 1,227,591$ 1,227,597$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2012
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
February 21, 2012
December 1, 2031
Page 118
Date of Issue
Date of Maturity
Authorised Issue $9,075,000
Denomination of Bonds $5,000
Interst Rates 2.00% to 2.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 615,000$ 116,418$ 731,418$ 2018 58,209$ 2018 58,209$
2018 335,000 104,118 439,118 2019 52,059 2019 52,059
2019 340,000 97,418 437,418 2020 48,709 2020 48,709
2020 345,000 90,618 435,618 2021 45,309 2021 45,309
2021 350,000 83,718 433,718 2022 41,859 2022 41,859
2022 350,000 76,718 426,718 2023 38,359 2023 38,359
2023 355,000 69,718 424,718 2024 34,859 2024 34,859
2024 360,000 62,618 422,618 2025 31,309 2025 31,309
2025 365,000 55,416 420,416 2026 27,708 2026 27,708
2026 375,000 48,118 423,118 2027 24,059 2027 24,059
2027 380,000 40,618 420,618 2028 20,309 2028 20,309
2028 390,000 32,542 422,542 2029 16,271 2029 16,271
2029 390,000 23,962 413,962 2030 11,981 2030 11,981
2030 675,000 15,183 690,183 2031 7,592 2031 7,591
5,625,000$ 917,183$ 6,542,183$ 458,592$ 458,591$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2013
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
January 3, 2013
December 1, 2031
Page 119
Date of Issue May 19,2015
Date of Maturity
Authorised Issue $9,575,000
Denomination of Bonds $5,000
Interst Rates 3.00% to 3.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 405,000$ 267,200$ 672,200$ 2018 133,600$ 2018 133,600$
2018 415,000 255,050 670,050 2019 127,525 2019 127,525
2019 430,000 242,600 672,600 2020 121,300 2020 121,300
2020 440,000 229,700 669,700 2021 114,850 2021 114,850
2021 455,000 216,500 671,500 2022 108,250 2022 108,250
2022 470,000 202,850 672,850 2023 101,425 2023 101,425
2023 485,000 188,750 673,750 2024 94,375 2024 94,375
2024 495,000 174,200 669,200 2025 87,100 2025 87,100
2025 510,000 159,350 669,350 2026 79,675 2026 79,675
2026 530,000 144,050 674,050 2027 72,025 2027 72,025
2027 545,000 128,150 673,150 2028 64,075 2028 64,075
2028 560,000 111,800 671,800 2029 55,900 2029 55,900
2029 575,000 95,000 670,000 2030 47,500 2030 47,500
2030 595,000 77,750 672,750 2031 38,875 2031 38,875
2031 610,000 59,900 669,900 2032 29,950 2032 29,950
2032 630,000 41,600 671,600 2033 20,800 2033 20,800
2033 650,000 21,125 671,125 2034 10,562 2034 10,563
8,800,000$ 2,615,575$ 11,415,575$ 1,307,787$ 1,307,788$
Tax Levy Interest Due on
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2015
As of December 31, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
December 1, 2034
Page 120
Date of Issue
Date of Maturity
Authorised Issue $5,700,000
Denomination of Bonds $5,000
Interst Rates 3.00% to 3.75%
Principal Maturity Date December 1
Payable at U.S. Bank National Association, Chicago, Illinois.
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2017 245,000$ 186,588$ 431,588$ 2018 93,294$ 2018 93,294$
2018 255,000 179,238 434,238 2019 89,619 2019 89,619
2019 265,000 171,588 436,588 2020 85,794 2020 85,794
2020 270,000 163,638 433,638 2021 81,819 2021 81,819
2021 280,000 155,538 435,538 2022 77,769 2022 77,769
2022 290,000 147,138 437,138 2023 73,569 2023 73,569
2023 300,000 138,438 438,438 2024 69,219 2024 69,219
2024 310,000 129,438 439,438 2025 64,719 2025 64,719
2025 320,000 120,138 440,138 2026 60,069 2026 60,069
2026 330,000 110,538 440,538 2027 55,269 2027 55,269
2027 345,000 99,812 444,812 2028 49,906 2028 49,906
2028 - 88,600 88,600 2029 44,300 2029 44,300
2029 - 88,600 88,600 2030 44,300 2030 44,300
2030 - 88,600 88,600 2031 44,300 2031 44,300
2031 455,000 88,600 543,600 2032 44,300 2032 44,300
2032 475,000 73,812 548,812 2033 36,906 2033 36,906
2033 490,000 57,188 547,188 2034 28,594 2034 28,594
2034 510,000 38,812 548,812 2035 19,406 2035 19,406
2035 525,000 19,683 544,683 2036 9,842 2036 9,841
5,665,000$ 2,145,987$ 7,810,987$ 1,072,994$ 1,072,993$
Tax Levy Interest Due on
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
VILLAGE OF DEERFIELD
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES 2017
As of December 31, 2017
February 28, 2017
December 1, 2036
Statistical Section
Contents Page
Financial Trends 121 - 130
Revenue Capacity 131 - 133
Debt Capacity 134 - 137
Demographic and Economic Information 138 - 140
Operating Information 141 - 142
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for
the relevant year.
This part of the Village of Deerfield, Illinois' comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the Village's overall financial health.
These schedules contain trend information to help the reader understand how the Village's financial
performance and well-being have changed over time.
These schedules contain information to help the reader assess the Village's most significant local
revenue source, the sales tax.
These schedules present information to help the reader assess the affordability of the Village's
current levels of outstanding debt and the Village's ability to issue additional debt in the future.
These schedules offer demographic and economic indicators to help the reader understand the
environment within the Village's financial activities take place.
These schedules contain service and infrastructure data to help the reader understand how the
Village's financial report relates to the services the Village provides and the activities it performs.
Page 121
Fiscal Year 2009 2010 2011 2012
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 62,619,244$ 66,174,872$ 64,483,632$ 51,392,981$
Restricted 5,899,947 1,698,902 1,833,178 1,864,620
Unrestricted 18,140,003 14,799,887 13,730,019 9,491,193
TOTAL GOVERNMENTAL ACTIVITIES 86,659,194$ 82,673,661$ 80,046,829$ 62,748,794$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 22,289,499$ 25,794,886$ 28,525,266$ 47,891,247$
Unrestricted 2,071,153 1,332,314 649,610 113,829
TOTAL BUSINESS-TYPE ACTIVITIES 24,360,652$ 27,127,200$ 29,174,876$ 48,005,076$
PRIMARY GOVERNMENT
Net investment in capital assets 84,908,743$ 91,969,758$ 93,008,898$ 84,682,839$
Restricted 5,899,947 1,698,902 1,833,178 1,864,620
Unrestricted 20,211,156 16,132,201 14,379,629 24,206,411
TOTAL PRIMARY GOVERNMENT 111,019,846$ 109,800,861$ 109,221,705$ 110,753,870$
The Village implemented GASB Statement No.68 in 2015, causing a reduction in unrestricted net position.
* Eight months ended December 31, 2013.
Data Source
Audited Financial Statements
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
VILLAGE OF DEERFIELD
Page 122
2013 2013*2014 2015 2016 2017
55,359,465$ 59,186,881$ 58,835,531$ 55,025,274$ 55,732,838$ 56,110,035$
2,000,978 1,690,206 4,326,031 4,467,283 5,129,514 5,867,341
(3,773,495) 25,298,828 27,077,751 14,516,742 13,144,539 7,143,730
53,586,948$ 86,175,915$ 90,239,313$ 74,009,299$ 74,006,891$ 69,121,106$
59,834,517$ 28,906,421$ 28,270,616$ 29,869,458$ 32,118,523$ 32,574,200$
140,855 651,661 786,552 (194,463) 376,014 2,257,403
59,975,372$ 29,558,082$ 29,057,168$ 29,674,995$ 32,494,537$ 34,831,603$
86,323,125$ 82,313,682$ 87,106,147$ 84,894,732$ 87,851,361$ 88,684,235$
2,000,978 1,690,206 4,326,031 4,467,283 5,129,514 5,867,341
25,238,217 31,730,109 27,864,303 14,322,279 13,520,553 9,401,133
113,562,320$ 115,733,997$ 119,296,481$ 103,684,294$ 106,501,428$ 103,952,709$
Page 123
2009 2010 2011 2012
EXPENSES
Governmental Activities
General government 5,228,097$ 9,833,315$ 5,477,968$ 24,267,281$
Public safety 7,715,014 8,543,631 8,497,498 8,388,066
Highways and streets 7,317,060 10,985,018 7,749,726 6,602,895
Interest and fiscal charges 215,464 193,105 393,054 1,098,736
Total governmental activities expenses 20,475,635 29,555,069 22,118,246 40,356,978
Business-Type Activities
Water 3,993,964 4,103,889 4,215,482 4,455,971
Sewerage 3,040,082 2,643,276 2,846,388 2,996,805
Refuse disposal 1,590,167 1,599,244 1,600,736 1,307,850
Commuter Parking 282,534 262,458 322,431 337,337
Total Business-type Activities Expenses 8,906,747 8,608,867 8,985,037 9,097,963
TOTAL PRIMARY GOVERNMENT EXPENSES 29,382,382$ 38,163,936$ 31,103,283$ 49,454,941$
PROGRAM REVENUES
Governmental Activities
Charges for Services
General government 1,645,678$ 1,862,200$ 2,011,535$ 1,833,930$
Public Safety 956,468 866,510 873,947 986,382
Highways and streets 59,609 47,219 73,968 66,279
Interest - - - -
Operating grants and Contributions 490,768 474,526 582,734 715,849
Capital Grants and Contributions 894,545 2,195,963 360,539 434,225
Total Governmental Activities Program Revenues 4,047,068 5,446,418 3,902,723 4,036,665
Business-Type Activities
Charges for Services
Water 3,647,017 3,567,809 3,777,700 3,891,387
Sewerage 2,306,028 2,320,123 2,450,088 2,499,701
Refuse disposal 623,738 622,629 608,475 461,887
Commuter parking 218,770 209,165 204,236 201,426
Capital grants and contributions - - 2,963,996 19,620,003
6,795,553 6,719,726 10,004,495 26,674,404
10,842,621$ 12,166,144$ 13,907,218$ 30,711,069$
NET REVENUE (EXPENSE)
Governmental Activities (16,428,567)$ (24,108,651)$ (18,215,523)$ (36,320,313)$
Business-Type Activities (2,111,194) (1,889,141) 1,019,458 17,576,441
TOTAL PRIMARY GOVERNMENT
NET REVENUE (EXPENSE)(18,539,761)$ (25,997,792)$ (17,196,065)$ (18,743,872)$
Last Ten Fiscal Years
CHANGE IN NET POSITION
VILLAGE OF DEERFIELD
Fiscal Year
TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES
Total Business-Type Activities Program Revenues
Page 124
2013 2013*2014 2015 2016 2017
18,988,356$ 5,755,847$ 7,756,784$ 8,182,572$ 8,938,512$ 10,097,910$
8,572,034 6,256,914 9,189,101 11,870,633 11,516,466 10,868,594
5,753,656 6,208,891 6,286,456 8,065,953 12,905,603 13,068,419
1,791,625 628,554 685,495 1,113,073 918,603 1,008,199
35,105,671 18,850,206 23,917,836 29,232,231 34,279,184 35,043,122
4,625,679 3,153,643 4,345,300 4,517,289 4,405,066 4,098,233
3,267,868 3,147,664 4,691,951 4,533,170 4,996,664 3,960,118
1,343,691 953,301 1,440,045 1,433,697 1,449,954 1,322,473
352,088 243,017 331,951 284,789 306,583 301,514
9,589,326 7,497,625 10,809,247 10,768,945 11,158,267 9,682,338
44,694,997$ 26,347,831$ 34,727,083$ 40,001,176$ 45,437,451$ 44,725,460$
2,290,768$ 1,811,306$ 3,812,004$ 2,214,956$ 2,706,969$ 2,538,758$
1,047,217 783,151 1,167,096 1,218,489 1,221,896 1,127,634
263,607 234,034 442,918 606,549 417,398 301,855
- - - - 711,369 586,016
1,140,504 890,860 612,569 445,554 464,020 472,113
75,864 58,791 1,306,043 442,690 6,853,567 949,252
4,817,960 3,778,142 7,340,630 4,928,238 12,375,219 5,975,628
4,295,580 3,006,491 3,763,753 3,701,281 4,058,510 4,211,302
2,892,170 2,065,472 2,645,264 2,724,235 2,853,730 2,936,590
476,926 324,969 500,449 513,672 515,496 526,418
223,381 187,386 226,450 270,799 277,048 292,829
12,566,460 1,802,087 173,695 2,249,741 2,922,849 1,058,155
20,454,517 7,386,405 7,309,611 9,459,728 10,627,633 9,025,294
25,272,477$ 11,164,547$ 14,650,241$ 14,387,966$ 23,002,852$ 15,000,922$
(30,287,711)$ (15,072,064)$ (16,577,206)$ (24,303,993)$ (21,903,965)$ (29,067,494)$
10,865,191 (111,220) (3,499,636) (1,309,217) (530,634) (657,044)
(19,422,520)$ (15,183,284)$ (20,076,842)$ (25,613,210)$ (22,434,599)$ (29,724,538)$
Page 125
2009 2010 2011 2012
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental Activities
Taxes
Property and replacement 7,093,819$ 8,618,052$ 2,278,574$ 2,822,939$
Home rule sales 2,448,385 2,525,183 2,725,330 3,121,749
Simplified telecommunications 347,666 326,528 644,129 1,752,850
3,684,318 3,097,643 4,396,881 4,684,153
Intergovernmental 4,438,194 4,995,509 5,281,422 5,968,953
Investment Income 486,398 166,844 92,855 115,175
Miscellaneous 260,971 393,359 169,500 556,459
Contributions - - - -
Transfers (out)(3,132,729) - - -
Total Governmental Activities 15,627,022 20,123,118 15,588,691 19,022,278
Business-Type Activities
Property taxes 807,708 807,968 832,264 889,586
Investment Income 49,427 8,304 4,530 3,701
Miscellaneous 185,262 146,400 191,424 360,472
Transfers in 3,132,729 - - -
Total Business-Type Activities 4,175,126 962,672 1,028,218 1,253,759
TOTAL PRIMARY GOVERNMENT 19,802,148$ 21,085,790$ 16,616,909$ 20,276,037$
CHANGE IN NET POSITION
Governmental Activities (801,545)$ (3,985,533)$ (2,626,832)$ (17,298,035)$
Business-Type Activities 2,063,932 (926,469) 2,047,676 18,830,200
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 1,262,387$ (4,912,002)$ (579,156)$ 1,532,165$
* Eight months ended December 31, 2013.
Data Source
Audited Financial Statements
Fiscal Year
Other
VILLAGE OF DEERFIELD
CHANGE IN NET POSITION (cont.)
Last Ten Fiscal Years
Page 126
2013 2013*2014 2015 2016 2017
4,410,633$ 5,010,070$ 5,260,112$ 5,527,577$ 7,335,510$ 7,350,802$
3,665,374 2,257,183 3,413,920 2,941,572 3,484,806 3,841,934
1,430,126 936,501 1,261,799 1,707,745 1,722,295 1,370,180
3,438,882 2,398,124 3,721,354 3,797,848 3,817,963 4,363,655
8,474,800 5,396,719 8,316,948 7,697,052 8,350,115 8,990,723
117,770 - (221,419) 130,060 191,929 393,675
252,924 279,991 704,909 676,294 431,172 646,776
- - - 732,831 - -
- - (1,817,019) (1,805,840) (2,770,464) (2,776,036)
21,790,509 16,278,588 20,640,604 21,405,139 22,563,326 24,181,709
890,214 906,951 936,361 965,948 22 -
3,024 (4,588) (14,786) 4,055 4,753 10,848
211,867 174,010 260,128 218,479 226,012 207,226
- - 1,817,019 1,805,840 2,770,464 2,776,036
1,105,105 1,076,373 2,998,722 2,994,322 3,001,251 2,994,110
22,895,614$ 17,354,961$ 23,639,326$ 24,399,461$ 25,564,577$ 27,175,819$
(8,497,202)$ 1,206,524$ 4,063,398$ (2,898,854)$ 659,361$ (4,885,785)$
11,970,296 965,153 (500,914) 1,685,105 2,470,617 2,337,066
3,473,094$ 2,171,677$ 3,562,484$ (1,213,749)$ 3,129,978$ (2,548,719)$
Page 127
Fiscal Year 2009 2010 2011 2012
GENERAL FUND
Reserved 453,124$ 447,892$ 443,532$ -$
Unreserved 16,155,829 15,619,459 16,566,828 -
Nonspendable for
Note receivable - - - 100,000
Inventory - - - 55,190
Prepaid items - - - 441,382
Advance - - - -
Unrestricted
Assigned for debt service - - - 833,396
Assigned for capital projects - - - 1,650,000
Subsequent year's budget - - - -
Unassigned - - - 16,206,557
TOTAL GENERAL FUND 16,608,953$ 16,067,351$ 17,010,360$ 19,286,525$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 5,899,947$ 1,698,902$ 6,927,256$ -$
Unreserved, reported in
Capital Project Funds 1,928,286 230,653 417,104 -
Restricted for
Capital projects - - - 14,581,925
Maintenance of roadways - - - 601,423
Public safety - - - 1,263,197
Debt service - - - -
Unrestricted
Assigned for
Debt service - - - 286,753
Capital projects - - - 1,088,012
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 7,828,233$ 1,929,555$ 7,344,360$ 17,821,310$
*Eight months ended December 31, 2013.
Data Source
Audited Financial Statements
FUND BALANCES OF GOVERNMENTAL FUNDS
VILLAGE OF DEERFIELD
LAST TEN FISCAL YEARS
Note: The Village implemented GASB Statement No. 54 for the year ended April 30, 2012. This resulted in a change in
fund balance classification. The Village has not elected to report this change retroactively.
Page 128
2013 2013*2014 2015 2016 2017
-$ -$ -$ -$ -$ -$
- - - - - -
90,000 80,000 70,000 60,000 50,000 40,000
27,824 54,477 42,968 21,031 26,643 26,844
459,247 752,402 713,737 707,640 904,041 1,180,641
- - - - 1,075,689 684,083
818,344 831,850 - - - -
1,400,000 1,500,000 1,200,000 1,000,000 1,300,000 -
- - - 2,960,593 2,117,018 606,765
17,002,357 16,815,607 19,667,419 15,200,930 14,963,328 16,561,166
19,797,772$ 20,034,336$ 21,694,124$ 19,950,194$ 20,436,719$ 19,099,499$
-$ -$ -$ -$ -$ -$
- - - - - -
1,515,401 40,280 - 696,658 - -
633,057 325,768 927,908 388,546 360,593 340,455
1,367,921 1,364,438 1,214,895 1,130,293 1,124,743 1,071,465
- - 2,183,228 2,948,444 3,644,178 4,455,421
841,240 1,473,632 25,299 58,021 111,920 177,263
2,154,351 749,533 2,276,297 4,707,033 5,935,979 4,121,126
6,511,970$ 3,953,651$ 6,627,627$ 9,928,995$ 11,177,413$ 10,165,730$
Page 129
2009 2010 2011 2012
REVENUES
Taxes 18,012,382$ 19,562,915$ 15,326,336$ 18,350,644$
Licenses and permits 1,271,817 1,366,472 1,431,793 1,173,799
Intergovernmental 1,349,486 951,183 944,344 1,152,141
Charges for services 727,445 654,662 687,515 709,146
Fines and forfeitures 251,680 227,686 262,542 317,262
Contribution from library - - - -
Investment income 486,398 166,844 92,855 115,175
Miscellaneous 698,839 821,396 715,868 1,219,949
Total revenues 22,798,047 23,751,158 19,461,253 23,038,116
EXPENDITURES
General government 5,156,342 12,471,646 5,328,331 6,436,048
Public Safety 7,656,333 8,322,821 8,407,416 8,352,887
Highways and streets 3,536,206 2,916,045 3,032,200 3,091,770
Capital Outlay 6,735,684 6,207,466 8,278,643 23,114,852
Debt Service
Principal 4,000,000 175,000 180,000 710,000
Interest 184,939 193,150 237,997 1,180,062
Total expenditures 27,269,504 30,286,128 25,464,587 42,885,619
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,471,457) (6,534,970) (6,003,334) (19,847,503)
OTHER FINANCING SOURCES (USES)
Transfers in 8,629,795 923,389 7,506,834 22,440,459
Transfers (out)(8,629,795)(923,389) (7,506,834) (22,440,459)
Bonds issued 5,000,000 - 12,500,000 32,400,000
Premium (discount) on bonds issued (30,867) - (69,013) 79,791
Payment to refunded bonds escrow agent - - - -
Sale of capital assets 8,772 94,690 30,161 20,827
Total Other Financing Sources (Uses)4,977,905 94,690 12,461,148 32,500,618
NET CHANGE IN FUND BALANCES 506,448$ (6,440,280)$ 6,457,814$ 12,653,115$
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES 20.38%1.53%2.09%4.75%
*Eight months ended December 31, 2013.
Data Source
Audited Financial Statements
Fiscal Year
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
VILLAGE OF DEERFIELD
Page 130
2013 2013*2014 2015 2016 2017
12,220,016$ 9,876,878$ 14,070,158$ 14,955,266$ 17,522,177$ 18,207,216$
1,645,735 1,277,977 3,062,263 1,464,015 1,958,108 1,784,230
9,692,051 6,342,610 9,599,274 8,102,221 15,007,986 9,628,692
710,049 565,213 1,004,048 1,114,515 971,304 849,759
342,740 236,390 307,744 292,284 286,981 264,926
763,572 742,476 730,381 732,831 730,131 726,706
117,770 (164,823) (221,419) 130,060 191,929 344,598
1,113,205 998,549 1,218,373 1,348,025 1,555,393 1,572,755
26,605,138 19,875,270 29,770,822 28,139,217 38,224,009 33,378,882
7,783,224 5,063,339 7,353,449 8,266,520 8,906,902 9,406,290
8,540,957 6,117,121 8,963,170 9,136,003 9,054,499 9,336,602
2,806,358 2,326,884 2,924,874 2,816,855 2,749,322 2,985,820
24,479,003 5,280,135 2,777,322 11,958,472 11,652,625 11,362,494
1,355,000 928,000 935,000 962,000 1,369,000 1,441,000
1,770,522 699,324 693,655 674,859 944,819 1,032,016
46,735,064 20,414,803 23,647,470 33,814,709 34,677,167 35,564,222
(20,129,926) (539,533) 6,123,352 (5,675,492) 3,546,842 (2,185,340)
14,290,621 3,152,954 2,354,180 10,191,142 4,241,596 6,367,905
(14,290,621) (4,943,562) (4,171,199) (11,996,982) (7,012,060) (9,143,941)
9,075,000 - - 9,575,000 - 5,700,000
253,502 - - 422,335 - 240,732
- - - - - (3,328,259)
3,331 8,386 27,431 - - -
9,331,833 (1,782,222) (1,789,588) 8,191,495 (2,770,464) (163,563)
(10,798,093)$ (2,321,755)$ 4,333,764$ 2,516,003$ 776,378$ (2,348,903)$
7.16%9.02%7.35%6.60%7.67%8.42%
Page 131
VILLAGE OF DEERFIELD
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 2008 2009 2010 2011
General merchandise 181,355$ 215,487$ 222,696$ 233,408$
Food 656,766 708,194 772,736 798,668
Drinking and eating places 756,872 931,610 932,074 970,059
Apparel 178,925 205,112 207,981 240,746
Furniture and H.H. and radio 676,075 644,981 752,175 713,431
Lumber, building hardware 532,637 622,406 610,072 590,742
Automobile and filling stations 283,125 284,289 434,095 513,421
Drugs and miscellaneous retail 2,184,421 3,211,071 2,625,382 3,625,900
Agriculture and all others 711,157 895,708 852,588 1,138,377
Manufacturers 143,018 196,451 203,171 214,511
TOTAL 6,304,351$ 7,915,309$ 7,612,970$ 9,039,263$
Village direct sales tax rate 1.00%1.00%1.00%1.00%
Village home rule rate 0.50%0.50%1.00%1.00%
Data Source
Illinois Department of Revenue
Page 132
2012 2013 2014 2015 2016 2017
222,366$ 224,653$ 247,348$ 208,851$ 195,293$ 210,058$
796,940 743,285 870,464 874,095 746,457 764,304
1,018,539 1,032,833 1,108,407 1,128,992 1,036,096 1,123,950
205,856 180,876 210,488 164,410 150,231 112,184
473,808 345,052 291,839 288,538 279,964 264,646
564,884 583,287 642,214 542,259 507,057 545,393
348,318 358,919 510,550 314,993 347,603 332,391
5,476,027 4,692,108 4,937,251 4,069,522 5,664,948 6,818,569
1,005,454 966,396 914,323 839,745 910,728 852,451
237,039 226,254 251,653 266,575 220,430 183,720
10,349,231$ 9,353,663$ 9,984,537$ 8,697,980$ 10,058,807$ 11,207,666$
1.00%1.00%1.00%1.00%1.00%1.00%
1.00%1.00%1.00%1.00%1.00%1.00%
Page 133
VILLAGE OF DEERFIELD
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
Cook Village
Lake RTA Cook County RTA Home Village
Calendar County Lake County County Home Rule Cook County Rule Direct State
Year Rate Rate Rate Rate Rate Rate Rate Rate
2008 0.25%0.75%0.25%1.75%1.00%0.50%1.00%5.00%
2009 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00%
2010 0.25%0.75%0.25%1.25%1.00%1.00%1.00%5.00%
2011 0.25%0.75%0.25%1.00%1.00%1.00%1.00%5.00%
2012 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2013 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2014 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2015 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2016 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2017 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00%
Data Source
Village and County Records
Page 134
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Business-Type
Activities Activities Percentage
Fiscal General General Total of
Year Obligation Obligation Primary Personal Per
Ended Bonds Bonds Government Income*Capita*
5,000,000$ 1,775,000$ 6,775,000$ 0.63%367.81$
4,825,000 1,350,000 6,175,000 0.57%335.23
17,145,000 915,000 18,060,000 1.62%981.26
48,835,000 465,000 49,300,000 4.26%2,670.93
56,555,000 - 56,555,000 4.91%3,064.98
23,164,958 31,997,146 55,162,104 4.79%2,989.49
22,223,327 31,230,833 53,454,160 4.63%2,903.85
31,252,022 30,460,961 61,712,983 5.29%3,340.17
29,859,606 29,667,530 59,527,136 4.87%3,202.45
31,118,917 28,850,541 59,969,458 4.69%3,193.43
*
**Eight months ended December 31, 2013
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
Data Source
Audited Financial Statements
See the schedule of Demographic and Economic Statistics for personal income and population data.
2011
2012
2013
2013 **
2014
2015
2010
VILLAGE OF DEERFIELD
2009
2016
2017
Page 135
(1)(1)
Governmental Business-Type (1)Percentage of
Activities Activities Less Amounts Estimated
General General Available Actual Taxable
Fiscal Obligation Obligation In Debt Value of Per
Year Bonds Bonds Service Fund Total Property Capita
2009 5,000,000$ 1,775,000$ 472,761$ 6,302,239$ 0.40%342.14$
2010 4,825,000 1,350,000 105,915 6,069,085 0.38%329.48
2011 17,145,000 915,000 101,518 17,958,482 1.20%975.74
2012 48,835,000 465,000 286,753 49,013,247 3.52%2,655.39
2013 56,555,000 - 113,074 56,441,926 4.36%3,058.85
2013*23,164,958 31,997,146 1,473,632 53,688,472 4.15%2,909.63
2014 22,223,327 31,230,833 2,208,527 51,245,633 4.17%2,783.88
2015 31,252,022 30,460,961 2,983,643 58,729,340 4.79%3,178.68
2016 29,859,606 29,667,530 3,756,098 55,771,038 4.23%3,000.38
2017 31,118,917 28,850,541 4,455,421 55,514,037 3.94%2,956.18
* Eight months ended December 31, 2013
Data Source
(1) Audited Financial Statements
VILLAGE OF DEERFIELD
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
Page 136
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 30,419,000$ 100.00%30,419,000$
Lake County 183,035,000 5.09%9,316,482
Lake County Forest Preserve 255,895,000 5.09%13,025,056
Cook County 3,213,141,750 0.10%3,213,142
Cook County Forest Preserve 157,510,000 0.10%157,510
Deerfield Park District 1,720,000 97.63%1,679,236
Park District of Highland Park 9,650,000 1.33%128,345
Northbrook Park District 6,110,000 3.16%193,076
Lake Elementary School District No. 109 18,685,000 77.07%14,400,530
Lake High School District No. 113 91,750,000 29.91%27,442,425
Cook Northfield Township High School District No. 225 73,009,614 2.71%1,978,561
Community College of Lake County No. 532 63,745,000 5.36%3,416,732
Oakton Community College District No. 535 30,895,000 0.64%197,728
Metropolitan Water Reclamation District of Greater Chicago 2,583,922,748 0.10%2,583,923
Total Gross Debt 6,719,488,112 108,151,746
Less Debt Service Fund Amount
Available - Village of Deerfield 4,632,684 4,632,684
TOTAL DIRECT AND OVERLAPPING DEBT 6,714,855,428$ 103,519,062$
*Most recent data available.
**
***Amount of column (2) multiplied by amount in column (1).
Data Sources
Lake and Cook County Clerk's Offices
Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation.
VILLAGE OF DEERFIELD
DIRECT AND OVERLAPPING BONDED DEBT -
GOVERNMENTAL ACTIVITIES
December 31, 2017
Page 137
LEGAL DEBT MARGIN INFORMATION
December 31, 2017
EQUALIZED ASSESSED VALUATION - 2016*1,407,512,362$
Non-Home Rule Legal Debt Limit - 8.625%121,397,941
Amount of debt applicable to limit:
General Obligation Bonds Series 2010A 3,464,000
General Obligation Bonds Series 2011A 7,930,000
General Obligation Bonds Series 2013 4,560,000
General Obligation Bonds Series 2015 8,800,000
General Obligation Bonds Series 2017 5,665,000
Total amount of debt applicable to limit:30,419,000
NON-HOME RULE LEGAL DEBT MARGIN 90,978,941$
* Most Recent EAV Available
The Village is a home rule municipality and, as such, has no debt limitations.If,however, the Village were a non-home
rule municipality, its available debt limit would be as follows:
VILLAGE OF DEERFIELD
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin:
The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home
rule municipalities,payable from ad valorem property tax receipts, only in excess of the following percentages of the
assessed value of its taxable property...(2)if its population is more than 25,000 and less than 500,000 an aggregate of
one per cent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is
thereafter approved by referendum...shall not be included in the foregoing percentage.
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
Page 138
Per Capita Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2009 (a)18,420 58,338 131,585 4.90%
2010 (b)18,420 58,338 131,585 7.10%
2011 (c)18,405 60,582 131,534 5.60%
2012 (d)18,458 62,631 132,785 5.75%
2013 (e)18,452 62,405 129,187 5.30%
2013*(f)18,452 62,405 129,187 5.85%
2014 (g)18,408 62,731 135,881 5.05%
2015 (h)18,476 63,190 135,754 4.20%
2016 (i)18,588 65,757 137,423 4.40%
2017 (j)18,779 68,101 143,729 3.60%
* Eight months ended December 31, 2013
Data Sources
(a) U.S. Census Bureau "2005-2009 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(b) U.S. Census Bureau "2005-2009 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(c) U.S. Census Bureau "2006-2010 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(d) U.S. Census Bureau, "2007-2011 American Community Survey 5-Yr. Estimates"
U.S. Bureau of Labor Statistics
(e) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(f) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(g) U.S. Census Bureau, "2009-2013 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(h) U.S. Census Bureau, "2010-2014 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(i) U.S. Census Bureau, "2011-2015 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
(j) U.S. Census Bureau, "2012-2016 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics and Special Census
VILLAGE OF DEERFIELD
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
Page 139
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Walgreen Boots Alliance Inc 6,500 1 34.61%
Walgreen Co 2,500 2 13.31%2,500 2 13.57%
Baxter International Inc 1,700 3 9.05%3,000 1 16.29%
Takeda Pharmaceuticals USA Inc 1,700 4 9.05%1,900 3 10.31%
Baxter Healthcare Corp 800 5 4.26%
Mondelez International 700 6 3.73%
Essendant 600 7 3.20%
Deerfield Park District 500 8 2.66%
Deerfield School District 109 500 9 2.66%
Siemens Healthcare Solutions USA Inc 310 10 1.65%
Kinetek Inc 1,080 4 5.86%
Astellas Pharma US Inc 1,000 5 5.43%
Montclair Hotels MB LLC 700 6 3.80%
Linkscorp LLC 700 7 3.80%
Deerfield High School 560 8 3.04%
Illinois Student Assistance Commission 550 9 2.99%
Moore Wallace North America 350 10 1.90%
TOTAL 15,810 84.19%12,340 66.99%
Village population 18,779 18,420
Data Source
2018 Illinois Manufacturers Directory and 2018 Illinois Services Directory
VILLAGE OF DEERFIELD
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2017 2008
Page 140
VILLAGE OF DEERFIELD
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
Function/Program 2009 2010 2011 2012 2013 2013*2014 2015 2016 2017
GENERAL GOVERNMENT
Village Manager 3 3 2 4 5 5 5 5 5 6
Finance 10 10 10 8 8 8 8 8 8 8
Engineering 3 3 2 2 2 2 2 3 3 3
Community Development 7 7 7 7 7 7 8 8 8 8
PUBLIC WORKS
Administration 4 4 4 4 4 4 4 4 4 4
Street Maintenance 7 7 7 7 7 7 7 7 7 7
Utilities Maintenance 15 15 14 14 14 14 14 13 13 13
Sewage Treatment Plant 8 8 8 8 7 7 7 7 7 7
Garage 2 2 2 2 2 2 2 2 2 2
PUBLIC SAFETY
Police
Administration 7 7 7 7 7 7 7 7 7 7
Communications 8 8 8 8 8 8 8 8 8 8
Investigations/Youth 7 7 7 7 7 7 7 7 7 7
Patrol 31 31 31 31 33 33 34 34 34 34
TOTAL 112 112 109 109 111 111 113 113 113 114
* Eight months ended December 31, 2013
Data Source
Village budget office
Page 141
VILLAGE OF DEERFIELD
OPERATING INDICATORS
Last Ten Calendar Years
Function/Program 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
PUBLIC SAFETY
Police
Physical arrests 568 415 575 513 485 367 337 336 426 346
Parking violations 2,385 1,656 1,509 1,343 2,628 2,307 2,560 1,709 1,598 2,452
Traffic violations 4,255 3,703 3,106 3,391 3,367 3,550 3,452 3,765 3,463 2,858
PUBLIC WORKS
Street resurfacing (miles)3.14 0.89 0.86 1.83 2.80 1.76 1.96 6.45 0.36 0.74
WATER
Water main breaks 47 59 76 75 78 108 56 61 53 52
Average daily consumption (gallons)2,566,000 2,630,000 2,683,526 2,522,061 2,805,124 2,730,295 2,571,000 2,380,000 2,306,605 2,228,298
Peak daily consumption (gallons)5,279,000 4,510,000 5,009,819 5,502,196 5,482,125 5,069,827 3,903,000 3,800,000 4,363,018 5,127,763
WASTEWATER
Average daily treatment (gallons)3,324,536 3,313,068 2,930,000 3,530,000 2,395,000 2,761,000 3,452,000 3,180,000 2,680,000 2,740,000
Data Source
Various village departments
Page 142
VILLAGE OF DEERFIELD
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
Function/Program 2009 2010 2011 2012 2013 2013*2014 2015 2016 2017
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 41 41 41 41 42 43 40 40 40 40
PUBLIC WORKS
Arterial streets (miles)8 8 8 8 8 8 8 8 8 8
Residential streets (miles)68 68 68 68 68 68 68 68 68 68
Traffic signals 10 10 10 10 10 10 10 10 10 10
WATER
Water mains (miles)84 88 90 90 90 90 90 90 90 90
Fire hydrants 1,203 1,212 1,217 1,208 1,220 1,205 1,208 1,206 1,267 1,260
Storage capacity (gallons)8,000,000 8,000,000 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850
WASTEWATER
Sewers (miles)80 80 80 80 80 80 80 80 80 80
Treatment capacity (gallons)8,000,000 8,000,000 8,000,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000
* Eight months ended December 31, 2013
Data Source
Various village departments
O T H E R I N F O R M A T I O N
Page 143
VILLAGE OF DEERFIELD
Debt Information
Direct Debt :
General Obligation Bonds 30,419,000$
Gross General Percent Village's Share
Obligation Debt Applicable of Debt
Overlapping Debt :
Lake County 183,035,000$ 5.09%9,316,482$
Lake County Forest Preserve 255,895,000 5.09%13,025,056
Cook County 3,213,141,750 0.10%3,213,142
Cook County Forest Preserve 157,510,000 0.10%157,510
Deerfield Park District 1,720,000 97.63%1,679,236
Park District of Highland Park 9,650,000 1.33%128,345
Northbrook Park District 6,110,000 3.16%193,076
Lake School District No. 109 18,685,000 77.07%14,400,530
Lake High School District No. 113 91,750,000 29.91%27,442,425
Cook High School District No. 225 73,009,614 2.71%1,978,561
Community College No. 532 63,745,000 5.36%3,416,732
Community College No. 535 30,895,000 0.64%197,728
Metro Water Reclamation District 2,583,922,748 0.10%2,583,923
Total Overlapping Debt 77,732,746
Total Direct and Overlapping Debt 108,151,746$
Source: Lake and Cook County Clerk's Offices.
Page 144
VILLAGE OF DEERFIELD
Statement of Indebtedness
Amount % of % of Estimated
Applicable EAV True Value Per Capita*
2016 Equalized Assessed Valuation (1)1,407,512,362$ 100.00%33.33%75,722
Estimated True Value 4,222,537,086 300.00%100.00%227,165
Direct Debt 30,419,000 2.16%0.72%1,636
Overlapping Debt 77,732,746 5.52%1.84%4,182
Direct and Overlapping Debt 108,151,746 7.68%2.56%5,818
*Population of 18,588 based on 2016 CAFR.
(1) Reflects 2016 Lake County EAV and 2016 Cook County EAV.
Page 145
VILLAGE OF DEERFIELD
Equalized Assessed Valuation
2012 2013 2014 2015 2016
Residential 938,649,978$ 898,117,390$ 909,922,822$ 984,948,931$ 1,052,928,225$
Commerical 340,275,838 316,522,689 311,130,618 327,995,985 348,028,112
Industrial 14,338,152 13,777,096 6,248,146 6,125,472 6,556,025
Total 1,293,263,968$ 1,228,417,175$ 1,227,301,586$ 1,319,070,388$ 1,407,512,362$
Source: Offices of Lake and Cook County Clerk.
Lake County
Residential $937,972,021 897,492,359$ 909,334,162$ 984,103,737$ 1,047,402,667$
Farm - - - - -
Commerical 207,908,753 191,692,037 184,960,326 203,659,873 215,025,184
Industrial 2,562,167 2,460,043 2,481,937 2,437,757 2,594,504
Total 1,148,442,941$ 1,091,644,439$ 1,096,776,425$ 1,190,201,367$ 1,265,022,355$
Cook County
Residential 677,957$ 625,031$ 588,660$ 845,194$ 5,525,558$
Farm - - - - -
Commerical 132,367,085 124,830,652 126,170,292 124,336,112 133,002,928
Industrial 11,775,985 11,317,053 3,766,209 3,687,715 3,961,521
Total 144,821,027$ 136,772,736$ 130,525,161$ 128,869,021$ 142,490,007$
Page 146
VILLAGE OF DEERFIELD
Tax Rates Per $100 of Assessed Valuation
2012 2013 2014 2015 2016
Bonds and Interest 0.161 0.171 0.243 0.279 0.291
Corporate 0.164 0.180 0.000 0.261 0.272
Garbage 0.070 0.076 0.077 0.000 0.000
All Other 0.003 0.007 0.191 0.000 0.000
Total Village 0.398 0.434 0.511 0.540 0.563
County Including Forest Preserve 0.820 0.881 0.893 0.871 0.825
Deerfield Elementary Dist. 109 3.254 3.424 3.401 3.211 3.070
High School District 113 2.178 2.364 2.421 2.309 2.187
Community College (Lake County) Dist. 532 0.272 0.296 0.306 0.299 0.285
Deerfield Park District 0.546 0.585 0.599 0.552 0.542
Deerfield-Bannockburn Fire Protection Dist.0.593 0.637 0.650 0.624 0.612
Library 0.321 0.350 0.364 0.353 0.293
All Other 0.053 0.048 0.053 0.049 0.046
Total 8.435 9.019 9.198 8.808 8.423
Village as a Percent of Total 4.7%4.8%5.6%6.1%6.7%
Source: Office of Lake County Clerk.
Page 147
VILLAGE OF DEERFIELD
Tax Extensions and Collections
LAKE COUNTY COOK COUNTY
Levy Collection Levy Collection
Year Year Taxes Extended Amount Percent Year Year Taxes Extended Amount Percent
2005 2006 4,723,411 4,706,769 99.65%2005 2006 444,012 457,708 103.08%
2006 2007 4,290,135 4,287,885 99.95%2006 2007 420,514 416,589 99.07%
2007 2008 4,700,551 4,690,657 99.79%2007 2008 409,907 410,137 100.06%
2008 2009 4,838,606 4,829,011 99.80%2008 2009 414,860 407,960 98.34%
2009 2010 5,106,445 5,098,946 99.85%2009 2010 399,022 402,287 100.82%
2010 2011 5,850,305 5,838,131 99.79%2010 2011 445,248 452,011 101.52%
2011 2012 7,469,212 7,470,033 100.01%2011 2012 521,208 520,642 99.89%
2012 2013 8,257,305 8,247,653 99.88%2012 2013 593,766 595,080 100.22%
2013 2014 8,558,492 8,550,030 99.90%2013 2014 607,271 608,961 100.28%
2014 2015 9,602,672 9,586,819 99.83%2014 2015 691,783 691,424 99.95%
2015 2016 10,633,806 10,614,943 99.82%2015 2016 720,378 720,378 100.00%
2016 2017 10,839,968 10,797,521 99.61%2016 2017 745,223 744,447 99.90%
Total
Levy Collection
Year Year Taxes Extended Amount Percent
2005 2006 5,167,423 5,164,477 99.94%
2006 2007 4,710,649 4,704,474 99.87%
2007 2008 5,110,458 5,100,794 99.81%
2008 2009 5,253,466 5,236,971 99.69%
2009 2010 5,505,467 5,501,233 99.92%
2010 2011 6,295,553 6,290,142 99.91%
2011 2012 7,990,420 7,990,675 100.00%
2012 2013 8,851,071 8,842,733 99.91%
2013 2014 9,165,763 9,158,991 99.93%
2014 2015 10,294,455 10,278,243 99.84%
2015 2016 11,354,184 11,335,321 99.83%
2016 2017 11,585,191 11,541,968 99.63%
Lake County and Cook County as of 5/31/2016.
Source: Lake and Cook County Clerk's Office.
Total Collections Total Collections
Source: Lake County Clerk's Office.Source: Cook County Clerk's Office.
Total Collections
Page 148
VILLAGE OF DEERFIELD
Principal Taxpayers within the Village
Taxpayer
2016 Equalized
Assessed Value
% of Total Equalized
Assessed Valuation
Walgreen Co.43,488,439$ 3.09%
Marvin F Poer & Co.36,320,792 2.58%
Scott Dressing, Sr Mgr Taxation 27,302,061 1.94%
MidAmerica Asset Management 28,944,553 2.06%
JBC Funds Parkway North LLC 19,657,194 1.40%
CRM Properties Group 14,635,907 1.04%
James Campbell Co. LLC 13,950,896 0.99%
LO Deerfield Operating 12,327,389 0.88%
C/O Property Tax 10,629,048 0.76%
Wells Core REIT - Four Parkway North LLC 8,530,398 0.61%
Total 215,786,677$ 15.35%
Data Source: Lake & Cook County Clerk's & Assessor's Offices.