R-92-13RESOLUTION NO. R -92 -13
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of Chapter 24, Section 11-
74.4, et sew., Illinois Revised. Statutes, the Tax Increment
Allocation Redevelopment Act (the "Act ") established a tax
increment financing district in 1982 within portions of the Village
of Deerfield located within both Cook County and Lake County,
Illinois; and
WHEREAS, pursuant to the provisions of the Act, the Corporate
Authorities adopted Ordinance No. 0 -82 -33 establishing the 1982
Special Tax Allocation Fund and Ordinance No. 0 -82 -34 causing the
issuance of $500,000 principal amount of Corporate Purpose Bonds
Series 1982; and
WHEREAS, Chapter 24, Section 11- 74.4 -7 of the Act requires
that any monies held by a municipality and not required for the
payment and securing of obligations of a tax increment financing
district and /or redevelopment project costs shall be deemed to be
"Surplus Funds "; and
WHEREAS, the Corporate Authorities have determined that
pursuant to the provisions of the aforementioned ordinances No. 0-
82-33 and No. 0 -82 -34 and the Act that Surplus Funds are currently
available.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That any Surplus Funds presently existing in the
ONE: 1982 Special Tax Allocation Fund determined in
accordance with Chapter 24, Section 11- 74.4 -7 of the
Act and Ordinances No. 0 -82 -33 and No. 0 -82 -34 be and are hereby
declared Surplus Funds.
SECTION That pursuant to Section One hereof the Finance
TWO: Director of the Village of Deerfield has determined
that the sum of $5,463,435 and held in the 1982
Special Tax Allocation Fund is Surplus Funds and is no longer
required for use pursuant to the provisions of the Act and
Ordinances No. 0 -82 -33 and No. 0- 82 -34.
RESOLUTION NO. R -92 -13
SECTION That the Finance Director of the Village.of
THREE: Deerfield is hereby directed to follow the statutory
provisions for the reallocation of Surplus Funds to
the appropriate taxing bodies within both Cook and Lake Counties
and to take the required steps to promptly insure the
redistribution of Surplus Funds to said taxing bodies.
SECTION That the .Village Clerk shall provide such certified
FOUR: copies of this Resolution as may be required for the
purposes of effectuating the redistribution of
Surplus Funds in the manner set forth above.
SECTION That this Resolution shall be in full force and
FIVE: effect from and after its passage in the manner
provided by law:
AYES: Ehlers, Marovitz, Rosenthal, Seidman, Swanson (5)
NAYS: None (0),
ABSENT: Swartz (1)
PASSED: This 21st day of December , A.D., 1992
APPROVED: This 21st day of December, A.D., 1992
AVQILLAGflPZRESIDENT
ATTEST:
vAPAGE CLERK
TIF 1 Tax Collections 1211/91-11/30/92
Balance 12/1/92
Expenditures and Transfers to 12/1 /93
Debt Service
Train Station
Material Pad
Salt Storage Dome
Total
Available For Rebate
(1991 Rebate)
Lake County
Cook County
Tax impact selected governmental units:
6,267,685
89,250
500,000
40,000
175,000
804,250
5,463,435
6,632,468
1992 Rebate
2,099,846
3,363,589
1991 Rebate
2,428,846
4,203,622
% of 1991
Tax Rate
Tax Bill
Projected
Actual
1992
1991
School Dist 109
761513
31.35%
658,362
761,512
School Dist 113
682991
28.12%
590,476
682,991
Park Dist
198425
8.17%
171,547
198,425
Fire Dist
160579
6.61%
138,828
160,579
Village of DF (w library)
286496
11.80%
247,689
247,689
Wolf &Company
Certified Public Accountants
The Honorable Bernard Forrest, Mayor.
Members of the Board of Trustees
Village of Deerfield, Illinois
2100 Clearwater Drive
Oak Brook. Illinois 60521 -1027
171151 574 -7100 FAX: (7(11) 571 -7115
We have applied certain agreed -upon procedures, as discussed below, to the Rebate
Projection - TIF 1 report for the period December 1, 1991 to November 30, 1992.
Our review was made solely to assist you in evaluating the degree of compliance
by the Village with the requirements of Section 11- 74.4 -7 of the Tax Increment
Allocation Redevelopment Act. It is understood that our report is solely for
your information and is not to be referred to or distributed for any purpose to
anyone who is not a member of the Village of Deerfield, Illinois or otherwise
authorized representative, or other public body to whom the Village transmits a
copy. The procedures we performed are summarized as follows:
We reviewed the distribution calculation of surplus funds in the amount of
$5,463,435 in the Tax Incremental Finance District 1 Fund to Lake County and
Cook County. We reviewed the methodology and supporting documentation that
was used in determining this allocation. The Village applied the first in,
first out theory for funds expended since the formation of the District in
1982. The remaining funds were then allocated to the two counties based on
the tax distributions to the District for the period December 1, 1991 to
November 30, 1992.
In our opinion the tax allocation of $2,099,846 to Lake County and $3,363,589 to
Cook County for distribution to various taxing bodies under section 11- 74.4 -7 of
the Tax Increment Allocation Redevelopment Act is materially correct.
Because the above procedures do not constitute an examination in accordance with
generally accepted auditing standards, we do not express an opinion on the
Village's financial statements as of and for the period ended December 1, 1991
to November 30, 1992. In connection with the procedures referred to above, no
matters came to our attention that caused us to believe that the Village's
financial statements might require adjustment. Had we performed additional
procedures or had we made an examination in accordance with generally accepted
auditing standards, other matters might have come to our attention that would
have been reported to you. This report relates only to the rebate calculation
specified and does not extend to any financial statements of the Village.
Oak Brook, Illinois
December 10, 1992
1
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i
VILLAGE OF DEERFIELD, ILLINOIS
REBATE PROJECTION - TIF 1
FOR THE PERIOD DECEMBER 1, 1991 TO NOVEMBER 30, 1992
Cash and Investments
Balance - 12/1/92
Reserve for Expenditures and Transfers to 12/1/93
Debt Service
Train Station
Material Pad
Salt Storage Dome
Total
Available for Rebate
1992 Rebate
Lake County
Cook County
0�
$6.267.685
89,250
500,000
40,000
175.000
804.250
5.463.435,
2,099,846
3.363.589
5.463.435