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Home My Public Portal About2002 Comprehensive Annual Financial ReportVILLAGE OF GLENVIEW, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2002 Prepared by Finance Department Daniel P. Wiersma Director of Finance Daniela Partipilo Assistant Director of Finance I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS I I i i I I I I ! I I i I I I I INTRODUCTORY SECTION Principal Officials ..................................... Organization Chart ......................... Certificate of Achievement for Excellence in Financial Reporting .................................. Director of Finance's Letter of Transmittal ...................................................................... FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT ........................................................................ GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Unit ....................................................................... Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit ............................................. Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types ................................................................................... Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types .................................... Combined Statement of Cash Flows - All Proprietary Fund Types ............................. Combined Statement of Changes in Plan Net Assets - All Pension Trust Funds ............................................................................................. Notes to Financial Statements ...................................................................................... REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Schedule of Employer Contributions Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Page(s) i ii iii iv-xiv 1-2 3-6 7-8 9-10 11 12-13 14 15 -47 48 49 50 51 52 53 VILLAGE OF GLENVIEW, 1LLINOIS TABLE OF CONTENTS (Continued) I I i FINANCIAL SECTION (Continued) COMBINING, INDiVIDUAL FUND AND ACCOU~NT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND Balance Sheet .......................................................................................................... Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ..................................................... Schedule of Revenues - Budget and Actual ............................................................ Schedule of Expenditures - Budget and Actual ....................................................... Schedule of Detailed Expenditures - Budget and Actual ........................................ SPECIAL REVENUE FUNDS Combining Balance Sheet .......... Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................................................................................... Illinois Municipal Retirement Fund Statement o£Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Motor Fuel Tax Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Refuse and Recycling Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ 911 Communications Fund Statement of Revenues, Expenditm-es and Changes in Fund Balance - Budget and Actual ................................................ Page(s) 54 55-56 57-58 59 60-66 67-68 69-70 71 72 73 74 I ! / I I i I I I I i I I I I i i VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) i i i J i i i I i I- F F FINANCIAL SECTION (Continued) COMBINING, 1NDWIDUAL FUND AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) GOVERNMENTAL FUND TYPES (Continued) SPECIAL REVENUE FUNDS (Continued) GNAS Redevelopment Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Schedule of Expenditures- Administration Department - Budget and Actual ............................................................................................ GNAS Caretaker Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Schedule of Expenditures - Budget and Actual .................................................. Special Tax Allocation Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ DEBT SERVICE FUNDS Combining Balance Sheet ....................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ................................................... CAPITAL PROJECTS FUNDS Combining Balance Sheet ....................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ................................................... Schedule of Detailed Expenditures - Budget and Actual GNAS Bond Fund Series 1995 ........................................................................... Page(s) 75 76 77 78-80 81 82 83-84 85-86 87 88-89 90-93 94-95 VILLAGE OF GLENVIEW, IJ~LINOIS TABLE OF CONTENTS (Continued) STATISTICAL SECTION (Continued) ADDITIONAL DISCLOSURES REQ~D BY SEC RULE 15c2-12 (Continued) General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1997 - 2001) and 2002 Budget ...................................................... Balance Sheets (1997 - 2001) .................................................................................. Combined Statement - All Funds Fund Balances 1997-2000 and Summary 2001 Revenues, Excess Revenues and Fund Balances .................................................. Fixed Assets at December 31, 2001 ............................................................................. Page(s) 174 174 175 177 I ! !_ Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2001 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accotmting and financial reporting. President Executive Director iii I I i VILLAGE OF GLENVIEW, ]ILLINOIS PRINCIPAL OFFICIALS December 31, 2002 I I I I I I I I I I I I I I I Rachel Cook Mary Beth Denefe Jeffrey M. Lerner LEGISLATIVE Village Board of Trustees Lawrence R. Carlson, Village President Paul T. McCarthy Village Clerk/Treasurer EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Daniel P. Wiersma, Director of Finance Daniela Partipilo, Assistant Director of Finance -i- John D. Crawford Michael J. Guinane Donna Pappo I I , Gl iagei iew I July 2, 2003 I I I I I I I I I I I I I Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview The comprehensive mmual financial report of the Village of Glenview (the "Village") for the year ended December 31, 2002 is submitted herewith. This report represents a comprehensive picture of the Village's financial activities during 2002 and the financial condition of its various funds at December 31, 2002. Although formally addressed to the elected officials and citizens of Glenview, this financial report has numerous other users. Foremost among the other users are the bondholders of the Village, financial institutions, educational institutions and other governmental entities. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The comprehensive aunual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generallypresented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-i2. The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form of goverun~ent. It is a home rule mm~icipality as defined by the Illinois Constitution. Located approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of 13.27 square miles and has a certified 2000 Census of 41,847. This figure represents an increase of 3,410 or 8.87% from the 1990 Census. 1225 Waukegan Road ~ Glenview, IllinoisB0025 ~ (847) 724-1700 ~ (847) 724-4232 TDD The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, construction and maintenance of streets, code enforcement, plarming and zoning and general administrative services. The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the primary government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Glenview Public Library is included as a discrete presentation since a separately elected board of trustees governs it. No other legally separate entity qualifies as a component unit of the Village. Economic Condition and Outlook There are several measures of economic health for local governments. Perhaps four of the more objective measures or indicators are local employment levels, retail sales activity, family income levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of Illinois as a whole. As of December 31, 2002 the Village's unemployment rate was 4.4%, compared to 7.1% for Cook County, 6.3% for the State of Illinois and 5.7% for the United States. Retail sales within the Village totaled $876 million for 2002. This represents an increase of $158 million, or 22.0%, fi.om 2001. The Village expects retails sales to continue to grow as significant additional retail space, currently under construction, comes on line. Median family income figures from the 2000 Census show that the average income of Glenview residents far exceeds county and state averages. According to the Census Bureau, Glenview's 2000 median family income was $96,552, compared to $53,784 for Cook County, $55,545 for the State of Illinois and $50,046 for the United States. This ranked Glenview as the fifth wealthiest community in the State oflllinois amongst communities with populations over 25,000. The Village also ranked fifth in terms of median household income. For a number of years, there was no substantial new commercial or residential construction activity within the Village as little vacant land was available for development. However, construction activity has increased dramatically as the 1,100 acre former Glenview Naval Air Station ("The Glen") had developed. Throughout the whole Village during 2002, there were 24 new commercial developments constructed, with a total value of $42 million and 376 new residential housing permits issued. -V- Major Initiatives For the Year 2002 was another year of significant advances in the Village's efforts to redevelop The Glen. The Navy and the Village came to agreement on the Economic Development Conveyance of the Navy basein 1998. As aresult of the land use plan and the massive infi'astructure improvements needed to achieve that plan, the Village has acquired the 1,100 acre base property for approximately $2.1 million. As of December 31, 2002, more than 1,075 acres had been deeded to the Village. The remainder of the property will be transferred to the Village once the Navy completes all required environmental clean up, which is anticipated to occur by the end of 2003. Construction began in 1998 on the initial infrastructure improvements and is expected to continue into 2004. In addition, in 1998, the Village established a Tax Increment Financing District ("TIF" or "District"), which encompasses The Glen. The TIF was created as a risk management tool to facilitate the redevelopment of the District. It is the Village's intent to close the District when the costs associated with the redevelopment have been fully addressed. As a result of the extensive work to develop a database of 1,200 marketing contacts, RFP's were received from 57 developer groups in 1998 on the parcels offered for development. Following analysis of the bids received, it was determined that all parcels received multiple bids from qualified developers. Negotiations were concluded with developers resulting in the receipts of $85 million in land sales in 1999, $42 million during 2000 and $33 million in 2001 and $ 2 million in 2002. During 1999 the Village established the Village Permanent Fund. The Village transfers 20% of the Land S ales proceeds into this fund for Village wide improvements as well as providing liquidity to the Tite project in the near term. For the Future 2003 is expected to be another active year relative to the redevelopment of The Glen with approximately $44 million of infrastructure construction scheduled. The Redevelopment staff has been negotiating with developers on the remaining parcels and it is anticipated that the balance of the parcels will be sold in 2003. The focus during the year will be on the activities surrounding the October opening of the Mixed Use Retail Center ("MURC") arid working with developers to secure the optimal business mix. During 2002 the Village began the process to update its Comprehensive Plan. It is anticipated that this process will take 15 to 18 months and will provide the Village with a context for future development throughout the Village. Other notable projects for 2003 include: the completion of a space utilization study to determine the most efficient means to address the needs of the Police Department; the construction of two additional fire stations to ensure appropriate response times throughout the Village; and the implementation of new enterprise wide software to assist the Administration and all Departments in collecting and managing data. - vi - I I I I I I I I I I t I I I I I I I I I I I I I I I I I I I Financial Information Management of the Village is responsible for establishing and maintaining internal controls designed to ensure that the assets of the Village are protected from loss, theft or misuse, and to ensure that adequate accounting data is compiled to allow for the timely preparation of financial statements in conformity with generally accepted accounting principles. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of the costs and benefits requires estimates and judgements by management. Budgetary Control The objective of budgetary controls is to ensure compliance with legal provisions embodied in the mmual budget adopted by the Village's governing body. The budget covers activities of the general, special revenue, debt service, enterprise, internal service and certain capital and fiduciary fund types. The level of budgetary control, that is, the level at which expenditures cannot exceed the budgeted mount, is established at the fund level. General Government Functions The following table presents a summary of revenues available for general governmental functions (the General, Special Revenue, Debt Service Funds and component unit- Library Funds) for the year ended December 31, 2002 with comparisons to the previous year. Increase Percent 2002 Percent (Decrease) Increase Revenues Amount of Total From 2001 (Decrease) Property Taxes $14,361,014 33.89% $ 2,589,745 22.00% Other Taxes 4,792,905 11.31 ( 160,971) (3.25) Total Taxes 19,153,919 45.20 2,428,774 14.52 Licenses and Permits 2,415,483 5.70 ( 394,517) (14.04) Intergovemmental 16,161,326 38.14 1,590,805 10.92 Charges for Services 2,843,608 6.71 13,650 .48 Fines and Forfeits 274,961 0.65 ( 4,125) (1.48) Interest Earnings 601,513 1.42 ( 551,607) (47.84) Miscellaneous 919,207 2.18 ( 794,532) (46.36) Total Revenues $42,370,017 100.00% $2,288,448 5.71% Total general govermnental revenues for the year amounted to $42,370,017. increase of $2,288,448 or 5.71% over 2001. - vii - This represents an Property tax revenues for general governmental purposes reflect an~ increase of $2,589,745, or 22.00%. Of this amount, $2,384,569 or 92.08% of the increase is the result of property tax increment received in the Special Tax Allocation Fund. Other Taxes totaled $4,792,905, representing adecreaseof$160,971 or 3.25%. The most significant components of Other Taxes are the Utility Tax, which amounted to $4,119,522, a decrease of 0.67%, and the Hotel Tax, which generated $615,083, a decrease of 17.79%. Revenue fi:om the sale of licenses and permits totaled $2,415,483, a decrease of $394,517, or 14.04% compared to 2001. Of the total, Building permit revenue totaled $1,990,966 a decrease of $417,5625, a decrease o£ 17.34% from the record high $2,408,528 of Building permits sold in 2001. While a majority of the permit revenue is associated with development at The Glen, a significant portion is also attributable to building activity throughout the Village and an indicator of the area's strong economy. Intergovernmental revenues increased $1,590,805 to $16,161,326, an increase of 10.92% over 2001. The largest single component of increase in this revenue category is Sales Tax, which totaled $8,765,038, an increase ors 1,581,032 or 22.00% over 2001. State shared revenues in general were down, with the most noticeable decrease reflected in the Village's share of State Income Tax that totaled $2,745,035, a decrease of $218,451 or 7.37%. Charges for Services were flat as receipts increased $13,650 to $2,843,608. The largest component of this revenue category is Engineering fees, which decreased from $501,406 in 2001 to $297,085 in 2002. The primary cause for this reduction is that a significant portion of the Engineering work regarding The Glen has been completed. Interest earnings in those funds providing general governmental functions totaled $601,513, a decrease of $551,607 or 47.84%: 2002 2001 Interest Interest Increase Fund Type Earnings Earnings (Decrease) General $401,213 $769,833 ($368,620) Special Revenue 63,583 100,629 (37,046) Debt Service 96,682 179,191 (82,509) Library Component Unit 40,035 103,467 (63,432) TOTAL $601,513 1,153,120 ($551,607) The decrease in interest earnings for all Fund Types is reflective of the drop in short term interest rates in addition a portion of the decrease for the debt service funds can be attributed to the fact that capitalized interest which generated interest eamings in prior years has been expended, leaving fewer dollars available for investment. - viii - I I I I ! I I ! i I i I I I I I I I I I I I I I I I I I I I I I I I I I I I Miscellaneous revenues totaled $919,207 for 2002, a decrease of $794,532 or 46.36% fi.om 2001. Included in the 2001 amount was $956,654 attributable to land sales ~unrelated to The Glen). Following is a table showing expenditures by service area with comparisons to the previous year for the general, special revenue, debt service and component unit (Library) funds: Increase Percent 2002 Percent (Decrease) Increase Expenditures Amount of Total from 2001 (Decrease) General Goverrmaent $10,999,766 23.83% $726,439 7.07% Public Safety 16,314,536 35.35 435,000 2.74 Highways and Streets 6,133,143 13.29 237,623 4.03 Miscellaneous 717,910 1.56 ( 88,272) (10.95) Culture and Recreation 3,900,090 8.45 161,407 4.32 Debt Service 8,085,655 17.52 2,607,289 47.59 Total Expenditures $46,151,100 100.00% $4,079,486 9.70% Total expenditures for general governmental functions in 2002 were $46,151,100, an increase of $4,079,486 or 9.70% over 2001. General governmental expenditures totaled $10,999,766, an increase of $726,439 or 7,07%. This increase is primarily due to the progression of employees on the step-plan, and increased insurance costs. Expenditures in the Public Safety category totaled $16,314,536, an increase of $435,000, or 2.74%, and is primarily due to the addition of personnel, the progression of employees on the step-plan, and increased pension costs. Expenditures in the highways and streets category totaled $6,133,143 in 2002, an increase of $237,623, or 4.03% compared to 2001. Debt service expenditures amounted to $8,085,655, compared to $5,478,366 in 2001, an increase of $2,607,289 or 47.59%. This increase is the result of the Village issuing bonds to refinance outstanding debt and realize net present value saving of approximately $250,000, or 3.75%. General Fund Balance The General Fund ended 2002 with an excess of revenues and other financing sources over expenditures and other financing uses of $1,960,129. Revenues exceeded the Budget by $144,833, or 0.005%, and expenditures were $1,897,183 or 6.28% less than budgeted. The result brought the undesignated fund balance to $14,553,994 at December 31, 2002, the equivalent of 48.80% of actual 2002 expenditures and transfers. - ix - Enterprise Operations The Village has five enterprise operations accounted for in its financial statements: the Waterworks Fund; the Wholesale Water Fund; the Sewerage Fund; the North Maine Water and Sewer Fund; and the Commuter Parking Lot Fund. The Waterworks Fund recorded net income of $800,107 for the year ended December 31,2002. The financial condition of the fund remains strong, with cash and investments totaling $3,691,445. The Wholesale Water Fund recorded a net loss of $112,728 for the year, resulting in retained earnings of $451,575. The net loss has occurred as the Village has been transferring funds from the Wholesale Water Fund to Capital Improvements. The amount transferred will be reduced in the future. The North Maine Water and Sewer Fund recorded net income of $38,368 for 2002. The Fund ended the year with cash and investments of $989,238. The Sewerage Fund recorded a net income of $249,194 for 2002 and ended the year with cash and investments of $331,568. Finally, the Conm~uter Parking Lot Fund recorded net income of $59,989 for 2002 and ended the year with cash and investments of $846,826. Of the cash and investment total, $534,944 is a grant from DCCA to be used for the construction of the new train station at The Glen. Employee Pensions The Pohce Pensmn Fund covers pohce sworn persom~el and the F~refighte s Pension Fund covers sworn firefighters. Both of these plans are defined benefit, single-employer plans administered by local boards of trustees. State statutes govern the benefits and employer and employee contribution levels. During 2002, the Village retained the services of independent actuary to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 2001. Following is smmnary information for the two funds: Police Firefighters' Pension Fund Pension Fund Actuarial Accrued Liability - 12/31/01 $31,728,241 $40,548,063 Value &Plan Assets - 12/31/01 $29,380,377 $41,979,483 Percent Funded - 12/31/01 92.60% 103.53% Value of Net Assets - 12/31/02 $31,060,435 $44,326,852 Change in Net Assets FYE 12/31/02 $1,680,058 $2,347,369 -X- I I I I I I I i I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I In 1993 the State of Illinois increased the benefits provided to police.and firefighter pension fired beneficiaries. The changes increased the pension benefit obligation of both funds, but especially that of the police p~nsion fund where a provision was made to compound annual increases in pension benefits. Municipalities have until the year 2033 to fully fund their police and firefighter pension plans. The purpose of"marking to market" is to show the value ora fund at a given point in time. Practically however, as these fimds do not have cash flow problems which would require liquidating positions, these losses are only for reporting purposes. All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal Retirement Fund, ("IMRF") a statewide pension plan. IMRF acts as the administrative agent for local governments in Illinois. Benefit provisions and funding requirements are established by state statute. At December 31, 2002 the Village was 100.67% funded in IMRF. Debt Administration In February 2002 the Village issued $6,855,000 of general obligation debt to refund various outstanding issues. At that time, Moody's Investors Service affirmed the Village's Aaa general obligation bond rating initially assigned in 1993. At December 31, 2002 the Village had $97,340,000 of general obligation bonds outstanding~ Of this amount, $90,195,000 is reflected in the general long-term debt account group and $7,145,000 is recorded directly in three enterprise funds. There was also $2,438,674 of general obligation notes outstanding at December 31, 2002. At December 31, 2002 there was $1,048,923 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $89,141,008. The ratio of net bonded debt to assessed value and the amount of net bonded debt per capita are useful indicators ora municipality's debt position. This data as of December 31, 2002 is as follows: Net General Obligation Debt $ 89,146,077 Ratio of Net Debt to Assessed Value 5.75% Ratio of Net Debt to Actual Value 1.92% Net Debt Per Capita $2,130.29 Of the $2,130.16 net debt per capita, $207.48 is payable from property taxes while the balance, $1,922.68, is self supporting debt which results in the abatement of property taxes from Enterprise Funds and the Glen Redevelopment Funds. Additional information about the Village's outstanding debt can be found in the notes to the financial statements and the statistical section of this report. Property Tax Information The county assessors' offices are responsible for determining the assessed value of real property utilizing market values and established assessment ratios in Illinois. The State of Illinois then assigns an equalization factor to each county in an attempt to get all properties in the state assessed at approximately 33% of market value. Property taxes are based upon the equalized assessed value (EAV) of all taxable properties. A government's tax rate is determined by dividing its tax levy into its total EAV, adjusting for any rate limitations which might be applicable. - xi - At the time this report was prepared, information regarding the tax ratqs and assessed values for the 2002 tax levy year were not yet available. The Village's 2001 total equalized assessed valuation was $1,511,642,699 a 23.1% increase from the 2000 levy year. The Village's and the Library-component unit's combined tax rate decreased from $0.940 for 2000 to $0.771 for 2001. The primary reason for the significant increase in equahzed assessed valuation and the associated decrease in tax rate, (while both the Village and Library levied essentially the same amounts in both years), is the effect of the State's Equalization factor for Cook County. One-third of Cook County is reassessed each year and in the year in. which the City of Chicago is reassessed, the effect has been a reduction in the State Equalizer (as, theoretically, the assessed valuation in closer to market). The City of Chicago was reassessed in 2000 and Village's reassessment in 2001 resulted in the above noted increase. Following is a summary of the Village's tax rates for the past three years: Fund 2001 2000 1999 General Fund $ .322 $ .426 $.430 Special Revenue Funds .033 .042 .042 Debt Service Funds .117 .152 .146 Pension Trust Funds .072 .051 .034 Subtotal - Village .544 .671 .652 Library .227 .259 .251 Total Combined Tax Rate $.771 $.940 $.903 Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. Cash Management The Village's policy regarding cash management is based upon the realization that there is a time value to money. A high priority is placed on procedures to ensure that monies due the Village are collected and deposited as promptly as possible. Disbursements are closely controlled. Of equal importance is the emphasis on the management of the Village's investment portfolio. All idle cash is invested in accordance with an established investment policy. The investment policy establishes safety of principal as the foremost objective. The policyprovides for full collateralization of all deposits in excess of FDIC limits. The Village is not permitted to leverage its portfolio or invest in risky derivatives. All of the Village's Deposits and Investments are ACategory 1" meaning that all Deposits are covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name and all Investments are insured or registered or are held by the Village, or its agent, in the Village's name. - xii - I I I I I I I I i I I I I I I I I I I Following is a summary of total investment earnings and weighted average yields for each of the various fund types: Investment Income Year Ended Fund Type 12/31/02 Average Yield General Fund $ 401,213 3.13% Special Revenue Funds 63,583 2.31 Debt Service Funds 96,682 2.58 Capital Project Funds 3,870,267 2.54 Enterprise Funds 137,943 2.39 Internal Service Funds 72,539 2.29 Expendable Trust Funds 118,588 2.33 Totals $4,760,815 2.61% Risk Management The Village maintains a protected risk retention program for property, casualty, and workers compensation claims. Health insurance for employees and retirees is provided through a public entity risk pool. Aggregate umbrella liability coverage is provided through the Village's membersh/p in the High-level Excess Liability Pool, another public entity risk pool. The Village's insurance activity is accounted for in an intemal service fund. For the year ended December 31, 2002 the Insurance Fund reported a net loss of $14,413. Retained earnings at December 31, 2002 amounted to $3,538,071. Other Information Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firn~ of Sikich Gardner & Co, LLP perforn~ed the audit on the Village's 2002 financial statements. The independent auditors' report is included in the financial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's financial position at December 31, 2002, and the results of operations for the year then ended. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31,2001. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local govenLment financial reports. - xiii - In order to be awarded a Certificate o£Achievement, a goverrm~ent mu.st publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR nmst satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Glenview has received a Certificate of Achievement for twenty consecutive years (fiscal years ended 1982-2001). We believe our current report continues to conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA. Acknowledgments The preparation of the comprehensive armual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contributions made in the preparation of this ~-epor~. In particular, I would like to acknowledge the excellent work ofDaniela Partipilo, Assistant Finance Director, and Oscar Richardson, Staff Accountant for their efforts in compiling the mountain of data necessary to complete this report. Finally, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs o£the Village in a responsible manner. Respect fully~bmitted, Daniel P. Wiersma Director of Finance - xiv - I I I I I I I I I I I I I I I I I I I INDEPENDENT AUDITOR'S REPORT Sikich Gardner & Co, LLP Accountants & Consultants 998 Corporate Boulevard Aurora, IL 60504 A Member of Sikich Group, LLC MEMBERS OF AMERICAN INSTITUTE OF CErTIFiED PUBLIC ACCOUNTANTS ~LLINOIS CPA SOCIETY INDEPENDENT AUDITOR' S REPORT The Honorable Village President Members of the Board of Trustees Village of Glenview Glenview, Illinois We have audited the general purpose financial statements and the combining, individual fund and account group financial statements of the Village of Glenview, Illinois, as of and for the year ended December 31, 2002, as listed in the accompanying table of contents. These financial statements are the responsibility of the Village of Glenview, Illinois' management, our responsibility is to express m~ opinion 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 2002, and the results of, its operations and the cash flo~vs of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining, individual fund and account group financial statements referred to above present fairly, in ail material respects, the financial position of each of the individual funds and account groups of the Village of Glenview, IIIinois, as of December 31, 2002, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. -1- I I I I I I ! I I I I I I I I I I I I In accordance with Government Auditing Standards, we have also issued our report dated May 9, 2003 on our consideration of the Village of Glenview, Illinois' internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be mad in conjunction with this report in considering the results of our audit. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fired and account group financial statements. The accompanying schedules and the supplemental data listed in the accompanying table of contents is presented for purposes of additionaI analysis and is not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The required supplementary information listed in the table of contents is not a required part of the general purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Aurora, Illinois May 9, 2003 -2- (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS COMBINED BALANCE SHEET ALL FLrND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT U-NIT Deceraber 31, 2002 (with comparative totals for 2001) ASSETS AND OTHER DEBITS ASSETS Cash Investments Receivables (net, where applicable, of allowances for uncollectibles) Property taxes Other taxes Grant Interest Other Advances to other funds Due from other funds inventory Prepaid items/expenses Deposits Deferred bond issuance costs Deferred acquisition costs Fixed assets (net of accumulated depreciation) OTHER DEBITS Amount available for debt service Amount to be provided for retirement of generai long-term debt TOTAL ASSETS AND OTHER DEBITS Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 2,152,023 $ 1,057,162 $ 48,285 $ 30,794,556 12,879,980 2,901,596 1,005,707 102,427,483 5,731,379 3,688,800 94,575 500,000 1,726,271 192,573 115,868 100,555 185,501 31,000 6,719,991 1,357 38,360 11,182,129 397,299 $ 24,924,831 $ 4~706~181 $ 2~780~263 $ 151,561,175 Fiduciary Account Groups Propr/etary Fund T~pes Fund Types General General Internal Trust and Fixed Long-Term Entel~rise Service A~ency Asse~s Debt Totals Primary Totals Government Reporting Entity (Memo~ndurn Component (Memorandum Only) Only) Unit 2002 2001 $ 2,753,269 $ 792,587 $ 2,408,364 $ 3,576,268 2,170,000 77,934,169 $ 40,006,246 $ 829,433 $ 40,835,679 $ 6,525,201 202,895,203 340,000 203,235,203 268,448,213 2,638,153 9,967 2,659,290 71,759 54,902 61,788 933,320 36,623 34,682,775 43,967 125,436 4,700 27,214,537 8,083,086 4,205,717 12,288,803 3,688,800 3,688,800 9,462,686 9A62,686 1,357 52,309 53,666 38,360 38,360 308,441 308,441 13,841,419 13,841,419 105,255 105,255 740,461 740,461 61,788 61,788 933,320 36,623 933,320 36,623 11,424,457 2,312,908 9,068,901 323,118 264,472 2,659,290 395,395 887,912 48,023 143,763 890,372 38,200 29,784 61,941,279 5,524,598 67~65,877 61,479;358 1,048,923 1,048,923 1,048,923 2,811,524 89,146,077 89,146,077 89,146,077 91,488,476 $ 46,479~925 $ 4,004t743 $ 80,472,669 $ 27~214.537 $ 90,195,000 $ 432~339~324 $ 10,952,057 $ 443~291,381 $ 459,239,367 (This statement is continued on the following pages.) -4- VILLAGE OF GLENVIEW, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT December 31, 2002 (with comparative totals for 2001) LIABILITIES AND EQUITY AND OTHER CREDITS LIABILITIES Accounts payable Claims payable Accrued payroll Interest payable Compensated absences payable hnfrastmcture maintenance fee Other payables Bank overdraft Defend revenues Due to other funds Advance from other governments Advance from other funds Defemxt property taxes Athitrage payable Due to bondholders Refundable deposits Notes payable General obligation bonds payable Unamortized bond discount Total liabilities EQUITY AND OTHER CREDITS Contributed capital InvesWaent in general fixed assets Retained earnings - unreserved Fund balances Reserved for advances to other funds Reserved for prepaid items Reserved for employees' retirement system Reserved for debt service Reserved for capital improvements Reserved for Patton House Unreserved Designated for income tax surcharge receipts Undesignated Total equity and other credits TOTAL LIABILITIES AND EQUITY AND OTHER CREDITS Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 349,836 $ 303,399 100,907 1,67l,g23 974,017 28,341 119,801 129,664 40,022 18,202 5,731,379 500,000 $ 5,069 1,726,271 $ 17,890,210 6,673,355 318,078 13,841,419 9,025,989 941,402 1,731,340 38,723,062 11,182,129 1,048,923 105,209,110 10,000 1,334,848 14,553,994 3,764,779 (3,553,126) 15,898,842 3,764,779 1,048,923 112,838,113 $ 24,924,831 S 4~706~181 $ 2~780~263 $ 151,561,175 -5- Fiduciary Account Groups Proprietary Fund Types Fund Types General General Internal Trust and Fixed Long-Term Enterprise Service Agency Assets Debt Totals Primary Government (Memorandum O~ly) Totals Reporting Entity Component (Memorandum Only) Unit 2002 2001 1.026,468 $ 93,770$ 176,585 63,201 81,229 26,567 81,447 515,299 6,680 236,468 19,383 2,438,674 7,145,000 (57,837) 25,348 108,308 4,700 179,837 4,539,779 $ 19,689,031 $ 73,831$ 19,762,862 176,585 176,585 100,907 37,929 138,836 68.270 68.270 1,753.052 76~15 1,829,467 974,017 974,017 256,156 256.156 7,324,998 49,026 7,374,024 740,461 740,461 13,841,419 7,957,650 4,700 179,837 4,539,779 2,438,674 90,195,000 97,340,000 - (57,837) 4,205,717 13.841,419 12.163.367 4.700 179,837 4,539,779 2,438,674 97,340,000 (57,837) 11,475,069 377,865 4,857,972 90,195,000 157,327,699 4,442,918 161,770,617 144,062,492 $ 9,809,834 372,996 111,762 75,123 1,664,928 898,295 214,124 20,505 7,271,913 887,912 297,174 2,659,290 11,292,100 195,077 178,980 3,844,100 2,529,058 101,800,000 (60,679) 12,135,076 12,135,076 12,135,076 6,366,393 27,214,537 27,214,537 5,524,598 32,739,135 32,695,712 22,869,780 3,626,878 26,496,658 26,496,658 25,621,751 75,387,287 11,182,129 11,182,129 140,363 75,387,287 75,387,287 71,359,860 1,048,923 1,048,923 2,811,524 105,209,110 105,209,110 163,137,816 10,000 10,000 10,000 1,334,848 1,334,848 1,334,848 227,410 14,993,057 984,541 15,977,598 11,698,608 35,004,856 3,626,878 75,614,697 27,214,537 275,011,625 6,509,139 281,520,764 315,176,875 $ 46~479.925 ~ 4.004,743 $ 807472~669 $ 27.214.537 $ 90.195.000 $ 432~339~324 $ 10~952,057 $ 443,291~381 $ 459.239,367 See accompanying notes to financia] statements. Z © .<Z 0 ~[' > ~ 2;< © < VILLAGE OF GLENVIEW, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES For the Year Ended December 31, 2002 REVENUES Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeits Investment income Miscellaneous Total revenues EXPENDITURES Current General government Public safety Highways and streets Miscellaneous Capital outlay Debt service Principal retirement Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Operating transfers in - component unit Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCES, JANUARY 1 Prior period adjustment FUND BALANCES, JANUARY 1, RESTATED FUND BALANCES, DECEMBER 31 General Special Revenue Budget Actual Budget Actual $ 10,739,460 $ 10,611,837 $ 6,069,500 $ 3,355,279 2,246,700 2,415~483 13,626,000 14,858,166 1,200,000 1,190,517 2,160,575 1,109,048 1,542,125 1,604,469 225,000 207,720 475,000 401,213 42,800 63,555 865,150 879,251 2,500 594 30,337,885 30,482,718 8,856,925 6,214,414 7,296,598 6,163,725 9,137,482 4,836,041 16,503,505 16,013,303 324,314 301,233 6,407,251 6,133,143 862,000 717,910 30,207,354 28,310,171 10,323,796 5,855,184 130,531 2,172,547 (1,466,871) 359,230 1,318,425 1,288~30 11,120,728 9,444,798 (1,476,558) (1,513~98) (9,704,085) (8,701,913) 12,650 12,650 100,562 100,560 (145,483) (212,418) 1,517,205 843,445 $ (14,952) 1,960,129 $ 50,334 1,202,675 13,938,713 2,522,567 13,938,713 2,522,567 $ 15~898,842 $ 3,725,242 -9- i 1 I I I, I I Debt Service Capital Projects Budget Actual Budget Actual Totals (Memorandum Only) Budget Actual 1,780,745 $ 888,032 $ 162,302 95,533 2,036,000 12,508,624 $ $ 18,589,705 $ 14,855,148 2,246,700 2,415,483 295,800 14,826,000 16,344,483 1,000 3,702,700 2,714,517 225,000 207,720 3,870,267 2,716,102 4,430,568 7,118,319 13,376,274 7,998,164 i 1,943,047 983,565 14,544,624 11,285,386 55,682,481 48,966,083 I I I 133,036,461 54,651,582 16,434,080 10,999,766 16,827,819 16,314,536 6,407,251 6,133,143 862,000 717,910 133,036,461 54,651,582 4,120,000 2,170,000 4,120,000 2,170,000 4,045,542 3,716,022 4,045,542 3,716,022 8,165,542 5,886,022 133,036,461 54,651,582 181,733,153 94,702,959 I (6,222,495) (4,902,457) (118,491,837) (43,366,196) (126,050,672) (45,736,876) I 4,677,984 4,051,243 43,102,278 21,243,828 60,219,415 36,028,299 (1,866,756) (43,480,460) (23,497,212) (54,661,103) (35,579,379) I 140,000 120,000 253,212 233,210 4,677,984 2,184,487 (238,182) (2,133,384) 5,811,524 682,130 I i I I I $ (1~544,511) (2,717,970) $ (1181730,019) (45,499,580) $ (12012391148) (45,054,746) 2,811,524 158,292,122 177,564,926 45,571 45,571 2,8II,524 158,337,693 177,610,497 $ 93,554 $ 112,838,113 $ 132~555,751 See accompanying notes to financial statements. -10- VILLAGE OF GLENWIEW, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ~ ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 2002 (with comparative totals for 2001) I i i I OPERATING REVENUES Charges for services Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Depreciation and amortization Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Gain on sale of fixed assets Investment income Interest expense and fiscal charges Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS Operating transfers in Operating transfers (out) Total operating transfers NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service 2002 2001 $ 15,553,744 $ 4,211,174 $ 19,764,918 $ 19,057,189 313,784 792,754 1,106,538 810,753 15,867,528 5,003,928 20,871,456 19,867,942 944,218 944,218 796,348 9,804,242 5,186,246 14,990,488 14,425,154 1,128,960 7,994 1,136,954 1,067,918 11,877,420 5,194,240 17,071,660 16,289,420 3,990, I08 (190,312) 3,799,796 3,578,522 - 16,233 137,943 72,539 210,482 392,245 (516,364) (516,364) (548,562) (378,421) 72,539 (305,882) (140,084) 3,611,687 (117,773 3,493,914 3,438,438 30,000 30,000 50,000 (2,606,757) (42,250) (2,649,007) (2,841,168 (2,576,757) (42,250) (2,619,007) (2,791,168 1,034,930 (160,023) 874,907 647,270 21,834,850 3,786,901 25,621,751 24,974,481 $ 22,869,780 S 3,626,878 $ 26,496,658 $ 25,621,751 See accompanying notes to financial statements. -11- ,I ! I I I I I I i I I I i 1 I I i I i I I I I I I I I I I (This page is imentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 2002 (with comparative totals for 2001) Totals i ! I CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Accounts receivable Deposits Due from other funds Inventory Prepaid expenses Accounts payable Claims payable Compensated absences payable Deferred revenues Other payable Due to other funds Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in Operating transfers (out) Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Fixed assets purchased Proceeds from the sale of fixed assets Increase in advances to other funds Principal paid on general obligation bonds Principal paid on note payable Interest paid on general obligation bonds Net cash from capital and related financing activities Internal (Memorandum Only) Enterprise Service 2002 2001 $ 3,990,108 $ (190,312) $ 3,799,796 $ 3,578,522 1,128,960 7,994 1,136,954 1,067,918 (76,713) 245,040 168,327 33,329 (42,948) (42,948) 44,428 (8,745) 111,613 102,868 (21,010) (13,765) (13,765) (8,382) 198,183 272,982 (35,033) 237,949 (616,857) (196,411) (196,411) 103,374 12,371 12,37l 31,047 114 114 21,865 14,997 14,997 87,136 11,166 19,383 30,549 30,965 5,331,361 (80,560) 5,250,801 4,550,518 30,000 30,000 50,000 (2,606,757) (42,250) (2,649,007) (2,841,168) (2,576,757) (42,250) (2,619,007) (2,791,168) (l,271,790) (1,271,790) (1,047,254) 38,273 (418,231) (355,000) (355,000) (340,000) (90,384) (90,384) (86,134) (526,486) (526,486) (549,764) (2,243,660) (2,243,660) (2,403,110) (This statement is continued on the following page.) - 12- I I I i 1 ! I 1 I ! I i I I ! ! ! VILLAGE OF GLENVIEW, ILLINOIS COMBINED STATEMENT OF CASH FLOWS (Continued) ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 2002 (with comparative totals for 2001) I I I I ! I I I I 1 I ! I I CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Maturities of investments Investment income received Totals Internal (Memorandum Only) Enterprise Service 2002 2001 $ $ $ $ (18,766,790) 1,013,941 405,289 1,419,230 18,458,593 137,943 72,538 210,481 393,289 1,151,884 477,827 1,629,711 85,092 355,017 2,017,845 (558,668) 43'7,570 1,528~011 2,086,679 792,587 $ 3~545~856 $ 1~528,011 $ 5,768,683 $ 1,599,006 Net cash from investing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,662,828 CASH AND CASH EQUIVALENTS, JANUARY 1 1,090,441 CASH AND CASH EQUIVALENTS, DECEMBER31 $ 2,753~269 $ NON-CASH TRANSACTIONS Developer contributions $ 5,768,683 $ See accompanying notes to financial statements. -13- VILLAGE OF GLENVIEW, ILLINOIS COMBiNED STATEMENT OF CHANGES iN PLAN NET ASSETS ALL PENSION TRUST FUNDS For the Year Ended December 31, 2002 (with comparative totals for 2001) ADDITIONS Contributions - employer Contributions - plan members Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Pensions and refunds Miscellaneous Contractual professional services Total deductions NET iNCREASE NET ASSETS HELD iN TRUST FOR PENSION BENEFITS January 1 December 31 2002 2001 $ 1,067,978 $ 645,534 903,459 861,871 1,971,437 1,507,405 3,150,521 2,460,692 1,684,609 446,265 4,835,130 2,906,957 6,806,567 4,414,362 2,757,867 2,360,973 21,273 17,593 2,779,140 2,378,566 4,027,427 2,035,796 71,359,860 69,324,064 $ 75,387,287 $ 71,359,860 See accompanying notes to financial statements. -14- i i I I I I i I I I I I 1' I I i ! ! I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2002 ! I I I I I I I I 1 i ! I I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America (hereinafter referred to as generally accepted accounting principles (GAAP)), as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. a. Reporting Entity The Village is a municipal corporation governed by an elected seven-member board. As required by generally accepted accounting principles, these financial statements present the Village (the primary govermuent) and its component units. The Village's financial statements include pension trust funds: Police Pension Employees Retirement System The Village's police sworn employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board consisting of two members appointed by the Village's President, one elected pension beneficiary and two elected police. The Village and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State o£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 of the characteristics ora legally separate government, the PPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's police employees and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. -i5- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) i SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) Firefighters' Pension Employees Retirement System The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board consisting of the Village's President, Treasurer, Clerk, Attorney and Fire Chief; one elected pension beneficiary; and three elected fire employees. The Village and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assmnptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the FPERS 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 fire fighters and because of the fiduciary nature of such activities. The FPERS is reported as a pension trust fund. Discretely Presented Component Unit - Village of Glenview Public Library (the Library) The Library has a separately elected seven-member board, which annually determines its budget and resulting tax levy. Upon approval of the Village, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Village, which is wholly liable for the debt. Because the Library possesses the characteristics of a legally separate government and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. b. Fund Accounting The Village uses funds and account groups to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliauce and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. -16- I I ! I t I I I I i I I i I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I Il I I I I I 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Funds are classified into the following categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate "fund types." Governmental funds are used to account for all or most ora government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Village (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other govermnents, or on behalf of other funds within the Village. When these assets are held under the terms ora formal trust agreement, either a pension trust fund or an expendable trust fund is used. The term "expendable" refers to whether or not the Village is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. c. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All goverranental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Ail proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, ail assets and ali liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. -17- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNWIC~ ACCOUNTING POLICIES (Continued) c. Basis of Accounting (Continued) The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Village recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70 in the period intended to finance. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue and charges for services. Sales taxes owed to and fines collected and held by the state/county court 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 accrual basis of accounting is utilized by proprietary fund types and pension trust funds. Under this method, revenues and additions are recorded when earned and expenses and deductions are recorded at the time liabilities are incurred. The Village reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the 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 liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. d. Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue (except the Foreign Fire Insurance Fund), Debt Service (except the Corporate Purpose Bond Fund Series of 2002) and Capital Projects Funds on the modified accrual basis and for the Enterprise, Internal Service and Pension Trust Funds on the accrual basis. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All armual appropriations lapse at fiscal year end. -18- I ! I I I 1 I I I I I I i ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 1. ! ! i I t 1 I I I i I I I I I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Budgets (Continued) During the current year, budgets were not adopted for the following funds: Special Revenue Funds: Foreign Fire Insurance Debt Service Funds: Corporate Purpose Bond Fund Series of 2002 The source of revenue and nature of expenditures for these funds are not subject to prediction, and therefore, budgets were not adopted. Budget and actual comparisons for the Special Revenue Funds and Debt Service Funds exclude the aforementioned funds. The following is a reconciliation of the Special Revenue Funds and Debt Service Funds presented on a budgetary basis to the GAAP basis presentation: Special Debt Revenue Service Funds Funds FUND BALANCES - BUDGETED FUNDS DECEMBER 31, 2002 - NON-GAAP BASIS $ 3,827,590 $ 93,554 NonbUdgeted fund balances Foreign Fire Insurance Corporate Purpose Bond Fund Series of 2002 39,537 955,369 $ 3,867,127 $ 1,048,923 FUND BALANCES, DECEMBER 31, 2002 GAAP BASIS e. Cash and Investments For purposes of the statement of cash flows, the Village's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. f. Investments In accordance with Goverament Accounting Standard Board Statement No. 31, all investments are stated at fair value. -19- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) g. Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables." Long-term loans between funds are reported as "advances to/from other fund". h. Inventories Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund type inventories are recorded as expenditures when consumed rather than when purchased. i. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. j. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets' account group. Ail purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair value on the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the Village. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water/sewer systems and vehicles in the proprietary fund types is computed using the straight-line method. Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. - 20 - ! I I I I i t t I I I I I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIlVlCANT ACCOUNTING POLICIES (Continued) k. Compensated Absences Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. 1. Long-Term Obligations Long-term debt is recognized as a liability of a governmental fund when due or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed fi'om expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long-term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. m. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants prior to December 31, 2000 or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. n. Bond Discounts/Issuance Costs h~ governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face an~ount of bonds payable, whereas issuance costs are recorded as deferred charges. o. Interfund Transactions Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in ihe reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. -21 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) o. Interfund Transactions (Continued) All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. p. Memorandum Only - Total Columns Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. q. Comparative Data Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Village's financial position, operations, and cash flows. There have been some reclassifications between individual lines in the prior year columns in order to present more comparable data. r. GASB Pronouncements The Village has elected, under the provisions of GASB Statement 20, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," to apply all applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. 2. LEGAL COMPLIANCE AND ACCOUNTABILITY a. Budgets All departments of the Village submit requests for appropriation to the Village 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. - 22 - ! ! ! ! I i ! I I I I I I ! I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I i I I I I i I i I I i LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) a. Budgets (Continued) The proposed budget is presented to the governing body for review. The governing body holds public heatings and may add to, subtract from, or change appropriations, but may not change the f6rm of the budget. The Village Manager is authorized to transfer budgeted mounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, a supplementary appropriation was necessary. b. Deficit Fund Balances of Individual Funds The following funds had a deficit in fund balance/retained earnings as of the date of this report: Deficit Fund Balance GNAS Redevelopment GNAS Caretaker GNAS Bond Fund Series 1995 North Maine Water and Sewer 50,806 58,518 3,553,126 235,976 Excess of Actual Expenditures/Expenses Over Budget in Individual Funds The following funds had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Fund Excess Capital Projects $ 111,481 Insurance 113,602 Firefighters' Pension 15,769 - 23 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) II ! 3. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investxnents of the pension trust funds are held separately from those of other funds. Cash on hand of $500 for the primary government has been excluded from the amounts shown below. Permitted Deposits and Investments - Statutes authorize the Village to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds. Pension funds may also invest in certain non-U.S, obligations, Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions and Illinois insurance company general and separate accounts, mutual funds and equity securities. 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, which is the price the investment could be sold for. a. Deposits At year end, the carry/ng amount of the primary government's deposits totaled $33,645,591 and the bank balances totaled $34,635,769. The carrying amount of the component unit's deposits totaled $517,913 and the bank balances totaled $575,727. - 24 - I I I I 1 I I I I I I ! I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS AND INVESTMENTS (Continued) a. Deposits (Continued) Bank Balances Primary Component Government Unit Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $ 34,635,769 $ 575,727 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or its agents, in the Village's name. Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized. TOTAL DEPOSITS $ 34,635,769 $ 575,727 For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Village. b. Investments The Village's inveslxnents are categorized to give an indication of the level of custodial credit risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty in the Village's name, or held by any third party not in the Village's name, and uninsured, unregistered investments. q 25 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! DEPOSITS AND INVESTMENTS (Continued) b. Investments (Continued) Primary Government Fair Value Ca~or7 1 2 3 Tomls $ 88,109,388 $ $ $ 88,109,388 54,715,749 54,715,749 23,369,581 23,369,581 752,075 752,075 $166,946,793 $ $ 166,946,793 U.S. Treasury Securities U.S. Agency Securities Corporate bonds Municipal bonds * Illinois Funds * Mutual Funds * Insurance contracts and separate accounts 36,589,532 4,240,274 2,648,191 TOTAL iNVESTMENTS $ 210,424,790 * Not subject to custodial credit risk categorization Component Unit Investments for the Component unit consist of $651,520 of Illinois Funds. Illinois Funds are not subject to custodial credit risk categorization, and the fa/r value of the position in the external pool is the same as the value of the pool shares. 4. RECEIVABLES TAXES Property taxes for 2002 attach as an enforceable lien on January 1, 2002 on property values assessed as of the same date. Taxes are levied by December of the fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 2002 and August 1, 2002 and are payable in two installments, on or about March 1, 2002 and September 1, 2002. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual collection experience. - 26 - 1 ! ! tl II I I I i I I I I I I I ViLLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. FIXED ASSETS a. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: Primary Government Balances Balances January 1 Additions Retirements December 31 Land $ 5,643,853 $ $ $ 5,643,853 Building and improvements 10,279,448 10,279,448 Equipment 10,113,046 447,075 576,997 9,983,124 Furniture 295,072 295,072 Office equipment 868,527 144,513 1,013,040 TOTAL GENERAL FIXED ASSETS $ 27,199,946 $ 591,588 $ 576,997 $ 27,214,537 Component Unit Balances Balances January l Additions Retirements December31 $ 500,000 $ $ $ 500,000 4,125,488 4,125,488 870,278 28,832 899,110 $ 5,495,766 $ $ $ 5,524,598 Land Building and improvements Furniture and equipment TOTAL GENERAL FIXED ASSETS - 27 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I i FIXED ASSETS (Continued) b. Proprietary Fixed Assets The following is a summary of proprietary fund type fixed assets as of the date of this report: Internal Enterprise Service Land and improvements Buildings Building improvements Water/sewer systems Equipment and vehicles Office furniture and equipment $ 302,851 243,645 203,309 45,078,605 2,838,725 18,672 55,958 Total fixed assets 48,685,807 55,958 Less accumulated depreciation (14,003,032) (11,991) NET FIXED ASSETS $ 34,682,775 $ 43,967 In proprietary funds, the following estimated useful lives are used to compute depreciation: Building improvements Water/sewer systems Buildings Equipment and vehicles Office furniture and equipment 10-20 years 50 years 40-50 years 3-10 years 3-10 years RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Village is self-insured (and participates in two public employee risk pools) for all risks and has established a risk-financing fund, Insurance Fund (Fund), for all risks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each workers' compensation claim and $50,000 for each property damage claim. The Village purchases conunerciaI insurance for claims in excess of the coverages provided by the Fm~d. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. - 28 - I 1 I 1 ! i t I i I I t i ! i I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I i I I I 1 I I t I I I I i I I I RISK MANAGEMENT (Continued) All funds of the Village participate and make payments to the Fund based upon actuarial estimates of the mounts needed to pay prior and current year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount ofpayouts and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: 2002 2001 CLAIMS PAYABLE, JANUARY 1 Add claims incurred Less claims paid 372,996 $ 269,622 647,298 860,504 (843,709) (757,130) CLAIMS PAYABLE, DECEMBER 31 $ 176,585 $ 372,996 Intergovernmental Personnel Benefit Cooperative (IPBC) 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 its members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental and nonprofit public service entities. Risk of loss is retained by the Village, except that IPBC purchases excess coverage policies. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are three officers, a Benefit Administrator, and a Treasurer. The Village does not exercise any control over activities oflPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. - 29 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! RISK MANAGEMENT (Continued) High-Level Excess Liability Pool (HELP) (Continued) HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self- insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the members and other parties included within the scope of coverage of HELP. HELP is govemed by a Board of Directors, which consists of one appointed representative from each member municipality. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, roles and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. 7. LONG-TERM DEBT a. Changes in Long-Term Liabilities During the fiscal year, the following changes occurred in liabilities reported for General Obligation Bonds: Balances Balances January 1 Additions Retirements December 31 $ 7,500,000 $ $ 355,000 $ 7,145,000 94,300,000 6,885,000 10,990,000 90,195,000 $101,800,000 $ 6,885,000 $ 11,345,000 $ 97,340,000 Enterprise Funds General Long-Term Debt Account Group TOTAL b. General Obligation Bonds The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. - 30 - I i I I I i I I I I i I I I i I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired By January 1 Additions Reductions December 31 $2,895,000 Corporate Purpose Bonds Series of 1992 dated April 1, 1992, due in annual installments of $10,000 to $255,000 plus interest at 4.00% to 5.90% through December 1, 2012. Whole- sale Water $ 2,050,000 $ $ 130,000 $ 1,920,000 $7,635,000 Corporate Purpose Bonds Series of 1993 dated May I, 1993, due in annual installments of 5205,000 to $1,345,000 plus interest at 4.60% to 4.70% through December 1, 2005. Debt Service 4,455,000 4,455,000 $8,040,000 Corporate Purpose Bond Series of 1994 dated September 15, 1994, due in annual installments of $90,000 to $1,275,000 plus interest at 4.00% to 5.10% through December 1, 2004. Debt Service 2,355,000 2,355,000 $8,435,000 Corporate Purpose Bond Series of 1996 dated November 1, 1996, due in annual installments of $675,000 to $I,050,000 plus interest at 4.60% to 4.875% through December ], 2008. Debt Service 6,320,000 775,000 5,5,$5,000 $6,175,000 Corporate Purpose Bond Series of 1997 dated August l, 1997, due in annual installments of $100,000 to $495,000 plus interest at 4.875% to 5.00% through December 1,2017. North Main Water and Sewer 5,450,000 225,000 5,225,000 -31 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) Fund Debt Balances Balances Issue Retired By January 1 Additions Reductions December 31 $10,000,000 General Obligation Bond Series of 1998A dated November 1, 1998, due in annual installments of $695,000 to $1,875,000 plus interest at 4.10% to 4.35% through December 1, 2018. $24,400,000 General Obligation Bond Series of 1998B dated January 1, 1999, due in annual installments of $1,000,000 to $2,050,000 plus interest at 4.25% to 4.50% through December 1,2018. $4,970,000 General Obligation Bond Series of 2000 dated December 15, 2000, due in annual installments of $345,000 to $1,875,000 plus interest at 4.30% to 4.5% through December 1,2008. $41,800,000 General Obligation Bond Series of 2001 dated August 1, 2001, due in annual installments of $500,000 to $5,500,000 plus interest at 3.50% to 4.35% through December 1, 2012. $6,885,000 General Obligation Refunding Bond Series of 2002 dated February 15, 2002, due in annual installments of 81,315,000 to $2,010,000 plus interest at 1.85% to 3.40% through December 1, 2005. Debt Service $ 10,000,000 $ $ $ 10,000,000 Debt Service 24,400,000 1,395,000 23,005,000 Debt Service 4,970,000 4,970,000 Debt Service 41,800,000 41,800,000 Debt Service TOTAL 6,885,000 2,010,000 4,875,000 S101,800,000 $ 6,885,000 $ 11,345,000 $ 97,340,00 - 32 ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) c. Notes Payable The Village enters into notes payable to provide funds for the acquisition of capital assets. Notes payable have been issued for proprietary activities. The proprietary liabilities are therefore reported in the proprietary funds. Note payable currently outstanding is as follows: Fund Debt Balances Balances Issue Retired By January 1 Additions Reductions December 31 $2,850,000 Corporate Purpose Note of 1997 dated September 2, 1997, due in North annual installments of Maine $215,377 plus interest paid Water at 4.942% through and September 1,2019. Sewer 2,529,058 $ $ 90,384 $ 2,438,674 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: General Obligation General Bonds Carried Fiscal Obligation as Enterprise Year Bonds Fund Liabilities Corporate Purpose Notes Carried as Enterprise Fund Liabilities Totals 2003 $ 8,274,745 $ 767,596 2004 8,263,674 761,906 2005 12,352,900 760,268 2006 12,409,350 762,352 2007 12,268,238 762,896 2008 11,117,946 766,966 2009 8,773,446 769,326 2010 8,576,164 769,866 2011 8,876,940 768,772 2012 8,645,940 775,956 2013 2,917,946 505,750 2014 2,931,070 511,000 2015 2,948,950 510,000 2016 2,966,050 513,000 2017 ' 2,982,036 519,750 2018 3,001,563 2019 215.376 215376 215.376 215376 215376 215 376 215376 215 376 215 376 215 376 215 376 215 376 215 376 215 377 215 377 215 377 215 377 $ 9,257,717 9,240,956 13,328,544 13,387,078 13,246,510 12,100,288 9,758,148 9,561,406 9,861,088 9,637,272 3,639,072 3,657,446 3,674,326 3,694,427 3,717,163 3,216,940 215,377 TOTAL PRINCIPAL AND INTEREST $117,306,958 $ 10,225,404 $ 3,661,396 $131,193,758 INTEREST PORTION $ 27,111,958 $ 3,080,404$ 1,222,722 $ 31,415,084 - 33 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 8. CONTRACTUAL COMMITMENTS (Continued) b. Solid Waste Agency of Northem Cook County (SWANCC) (Continued) SWANCC has entered into solid waste disposal contracts with the twenty-three member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Village to make all payments as required by this contact is unconditional and irrevocable, without regard to performance or nonperformance by SWANCC of its obligations under this contract. 9. 1NTERFUND ASSETS/LIABILITIES Due From/To Other Funds Payable Fund Receivable Fund Amount General Municipal Equipment Repair $ 35,022 GNAS Bond Fund Series 1995 5,000 40,022 293 17,909 18,202 Special Revenue GNAS - Redevelopment GNAS Caretaker Municipal Equipment Repair General Capital Projects Village Pemaanent Capital Equipment Replacement Capital Project GNAS Bond Fund Series 1995 Glen Land Sales General Waterworks GNAS Bond Fund Series 1995 2001 Project Glen Land Sales GNAS Redevelopment 19,800 1,878 1,209 1,931 37,260 225,000 31,000 318,078 Enterprise Water WholesaleWater General Sewerage Municipal Equipment Repair General 105,468 70,550 13,119 1,137 - 36 - I I I I I I I i I I I I I I I i I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 7. LONG-TERM DEBT (Continued) e. Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the mount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home rule municipalities. f. Advance Refunding - General Obligation Refunding Bonds, Series 1994 In February 2002, the Village issued $6,885,000 General Obligation Refunding Bonds, Series 2002 bonds, the proceeds of which were used to advance refund, $4,455,000 of the 1993 Series General Obligation Bonds and $2,355,000 of the 1994 Series General Obligation Bonds. This advance refunding was undertaken to reduce total debt service payments over the next four years by $190,805, and to obtain an economic gain (difference between the present value of the debt service payments of the refimded and refunding bonds) of $120,405 of the old debt. g. Noncommitment Debt Special Service Area Bonds Special service area bonds outstanding as of the date of this report totaled $803,890. These bonds are not an obligation of the Village and are secured by the levy of special service on the real property within the special service area. The Village is in no way liable for repayment but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. - 34- ! I ! I I I I I I I I I I I I I I VILLAGE OF GLENVEEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) LONG-TERM DEBT (Continued) g. Noncommitment Debt (Continued) Conduit Debt The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial assistance to private organizations for the construction and acquisition of industrial and commercial improvements deemed to be in the public interest. The bonds are secured solely by the property financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds outstanding are not reported as a liability in these f'mancial statements. As of December 31, 2002, there was one series oflDRBs outstanding. The aggregate principal amount payable for the IDRBs outstanding was $9,165,000. 8. CONTRACTUAL COMMITMENTS a. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High- Level Excess Liability Pool (HELP), a public entity risk pool for certain Illinois municipalities through April 30, 2008. These amounts have been calculated using the Village's current allocation percentage of 7.81%. In future years, this allocation percentage will be subject to change because the HELP Agreement provides that each year members will be assessed based upon a formula that specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues Solid Waste Agency of Northern Cook County (SWANCC) The Village has committed to pay its share of the annual operating costs and fixed costs of the SWANCC. The Village's share of costs is expected to be funded through tipping fees paid by refuse haulers. The Village began delivering refuse to SWANCC in May of 1995. - 35 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. CONTRACTUAL COMMITMENTS (Continued) b. Solid Waste Agency of Northern Cook County (SWANCC) (Continued) SWANCC has entered into solid waste disposal contracts with the twenty-three member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each memb~ is obligated, on a "take or pal' basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Village to make all payments as required by this contact is unconditional and irrevocable, without regard to performance or nonperformance by SWANCC of its obligations under this contract. 9. INTERFUND ASSETS/LIABILITIES Due From/To Oth~r Funds Payable Fund Receivable Fund Amount General Municipal Equipment Repair $ 35,022 GNAS Bond Fund Series 1995 5,000 40,022 293 17,909 18,202 Special Revenue GNAS - Redevelopment GNAS Caretaker Municipal Equipment Repair General Capital Projects Village Permanent Capital Equipment Replacement Capital Project GNAS Bond Fund Series 1995 Glen Land Sales General Wate~vorks GNAS Bond Fund Series 1995 2001 Project Glen Land Sales GNAS Redevelopment 19,800 1,878 1,209 1,931 37,260 225,000 31,000 318,078 Enterprise Water Wholesale Water General Sewerage Municipal Equipment Repair General 105,468 70,550 13,119 1,137 - 36q VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) Payable Fund Receivable Fund Atnount Enterprise (Continued) Sewerage Commuter Parking North Maine Water and Sewer Internal Service Municipal Equipment Repair Trust and Agency Escrow Deposit TOTAL Advances From/To Other Funds Payable Fund General Municipal Equipment Repair General General Municipal Equipment Repair General Glen Land Sales Receivable Fund $ 11,865 1,144 1,051 26,810 5,324 236,468 19,383 19,383 108,308 108,308 $ 740~461 Alnount Capital Projects Capital Equipment Replacement Capital Projects Glen Land Sales TOTAL Waterworks North Maine Water and Sewer Sewerage Waterworks Village Permanent $ 819,113 109,095 116,972 1,614,109 11,182,130 $13,841,419 -37- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. SEGMENT INFORMATION - ENTERPRISE FUNDS The Village maintains the following enterprise funds, which are intended to be self- supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: Wholesale Waterworks Water North Maine Water and Sewer Operating revenues Depreciation and amortization expense Operating income Operating transfers in Operating transfers (out) Net income (loss) Current capital contributions Current capital transfers Plant, property and equipment Additions Deletions Total assets Net working capital Bonds and other long-term liabilities Payable from operating revenues Total equity $ 7,378,141 668,509 1,887,533 (1,152,911) 800,107 5,343,033 6,291,998 28,875,171 7,069,546 28,081,014 $ 1,419,995 $ 5,757,471 63,859 259,594 485,750 1,004,379 30,000 (513,150) (604,470) (112,728) 38,368 2,509,032 7,823,543 312,331 914,458 1,920,000 7,663,674 451,575 (235,976) Sewerage Commuter Parking Lot Totals Operating revenues Depreciation and amortization expense Operating income Operating transfers in Operating transfers (out) Net income (loss) Current capital contributions Current capital transfers Plant, property and equipment Additions Deletions Total assets Net working capital Bonds and other long-term liabilities Payable from operating revenues Total equity $ 1,031,229 $ 280,692 128,866 8,132 530,641 81,805 (288,176) (48,050) 249,194 59,989 425,650 755,649 6,391,458 880,722 769,865 301,866 6,372,481 335,762 $ 15,867,528 1,128,960 3,990,108 30,000 (2,606,757) 1,034,930 5,768,683 7,047,647 46,479,925 9,368,066 9,583,674 35,004,856 - 38 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. 12. CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: iNCREASES Contribution of capital DECREASES None Net increase (decrease) CONTRIBUTED CAPITAL, JANUARY 1 CONTRIBUTED CAPITAL, DECEMBER 31 CONTINGENT LIABILITIES a. Litigation Waterworks Sewerage Totals $ 5,343,033 $ 425,650 $ 5,768,683 5,343,033 425,650 5,768,683 4,298,906 2,067,487 6,366,393 $ 9,641,939 $ 2,493,137 $ 12,135,076 The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village Attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Village. 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. - 39- VILLAGE OF GLENV[EW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. CONTINGENT LIABILITIES (Continued) c. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance fi:om the High-level Excess Liability Pool (HELP) through April 30, 2008. The Village expects to make the following payments to HELP: Year Ending December 31 Amount 2003 $ 94,962 2004 94,962 2005 94,962 2006 94,962 2007-2008 189,924 d. Solid Waste Agency of Northern Cook County (SWANCC) The Village has committed to make payments to SWANCC for solid waste refuse disposal and expects to pay the following amounts: Year Ending December 31 Amount 2003 $ 216,001 2004 216,042 2005 216,084 2006 216,016 2007-2022 2,159,727 These amounts have been estimated based upon the Village's commitment for 2002. In furore years, the annual expense will be subject to change based upon the actual tonnage of refuse disposed of and current SWANCC costs. - 40 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. JOINT VENTURES Solid Waste Agency of Northern Cook County (SWANCC) Description of Joint Venture The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which consists o f twenty-three municipalities. SWANCC 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). SWANCC is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. SWANCC is governed by a Board of Directors which consists of one appointed mayor or president from each member municipality. Each director has an equal vote. The officers of SWANCC are appointed by the Board of Directors. The Board of Directors determines the general policy of SWANCC; makes ail appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by SWANCC; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the SWANCC Agreement or the bylaws. Complete financial statements for SWANCC can be obtained from the SWANCC's administrative office at 1616 East Golf Road, Des Plaines, Illinois 60016 or available on the web at www.swancc.com. SWANCC's outstanding bonds are revenue obligations. They are limited obligations of SWANCC with a claim for payment solely from and secured by a pledge of the revenues of SWANCC and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. SWANCC has no power to levy taxes. Revenues of SWANCC consist of (1) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment of monies; and (3) all income, fees, and service charges and all grants, rents and receipts derived by SWANCC from the ownership and operation of the system. SWANCC covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. In accordance with the contract, the Village made $774,819 in payments to SWANCC for the year ended December 31, 2002. The payments are recorded in the Refuse and Recycling Fund. The Village does not have an equity interest in SW).dqCC at December 31, 2002. -41 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides post- employment health care benefits for retired public safety employees. Substantially all of the Village's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the Village. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $284,006 for the 65 participants. The retirees pay an annual preminna, which is equal to the actuarially determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. 15. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions The Village contributes to tkree defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is a single-employer pension plan; and, the Firefighters' Pension Plan which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all three plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. None of the pension plans issue separate reports on the pension plans. However, IiViRF does issue a pubhcly 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 All employees (other than those covered by the Police or Firefighters' plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with eight years of credited 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 each year of credited service up to 15 years and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute. The employer contribution for the year ended December 31, 2002 was 5.73% of covered payroll. - 42 - VILLAGE OF GLENVIEW, ~LLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RET/REMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 Article 5/3) and may be an~ended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31,2001, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 32 46 3O TOTAL 108 The Police Pension Plan provides retirement benefits as well as death and disability benefits. 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 held on the last day of service or for one year prior to the last day, whichever is greater. The armual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75.00% of such salary. Employees with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first armiversary date of retirement and be paid upon reaching the age of at least 55 years, by 3.00% of the original pension and 3.00% compounded am~ually thereafter. 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 tbe remaining amounts necessary to finance the plan as actuafially determined by an enrolled actuary. Effective July 1, 1993, the Village's contributions must accmnulate to the point where the past service cost for the Police Pension Plan is fully funded by the year 2033. For the year ended December 31, 2002, the Village's contribution was 8.47% of covered payroll. - 43 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 ' Article 5/4) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2001, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 39 51 35 TOTAL 125 The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such monthly salary for each additional month over 20 years of service through 30 years of service to a maximum of 75.00% of such monthly salary. Employees with at least 10 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 ora covered employee 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. Covered employees are required to contribute 8.455% of their salary to the Firefighters' 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 plan as actuafially determined by an e~olled actuary. Effective July 1, 1993, the Village's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded by the year 2033. For the year ended December 31, 2002, the Village's contribution was 4.996% of covered payroll. - 44 - VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. Significant Investments There are no investments (other than U.S. government and U.S. government guaranteed obligations) in any one organization that represent 5.00% or more of net assets for either the Police or the Firefighter's Pension Plans. Information for IMRF is not available. Employer contributions have been determined as follows: Illinois Municipal Police Firefighters' Retirement Pension Pension Actuarial Valuation Date December 31, January 1, January 1, 2000 2002 2002 Actuarial Cost Method Entry-age Entry-age EnmJ-age Normal Normal Normal Asset Valuation Method 5 Year Smoothed Market Market Market Amortization Method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll Amortization Period 10 Years, 33 Years, 33 Years, Closed Closed Closed Significant Actuarial Assumptions a) Rate of Return on Present and Future Assets 7.50% 8.00% 8.00% Compounded Compounded Compounded Annually Annually Annually b) Projected Salary Increase - 4.00% 3.00% 3.00% Attributable to Inflation Compounded Compounded Compounded Annually Annually Annually c) Additional Projected .40 to 11.60% 2.50% Salary Increases - Seniority/Merit 2.50% d) Post-Retirement Benefit 3.00% 3.00% 3.00% Increases Employer annual pension cost (APC), actual contributions and the net pension obligation (asset) (NPO) are as follows. The NPO (asset) is the cumulative difference between the APC and the contributions actually made. - 45 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. Significant Investments (Continued) Illinois Municipal Police Firefighters' Year Retirement* Pension* Pension* AnnualPensionCost 2000 $ 825,173 $ 186,505 $ 45,527 (APC) 2001 796,191 435,292 403,804 2002 706,259 N/A N/A Actual Contribution 2000 $ 825,173 $ 427,503 $ 173,821 2001 796,191 388,310 257,224 2002 706,259 N/A N/A Percentage of APC Contributed 2000 100.00% 229.2% 381.8% 2001 100.00 89.2 63.7 2002 100.00 N/A N/A NPO (Asset) 2000 $ $ (260,510) $ (318,219) 2001 (213,528) (171,639) 2002 N/A N/A Information presented is for the fiscal years ending December 31, 2000, 2001 and 2002 from actuarial reports as of December 31, 1999, 2000 and 2001. The net pension obligation (asset) has been calculated as follows: Police Firefighters' Pension Pension $ 444,665 $ 415,254 (20,841) (25,458) 11,468 14,008 435,292 403,804 388,310 257,224 46,982 146,580 (260,510) (318,219) $ (213,528) $ (171,639) Annual required contributions Interest on net pension obligation Adjustment to annual required contribution Annual pension cost Contributions made (Increase) decrease in net pension obligation (asset) Net pension obligation (asset) beginning of year NET PENSION OBLIGATION (ASSET), END OF YEAR - 46 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. SALE OF LAND As part of the development of the property fomaerly occupied by the Glenview Naval Air Station, $2,321,521 was recorded as revenue in the Glen Land Sales Fund for the sale of land. 17. PRIOR PERIOD ADJUSTMENT The Village corrected a prior year error by increasing fund balance in the Glen Land Sales Fund by $45,571. 18. SUBSEQUENT EVENT The Village issued $9,990,000 of 2003A General Obligation Refunding Bonds and $1,955,000 of 2003B General Obligation Refunding Bonds, both series dated April 1, 2003. - 47 - I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2002 I I I Actuarial Valuation Date December 31 1997 (1) Actuarial Value of Assets (4) UAAL (2) Unfunded (OAAL) Actuarial (Overfunded) As a Accrued (3) AAL Percentage Liability Funded (UAAL) (5) of Covered (AAL) Ratio (OAAL) Covered Payroll - Entry Age (1) / (2) (2) - (I) Payroll (4) / (5) $ 15,304,133 $ 16,257,078 94.14% $ 952,945 $ 8,360,225 11.40% 1998 1999 2000 2001 2002 17,834,171 17,399,577 20,971,639 19,680,215 24,477,730 21,790,735 26,203,617 23,785,832 25,950,441 25,778,690 102.50% (434,594) 8,842,628 106.56% (I,291,424) 9,514,512 112.33% (2,686,995) 10,379,550 110.16% (2,417,785) 11,708,708 100.67% (171,751) 12,325,643 (See independent auditor's report.) - 48 - (4.91%) (13.57%) (25.89%) (20.65%) (1.39%) VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND December 31, 2002 I I I I Actuarial Valuahon Date December 31 (2) UAXL Actuarial (4) As a ( 1 ) Accrued (3) Unfunded Percentage Actuarial Liability Funded AAL (5) of Covered Value of (AAL) Ratio (UAAL) Covered Payroll Assets - Entry Age (1) / (2) (2) - (1) Payroll (4) / (5) I I 1997 1998 1999 2000 2001 2002 $ 23,553,282 $ 23,162,656 27,211,245 24,277,701 25,629,270 25,769,884 29,157,173 30,130,881 29,380,377 31,728,241 NA NA 101.69% $ (390,626) $ 3,687,295 (10.59%) 112.08% (2,933,544) 2,789,745 (105.15%) 99.45% 140,614 4,008,491 3.51% 96.77% 973,708 4,309,083 22.60% 92.60% 2,347,864 4,583,354 51.23% NA NA NA NA (See independent auditor's report,) -49 - I I I I i I I I I I I I I I I I I I I I Actuarial Valuation Date December 31 1997 VILLAGE OF GLENVIEW, ILLiNOIS REQUIRED SUPPLEMENTARY iNFORMATION SCHEDULE OF FUNDiNG PROGRESS FIREFIGHTERS' PENSION FUND December 31, 2002 (4) UAAL (2) Unfunded (OAAL) Actuarial (Over funded) As a (1) Accrued (3) AAL Percentage Actuarial Liability Funded (UAAL) (5) of Covered Value of (AAL) Ratio (OAAL) Covered Payroll Assets - Entry Age (1) / (2) (2) - (1) Payroll (4) / (5) $ 34,502,380 $ 29,741,118 116.01% $ (4,761,262) $ 4,253,196 (111.95%) 1998 37,887,879 31,839,389 119.00% (6,048,490) 4,304,126 (140.53%) 1999 36,747,302 34,999,514 104~99% (1,747,788) 4,506,495 (38.78%) 2000 40,166,889 38,856,179 103.37% (1,310,710) 4,760,709 (27.53%) 2001 41,979,483 40,548,063 I03.53% (1,431,420) 5,148,997 (27.80%) 2002 NA NA NA NA NA NA (See independent auditor's report.) - 50 - Calendar Year 1997 1998 1999 2000 2001 2002 VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2002 Annual Pension Employer Cost Contributions (APC) $ 764,282 $ 764,282 804,679 804,679 831,568 831,568 825,173 825,173 796,191 796,191 706,259 706,259 (See independent auditor's report.) -51 - Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% I I ! I I I I I I I I I I I I I I I I I I I I Calendar Year 1997 1998 1999 2000 2001 2002 VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTI~)NS POLICE PENSION FUND December 31, 2002 Annual Pension Employer Cost Contributions (APC) $ 398,347 $ 364,249 376,836 389,071 387,208 389,558 427,503 186,505 388,310 435,292 540,072 NA (See independent auditor's report.) - 52 - Percentage Contributed 109.36% 96.86% 99.40% 229.22% 89.21% NA Calendar Year 1997 1998 1999 2000 2001 2002 VILLAGE OF GLENVEEW, ILLINOIS REQUII>,.ED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIiDNS FIREFIGHTERS' PENSION FUND December 31, 2002 Annual Pension Employer Cost Contributions (APC) $ 247,575 $ 200,526 236,334 127,498 157,476 123,437 173,821 45,527 257,224 403,804 527,906 NA (See independent auditor's report.) - 53 - Percentage Contributed 123.46% 185.36% 127.58% 381.80% 63.70% NA I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I ! I I I GENERAL FUND The General Fund, also referred to as the Corporate Fund, is used to account for resources traditionally associated with governmental services not required to be accounted for in another fund. VILLAGE OF GLENWIEW, ILLINOIS BALANCE SHEET GENERAL FUND December 31, 2002 (with comparative totals for 2001) I i i I ASSETS Cash Investments Receivables Taxes Property taxes Sales tax Income tax Utility taxes Accounts Other Due from other govermnents Due from other funds TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES Accbunts payable Accrued' payroll Compensated absences payable Infrastructure maintenance fee Other payables Due to other funds Deferred revenue Deferred property taxes Total liabilities FUND BALANCE Reserved for Patton House Unreserved Designated for income tax surcharge receipts Undesignated Total fund balance TOTAL LIABILITIES AND FUND BALANCE 2002 2001 $ 2,152,023 $ 1,110,151 12,879,980 13,646,605 5,731,379 5,785,884 2,628,031 1,968,913 347,858 712,911 343,995 94,575 42,696 192,573 118,587 32,385 185,501 I37,073 $ 24,924,831 $ 2311861289 $ 349,836 $ 547,977 100,907 77,179 1,671,823 1,531,691 974,017 898,295 28,341 25,911 40,022 137,314 129,664 243,325 5,731,379 5,785,884 9,025,989 9,247,576 I0,000 10,000 1,334,848 1,334,848 14,553,994 12,593,865 15,898,842 13,938,713 $ 24~924,831 $ 23~186,289 See accompanying notes to financial statements. - 54 - I I I I I I I I I I i i I I (This page is intentionally left blank.) VILLAGE OF GLENV1EW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES 1N FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2002 (with comparative actual for 2001 ) REVENUES Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeits Investment income Miscellaneous Total revenues EXPENDITURES General government Public safety Highways and streets Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Wholesale Water Fund Waterworks Fund Sewerage Fund North Maine Water and Sewer Fund Commuter Parking Lot Fund GNAS - Redevelopment Fund GNAS - Caretaker Fund 911 Communications Fund Escrow Deposit Fund Component Unit Library Fund Operating transfers (out) Capital Equipment Replacement Fund Debt Service Fund Capital Projects Fund Total other financing sources (uses) 2002 2001 Budget Actual Actual $ 10,739,460 $ 10,611,837 $ 10,704,456 2,246,700 2,415,483 2,810,000 13,626,000 14,858,166 13,360,398 2,160,575 1,109,048 1,152,553 225,000 207,720 215,284 475,000 401,213 769,833 865,150 879,251 1,581,342 30,337,885 30,482,718 30,593,866 7,296,598 6,163,725 5,584,274 16,503,505 16,013,303 15,584,519 6,407,251 6,133,143 5,895,520 30,207,354 28,310,171 27,064,313 130,531 2,172,547 3,529,553 112,150 112,150 105,000 508,600 508,600 493,710 71,175 71,180 68,500 307,500 307,500 307,500 45,000 45,000 37,000 2,000 2,000 2,000 2,000 2,000 2,000 120,000 120,000 150,000 120,000 172,351 12,650 12,650 12,600 (1,225,223) (1,225,220) (1,061,930) (219,335) (219,336) (210,805) (32,000) (68,942) (2,079,000) (145,483) (212,418) (2,151,074) (This statement is continued on the following page.) -55 - I I I I VILLAGE OF GLENV1EW, ILLiNOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2002 (with comparative actual for 200 I) i I I I I I I I i I I I I i i EXCESS (DEFICIENCY) OF REVENUES AND OTHER FiNANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 Prior period adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE, DECEMBER 31 2002 2001 See accompanying notes to financial statements. -$6 - Budget Actual Actual $ (141952) $ 1,960,129 $ 1,378,479 13,938,713 12,189,197 371,037 13,938,713 12,560,234 $ 15~898,842 $ 13~938~713 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2002 (with comparative actual for 2001) I I I I TAXES Property taxes - current Property taxes - pension Property taxes - prior Utility tax - AT&T Utility tax - mobile services Utility tax ~ N. I. Gas Utility tax - Commonwealth Edison Utility tax - Ameritech Hotel room tax Total taxes LICENSES AND PERMITS Business Liquor Pet Building permits Certificate of occupancy Contractors fees Plumbing and sewer Driveway permits Total licenses and permits INTERGOVERNMENTAL Glenbrook Fire Protection District Replacement taxes Sales tax Illinois income tax Photo use tax Road and bridge Road and bridge - prior Village of Golf Fire Protection District Miscellaneous intergovernment Federal and state grants Make-whole payment Total intergovernmental 2002 2001 Budget Actual Actual $ 4,869,460 $ 4,729,306 $ 5,129,360 1,090,000 1,067,978 614,606 50,000 79,948 64,914 195,000 522,700 215,291 555,000 717,880 621,813 600,000 554,443 941,153 1,825,000 1,869,105 1,718,139 755,000 455,394 650,992 800,000 615,083 748,188 10,739,460 10,611,837 10,704,456 65,000 76,096 71,921 90,000 98,100 93,950 5,000 4,811 4,829 1,894,700 1,990,966 2,408,528 57,000 72,183 59,170 50,000 68,232 59,710 75,000 90,I50 97,676 10,000 14,945 14,216 2,246,700 2,415,483 2,810,000 2,075,000 2,171,117 1,968,062 125,000 95,223 132,443 6,790,000 8,765,038 7,184,006 3,230,000 2,745,035 2,963,486 600,000 438,709 520,484 170,000 204,953 184,145 1,000 3,030 3,298 125,000 126,681 147,718 150,000 135,645 141,232 190,000 22,721 41,314 170,000 150,014 74,210 13,626,000 14,858,166 13,360,398 (This schedule is continued on the following page.) -57- I i I I I I I I I ! I I i i I I I I I I I I I I I I I i I I I I i I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENrERAL FUND For the Year Ended December 31, 2002 (with comparative actual for 2001 ) CHARGES FOR SERVICES R.E.D. Administration Fire corn Plan review fees Reinspection fees Elevator inspection fees Planning fees Conditional use fees Electrical inspection Engineering fees GNAS engineer;ng fees Unclassified public works Other service charges Lease fees Dog impounding fees Maintenance of state roads Total charges for services FINES AND FORFEITS INVESTMENT INCOME Savings Investments N.O.W. accounts Total investment income OTHER REVENUES Ameritech infrastructure maintenance Infrastmcture maintenance fee Franchise tax - cable TV Nicor franchise tax Land sales Miscellaneous Total other revenues TOTAL REVENUES 2002 2001 Budget Actual Actual $ $ 42,667 200,000 227,167 8,578 286,575 116,093 181,265 20,000 30,107 29,759 121000 21,490 14,120 10,000 6,493 9,905 8,000 9,222 7,355 90,000 95,655 118~99 300,000 297,085 510,406 1,000,000 10,000 19,580 2,982 10,000 42,907 33,780 210,000 239,416 190,676 4,000 2,073 2,561 1,760 2,160,575 1,109,048 1,152,553 225,000 207,720 215,284 15,000 7,821 9,926 450,000 387,487 748,780 10,000 5,905 11,127 475,000 401,213 769,833 165,000 104,018 143,923 281,020 215,000 249,380 241,680 30,000 35,730 29,165 400,000 956,654 55,150 209,103 209,920 865,150 879,251 1,581,342 $ 30~3371885 $ 3014821718 $ 30,593~866 (See independent auditor's report.) -58 - VILLAGE OF GLENVIEW, iLLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2002 GENERAL GOVERNMENT Board of Trustees Special board Legal Emergency Service Disaster Agency Village Manager Finance Information systems management Municipal building and grounds Personnel and insurance Cable TV Total general government PUBLIC SAFETY Police department Fire department Printing Total public safety HIGHWAYS AND STREETS Development and public services Administration Planning and zoning Engineering Public health Building inspection Total development and public services Public works Administration Overhead Street maintenance Traffic Storm water management Snow and ice control Forestry Grounds Total public works Total highways and streets TOTAL EXPENDITURES Budget Actual $ 38,220 $ 21,504 691,551 202,653 321,700 298,702 6,200 3,732 552,917 559,712 1,359,796 772,583 559,076 574,029 271,382 252,693 3,384,478 3,376,310 111,278 101,807 7,296,598 6,]63,725 8,144,487 7,845,416 8,286,568 8,129,692 72,450 38,195 16,503,505 16,013,303 383,256 367,877 423,954 382,103 1,000,667 883,636 235,419 227,878 969,868 986,195 3,013,164 2,847,689 322,328 323,530 1,273,064 1,224,255 256,960 349,595 420,440 311,357 159,650 I55,257 469,495 396,794 267,550 350,138 224,600 174,528 3,394,087 3,285,454 6,407,251 6,133,143 $ 30,207,354 $ 28,310,171 (See independent auditor's report.) - 59 - i i I I I I I I I I I I I I I I I t I VILLAGE OF GLENWIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2002 GENERAL GOVERNMENT Board of Trustees Personal services Contractual services Material m~d supplies Total Board of Trustees Special board Contractual services Material and supplies Capital outlay Total special board Legal Contractual services Material and supplies Tomllegal Emergency Service Disaster Agency Contractual services Material and supplies Other Total emergency service disaster agency Village Mmlager Personal services Contractual. services Material mad supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total Village Manager Budget Actual $ 9,000 $ 9,000 26,220 11,504 3,000 1,000 38,220 21,504 289,551 201,145 2,000 1,508 400,000 691,551 202,653 318,000 295,987 3,700 2,715 321,700 298,702 5,100 3,732 600 500 6,200 3,732 438,239 479,317 98,030 68,429 3,610 1,933 17,538 18,393 4,500 640 561,917 568,712 9,000 9,000 552,917 559,712 (This schedule is continued on lhe following pages.) - 60 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2002 GENERAL GOVERNMENT (Continued) Finance Personal services Contractual services Material and supplies Other Capital outlay Total finance Information systems management Personal services Contractual services Material and supplies Other Capital outlay Total information systems management Municipal building and grounds Personal services Contractual services Material and supplies Other Capital outlay Total municipal building and grounds Personnel and insurance Personal services Contractual services Material and supplies Other FICA payments Insuramce Total persom~el and insurance Budget Actual $ 643,117 $ 629,001 667,465 107,621 36,270 28,980 10,044 2,876 2,900 4,105 1,359,796 772,583 136,291 121,419 335,335 359,909 12,300 13,423 5,000 4,978 70,150 74,300 559,076 574,029 31,282 28,785 217,600 209,169 11,500 4,029 6,O00 6,184 5,000 4,526 271,382 252,693 75,442 81;970 93,415 59,758 2,250 17,300 16,846 660,000 681,666 2,536,071 2,536,070 3,384,478 3,376,310 (This schedule is continued on the following pages.) -61 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 3 i, 2002 GENERAL GOVERNMENT (Continued) Cable TV department Personal services Contractual services Material and supplies Other Capital outlay Total cable TV department TOTAL GENERAL GOVERNMENT PUBLIC SAFETY Police department Personal services Pension Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Total police department Fire deparm~ent Personal services Pension Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Total fire department Budget Actual $ 54,860 $ 52,822 13,550 13,693 10,300 7,644 4,568 8,112 28,000 19,536 111,278 101,807 $ 7,2961598 $ 6~1631725 $ 6,672,511 $ 6,545,876 562,500 549,072 425,475 337,391 177,885 135,338 46,200 24,283 15,368 I6,053 612,662 605,513 8,512,601 8,213,526 368,114 368,I10 8,144,487 7,845,416 6,783,427 6,698,898 540,000 527,906 299,984 369,275 218,820 222,434 7,000 8,876 240,800 146,746 627,031 586,047 8,717,062 8,560,182 430,494 430,490 8,286,568 8,129,692 (This schedule is continued on the following pages.) - 62- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2002 PUBLIC SAFETY (Continued) Printing Contractual services Material and supplies Total printing TOTAL PUBLIC SAFETY HIGHWAYS AND STREETS Development and public service Ge~eral Personal services Contractual services Material and supplies Other Less transfer to Capital Equipment Replacement Fund Total general Plmming and zoning Personal services Contractual services Material and supplies Total planning and zoning Engineering Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total engineering Budget Actual $ 48,250 $ 20,221 24,200 17,974 72,450 38,195 $ 16,503,505 $ 16,013,303 $ 329,042 $ 340,092 50,510 23,696 1,300 1,571 6,804 6,918 387,656 372,277 4,400 4,400 383,256 367,877 157,152 155,788 265,302 224,414 1,500 1,901 423,954 382,103 900,271 785,005 65,010 63,891 8,700 7,253 48,486 49,286 10,000 10,001 1,032,467 915,436 31,800 31,800 1,000,667 883,636 (This schedule is continued on the following pages.) - 63 - I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2002 I I I I i I I I I I I I I I I HIGHWAYS AND STREETS (Continued) Development and public service (Continued) Public health Personal services Contractual services Material and supplies Other Less transfer to Capital Equipment Replacement Fund Total public health Building inspection Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total building inspection Total development and public service Public works Administration Personal services Contractual services Material and supplies Total admiuistration This schedule is continued on the following pages.) - 64 - Budget Actual $ 214,606 $ 218,286 8,865 4,393 6,100 2,257 13,248 10,342 242,819 235,278 7,400 7,400 235,419 227,878 873,241 893,388 55,760 48,647 8,900 8,242 43,467 65,418 18,000 999,368 1,015,695 29,500 29,500 969,868 986,195 3,013,164 2,847,689 288,328 285,688 27,500 31,299 6,500 6,543 322,328 323,530 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2002 I I I I HIGHWAYS AND STREETS (Continued) Public works (Continued) Overhead Personal services Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Tot~ overhead Street maintenance Personal services Material and supplies Total street maintenance Traffic Personal services Contractual services MateriaI and supplies Total traffic Storm water management Personal services Contractual services Material and supplies Capital outlay Total storm water management (This schedule is continued on the following page.) - 65 - Budget Actu~ $ 680,441 $ 825,312 131,050 89,247 40,800 29,628 6,000 7,296 22,000 3,008 737,288 614,284 1,617,579 1,568,775 344,515 344,520 1,273,064 1,224,255 206,960 319,719 50,000 29,876 256,960 349~595 94,640 127,081 289,300 161,584 36,500 22,692 420,440 311,357 116,480 126,I38 12,270 4,582 29,700 23,328 1,200 1,209 159,650 155,257 I I I I 1 I I t I I i i I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENEKAL FUND For the Year Ended December 31, 2002 HIGHWAYS AND STREETS (Continued) Public works (Continued) Snow and ice control Personal services Contractual services Material and supplies Total snow and ice control Forestry Personal services Contractual services Material and supplies Total forestry Grounds Personal services Contractual services Material and supplies Total grounds Total public works TOTAL HIGHWAYS AND STREETS Budget Actual $ 288,080 $ 240,599 11,000 20,236 170,415 135,959 469,495 396,794 239,200 331,453 17,250 6,428 11,100 12,257 267,550 350,138 93,600 77,394 105,000 75,804 26,000 21,330 224,600 174,528 3,394,087 3,285,454 $ 6~407,25I $ 6,133~143 (See independent auditor's report.) 66- I I I I I 911 Communi- GNAS GNAS cations Redevelopment Caretaker Special Tax Allocation Totals 2002 2001 I ! I I 297,501 $ 81,784 $ 21,786 31,000 76,069 $ 203,690 $ 1,057,162 $ 451,719 750,000 2,901,596 2,084,007 500,000 485,437 115,868 145,885 100,555 97,688 31,000 205,966 140,363 i $ 319,287 $ 112,784 $ 76,069 $ 953,690 $ 4~706~181 $ 3,611~065 I I i $ 1,849 $ 106,268$ 116,678$ $ 303,399 $ 476,016 11,596 57,029 119,801 95,196 20,505 293 17,909 18,202 11,344 500,000 485,437 13,445 163,590 134,587 941,402 1,088,498 140,363 305,842 (50,806) (58,518) 953,690 3,764,779 2,382,204 305,842 (50,806) (58,518) 953,690 3,764,779 2,522,567 $ 319,287 $ 112,784 $ 76,069 $ 953,690 $ 4,7067181 $ 3,611,065 I I See accompanying notes to financial statements. - 68 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FLrNDS For the Year Ended December 31, 2002 (with comparative totals for 200 I) I I I i REVENUES Taxes Intergovernmental Charges for services Investment income Miscellaneous Total revenues EXPENDITURES Current General government Public safety Pension Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Operating transfers in - component unit Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE (DEFICIT), JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Foreign Illinois Refuse Fire Municipal Motor and Insurance Retirement Fuel Tax Recycling $ $ 513,498 $ $ 1,190,517 39,509 1,110,429 28 8,723 2,037 40,143 39,537 522,221 1,192,554 1,150,572 910,998 717,910 717,910 910,998 39,537 (195,689) 1,192,554 239,574 186,040 (1,160,800) 100,560 286,600 (1,160,800) 39,537 90,911 31,754 239,574 377,590 211,825 1,623,380 $ 39,537 $ 468,501 $ 243,579 $ 1,862~954 - 69 - I I I I I I I I I I i I I i I I I ! I I I I i 911 Communi- GNAS GNAS Special Tax Totals cations Redevelopment Caretaker Allocation 2002 2001 $ $ $ $ 2,841,781 $ 3,355,279 $ 995,482 1,190,517 1,131,533 494,040 1,643,978 1,583,065 7,067 488 294 4,803 63,583 100,629 594 594 82,408 501,107 1,082 294 2,846,584 6,253,951 3,893,117 1,588,384 966,523 1,370,136 4,836,041 4,689,053 301,233 301,233 295,017 717,910 806,182 301,233 1,588,384 966,523 1,370,136 5,855,184 5,790,252 I ! I I I 199,874 (1,587,302) (966,229) 1,476,448 398,767 (1,897,135) 1,605,000 1,161,500 6,492,258 9,444,798 17,023,400 (350,751) (64,680) (93,950) (7,031,732) (8,701,913) (14,994,422) 100,560 144,600 (350,751) 1,540,320 1,067,550 (539,474) 843,445 2,173,578 (150,877) (46,982) 101,321 936,974 1,242,212 276,443 456,719 (3,824) (159,839) 16,716 2,522,567 2,246,124 $ 3051842 $ (501806) $ (58,518) $ 953,690 $ 3,764,779 $ 2~522,567 See accompanying notes to financial statements. - 70- VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES 1N FUND BALANCE - BUDGET AND ACTUAL ILLiNOIS MUNICIPAL RETIREMENT FUND For the Year Ended December 31, 2002 REVENUES Taxes Property taxes - currem Property taxes - prior Replacement taxes Investment income Total revenues EXPENDITURES Pension Contractual services EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating l~ansfers in 911 Communications Fund Waterworks Fund Wholesale Water Fund North Maine Water Fund GNAS Caretaker Fund GNAS Redevelopment Fund Sewerage Fund Municipal Equipment Repair Fund Commuter Parking Lot Fund Component Unit Library Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FIN*ANCiNG SOURCES OVER EXPENDITURES AND OTHER FiNANCING USES FUq'4D BALANCE, JANIJARY 1 FUND BALANCE, DECEMBER 31 See accompanying notes to financial statements. -71 - Budget Actual $ 500,000 $ 485,583 500 7,915 20,000 20,000 4,500 8,723 525,000 522,221 862,000 717,910 (337,000) (195,689) 9,400 9,400 60,000 60,000 1,000 1,000 23,065 23,070 23,000 23,000 33,278 33,280 10,985 10,990 22,250 22,250 3,050 3,050 100,562 100,560 286,590 286,600 $ (S0~410) 90,911 377,590 $ 468.501 I I I I I I I I I I I I I I I I I i I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET ANI5 ACTUAL MOTOR FUEL TAX FUND For the Year Ended December 31, 2002 REVENUES Intergovemmemal Allotments Investment income Total revenues EXPENDITURES None EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) Capital Projects Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Budget Actual $ 1,200,000 $ 1,190,517 2,600 2,037 1,202,600 1,192,554 1,202,600 1,192,554 (1,160,800) (I,160,800) 41,800 31,754 211,825 $ 243~579 See accompanying notes to financial statements. - 72 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND'ACTUAL REFUSE AND RECYCLING FUND For the Year Ended December 31, 2002 REVENUES Charges for services Investment income Total revenues EXPENDITURES General government Contractual services Materials and supplies Other Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Budget Actual $ 1,072,125 $ 1,110,429 27,500 40,143 1,099,625 1,150,572 4,000 76,000 31,479 935,000 879,519 1,015,000 910,998 $ 84,625 239,574 1,623,380 $ 1,8621954 See accompanying notes to financial statements. - 73 - I I I 1 I I I I I I i I i I I I I I I I I I I I I I I I I I I i I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 911 COIvlMUNICATIONS FUND For the Year Ended December 31, 2002 REVENUES Charges for services Investment income Total revenues EXPENDITURES Public safety Personal services Contractual services Materials and supplies Other Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCING SOURCES (USES) Operating t~ansfers (out) Corporate Fund Illinois Municipal Retirement Fund Capital Project Fund Capital Equipment Replacement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER31 See accompanying notes to financial statements. - 74 - Budget Actual $ 470,000 $ 494,040 8,000 7,067 478,000 501,107 165,664 174,471 128,800 109,135 6,350 2,370 17,500 13,676 6,000 1,581 324,314 301,233 153,686 199,874 (120,000) (120,000) (9,400) (9,400) (194,461) (26,885) (26,890) (156,285) (350,751) (2,599) (150,877) 456,719 $ 305~842 VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND~ACTUAL GNAS REDEVELOPMENT FUND For the Year Ended December 31, 2002 REVENUES Investment income Miscellaneous Tot~ revenues EXPENDITURES General government EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Special Tax Allocation Fund Operating transfers (out) General Fund Capital Equipment Replacement Fund Illinois Municipal Retirement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE (DEFICIT), JANUARY 1 FUND BALANCE (DEFICIT) , DECEMBER 31 Budget Actual $ 100 $ 488 2,500 594 2,600 1,082 2,251,122 1,588,384 (2,248,522) (1,587,302) 2,285,000 1,605,000 (2,000) (2,000) (18,200) (29,400) (33,278) (33,280) 2,231,522 1,540,320 (17,0o0) (46,982) (3,824) $ (50,806) See accompanying notes to financial statements. - 75 - I I I I I I I I I I I I i I I I I i I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND ADMI2NISTRATION DEPARTMENT For the Year Ended December 31, 2002 GENERAL GOVERNMENT Administration Personal service Contractual services Material and supplies Other charges Capital outlay Less transfer to Capital Equipment Replacement Fund TOTAL EXPENDITURES Budget Actual (See independent auditor's report.) - 76 - 592,580 $ 612,554 1,243,360 789,566 38,400 20,899 358,982 165,371 36,000 29,394 2,269,322 1,617,784 (18,200) (29,400) $ 2~251,122 $ 1~588~384 VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND'ACTUAL GNAS CARETAKER FUND For the Year Ended December 31, 2002 REVENUES Investment income EXPENDITURES General government EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Special Tax Allocation Fund Operating transfers (out) General Fund Capital Equipment Replacement Fund Illinois Municipal Retirement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE (DEFICIT), JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Budget Actual $ 100 $ 294 1,938,360 966,523 (1,938,260) (966,229) 2,025,000 1,161,500 (2,000) (2,000) (68,950) (68,950) (23,000) (23,000) 1,931,050 1,067,550 $ (7,210) 101,321 (159,839) $ (58,s18) See accompanying notes to financial statements. - 77 - I I I I I I I I I I I I i I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS CARETAKER FUND For the Year Ended December 31, 2002 GENERAL GOVERNMENT Overhead Personal service Contractual services Material and supplies Other charges Less transfer to Capital Equipment Replacement Fund Total overhead Street maintenance Personal service Contractual services Material and supplies Total street maintenance Traffic Personal service Contractual services Material and supplies Capital outlay Total traffic Storm water management Personal service Contractual services Material and supplies Total storm water management Budget Actual 14,560 $ 3,150 18,100 2,247 7,500 3,871 358,640 227,423 398,800 236,691 (68,950) (68,950) 329,850 167,741 15,600 5,156 85,000 83,324 500 101,100 88,480 12,480 7,282 47,300 49,268 8,000 5,245 70,000 66,140 137,780 127,935 11,440 17,683 5,000 2,992 10,300 8,431 26,740 29,106 (This schedule is continued on the following pages.) - 78 - VILLAGE OF GLENVIEW, ILL1NOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Year Ended December 31, 2002 GENERAL GOVERNMENT (Continued) Snow and ice control Personal service Material and supplies Capital outlay Total snow and ice control Forestry Personal service Contractual services Material and supplies Total forestry Grounds Personal service Contractual services Material and supplies Total grounds Great park maintenance Personal service Contractual services Material and supplies Total great park maintenance Lake management Personal service Contractual services Material and supplies Total lake management Budget AcmaI 22,880 $ 9,263 21,000 15,067 400,000 1,715 443,880 26,045 9,360 2,898 1,500 73 2,700 2,078 13,560 5,049 12,480 4,514 80,000 69,140 110,500 2,136 202,980 75,790 86,320 25,111 252,200 188,496 8,500 2,852 347,020 216,459 38,480 23,411 94,500 13,403 11,000 24 143,980 36,838 (This schedule is continued on the following page.) - 79 - I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Year Ended December 31, 2002 I I I I I I I I I I I I I I I GENERAL GOVERNMENT (Continued) Prairie management Personal service Contractual services Material and supplies Total prairie management Water distribution system Personal service Contractual services Matehal and supplies Total water distribution system Sanitary sewer system Personal service Contractual services Material and supplies Total sanitary sewer system TOTAL EXPENDITURES (See independent auditor's report.) ~ 80 - Budget Actual 18,720 $ 9,037 34,500 16,447 5,000 386 58,220 25,870 43,680 78,516 22,750 1,003 27,500 71,985 93,930 151,504 34,320 12,529 1,000 4,000 3,177 39,320 15,706 $ 1~938,360 $ 9661523 VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND'ACTUAL SPECIAL TAX ALLOCATION FUND For the Year Ended December 31, 2002 Budget Actual REVENUES Taxes Property taxes - current Investment income 5,549,000 $ 2,841,781 4,803 Total revenues 5,549,000 2,846,584 EXPENDITURES General government 3,933,000 1,370,136 1,616,000 1,476,448 EXCESS (DEFICIENCY) OF REVENrUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Glen Land Sales Fund Operating transfers (out) GNAS Redevelopment Fund GNAS Caretaker Fund GNAS Bond Fund Corporate Purpose Bond Series of 1996 Fund Corporate Purpose Bond Series of 1998 Fund Total other financing sources (uses) 6,650,000 6,492,258 (2,285,000 (1,605,000) (2,025,000 (1,161,500) (513,771) (1,074,872 (1,032,461) (2,880,000 (2,719,000) (1,614,872 (539,474) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ 1~128 936,974 FUND BALANCE, JANUARY 1 16,716 FUND BALANCE, DECEMBER 31 $ 953~690 See accompanying notes to financial statements. -81 - I I I I I I I I I I I I I I I I I I I I I I I I I ! I i I I I I I i I I I DEBT SERVICE FUNDS Corporate Purpose Bond Series of 1993 Fund - This issue in the amount of $7,635,000 was sold to finance various capital projects throughout the Government including, but not limited to, the public works garage, various street projects and capital purchases. Corporate Purpose Bond Series of 1994 Fund - This issue in the amount of $8,040,000 was sold to partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose Bond Series of 1990. Corporate Purpose Bond Series of 1996 Fund - This issue in the amount of $8,435,000 was sold to finance General Obligation Bond Anticipation Bonds that matured in 1996. Corporate Purpose Bond Series of 1998 Fund - These issues in the amounts of $10,000,000 of Series A and $24,400,000 of Series B were sold to finance the development of the Glenview Naval Air Base. Corporate Purpose Bond Series of 2000 Fund - This issue in the amount of $4,970,000 was sold to finance various capital improvements throughout the Village. Corporate Purpose Bond Series of 2001 Fund - This issue in the amount of $41,800,000 was sold to finance the development o f the former Glenview Naval Air Station. General Obligation Refunding Bond Series of 2002 Fund - This issue in the amount of $6,885,000 was sold to refund the Corporate Purpose Bond Series of 1993 and 1994. (This page is intentionally lef~ blank.) I I I I I I I I I ,I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DEBT SERVICE FUNDS For the Year Ended December 31, 2002 (with comparative totals for 2001) I I I I REVENUES Taxes Property taxes EXPENDITURES Principal retirement Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in General Fund Waterworks Fund Sewerage Fund Special Tax Allocation Fund Operating transfers (out) General Obligation Refunding Bond Series of 2002 Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCES (DEFICIT), JANUARY 1 FUND BALANCES, DECEMBER 31 Corporate Purpose Bond Series of ] 993 Corporate Purpose Bond Series of 1994 Corporate Purpose Bond Series of 1996 Budget Actual Budget Actual Budget Actual 996,276 $ 493,475 $ 775,169 $ 385,257 $ $ 9,300 9,300 15,500 12,971 36,000 20,760 10,100 6,501 1,021,076 515,746 811,169 406,017 10,100 6,501 790,000 1,160,000 775,000 775,000 207,476 1,200 120,145 300,472 300,173 997,476 1,200 1,280,145 1,075,472 1,075,173 23,600 514,546 (468,976) 406,017 (l,065,372) (1,068,672) 423,331 80,446 80,446 (783,331) (1,083,425) 1,074,872 1,032,461 (783,331) 503,777 (1,002,979) 1,074,872 1,032,461 $ 23~600 (268,785) $ 34,801 (596,962) $ 9,50.~0 (36,21I) 268,785 596,962 49,536 $ S 13,325 - 85 - I I I I I I I I I I I I I I I I I I I I Corporate Purpose Corporate Purpose Corporate Purpose Totals Bond Series of ]998 Bond Series of 2000 Bond Series of 2001 2002 2001 Budget Actual Budget Actual Budget Actual Budl~et Actual Actual I$ $ $ $ $ $ $ 1,771,445 $ 878,732 $ 1,741,617 9,300 9,300 9,300 29,300 25,020 500 222 70,902 30,059 162,302 95,533 147,476 29,300 25,020 500 222 70,902 30,059 1.943,047 983,565 1,898,393 1,395,000 1,395,000 4,I20,000 2,170,000 2,590,000 1,501,664 1,499,864 220,935 219,935 1,694,850 1,694,850 4,045,542 3,716,022 2,455,091 2,896,664 2,894,864 220,935 219,935 1,694,850 1,694,850 8,165,542 5,886,022 5,045,091 I I i (2,867,364) (2,869,844) (220,435) (219,713) (1,623,948) (1,664,791) (6,222,495) (4,902,457) (3,146,698) 2,880,000 2,719,000 219,335 219,336 219,335 219,336 210,805 423,331 437,881 80,446 80,446 82,627 3,954,872 3,751,46I 1,069,500 (1,866,756) 2,880,000 2,719,000 219,335 219,336 4,677,984 2,184,487 1,800,813 I I$ 12,636 I I I I I (150,844)~ (377) 8 (1,623,948) (1,664,791) $ (1,5441511) (2,7 7,970) (1,345,885) 163,213 6,863 1,726,165 2,811,524 2,431,2~4 12,369 S 6,486 $ 61,374 $ 93 554$ 1,085,359. See accmnpanying notes to financial statements. - 86 - i CAPITAL PROJECTS FUNDS i I I I Capital Equipment Replacement Fund - to account for the funds annually set aside for the eventual replacement of certain capital equipment. Capital Projects Fund - to account for revenues and expenditures involved with all other capital improvements throughout the Village. Village Pem~anent Fund - to accumulate 20% of the land sales proceeds of the Glenview Naval Air Base for village-wide improvements as well as short-term liquidity to the Village's TI1e projects encompassing The Glen. Bond Fund Series 1993 - to account for the proceeds received from the Corporate Purpose Bond Series of 1993. I I I I I GNAS Bond Fund Series 1995 - to account for various development and other projects related to the Glenview Naval Air Base and financed with the General Obligation Bond Anticipation Bond Series of 1995. Glen Land Sales Fund - to account for grant funds, land sales, and property tax revenues (via the Tax Increment Finance District) related to the Glenview Naval Air Base. 2000 Project Fund - to account for the funds derived from the 2000 General Obligation Bond issue. 2001 Project Fund - to account for the funds derived from the 2001 General Obligation Bond issue. I i I I ! i I I ! I i I I I I I I I I i I (This page is intentionally left blank.) I I i I I I l I I I I I I I I ! 1 I I I I I i I I I I I I I I I l I I I i I I I I I I I I I I I ! I i I i ! ~× I I I I i I I I I I i I I i I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2002 PROJECT COSTS Village of Glenview Development Department fees Property surveys/plats/jurisdiction maps Lake construction Roadway engineering, design and construction management Memorial restoration Willow/Patriot Boulevard intersection Street lighting and traffic signals (except Lehigh) SCADA system Prairie and wetland/management and mitigation Lake outlet Patriot Boulevard/Willow to West Lake Roadway medians and parkway landscaping West Lake/West Gate to Patriot Boulevard Patriot Boulevard/West Lake to Chestnut Lehigh Avenue roadways West Lake/Lehigh Avenue to Patriot Boulevard ChesmuffPatriot Boulevard to golf course Shermer/Old Willow Road to West Lake Lehigh Avenue lighting Lehigh Avenue traffic signal Lehigh Avenue stormwater drainage Westside engineering and construction management Rugen reservoir engineering and construction management (A) and (B) Eastside engineering and construction management Westside reservoir and pump house construction Rugen reservoir and pump house construction (A) and (B) Eastside construction Water system analysis Water source improvements 36" transmission Westgate to Westside engineering and construction management 36" transmission line Westgate to Westside construction Utility allowance Budget Actual $ 3,750,000 $ 225,000 178,453 580,000 216,297 1,300,000 1,243,128 100,000 154,396 50,000 116,368 2,254,000 39,112 250,000 18,614 1,564,275 17,380 400,000 89,406 100,000 60,972 1,645,546 60,551 50,000 67,532 650,000 16,064 2,500,000 3,186,755 100,000 (4,843) 800,000 496,100 250,000 75,231 594,161 200,914 714,000 73,819 3,000,000 1,373,454 25,000 550,000 188,000 1,132,378 500,000 4,000,000 1,000,000 373,971 15,000 t,898 4,000,000 4,880,426 20,000 150,000 68,778 1,000,000 257,545 (This schedule is continued on the following page.) - 94 - I I I i ! I I i I I I ! I I I I I I I I I i I I I I I I I I I i I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDIq[URES ~ BUDGET AND ACTUAL (Continued) GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2002 PROJECT COSTS (Continued) Stormwater design Building demolition Other demolition Environmental demolition and restoration Miscellaneous restoration Michael Joseph Foundation Potable water construction work Stormwater piping construction Sanitary sewer construction Metra station design and construction Metra station parking lots Gallery park landscaping and amenities Gallery park planning Snow dumping area Land purchase easements Construction fence/silt fence The Glen Fire Station project Public works campus improvement Bike paths-all West Lake Avenue Sidewalks on Willow and Shermer Prairie Lawn Closing NIPSTA Drivers Train Pad Youth Services Temp Space Thomas Place Contingency TOTAL EXPENDITURES Budget Actual $ 60,000 $ 1,885,000 i9,450 2,990 9,108 700,000 220,413 40,000 500,000 450,294 2,047,517 713,298 330,000 270,370 450,000 2,679,600 12,043 4,022,903 1,606,119 158,000 9,709 4,845 1,000,000 50,000 6,770 2,400,000 96,640 350,000 500,000 21,116 250,000 150,000 3,154 1,400,000 557,549 200,000 150,000 1,712,400 $ 53,360,402 $ 18,398,567 (See independent auditor's report.) - 95 - ENTERPRISE FUNDS Waterworks Fund - to account for the provision of water service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director o£Public Works), operation, maintenance, financing and related debt service and billing and collection. Wholesale Water Fund - to account for the provision of water service to the Illinois American Water Company enabling the private utility to receive Lake Michigan water. North Maine Water and Sewer Fund - to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest o£the Village. This area was formerly served by the North Subm'ban Public Utilities Company. Sewerage Fund - to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Village of Glenview customers. Commuter Parking Lot Fund - to account for the activity involved with, but not limited to, the administration (Finance Director), sale of permits and maintenance of the commuter parking facilities within the Village. o~ < C~ o~ VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2002 Budget Actual OPERATING REVENUES Charges for services Water charges Water meter repair charges Water connection charges Water meters and remote readers Miscellaneous Late payment fees Brass fittings Water for construction Turn on charge Recapture agreements Other $ 6,880,368 $ 6,779,210 1,750 100,000 177,981 50,000 171,410 60,000 73,840 25,000 47,036 20,000 70,458 5,000 6,695 10,000 4,793 5,000 44,968 Total operating revenues 7,155,368 7,378,i41 OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Supply and metering Pumping station - east Pumping station - west Distribution system Overhead 256,724 293,968 2,866,220 2,925,306 279,470 242,219 194,300 121,508 861,980 799,379 2,388,619 439,719 Total operating expenses excluding depreciation 6,847,313 4,822,099 308,055 2,556,042 668,509 308,055 1,887,533 82,500 65,485 390,555 1,953,018 OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION OPERATING INCOME NONOPERATING REVENUES Investment income INCOME BEFORE OPERATING TRANSFERS (This statement is continued on the following page.) - 102 - VILLAGE OF GLEN'VIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31, 2002 OPERATING TP~.NSFERS IN (OUT) General Fund Wholesale Water Fund Illinois Municipal Retirement Fund North Maine Water/Sewer Fund Corporate Purpose Bonds 1994 Fund Corporate Purpose Bonds 2002 Fund Capital Equipment Replacement Fund Capital Projects Fund Total operating transfers in (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Budget Actual $ (508,600) $ (508,600) (30,000) (30,000) (60,000) (60,000) (6o,0o0) (423,331) (423,331 (130,980) (130,980 (820,000) (2,032,911) (1,152,911 $ (1,6421356) 800,107 17,638,968 $ 18,439,075 See accompany/ng notes to financial statements. - 103 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 3 I, 2002 ADMINISTRATION Contractual services Materials and supplies Other Total administration OPERATIONS Supply and metering Personal services Contractual services Water purchase Materials and supplies Total supply and metering Pumping station - east Personal services Contractual services Materials and supplies Capital outlay Total pumping station - east Pumping station - west Personal services Contractual services Materials and supplies Total pumping station - west Distribution system Personal services Contractual services Materials and supplies Capital outlay Total distribution system Budget Actual $ 21,500 $ 64,704 1,500 233,724 229,264 256,724 293,968 117,520 124,379 75,100 50,333 2,589,600 2,684,410 84,000 66,184 2,866,220 2,925,306 68,120 73,302 185,400 156,062 11,950 12,855 14,000 279,470 242,219 39,000 38,388 143,600 71,949 11,700 11,171 194,300 121,508 516,880 452,252 191,500 161,244 128,100 170,996 25,500 14,887 861,980 799,379 (This schedule is continued on 1he following page.) - 104 - VILLAGE OF GLENViEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31, 2002 OPERATIONS (Continued) Overbead Personal services Contractual services Materials and supplies Other Capital outlay Less nonoperating expenses Fixed assets capitalized Total overhead TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Budg~ Acmal $ 302,553 $ 267,572 58,960 23,980 24,425 16,802 134,681 105,355 2,816,967 974,977 3,337,586 1,388,686 (948,967) (948,967) 2,388,619 439,719 $ 6,847,313 $ 4,822,099 (See independent auditor's report.) - 105 - × r4 © > ~ VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES 1N RETAINED EARNINGS - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 31, 2002 OPERATING REVENUES Water sales OPERATING EXPENSES EXCLUDING DEPRECIATION Operations Supply and metering Pumping station Distribution system Total operating expenses OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION AND AMORTIZATION OPERATING INCOME NONOPERATING REVENndES (EXPENSES) Investment income Interest expense Total noaoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN Waterworks Fund Total operating transfer in OPERATING TRANSFERS (OUT) Capital Projects Fund Illinois Municipal Retirement Fund Geneml Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See accompanying notes to financial statements. - 107 - Budget Actual $ 1,293,810 $ 1,419,995 816,543 773,959 72,660 94,952 5,080 1,475 894,283 870,386 399,527 549,609 63,859 399,527 485,750 21,500 17,029 (132,950) (132,357) (111,450) (115,328) 288,077 370,422 30,000 30,000 30,000 30,000 (400,000) (400,000) (1,000) (1,000) (112,150) (112,150) (513,150) (513,150) $ (195,073) (112.728) 564,303 $ 451~575 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 31, 2002 OPERATIONS Supply and metering Contractual services Material and supplies Other Total supply and metering Pumping station Personal services Contractual services Material and supplies Total pumping station Distribution system Personal services Contractual services Bond principal Less nonoperating expenses Total distribution system TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Budget Actual 806,980 $ 765,554 500 212 9,063 8,193 816,543 773,959 11,960 16,058 59,700 78,154 1,000 740 72,660 94,952 2,080 15 3,000 1,460 130,000 130,000 135,080 131,475 (13o,ooo) (13o,ooo) 5,080 1,475 $ 894,283 $ 870,386 (See independent auditor's report.) - 108 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES EN RETAINED EARNINGS - BUDGET AND ACTLIAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31, 2002 OPERATING REVENUES Charges for services Water charges Sewer charges Miscellaneous New water meters Late payment fees Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Supply and metering Pumping station Distribution system Collection system Total operating expenses OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION AND AMORTIZATION OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Im, estment income Interest expense Total nonoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS Budget Actual $ 5,165,000 $ 5,369,445 333,125 328,037 500 6,956 50,000 43,475 9,558 5,548,625 5,757,471 514,354 414,803 3,634,480 3,651,882 89,100 58,725 390,860 320,327 118,760 47,761 4,747,554 4,493,498 801,071 1,263,973 259,594 801,071 1,004,379 30,000 22,466 (393,550) (384,007) (363,550) (361,541) 437,521 642,838 (This statement is continued on the following page.) - 110 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) NORTH MAINE WATER AND SEWER FUND For the Year Ended December 3 I, 2002 OPERATING TRANSFERS IN Waterworks Fund Total operating transfers in OPERATING TRANSFERS (OUT) General Fund Capital Equipment Replacement Ftmd Capital Projects Fund Illinois Municipal Retirement Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS (DEFICIT), JANUARY 1 RETAINED EARNINGS (DEFICIT), DECEMBER 31 Budget Actual $ 60,000 $ 60,000 (307,500) (307,500) (36,896) (36,900) (237,000) (237,000) (23,065) (23,070) (604,461) (604,470) $ (106,940) 38,368 (274,344) $ (235,976) See accompanying notes to financial statements. -111- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31,2002 ADMINISTRATION Personal services Contractual services Material and supplies Bond and note principal Other Less nonoperating expenses Bond and note principal paid Total administration OPERATIONS Supply and metering Personal services Contractual services Material and supplies Capital outlay Total supply and metering Pumping station Personal services Contractual services Material and supplies Total pumping station Distribution system Personal services Contractual services Material and supplies Capital outlay Total distribution system Collection system Personal services Contractual services Material and supplies Capital outlay Total collection system TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Budg~ A~ual $ 130,000 $ 128,767 126,400 122,181 7,000 9,37I 225,000 225,000 250,954 154,484 739,354 639,803 (225,000) (225,000) 514,354 414,803 113,880 75,058 3,410,600 3,506,471 10,000 2,208 100,000 68,145 3,634,480 3,651,882 26,000 19,904 61,000 36,636 2,100 2,185 89,100 58,725 113,360 143,687 122,000 131,493 50,500 40,705 105,000 4,442 390,860 320,327 35,360 30,486 24,000 9,400 6,250 50,000 11,025 118,760 47,761 $ 4,747,554 S 4,493~498 (See independent auditor's repom) 112- ~0 ~Z VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SEWERAGE F/b2N' D For the Year Ended December 31, 2002 OPERATING REVENUES Charges for services Sewer charges Sewer connection charges Late payment fees Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Pumping station Collection Total operating expenses OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION OPERATING INCOME NONOPERATING REVENUES Investment income INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) General Fund Illinois Municipal Retirement Fund Capital Equipment Replacement Fund Capital Projects Fund t 994 General Obligation Debt Service Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Budget Actual $ 835,975 $ 997,274 7,500 21,808 7,500 12,147 850,975 1,031,229 192,362 86,600 35,348 17,125 224,417 267,997 452,127 371,722 398,848 659,507 128,866 398,848 530,641 7,500 6,729 406,348 537,370 (71,175) (71,180) (10,985) (10,990) (25,561) (25,560) (430,000) (100,000) (80,446) (80,446) (618,167) (288,176) $ (211,819) 249,194 3,630,150 $ 3~879,344 See accompanying notes to financial statements. - 114- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATiNG EXPENSES - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended December 31, 2002 ADMINISTRATION Other Total administration OPERATIONS Pumping station General Personal services Contractual services Material and supplies Total general Heatherfield lift station Personal services Contractual services Mater/al and supplies Total Heatherfield lift station Total pumping station Collection system Personal services Contractual services Material and supplies Total collection system TOTAL OPERATING EXPENSES Budg~ Actual $ 192,362 $ 86,600 192,362 86,600 8,424 6,286 9,800 3,760 1,200 491 19,424 10,537 8,424 4,631 6,300 1,104 1,200 853 15,924 6,588 35,348 17,125 166,537 210,204 29,780 38,906 28,100 18,887 224,417 267,997 $ 452~127 $ 371,722 (See independent auditor's report.) - 115 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31, 2002 OPERATING REVENUES Charges for services Meter fees Parking decals Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUE Investment income INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) General Fund IMRF Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Budget Actual 40,000 $ 61,533 207,000 213,154 6,000 6,005 253,000 280,692 199,560 148,847 70,280 41,908 8,132 269,840 198,887 (16,840) 81,805 3,000 26,234 (13,840) 108,039 (45,000) (45,000) (3,o5o) (3,050) (48,050) (48,050) $ (61,890) 59,989 275,773 $ 335,762 See accompanying notes to financial statements. - 117- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31, 2002 ADMINISTRATION Personal services Contractual services Material and supplies Capital outlay Total administration OPERATIONS Personal services Contractual services Material and supplies Total operations TOTAL OPERATING EXPENSES Budget Actual $ 31,635 $ 12,220 146,525 119,58i 19,400 14,942 2,000 2,104 199,560 148,847 25,480 12,825 38,600 28,031 6,200 1,052 70,280 41,908 $ 269,840 $ 190~755 (See independent auditor's report.) - 118 - I I I I I I I I I I I I i I I i I i I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - to account for the costs of repairmg and maintaining all vehicles of the Village. These costs include labor, material, fuel and fixed overhead of the Village's repair facility. Insurance Fund - to account for the financial activity of the Village's entire insurance program. In addition to conventional pr/mary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. Also, the Village provides health and life insurance by participating in the Intergovernmental Persomael Benefit Cooperative (mBC). VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS December 31, 2002 (with comparative totals for 2001) ASSETS CURRENT ASSETS Cash Investments Receivables Accounts, net Due from other funds Deposits Total current assets FIXED ASSETS Cost Accumulated dePreciation Net fixed assets TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Claims payable Deferred revenue Due to other funds Other payables Total liabilities RETAINED EARNINGS - UNRESERVED TOTAL LIABILITIES AND RETAINED EARNINGS Municipal Equipment Repair Totals Insurance 2002 2001 88,507 $ 704,080 $ 792,587 $ 437,570 2,170,000 2,170,000 2,575,289 4,725 5,242 9,967 255,007 54,902 54,902 166,515 933,320 933,320 890,372 148,134 3,812,642 3,960,776 4,324,753 55,958 55,958 55,958 (11,991) (11,991) .(3,997) 43,967 43,967 51,961 $ 192,101 $ 3,812,642 $ 4~004~743 $ 4,376,714 83,911 $ 9,859 $ 93,770 $ 128,804 176,585 176,585 372,996 6,680 6,680 6,566 19,383 19,383 81,447 81,447 81,447 103,294 274,571 377,865 589,813 88,807 3,538,071 3,626,878 3,786,901 $ 192~101 $ 3,812,642 $ 41004,743 $ 4,376,714 See accompanying notes to financial statements. - 120 - I I I I I I ! I I I I I I ! I I I i I I I I I V1LLAGE OF GLENV[EW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2002 (with comparative totals for 2001) I I I I I I I I I ! I I I I I OPERATING REVENUES Charges for services h~surance recoveries Miscellaneous Total operating revenues OPERATING EXPENSES Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERAT1NG REVENUES Investment income NET INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Capital Equipment Replacement Fund IMRF Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Municipal Equipment Totals Repair Insurance 2002 2001 $ 912,747 $ 3,278,553 $ 4,191,300 $ 4,135,857 19,874 19,874 18,085 81,023 711,731 792,754 557,304 1,013,644 3,990,284 5,003,928 4,711,246 1,112,164 4,074,082 5,186,246 5,034,135 7,994 7,994 3,997 1,120,158 4,074,082 5,194,240 5,038,132 (106,514) (83,798) (190,312) (326,886) 3,154 69,385 72,539 167,858 (103,360) (I4,413) (117,773) (159,028) (20,000) (20,000) (13,000) (22,250) (22,250) (42,250) (42,250) (13,000) (145,610) (I4,413) (160,023) (172,028) 234,417 3,552,484 3,786,901 3,958,929 $ 88,807 $ 3,538,071 $ 3~626,878 $ 3~7867901 See accompanying notes to financial statements. - 121 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2002 (with comparative totals for 2001) I I I CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Accounts receivable Deposits Due from other funds Prepaid expenses Accounts payable Claims payable Deferred revenue Other payables Due to other funds Net cash from operating activities CASH FLOWS FROM NONCAP1TAL FINANCING ACTIVITIES Operating transfer (out) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Fixed assets purchased CASH FLOWS FROM INVESTING ACTIVITIES Pumhase of investments Maturities of investments Investment income received Net cash from investing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY I CASH AND CASH EQUIVALENTS, DECEMBER 31 Municipal Equipment Repair Totals Insurance 2002 2001 $ (106,514) $ (83,798) $ (190,312) $ (326,886) 7,994 7,994 3,997 1,655 243,385 245,040 (251,072) (42,948) (42,948) 44,428 111,613 111,613 (160,515) 198,183 (25,839) (9,194) (35,033) (378,666) (196,411) (196,411) 103,374 114 114 6,566 81,447 19,383 19,383 8,292 (88,852) (80,560) (679,144) (42,250) - (42,250) (13,000) (55,958) (6,785,042) 405,289 405,289 7,083,254 3,154 69.384 72,538 167,858 3,154 474,673 477,827 466,070 (30,804) 385,821 355,017 (282,032) 119,311 318,259 437,570 719,602 $ 88~507 $ 704~080 $ 792~587 $ 437~570 See accompany/ng notes to financial statements. - 122 - I I I I I I I I I I ! I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET ~ ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND For the Year Ended December 31, 2002 OPERATING REVENUES Charges for services Insurance recoveries Miscellaneous Total operating revenues OPERATING EXPENSES Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES Investment income INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Capital Equipment Replacement Fund /MRF Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Budget Actual $ 1,117,267 $ 912,747 10,000 19,874 69,500 81,023 1,196,767 1,013,644 1,197,337 1,112,164 7,994 1,197,337 · 1,120,158 (570) (106,514) 6,500 3,154 5,930 (103,360) (20,000) (20,000) (~2~250) (22,250) (42,250) (42,250) (36,320) (145,610) 234,417 $ 88,807 See accompanying notes to financial statements. - 123 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL MUNICI?AL EQUIPMENT REPAIR FUND For the Year Ended December 31, 2002 OPERATIONS Regular salaries Overtime salaries Temporary salaries Longevity pay FICA payment Contractual professional services Dues subscription membership Maintenance of equipment Maintenance of buildings Accident repairs Insurance Training Village wide info systems Uniform allowance Fuel Motor vehicle supplies Cleaning and household supplies Maintenance materials - equipment Maintenance materials - buildings Small tools and equipment Machinery and equipment TOTAL OPERATING EXPENSES (See independent auditor's report.) - 124 - Budget Actual 358,800 $ 283,880 13,520 15,004 9,880 6,367 4,850 4,849 29,700 25,123 4,000 3,181 40 115,000 144,724 4,000 10,929 20,000 28,415 53,260 53,260 3,700 70 4,334 9,800 5,069 296,987 248,172 68,000 56,801 5,800 6,852 152,000 166,506 6,500 7,543 4,500 4,952 37,000 36,133 $ 1,1977337 $ 1~112,164 I I I I I I ! I I I I I I I i I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL INSURANCE FUND For the Year Ended December 31, 2002 OPERATING REVENUES Charges for services Fund charges Miscellaneous Insurance premium retirees Returned premiums Insurance recoveries Total operating revenues OPERATING EXPENSES Operations Contractual professional services Health and life insurance Dental insurance Excess liability Unemployment benefits General insurance program PTM policy Property/casualty claims Workers' compensation insurance Total operating expenses OPERATING INCOME (LOSS) NONOPERTING REVENUES Investment income NET INCOME (LOSS) RETAINED EARNINGS, JANUARY I RETAINED EARNINGS, DECEMBER 31 Budget Actual $ 3,478,548 $ 3,278,553 288,675 284,066 64,606 10,000 363,059 3,777,223 3,990,284 5,000 2,619 2,828,270 2,848,390 169,500 72,154 82,000 95,053 30,000 400,000 375,210 15,710 15,800 300,000 586,370 130,000 78,486 3,960,480 4,074,082 (183,257) (83,798) 102,500 69,385 $ (80,757) (14,413) 3,552,484 $_~__3~538,071 See accompanying notes to financial statements. - 126- I I I I I i I I I I I I I I I I I I I I I i I i I I I I I I ! I I ! I I I I TRUST AND AGENCY FUNDS Expendable Trust Escrow Deposit Fund - to account for the funds placed on deposit with the Village by building contractors working within the Village's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - to account for money on deposit with the Village being held on a temporary basis, such as security deposits for use of the Village's equipment. Police Department Special Account Fund - to account for funds received from the Illinois State Police office to be used in various types of investigations. Pension Trust Police Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. Agency Special Service Areas Fund - to account for various special service area bond issues. Arbitrage Rebate Fund - to account for the recording and payment of any arbitrage rebates payable. ~z I I i I I I I I I I ! I I I I I i I I I I I I I I I I I I ! I I ! VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31, 2002 ASSETS Cash and cash equivalents Investments, at fair value U. S. government obligations Municipal bonds Insurance contracts Mutual funds Certificates of deposit Total investments, at fair value Total assets LIABILITIES Accounts payable NET ASSETS HELD IN TRUST FOR PENSION BENEFITS Police Firefighters' Pension Pension Totals $ 853,419 $ 488,859 $ 1,342,278 25,515,735 40,381,295 65,897,030 62,135 365,655 427,790 1,958,394 689,797 2,648,191 1,671,952 1,753,016 3,424,968 1,000,000 650,000 1,650,000 30,208,216 43,839,763 74,047,979 31,061,635 44,328,622 75,390,257 1,200 1,770 2,970 $ 31,0607435 $ 44,326,852 $ 75,3877287 See accompanying notes to financial statements. - 128 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EXPENDABLE TRUST FUNDS For the Year Ended December 31, 2002 (with comparative totals for 2001) ! I i I REVENUES Fines and forfeits Investment income Sale of equipment Total revenues EXPENDITURES Public safety EXCESS (DEFICIENCY) OR REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) General Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES ANT) OTHER FINANCING USES FUND BALANCES, JANUARY 1 FUND BALANCES, DECEMBER 31 Police Department Escrow Special Totals Deposit Deposit Account 2002 2001 $ $ 116,237 2,121 $ 6,466$ 6,466 $ 230 118,588 180,105 3,175 3,175 116,237 2,121 9,871 128,229 180,105 9,774 9,774 32 116,237 2,121 97 118,455 180,073 (120,000) (120,000) (172,351) (3,763) 2,121 97 (1,545) 7,722 149,161 53,706 26,088 228,955 221,233 $ 145~398 $ 55.827 $ 26,185 $ 227,410 $ 228,955 See accompanying notes to financial statements. - 129 - i I I I I I I I I I I ! I I i i I i I i I I I I I I ! I ! I i i I ! VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS For the Year Ended December 31, 2002 ADDITIONS Contributions - employer Contributions - plan members Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Pensions and refunds Miscellaneous Contractual professional services Total deductions NET INCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 Police Firefighters' Pension Pension Total $ 540,072 $ 527,906 $ 1,067,978 473,407 430,052 903,459 1,013,479 957,958 1,971,437 1,174,661 1,975,860 3,150,521 681,528 1,003,081 1,684,609 1,856,189 2,978,941 4,835,130 2,869,668 3,936,899 6,806,567 1,179,020 1,578,847 2,757,867 10,590 10,683 21,273 1,189,610 1,589,530 2,779,140 1,680,058 2,347,369 4,027,427 29,380,377 41,979,483 71,359,860 $ 31~060,435 $ 44~326,852 $ 75,387~287 See accompanying notes to financial statements. - 130 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 2002 Balances Balances January 1 Additions Deductions December 31 All Funds ASSETS Cash and investments $ 86,601 $ 170,084 $ 202,284 $ 54,401 Receivables - property taxes 132,357 125,436 132,357 125,436 Due from other funds 155,099 155,099 TOTAL ASSETS $ 374,057 $ 295,520 $ 334~641 $ 334,936 LIABILITIES Arbitrage payable $ 195,077 $ $ 190,377 $ 4,700 Due to bondholders 178,980 179,837 178,980 179,837 TOTAL LIABILITIES $ 374,057 $ 179~837 $ 369,357 $ 184,537 Special Service Areas Fund ASSETS Cash $ 16,623 $ 170,084 $ 132,306 $ 54,401 Investments 30,000 30,000 Receivables 132,357 125,436 132,357 125,436 TOTAL ASSETS $ 178~980 $ 295~520 $ 294~663 $ 179,837 LIABILITIES Due to bondholders $ 178,980 $ 179~837 $ 178,980 $ I79,837 Arbitrage Rebate Fund ASSETS Cash $ 39,978 $ $ 39,978 $ Due from other governments 155,099 150,399 4,700 TOTAL ASSETS $ 195,077 $ $ 190,377 $ 4,700 LIABILITIES Arbitrage payable $ 195,077 $ $ 190,377 $ 4,700 See accompanying notes to financial statements. - 133 - ! I I I I I i I I I I I ! I I I I I I I I I I I I I I I I I I I i I I I I I GENERAL FIXED ASSETS ACCOUNT GROUP General fixed assets are those fixed assets used in operations accounted for in governmental funds. General fixed assets include all fixed assets of the Village not accounted for in the Enterprise Funds. VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GR')UP December 31, 2002 (with comparative totals for 2001) GENERAL FIXED ASSETS 2002 2001 Land Buildings and improvements Equipment Furniture Office equipment TOTAL GENERAL FIXED ASSETS INVESTMENT ]N GENERAL FIXED ASSETS 5,643,853 $ 5,643,853 10,279,448 10,279,448 9,983,124 10,113,046 295,072 295,072 1,013,040 868,527 $ 27~214~537 $ 27,199~946 General revenues Bond issues TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 23,415,258 $ 23,400,667 3,799,279 3,799,279 $ 2772141537 $ 27~199~946 (See independent auditor's report.) - 134 ~ I I I I I ! I I I ! I I I I I I I I ! I I I I I I I I ~ I I I I I I 8~ VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTiVITY GENERAL FIXED ASSETS ACCOUNT GROUP For the Year Ended December 31, 2002 Function and Balances Balances Activity January 1 Additions Retirements December 31 I I I I I GENERAL GOVERNMENT Executive Administrative Finance Building and grounds Total general government PUBLIC SAFETY Police Fire Total public safety PUBLIC WORKS Administration Forestry MERF Street division Transportation Total public works ECONOMIC DEVELOPMENT TOTAL 13,087 $ $ $ 13,087 2,571,168 8,671 12,840 2,566,999 278,017 10,116 288,133 614,658 10,116 624,774 3,476,930 28,903 12,840 3,492,993 1,770,471 259,528 206,648 1,823,351 4,958,891 77,208 205,539 4,830,560 6,729,362 336,736 412,187 6,653,911 10,914,889 15,896 131,632 10,799,153 680,960 680,960 421,204 421,204 3,157,542 80,767 3,238,309 531,276 531,276 15,705,871 96,663 131,632 15,670,902 1,287,783 129,286 20,338 1,396,731 $ 27,199~946 $ 591,588 $ 576~997 $ 27,2147537 (See independent auditor's report.) - 136- I I I I I I I I I I I I I I I I I I ! I I I I I I I I ! I I I I I GENERAL LONG-TERM DEBT ACCOUNT GROUP This separate self-balancing group of accounts includes the amount of outstanding long-term indebtedness that has not been identified as a specific fund liability ora proprietary or trust fund and that is backed by the full faith and credit of the Village of Glenview. I I I I I I I I I I I I I I ! I I ! I I I ! I i I I ! I I i I I I ! COMPONENT UNIT Component Unit (Library Fund) - to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET COMPONENT UNIT - LIBRARY FUND December 31, 2002 (with comparative totals for 2001) i I I ! ASSETS Cash $ Investments Receivables Property taxes Grants General fixed assets TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable Accrued payroll Compensated absences payable Deferred properly taxes Deferred revenues Total liabilities FUND EQUITY Investment in general timed assets Fund balance Unreserved Total fund equity TOTAL LIABILITIES AND FUND EQUITY General Fixed Assets Account Totals General Fund Group 2002 2001 829,433 $ $ 829,433 $ 283,360 340,000 340,000 1,242,000 4,205,717 4,205,717 3,333,689 52,309 52,309 5,524,598 5,524,598 5,495,766 $ 514271459 $ 515241598 $ 10,952,057 $ 101354,815 $ 73,831 $ $ 73,831 $ 38,094 37,929 37,929 34,583 76,415 76,415 64,379 4,205,717 4,205,717 3,333,689 49,026 49,026 49,026 4,442,918 4,442,918 3,519,771 5,524,598 5,524,598 5,495,766 984,541 984,541 1,339,278 984,541 5,524,598 6,509,139 6,835,044 $ 514271459 $ 5,5247598 $ 10~952,057 $ 101354,815 See accompanying notes to financial statements. - 138 - ! I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31, 2002 (wifla comparative actual for 2001 ) ! I ! I I I I I I I I I I I ! REVENUES Taxes Property taxes - current Property taxes - prior Replacement taxes Intergovernmental Educate and automate grant Per capita grant Make-whole payment Charges for services Fines and forfeits Investment income Miscellaneous Donations Other Total revenues EXPENDITURES Culture and recreation EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCiNG SOURCES (USES) Operating transfers (out) - primary government Gm~eral Fund IMRF Fund Capital Projects Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 2002 2001 Budget Actual Actual $ 3,433,700 $ 3,349,412 $ 3,156,679 50,288 88,611 29,000 29,000 29,000 2,443 47,500 52,309 47,456 70,000 60,334 28,691 96,843 90,582 94,340 65,387 67,241 63,802 92,400 40,035 103,467 37,668 48,052 100 1,694 1,937 3,834,930 3,778,563 3,664,478 3,952,505 3,900,090 3,738,683 (117,575) (121,527) (74,205) (12,650) (12,650) (12,600) (100,562) (100,560) (144,600) (140,000) (120,000) (120,000) (253,212) (233,210) (277,200) $ (3701787) (354,737) (351,405) 1,339,278 1,690,683 $ 984,541 $ 1,339~278 See accompanying notes to financial statements. 139 VILLAGE OF GLEI~,WIEW, ILLiNOIS SCHEDULE OF OPERATiNG EXPENDITURES - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31, 2002 I I I I CULTURE AND RECREATION Regular salaries Overtime salaries Temporary salaries Legal fees Public information Printing Printing, binding and publication Power and lights Heating Postage Telephone and telegraph Dues and subscriptions Maintenance of equipment Maintenance of copiers Maintenance of EDP equipment On-line searching Maintenance of buildings General insurance Travel Training Trustee Director expenses Library programs Office supplies Processing supplies Circulation supplies Audio visual supplies Books, pamphlets and materials Periodicals Audiovisual Micro-form Video tapes Cataloging Contingencies Other operating expenses Machinery and equipment F.I.C.A. payments Insurance TOTAL EXPENDITURES (See independent auditor's report.) - 140 ~ Budget Actual $ 1,388,505 $ 1,377,118 92,685 805,254 765,951 8,000 7,408 24,550 18,942 10,925 4,275 7,500 7,133 630 501 8,500 7,722 21,200 17,862 33,055 30,063 4,795 3,770 61,912 60,589 65,382 52,378 38,500 37,205 82,053 76,793 90,297 76,843 34,155 39,696 22,150 11,203 21,084 15,383 2,500 5,445 500 933 30,550 33,813 17,050 12,337 18,000 10,689 12,295 7,615 10,000 10,845 445,560 453,440 52,591 46,130 64,300 50,638 38,078 38,164 29,950 26,168 44,100 33,264 800 5,600 8,550 5,875 12,080 17,515 168,919 169,859 268,235 268,240 $ 3,952,505 $ 3,900,090 I I ! I i I I I I I I I I I I I I I i VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GR')UP COMPONENT UNIT - LIBRARY FUND December 31, 2002 (with comparative totals for 2001) I I I I I I I I I I I I I I I GENERAL FIXED ASSETS Land Buildings and improvements Furniture and equipment TOTAL GENERAL FIXED ASSETS INVESTMENT 1N GENERAL FIXED ASSETS General revenues TOTAL INVESTMENT IN GENERAL FIXED ASSETS (See independent auditor's report.) - 141 - 2002 2001 $ 500,000 $ 500,000 4,125,488 4,125,488 899,110 870,278 $ 5~524~598 $ 5,495,766 $ 5,524,598 $ 5,495,766 $ 5,524,598 $ 5,495,766 I I I i I I I I i I I I ! I i I (This page is intentionally left blank.) 0 o i I i I I I i l ,! I I I I I I I i ooo 0 VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1992 December 31, 2002 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at Tax Fiscal Levy Bond Year Year Numbers 2003 2002 196-224 $ 2004 2003 225-254 2005 2004 255-286 2006 2005 287-320 2007 2006 321-366 2008 2007 36%395 2009 2008 396-437 2010 2009 438-48I 2011 2010 482-528 2012 2011 529-579 Apfill, 1992 December 1,2012 $ 2,895,000 $ 5,000 Bonds 2002 6.10% 2003 6.20% 2004 6.30% 2005 6.40% 2006 6.50% 2007-2008 6.55% 2009-2012 6.60% June I and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Principal Interest Totals June 1 Amount December 1 Amount 145,000 $ I25,014 $ 270,014 2003 $ 62,507 2003 $ 62,507 150,000 116,024 266,024 2004 58,012 2004 58,012 160,000 106,574 266,574 2005 53,287 2005 53,287 170,000 96,334 266,334 2006 48,167 2006 48,167 180,000 85,284 265,284 2007 42,642 2007 42,642 195,000 73,490 268,490 2008 36,745 2008 36,745 210,000 60,720 270,720 2009 30,360 2009 30,360 220,000 46,860 266,860 2010 23~430 2010 23,430 235,000 32,340 267,340 2011 16,170 2011 16,170 255,000 16,830 271,830 2012 8,415 2012 8,415 $ 1,920,000 $ 759,470 $ 2,679,470 $ 379,735 $ 379,735 NOTE: The above bond issue is to be retired annually by Wholesale Water Fund. (See independent auditor's report.) - 144- I I ! I VILLAGE OF GLENViEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1996* December 31, 2002 Date of Issue November 1, 1996 Date of Maturity December 1, 2008 Authorized Issue $ 8,435,000 Actual Issue $ 5,000 Interest Rates Bonds 136-276 4.625% 277-1278 4.700% 1279-1477 4.800% 1478-1687 4.875% Interest Dates June 1 and December 1 Pr/ncipa] Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2003 579-740 $ 810,000 $ 263,448 $1,073,448 2003 $ 131,724 2003 $ 131,724 2004 741-910 850,000 225,378 1,075,378 2004 112,689 2004 112,689 2005 911-1089 895,000 185,428 1,080,428 2005 92,714 2005 92,714 2006 1090-1278 945,000 143,362 1,088,362 2006 71,681 2006 71,681 2007 1279-1477 995,000 98,948 1,093,948 2007 49,474 2007 49,474 2008 1478-1687 1;050,000 51,188 1,101,188 2008 25,594 2008 25,594. $ 5,545,000 $ 967,752 $ 6,512,752 $ 483,876 $ 483,876 NOTE: Debt service is payable from the Debt Ser~4ce Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 145 - VILLAGE OF GLENVIEW, ILLI]qOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1997 December 31, 2002 ! I I I Date of Issue Augast 15, 1997 Date of Maturity December 1, 2017 Authorized Issue $ 6,175,000 Actual Issue $ 5,000 Interest Rates Bonds 001-717 4.875% 718-792 4.900% 792-1235 5.000% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND 1NTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2003 191-238 $ 240,000 $ 257,582 $ 497,582 2003 $ 128,791 2003 $ 128,791 2004 239-288 250,000 245,882 495,882 2004 122,941 2004 122,941 2005 289-340 260,000 233,694 493,694 2005 116,847 2005 116,847 2006 341-395 275,000 221,018 496,018 2006 110,509 2006 110,509 2007 396-453 290,000 207,612 497,612 2007 103,806 2007 103,806 2008 454-514 305,000 193,476 498,476 2008 96,738 2008 96,738 2009 515-578 320,000 178,606 498,606 2009 89,303 2009 89,303 2010 579-646 340,000 163,006 503,006 2010 81,503 2010 81,503 2011 647-717 355,000 146,432 501,432 2011 73,216 2011 73,216 2012 718-792 375,000 129,126 504,126 2012 64,563 2012 64,563 2013 793-871 395,000 110,750 505,750 2013 55,375 2013 55,375 2014 872-955 420~000 91,000 511,000 2014 45,500 2014 45,500 2015 956-1043 440,000 70,000 510,000 2015 35,000 2015 35,000 2016 1044-1136 465,000 48,000 513,000 2016 24,000 2016 24,000 2017 1137-1235 495,000 24,750 519,750 2017 12,375 2017 12,375 $ 5,225,000 $ 2,320,934 $ 7,545,934 $ 1,160,467 $1,160,467 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's reporL) - 146 - I ! I I I I I I 1 I I I I I I I i ! I I ! I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE NOTES OF 1997 December 31, 2002 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at September 2, 1997 September 1, 2019 $ 2,850,000 $ 1,425,000 4.942% September 1 September 1 North Suburban Public Utility Overland Park, Kansas FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Requirements Year Principal Interest Totals 2003 $ 94,852 $ 120,525 $ 2004 99,539 115,838 2005 104,459 110,918 2006 109,62I 105,756 2007 115,039 100,338 2008 120,725 94,652 2009 126,691 88,686 2010 132,952 82,425 2011 139,523 75,854 2012 146,419 68,958 2013 153,655 61,722 2014 161,249 54,128 2015 169,219 46,158 2016 177,582 37,795 2017 186,359 29,018 2018 195,569 19,808 2019 205,234 I0,143 215,377 215,377 215,377 215,377 215,377 215.377 215.377 215377 215 377 215 377 215 377 215 377 215 377 215 377 215 377 215 377 215,377 $ 2,438,687 $ 1,222,722 $ 3,661,409 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's report.) - 147- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998A December 31, 2002 I ! i Date of Issue Date of Maturity Authorized Issue Actual Issae Interest Rates Interest Dates Principal Maturity Date Payable at November 1, 1998 . December 1,2018 $ 10,000,000 $ 5,000 Bonds 1-139 4.10% 140-389 4.15% 390-661 4.20% 662-957 4.25% 958-1278 4.30% 1279-2000 4.35% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Principal Tax Levy Interest Interest Due on Totals June 1 gamount December 1 Amount 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 695,000 1,250,000 1,360,000 1,480,000 1,605,000 1,735,000 1,875,000 $ 426,440 $ 426,440 2003 $ 213,220 2003 $ 213,220 426,440 426,440 2004 213,220 2004 213,220 426,440 426,440 2005 213,220 2005 213,220 426,440 426,440 2006 213,220 2006 213,220 426,440 426,440 2007 213,220 2007 213,220 426,440 426,440 2008 213,220 2008 213,220 426,440 426,440 2009 213,220 2009 213,220 426,440 426,440 2010 213,220 2010 213,220 426,440 426,440 2011 213,220 2011 213,220 426,440 1,121,440 2012 213,220 2012 213,220 397,945 1,647,945 2013 198,973 2013 198,973 346,070 1,706,070 2014 173,035 2014 173,035 288,950 1,768,950 2015 144,475 2015 144,475 226,050 1,831,050 2016 113,025 2016 113,025 157,035 1,892,035 2017 78,518 2017 78,518 81,563 1,956,563 2018 40,781 2018 40,782 $10,000,000 $ 5,762,013 $15,762,013 $ 2,881,007 $ 2,881,008 NOTE: Debt service is payable from the Debt Service Fund using monies lraosferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 148 - I ! ! I I 1 I I I I I I I 1 i I i I i VILLAGE OF GLENWIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998B December 31, 2002 I I I I I I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at January 1, 1999 December 1, 2018 $ 24,400,000 $ 5,000 Bonds 1-154 4.250% 1515-2215 4.375% 2216-2589 4.400% 2590-4880 4.500% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Tax Levy Interest Due on Principal Interest Totals June 1 Amount December 1 Amount 2003 $ 1,450,000 2004 1,510,000 2005 1,575,000 2006 1,640,000 2007 1,715,000 2008 1,790,000 2009 1,870,000 2010 1,955,000 2011 2,050,000 2012 1,450,000 2013 1,000,000 2014 1,O00,O00 2015 1,O00,O00 2016 1,O00,O00 2017 1,000,000 2018 1,000,000 NOTE: $ 1,013,536 $ 2,463,536 2003 $ 506,768 2003 $ 506,768 951,911 2,461,911 2004 475,955 2004 475,955 887,736 2,462,736 2005 443,868 2005 443,868 820,799 2,460,799 2006 410,399 2006 410,399 751,099 2,466,099 2007 375,550 2007 375,550 676,068 2,466,068 2008 338,034 2008 338,034 597,755 2,467,755 2009 298,878 2009 298,878 515,475 2,470,475 2010 257,737 2010 257,737 427,500 2,477,500 2011 213,750 2011 213,750 335,250 1,785,250 2012 167,625 2012 167,625 270,000 1,270,000 2013 135,000 2013 135,000 225,000 1,225,000 2014 112,500 2014 112,500 180,000 1,180,000 2015 90,000 2015 90,000 135,000 1,135,000 2016 67,500 2016 67,500 90,000 1,090,000 2017 45,000 2017 45,000 45,000 1,045,000 2018 22,500 2018 22,500 $ 23,005,000 $ 7,922,129 $ 30,927,129 $ 3,961,064 $ 3,961,064 Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 149- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS COKPORATE PURPOSE BONDS SERIES OF 2000 December 31,2002 I I I I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at December 15, 2000 D*cember 1, 2008 $ 4,970,000 $ 5,000 Bonds 1-69 4.30% 70-795 4.40% 796-994 4.50% June 1 and December I December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond Year Numbers Tax Levy Principal Interest Interest Due on Totals June 1 Amount December 1 Amount 2003 2004 2005 1-69 2006 70-419 2007 420-795 2008 796-994 $ 219,335 $ 219,335 2003 $ I09,668 2003 $ 109,668 219,335 219,335 2004 109,668 2004 109,668 345,000 219,335 564,335 2005 109,668 2005 109,668 1;750,000 204,500 1,954,500 2006 102,250 2006 102,250 1,875,000 127,500 2,002,500 2007 63,750 2007 63,750 1,000,000 45,000 1,045,000 2008 22,500 2008 22,500 $ 4,970,000 $ 1,035,005 $ 6,005,005 $ 517,504 $ 517,504 NOTE: It is anticipated that the levies associated with this issue will be abated through 2004 transfers from the General Fund. The bond proceeds will be used for infrastructure improvements throughout the Village. (See independent auditor's report.) - 150- I I I I I I I ! I I I I ! I I I I ! VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2001 ' December 31, 2002 I i I I i I I i I I I I I I I Date of Issue August 1,2001 Date of Maturity December 1, 2012 Authorized Issue $ 41,800,000 Actual Issue $ 5,000 Interest Rates Bonds 1-200 3.50% 201-I 160 3.75% 1161-5160 4.00% 5161-6160 4.125% 6161-7260 4.25% 7261-8360 4.35% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2003 1-100 $ 500,000 $ 1,694,250 $ 2,194,250 2003 $ 847,125 2003 $ 847,125 2004 101-200 500,000 1,676,750 2,176,750 2004 838,375 2004 838,375 2005 201-1160 4,800,000 1,659,250 6,459,250 2005 829,625 2005 829,625 2006 1161-2160 5,000,000 1~79,250 6,479,250 2006 739,625 2006 739,625 2007 2161-3160 5,000,000 1,279,250 6,279,250 2007 639,625 2007 639,625 2008 31614160 5,000,000 1,079,250 6,079,250 2008 539,625 2008 539,625 2009 4161-5160 5,000,000 879,250 5,879,250 2009 439,625 2009 439,625 2010 5161-6160 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625 201l 6161-7260 5,500,000 473,000 5,973,000 2011 236,500 2011 236,500 2012 7261-8360 5,500,000 239,250 5,739,250 2012 119,625 2012 I19,625 $41,800,000 $ 11,138,750 $52,938,750 $5,569,375 $5,569,375 NOTE: Debt service is payable from the Debt Service Fund using monies txansferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 151 - VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENEKAL OBLIGATION REFUNDING BONDS SERIES OF 2002 December 31, 2002 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at February 15, 2002 December 1, 2005 $ 6,885,000 $ 6,885,000 Bonds 2002 2.00%o 2003 2.00% 2004 2.25% 2005 2.75% June 1 and December l December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June 1 Amount December 1 Amount 2003 $ 1,755,000 $ 142,736 $ 1,897,736 2003 $ 71,368 2003 $ 71,368 2004 1,805,000 98,860 1,903,860 2004 49,430 2004 49,430 2005 1,315,000 44,710 1,359,710 2005 22,355 2005 22,355 $ 4,875,000 $ 286,306 $ 5,161,306 $ 143,153 $ 143,153 NOTE: Debt service is payable from the Debt Service Fund using monies received from a property tax revenues, as well as water and sewer revenues. (See independent auditor's report.) - 152 - I I t I I I l- B I I I I I I ! i I I Z i i I I I I I I I I I I I I I I I i (This page is intentionally left blank.) Z > © I I i i I I I I I I I I I I I I I I I I I © I i i I I I I i I I I I I I I I I (This page is intentionally left blank.) I I I I I I I I I i I I I I I t I I ~ <~<<~<~<<<<<<<~<q<<~ ~ i I I I I ! I I I I I I I i I I I I VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF LEGAL DEBT MARGIN December 31,2002 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debl "The General Assembly may limit by law the mount and require referendum approval of debt to be incurred by home mle municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum... shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home role municipalities. - 161 - g I i I I I I I I I I I I I i I I I I VILLAGE OF GLENVIEW, ILLINOIS DEMOGRAPHIC STATISTICS Last Ten Fiscal Years I I I Education Level in (3) Per (1) Years of (2) Unemploy- Fiscal ( 1 ) Capita Median Formal School ment Year Population Income Age Schooling Enrollment Percentage 1993 38,437 $ 31,469 * 37.5 16.5 5,937 5.0 1994 38,437 32,161 * 37.5 16.5 6,023 3.7 1995 38,437 33,144 * 37.5 16.5 8,461 3.1 1996 38,437 34,037 * 37.5 16.5 8,590 3.0 1997 38,437 34,886 * 37.5 16.5 8,676 2.6 1998 38,437 35,578 * 37.5 16.5 9,315 2.5 1999 38,437 36,315 * 37.5 16.5 9,241 2.3 2000 41,847 37,566 * 37.5 16.5 9,241 2.5 2001 41,847 37,566 37.5 16.5 9,241 3.7 2002 41,847 37,566 37.5 16.5 9,241 4.4 · Estimated Data Sources (1) U.S. Department of Commerce, Bureau of the Census (2) Includes elementary and high school students. (3) Illinois Department of Labor, Illinois Department of Employment Security (not seasonably adjusted). - 164 - I I I I I I I I I I I I I I I I o © > ! ° VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS December 31, 2002 Date of incorporation Form of government Geographic location Area Population 1950 1960 1970 1980 1990 2000 Number of Total Housing Units (2000 Census) Median Value Owner-Occupied Noncondominium Housing Units Distribution of Owner-Occupied Noncondominium Houses by Value (2000 Census) Unit Values by Range (1) Under $100,000 100,000 ~ 199,999 200,000 - 299,999 300,000 - 499,999 500,000 - 999,999 $1 million or more Fire Protection Number of firefighters Number of stations Number of fire hydrants I.S.O. Rating Police Protection Number of police officers Number of school crossing guards Number of stations Library Services Number of libraries Number of books Number of records Number of audio cassettes Number of slides (sets) Number of video tapes Number of cornpact discs Number of registered borrowers 2001 book circulation Adult materials Children's materials (This schedule is continued on tlle following page.) - 166 - June 20, 1899 Council[Manager 20 Miles North of Chicago 13.27 Square Miles 6,142 18,132 24,880 32,060 38,437 41,847 15,810 $ 336,000 Unit Distribution Number Percent 159 1.43% 1,278 11.52% 3,227 29.10% 4,203 37.90% 1,987 17.92% 236 2.13% 11,090 100.00% 85 3 2,300 Class 3 74 20 1 1 266,090 469 7,652 279 11,536 10,904 21,968 334,179 429,506 763,685 I I I I I i I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS (Continued) December 31,2002 I I I I I I I I I I ! I I I I I Recreation Facilities Number of parks and playgrounds Park area in acres - Park District owned Park area in acres - Park District leased Municipal Parking Facilities Number of parking spaces Waterworks Operations Number of sewer customers at December 3 I, 2002 Number of metered water customers at December 31, 2002 Gallons of water pumhased during fiscal year Gallons of water billed during fiscal year Water storage capacity Ground storage Elevated storage Number of full-time employees at December 31,2001 Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Residential Cul-de-sacs Total Miles of alleys maintained by Glenview Miles of streets .adthin the Village of Glenview maintained by Cook County or the State of lllinois Miles of sanitary sewers Miles of storm sewers Number of Village-owned street lights Building activity Number of peri. its issued in 2001 Value of construction authorized in 2001 Data Source Village Records - 167 - 36 447 135 1,168 9,518 15,015 3,200,685,000 2,788,600,000 8,500,000gallons 1,000,000 gallons 322 $ 7 5 I06 12 $ 130 2,2 22 80,6 74 465 I I I I I i I I I I I I I I I I I I I I I I I Fiscal Sales Year Tax VILLAGE OF GLENVIEW, ILLINOIS MAJOR CORPORATE FI. ZND REVENUE SOURCES NON-REAL ESTATE TAX December 31, 2002 Percent Percent Illinois Percent of Total Utility of Total Income of Total Revenue Tax Revenue Tax Revenue 1993 $ 4,188,116 29.4% $ 2,876,149 20.2% $ 1,966,124 13.8% 1994 4,438,932 24.4% 2,512,867 13.8% 1995 4,843,071 25.3% 2,935,696 15.3% 1996 4,661,985 23.6% 3,099,365 15.7% 1997 4,794,830 21.1% 3,184,812 14.0% 1998 5,092,357 20.9% 3,340,555 13.7% 1999 5,758,617 23.0% 3,262,725 13.0% 2000 6,522,922 23.7% 3,712,583 14.5% 2001 7,184,006 23.5% 4,147,388 13.6% 2002 8,765,038 28.7% 4,119,522 13.5% Note: Includes General Fund only - 169 - 2,157,707 11.9% 2,266,279 11.8% 2,656,744 13.4% 2,483,946 10.9% 2,666,003 10.9% 2,740,281 11.0% 2,990,432 10.9% 2,963,486 9.7% 2,745,035 9.0% VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OFINDEBTEDNESS Assessed Valuation of Taxable Real Property, 2001 ......... Estimated True Value of Taxable Real Property, 2001 ........ Direct General Obligation Bonded Debt(/): Payable from Property Taxes ......................... Self-Supporting Debt ............................... Total Direct Bonded Debt ......................... Overlapping Bonded Debl Payable from Property Taxes(2): Schools ......................................... Other Than Schools ................................ Total Overlapping Bonded Debt ..................... Total Direct and Overlapping Bonded Debt .................. Total Direct and Overlapping Excluding Self. Supporting ..... Amount Applicable as of Dec. 31~ 2002 $1,551,293,576 4,653,580,728 As Per Cent of Per Capita Assessed Estimated (2001 Census Value True Value Pop. 41,847) 100,00% 33~33% $ 37,070.60 300.00% 100.00% 111,211.81 0.62% 0.21% $ 229.02 5.66% 1.88% 2,097.07 6.28% 2.09% $ 2,326.09 2.34% 0.78% $ 869.37 4.29% 1.43% 1.588.62 6.63% 2.21% $ 2.457.99 12.91% 4.30% $ 4.784.08 7.25% 2.42% $ 2,687.01 $ 9,584,000 87,756,000 $ 97,340,000 36,380,263 66,479,063 102.859,326 200.199.326 f12,443,326 Notes: 1. The Village is a home-rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is it required to seek referendum approval for the issuance of general obligation debt. See "ReUrement Schedule of Outstanding Vii/age General Obligation Debt" for a listing of the Village's non-general obligation debt and currently outstanding general obligation debt. Of the Village's general obligation debt 90.1% or $87,756,000 is considered serf-supporting. Z See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2002". RETIREMENT SCHEDULE OF OUTSTANDING V~LLAGE GENERAL OBLIGATION DEBT(NoW 1) (As of December 31, 2002) Principal Amounts Debt Service Self SupporBnR With Proiected Abatement From Tax Levies Water and Sewer Funds(2t 'lax Increment Revs. (7~ Total From Due Paid From Series Seres Series Series Levy Property 12-1 ~ 1992(41 2002(6) 1996 1998 Year Taxes 2003.. $ 1,626,300 $ 145,000 2002 $2,024,612 2004 .. 2005 .. 2006 .. 2007 .. 2008 .. 2009 .. 2010 .. 2011 .. 2012 .. 2013 .. 2014. 2015. 2016. 2017. 2018. Series Series Cumul. 1997(5) 2001 Amount Percent. $ 240,000 $128,700 $ 810,000 $ 1,450,000 $ 500,000 $ 4,900,000 5.0% 1,672,700 150,000 250,000 132,300 850,000 1,510,000 500,000 5,065,000 10.2% 1,660,000 160,000 260,000 - 0 - 895,000 1,575,000 4,800,000 9,350,000 t9.8% 1,750,000 170,000 275,000 945,000 1,640,000 5,000,000 9,780,000 29.9% 1,875,000 180,000 290,000 995,000 1,715,000 5,000,000 10,055,000 40.2% 1,000,000 195,000 305,000 1,050,000 1,790,000 5,000,000 9,340,000 49.8% ~ 0 - 210,000 320,000 ~ 0 - 1,870,000 5,000,000 7,400,000 57.4% 220,000 340,000 1,955,000 5,000,000 7,515,000 65.1% 235,000 355,000 2,050,000 5,500,000 8,140,000 73.5% 255,000 375,000 2,145,000 5,500,000 8,275,000 82.0% - 0 ~ 395,000 2,250,000 - 0 - 2,645,000 84.7% 420,000 2,360,000 2,780,000 87.6% 440,000 2,480,000 2,920,000 90.6% 465,000 2,605,000 3,070,000 93.7% 495,000 2,735,000 3,230,000 97.0% - 0 - 2,875,000 2.875.000 100.0% $9,584,000 $1,920,000 $5,225,000 $261,000 $5,545,000 $33,005,000 $41,800,000 $97,340.000 2003 2,031,031 2004 1,972,551 2005 1,954,500 2006 2,002,500 2007 1,045,000 5. 6. This table excludes $2,438,674 note payable in annual principal and interest payments of $215,377 to the sellers of the utility company that was acquired in September, 1997. The remaining principal amount of special service area bonds, the proceeds of which have been used for various neighborhood local improvements and which are secured by property taxes to be levied in the applicable special saP/ice areas, is shown as overlapping debt in the table "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes~ As a home rule unit under the 1970 Illinois Constitution, the Village has no debt limit and it can issue general obligation bonds without referendum. The Village has chosen to fund various water/sewer improvements with general obligation bonds and abate taxes from user charges. The Village's water system serves a populab~n of approximately 125,000 of which approximafoly 83,000 are outside the Village limits (63,000 in unincorporated areas and 20, 000 in the Citizens Utilities service area). Includes remaining maturities of the Village's Sedes 2000 Bonds, and a portion of the Series 2002 Bonds. The Sedes 1992 Bonds are payable pdmar~ly from revenues of the service area ora private water company (Citizens Utilities) outs/de the Village limits. The Series 1997 Bonds are being paid from water and sewer revenues of a service area outside the Village limits with a population of approximately 40, 000. A porlion of the Series 2002 issue is payable from properly taxes and the remainderis self-supporting f~om water/sewerrevenues. The Series 1996, Series 1998 and the Series 2001 Bonds are expected to be paid from incremental property taxes at the Glenview Naval Air Station Economic Development Project Area plus 80% of the land sale proceeds derived from the Vii/age's sale of land al the Project Area. 170 Sale Date May 18, 1993 ........ August 30, 1994 ..... Janua~ 25, 1995 .... October 17, 1995 ..... October 15, 1996 ..... August 5, 1997 ...... October 20, 1998 ..... December 5, 2000 .... August 7, 2001 ...... February 5, 2002 ..... DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note Ratio to Estimated Actual Value(f) Direct Debt Direct & Overlappinq ~ebt Including Excluding Including Excluding Self- Self- Self- Self- Amount Supportinq Supportinq(2~ SupportinR Supportinq(2I $7,635,000 .77% 3.31% 2.85% 8,025,000(3) .60% 3.00% 2.66% 60,000,000(4) .57% 2.98% 2.68% 500,000 .57% 3.17% 2.85% 8,435,0001'5) .45% 3.18% 2.62% 6,175,000 .42% 3.15% 2.44% 34,400,000(6) .37% 3.98% 2.23% 4,970,000 .33% 3.28% 1.93% 41,800,000 .33% 4.90% 2.43% 6,885,000(7) .30% 4.92% 2.47% Villaqe Issue 1.23% .94% .87% .89% 1.01% 1.13% 2.12% 1.68% 2.47% 2.75% Notes: 1. Ratios and per capita information as set out in applicable Official Statements. The Village's which sold on January 25, 1995 are not included in these ratios (see Note 4). 2. ExcludingtheVitiage'sself-suppodinggeneralobligationbondeddebt. 3. Final issue amount was $5,040,000. This issue advance refunded the callable maturities of the Series 1989 and 1990 4. General Obligation Bond Anticipation Bonds, Series 1995 ("BABS') the proceeds of which were used to fund interest up to the respective malurtiy dates of the BABS and to create a capital improvement fund for redevelopment costs of/he Glenview Naval Air Station which officially closed on September B, 1095. The principal amount of the Bond Anticipation Bends was not included in the debt ratios and per capita data - when those maturities were refinanced with Series 1996 and the Series ~998 Bonds, they appeared in the debt ratios and per capita debt. 5.Proceeds used to refund the December ~, 1998 maturity ofthe BABS. 6.A po~tion of the proceeds of the Series ~ 998 Bonds was used to refund foe December f , f 998 maturtiy of the BABS. 7.Proceeds were used to redeem the outelanding Series1993 and1994 bonds. Per Capita(l~ Direct & Ovedappinq Debt Including Excluding Self- Self- Supporting Suo=ortino(2) $1,962.19 $1,690.55 2,229.73 1,978.80 2,219.67 1,995.53 2,360.61 2,123.34 2,590.75 2,134.53 2,544.13 1,969.57 3,125.64 1,752.00 3,109.34 1,831.83 4,377.57 2,172.83 4,353.97 2,185.71 Bond Anticipation Bonds DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 2002 SCHOOL DISTRICTS: Elementary Districts: Glenview School District No. 34 ................. Northbrook School Distdct NO, 30 ............... Wesl Northfleld School District No. 31 ............ Wilme6e School District No. 39 ................. East Maine School District No. 63 ............... Golf School Dis/dc/No. 67 ..................... Avoca School District No. 37 ................... High School Districts: Nodhfield Township High School District No. 225 .... New Trier Township High School District No. 203 .... Niles Township High School District No. 219 ....... Maine Township High School District No. 207 ....... Community College District: Oak/on Commun~y College No. 535 ............. Percent of Village's 2001 Real Property in Taxinq Body 6g.$% 9.8% 3.2% 2.3% 1.7% 100.0% 89.9% 4.9% 2.8% 2.4% 100.0% 1000% Village's Applicable Share (Note f) of Gross Debt To Be Paid Gross From Real Property Taxes Bonded Debt Percent Amount 20,375,000 86.069% $17,536,559 8,793,067 37.423% 3,290,629 9,640,000 27.223% 2,624,297 12,065,000 4.606% 555,714 21,150,000 4.144% 876,456 5,223,512 14.995% 783,266 2,615,000 7.311% 191,183 23,757,687(3) 36.568% 8,687,711 20,055,000(3) 2.297% 460,663 88,713,237 1.352% 1,199,403 17,650,000 0.988% 174,382 - 0 - 9.774% - 0- Total School Districts ............................................................. $36,380,263 OTHER THAN SCHOOL DISTRICTS: Cook County, including Forest Preserve District ....... 100.0% $2,659,991,974(2) 1.593% $42,373,672 Metropolitan Water Reclamation District ............. 100.0% 1,365,545,000(2) 1.627% 22,217,417 Glenview Park District .......................... 99.2% 1,225,000(3) 83.075% 1,017,669 Nor[hbrook Park Distdct ......................... 4% 19,055,000 0.325% 61,929 Nor[h Maine Fire Protection District ................. 4% 200,000 2.243% 4,486 Glenview Special Service Areas .................. Various 803,890 100.000% 803.890 Total Other Than School Districts .................................................... $66,479,063 Notes: f. Vii/age's share based upon 2001 Real Property valuations. 2. Excludes short-term cash flow notes. 3. Excludes the following "Alternate Bonds" issued pursuant to Public Act 85-t419, which are considered to be self~ supporting since they are payable from user fees or other pledged non-property tax sources: Northfield Township High School District No. 225 - $21,950,000; New Trier High School District No. 203 - $4,760,000 and Glenview Park Oielrict - $33,710,000. 171 I I I I I I I I I I I I I I I I I I I EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note For General Taxina Pumoses(Note I~ Tax Gross Less Net For Increase Net For Plus Levy Real Exemptions General Taxing Over General Taxing Incremental Year Property (2~ Purooses(51 Prior Year Purposes (5~ Valuation(7~ 1997 ........ $1,110,126,692 $62,350,866 $1,047,777,826 -.2%(5) $1,047,777,826 $ - 0 - 1998(3) ...... 1,224,686,771 64,315,739 1,160,371,041 +10.7% 1,169,371,041 - 0 - 1999 ........ 1,309,030,170 65,038,497 1,243,991,673 +7.2% 1,243,991,673 2,216,856 2000 ........ 1,293,037,637 65,381,437 1,227,656,200 -1.3%(5) 1,227,656,200 5,537,964 2001(3) ...... 1,587,554,408 75,911,709 1,511,642,699(4) +23.1% 1,511,642,699 39,650,677 For All Taxinq Purposes Total For All Taxing Purooses(6~ $1,047,777,626 1,160,371,041 1,246,208,529 1,233,194,164 1,551,293,576 Notes: 1. Property in Cook County is separated into eight classifications for assessment purposes (ranging in 1985 from 16% for reslde,tial to 40% for commercial property). After the assessor establishes the fair market value of a parcel of land, that value is multiplied by one of the classification percentages to arrive at the assessed valuation for that parcel The Illinois Department of Revenue furnishes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. After lhe equalization factor is applied, the valuation of the property for taxing purposes has been established---tax rates are applied to the equalized valuation. 2. Includes four categories of exemptions in 2001: the Senior Citizens' Homestead Exemption ($8,806, 750); the General Homestead Exemption ($54,052,353); the Senior Citizens Tax Freeze Homestead Exemption ($12,186,924) and the Long-Term HomeownerExemption ($865,682). The SeniorCitizens'HomesfaadExempffen, effecfivefortaxyears 1991 and following, is a reduction of $2,500 ($1,500 in levy years 1972-1983 and $2,0~0 in levy years 1984-1990) in the equalized assessed valuation of real property owned and occupied by a person 65 years of age or older. The General Homestead Exemption is available to owner-occupfad residential property; the amount of/he exemption is the increase in the current year's equalized assessed valuation above the 1977 tax year equalized assessed valuaaon, with a maximum of $1,500 in 1978, $3,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 thereafter. The Senior Citizen Tax Freeze Homestead Exemption, first effective in levy year 1994, provides that persons 65 or older with a household income of less than $40,000 (up from $35,000 in favy year 1998 and p#or) may receive an exemption in the amount of the difference between the current equalized assessed value of their principal residence and the lowest previous assessment in a qualifying year, even ~[ the senior was not eligible for some intervening yeac The Long-Term Homeowner Exemption is a Cook County program which provides property tax relief to long-term homeowners who meet certain income requirements and who have been adversely affected by rapid increases in property values. 3. Under the current triennial reassessment system in Cook County, one third of the County is reassessed each year. The ViSage was reassessed in 1998 and 2001 (for taxes to be collected in 2002). 4. By valuation, 83.2% of the Village is in Northfield Township, 6.1% is in Niles Township, 6.0% is in Maine Township, and 4.6% is in New Trier Township. facludes $134,910 of Railroad Property now classified as Rea/Property. 5 The .2% decrease in 1997 and the 1.3% decrease in 2000 we~. pdmadfy due to decreases of .13% and 1.2% respectively, in the State imposed equalizabon factor for Cook County. 6. The Village's tax rate is calculated based on the Village's Net Equalized Assessed Valuation (shown in this table as "Net For General Taxing Purposes:) and is extended against its entire Equalized Assessed Valuation (shown in this table as "Total for Afl Taxing Purposes') excluding only the statoto~/ exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the total tax rate for alt non-TIF purposes is shown in the fabfa as 'Net for General Taxing Purposes." 7. When the Glenview Naval Air Station Tax Increment Distdct was created, ff included the Air Station and an older industrial area adjacent therelo. .~s of January 1, 1999, the incremental valuation was added from changes in that industrial area. Land Valuations in that industrial area have increased for a variety of reasons including the fact the property being adjacent to a major new roadway entrance into the redeveioped base and a nearby new Mefra train station. TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Gienview: Bonds and Interest ...................... Pensions (Police, Fire, IMRF & Social Security) Corporate ............................. Total Village(l) ...................... Cook County (Incl. Forest Preserve) .............. Metropolitan Water Reclamation District ............ Glenvtaw S.D. Number 34 ...................... Northfield Township H.S.D. Number 225 ........... Oakton Communi[y College Dist. Number 535 ....... Glenview Park District ......................... Glenview Public Library(2) ...................... Northfield Township and All Other ................ Total(3) ............................ Village as a Percent of Total ................... 1997 1998 1999 2000 2001 $ .166 $ .156 $ .145 $ .152 $ .117 .457 .409 .430 .426 .322 $ .735 $ .660 $ .652 $ .671 $ .545 .993 .983 .955 .893 .813 .451 .444 .419 .415 .401 3.188 2.991 2.839 3.030 2.623 1.932 1.840 1.870 1.992 1.740 .304 .269 .251 .269 .228 $8.435 $8.057 $7.835 $8.176 $7.146 8.7% 8.2% 8,3% 8.2% 7.6% Notes: 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no sfatutoq/ fax rate limitations. Beginning in levy year 1985, the tax rate for Library purposes is considered under State law to be a separate levy from the Village. Tax rate applicabfa to the largest tax code which represented 44.8% of the Village's 2001 tax base and is located in Northffeld Township. 172 Rank TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Levy Collection TotalTaxes Year Year EMended 1997 ....................... 1998 $7,791,167 1998 ....................... 1999 7,658,448 1999 ....................... 2000 8,110,825 2000 ....................... 2001 8,237,573 2001 ....................... 2002 8,238,452 Total~Taxes Collected as of December 31. 2002(1) Amount (21 Percent $7,634,206 99.13% 7,702,489 100.57% 8,080,664 99.63% 8,296,330 100.71% 5,441,291 102.46% Notes: 1. Source: Cook County Treasure~s Office. Taxes collected, including late payments, are shown as collections in the year when due regardless of when the collection occurs. The "Amount Collected" is not the same as distributions to the Village as collections include taxes paid under protest. When the taxes are paid under protest are remiiled, they are not included as taxes collected as they have already been considered "collected". 2. Cook County proparty taxes are payable in two installments: the first on March 1, and the second on the lalter of August I or 30 days after the mailing of the tax bills. The first installment is an estimated bill and is one-half of the pdor yea~$ bill. The second thstaitment is based on the current levy, assessment and equalization and reflects any changes from the prior year in those factors. The second installment date for levy years 1996-2000 were September 19, 1997, October 26, 1998, November 1, 1999, October 2, 20~0, and November 1, 2001, respectively. 1996 AND 2001 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION (Note Villaqe of Glenview Taxable Valuation(2) Percent of Total Property Classification: 1996 2001 1996 2001 Residential ......................... $ 735,006,587 $1,116,802,930 70.1% 72.0% Commercial(I) ....................... 216,553,501 300,036,371 20.6% 19.3% Industrial ........................... 97,478,454 134,297,190 9.3% 5.7% Railroad ........................... 155,106 134,910 NIL NIL Farm ............................. 115,075 22,175 NIL NIL Total ......................... $1,050,308,723 $1,551,293,576 100.0% 100.0% Pement Increase 1996-2001 ............................ +47.7% Notes: 1. The commercial class/ficeb'on includes apartment buildings with over six units and any aparlmeni/retail mixed use buildings. 2. Includesinc~mentalvaluationintheVillage'staxincrementfinancingdistfict. TEN LARGEST TAXPAYERS Taxpayer Kraft General Foods ............ Grubb & Ellis Services .......... Signode, [}iv. OF ITW ........... Mid American Asset ............. Wyndham International .......... Pearson Tax Department ......... Equalized Assessed Valuation(Il PropeAies Corporate Headquarters/Research Campus.. $ 45,491,405 AON insurance Company ............... 21,819,886 Corporate Headquarters ................ 16,206,175 Commercial Proper/y .................. 16,070,567 Doubletree Hotel ..................... 11,603,435 Corporate Headquaders - Book Publishing(3) 11,490,324 Parkside Senior Services ........ The Seasons at Glenview Place .......... 8,601,411 Target ...................... Retail Store ......................... 7,726,526 Sanders 2100 LP .............. Commercial Property .................. 6,808,699 Heathen~eld Can LLC ........... Commercial Property .................. 6,660,345 Total Ten Largest Taxpayers ....................................... $152,479,073 1. Valuations as of January I, 2001 for 2002 taxing purposes. 2. Total 2001 Village valuation of $1,551,293,534 (tncluding incremental valuation). 3. Corporate headquarters of Scott Foresman. 173 Percent of Villaqe (2) 2.9% 1.0% 1.0% 0.7% 0.7% 0.6% 0.5% 0.4% 0.4% 9.8% I I I I I I I I I i I I I I I I I I I GENERAL FUND Summary Statement of Revenues, Expenditures and Changes in .Fund Balance (Fiscal Years Ending December 31) Audited(Note Revenues/Transfers: (3) 1998 1999 Properly Taxes ...................... $5,421,134 $5.088,157 2000 $ 5,628,468 Property Taxes-Fire Protection District(Il)... 2,014,877 2,123,992 1,968,076 Sales Taxes ......................... 5,092,357 5,758,617 6,522,922 Utility Tax and Telecommunications Tax .... 3,340,555 3,262,725 3,712,583 State Income Tax/Photo Use Tax ......... 3,111,954 3,249,396 3,551,020 Franchise Taxes ..................... 322,468 379,362 195,281 Motor Vehicle Licenses (3) .............. 5,535 10 - 0 - Hotel Room Tax(4) .................... 856,775 803,135 872,019 Building Permits/Cert. Of Occup ........... 1.069,449 996,745 1.456,765 Other Licenses and Permits ............. 250,798 236,925 280.634 Charges For Services .................. 1,310,311 741,991 1,280,928 Fines and Forfeits .................... 232.855 281,525 224,431 Interest ............................ 526,760 478,582 665,382 Transfers-In: Wate~vorks ....................... 452,814 457,808 500,750 Whctesale Water ................... 108,700 102,200 102,000 The Glen Redev./Caretaker ............ 33,850 4,000 4.000 North Maine U6116es ................. 285,174 381.981 292,674 Escrow Deposit Interest(5) ............ 127,215 194,993 190.994 Other ............................ 188,898 107.139 1,327.086 Land Sales ......................... - 0 - 531,593 295,460 AIl Other Revenues ................... 795,012 1,075,376 887.172 Total Revenues/Transfers ........... $25.525,491 $26,256.244 $20,958,645 Expenditures/Transfers: GeneraIGovemment .................. $ 4,824,865 $ 4.854,514 Public Safety ........................ 11,918,831 12.357.263 Highways and Streets .................. 4,094,806 4,774,392 Pensions ........................... 613,170 515,397 Subtotal Expenditures ................ $21.451,672 $22,501,566 Capital Equipment Replacement Transfers(6) 965,013 1,024,903 Capital Project Transfers/Capital Outlay ..... 919,600 1,199,285 Debt Service Transfer. - 0 - - 0 - Total Expenditures/Transfers ......... $23,336,285 $24,725,754 Revenue Over (Under) Expenditures: BeforeCapital/Transfers ............... $ 4,073,819 $ 3,754,678 After Capital/Transfers ................. $ 2,189,206 $ 1,530,490 Adjustments to Fund Balance ............. $ - B - $ - 0 - Fund Balance at December 31 ............ $11,971,662 $13,502.152 2002 2003 2001 Budget(2) Actual Budqet(2) $ 5,808,880 $ 6,009,460 $ 5,877,232 $5.953,320 1,968,062 2,075,000 2,171,117 2,260,000 7,184,006 6,790,000 8,765.038 8,300,000 4,147,388 3,930,000 4,119,522 4,125,000 3,483,970 3,830,000 3,183,744 3,305,000 414.768 245,000 285.110 287,500 748,188 800,000 615,083 600,000 2.467,898 1,951,700 2,063,149 1,852,200 342.362 295,000 352.334 284,800 1.152.553 2,160,575 1.109,048 1,189,841 215.284 225,000 207,720 200,000 769.833 475,000 401,213 360,000 493.710 508,600 598.600 529.400 105,000 112,150 112.150 106.000 4,000 4,000 4.000 4,000 307,500 30~500 307.500 307.500 172,351 150,000 120,000 100,000 118,100 248,825 248,830 1.025,945 956,654 400,000 - 0- 404000 934.280 1.151.150 1.332.408 1,139,259 $31.794.527 $31,668,960 $31,783.798 $32,329,765 $ 5,132,169 $ 5,450.092 $ 6,786,048 $ 6,060.618 $ 7,652,765 13,295,031 15.389.725 16,247,337 15.850.504 18,343,136 5,100,455 5.866,080 6,356,051 6,118.925 7,166,428 $24.098.229 $26,705.897 $29,389,436 $28,930.047 $33,162.329 1,001,302 1.061,930 1,225,223 1.225.220 1,275,119 6,172,069 2,437.416 849,018 349,066 1,260,335 - 0 - 210.805 219.335 219.336 - 0 - $31.271,600 $30,416,048 $3'1.683.912 $29,823,669 $35,697,783 $ 5.860,416 $ 4.877,825 $ 2,060,189 $ 3,534,415 $ (832.564) $ (1,312,955) $ 1,378,479 $ (14,952) $ 1.960,129 $ (3,368,018) · $ - 0 - $ 371,034 $ - 0- $12,189,197 $13,938,713 $15,898,842 Assets: Cash and Investments(8) .............. Receivables: Property Taxes(7) .................. Sales Tax ........................ UBlily Taxes ...................... Other Receivables ................. Due From Other Funds ................ Balance Sheet at December 31 1998 19~9 2000 2001 2002 8.450,797 $10,356,035 $12.206.729 $14,756.756 $15,032.003 5,129,686 5,604,175 5,672.153 5,785,884 5,731,379 835.114 527,596 1.146,631 1.968,913 2,628.031 305.374 316.573 425.315 343,995 712.911 550,248 560,790 566.103 161,283 635,006 2,941,225 3,223.415 521,106 137.073 185.501 All Other Assets ..................... 5,641 14,482 Total Assets .................... $1~8.218.085 $20.603066 Liabilities and Fund Balance: Accounts Payable .................... $ Compensated Absences Payable ........ Due To Other Funds .................. Deferred Revenues .................. All Other Liabilities ................... Fund Balance: Reserved(g) ...................... $ Designated for Surcharge Receipts(lO) .. - 0 - 32.385 - 0 - $20.538.037 $23.186.28~9 $24.924.63~1 198,637 $ 156,192 $ 609,888 $ 547,977 $ 349,836 870,063 926,120 951,892 1,531,691 1,671,823 ~ 0 - 30,920 232,004 137.314 40,022 5,129.686 5,886,811 5,822,728 6,029.209 5,861,043 56.037 100,871 732.418 1,001,385 1,103,265 15,641 $ 19,867 $ 10,000 $ 10,000 $ 10,000 1,334,848 1.334,848 1,334,848 1,334,848 1,334,848 Undesignated ..................... 10,621~173 12,147,437 10,844,349 12,593,865 14,553,994 Total Fund Salance(12) ............ $11.971.662 $13.502.152 $12.189.197 $13.938.713 $15.898.842 Total L[abiJities & Fund Balance ...... ~218085 $20603066 $20538037 $23 I~6?RJ~ $24924R3~ Notes: 1. These condensed financial stalements for the Genera/Fund for the years ending December 31, 1998-2002 have been prepared from the full Comprehensive Annual Financial Reports of the Vi#age of G/enview and do not purpo/~ to be comptata financial statements. The full financial statements, together with the report of the Village's independent accountants, are available upon request. See Note 1 to "Combined Statement- Ali Funds ". 2. The Vg/age Manager submits a proposed operating budget to the Board of Trustees which budget includes proposed expenditures and the means of financing them. Subsequen/ to budget hearings, the budget is legally enacted through passsge of an (~rdinance. The Village Manager 1 74 is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. Budgets are adopted on a basis consistent with generaSy accepted accour~fin9 princJpies. 3. As a home-rule unit, the Vii)age cou/d increase revenues by increasing its property tax fevy, adopting a Home Rule Sales Tax and/or a Prepared Food and Beverage Tax. The Village could also re-impose a motor vehicle license fee, which~ if set at the pdor level, could generate over $450,000 in annual revenues (fiscal year 1997 was the last complete year the fee was in effect). 4. Effective May 6, 1985, the Village adopted a 5% hotel room lax. The Village currently has five operating hotels with 855 rooms. Deve~~persarerequiredt~dep~sitwiththeVfl~ageanam~untequa~fothec~st~fa~~impr~vementsbeingbu8tanddedicafedfotheVil~a~ewhich deposits are returned upon satisfacfo~y comp/egon of the improvernenls. Interest earnings on the amounts in the Escrow Deposit Fund are transferred to the General Fund. 6. The Capita/Equipment Replacement Fund (CERF) was established by ordinance in 1979 with the stated purpose of evening out the annual expenditures for major capital expenditures. Afl of the Village's on-read and off-road equipment, fire, public works, etc., is included. Each Department is charged with the equivalent of a depreciat/on charge which is remi~ed in cash to the Capital Equipment Replacement Fund (can~ed in the Capita/Projects Fund). As of December 31, 2002, audited cash and investments in the Capital Equipment Replacement Fund' (eta/ed $9,771,515. 7. For the fiscal year ended December 31, 1982, the Village changed ~fe property tax revenue recognition to conform to the provt~ions of Interpretation ~3 issued by the National Councfl on Governmentst Accounting under which property tax revenues are recognized to the extent of taxes due and collected within the current year. The current net tax levy receivable is recognized in the balance sheet along with a corresponding amount of deferred revenue. 8. The Village's cash reserve policy is 90 days of working cash, which, given the 2002 actual non cap/Iai expenditures, totals approximately $7,007,51f. This reserve serves as insurance should the Village face fluctuations or delays in tax payments, a monetary judgmen~ a natural disaster, or other fiscal difficulties. The audited GeneraI Fund "Cash Ba/ance" has dsen from $6,629,833 at Decamber 3f, 1996fe$15,032,003 at December 31, 2002 (see "Cash and investments at December 31"be(ow) which represented a cash reserve balance of 193 days. 9. The December 31, 2002 Reserved amount of $10,000 is for Patton House, a proposed senior housing building. 10. These funds are ava(table for any purpose--the "Designated" reference is to the source of revenues that ware determined by the Vfl/age Board as not to be used for operating expenses. 11. On September 1, 1992 the Glenbrook Fire Protection Distdct was merged into the Gfenview Fire Depadment. The Fire Protection District- continues to levy property taxes on that pad of its tax base outside the VS/age limits and rem(is those tax receipts to the Vii/age for services in the unincorporated area that now represents its tax base. 12. The General Fund "Fund Balance" at December 31, 2002 of $15,898,842 was equal to 47.9% of the $33,162,329 Budgeted 2003 Genera/Fund expenditures excluding transfers for capita/purposes. COMBINED STATEMENT--ALL FUNDS(Note I) Fund Balances 1998-2001 and Summary 2002 Revenues, Excess Revenues and Fund Balance Fiscal Year Ended DeceMber 31, 2002 Incl. Transfers Revenues December 31 - Audited Property Over Fund Governmental Fund Types: 1998 1999 2000 2001 Tax Total Expenditures Balance General Fund ................ $ 11,971,662 $ 13,502,152 $ 12,189,197 $13,938,713 $ 5,877,232 $ 31,783,798 $ 1.960.129 $ 15,898,842 Special Revenue Funds: IMRF .................... $ 24,118 $ 72,445 $ 229,524 $ 377,590 $ Motor Fuel Tax ............. 427,814 299,213 206,926 211,825 Refuse and Recycling ........ 902,166 1,192,944 1,398,883 1,623,380 911 Communications ....... 271,111 330,485 397,895 456,719 GNAS Redevelopment(2) .... (911,269) (1,385,304) 4,612 (3.824) GNAS Caretaker .......... 96,304 (31,669) 4.807 (159,839) Foreign Fire insurance ...... - 0 * - 0 - - 0 - - 0 - SpeciaITaxAIIocafion ... - 0 - - 0 - 3.477 16,716 Total Special Revenue .... Debt Sen/ice Funds .......... 810,244 $ 478,114 $ 2,246,124 2,388,599 3,651,914 2,431,244 CapitaIProjectFunds(lO) ...... 25.911,196 84,410,21~ 107.673.236 Total Governmental Fund= ... $ 41,081,701 $102.042,395 $124,539,801 Proprietary Fund Type(3): Enterprise Funds: Waterworks(4) .............. $ 15,197,166 $ 16,628,339 $16,666,968 $ 17,638,968 Sewerage(4) ............... 2,975,588 3,688,659 3,796,276 3,630,150 Wholesale Water(4) .......... 783,437 759,400 733,552 564,303 North Maine Water and Sewer(4) (266,559) (110,109) (421,839) (274.344) Commuter Parking Lot ........ 126,026 194,545 240,595 275,773 Total Ecterpri~e Funds ...... $ 18,817,658 $ 21,360,834 $ 21,015,552 $ 21,834,859 Internal Service Funds: Municipal Equipment Repair(5).. $ (38,354) $ 144,454 $ 225,598 $ 234,417 Insurance ................. 3 407 267 3,847,080 3 733 331 3.552.484 TotallntamaiSen/ice Funds.. $ 3,368,913 $ 3.991.534 $ 3,958,929 $ 3,786,901 493,498 $ 708,261 - 0 1,192,554 - 0 1.150,572 - 0 501,107 - 0 1,606.082 - 0 1,161,794 - 0 39,537 2,841,781 9,338,842 $ 2,522,567 $ 3,335,279 $ 15,698,749 2,811,524 1,748,803 8.196.115 $177,564,926 $10,9~1~-3~-4 $88,327,876 $ 25,621,751 $ Total Proprietary Funds ..... $ 22,186,571 $ 25,352,368 $ 24,874,481 Fiduciary Fund Types(6): Escrow Deposit(7) ............. $ 120,593 $ 124,782 $ 149,161 $ 149,161 $ - 0 Deposit ..................... 29.880 36,080 46,407 53.706 - 0 Police Department Spedal Account 13,824 14,847 25,665 26,088 - 0 Police Pension ............... 27,211,246 25,629,270 29,157,175 29,380,377 - 0 FireSghters' Pension ........... 37.887.879 36,747~303 401166,889 41,979,483 - 0 Total Fiduciary Funds ....... $ 65,263,422 $ 62,552,282 $ 69,545,297 $ 71,588,815 $ - 6 Component Unit: - 0 - $ 7,378,141 - 0 - 1.031,229 - 0 - 1.419.995 - 0 - 280,692 - 0 - 3,990,284 - 0 - $ 5,003,928 - 0 - $ 20,871,456 $ 116,237 2,121 9,871 2,869,668 3,936,899 $ 6,934,796 LibraryFund(6) ............... $ 2,001,851 $ 1,875,071 $ 1,690,683 $ 1,339,278 $ 3,399,700 $ 3,778,563 TotalAllFunds(Merno On/y).. $130,533,545 $191,822,115 $220,750,262 $276,114,770 $14,361,014 $119,912,691 $ 90,911 $ 468,501 31,754 243,579 239,574 1,862,954 (150,877) 305,842 (46,982) (50,806) 101,321 (58,519) 39,537 39,537 936,974 953~699 $ 1,242,212 $ 3,764,779 (1,762,601) 1,048,923 (45,454,009) 112.838.113 $ (44,014,269) $133,550,657 $ 800,107 $ 18,438,075 249,194 3,879,344 (112,728) 451,575 38,368 (235,976) 59,989 335,762 $ 1,034,930 $ 22,869,780 $ (145,610) $ 88.807 $ (1601823) $ 3,626,878 $ 874,907 $ 26,496,658 $ (3,763) $ 145,398 2,121 55,827 97 26,185 1,680,058 31,060,435 2,347,369 44.326.852 $ 4,025,882 $ 75,614,697 $ (354,737) 984,541 $¢9,468.217) $236,646,553 175 ! I I I I I I I I I I I I I I I I I I Cash and Investments at Dec. 31: 1998 General Fund ................ $ 8,450,797 Special Revenue Funds ......... Debt Sen'ice Funds ............ Capitol Project Funds: Capitol Equipment Replacement. GNAS Project .............. Village Permanenl ........... Capital Projects ............. All Other .................. Totol Capitol Projects ....... Proprietary Funds ............. Fiduciary Funds(6) ............. 1999 2000 2001 2002 $ 19,356,035 $ 12,206,729 $ 14,756,756 $ 15,032,003 1,985,393 1,877,420 2,160,449 2,535,726 3,958,758 2,478,605 3,653,017 2,427,557 2,813,024 1,053,992 $ 7,605,553 $ 7,646,046 $ 8,796,785 $ 8,715,538 $ 9,771,515 15,905,125 59,529,350 66,519,250 106,108,151 81,584,185 - 0 - 17,015,699 26,651,077 36,253,716 26,147,121 6,120,760 6,595,418 8,864,515 11,129,659 10,679,464 2,304,156 2.395,735 6.517,597 6.862~198 5.039,754 $ 31,935,604 $ 93,182,248 $117,340,224 $169,069,262 $133,222,039 9,763,531 9,563,407 8,943,705 8,693,237 9,292,124 69,765,291 66,375,530 73,801,575 75,493,448 80,288,132 ComponentUnit-LibraryFund(8).. 2,166,954 1,985,069 1,5591164 1,525,360 1,169,433 Total Cash and Investments(9) $126,546,175 $186,995,726 $218,439,403 $274,886,813 $244,016,481 Notes: 1. These condensed financial statements for the years ending December 31, 1998-2002 have been prepared fi~m the full Comprehensive Annual Financial Reports of the V#/age of G/enview and do not purport to be complete audits. The full h~ancia/ statements, together with the report of the Vi#age's independent accountants, are available upon request. The accounting policies of the Village conform to generally accepted accounting principles as applicable to governmental units. The accounts of the Vi#age a~ organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The various funds are grouped into the three broad categories of Governmental Funds, Fiduciary Funds and Proprietary Funds. Within the Governmental Funds are the Genera/ Fund (the gene~/ operation fund) which is used to account for afl finansia/ resources except those required to be accounted for in another fund; Special Revenue Funds which are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes; Debt Service Funds; and Capital Project Funds. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus which has only current assets and current liabilities on the balance sheet and operating statements present increases and decreases in net current assets. Ait propdetary funds and pension trust funds are accounted for on a flow of economic resources measurement focus with all assets and liabilities associated with the operation of these funds included on the balance sheets and fund equity segregated into contributed capital and retained earnings- operstingstatementspresenlincreasesanddecreasesinnettotelassets. Themodifiedaccrualbasisofaccounfingisfogowedforal/ Governmental Fund Types and Expendable TnJst Funds (in the Fiduciary Funds cstego~y). Afl remaining Fiduciary Funds (Pension Trust Funds) and Propdetary Funds are accountod for using the accrual basis of accounfing. The "Repori of todependent Auditor~" in the Village's genera/ purpose financial statements for its fiscal year ended December 31, 2002 included the following languoge (comparable "clean" opinions were included in the Village's 1998-2001 audits shown in this table): "In our opinion, the genera/purpose financial statements referred to above present fa/dy, in all material respects, the financial position of the Vi#age of Glenview, Illinois, as of December 31, 2002, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. A/so, in our opinion, the combining, individual fund, and account group financial statements referred to above present foidy, in all material respects, the financial position of each of the individual funds and account groups of the V/f/age of Glenview, Illinois, as of December 31, 2002, and the results of operations of such funds and the cash flows of indlvidust proprietary funds for the year then ended in conformity with accounting principles generst/y accepted in the United States of America." 2. The Glenview Naval Air Station Redevelopment Fund was created to account for the resources and expenditures incurred in the development of the G/enview Naval Air Base/and which was vacated by the Navy on September 9, 1995. 3. The amounts shown as fund balances for the Proprietary Funds are retained earnings (exstude$ contdbutod capita/) and the amounts shown as "excess revenues" represent the change in retained earnings. "Total revenues" represent operating revenues. 4. Prior to fiscal year 1993, the Village maintained two Waterworks Funds to provide accounting for the eastern portfon of the Vi#age (Waterworks East) and the western pod/on and the applicable unincorporated a/~a adjacent to the western border of the Vi#age (Waterworks West) that is served by the water system (retained earnings at December 31, 1992 were $3,909,087 for Waterworks East and $5,537,828 for Waterworks West). The two accounting funds were set up in 1977 when the two private water companies serving the applicable western portion and unincorporated areas were, at the request of the residents, acquired by the Vi#age for the purpose of up~Jrading the water gestity in that area by replacing well water supply with Lake Michigan water supply that had been available to east Glenview since 1937. /t was determined that the cost of amortizfug the debt applicable to the acquisition of the two pdvate water companies and constructing the necessary transmission main, storage and west system up-grading would be paid for by the customer~ of the west system. The use of differing rates continued until 1992 when a unified rate st~ucfure was put in p/ace and the use of a minimum charge for water usage was eliminated. The two funds were combined in fiscal year 1993. A seperato Sewerage Fund was created in fiscal year 1986 to account for the funds necessary to provide sanitary sewer service to both the incorporated and unincorporated a~as served by the Vi#age. Prior lo f988, these funds were ac'counted for in the two Waterworks Funds. The Wholesale Water Fund accounts for the sale of water to Citizens Ub?ity Company for its service area outside the Vii/age of Glenview. Th¢ North Maine Water and Sewer Fund accounts for afl f/naris/al activity related to the Vigage providing water and sewer service to an unincorporated area southwest of the Village (funmeriy served by the North Suburban Public Utilities Company). 5. The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all V#/age vehicles. 6. Excludes the V#lage's Agency Funds. 7. The Escrow Deposit Fund is used to account for monies on deposit with the V/f/age-the cost of pubflo improvements to be dedicated to the Village must be escrowed with the V/f/age and as payments are required for satisfactory work completed, monies are re/eased to contractors, toterast earned on the escrowed deposits is retained by the Village and annuagy transferred to the General Fund. 8. Beginning /n fiscal year 1993, the Library Fund was presented in the audit as a component unit of the Village because the Library possesses the characteristics of a legally separale government (separately elected 7-member board which annually determines its budget and tax levy). 9. The Vi#age's Cash Control and investment Po/icy was origfoa/ly adopted on February 21, 1983 and was revised on March 15, 1985, January 16, 1990, March 19, 1996 and January 8, 2000. 10. Includes two new funds creatod in fisca/ year1999: The G/en Land Sa/es Fund (December 31, 2002 fund balance $61,109,507 and the Vi/lage Permanent Fund (December 31, 2002 fund ba/ance $37,309,450). The Glen Land Sales Fund is used fu account for gross land sales related lo the Glenview Naval Air Base and the Vi#age Permanent Fund receives from The Glen Land Sa/es Fund 20% of the gross/and sa/es to be used for projects not related to the G/enview Naval Air Base. 176 FIXED ASSETS AT DECEMBER 31, 2002 General Fixed Assets(f~ Land and Improvements ........................ $ 6,143,853 Buildings and Improvements ..................... 14,404,936 Water and Sewer Systems ...................... - 0 - Equipment .................................. 9,983,124 Office Furniture and Equipment ................... 2,207,222 Subtotal ................................ $32,739,135 Less: Accumulated Depreciation .................. - 0 - Total ............................... $32 7~§ 1~5 Proprietary Fund Fixed Assets(2) $ 302,851 446,954 45,078,605 2,894,683 18,672 $48,741,765 14.015.023 $34 726 742 Notes: 1. Fixed assets used in governmental fund type operations am accounted for in the General Fixed Assets Account Group rather than in governmental funds. All fixed assets are valued at histodcal cost or estimated histodcal cost if actual is not known. Contdbuted fixed assets are recorded at their fair market value on the date donated. Public domain (infrastructure) fixed assets including mads, bridges, curbs and gutters, streets and gdewalks, drainage systems and lighting systems have not been capitalized. No depreciation is recorded on General Fixed Assets. This table includes the genera/ fixed assets of the Glenview Public Library. Z Fixed Assets in the Pmprietary Funds are valued at historical cost or estimated historical cost. Depreciation on ag exhaustible fixed assets is charged as an expense against opera/lens. Depreciation is provided over the estimated useful llves using the straighl-line meihod. 177 I I ! I I I I I I I I I I I I I I I I