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HomeMy Public PortalAbout1998 Comprehensive Annual Financial ReportVILLAGE OF GLENVIEW, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1998 Prepared by Finance Department Daniel P. Wiersma Director of Finance Linda Ogawa Assistant Director of Finance VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 INTRODUCTORY SECTION Principal Officials Organization Chart Director of Finance's Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting FINANCIAL SECTION REPORT OF INDEPENDENT AUDITORS GENERAL PURPOSE FINANCIAL STATEMENTS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet All Governmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances All Governmental Fund Types Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual All Proprietary Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings Ail Pension Trust Funds Combined Statement of Changes in Plan Net Assets All Proprietary Fund Types Combined Statement of Cash Flows Notes to Financial Statements PAGE i ii iii - xv xvi 1-2 3 6 7 8 9 - 43 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I FINANCIAL SECTION (CONT.) REQUIRED SUPPLEMENTARY INFORMATION Analysis of Funding Progress Illinois Municipal Retirement Fund Police Pension Fund Firefighters' Pension Fund Employer Contributions Illinois Municipal Retirement Fund Police Pension Fund Firefighters' Pension Fund Year 2000 Information COMBINING, INDMDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND 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 SPECIAL REVENUE FUNDS All Funds Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances PAGE 45 47 48 49 50 - 51 52 53 54 - 55 56 - 70 71 72 I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Illinois Municipal Retirement Fund Statement of 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, Expenditures, and Changes in Fund Balance - Budget and Actual GNAS Redevelopment Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Schedule of Expenditures - Budget and Actual Administration Department GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Schedule of Expenditures - Budget and Actual PAGE 76 77 78-79 8O 81 - 83 VILLAGE OF GLEN'VIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) DEBT SERVICE FUNDS All 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 All 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 PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Combining Balance Sheet Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Combining Schedule of Changes in Contributed Capital Combining Statement of Cash Flows PAGE 84 85 86 87 88 89 - 90 91 92 93 94 I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT.) ENTERPRISE FUNDS (CONT.) Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation North Maine Water and Sewer Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation PAGE 95 96 - 98 99 100 101 102 103 104-105 106 107 108-109 110 111 112 113 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT.) INTERNAL SERVICE FUNDS AllFunds Combining Balance Sheet Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Combining Statement of Cash Flows Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Schedule of Operating Expenses - Budget and Actual Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS Ail Funds Combining Balance Sheet Combining Statement of Plan Net Assets Combining Statement of Revenues, Expenditures, and Changes in Fund Balmqces (Expendable Trust Funds) Combining Statement of Changes in Plan Net Assets (Pension Trust Funds) PAGE 114 115 116 117 118 119 120 121 122 123 I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 FINANCIAL SECTION (CONT.) FIDUCIARY FUND TYPES (CONT.) TRUST AND AGENCY FUNDS (CONT.) Pension Trust Funds Police Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Firefighters' Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Agency Funds Combining Statement of Changes in Assets and Liabilities ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source Schedule of General Fixed Assets - by Function and Activity Schedule of Changes in General Fixed Assets - by Function and Activity GENERAL LONG-TERM DEBT ACCOUNT GROUP Schedule of General Long-Term Debt COMPONENT UNIT Library Fund Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balance Schedule of Operating Expenditures - Budget and Actual Schedule of General Fixed Assets PAGE 124 125 126 127 128 129 130 131 132 133 134 VILLAGE OF GLEN'VIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I FINANCIAL SECTION (CONT.) SUPPLEMENTAL DATA Combined Schedule of Cash and Investments Schedule of Insurance in Force Long-Term Debt Requirements Corporate Purpose Bond Series of 1991 Corporate Purpose Bond Series of 1992 Corporate Purpose Bond Series of 1993 Corporate Purpose Bond Series of 1994 Corporate Purpose Bond Series of 1995 General Obligation Bond Anticipation Bond Series of 1995 Corporate Purpose Bond Series of 1996 Corporate Purpose Bond Series of 1997 Corporate Purpose Notes of 1997 General Obligation Bond Series of 1998A PAGE 135 136 137 138 139 140 141 142 143 144 145 146 I I I I I I I I I I I I I I I i I I VILLAGE OF GLENVIEI, V, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years General Governmental Expenditures by Function - Last Ten Fiscal Years Property Tax Assessed Valuations, Rates, Extensions, and Collections - Last Ten Fiscal Years Assessed and Estimated Actual Value of Taxable Property ~ Last Ten Fiscal Years Property Tax Rates ~ Direct and Overlapping Governments - Last Ten Fiscal Years Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years Schedule of Legal Debt Margin Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years Schedule of Revenue Bond Coverage - Last Ten Fiscal Years Demographic Statistics - Last Ten Fiscal Years Construction Value, Building Permits, and Bank Deposits - Last Ten Fiscal years Miscellaneous Statistics Ten Wealthiest Illinois Communities - 1990 Census Major Corporate Fund Revenue Sources PAGE 147 148 149 150 151 152 153 154 155 156 157 158- 160 161 162 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1998 I I I STATISTICAL SECTION (CONT.) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 1998) Retirement Schedule of Outstanding Village General Obligation Debt Debt Ratios and Per Capita Debt - Last Ten Bond Sales Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 1998 Equalized Assessed Valuation for Taxing Purposes Tax Rates Per $100 Equalized Assessed Valuation Tax Extensions and Collections (Village Purposes Only) 1992 and 1997 Tax Base Distribution by Property Classification Ten Largest Taxpayers General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1994 - 1998) and 1999 Budget Balance Sheets (1994 - 1998) CombIned Statement - All Funds Fund Balances 1994-1997 and Summary 1998 Revenues, Excess Revenues, and Fund Balances Fixed Assets at December 31, 1998 PAGE 163 163 164 164 165 165 166 166 166 167 167 168 - 169 169 I I I I I I I I I I I I I I I I I I I I Kent B. Fuller Joyce E. Kustra Robert J. McLennan VILLAGE OF GLENVIEtAr, ILLINOIS Principal Officials December 31, 1998 LEGISLATIVE Village Board of Trustees Nancy L. Firfer, President Paul T. McCarthy Village Clerk/Treasurer John W. Patton, Jr. William L. Stickney Emil Ulstrup EXECU'I'IVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Darfiel P. Wiersma, Director of Finance ii I I I June 15, 1999 Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview The comprehensive annual financial report of the Village of Glenview (the "Village") for the year ended December 31, 1998 is submitted herewith. This report represents a comprehensive picture of the Village's financial activities during 1998 and the financial condition of its various funds at December 31, 1998. 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 annual financial report is presented in three sections: introductory, f'mancial 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 fmancial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-12. 1225 WaukeganRoad ~ Glenview, IllinoisS~25 ~ (847) 724-1700 ~ (847) 724-4232 TDD The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form of government. It is a home rule municipality 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 approximately 13 square miles and has an estimated population of 38,437. 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, planning and zoning, library services, 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 fire fighters. The Glenview Public Library is included as a discrete presentation since it is governed by a separately elected board of trustees. 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, 1998 the Village's unemployment rate was 2.6%, compared to 4.7% for Cook County and 4.5% for the State of Illinois. Retail sales within the Village totaled $509 million for 1998. This represents an increase of $297 million, or 6.2% ,from 1997. The Village expects retails sales to continue to grow as additional retail space is currently under construction. Median family income figures from the 1990 Census show that the average income of Glenview residents far exceed county and state averages. According to the Census Bureau, Glenview's 1990 median family income was $67,412, compared to $38,664 for the State and $35,225 for the United States. This ranked Glenview as the fifth wealthiest community in the State of Illinois amongst communities with populations over 25,000. (The Village also ranked fifth in terms of median household income and fourth in per capita income when compared to these same communities.) I I I I I I I I I I I I I I I I I I I For many years, there was no substantial new commercial or residential construction activity as little vacant land was available for development. However, construction activity is expected to increase dramatically starting in 1999 as the 1,100 acre former Glenview Naval Air Station, ("The Glen") develops. During 1998, there were 13 new commercial developments constructed, with a total value of $23 million and 215 new residential housing permits issued in 1998. Major Initiatives For the Year 1998 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 base. In light of the land use plan, and the massive infrastructure improvements needed to achieve that plan, the Village will be acquiring the 1,100 acre base property for approximately $2.1 million. As of December 31, 1998, 849.01 acres had been deeded to the Village and another 109.00 acres were in escrow. The remainder of the property is anticipated to be transferred to the Village once the Navy completes all required environmental clean-up, which is anticipated to occur by the end of 1999. During the year construction began on the phase one infrastructure improvements and design work for the second phase of infrastructure improvements was begun. In addition, the Village established a Tax Increment Financing District ("TIF") 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 payment of the redevelopment has been accomplished. As a result of the extensive work to develop a database of 1,200 marketing contacts, RFP's were received from 57 developer groups on the parcels offered for development. Following extensive analysis, it was determined that all parcels received multiple bids from qualified developers. A significant number of new construction projects outside of The Glen were under construction in 1998. These projects include 350,000 square feet of commercial retail space, including a Target store, Kohl's store and a Jewel Food store. The Jewel opened in 1998 and the Target and Kohl's are scheduled to open in the first quarter of 1999. In addition, there are new residential developments such as Heatherfield (308 units) and Glenview Place (122 town homes and 216 senior congregate units). The Village of Glenview has maintained an active role in the creation of the Northeastern Illinois Public Safety Training Academy (NIPSTA). NIPSTA is a planned multi-regional public safety training facility to be located on approximately twenty-five acres of The Glen. Currently, thirty -two local governments have agreed to participate in the feasibility stage, during which period a business plan and site plan will be developed. It is expected that a determination as to the viability of NIPSTA will occur in 1999. V For the Future 1999 is expected to be an active year relative to the redevelopment of The Glen with approximately $30 million of infrastructure improvements taking place. The Redevelopment staff has been interviewing and refining the submissions it has received from Developers and it is anticipated the first parcels will be sold in mid-1999 with construction beginning immediately thereafter. Given the quality of the Developer submissions and the state of the economy, it is possible that as much as half of the currently offered property will be under contract by the end of 1999. 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 ora 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 annual 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 funds. All appropriations lapse at year end, but open purchase orders are usually re-budgeted for in the subsequent year. The level of budgetary control, that is, the level at which expenditures cannot exceed the budgeted amount, is established at the fund level. The Village maintains an encumbrance accounting system for the governmental and proprietary funds as one method of accomplishing budgetary controls. Encumbrances outstanding at year end, if any, are reported as a reservation of fund balance since they do not constitute expenditures or liabilities. 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 Fund) for the year ended December 31, 1998 with comparisons to the previous year. I I I I I I I I I I I I I I I I I I I Increase Percent 1998 Percent (Decrease) Increase Revenues Amount of Total From 1997 (Decrease) Property Taxes $10,485,695 30.39% $ 56,414 0.54% Other Taxes 4,746,467 13.75 (7,573,596) (61.47) Total Taxes 15,232,162 44.14 (7,517,182) (33.04) Licenses and Permits 1,325,782 3.84 (361,332) (21.42) Intergovernmental 12,738,479 36.91 7,624,855 149.11 Charges for Services 2,961,427 8.58 625,849 26.80 Fines and Forfeits 297,339 0.86 (30,022) (9.17) Interest Earnings 981,067 2.84 32,900 3.47 Miscellaneous 972,155 2.82 775,168 396.51 Total Revenues $34,508,411 100.0% $1,150,236 3.45% I Total general governmental revenues for the year amounted to $34,508,411. This represents an increase of $1,150,236, or 3.45% over 1997. Property tax revenues for general governmental purposes are reflect an increase of $56,414, or 0.54%. The level funding follows a significant increase in 1997 which was primarily attributable to a change in accounting for pension activity. The Village has implemented Governmental Accounting Standards Board Statements 25 and 27 which requires the Village to report property tax revenue intended for the pension funds in the General Fund along with a corresponding pension expense. Other tax revenues totaled $4,746,467, representing a decrease of ($7,573,596) or( 61.47%). The cause of this significant decrease, and the offsetting increase in Intergovernmental revenues, is the result of the Village classifying as Other Taxes only those sources of revenue which it has the authority to levy while moving into the Intergovernmental category those sources of revenue which the State of Illinois collects and distributes according to State law. The most significant remaining components of Other Taxes are the Utility Tax, which amounted to $3,340,555, an increase of 4.89%, and the Hotel tax, which at $856,775 was up 8.64% Revenue from the sale of licenses and permits totaled $1,325,782, a decrease of ($321,332), or (21.42%) compared to 1997. The reason for this decrease was the elimination of motor vehicle permit sales which generated $459,412 in 1997. Building permit revenue totaled $1,014,568 compared to $797,890 for 1997 reflecting the strong building activity within the Village. As noted above, Intergovernmental revenues increased significantly to $12,738,479, an increase of $7,624,855 or 149.11% over 1997. The largest single component of this revenue category is Sales Tax which totaled $5,092,357, an increase of 6.21% over 1997. Income Tax, the next largest component, totaled $2,666,003, an increase of 7.33 %. Other significant components of revenue in this category are payments from the Glenbrook Fire Protection District for fire protection and EMS service which totaled $2,014,877 and Motor Fuel Tax at $905,443. vii Charges for services totaled $2,961,427, an increase of 26.80% over 1997. The largest component of this revenue category is Engineering fees which at $830,819, represented an 82.45 % increase over 1997. This significant increase is attributable both to the Heatherfield development and the infrastructure work at The Glen. Interest earnings in those funds providing general governmental functions totaled $981,067, an increase of $32,900, or 3.47%. Following is a breakdown of investment earnings by fund type: 1998 1997 Interest Interest Increase Fund Type Earnings Earnings (Decrease) General $526,760 $427,039 $ 99,721 Special Revenue 92,163 45,713 46,450 Debt Service 256,366 370,529 (114,163) Library Component Unit 105,778 104,886 892 TOTAL $981,067 $948,167 $ 32,900 The increase in interest earnings for the General Fund and Special Revenue Fund can be attributed to improved cash flow while the decrease for the debt service funds can be attributed to the fact the Village reduced cash and investments by $3.1 million due to the use of capitalized interest. Miscellaneous revenues totaled $972,155 for 1998, a sharp increase from the $196,987 reported for 1997. The reason for this increase is the categorization of Franchise Fees as Miscellaneous, which amounted to $322,468 and the receipt of temporary sources of revenue associated with the Caretaker Fund which amounted to $330,654. 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 Percent (Decrease) Increase Expenditures Amount of Total from 1997 (Decrease) General Government $ 9,669,913 18.09% $ 819,292 9.26 % Public Safety 12,156,617 22.74 688,514 6.00 Highways and Streets 4,389,248 8.21 (895,839) (16.95) Pensions 1,440,061 2.69 52,941 3.82 Culture and Recreation 3,208,948 6.00 374,160 13.20 Debt Service 22,590,448 42.26 1,969,074 9.55 Total Expenditures $53,455,235 100.0% $3,008,142 5.96 % I I I I I I I I I I I I I I I I I I I Total expenditures for general governmental functions in 1997 were $53,455,235, an increase of $3,008,142 or 5.96 % over 1997. As explained further below, the primary cause of the increase in the governmental function expenditures can be attributed to increased debt service payments related to the redevelopment of The Glen. General governmental expenditures totaled $9,669,913, an increase of $819,292 or 9.26 %. This increase is attributable to a $1,327,352 increase in expenditures regarding The Glen Redevelopment. Expenditures in the highways and streets category totaled $4,389,248 in 1998, a decrease of ($895,839) or (16.95 %) over 1997. The Glen infrastructure improvements expenditures decreased to $294,422 from $1,340,483 as road and storm water design projects were completed. These projects were funded from federal grants. Debt service expenditures mounted to $22,590,448, compared to $20,621,374 in 1997. Of the total expense for 1998, $19.9 million was for the two bond issues related to the redevelopment of The Glen; the Series 1995 Bond Anticipation Bonds and the Series 1996 General Obligation Bonds. Principal payments on the Series 1995 Bond Anticipation Bond issue amounted to $17.5 million, compared to $15.0 million in 1997. Unexpended bond proceeds within the capital project fund were used to make the principal payment. General Fund Balance The General Fund ended 1998 with an excess of revenues and other financing sources over expenditures and other financing uses of $2,189,206. This brought fund balance to $11,971,662 at December 31, 1998 the equivalent of 56% of actual 1998 expenditures. The 1998 Budget had projected a draw down of the General Fund of $617,804. The following chart demonstrates that the large variance can be attributed to strong revenues. Budget Actual Variance Revenues $21,232,057 $24,350,840 $3,118,783 Other Financing Sources 1,406,384 1,174,651 (231,733) Total Resources 22,638,441 25,525,491 2,887,050 Expenditures 21,371,632 21,451,672 (80,040) Other Financing Uses 1,884,613 1,884,613 Total Uses 23,256,245 23,336,285 (80,040) Excess/(Short fall) ($ 617,804) $ 2,189,206 $2,807,010 As was previously noted, revenues exceeded projections in many areas. The most prominent positive variances were in the areas of pension property taxes ($613,170), building permits ($479,568), engineering fees ($370,819), sales tax ($312,865) and investment earnings ($202,760). Total expenditures came in ($80,040) over budget as the Village was required to report a pension expense of $613,170 in the General Fund in order to comply with GASB Statements 25 and 27. Had it not been for this, expenditures would have come in under budget by $533,130. Enternrise Operations The Village has five enterprise operations accounted for in its financial statements, those being the Waterworks Fund, the Wholesale Water Fund, the Sewerage Fund, the North Maine Water and Sewer Fund and the Commuter Parking Lot Fund. The North Maine Water and Sewer Fund is a newly created fund to account for the activity of a recently purchased water and sewer enterprise. The Waterworks Fund recorded net income of $2,103,224 for the year ended December 31, 1998. The financial condition of the fund remains strong, with net working capital amounting to $5,051,667 and cash and investments totaling $2,833,013. The Wholesale Water Fund recorded a net loss of ($399,741) for the year, resulting in retained earnings of $803,225. The North Maine Water and Sewer Fund recorded a net loss of ($156,990) for 1998 resulting in a retained earnings of ($266,559). An aggressive meter replacement and leak detection program have been initiated to ensure that water loss within the system is minimal. The Sewerage Fund recorded a net loss of($2,807) for 1998 resulting in a retained earnings of $2,975,588 at December 31, 1998. The Commuter Parking Lot Fund recorded net income of $30,729 for 1998 resulting in retained earnings of $128,026. This improvement in the Fund is the result of the Village Board raising parking fees in late 1997. Employee Pensions Police sworn personnel are covered by the Police Pension Fund and sworn firefighters are covered by theFirefighters' Pension Fund. Both ofthese plans are defmed benefit, single-employer plans administered by local boards of trustees. The benefits and employer and employee contributions are governed by state statutes. During 1998, the Village retained the services of independent actuary to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 1997. Following is summary information for the two funds: X I I I I I i I I I I I I I I I I I I I Police Firefighters' Pension Fund Pension Fund Actuarial Accrued Liability - 12/31/97 $23,162,656 $29,741,118 Value of Plan Assets - 12/31/97 $23,553,281 $34,502,380 Percent Funded - 12/31/97 101.7% 116.0% Increase in Net Assets FYE 12/31/98 $ 3,657,965 $3,385,499 Value of Net Assets - 12/31/98 $27,211,246 $37,887,879 In 1993 the State of Illinois increased the benefits provided to police and firefighter pension fund beneficiaries. The changes increased the pension benefit obligation of both funds, but especially that of the police pension funds where a provision was made to compound annual increases in pension benefits. Municipalities have until the year 2033 to fully fund their police and fire fighter pension plans. All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal Retirement Fund, a state-wide 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, 1998 the Village was 100.76% funded in IMRF. Debt Administration In 1998 Moody's Investors Service affirmed the Village's Aaa general obligation bond rating assigned in 1993. At December 31, 1998 the Village had $59,855,000 of general obligation bonds outstanding. Of this amount, $51,070,850 is reflected in the general long-term debt account group and $8,784,150 is recorded directly in three enterprise funds. There was also $2,775,477 of general obligation notes outstanding at December 31, 1998. On October 20, 1998 the Village issued $10,000,000 of general obligation bonds in conjunction with The Glen development. The proceeds of the issue, as well as proceeds remaining from the 1995 Bond Anticipation Bond issue, were transferred from the GNAS Bond Fund Series 1995 Capital Project Fund to the Series 1995 Bond Anticipation Bond Debt Service Fund to cover the scheduled $17,500,000 December 1, 1998 principal payment. A Series 1998B issue of $24,400,000 was offered the same day, but the Series B bonds were not issued until January 1999. The proceeds of Series B will be used for infrastructure improvements at The Glen. At December 31, 1998 there was $2,388,599 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $48,682,251. The ratio of net bonded debt to assessed value and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This data as of December 31, 1998 is as follows: Net General Obligation Debt $48,682,251 Ratio of Net Debt to Assessed Value 4.60% Ratio of Net Debt to Actual Value 1.53 % Net Debt Per Capita $1,267 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. At the time this report was prepared, information regarding the tax rates and assessed values for the 1998 tax levy year were not yet available. The Village's 1997 total equalized assessed valuation was $1,047,777,826, a slight decrease from the 1996 levy year. The decrease is attributed to a reduction in the multiplier. The Village's and the Library-component unit's combined tax rate increased from $0.989 for 1996 to $1.0253 for 1997, an increase of 3.67%. Following is a summary of the Village's tax rates for the past three years: Fund 1997 1996 1995 General Fund $ .4516 $ .4221 $ .3929 Special Revenue Funds .0547 .0829 .1349 Debt Service Funds .1642 .1251 .1190 Pension Trust Funds .0549 .0561 .0561 Subtotal - Village .7254 .6862 .6629 Librar~ .2999 .3028 .3001 Total Combined Tax Rate $1.0253 $ .9890 $.9630 Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. ×ii I I ! I l I I I I I l I 1 I I I I I 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 policy provides 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. Total investment income earned in all funds of the Primary Government during 1998 was $11,251,994, compared to $12,232,292 for 1997. The decreased interest earnings can be attributed to fewer dollars available for investment in the Debt Service and Capital Projects Funds. 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 12/31/98 Average Yield General Fund $ 526,760 5.50% Special Revenue Funds 92,163 5.44 Debt Service Funds 256,366 5.48 Capital Project Funds 2,387,478 5.83 Enterprise Funds 247,010 4.72 Internal Service Funds 110,777 4.64 Expendable Trust Funds 251,332 5.26 Pension Trust Funds 7,380,108 11.84 Totals $11,251,994 8.55 % 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 membership in the High-level Excess Liability Pool, another public entity risk pool. The Village's insurance activity is accounted for in an internal service fund. For the year ended December 31, 1998 the Insurance Fund reported net income of $350,725. Retained earnings at December 31, 1998 amounted to $3,407,267. xiii Other Information Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firm of Crowe, Chizek and Company LLP performed the audit on the Village's 1998 Comprehensive Annual Financial Report. 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, 1998, and the results of operations for the year then ended. The Village is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-133, Audits of State and Local Governments. Information related to this single audit, including the schedule of federal financial assistance, findings and recommendations, and auditors reports on the internal control structure and compliance with applicable laws and regulations, are included in a separately issued Single Audit Report. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 1997. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Glenview has received a Certificate of Achievement for the last sixteen consecutive years (fiscal years ended 1982-1997). 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 annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Depati~uent has my sincere appreciation for the contributions made in the preparation of this report. xiv 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 1 I I I I I In addition, 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 of the Village in a responsible and progressive manner. Respectfully submitted, ame P. W~ersma Director of Finance ! Certificate of i I i 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, 1997 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. Executive Director xvi FINANCIAL SECTION I I I I I REPORT OF INDEPENDENT AUDITORS CROWE CHIZEK REPORT OF INDEPENDENT AUDITORS The Honorable Village President Members of the Board of Trustees Village of Glenview, Illinois We have audited the accompanying 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, 1998, as listed in the accompanying table of contents, and the general fund balance sheet as of December 31, 1997, and the related statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 1997. These financial statements are the responsibility of the Village of Glenview, Illinois' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards 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 audits provide 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, 1998, and the results of its operations and the cash flows of its proprietary fund types for the ye~ then ended in conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1998, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended and the financial position of the General Fund as of December 31, 1997, and the results of operations of the General Fund for the year then ended, in conformity with generally accepted accounting principles. 1 In accordance with "Government Auditing Standards," we have also issued our report dated March 19, 1999 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. The Year 2000 supplementary information on pages 50 and 51 is not a required part of the basic fInancial statements but is supplementary information required by the Government 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 do not express an opinion on it. In addition, we do not provide assurance that the Village of Glenview, Illinois is or will become Year 2000 compliant, that the Village of Glanview, Illinois' Year 2000 remediat/on efforts will be successful in whole or in part, or that parties with which the Village of Glenview, Illinois does business are or will become Year 2000 compliant. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund, and account group financial statements. The accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audits of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Oak Brook, Illinois March 19, 1999 Crowe, Chizek and Company LLP 2 GENERAL PURPOSE FINANCIAL STATEMENTS VILLAGE OF GLENVIEW, ILLINOIS Ali Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet December 31, 1998 (See Following Page) 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 VILLAGE OF GLENVIEW, ILLINOIS All Proprietary Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1998 (with comparative totals for 1997) I I I I Charges for services Miscellaneous Operating expenses Administration Operations Depreciation Total operating expenses Operating income (expenses) Interest income Interest expense and fiscal charges Income before operating Operating transfers in Operating transfers (out) Net income Retained earnings January 1 Prior period adjust~nent Adjusted balances December 31 Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service 1998 1997 $ 13,848,744 $ 3,434,895 $ 17,283,639 $ 12,545,383 254,127 410~001 664~128 599~963 14,102,871 3,844,896 17,947,767 13,145,346 778,042 778,042 357,642 8,495,627 3,640,845 12,136,472 8,598,680 851,738 851,738 703,272 10,125,407 3,640,845 13,766,252 9,659,594 3,977,464 204,051 4,181,515 3,485,752 247,010 110,777 357,787 295,648 (636,179) (636,179) (391,913) (389,169) 110,777 (278,392) (96,265) 3,588,295 314,828 3,903,123 3,389,487 670,000 670,000 47,777 (2,683,880) (7,500) (2,691,380) (1,527,585) (2,013,880) (7,500) (2,021,380) (1,479,808) 1,574,415 307,328 1,881,743 1,909,679 17,189,105 3,061,585 20,250,690 18,304,719 36,292 17,189,105 3,061,585 20,250,690 18,341,011 $ 18,763,520 $ 3,368,913 $ 22,132,433 $ 20,250,690 See accompanying notes to financial statements. I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS All Pension Trust Funds Combined Statement of Changes in Plan Net Assets Year Ended December 31, 1998 (with comparative totals for 1997) Additions Contributions - employer Taxes Contributions - plan members Investment income Net appreciation in fair value of investments Interest earned on investments Total additions Deductions Pensions and refunds Miscellaneous Contractual professional services Total deductions Net increase Net assets held in trust for pension benefits January 1 - as restated Restatement Adjusted balances December 31 Police Firefighters' Totals Pension Pension 1998 1997 $ 376,836 $ 236,334 $ 613,170 645,922 352,268 369,075 721,343 683,068 2,409,483 1,539,581 3,949,064 4,484,276 1.342.184 2.088.860 3.431.044 2,753,409 4,480,771. 4,233,850 8,714e621 8,566,675 815,246 840,848 1,656,094 1,407,554 7,561 7,503 15,064 7,371 822,807 848,351 1,671,158 1~414~925 3,657,964 3,385,499 7,043,463 7,151,750 23,553,282 34,502,380 58,055,662 49,445,946 1,4~7,966 23,553,282 34,502,380 58,055,662 50,903,912 $ 27,211,246 $ 37,887,879 $ 65t099,125 $ 58,055,662 See accompanying notes to financial statements. 7 VILLAGE OF GLENVIEW, ILLINOIS All Proprietary Fund Types Combined Statement of Cash Flows Year Ended December 31, 1998 (with comparative totals for 1997) I I I Cash flows from operating acfivilins Operating income ^~ustments to reconcfle operahng Other payable Cash flows from noncapital financing aedvities Opera~ng transfers in Operating transfers (out) Cash flows from capital and related financing acflvities Fixed assets purchased Principal received on gemeral obligation bonds Prindpal received on note payable Cash flows from invesl/ng activities Purclmse of invest~nents Sale of invesl~tent~ Net inc~ase (decrease) in cash a~d January 1 Totals Internal (Memorandum Only) Enterprise Service 199~8 199__7 $ 3,977,464 $ 204,051 $ 4,181,515 $ 3,485,752 851,738 851,738 703,272 (207,504) 2,655 (204,849) (284,175) (530,028) (220,260) (220,260) 15,000 (215,543) (215`5~3) (199,107) (62,300) 183,707 121,407 94,410 2,938 2,938 (9,092) (375,028) (1160324) (491,352) 655,038 159,107 66,413 66,413 1,646 6,769 6,769 55,149 200,000 200,000 (47,687) (47,687) 625,157 386,759 1,011,916 {97,949) 17,923 17,923 89,438 4,773,927 507,001 5,280,928 4,141,461 670,000 670,000 47,777 (2,683,880) (7r500) (2r691,380) (lr527`585) (2,013,880) (7,500) (2,021,380) (1,479,808) (382,920) (382,920) (7,656,919) 44,676 44,876 (208,486) (560,500) (560,500) 0,0o4,300) (74,523) (74`523) (727,136) (727,136) (392,351) (1,699,702) (1,699,702) (344,591) (2,067,374) (1,510,073) (3,577,447) (208,043) (1,822,911) (1,194,354) (3,017,265) 785,301 (762,566) (694,853) (1,457,419) 3,102,363 See accompanying notes to financial statements. I I I I I I I I I I I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (Government) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Government's accounting policies are described below. Reporting Entity: The Government is a municipal corporation governed by an elected seven- member board. As required by generally accepted accounting principles, these financial statements present the Government (the primary government) and its component tmits. The Government's financial statements include pension trust funds: Police Pension Employees Retirement System The Government's police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Government's President, one elected pension beneficiary, and two elected police employees constitute the pension board. The Government and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the PPERS is reported as ff it were part of the primary government because its sole purpose is to finance and administer the pensions of the Government's police employees, and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. Firefighters' Pension Employees Retirement System The Government's firefighters participate in the FJ.refighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board. The Government's President, Treasurer, Clerk, Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees constitute the pension board. The Government 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 Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the 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 Government's firefighters and because of the fiduciary nature of such activities. The FPERS is reported as a pension trust fund. (Continued) 9 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reporting Entity: (Continued) Discretely Presented Component Unit: Village of Glenview Public Library (Library) The Glenview Public Library has a separately elected seven-member board which annually determines its budget and resulting tax levy. Upon approval of the Government, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Government which is wholly liable for the debt. The Library, while servicing the general population of the Government, does not provide services entirely to the Government. Because the Library possesses the characteristics of a legally separate government and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. Joint Ventures: Regional Emergency Dispatch Center (R.E.D.) R.E.D. is a joint venture used to account for the resources involved in dispatching fire and medical emergency services to a eight-community area. Management consists of a Board of Directors comprised of one elected trustee from each member jurisdiction. Day to day operations are administered by the Fire Chiefs of each member jurisdiction. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. R.E.D. is reported as a governmental joint venture. Additional required disclosures may be found in the Commitments, Contingent Liabilities, and Joint Ventures notes to financial statements. Solid Waste Agency of Northern Cook County (SWANCC) The Government is a participant with twenty-two other municipalities in a joint venture. SWANCC is a municipal corporation empowered to plan, finance, construct, and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of DJ. rectors comprised of one appointed representative from each member. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. On dissolution of the Agency, the net assets of SWANCC will be shared proportionately by its members. SWANCC is reported as a proprietary joint venture. I I I I I i I I I I I I I I I (Continued) 10 I I ! ! VILLAGE OF GLENVIETvV, ILLINOIS Notes to Financial Statements December 31, 1998 ! ! NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Accounting: The Government uses funds and account groups to report on its finandal position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types." Governmental funds are used to account for all or most of a govemmengs general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Government. When these assets are held under the terms of a formal trust agreement, either a pension trust fund or an expendable trust fund is used. The term "expendable" refers to whether or not the Government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the Government holds on behalf of others as their agent. Basis of Accounting: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. (Continued) 11 VILLAGE OF GLENVIEVV, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of Accounting: (Continued) Al1 proprietary funds and pension ~rust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund-type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The modified accrual basis of accounting is used by ali governmental fund types, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Government recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes and fines collected and held by the state at year end on behalf of the Government also are recognized as revenue. Permit revenues are not susceptible to accrual because, generally, they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types, pension trust funds, and nonexpendable trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures, in subsequent periods, when both revenue recogr~tion criteria are met, or when the Government has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. I I I I I I I I I I I 1 I I I (Continued) 12 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 ! ! NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets: Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue, Debt Service, 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 annual appropriations lapse at fiscal year end. During the current year, budgets were not adopted for the following ftmds: Debt Service Fund Corporate Purpose Bond Series of 1998 Capital Projects Fund GNAS Capital Projects The source of revenue and nature of expenditures for these ftmds are not subject to prediction, and therefore, budgets were not adopted. Budget and actual comparisons for the Debt Service and Capital Projects Funds exclude the aforementioned funds. The following is a reconciliation of the Debt Service and Capital Projects Funds presented on a budgetary basis to the GAAP basis presentation: Debt Capital Service Projects Fund Balances - Budgeted Funds, at December 31, 1998 Non-GAAP Basis $ 1,968,640 $ 25,911,196 Nonbudgeted Fund Balances GNAS Capital Projects Corporate Purpose Bond Series of 1998 419,959 419,959 Fund Balances, at December 31, 1998 GAAP Basis $ 2~388.599 $ 25.91L196 (Continued) 13 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets: (Continued) Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting-under which purchase orders, contracts, and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation-is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. Cash and Investments: For purposes of the statement of cash flows, the Government's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments: In accordance with Government Accounffng Standard Board Statement No. 31, all investments are stated at fair value. Short-Term Interfund Receivables/Payables: During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "inter fund receivables/payables." Inventories: Inventories are valued at cost, which approximates market, using the first- in/first-out (FIFO) method. The costs of governmental fund-type inventories are recorded as expenditures when consumed rather than when purchased. Prepaid Items/Expenses: Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. 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 g~oup. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair 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. I I I I I I I I I I I 1 I I I (Continued) 14 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fixed Assets: (Continued) Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets are immovable and of value only to the Government. Assets in the general fixed assets account group are not depreciated. Depredation of buildings, equipment, water/sewer systems, and vehicles in the proprietary fund types is computed using the straight-line method. Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. Compensated Absences: Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental £und that will pay it. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. Long-Term Obligations: Long-term debt is recognized as a liability of a governmental fund when due or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long- term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. Fund Equity: Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial Bond Discountsflssuance Costs: In 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 amount of bonds payable whereas issuance costs are recorded as deferred charges. (Continued) 15 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 ! ! NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interfund Transactions: Quasi-external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. Al1 other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. Memorandum Only - Total Columns: Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Comparative Data: Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Government's financial position, operations, and cash flows. There have been some reclassifications between individual lines in the prior year columns in order to present more comparable data. GASB Pronouncements: The Government 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. NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY Budgets: All departments of the Government submit requests for appropriation to the Government's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. I I I I I I I I I i I I I I I (Continued) 16 ! ! ! ! VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) Budgets: (Continued) The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change appropriations, but may not change the form of the budget. The manager 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 governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, several supplementary appropriations were necessary. Deficit Fund Balances of Individual Funds: The following funds had a deficit in fund balance as of the date of this report: Fund Deficit Balance GNAS Redevelopment North Maine Water and Sewer Municipal Equipment Repair 911,269 266,559 38,354 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 General Municipal Equipment Repair Fund Bond Fund Series of 1993 $ 80,540 23,361 35,619 NOTE 3 - DEPOSITS AND INVESTMENTS The Government maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Government's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $4,336 for the primary government and $926 for the component unit has been excluded from the amounts shown below. (Continued) 17 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Permitted Deposits and Investments Statutes authorize the Government to make deposits/invest in insured commercial banks, savings and loan institutions, obhgations 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, obhgations, 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. Deposits: At year-end, the carrying amount of the primary government's deposits totaled $33,149,738 and the bank balances totaled $35,932,046. The carrying amount of the component unit's deposits totaled $2,046,169 and the bank balances totaled $2,026,143. Category 1 Deposits covered by federal depository insurance, or by collateral held by the Government, or its agent, in the Government's name. Bank Balances Primary Component Government Unit $ 35,906,239 $ 2,026,143 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Government's name. 25,807 Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Government's name, and deposits which are uninsured and uncollateralized. $ 35.932.046 $ 2.026.143 Total deposits I I I I I I I I I I I I I I I (Continued) 18 I I I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I I I NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Deposits: (Continued) For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Government. Investments: The Government's investments are categorized to give an indication of the level of risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Government or its agent in the Government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the Government's name, and uninsured, unregistered investments. Primary Government ................ Fair Value ........ ........... Category ......... ! _2 _~ To~als Component Unit U.S. Treasury securities $ 70,667,490 $ $ $770,667,490 U.S. Agency securities 6f462~537 6~462r537 $ 77.130.027 $ $ 77,130,027 The Illinois Funds 11,047,424 Contracts and Separate Accounts 3,711,861 Total investments $ 91.889.312 119,859 $ 119.859 * Not subject to risk categorization (Continued) 19 VILLAGE OF GLENVIE54t, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Investments: (Continued) The pension trust funds own 52 percent of the investments in Category 1. NOTE 4 - RECEIVABLES -TAXES Property taxes for 1998 attach as an enforceable lien on January 1, 1998 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, 1999 and August 1, 1999 and are payable in two installments, on or about March 1, 1999 and September 1, 1999. 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. NOTE 5 - FIXED ASSETS General Fixed Assets Account Group: The following is a summary of changes in the general fixed assets account group during the fiscal year: Primary Government Balances - January 1 - Balances as Restated Additions Retirements December 31 Land $ 4,585,095 Buildings and improvements 9,580,701 Equipment 7,008,608 Fumitttre 272,214 Office equipment 576~47 $ $ 4,585,095 95,713 9,676,414 655,188 307,020 7,356,776 22,858 295,072 61,219 19,351 618~715 $ 22.023.465 $ 834.978 $ 326,371 I I I I I I I I I I I I I i I (Continued) 20 ! ! VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 5 - FIXED ASSETS (Continued) General Fixed Assets Account Group: (Continued) Discretely Presented Component Unit - Library_ Balances January 1 ~ as Restated Add~o~ Balances Retirements December 31 Land $ 500,000 $ Buildings and improvements 4,116,088 Furniture and equipment 795,520 69,813 $ 500,000 4,116,088 865,333 $ 5.411.608 $ 69.813 $ $ 5.481.421 Proprietary Fixed Assets: The following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise Funds Land and improvements Building improvements Water/sewer systems Buildings Equipment and vehicles Office furniture and equipment Accumulated depreciation $ 302,851 203,309 28,359,002 243,645 6,577,910 15,787 35,702,504 (9,977,335) $ 25.725.169 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 (Continued) 21 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 6 - RISK MANAGEMENT The Government is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Government is self-insured for 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 Government purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. All funds of the Government participate and make payments to the Fund based upon actuarial estimates of the amounts needed to pay prior- and current-year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts, and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: Fiscal Year Ended December 31 1998 1997 Unpaid claims - beginning Incurred claims (including IBNR) Claim payments $ 152,237 $ 150,591 325,351 443,522 (258,938) (441,876) Unpaid claims - ending f~2!~t5.O $ 152,237 Intergovernmental Personnel Benefit Cooperative (IPBC) The Government 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 Government, except that IPBC purchases excess coverage policies. I I I I I I I I I I I I I I I (Continued) 22 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 6 - RISK MANAGEMENT (Continued) Intergovernmental Personnel Benefit Cooperative (IPBC) (Continued) 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 Government does not exercise any control over activities of IPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Government participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The Government's payments to HELP are displayed on the f4mancial statements as expenditures/expenses in appropriate funds. HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint serf-insurancepool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the members and other parties included within the scope of coverage of HELP. HELP is governed by a Board of Directors which consists of one appointed representative from each member municipality. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, rules, and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Government does not exercise any control over the activities of HELP beyond its representationon the Board of Directors. NOTE 7 - LEASE OBLIGATIONS No material capital or operating leases were in effect as of the date of this report. (Continued) 23 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 8 - LONG-TERM DEBT Changes in Long-Term Liabilities: During the fiscal year, the following changes occurred in liabilities reported in the General Long-Term Debt Account Group: Balances Balances January_ 1 Additions Reductions December 31 General Obligation Bonds $ 60,495,350 $10.000.000 $19.424.500 $ 51,070.850 General Obligation Bonds: The Government 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. General obligation bonds are direct obligations and pledge the full faith and credit of the Government. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired Bv lanuary 1 Additions Reductions December 31 $4,165,000 Corporate Purpose Bonds Series of 1991 dated December 1, 1991, due in Water annual installments of $50,000 Works 659,650 355,500 304,150 to $60,000 plus interest at 4.40% to 6.90% through Debt December 1,1999. Service 175,350 94,500 80,850 $2,895,000 Corporate Purpose Bonds Series of 1992 dated April 1, 1992, due in annual installments of $I0,000 to $255,000 plus interest at 4.00% to 5.90% through December 1, 2012. sale Water 2,510,000 105,000 2,405,000 $7,635,000 Corporate Purpose Bonds Series of 1993 dated May 1, 1993, due in annual installments of $205,000 to $1,345,000 plus interest at 4.60% to 4.70% through December 1, 2005. Debt Service 6,925,000 570,000 6,355,000 I I I I I I I I I I I I I I I (Continued) 24 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 8 - LONG-TERM DEBT (Continued) General Obligation Bonds: (Continued) Fund Debt Balances Issue Retired By ~anuar~ 1 $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 Debt December 1, 2004. Service $ 7,160,000 $500,000 Corporate Purpose Bond Series of 1995 dated October 17, 1995, due in annual installments of $100,000 plus interest at 3.55% to 4.20% through Decem- Debt ber 31, 2000. Service 300,000 $60,000,000 General Obligation Bond Anticipation Bonds of 1995 dated January 25, 1995, due in annual installments of $7,500,000 to $20,000,000 plus interest at 7.0% through Debt December 1, 1999. Service 37,500,000 $8,345,000 Corporate Purpose Bond Series of 1996 dated November 1, 1996, due in annual installments of $675,000 to $1,050,000 plus interest at 4.60% to 4.875% Debt through December 1, 2008. Service 8,435,000 $6,175,000 Corporate Purpose Bond Series of 1997 dated August 1, 1997, due in annual North installments of $100,000 to Maine $495,000 plus interest at Water 4.875% to 5.00% through and December 1, 2017. Sewer 6,175,000 $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. Debt Service Additions Reductions December 31 $ 10,000~000 69.840.000 $ 10,000.000 $ 1,160,000 $ 6,000,000 100,000 200,000 17,500,000 20,000,000 8A35,000 100,000 6,075,000 $ $ 10,000,000 $19.985.000 $ 59.855,000 (Continued) 25 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 8 - LONG-TERM DEBT (Continued) Notes Payable: The Government enters into notes payable to provide funds for the acquisition of capital assets. Notes payables have been issued for proprietary activities. The proprietary liabilities are therefore reported in the proprietary funds. Note payable currently outstanding is as follows: Issue $Z850,000 Corporate Purpose Note of 1997 dated North September 2, 1997, due in Maine annual installments of Water $215,377. Interest paid at and 4.942% through September 1, Sewer 2019. Fund Debt Balances Balances Retired By [anuary I Additions Reductions December 31 74.523 $ 2.775.477 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 1999 $ 25,232,090 $ 1,082,528 $ 215,377 $ 26,529,995 2000 3,991,578 766,792 215,377 4,973,747 2001 3,764,874 759,476 215,377 4,739,727 2002 3,776,533 756,494 215,377 4,748,404 2003 3,44,5,769 767,596 215,377 4,428,742 2004 3,450,859 761,906 215,377 4,428,142 2005 2,915,084 760,268 215,377 3,890,729 2006 1,514,802 762,352 215,377 2,492,531 2007 1,520,388 762,896 215,377 2,498,661 2008 1,527,628 766,966 215,377 2,509,971 2009 426,440 769,326 215,377 1,411,143 2010 426,440 769,866 215,377 1,411,683 2011 426,440 768,772 215,377 1,410,589 2012 1,121,440 775,956 215,377 2,112,773 2013 1,647,945 505,750 215,377 2,369,072 2014 1,706,070 511,000 215,377 2,432,447 2015 1,768,950 510,000 215,377 2,494,327 2016 1,831,050 513,000 215,377 2,559,427 2017 1,892,035 519,750 215,377 2,627,162 2018 1,956,563 215,377 2,171,940 2019 215,377 215,377 Total principal and interest $ 64.342,978 $ 13.590.694 $ 4.522.917 $ 82.456.589 Interest portion $ 13.272.128 $ 4,806.544 $ 1,747.440 $ 19,826.112 I I I I I I I I I I I I I I I (Continued) 26 I I I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I I NOTE 8 - LONG-TERM DEBT (Continued) Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: . . . indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. Advance Refunding - General Obligation Refunding Bonds, Series 1994 On August 30, 1994, the Government passed an ordinance providing for the issuance of $8,040,000 General Obligation Refunding Bond Series of 1994 and the levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On August 30, 1994, the Government passed an ordinance directing the execution of an escrow agreement in order to partially refund $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 issued by the Government and outstanding in the aggregate principal amount of $6,625,000 and $4,000,000, respectively. This advance refunding was undertaken to reduce total debt service payments over the next eleven years by $322,463 and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $259,324. Proceeds in the amount of $7,988,866 from the refunding bonds were used to execute the escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account Group. Current principal and interest requirements are accounted for in the Debt Service Fund. Although there has been no legal defeasance (satisfaction of debt) in this transaction, all conditions which normally satisfy defeasance of the partial refund of the $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 have been met. (Continued) 27 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 8 - LONG-TERM DEBT (Continued) Advance Refunding - General Obligation Refunding Bonds, Series 1994 (Continued) Those provisions include: Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee for the primary purpose of satisfying old debt at a specified future date. An escrow agreement has been entered into with American National Bank and Trust Company of Chicago. The proceeds of the new debt are invested in direct U.S. Treasury obligations with maturities that approximate the debt service requirements of the original issue. The proceeds in escrow are not subject to lien for any purpose other than in connection with the advance refunding transaction. Since the requirements which normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an amount computed to be adequate to meet the future debt service requirements of the issue. Fiscal Year Ending December 31 Schedule of Future Requirements Corporate Purpose Corporate Purpose ---Bond Series of 1989 .... Bond Series of 1990 --- Interest Interest Rate Principal Rate Principal 1999 6.40 700,000 6.90 450,000 2000 6.50 750,000 6.90 475,000 2001 6.50 550,000 6.90 575,000 2002 6.60 550,000 6.90 600,000 2003 6.60 600,000 2004 6.60 625,000 Noncommitment Debt Special Service Area Bonds: Special service area bonds outstanding as of the date of this report totaled $1,101,505. These bonds are not an obligation of the Government and are secured by the levy of special service on the real property within the special service area. The Government 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. I I I I I I I I I I I I I I I (Continued) 28 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 8 - LONG-TERM DEBT (Continued) Industrial Development Revenue Bonds: The Government qualifies as a Home Rule Unit under Section 6(a) of Article VII of the 1970 Constitution of Illinois and, under the powers granted by this Section, can exercise any power and perform any function pertaining to its government and affairs which is not prohibited by the Illinois State Statutes. The issuance of Industrial Development Revenue Bonds by the Government is to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, equipping, betterment, or extension of any economic development project in order to encourage economic development within or near the Government. industrial Development Revenues Bonds are not a debt of the Government. The entity using the bond proceeds to finance a construction or improvement project is liable for the bonds. Since the Government does not act as an agent for industrial Development Revenue Bonds, the transactions relating to the bonds and property do not appear in the Government's financial statements. The Government has authorized the issuance of the following such bonds: Baxter, L.L.C. Under authority of Ordinance No. 3909, dated October 21, 1997, the Village refinanced $9,770,000 of Industrial Development Bonds dated as of November 1, 1997, at 5.25 percent interest. Final payment date of the bonds is December 1, 2027. Bond proceeds were issued to refinance previously issued Industrial Development Bonds from 1985. The initial bonds were issued to fund the completion of a multi-family housing project titled Valley Lo Towers II. NOTE 9 - CONTRACTUAL COMMITMENTS High-Level Excess Liability Pool (HELP) The Government 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, 1998. These amounts have been calculated using the Government's current allocation percentage of 7.58%. In future yeaxs, this allocation percentage will be subject to change because the HELP Agreement provides that each year members will be assessed based upon a formula which specifies the following four criteria for allocating premium costs: (Con&hued) 29 VILLAGE OF GLENVIE-W, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 9 - CONTRACTUAL COMMITMENTS (Continued) Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues Solid Waste Agency of Northern Cook County (SWANCC): The Government has committed to pay its share of the annual operating costs and fixed costs of the SWANCC. The Government's share of costs is expected to be funded through tipping fees paid by refuse haulers. The Government began delivering refuse to SWANCC in May of 1995. 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 Government 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. NOTE 10 - INTERFUND ASSETS/LIABILITIES Due From/To Other Funds Receivable Fund Payable Fund General Water Wholesale Water North Maine Water and Sewer GNAS Redevelopment GNAS Caretaker Bond Capital Equipment Replacement Insurance Refuse & Recycling Escrow Capital Projects Municipal Equipment Repair $ 279,368 66,176 332,418 562,O66 84,203 827,014 139,946 407,256 83,994 49,810 108,124 850 2,941,225 I I I I I I I I I I I I I I I (Continued) 3O I I I I VILLAGE OF GLENVIEIq, ILLINOIS Notes to Financial Statements December 31, 1998 I I I NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) Receivable Fund Capital Projects Capital Projects Enterprise Sewerage Payable Fund Bond Fund Series of 1993 Water Amount $ 4,478 64,897 Advances From/To Other Funds Receivable Fund Capital Projects Capital Projects Enterprise Waterworks North Maine Water and Sewer Sewerage Payable Fund Sewerage Capital Projects Capital Equipment Replacement Capital Equipment Replacement Capital Equipment Replacement $ 3.010.600 Amount 476,344 869,560 708,793 26,725 68,186 1,673,264 $ 2.149.608 NOTE 11 - SEGMENT INFORMATION ~ ENTERPRISE FUNDS The Government maintains the following enterprise funds which are intended to be self- supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: (Continued) 31 VILLAGE OF GLENVIEI4/, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 11 - SEGMENT INFORMATION - ENTERPRISE FUNDS (Continued) North Maine Commuter Wholesale Water and Parking Waterworks Water Sewer Sewerage Lo~t Operating revenues $ 6,480,669 $ 1,340,441 $ 5,230,644 $ 838,670 Depreciation and amortization expense 424,265 62,816 229,303 126,176 Operating income 2,338,523 478,084 849,815 249,206 Operating transfers in 670,000 Operating transfers out (973,634) (777,721) (631,245) (269,280) Net income (loss) 2,103,224 (399,741) (156,990) (2,807) Current capital contributions Current capital transfers Plant, property, and equipment Additions 195,913 187,007 Deletions Total assets 18,654,010 3,324,857 9,246,260 4,345,196 Net working capital 5,051,667 1,038,755 1,497,571 158,330 Bonds and other long-term liabilities Payable from operating revenues 304,150 2,384,967 8,801,915 Payable from Total equity 17,509,394 803,225 (266,559) 3,866,677 Totals $ 212,447 $ 14,102,871 9,178 851,738 61,836 3,977,464 670,000 (32,000) (2,683,880) 30,729 1,574,415 382,920 168,174 35,738,497 60,303 7,806,626 11,491,032 128,026 22,040,763 I I I I I I I I I I I I I I I (Continued) 32 I I I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I I I NOTE 12 - CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: Waterworks Sewerage Totals Increases $ $ $ Net Increases - Contributed Capital January 1 2,386,154 891,089 3,277,243 December31 $ 2.386.154 $ 891,089 $ 3,277.243 NOTE 13 - CONTINGENT LIABILITIES Litigation: The Government is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Government's attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Government. Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Government expects such amounts, if any, to be immaterial. High-Level Excess Liability Pool (HELP): The Government's agreement with the High-Level Excess Liability Pool provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. Solid Waste Agency of Northern Cook County (SWANCC): The Government's contract with the Solid Waste Agency of Northem Cook County provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. (Continued) 33 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 14 - JOINT VENTURES Regional Emergency Dispatch Center Description of Joint Venture The Regional Emergency Dispatch Center (Center) is a governmental joint venture used to account for the resources involved in dispatching fire and medical emergency services to a seven-community area. This fund is supported by contributions from the eight member departments. As of December 31, 1998, the Regional Emergency Dispatch Center served the fire departments of: Village of Glenview Village of Morton Grove Village of Niles Village of Northbrook North Maine Fire Protection District Prospect Heights Fire Protection District Village of Wheeling Village of Winnetka Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, day to day operations are administered by the Fire Chiefs of each member district. The Govermnent does not exercise any control over the activities of the Center beyond its representation on the Board of Directors. Summary Financial Information of Joint Venture The latest available financial statements of the Center, dated December 31, 1998, show the following: Government's Total Share (.3210) Total assets Total liabilities Total equity Total liabilities and equity Total revenues Total expenditures $ 868,912 $ 278,921 $ 198,435 $ 63,698 670,477 215,223 $ 868,912 $ 278,921 $ 986,225 $ 316,57_8 $ 820,013 $ 263.224 I I I I I I I I I I I I I I I (Continued) 34 I I ! ! VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 14 - JOINT VENTURES (Continued) Regional Emergency Dispatch Center (Continued) Initial contributions are determined in advance of each membership year based on the population within each member's district. Complete financial statements can be obtained from the Regional Emergency Dispatch System, 1815 Glenview Road, Glenview, Illinois, 60025. Total payments made to the R.E.D. Center totaled $226,680 for the ye~. Solid Waste Agency of Northern Cook County (SWANCC): Description of Joint Venture The Government is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which consists of 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. The members of SWANCC and their percentage shares based on formulae contained in the SWANCC Agreement as of April 30, 1995 are: % % Share Share Arlington Heights 10.13% Mount Prospect 8.86% Barrington 1.40 Niles 2.61 Buffalo Grove 5.90 Palatine 12.33 Elk Grove Village 4.57 Park Ridge 4.10 Evanston 7.28 Prospect Heights 1.11 Glencoe 1.20 Rolling Meadows 2.74 Glenview 5.85 Skokie 5.54 Hoffman Estates 6.17 South Barrington .64 Inverness 1.52 Wheeling 4.63 Kenilworth .92 Wilmette 4.05 Lincoinwood 1.87 Winnetka 3.80 Morton Grove 2.78 100.00% (Continued) 35 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Description of Joint Venture (Continued) These percentage shares are based on waste estimates for the year 2003 and cannot be changed for the term of the SWANCC Agreement. The members form a contiguous geographic service area which is located northwest of downtown Chicago. Under the Agency Agreement, additional members may join SWANCC upon the approval of each member. 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 all 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 Agency Agreement or the bylaws. I I I I I I I I I I I I I I (Continued) 36 I I ! ! VILLAGE OF GLENVIE~V, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Summary of Financial Information of Joint Venture Summary of Financial Position as of April 30, 1998: Assets Liabilities and Fund Equity Cash and investments Receivables and other 2,114,116 849,994 2,964,110 Current liabilities Accounts payable Accrued interest payable Deferred revenue $ 1,076,366 1,851,929 1,340,826 4,269,121 Restricted assets Cash and invesOnents Accrued interest receivable 15,531,888 4,964 15,536,852 Long-term liabilities Bonds payable (net of discount) 63~391~238 Fixed assets Accumulated depreciation Other assets Unamortized bond 51,949,483 (2,200,257) 49,749,226 1,447,191 Total liabilities Fund equity Contributed capital Retained earnings Total fund equi~ 67,660,359 4,723,340 (2,686,320) 2,037,O20 Total assets $ 69.697.379 Total liabilities and fund equity $ 69.697.379 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, 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. (Continued) 37 VILLAGE OF GLENVIE36t, ILLINOIS Notes to FLnancial Statements December 31, 1998 I I NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Summary of Financial Information of Joint Venture (Continued) Complete financial statements can be obtained from the Solid Waste Agency of Northern Cook County, 1616 E. Golf Road, Des Plaines, Illinois 60016. The Government made $938,906 in payments to SWANCC for the year ended December 31, 1998. NOTE 15 - POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Government provides postemployment health care benefits for retired public safety employees. Substantially all of the Government's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the Government. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $126,379 for the 48 participants. The retirees pay an annual premium which is equal to the actuarially determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. NOTE 16 - EMPLOYEE RETIREMENT SYSTEMS Plan Descriptions and Provisions: Illinois Municipal Retirement The Government contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Government's total payroll for the year ended December 31, 1998, was $16,287,370. Of this amount, $8,842,628 in payroll earnings were reported to and covered by the IMRF system. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1 2/3 percent of I I I I I I I I I I I I I I I (Continued) 38 I I ! ! VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 16 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Illinois Municipal Retirement (Continued) their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) of earnings for each year of credited service up to 15 years and 2 percent for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. Funding Policy - Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The Government is required to contribute the remaining amounts necessary to fund the coverage of its own employees in IMRF, using the actuarial basis specified by state statute (entry age normal); for 1998 the rate was 9.10 percent. IMRF issues a separate financial report which may be obtained by writing them at: IMRF, Drake Oak Brook Plaza, Suite 500, 2211 S. York Road, Oak Brook, Illinois 60521-2374. Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and may be amended only by the Illinois legislature. The Government accounts for the plan as a pension trust fund. The Government's payroll for employees covered by the Police Pension Plan for the year ended December 31, 1998 was $3,687,295 out of a total payroll of $16,287,370. At December 31, 1998, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 29 Current employees Vested 51 Nonvested 19 Total 99 The following is a summary of the Police Pension Plan as provided for in the Hlinois Compiled Statutes. (Continued) 39 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 16 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension (Continued) The Police Pension P1an provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service or for one year prior to the last day, whichever is greater. The pension shall be increased by 2 percent of such salary for each additional year of service over 20 years up to 30 years and 1 percent of such salary for each additional year of service over 30 years, to a maximum of 75 percent of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original pension and 3 percent simple interest annually thereafter. Funding Policy - Covered employees are required to contribute 9 percent of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded by the year 2033. No separate Police Pension Fund annual financial report is issued. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit s'mgle-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 ~llinois Compiled Statutes (Chapter40 - Article 5/4) and may be amended only by the l~linois legislature. The Government accounts for the plan as a pension trust fund. The Government's payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31, 1998 was $4,253,196 out of a total payroll of $16,287,370. At December 31, 1998, the Firefighters' Pension Plan membership consisted of: I I I I I I I I I I I I I I I (Continued) 40 I I VILLAGE OF GLENVIE~V, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Firefighters' Pension (Continued) Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 32 Current employees Vested 55 Nonvested 27 Total 114 The following is a summary of the Firefighters' Pension Plan as provided for in the Illinois Compiled Statutes. 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-hall 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 one-twelfth of 2 percent of such monthly salary for each additional month over 20 years of service through 30 years of service and one-twelfth of 1 percent of such monthly service for each additional month over 30 years of service, to a maximum of 75 percent 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 of a firefighter 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 percent of the original pension and 3 percent annually thereafter. Funding Policy - Covered employees are required to contribute 8 1/4 percent 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 Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded by the year 2033. No separate Firefighters' Pension Fund annual financial report is issued. (Continued) 41 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 I I NOTE 16 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Summary of Significant Accounting Policies and Plan Asset Matters: Basis of Accounting - The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recogrfized as revenues in the period in which employee services are performed. Method Used to Value Investments - Investments are reported at fair value. Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed-income securities are recognized on the trade date. Significant Investments - There are no investments (other than U.S. government and U.S. government - guaranteed obligations) In any one organization that represent 5 percent or more of net assets available for benefits: Related Party Transactions - There were no securities of the employer or any other related parties included in plan assets, including any loans. Funding Policy and Annual Pension Cost Illinois Municipal Police Fire fighters' Retirement Pension Pension Contribution rates Government 9.10% 12.64% 6.10% Members 4.50% 9.00% 8.25% Annual pension cost Confl'ibutions made Actuarial valuation date Actuarial method Amortization method Remaining amortization period Asset valuation method Actuarial assumptions Investment rate of return* Projected salary increases* *Includes inflation of $ 804,679 $ 364,249 $ 200,526 $ 804,679 $ 376,836 $ 236,334 12/31/98 1/1/98 1/1/98 Entry age Entry age Entry age Level percentage Level percentage Level percentage of pay, closed of pay, closed of pay, closed 34 years 36 years 36 years 5-year 3-year 3-year smoothed smoothed smoothed market market market 7.5% 8.0% 8.0% 0.4% to 11.6% 5.5% 5.5% 4.25% 3.0% 3.0% I I I I I I I I I I I I I I I (Continued) 42 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1998 NOTE 16 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Trend Information: Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Illinois Municipal Police Firefighters' Year Retirement Pension Pension Annual pension cost (APC) 1996 $ 738,092 $ N/A $ N/A 1997 764,282 391,787 180,383 1998 804,679 364,249 200,526 Percentage of APC contributed Net pension obligation N/A - Information not available. 1996 100.00% N/A% N/A% 1997 100.00 101.67 137.25 1998 100.00 103.46 117.86 1996 $ $ N/A $ N/A 1997 1998 NOTE 17 - RESTATEMENT OF BEGINNING BALANCES The begirming balances in the General Fixed Assets Account Group for the Primary Government and the Component Unit were restated downward by $930,311 and $152,176, respectively, based on an evaluation by the Government. NOTE 18 SUBSEQUENT EVENTS On January 1, 1999, the Village of Glenview issued General Obligation Bonds, Series 1998-B in the amount of $24,400,000 to finance infrastructure improvements at the Glenview Naval Air Station. The debt is due in annual installments of $1,000,000 to $2,050,000 plus interest at 4.250% to 4.500% through December 2018. 43 REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF GLENVIEYV, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Analysis of Funding Progress December 31, 1998 (6) Unfunded (Overfunded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage Valuation Value Liability Funded Accrued Annual of Covered Date of Plan (AAL) Ratio Liability Covered Payroll [anuary 1 Assets - Entry_ Age (1) + (2) (2) - (1) Payroll (4) + (5) 1993 $ 8,477,998 $10,744,784 78.9% $ 2,266,786 $ 6,142,697 36.90% 1994 9,629,250 11,785,216 81.71 2,155,966 6,562,033 32.86 1995 11,700,488 13,133.343 89.09 1,432,855 6,977,866 20.53 1996 13,146,368 14,358,158 91.56 1,211,790 7,546,952 16.06 1997 15,304,133 16,257,078 94.14 952,945 8,360,225 11.40 1998 17,834,171 17,399,577 100.76 (134,594) 8,842,628 (1.52) Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 35 years; the asset valuation method was a five-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 7.5% compounded annually including a 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post-retirement benefit increases of 3% compounded annually. VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1998 I I I (6) Unfunded (Overfianded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage Valuation Value Liability Funded Accrued Annual of Covered Date of Plan (AAL) Ratio Liability Covered Payroll ~anuary 1 Assets - Entry Age (1) + (2) (2) - (1) Payroll (4) + (5) 1993 N/A N/A N/A N/A N/A N/A 1994 N/A N/A N/A N/A N/A N/A 1995 N/A N/A N/A N/A N/A N/A 1996 N/A N/A N/A N/A N/A N/A 1997 $ 20,158,840 $ 20,886,412 96.52% $ 727,572 $ 3,384,492 21.49% 1998 23,553,282 23,162,656 101.70% (390,626) 3,687,295 (10.59)% N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 36 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually including a 3.00% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.00% inflation factor, and post-retirement benefit increases of 3% compounded annually. I I I I I I I I I I I I i I i I VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1998 (6) Unfunded (Overfunded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage Valuation Value Liability Funded Accrued Annual of Covered Date of Plan (AAL) Ratio Liability Covered Payroll January 1 Assets - Entry Age (1) + (2) (2) - (1) Payroll (4) + (5) 1993 N/A N/A N/A N/A N/A N/A 1994 N/A N/A N/A N/A N/A N/A 1995 N/A N/A N/A N/A N/A N/A 1996 N/A N/A N/A N/A N/A N/A 1997 $ 30,745,O72$ 27,892,787 110.23% $(2,852,285) $ 4,164,229 (68.49)% 1998 34,502,380 29,741,118 116.01 (4,761,262) 4,253,196 (111.95) N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 36 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually including a 3.0% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.0% inflation factor, and post-retirement benefit increases of 3% compounded annually. 46 VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Employer Contributions December 31, 1998 I I I Year Ended December 31 Annual Employer Required Percent Contributions Contribution Contributed 1993 $ 640,069 $ 640,069 100.00% 1994 683,764 683,764 100.00 1995 691,600 691,600 100.00 1996 738,092 738,092 100.00 1997 764,282 764,282 100.00 1998 804,679 804,679 100.00 Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 34 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 7.5% compounded annually including a 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post-retirement benefit increases of 3% compounded annually. I 1 I I I I I I I I I I I I 47 I I I I I VILLAGE OF GLEN-VIEW, ILLINOIS Police Pension Fund Required Supplementary Information Employer Contributions December 31, 1998 I ! I I I I I I I I I I I I Year Ended December 31 Annual Employer Required Percent Contributions Contribution Contributed 1993 N/A N/A N/A 1994 N/A N/A N/A 1995 N/A N/A N/A 1996 N/A N/A N/A 1997 $ 398,347 $ 391,787 101.67% 1998 376,836 364,249 103.46 N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations as of January 1 of the fiscal year. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 36 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually including a 3.0% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.0% irfflation factor, and post- retirement benefit increases of 3% compounded annually. I I 48 VILLAGE OF GLENVIEW, ILLINOIS Year 2000 Information Required Supplementary Information December 31, 1998 I I I Year 2000 Disclosures (Continued) General Description: (Continued) The Government has expended $272,000 in its efforts to identify, correct, and test the computer systems and electronic equipment of the Government. Because of the unprecedented nature of the Yea~ 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the year 2000 and thereafter. Management cannot ensure that the Government is or will be Year 2000 ready, that the Government's remediation efforts will be successful in whole or in part, or that parties with whom the Government does business will be Year 2000 ready. ! ! I 1 I I I I I I I I I I 51 I I I I l I I I I 1 I I I I I i I I I I i GOVERNMENTAL FUND TYPES I I I I I I I I I I I I I i I I I I i GENERAL FUND 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. I i I VILLAGE OF GLENVIEW, ILLINOIS General Fund Balance Sheet December 31, 1998 and 1997 I I I i I ! I ASSETS Cash Investments Receivables Taxes Property taxes Sales tax Income tax Utility taxes Accounts Other Due from other governments Due from other funds Prepaid items Total assets LIABILITIES AND FUND BALANCE Liabilities Accounts payable Accrued payroll Compensated absences payable Other payables Due to other funds Due to component unit Deferred property taxes Total liabilities Fund balance Reserved for prepaid items Reserved for Patton House Unreserved Designated for income tax surcharge receipts Undesignated Total fund balance Total liabilities and fund balance 1998 $ 258,112 8,192,685 5,129,686 835,114 251,603 305,374 233,850 64,795 2,941,225 5,641 $ 18,218,085 $ 190,637 46,021 870,063 10,016 5,129,686 6,246,423 5,641 10,000 1,334,848 10,621,173 11,971,662 $ 18,218,085 See accompanying notes to financial statements. 1997 $ 6,858,079 2,337,307 5,216,129 811,956 241,899 234,170 121,245 58,565 2,521 644,565 12,283 16,538,719 $ 378,726 44,313 743,645 1Z682 253,806 1,962 5,316,129 6,756,263 12,283 10,000 1,334,848 8,425,325 9,782,456 $ 16,538,719 52 VILLAGE OF GLENVIEW, ILLINOIS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 and Actual Only for 3.997 I I I Taxes Licenses end permits Intergovernmental Charges for services Fines end forfeits Interest Miscelleneous Total revenues Expenditures General government Public safety Highways and streets Pension Total expenditures Excess (deficiency) of revenues over expenditures Other finencing 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 Fund Capital Projects Fund Escrow Deposit Fund Component Unit Library Fund Operating transfers (out) Cable TV Fund Capital Equipment Replacement Fund Capital Projects Fund Excess (deficiency) of revenues end other finencing sources over expenditures and other finencing uses Fund balance January 1 Residual equity trensfer In December 31 1998 1997 Budeet Actual Actual 8,684,258 $ 9,667,185 $ 9,072,225 783,500 1,325,782 1,539,906 10,077,047 10,831,040 10,230,782 740,252 1,310,311 799,243 230,000 232,855 258,230 324,000 526,760 427,039 393,000 456,907 434,996 21,232,057 24,350,840 22,762,421 4,846,976 4,824,865 5,468,303 12,065,538 11,918,831 11,235,448 4,459,118 4,094,806 3,944,604 613,170 617,344 21,371,632 21,451,672 21,265,699 (139,575) 2,899,168 1,496,722 106,700 106,700 98,275 452,814 452,814 471,245 65,341 65,341 68,631 285,174 285,174 32,000 32,000 32,000 190,080 179,358 138,000 33,850 150,998 14,175 14,175 20,000 45,282 90,000 127,215 246,864 12,100 12,100 12,100 (4,554) (965,013) (965,013) (901,114) (919,600) (919,600) (453,000) (478,229) (709,962) (100,197) $ (617,804) 2,189,206 1,396,525 9,782,456 8,366,546 19,385 $ 11,971,662 $ 9,782,456 See accompanying notes to financial statements. I I I i I I I I I ! I I I I I 53 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1998 and Actual Only for 1997 Taxes Property taxes - current Property taxes - pension Property taxes - prior Utility tax - Centel Utility tax - AT&T Utility tax - mobile services Utility tax - N. L Gas Utility tax - Commonwealth Edison Utility tax - Ameritech Infrastructure maintenance fees Ameritech Other Hotel room tax Licenses and permits Motor vehicle Business Liquor Pet Building permits Certificate of occupancy Marathon development fees Plat preparation Contractors fees Plumbing and sewer Driveway permits Intergovernmental Glenbrook Fire Protection District Replacement taxes Sales tax Illinois income tax Photo use tax Road and brid~e Road and bridge - prior Village of Golf Fire Protection District Misc Intergovernment Federal and state grants Other 1998 Act~l 1997 A~t~l~l $ 4,651,354 $ 4,723,668 $ 4,376,128 613,170 617,344 70,000 84,296 105,269 76,000 1,677 61,451 32,000 122,513 34,730 390,000 534,676 391,331 620,000 454,997 624,356 1,594,904 1,558,230 1,558,732 510,000 668,462 514,212 12,977 35,744 740~00 856,775 8,684,258 9,667,185 788,672 9,072,225 5,535 459,412 60,000 50,044 66,865 90,000 84,850 78,002 5,500 4,613 5,080 535,000 1,014,568 797,890 I2,000 54,881 19,825 86 1,755 45,000 39,865 40,210 30,000 60,941 64,136 6,000 10,485 6,645 783,500 1,325,782 1,539,906 1,900,000 2,014,877 2,094,527 100,000 143,142 86,504 4,779,492 5,092,357 4,794,830 2,536,955 2,666,003 2,483,946 400,000 445,951 416,704 150,000 I60,653 160,248 4,000 1,498 2,539 131,600 128,854 75,000 77,705 100,000 191A84 10,077,047 10,831,040 10,230,782 (Continued) 54 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1998 and Actual Only for 1997 I I I Charges for services R.E.D. Administration Plan review fees Reinspection fees Elevator inspection fees Conditional use fees Electrical inspection Engineering fees Unclassified public works Other service charges Lease Fees Sale of village property I.R.B. application fees Police and fire testing Fines and forfeits Interest Savings investments N.O.W. accounts Other Revenues Franchise tax - Centel Franchise tax - Ameritech Franchise tax - Cable TV TCI Programming Agreement Miscellaneous Total revenues 1998 Budget Actual $ 30,152 $ 29,152 88,700 205,520 700 5,250 11,700 14,880 3,000 8,035 36,000 85,527 460,000 830,819 15,000 19,181 18,000 11,644 77,000 85,501 9,520 5,282 740,252 1,310,311 230,000 232,855 15,000 11,913 300,000 501,800 9,000 13,047 324,000 526~760 27,000 1,962 120,000 127,246 180,000 193,260 51,000 54,486 15,000 79,953 393,000 456,907 $ 21,232,057 $ 24,350,840 1997 AcWal $ 30,246 67,002 7,496 12,320 6,650 53,740 455,370 12,333 10,366 37,600 104,200 1,920 799,243 258,230 22,738 394,335 9,966 427~039 21,722 121,166 190,757 101e351 434e996 $ 22,762,421 I I I I I I I I I I I I I I I 55 I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 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 Public safety Police department Fire department Printing Highways and streets Development and public services Administration Planning and zoning Engineering Public health Cable TV Public works - administration Public works - overhead Public works - street maintenance Public works - traffic Public works - storm water management Public works - snow and ice control Public works - forestry Public works - ~rounds Building Inspection Pension Total expenditures Budget Actual 30,870 $ 1Z819 211,999 200,131 408,575 342,084 8,525 5,399 519,307 495~23 641,586 621,689 110,247 274,448 244,057 226,890 2,671,810 2,640,582 4,846,976 4,824,865 6,073,645 6,064,628 5,939,093 5,812,560 52,800 41,643 12,065,538 11,918,831 27Z664 240,929 146,531 127,549 525,909 460,917 195,040 194,586 89,753 74,032 27Zl10 256,090 864A13 901,095 275Z90 258,954 302,001 254,912 138,501 92,426 268,239 195~13 229,562 240,000 217,797 155,606 651~08 642,097 4,459,118 4,094,806 613,170 $ 21,371,632 $ 21,451,672 (Continued) 56 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and _Actual Year Ended December 31, 1998 I I I General government Board of Trustees Regular salaries Contractual professional services Traimng Trustee expense Operational material and supplies Special board Contractual services Materials and supplies Legal Contractual and professional services Contractual disbursements Litigation disbursements Books Dues, subscriptions, and memberships Village Attorney retainer Prosecutor retainer Outside litigation Emergency Service Disaster Agency Telephone and telegraph Maintenance of equipment Office supplies Books, pamphlets, and materials Contingencies Small tools Village Manager Regular salaries Temporary salaries Longevity pay Contractual professional services Printing, binding, and publication Postage Budget Actual (Continued) $ 9,000 $ 9,000 150 1,000 17,720 8,689 3,000 130 30,870 17,819 206,499 193,290 5,500 6,841 211,999 200,131 65,400 33,218 1,500 1,830 15,000 10,507 2,375 2,629 600 560 42,750 42,750 30,950 30,950 250,000 219,640 408,575 342,084 1,200 829 3,800 3,082 400 100 1,000 2,025 1,488 8,525 5,399 389,969 413,348 16,500 9,105 863 863 1,500 1,900 1,068 50,000 36,326 I I I I I I I I I I I I I I I 57 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 General government (Continued) Village Manager (Continued) Dues, subscriptions, and memberships Maintenance of equipment Travel expense Training expense Office Supplies Books, pamphlets, and materials Operational material and supplies Computer supplies Equipment repairs Equipment replacement Machinery or equipment Furniture & Fixtures Less transfer to Capital Equipment Replacement Fund Finance General Regular salaries Overtime salaries Temporary salaries Longevity pay Contractual professional services Printing, binding, and publication Postage Dues, subscriptions, and memberships Maintenance of equipment Rentals Travel expense Training expense Office supplies Books, pamphlets, and materials Small tools and equipment Computer supplies Equipment repairs and maintenance Other operating expense Bank charges Budget Actual 22,810 $ 19,053 5,800 1,381 11,030 3,241 2,700 675 500 141 310 60 1,200 760 2,640 1,498 5A85 2,538 7,000 7,000 5,750 5,416 350 350 526,307 7,0O0 519,307 (Continued) 462,067 75O 34,4~14 4,910 29,480 18,5o0 6,000 2,279 4,358 39,775 4,359 1,895 23,500 300 1,000 5,700 669 600 1,000 502,823 7,000 495,823 459,877 32,282 4,612 28,987 14,397 246 2,250 3,369 31,985 3,793 2,093 22,894 486 994 9,260 2,746 532 418 58 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I General government (Continued) Finance (Continued) General (Continued) Furniture and fixtures Info Systems Management Regular salaries Temporary salaries Longevity pay Telephone and telegraph Dues, subscriptions, and memberships Maintenance of equipment Travel expense Training expense Books, pamphlets, and materials Computer supplies P.C. expansion Information system upgrade Machinery and equipment Municipal building and grounds Regular employee salaries Contractual professional services Heating Postage Telephone Maintenance of equipment Maintenance of buildings Rentals Cleaning and household supplies Maintenance materials - buildings Small tools and equipment Employee welfare Land acquisition Buildings and improvements Furniture & Fixtures BudKet 641,586 60,120 4,480 647 885 17,390 1,000 2,750 300 6,750 10,325 5,600 110,247 24,757 3,500 16500 20,000 45,000 30,900 14,700 12,000 5,000 7,200 500 4,500 59,500 244,057 (Continued) Actual (185) 621,689 70,709 2,840 647 7,425 1,869 10,416 811 2,120 144 7,659 16,016 148,011 5,781 274,448 24,244 3,060 10,793 18,443 56,109 27,079 12,283 11,486 1,468 1,168 372 3,138 660 50,436 6r151 226,890 I I I I I I I I I I I I I I I 59 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 General government (Continued) Personnel and insurance Regular Salaries Longevity Pay Contractual professional services Public safety selection and promotion Wellness program Printing, binding, and publications Dues, subscriptions, and memberships Safety program Commission expense Training expense Books, pamphlets and materials FICA payments Employee welfare Insurance Capital outlay Total general government Budg~ Actual 58,553 $ 60,210 917 917 24,000 13,081 11,000 12,810 2,000 2,049 2,700 5,365 760 804 1,500 400 79 34,300 35,190 1,000 328 484,878 469,547 15,500 6,731 2,031,802 2,031,802 2~500 1,669 2,671,810 (Continued) 4,846,976 2,640,582 $ 4,824,865 60 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I Public safety Police department Regular salaries Overtime salaries Overtime hire back Overtime court time Overtime training Overtime extra detail Temporary salaries Holiday pay Longevity pay Contractual professional services Printing, binding, and publication Heating Postage Telephone Dues and subscriptions Maintenance of equipment Maintenance of buildings Rentals Travel expenses Office supplies Books, pamphlets, and materials Training Uniform allowance Cleaning and household supplies Maintenance materials - buildings Small tools and equipment Operating materials and supplies P.C. expansion/training Employee welfare Equipment repairs Machinery and equipment Furniture & fixtures Automotive Equipment replacement Less transfer to Capital Equipment Replacement Fund Budget $ 4,656,274 100,000 94,000 90,000 3,000 139,500 117,000 64,381 119,300 IO,OOO 7,000 4,700 20,000 3,700 60,000 5,900 22,480 11,090 5,900 8,500 67,550 5,000 7,000 7,200 38,850 21,500 9,000 200,845 65,000 15,975 28,000 390,845 6,464,490 390,845 6,073,645 (Continued) Actual $ 4,718,083 131,802 78,083 99,099 10,684 6,445 117,301 113,797 61,922 101,595 11,677 1,234 3,119 20,288 2,827 54,552 2,844 16,743 2,570 5,895 7,960 55,500 70,736 5A67 9,119 4,839 29,136 21,835 10,733 199,224 41,321 20,198 28,000 390,845 6,455,473 390,845 6,064,628 I I I I I I I I I i I I I I I 61 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Public safety (Continued) Fire department Regular salaries Overtime acting company officer Overtime call back Overtime hire back Overtime apparatus repair Overtime fire prevention Overtime public education Overtime emergency medical service Overtime hazardous material Overtime FLSA Overtime special rescue Overtime dive team Overtime administrative Overtime training Overtime training instructor Holiday pay Longevity pay Contractual professional services Fire selection and promotion Printing, binding, and publication Heating Postage Telephone Dues, subscriptions, and memberships Maintenance of equipment Maintenance of buildings Rentals Travel expenses Training Uniform and turnouts Office supplies Texts and films Motor vehicle supplies Cleaning supplies Maintenance materials - equipment Maintenance materials - buildings Small tools and equipment Operating materials and supplies Budget 4,615.011 8.500 25,000 80,000 8,000 6,720 15,630 21,600 9,700 7,900 8,100 1,500 22,200 26.000 162,000 55,917 264,075 36,700 1,200 9.000 900 20,600 2,274 45,835 26,775 6,200 7,975 22,040 65,000 3,200 2,200 13.000 10.000 18,000 12,550 14,165 17,450 (Continued) Actual $ 4,607,007 8,225 8,123 62,752 5,580 5.949 14,065 18.278 5,021 41,754 6,048 6,338 12,053 27.537 640 168,313 54,304 265.707 16,716 1,131 4,087 804 14,263 2,360 44,754 28,676 6,795 5,539 16,479 72,099 4,194 589 2.075 7.969 14,427 10,320 7.349 13,936 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I Public safety (Continued) Fire department (Continued) Computer supplies Employee welfare Equipment replacement Equipment repairs Buildings / improvements to buildings Furniture and fixtures Machinery and equipment Less transfer to Capital Equipment Replacement Fund Printing Maintenance of equipment Rentals Maintenance materials - equipment Operating supplies Small tools and equipment Budget Actual $ 1,800 $ 2,566 6,500 5,917 248,131 248,131 120,846 152,758 40,875 27,564 3,200 3,668 46,955 27,831 6,187,224 248,131 5,939,093 Total public safety (Continued) 500 34,000 200 18,000 100 52,800 $ 12.065,53_~_8 6,060,691 248,131 5,812.560 29,238 12,022 383 41,643 $ 11,918,831 I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Highways and streets Development and public service Administration Regular salaries Overtime Temporary salaries Longevity pay Contractual professional services Dues, subscriptions, and memberships Maintenance of equipment Rentals Travel expense Training Office supplies Books, pamphlets, and materials P.C. Expansion/Training Equipment replacement Equipment repairs Less transfer to Capital Equipment Replacement Fund Planning and zoning Regular salaries Longevity Contractual and professional services Books, pamphlets, and materials Printing, binding, and publication Dues, subscriptions, and memberships Travel expense Training Operational supplies P.C. expansion Budg~ Actual 245,595 $ 213,642 500 21,000 13,536 2,049 1,348 2,00O 7,617 635 693 1,150 36 120 41 1,500 1,322 500 350 200 105 600 4,400 4,400 1,465 2,589 282,064 4,400 277,664 (Continued) 96,884 647 25,000 400 12,000 5,500 2,000 1,5o0 800 1,800 146,531 245,329 4,400 240,929 66,077 647 zk3,659 65 8,205 5,030 1,958 227 297 127,549 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I Highways and streets (Continued) Development and public service (Continued) Engineering Regular salaries Overtime salaries Temporary salaries Longevity pay Contractual and professional services Printing, binding, and publication Dues, subscriptions, and memberships Maintenance of equipment Travel expense Rentals Training Uniform allowance Books, pamphlets, and materials Operational materials Computer supplies Equipment replacement Equipment repairs Machinery and equipment Less transfer to Capital Equipment Replacement Fund Public health Regular salaries Overtime salaries Temporary salaries Longevity pay Rentals Contractual professional services Printing. binding, and publication Dues, subscriptions, and memberships Maintenance of equipment Budget $ 457,968 7,500 10500 2,050 7,420 350 970 11,660 2,250 3,200 1,175 175 5.400 1,000 24,400 llA91 2,400 550309 24,400 525,909 171216 1,000 1.510 150 1,500 20O 1,494 595 (Continued) Actual 401,757 6.960 10,330 1,978 4,448 1~332 984 6,466 1,971 1,424 293 5,606 734 24,400 16,204 90 485~317 24,400 460,917 179,872 220 1,510 82 1,054 1,432 190 I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Highways and streets (Continued) Development and public service (Continued) Public health (Continued) Travel expense Training expense Books, pamphlets, and materials Small tools and equipment Operating materials and supplies Equipment replacement Computer supplies Other operational expense Equipment repairs Less transfer to Capital Equipment Replacement Fund Cable TV department Regular salaries Temporary salaries Contractual professional services Printing, binding, and publication Postage Telephone Dues, subscriptions, and memberships Maintenance of equipment Travel expense Training Books, pamphlets, and materials Operational materials and supplies Computer supplies Equipment repairs Machinery and equipment Public works - administration Regular salaries Overt'tme salaries Temporary salaries Longevity pay Contractual professional services Budg~ Actual $ 2,550 $ 1,865 2,265 529 550 181 775 304 4,040 2,534 7,100 7,100 2,000 1,607 300 4,895 3,206 202,140 201,686 7,100 7,100 195,040 194,586 40,788 2,100 15,000 5,000 100 400 750 3,000 1,200 4,000 250 7,000 5,000 1,465 3,700 89,753 (Continued) 219,599 50O 23,948 2,023 2,000 29,951 2,594 3,929 694 21 893 2,789 185 1,756 5,938 1,017 904 23,275 74,032 214,597 19,787 2,022 917 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I Highways and streets (Continued) Development and public service (Continued) Public works - administration (Continued) Printing, binding, and publication Dues, subscriptions, and memberships Maintenance of equipment Rentals Travel expense Training Office supplies Books, pamphlets, and materials Operational materials and supplies Capital Outlay Computer supplies Public works - overhead Regular salaries Overtime salaries Temporary salaries Longevity pay Heating Telephone Dues. subscriptions, and memberships Maintenance of equipment Maintenance of building improvements Rentals Travel expense Training Uniform allowance Books, pamphlets, and materials Cleaning supplies Maintenance materials - buildings Small tools and equipment Employee welfare Equipment replacement Equipment repairs Less transfer to Capital Equipment Replacement Fund Budget Actual (Con~nued) $ 200 $ 379 800 700 1,450 537 3,500 4,081 5,000 2,111 7,000 2,960 2,000 2,340 90 125 1,800 109 5,200 5,342 2,000 83 277,110 256,090 407.810 497,123 1,332 13,606 34,327 63,667 16,019 15,471 29,000 14.523 5,000 3,263 80 107 8,000 6,195 17,550 20,187 52,150 15.283 250 157 2,500 1.761 12,500 9,194 200 15 5,300 3,253 6,000 6,089 3,100 2,038 3,200 4,057 265,637 265,637 260,095 225,106 1,130.050 1,166,732 265,637 265,637 864,413 901,095 I I I I I I I I I I I I I I I 67 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Highway and streets (Continued) Development and public service (Continued) Public works - street maintenance Regular salaries Overtime salaries Temporary salaries Maintenance materials - buildings Small tools and equipment Operating materials and supplies Mactdnery and equipment Public works - traffic Regular salaries Overtime salaries Temporary salaries Power and light Maintenance of equipment Maintenance of buildings Rentals Sign supplies Small tools and equipment Operational materials and suppiles Public works - storm water management Regular salaries Overtime salaries Temporary salaries Maintenance of buildings Maintenance materials - equipment Small tools and equipment Rentals Operating materials and supplies Budget Actual $ 183,327 $ 191,963 16,739 23,737 23,624 8,225 32,000 27,771 2,900 2,999 15,000 2,264 2,000 1,995 275,590 81,914 5,162 3,025 83,000 65,000 29,000 300 29,100 500 5~000 302,001 86,760 6,967 12,524 6,000 4,500 500 1,250 20,000 (Continued) 138,501 258,954 78,740 7,842 2,376 76,893 57,363 18,103 12,618 411 566 254,912 56,879 1,440 4,588 5,687 4,379 496 1,270 17,687 92,426 68 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I Highways and streets (Continued) Development and public service (Continued) Public works - snow and ice control Regular salaries Overtime salaries Temporary salaries Contractual professional services Maintenance materials - equipment Machinery & equipment Operating materials and supplies Public works - forestry Regular salaries Overtime salaries Temporary salaries Contractual professional services Dues, subscriptions, and memberships Maintenance of equipment Maintenance of building / improvements Maintenance materials and equipment Small tools and equipment Machinery or equipment Operational materials and supplies Public works - grounds Regular salaries Overt'tree salaries Temporary salaries Contractual professional services Maintenance of building / improvements Maintenance materials - equipment Small tools and equipment Operating materials and supplies Budget Actual (Continued) $ 91,627 $ 57.536 45,876 26,328 3,736 710 650 600 16,000 19,901 2,000 2,000 108,350 88.538 268,239 195,613 193,934 205,400 2,787 19,513 6,391 4,677 1.500 85 350 215 1,200 887 3,000 1,350 500 514 3,650 3,601 11,000 5,250 3,758 229,562 240,000 100,286 60.502 4,087 1,986 13,274 1,499 76,000 70,891 4,000 1.528 600 115 2,050 1,952 17,500 17,133 217,797 155,606 I I I I I I I I I I I I I I I 69 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Highways and streets (Continued) Development and public service (Continued) Building inspection Regular salaries Overtime salaries Longevity pay Contractual professional services Printing, binding, and publication Dues, subscriptions, and memberships Maintenance of equipment Rentals Travel Training Uniform allowance Books, pamphlets, and materials Operating materials and supplies PC expansion Equipment replacement Equipment repairs Less transfer to Capital Equipment Replacement Fund Total highways and streets Pension Police pension Firefighters' pension Total pension Budget $ 581,520 8,000 4,856 20,000 500 2,105 2,500 770 4,500 5,000 1,100 2,500 1,000 7,500 17,500 9,157 668,508 17,500 651,008 $ 4,459,118 $ Actual $ 579,111 4,021 4,793 25,606 92 2,124 1,899 349 4,128 1,966 606 1,672 1,058 8,264 17,500 6,408 659,597 17,500 642,097 $ 4,094,806 $ 376,836 236334 $ 613,170 SPECIAL REVENUE FUNDS SPECIAL REVENUE FUNDS Illinois Municipal Retirement Fund - The Illinois Municipal Retirement Fund is used to account for the revenues and expenditures associated with providing disability and pension benefits for Glenview employees. This fund also provides the employer with a portion of F.I.C.A. contributions. Motor Fuel Tax Fund - The Motor Fuel Tax Fund is used to account for the activities involved with street maintenance and construction. Financing is provided by the Government's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the Government. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - The 911 Communications Fund is used to account for the activity of the 911 emergency service system. Financial activity began in 1990 and the system became operational in 1992. GNAS Redevelopment Fund - The GNAS Redevelopment Fund is used to account for the resources and expenditures incurred in the development of the Glenview Naval Air Base land. GNAS Caretaker Fund - The GNAS Caretaker Fund is used to account for the resources and expenditures related to the Village's custodial arrangement with the U.S. Navy regarding caretaking of the Glenview Naval Air Base. 1 VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 Revenues Taxes Property taxes - current Property taxes - prior Replacement taxes Intergovernmental Interest Total revenues Expenditures Pension Retirement contributions Other Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources Operating transfers in 911 Communications Fund Waterworks Fund Wholesale Water Fund North Maine Water Fund GNAS Caretaker Fund GNAS Redevelopment Fund Sewerage Fund Component unit Library Fund Excess of revenues and other financing sources over expenditures Fund balance Jantu'try 1 December 31 Budget Actual $ 563,695 $ 573,807 Z826 16,300 16,300 44,426 44,426 1,000 2,061 625,421 859,786 8,000 86Z786 (242,365) 11,672 61,044 1,021 30,071 18,724 31,764 12,295 129,143 295,734 $ 53,369 See accompanying notes to financial statements. 644,420 817,391 9,500 826,891 (182,471) 11,672 61,044 1,021 30,071 24,815 31,764 12,295 129,143 301,825 119,354 (95,236) $ 24,118 VILLAGE OF GLEN'VIEW, ILLINOIS Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 I I Revenues Intergovernmental Allotments Interest Miscellaneous Total revenues Expenditures Excess of revenues over expenditures Other financing (uses) Operating transfers (out) Capital Projects Fund Excess (deficiency) of revenues over expenditures and other financing uses Fund balance January 1 December 31 Budget $ 924,009 4,000 928,009 928,009 (1,119,800) $ t191,791) See accompanying notes to financial statements. Actual 905,443 33,200 34,098 972,741 972,741 (1,119,800) (147,059) 427,815 I I I I I I I I I I I I I I 74 VILLAGE OF GLENVIEW, ILLINOIS Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 Budget Actual Revenues Charges for services License fee Host community revenue Bin sales Refuse bag sales Yard waste sticker sales Tipping fees Interest Total revenues Expenditures General government Dumping costs Refuse bag purchase Yard waste sticker purchase Recycling bins Operational materials and supplies Printing, binding and publications Contractual professional service Total expenditures Excess of revenues over expenditures Fund balance January 1 December 31 4,375 $ 3,750 90,000 107,560 2,500 3,185 60,000 38,347 15,000 10,402 1,009,490 1,062,261 7,000 26,841 See accompanying notes to financial statements. 1,188,365 1,252,346 1,009,490 938,907 60,000 36,720 30,000 10,500 2,500 5,630 1,000 3,000 125 1,000 2,164 1,106,990 994,046 $ 81,375 258,300 643,865 $ 902,165 75 VILLAGE OF GLENVIEW, ILLINOIS 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 I I I Revenues Charffes for services Interest Total revenues Expenditures Public safety Regular employee salaries Overtime salaries Overtime hire back Holiday pay Longevity pay Contractual professional services Printing, binding, and publications Telephone and telegraph Maintenance of equipment Rentals Uniform allowance Materials and supplies Machinery or equipment Furniture & Fixtures FICA payments P.C. expansion/training Insurance Total expenditures Excess of revenues over expenditures Other financing (uses) OperatinK transfers (out) Illinois Municipal Retirement Fund General Fund Capital Equipment Replacement Fund Excess of revenues over expenditures and other finandn~ uses Fund balance January 1 December 31 Actual $ 323,400 $ 338,387 5,750 10,118 329,150 348,505 120,696 119,393 1,000 5,000 377 1,000 126 971 971 4,200 500 70,000 76,805 14,100 4,379 30O 1,350 1,350 1,000 5,000 2,306 7,900 5,561 9,812 9,527 3,000 2,724 13,967 13,967 259,496 237,786 69,654 110,719 (11,672) (11,672) (14,175) (14,175) (32,464) (32,464) (58,311) (58,311) $ 11,343 52,408 218~703 $ 271,111 See accompanying notes to financial statements. I I I I I I 1 I I i I I I I I 76 VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 Revenues Intergovernmental EDA grant OEA grant Interest Miscellaneous Total revenues Expenditures General government Highway and streets Excess (deficiency) of revenues over expenditures Other financing sources (uses) Operating transfers in GNAS Bond Fund, Series 1995 Operating transfers (out) General Fund Illinois Municipal Retirement Fund Capital Equipment Replacement Fund Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Fund balance January I December 31 Budget Actual $ 65Z630 $ 44Z780 223,743 163,925 1,000 18,575 98,869 882,373 2,975,275 657,630 3,632,905 (2r750r532) 3,001,738 See accompanying notes to financial statements. (190,080) (31,726) (29,400) 2~750r532 729,149 3,152,424 294,442 3,446,866 (2r717r717) 2,186,005 (31,764) (29,4oo) 2,124,841 (592,876) (318,393) $ (911,269___~) VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Fund Administration Department Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Budeet Actual I I I I General government Administration Regular salaries Over.ne salaries Temporary salaries Longevity pay Con.actual professional services Postage Printing, binding, and publication Dues, subscriptions, memberships Telephone and telegraph Maintenance of equipment Maintenance of building/improvements Rentals Travel expense Training Office supplies Maintenance materials Small tools and equipment Uniform allowance Books, pamphlets, and materials Cleaning supplies Operating materials and supplies Computer supplies FICA payments Employee welfare Transfer to Machinery and Equipment Repair Fund Transfer to Capital Equipment Replacement Fund Insurance O~er operational expenses Credit card processing fee Buildings/Impr to Buildings Machinery and equipment Less Transfer to Capital Equipment Replacement Fund 250,938 $ 45,299 11,100 855 3,000 2,643 2,643 2,033,407 2,435,283 9,000 30 24,540 84,790 7,375 5,992 15,000 1,464 5,100 786 14,125 16,860 43,200 37,968 51,360 807 7,700 11,406 17,160 1,040 399 520 492 520 330 342 100 724 33,850 2,160 23,382 22,190 1,150 800 13,310 8,111 29,400 29,400 85,012 80,355 4,160 2,873 984 100,000 10,000 21~454 2,800,582 2,812~307 29,400 29~400 2t771,182 2,782,907 (Continued) i I I I I I I I ! I I i I I 78 I I I I ' VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Fund Administration Department Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Budffet Actual General government (Continued OEA Grant Regular employee salaries Contractual professional serwces Postage Telephone and telegraph Travel expense Office supplies Insurance Computer supplies Total general government Highway and Streets EDA Grant Road design Storm water design Total highway and streets Total expenditures 39,593 141,500 19,000 4,000 $ 254,546 16,929 21,451 27,153 19,913 4,657 24,868 204,093 369,517 2e975,275 3,152,424 657,630 $ 286,424 8,018 657,630 294,442 3,~2,9~ $ 3,446,866 79 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 I I I I Revenues Intergovemmental Federal grant Interest Other Rent proceeds Utilities Reimbursement Water Sales Total revenues Expenditures General government Excess (deficiency) of revenues over expenditures Other financing sources (uses) Operating transfers in GNAS Bond Fund Series 1995 Fund GNAS Capital Projects Ftmd Operating transfers (out) General Fund Illinois Municipal Retirement Fund Excess of revenues over expenditures and other financing uses Fund balance January 1 December 31 Budget $ 200,000 1,500 110,400 137,601 213,755 663,256 1,444,764 (781,508) 938,232 (138,ooo) {18,724) 781,508 $ See accompanying notes to financial statements. $ $ Actual 310,618 1,368 149,465 84,103 97,086 642,640 698,578 (55,938) 159,000 51,907 (33,850) (24,815) 152r242 96,304 96,304 I I I I I I I I I I I i I I 80 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 General government Cooperative agreement Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Telephone and telegraph Maintenance of equipment Rentals Travel expense Training Uniform allowance Office supplies Cleaning and household supplies Maintenance materials - equipment Maintenance Bldg/improvement Small tools and equipment Computer supplies FICA payments Employee welfare Insurance Transfer to Machinery and Equipment Repair Fund Machinery and equipment Water distribution system Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Power and light Heating Water purchases Maintenance of building Cleaning and household supplies Maintenance materials - equipment Maintenance materials - building Operational materials and supplies Budget $ 26,358 22,422 2,530 9,000 4OO 50 1,000 2,000 795 3O0 150 100 100 1,000 1,000 17,525 9,379 32,734 159,000 285,843 37,704 4,572 &500 10,000 1,500 58,703 27,O00 250 1,500 46,900 8,000 200,629 (Continued) Actual $ 34,178 213 240 2,676 4,778 226 1,256 473 626 13 19 484 10,191 325 37,789 1,484 94,971 19,879 3,907 47 1,085 60,330 356 1,675 1,586 88,865 81 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 I I I General government (cont.) Sanitary Sewer Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Power and light Maintenance of equipment Maintenance of building Maintenance materials and equipment Operational materials and supplies Storm drains Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Maintenance of building Operational materials and supplies Electrical distribution Regular employees salaries Power and lights Natural gas distribution Regular employees salaries Heating Facility maintenance Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Cleaning/household supplies Maintenance materials - equipment Maintenance materials - building Small tools and equipment Leasehold improvements Operational materials and supplies Budget $ 12,880 1,029 48,000 500 2,100 2,000 2,500 3,205 72,214 12,240 1,029 2,100 2,500 3,000 20,869 5,358 240,000 245,358 5,334 186,351 191,685 49,961 44,753 1,500 2,000 2,000 122,563 9,300 (Continued) Actual $ 2,104 37 544 26,169 360 29,214 1,554 152 991 466 3,163 326 170,759 171,085 104 68,780 68,884 58,511 2,172 338 17,831 501 804 751 98,432 1,880 I I I I I I I I I I I I I I I 82 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 General ~ovemment (Cont.) Facility maintenance (Cont.) GNAS - Rent Transportation Regular employees salaries Maintenance of equipment Transfer to Maintenance and Equipment Repair Fund Roads and surface maintenance Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Maintenance of building Sign supplies Maintenance materials - buildings Operational materials and supplies Grounds and maintenance Regular employees salaries Overtime salaries Temporary salaries Contractual professional services Rentals Operational materials and supplies Total GNAS Caretaker Expenditures Budg~ Actual $ 1,000 $ 33 233,077 181,253 4,627 - 7,000 - 51,600 5,739 63,227 5,739 20,399 5,486 12,800 1,000 2,000 2,000 18,861 62,546 6,716 60,000 1,000 1,600 69,316 $ 1,444,764 4,436 778 266 1,505 12 50 7,047 3,390 23 27 44,917 48,357 $ 698,578 83 DEBT SERVICE FUNDS DEBT SERVICE FUNDS Corporate Purpose Bond Series of 1991 - This issue in the amount of $4,165,000 was sold to finance the partial refunding of the Library Bond Series of 1984 and early retirement of the Corporate Purpose Bond Series of 1979. Corporate Purpose Bond Series of 1993 - 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 - 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 1995 - This issue in the amount of $500,000 was sold to finance the construction of a Sewer Lift Station and other sewer system improvements. General Obligation Bond Anticipation Bond Series of 1995 - This issue in the amount of $60,000,000 was sold to finance the development of the Glenview Naval Air Base which was turned over to the Village in 1995. Corporate Purpose Bond Series of 1996 - 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 1998A - This is in the amount of $10,000,000 was sold to finance the development of the Glenview Naval Air Base. I I I I I I I I I I I I I I I I I CAPITAL PROJECTS FUNDS CAPITAL PROJECTS FUNDS Capital Equipment Replacement Fund - The Capital Equipment Replacement Fund is used to account for the funds annually set aside for the eventual replacement of certain capital equipment. Capital Projects Fund - The Capital Projects Fund is used to account for revenues and expenditures involved with all other capital improvements throughout the Government. Bond Fund Series 1990 - The Bond Fund Series 1990 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1990. Bond Fund Series 1993 - The Bond Fund Series 1993 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1993. GNAS Capital Project Fund - This fund is used to account for various development and other projects related to the Glenview Naval Air Base which was turned over to the Village of Glenview in 1995. GNAS Bond Fund Series 1995 - This fund is used 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. VILLAGE OF GLENVIEW, ILLINOIS Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Year Ended December 31, 1998 (See Following Page) I I I I I I I I © !1 © I Z PROPRIETARY FUND TYPES ENTERPRISE FUNDS I i I i I I I I I I I I I I I I ! I ENTERPRISE FUNDS Waterworks Fund - The Waterworks Fund is used to account for the provision of water and sewer service to the residents of Glenview. Ail activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director of Public Works), operation, maintenance, financing and related debt service, and billing and collection. Wholesale Water Fund - The Wholesale Water Fund is used to account for the provision of water service to the Citizens Utility Co. enabling the utility to receive Lake Michigan water. North Maine Water and Sewer Fund - The North Maine Water and Sewer Fund is used to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Village of Glenview customers. Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts 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 Government. I I 1 VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Balance Sheet December 31, 1998 (with comparative totals for 1997) I I i I I I I I I I I I I I I North Maine Wholesale Water and Commuter Totals Waterworks Water Sewer Sewerage Parking Lot 199.~8 199.~7 ASSETS Cash S 2,084,904 Investments 748,109 Recewables - account~ (net) 1,420,075 Accrued inter est receivable 7`480 Advance to other funds 1,578,353 $ 100,451 $ 265,066 $ 1,065,281 $ 300,673 $ 904,846 414,419 493,719 208,093 5,808 1,941 26,725 68,186 64,897 3,816,375 $ 4,578,941 2,067,374 2.116,887 1,909,383 14,929 12.382 1,673,264 1,457,721 64,897 2,597 53,212 56,150 42,580 43,281 163,810 208,486 10,013,328 8,268,941 42,580 163,810 5,892,133 1,175,420 2,208,478 636,849 100,451 20,225,738 2,512,633 7,371,526 5,376,015 216,592 35,702.504 35,319,584 (7,463,861) (363,196) (333,741) (1,667,668) (148,869) (9,977,335) (9,125,597) 12,761,877 2,149,437 7,057,783 3,708,347 67,723 25,725,169 26,193,987 S 18,654,010 S 3,324,857 $ 9,246,260 $ 4,345,196 $ 168,174 $ 35,738,497 $ 34A62.928 LIABILITIES AND FUND EQUITY Current ]iabibfies Accountspayable $ 260,960 $ 57,668 $ 306,155 $ 2,177 Interest payable 1,293 12,821 70,642 Compensated absences payable 27,919 1,689 Othe~ payables 6,029 Due to other funds 344,265 66,176 332.418 Deferred revenue 200,000 Advance from other funds 476,342 $ 37,839 $ 664,019 $ 1,039,047 84,756 177,388 3,089 840,466 136,665 710,904 478,519 40,148 29,608 22,839 9,118 56,835 742,839 117,702 200,000 476r342 458,419 2.206,702 1,872,200 Long-term liabilities Notes payable 2,775,477 2,775,477 2,850,000 General obligation bonds payable 304,150 2,405,000 6,078,000 8,784`450 9,344,650 Unamor t~ed bond discount (20,033) (48,562) (68,598) (70,270) 304,150 2.384,967 8,801,915 11,491,032 12,t24,380 Total liabilities 1,144,616 2,521,632 9,512,819 478,519 40,148 13,697,734 13,996,580 Fund equity ConVtibuted capital 2,386,154 891,089 3,277,243 3,277,243 Retained earnings 15,123,240 803,225 I266,559) 2,975,583 128,026 18,763,520 17,189,108 Total fund equity 17,509,394 803,225 (266,559) 8,866,677. 128,026 22,040,763 20,466,348 Total ]iabilities and fund equity $ 18,654,010 $ 3,324,837 $ 9,246,260 $ 4,345,196 $ 168,174 $ 35,738,497 $ 54,462.928 See accompanying notes to financial statements. 91 VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1998 (with comparative totals for 1997) North Maine I I I I Wholesale Water and Commuter Totals Watel'wotks Water Sewer Sewer a~e Parkin~ Lot 199~8 199~7 Operating revenues Charges for services Water and sewer charges $ 5,947,125 $ 1,~40,441 $ 5,174,056 $ 824,570 $ 22,550 $ 13,308,742 $ 9,050,225 Water and sewer connecuon charges 236,724 14,100 250,824 101,624 Water meters and remote readers 101,543 101,543 59,520 Parking decals and meter fees 187,635 187,635 160,042 Miscellaneous 195,277 56,588 2,262 254,127 376,600 Total operating revenues 6,480,669 1,340,441 5,230,644 $38,670 212,447 14,102,871 9,745,011 Operating ~penses Administration 313,289 422,372 42,381 778,042 357,842 Operations 3/i04,592 799,541 3,729,154 420,907 141,433 8,495,627 5,681,109 Depreciation and amortization 424,265 62,816 229,~03 126,176 9,178 851,735 703,272 Total operating expenses 4,142,146 862,357 4,380,829 589,464 150,611 10,125,407 6,742,023 Operating income 2,338,523 478,084 849,815 249,206 61,836 3,977,464 3,0~5,988 Income before operating Operating transfers in Operating transfers (out) Net income (loss) 100,141 59,912 68,797 17,267 893 247,010 201,207 (31t806) (160,016} (444,357) {636t179) {391~913) 68,335 I100,104} {375,560) 17,267 893 (389,169) /190,706) 2,406,858 377,980 474,255 670,000 {973,634) (777,721) {631,245) (303,634) (777.721) (631,245) 2,103,224 (399.741) (156,990) 13,020,016 1,202,9~6 009,569) 266,473 62,729 3,588,295 2,815,282 670,000 47,777 (269,280} {32,000) (2,683,880) (1,320,685) (269,280} (32,000) (2,013,580) (I,472,908) (2,807) 30,729 1,574,415 1,~42,374 2,978,395 97,297 17,189,105 I5,810,439 36,292 13,020,016 1,202,966 (I09,569) 2,978,395 97,297 17,189,105 I5,846,731 $ 15,123,240 $ 803,225 ~ $ 2,975,588 $ 128,02~6 $ 18,763,520 $ 17,189,105 See accompanying notes to financial statements. I 1 I I I I i 1 I I I I I I 92 I I 1 I VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Schedule of Changes in Contributed Capital Year Ended December 31, 1998 (with comparative totals for 1997) I I I I I I Increases Decreases Net increase Contributed capital January 1 December 31 Totals Waterworks Sewerage 1998 1997 $ $ $ $ 2,386,154 891,089 3,277,243 3,277,243 $ 2,386,154 $ 891,08~9 $ 3,277,243 $ 3,277,243 93 I I I I I I I i I VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I I I i I Charges for services Water charges Water meter x~pair charges Water connection charges Water rnet~rs and remote readers Miscellaneous Late payment f~es Back flow certification Brass fit~gs Water for construction Turn on charge Recapture agree~nents Other Total opera'&~; revmues Operating expenses excluding depi~ziation AdminiStration Opera~ions Supply and metering Pumping station-e~st Pumping station-west Distribution system Overhead Total operating exp~mses excluding depreciation Operating income before depreciation Dep~ciation Operating income Nonoperating revenues (expenses) Interest income Interest expense and fiscal charges lncomebefore operating transfers Operating transfem in (out) Whole~le Water Fund General Fund lllind~s Munidpal Retirement Fund Debt Service Fund Net income (less) Retained earnings January 1 Water sales holding accotmt Adjusted balance December 31 Budget Actual $ 5,558,180 $ 5,947,125 500 30,000 236,724 25,000 101,543 68,000 76,288 500 7,100 21,669 8,000 22152 5,OO0 5,790 10,000 64,028 5~00 5,o$0 5,717,280 6,480,669 1,624,444 313,289 2,277,063 2368`581 209,593 154,329 154,467 86,667 363,432 470,671 538,459 324t044 5,167,458 3,717`581 549 `522 2,762,788 424~265 549`522 2fi,38J23 83,000 100,141 (20,250) (31,806) 62,750 68,335 612~572 2,406`558 670,0o0 670,0o0 (452,814) (452,814) (61,044) (61,044) (848`563) (459,776) (692,421) (303,634) $ (79,849) 2,103,224 13r020~016 13,020,016 $ 15,123240 See accompanying notes to financial statements. 95 VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I 1 I Admlnisb'ation Contractual professional services Printing, binding, and publication Postage Computer supplies FICA payment Other operational expenses Machinery and equipment Paying agent fees Total administration Operations Supply and metering Regular salaries Overtime salaries Temporary salaries Contractual professional services Water Maintenance of buildings Operational materials and supplies Total supply and metering Pumping station-east Regular salaries Overtime salaries Temporary salaries Contractual professional services Power and light Heating Telephone Maintenance of building Cleaning and household supplies Maintenance materials - equipment Maintenance materials - building Operating materials and supplies Total pumping station-east Budget $ 2,000 200 13,500 1,550 52,557 580 1,450,00O 104,057 1,500 1,624,444 71,490 3,070 303 46,000 2,116,000 4,000 36,200 2,277,063 32,251 13,132 46O 16,850 104,000 3,500 3,500 26,00O 100 3,0O0 1,0O0 5,800 209,593 (Continued) Actual $ 97 289 I 12,601 45,602 I 150,643 104,057 I 313,289 ! 63,690 1,748 159 49,863 2,203,045 I 4,577 45,799 2,368,881 21,290 l 10,239 85 94,764 3,189 3,150 I 3,737 6 2,275 I 56 154,329 I ! 96 I i I VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 Operations (Continued) Pumping station-west Regular salaries Overtime salaries Temporary salaries Contractual professional services Power and light Heating Telephone Maintenance of building Cleaning and household supplies Maintenance materials - equipment Maintenance materials - building Operating materials and supplies Total pumping station-west Distribution system Regular salaries Overtime salaries Temporary salaries Contractual professional services Maintenance of equipment Maintenance of buildings Rentals Sign supplies Maintenance materials - equipment Maintenance materials - buildings Small tools & equipment Operating materials and supplies Machinery and equipment Less nonoperating expenses Fixed assets capitalized Total distribution system Budget Ac~al $ 14,443 $ 12,500 8,838 5,038 1,486 13 14,050 3,560 76,000 55,607 1,200 1,213 2,000 1,554 24,500 4,230 100 5,000 1,527 750 196 6,100 1,229 154,467 260,157 44,617 13,158 37,000 5O0 82,000 300 1,500 102,200 (Continued) 7,o00 15,000 563A32 200,000 363,432 86,667 230,254 53,476 10,874 27,489 1,058 80,748 47 49,391 24 17,310 470,671 470,671 97 VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I i I Operations (Continued) Overhead Regular salaries Overtime salaries Temporary salaries Longevity pay Postage Telephone Dues, subscriptions, and memberships Maintenance of equipment Rentals Travel expense Training Uniform allowance Office supplies Books, pamphlets, and materials Small tools and equipment Operational materials and supplies Compu~r supplies Employee welfare Equipment replacement Equipment repairs Machinery and equipment Budget Actual $ 192,193 $ 189,193 116 580 4,563 745 6,311 6,312 300 77 1,100 954 3,230 2,589 6,530 3,205 20,900 607 3,800 229 6,600 2,784 7,250 6,934 700 1,604 300 98 5,850 1,690 2,000 1,972 1,800 1,100 1,329 146,930 92,041 98,084 34,845 5,058 Total operating expenses excluding depreciation 538,459 324,044 $ 5,167,458 $ 3,717,881 i I I I / I i I / I I I I I I 98 I VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I Budget Operating revenues Charges for services Operating expenses excluding depreciation Operations Supply and metering Pumping station Distribution system Total operating expenses Operating income before depreciation Depreciation Operating income Nonoperating revenues (expenses) interest income Interest expense Income before operating transfers Operating transfers in (out) Waterworks Fund Illinois Municipal Retirement Fund General Fund Net income (loss) Retained earnings January 1 December 31 $ 1,360,000 821,688 56,424 2,430 880,542 479,458 479,458 12,500 (166,374) (153,874) 325,584 (670,000) (1,021) (106,700) (777,721) $ (452,137) See accompanying notes to financial statements. Actual 1,340,44t 745,349 53,134 1,058 799,541 540,900 62,816 478,084 59,912 (160,016) (100,104) 377,980 (670,000) (1,021) (106,700) (777,721) (399,741) 1,202,966 $ 803,225 I I I I I ! I i I I I I I I I 100 I I I VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Schedule of Operating Expenses ~ Budget and Actual Year Ended December 31, 1998 I I I I Operations Supply and metering Water purchases Maintenance of buildings FICA payments Operational Marl & Supplies Insurance Paying agent fees Total supply and metering Pumping station Regular salaries Overtime salaries Temporary salaries Contractual professional services Power and light Telephone Maintenance of buildings Equipment rentals Total pumping station Distribution system Regular salaries Overtime salaries Temporary salaries Contractual professional service Maintenance of buildings Total distribution system Total operating expenses excluding depreciation Budget $ 812,000 1,000 859 600 5,729 1,500 821,688 6,459 4,515 50 1,400 40,000 2,000 1,500 500 56,424 301 129 1,000 1,000 2,430 $ 880,542 Actual $ 736,938 400 882 200 5,729 1,200 74~5,349 5,963 4,512 3 90 41,781 210 75 500 53,134 288 150 620 1,058 $ 799,541 101 I I I I I I I I I I I I I ! I I I I I I VILLAGE OF GLENVIEW, ILLINOIS North Maine Water and Sewer Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I I Operating revenues Charges for services Water charges Sewer charges Miscellaneous New water meters Late payment fees Water for construction Turn on charge Brass fittings Operating expenses excluding depreciation Administration Operations Supply and metering Pumping station Distribution system Collection system Total operating expenses Operating income (loss) before depreciation Depreciation Operating income (loss) Nonoperating revenues (expenses) Interest income Interest expense Income before operating transfers Operating transfers (out) General Fund Waterworks Fund Capital Projects Fund Illinois Municipal Retirement Fund Net income (loss) Retained earnings January I December 31 Budget $ 4,696,605 570,926 5,000 60,000 4,500 5,337,031 327,426 3,056,095 33,735 9812345 216,677 4,615,778 721,253 721,253 24,000 (494,636) (470,636) 250,617 (285,174) (20,000) (316,000) (30,071) (651,245) $ (400,628) See accompanying notes to financial statements. Actual $ 4,826,903 347,153 3,136 44,936 358 5A96 2,662 5,230,644 422,372 3,371,160 46,029 229,841 82,124 4,151,526 1,079,118 229,303 849,815 68,797 (444,357) (375,560) 474,255 (285,174) (316,000) (30,071) (631,245) (156,990) (109,569) $ (266,559) 103 VILLAGE OF GLENVIEW, ILLINOIS North Maine Water and Sewer Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I I I Administration Regular salaries Overtime salaries Temporary salaries Contractual professional services Outside Litigation Acquisition costs Cost of issuance Printing, binding, and publication Postage Uniform allowance FICA payments Employee welfare Maintenance of equipment Rentals Lock box services Computer supplies Insurance Total administration Operations Supply and metering Re~alar salaries Overtime salaries Temporary salaries Water purchases Contractual professional services Maint of Build/Improvements Operating materials and supplies Meter replacement Total supply and metering Pumping station Regular salaries Overtime salaries Temporary salaries Contractual professional service Heating Power and light Telephone Dues and subscriptions Maintenance of buildings Pump repair Cleaning and household supplies Total pumping station Budget $ 120,060 334 77 6,175 5,000 6,400 10,800 2,750 25,876 189 19,350 10,000 20,000 10,000 90,415 327,426 50,336 117 3,842 2,893,000 40,800 4,000 4,000 60,000 3,056,095 500 535 11,000 6,000 6,000 5,600 2,000 2,000 100 33,735 Actual 47,386 120 93 156,584 66,058 1,3Ol 2,112 2,100 2,775 20,010 23,643 9,465 310 90,415 422,372 29,927 1,724 15 3,282,545 36,219 1,024 6,312 13,394 3,371,160 17,150 4,329 101 14,092 3,279 2,692 4,140 227 16 46,029 I I I I I I I I I I I I I I (Continued) 104 I I I I I VILLAGE OF GLENVIEW. ILLINOIS North Maine Water and Sewer Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 Operations (Continued) Distribution system Regular salaries Overtime salaries Temporary salaries Contractual professional service Maintenance of building Maintenance materials - building Rentals Operational materials and supplies System improvements Machinery and equipment Automotive Less nonoperating expenses Fixed assets capitalized Total distribution system Collection system Regular salaries Overtime salaries Temporary salaries Contractual professional services Maintenance of building Maintenance materials - equipment Small tools and equipment Operating materials and supplies System improvements Total collection systems Total operating expenses excluding depreciation Budget Actual $ 60,138 $ 102,670 28,930 19,066 1,576 1,812 30,000 18,353 27,500 31,147 21.401 48,505 300 675,000 120,603 203.404 1,168,852 187.007 981,848 48,611 4,011 2,305 3,000 27,000 2,000 250 4.500 125,000 216,677 $ 4,615,778 2,021 5,399 119,603 68,272 416,848 187,007 229,841 33,887 3,743 385 36 5,707 857 238 3,241 34,030 82,124 $ 4,151,526 105 I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I Operating revenues Charges for services Sewer charges Sewer connection charges Total operating revenues Operating expenses excluding depreciation Administration Operations Pumping station Collection Total operating expenses Operating income before depreciation Depreciation Operating income Nonoperating revenue Interest income income before operating transfers Operating transfers (out) General Fund Illinois Municipal Retirement Fund Debt Service Fund Net income (loss) Retained earnings January 1 December 31 Budget $ 800,061 4r000 804,061 102A34 32,211 162,631 297,276 506,785 506,785 14,500 521,285 (65,341) (12,295) (191,644) (269,280) $ 252.005 See accompanying notes to financial statements. Actual $ 824,570 14c100 838,670 42,381 24,178 396,729 463,288 375,382 126,176 249,206 17,267 266,473 (65,341) (12,295) (191,644) (269,280) (2,807) 2,978,395 107 VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I I I Administration Contractual professional services Printing, binding, and publications Postage Office supplies Computer supplies FICA payments Equipment replacement Equipment repairs and fuel Insurance Total administration Operations Pumping Station General Regular salaries Overtime salaries Temporary salaries Power and light Heating Telephone and telegraph Maintenance of equipment Operational materials and supplies Heatherfield Lift Station Regular salaries I emporary salaries t'ower ancl l~ght Heating I elepl~one and telegraph Maintenance ot eqmpment Operational materials and supplies Total pumping station Budget Actual $ 1,500 $ 100 113 300 43 150 500 10,336 9,175 23,376 57,234 24,112 8,938 8,938 102,434 42,381 5,532 1,445 434 4,00O 1,500 7OO 2,000 1,200 16,811 5,500 60O 4,000 1,500 700 2,000 1,100 (Continued) 15,400 32,211 6,971 878 72 1,751 805 757 7,079 618 18,931 1,564 16 3,480 187 5,247 24,178 I I I I I I I I I I I I I I I 108 I I I VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I I I Operations Collection system Regular salaries Overtime salaries Temporary salaries Contractual professional services Maintenance of equipment Maintenance of buildings Rentals Maintenance materials Small tools & equip Operational materials and supplies Machinery and equipment System improvements Less nonoperating expenses Fixed assets capitalized Total collection system Total operating expenses Budget 107,438 9,346 8,417 3,000 3,800 12,000 5,380 5,000 500 16,000 5,250 215,000 391,131 228,.500 162,631 Actual 100,807 6,777 2,844 400 4,085 9,347 900 5,260 456 14,482 4,948 246,423 396,729 396,729 $ 297,276 $ 463,288 109 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 Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I Operating revenues Charges for services Meter fees Parking decals Miscellaneous Total operating revenues Operating expenses Operations Depreciation Total operatingexpenses Operating income Nonoperating revenue Interest income Income before operating transfers Operating transfers (out) Capital Equipment Replacement Fund General Fund Budget $ 21,000 200,000 221,000 179,197 179,197 41,803 1,500 43,303 (5,200) (32,000) (37,200) Net income Retained eamings January 1 December 31 $ 6,10~3 See accompanying notes to financial statements. Actual $ 22,550 187,635 2,262 212,447 141,433 9,178 150,611 61,836 893 62,729 (32,000) (32,000) 30,729 97,297 $ 128,02~6 111 VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1998 I I I Operations Regular employee salaries Overtime salaries Temporary salaries Contractual professional services Printing, binding, and publications Power and light Heating Postage Telephone and telegraph Maintenance of buildings Rentals Cleaning/household supplies Maintenance materials Small tools and equipment Operations materials Machinery and equipment Insurance Total operating expenses excluding depreciation Budget Actual $ 23,500 $ 22,240 645 1,318 9,102 5,442 42,500 27,653 500 29 19,500 13,303 4,900 2,115 700 500 405 11,450 12,449 20,000 49,461 1,500 446 2,000 275 400 180 15,000 5,117 26,000 1,000 1,000 $ 179,197 $ 141,433 I I I I I I I I I I I I I I I 112 I I I I I I I I I I I INTERNAL SERVICE FUNDS I I I I I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the Government. These costs include labor, material, fuel, and fixed overhead of the Government's repair facility. Insurance Fund - The Insurance Fund is used to account for the financial activity of the Government's entire insurance program. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP) which provides excess liability coverage. Also, the Government provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). I I I I VILLAGE OF GLENVIEW, ILLINOIS Intemal Service Funds Combining Balance Sheet December 31, 1998 (with comparative totals for 1997) I ASSETS Current assets Cash Investments Receivables Accounts Accrued interest Prepaid Expenses Due &om other funds Deposits Total assets LIABILITIES AND RETAINED EARNINGS Current liabilities Accounts payable Claims payable Due to other funds Total liabilities RetaIned eamings Total liabilities and retained earnings Municipal Equipment Repair Totals Insurance 1998 1997 $ 79,917 $ 1,101,176 $ 1,181,093 $ 1,875,946 1,510,073 1,510,073 208,043 3,812 2,633 6,445 9,100 14,487 14,487 11,386 220,260 220,260 183,707 1,188,616 1,188,616 1,188,616 $ 83,729 $ 4,037,245 $ 4,120,974 $ 3,476,798 121,233 $ 4,072 $ 125,305 $ 241,629 218,650 218,650 152,237 850 407,256 408~106 21,347 122,083 629,978 752,061 415,213 (38,354) 3,407,267 3,368,913 3,061,585 $ 83,729 $ 4~037,245 $ 4,120t974 $ 3,476~798 See accompanying notes to financial statements. 114 VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1998 (with comparative totals for 1997) I I I i Operating revenues Charges for services Insurance recoveries Miscellaneous Total operating revenues Operating expenses Operations Operating income (loss) Nonoperating revenues Interest income Net income (loss) before operating transfers Operating transfers (out) Capital Equipment Replacement Fund Net income (loss) Retained earnings January 1 December 31 Municipal Equipment Repair Totals Insurance 1995 1997 777,255 $ 2,644,128 $ 3,421,383 $ 3,158,916 13,512 13,512 15,056 101,999 308,002 410,001 223,363 892,766 2,952,130 3,844,896 3,397,335 929,725 2,711,120 3,640,845 2,917,571 (36,959) 241,010 204,051 479,764 1,062 109,715 110,777 94,441 (35,897) 350,725 314,828 574,205 (7,500) (7,500) (6,900) (40,397) 350,725 307,328 567,305 5,043 3,056,542 3,061,585 2,494,280 $ {38,354) $ 3,407,267 $ 3,368,913 $ 3,061,585 See accompanying notes to financial statements. I I I I I I I I I I I I I I 115 I I I VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Cash Flows Year Ended December 31, 1998 (with comparative totals for 1997) I I Cash flows from operating activities Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities Accounts receivable Prepaid expenses Deposits Due from other funds Accounts payable Due to other funds Claims payable Cash flows from non capital financing activities Operating transfer (out) Cash flows from investing activities Purchase of investments Sale of investments interest Net increase (decrease) in cash and cash equivalents Cash and cash equivalents January 1 December 31 Municipal Equipment Repltir Totals Insurance 1998 1997 $ (36,959) $ 241,010 $ 204,051 $ 479,764 575 2,080 2,655 (1,709) (220,260) (220,260) (530,028) 8,642 175,065 183,707 (183,707) 68,225 (184249) (116,324) 216,977 (20,497) 407,256 386,759 21,348 66,413 66,413 1,646 19,986 487,015 507,001 4~291 (7.500~ (7.500~ (6.900~ 1,062 (1,510,073) (1,510,073) (208,043) 208,043 208,043 701,288 106,614 107,676 99,207 1,062 (1,195,416) (1,194,354) 592,452 13,548 (708,401) (694,853) 589,843 66,369 1,80%577 L875r946 1,286,103 $ 79,917 $1,101,176 $1,181~093 $1,875~946 See accompanying notes to financial statements. 116 VILLAGE OF GLENVIEW Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1998 I I I I Operating revenues Charges for services Fund charges Miscellaneous Insurance premium retirees Returned premiums Insurance recoveries Other Total operating revenues Operating expenses Operations Health insurance Dental insurance Excess liability General insurance program PTM policy Property/casualty claims Workers compensation insurance Claims settlement Operating income (loss) Nonoperating revenues Interest income Net income Retained earnings January 1 December 31 Budget Actual 2,639,073 $ 2t644t128 158,000 154,637 560 15,000 92,486 500 60,319 173,500 308,002 2,812,573 2,952,130 2,118,779 1,973,594 75,000 88,267 70,000 70,343 330,000 286,060 15,710 15,708 100,000 218,859 120,000 45,872 10,000 12,417 2,839,489 2,711,120 (26,916) 241,010 79,000 109,715 $ 52,084 350,725 3,056,542 $ 3,407,26~7 See accompanying notes to financial statements. I I I I I I I I I I I I I I 119 I I I I I I I I I I I I I I I I I I I FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS TRUST AND AGENCY FUNDS Expendable Trust Escrow Deposit Fund - The Escrow Deposit Fund is used to account for the funds placed on deposit with the Government by building contractors working within the Government's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - The Deposit Fund is used to account for money on deposit with the Government being held on a temporary basis, such as security deposits for use of the Government's equipment. Police Department Special Account Fund - The Police Department Special Account Fund is used to account for funds received from the Cook County Clerk of the Circuit Courts' office to be used in various types of investigations. Pension Trust Police Pension Fund - The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - The Firefighters' Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. Agency Special Service Areas Fund - This fund accounts for various special service area bond issues. Arbitrage Rebate Fund - This fund accounts for the recording and payment of any arbitrage rebates payable. VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combining Statement of Changes in Plan Net Assets Year Ended December 31, 1998 I I I Police Firefighters' Pension Pension Additions Contributions - employer Taxes Contributions - plan members Investment income Net appreciation in fair value of investments Interest earned on investments Total additions $ 376,836 $ 236,334 352,268 369,075 Total Deductions Pensions and refunds Miscellaneous Contractual professional services Total deductions Net increase Net assets held in trust for pension benefits January 1 December 31 613,170 721,343 2,409,483 1,539,581 3,949,064 11342,184 ~ $,431.044 4,480,771 4,233,850 8,714,621 See accompanying notes to financial statements. 815,246 840,848 1,656,094 7,561 7,503 15,064 822~07 848,351 1,671,158 3,657,964 3,385,499 ~043,463 23,553,282 34,502,380 58,055,662 $ 27,211,246 $ 37,887,879 $ 65,~99,125 I I I I I I I I I I i I I I I 123 [ I I i VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Year Ended December 31, 1998 I i I I I I I I I i I I I I I Additions Contribufions - employer Property taxes - current Property taxes - prior Contributions - employees Investment income Net appreciation in fair value of investments Interest earned on investments Total additions Operating expenses Retirement pension Widow pension Disability pension Refunds Miscellaneous Contractual professional services Total deductions Net increase Net assets held in trust for pension benefits January 1 December 31 Budget Actual $ 364,249 $ 373,208 3,628 356,342 352,268 1,351,500 2,072,091 733,234 60,406 34,219 14,150 842,009 $ 1,230,082 See accompanying notes to financial statements. 2,409,483 1,342,184 4,480,771 637,178 79,530 34,219 64,319 7,561 822,807 3,657,964 23,553,282 27,211,246 124 VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Year Ended December 31, 1998 Budget Actual Additions Contributions - employer Taxes Property taxes - current Property taxes - prior Foreign fire insurance tax Contributions - employees investment income Net appreciation in fair value of investments Interest earned on investments Total additions 200,526 $ 204,797 1,671 28,000 29,866 368,907 369,075 - 1,539,581 2,061,500 2,088,860 2,658,933 4,233,850 Deductions Retirement pension Widow pension Disability pension Miscellaneous Contractual professional services Total deductions Netincrease 799,241 595,644 50,411 50,411 196,044 194,793 12,150 7,503 1,057,846 848,351 $ 1,601,087 3,385,499 Net assets held in trust for pension benefits January 1 December 31 34~502,380 $ 37,887,879 See accompanying notes to financial statements. I i I I I ! I I ! i I I I I I 125 I I I I VILLAGE OF GLENVIEW, ILLINOIS Agency Funds Combining Statement of Changes in Assets and Liabilities Year Ended December 31, 1998 I I I I I I I I I I I I I I I All Funds ASSETS Cash Receivables - property taxes Receivables - accrued interest Total assets LIABILITIES Arbitrage payable Due to bondholders Total liabilities Special Service Areas Fund ASSETS Cash Neceivable~ - property taxes Due to bondholders Arbitrage Rebate Fund ASSETS Cash Receivables - accrued interest Due from other funds LIABILITIES Arbitrage payable Balances Balances January 1 Additions Deductions December 31 1,328,548 $ 529,026 $ 4,793 $ 1,852,781 162,165 12,007 150,158 5,826 4,338 10,164 445,395 445,395 1,941,934 5 533,364 $ 462,195 $ 2,013,103 1,755,363 $ $ $ 1,755,363 186,571 16,O48 170,523 1,941,934 $ $ 16,048 $ 1,925,886 24,406 $ 752 $ 4,793 $ 20,365 162,165 12,007 150,158 186,571 $ 752 $ 16,800 $ 170,523 $ 186,571 $ $ 16,048 $ 170,523 1,304,142 $ 528,274 $ $ 1,g32,416 5,826 4,338 10,164 445,395~ 445,395. $ 1,755,363 $ 532,612 $ 445,395 $ 1,842,580 1,755,363 $ 87,217 $ $ 1,842,580 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 GENERAL FIXED ASSETS ACCOUNT GROUP 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. I I I I VILLAGE OF GLENVIEW. ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1998 (with comparative totals for 1997) I I I I I I I I I I I I I I GENERAL FIXED ASSETS Land Buildings and improvements Equipment Furniture Office equipment INVESTMENT IN GENERAL FIXED ASSETS General revenues Bond issues 1998 4.585,095 9,676,414 7,356,776 295,072 618,715 $ 22,532.072 $ 18,732.793 3.799,279 $ 22,532,072 1997 $ 4.585,095 %58~701 Z008,608 272,214 576,847 $ 22,023,465 $ 18.224.186 3.799,279 $ 22,023,465 127 I I I I I I I I I I I I I I I I I I I i VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function and Activity Year Ended December 31, 1998 I I I I I I I I I I I I I I I Function and Activity General government Executive Administrative Finance Building and grounds Total general government Public safety Police Fire Total public safety Public works Admirrtstration Forestry MERF Street division Transportation Total public works Economic development Balances Balances [anuary 1 Additions Retirements December 31 13,087 $ $ $ 13,087 2,456,977 41,969 2,498,946 215286 22,332 18,811 219,107 405,484 102~09 4Z298 460,195 3,091,134 166,310 66,109 3,191,335 1,200,029 254,589 194,384 1,260,234 Z884,274 268325 1~750 3,13Z849 4,084,303 522,914 209,134 4,398,083 11,299,252 111,032 51,128 11,359,156 643,028 643,028 382,868 8,200 391,068 1,706,124 12,521 1,718,645 531,276 531,276 14,562,548 131,753 51,128 14,643,173 285,480 14,001 299,481 $ 22,023,465 $ 834,978 $ 326,371 $ 22,532,072 129 I I I I I I I I I I I GENERAL LONG-TERM DEBT ACCOUNT GROUP 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 of a proprietary or trust fund and which is backed by the full faith and credit of the Village of Glenview. I I I I I COMPONENT UNIT I I I COMPONENT UNIT Component Unit (Library Fund) - The Library Fund is used to account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. I I I I VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Combining Balance Sheet December 31, 1998 (with comparative totals for 1997) ASSETS Cash Investments Receivables Property taxes Accrued interest Due from primary government General fixed assets Total assets LIABILITIES AND FUND EQUITY Liabilities Accounts payable Accrued payroll Due to primary government Deferred revenues Deferred property taxes Total liabilities Fund equity Investment in general fixed assets Fund balance Unreserved Total liabilities and fund equity General Fixed Assets Account Totals General Fund Grouv 1998 ]997 $ 415,843 $ $ 415,843 $ 1,533,248 1,751,111 1,751,111 567,845 3,023,631 3,023,631 3,088,287 17,280 17,280 13,651 1,962 5,481,421 5,481,421 5,563,775 $ 5,207,865 $ 5,481,421 $ 10,689,286 $ 10,768~768 $ 105,593 $ $ 29,186 105,593 $ 67,366 29,186 26,402 9,050 47,604 35,247 3,023,631 3,088,287 3.206,014 3,226,352 47,6O4 3,023,631 3,206,014 5,481,421 5,481,421 5,563,775 2,001,851 2,001,851 lt978,641 2,001,851 5,48L421 7,483,272 7,542,416 $ 5,207,865 $ 5,481,421 $ 10,689,286 $ 10,768,768 See accompanying notes to financial statements. 131 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1998 and Actual Only for 1997 1998 1997 I I I I Revenues Taxes Property taxes - current Property taxes - prior Replacement taxes Intergovernmental Per capita grant Charges for services Fines and forfeits Interest Miscellaneous Donations Other Total revenues Expenditures Culture and recreation Excess of revenues over expenditures Other financing (uses) Operating transfers (out) - primary government Corporate Purpose Bond Series of 1991 Fund General Fund IMRF Fund Capital Projects Fund Excess (deficiency) of revenues over expenditures and other financing uses Fund balance January 1 December 31 Budget Actual Actual I $ 3,088,287 $ 3,161,221 $ 3,127,663 28,577 47,534 I 29,000 29,000 33,386 35,000 35,247 48,056 I 64,400 87,224 72,947 70,600 64,484 69,131 I 36,000 105,778 104,886 37,785 25,611 I 2,823 12,449 3,323,287 3,552,139 3,541,663 3,158,169 3,208,948 2,834,788 165,118 343,191 706,875 I ! - (156,583) I (12,100) (i2,100) (12,100) (129,143) (129,143) (108,598) I (178,738) (178,738) (110,000) (319,981) (319,981) (387,281) $ (154.863) 23,210 319,594 1,978,641 1,659,047 ~ $ 1.978.641 I See accompanying notes tofinancialstatements. I 132 I I I VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1998 Culture and recreation Regular salaries Overtime salaries Temporary salaries Legal fees Public irrformation Printing Pr'mting, 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 Travel expense Training Trustee expense Personnel recruitment Director expenses Library programs Office supplies Processing supplies Circulation supplies Audio visual supplies Books, pamphlets, and materials Periodicals Audiovisual Micro-form Video tapes Cataloging Cleaning supplies Contingencies Other operating expenses Machinery and equipment F.I.C.A. payments Insurai'tce Budget $ 1,098,330 5,000 670,606 1,500 12,850 7,500 8,000 700 7,000 16,600 21,000 3,660 16,800 9,750 32,900 52,394 52,440 22,300 24,750 2,500 3,000 1,200 20,850 19,650 15,800 8,630 8,500 44,1,628 53,850 44,850 32,105 24,750 30,000 100 1,000 950 40,208 134,776 206,742 Total expenditures $ 3,158,169 Actual $ 1,069,291 18,669 726,402 3,492 11,990 4,434 6,715 537 3,018 16,756 22,170 3,312 15,638 21,969 33,866 45,372 65,995 11,186 21,547 2,076 1,080 1,270 23,770 13,241 14,882 8,149 7,633 453,164 48,055 43,737 29,080 27,836 37,155 3 1,959 1,294 46,877 138,586 206,742 $ 3,208,948 133 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1998 (with comparative totals for 1997) I I I I GENERAL FIXED ASSETS Land Buildings and improvements Furniture and equipment INVESTMENT IN GENERAL FIXED ASSETS General revenues Bond issues 1998 1997 $ 500,000 $ 500,000 4,116,088 4,116,088 865333 795,311 $ 5,481,421 $ 2,381,421 3,100,000 $ 5,481,421 $ 5,411,39.__.~9 $ 2,311,399 3,100,000 $ 5,411,599 I I I I I I I I I I I I I I SUPPLEMENTARY DATA ! ! VILLAGE OF GLENVIEW, ILLINOIS Combined Schedule of Cash and Investments December 31, 1998 (See Following Page) o~ I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Schedule of Insurance in Force December 31, 1998 I I Type of Coverage Property, Mobile Equipment, Auto Physical Damage Excess Property General Liability, Employee Benefits, Law Enforcement Liability, Public Officials Auto Liability Employee Dishonesty, Crime General Liability, Auto Liability, Law Enforcement Liability, Ambulance Attendants' Liability, Public Officials' Liability Specific Aggregate Expiration Self-Insured Excess Excess Insurance Date of Retention Limit Limit Carrier Policy $ 50,000 $ 950,020 $ 950,020 1,000,000 N/A 50,469,703 100,000' 900,000 100,000' 900,000 250,000 Boiler and Machinery Position Surety Bonds Paul T. McCarthy, Treasurer Workers' Compensation Excess Workers' Compensation Social Service Agency 1,000,000 10,000,000 10,000,000 5,000 50,000,000 50,000,000 1,000,000 1,000,000 250,000* 50,000 50,000 300,000 Statutory Statutory 1,000,000 Professional Liability N/A 1,000,000 * All retentions subject to a maximum $575,000 loss fund. N/A - Not applicable. United National 12/31/98 Traveler's Insurance 12/31/98 N/A United National 12/31/98 N/A United National 12/31/98 N/A Kemper Insurance 12/31/98 High-Level Excess Liability Pool Kemper Insurance 4/30/08 12/31/98 Kemper Insurance United National Safety National American Home Assurance Co. 12/31/98 12/31/98 12/31/98 05102/96 I I I I I I I I I I I I I I I 136 I I I I i VILLAGE OF GLENVIEVV, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1991 December 31, 1998 I I I I I I I I Date of Issue December 1, 1991 Date of Maturity December 1, 1999 Authorized Issue $4,165,000 Denomination of Bonds $5,000 Interest Rates 1991-1992 4.40 % 1992-1993 4.50% 1993-1994 4.70% 1994-1995 4.70% 1995-1996 4.90% 1996-1997 5.00% 1997-1998 5.00% 1998-1999 5.10% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond .......... Tax Levy- -- Interest Due on Year Year Numbers Principal Interest Totals lune 1 Amount Dec. 1 Amount 1999 1998 757-833 $ 385,000 $ 19,635 $ 404,635 1999 $ 9,817 1999 $ 9,818 $ 385.000 $ 19.63_5 ~ $ 9.817 $ 9.818 Note: The above bond issue is to be retired annually by the Waterworks Fund (79%) and the Library Fund (21%). The bonds payable are: $659,650 by Waterworks Fund and $175,350 by the Corporate Purpose Bond Series of 1991 Fund. 137 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1992 December 31, 1998 I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at April 1, 1992 December 1, 2012 $2,895,000 $5,000 1994 4.30% 1995 4.75% 1996 5.10% 1997 5.25% 1998 5.50% 1999 5.75% 2000 5.90% 2001 6.00% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago 2002 6.10% 2003 6.20% 2004 6.30% 2005 6.40% 2006 6.50% 2007-2008 6.55 % 2009-2012 6.60% CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Tax Levy- Interest Due on Year Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1999 1998 099-120 $ 110,000$ 153,848$ 263,8481999 $ 76,924 1999 $ 76,924 2000 1999 121-144 120,000 147,524 267,524 2000 73,762 2000 73,762 2001 2000 145-169 125,000 140,444 265,444 2001 70,222 2001 70,222 2002 2001 170-195 130,000 132,944 262,944 2002 66,472 2002 66,472 2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507 2004 2003 225-254 150,000 116,024 266,024 2004 58,012 2004 58,012 2005 2004 255-286 160,000 106,574 266,574 2005 53,287 2005 53,287 2006 2005 287-320 170,000 96,334 266,334 2006 48,167 2006 48,167 2007 2006 321-366 180,000 85,284 265,284 2007 42,642 2007 42,642 2008 2007 367-395 195,000 73,490 268,490 2008 36,745 2008 36,745 2009 2008 396-437 210,000 60,720 270,720 2009 30,360 2009 30,360 2010 2009 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430 2011 2010 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170 2012 2011 529-579 255~000 16,830 271,830 2012 8,415 2012 8,415 2.405.000 $ 1.334.230 $ 3.739.230 $ 667.115 $ 667.115 Note: The above bond issue is to be retired annually by Wholesale Water Fund. I I I I I I I I I I I I I 138 I I I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1993 December 31, 1998 I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at May 1, 1993 December 1, 2005 $7,635,OOO $5,000 1994 4.60% 1995 4.60% 1996 4.60% 1997 4.60% 1998 4.60% 1999 4.60% 2000 4.60% 2001 4.60% 2002 4.60% 2003 4.60% 2004 4.60% 2005 4.70% June I and December 1 December 1 American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Year Year 1999 1998 2000 1999 2001 2000 2002 2001 2003 2002 2004 2003 2005 2004 Bond Tax Levy Interest Due on Numbers Principal Interest TotaL ]une 1 Amount Dec. 1 Amount 257-374 $ 590,000$ 293,676 $ 883,676 1999 $ 146,838 1999 $ 146,838 375-496 610,000 266,536 876,536 2000 133,268 2000 133,268 497-636 700,000 238,476 938,476 2001 119,238 2001 119,238 637-794 790,000 206,276 996,276 2002 103,138 2002 103,138 795-1019 1,125,000 169,936 1,294,936 2003 84,968 2003 84,968 1020-1298 1,195,000 118,186 1,313,186 2004 59,093 2004 59,093 1259-1527 1,345,000 63~216 1~408,216 2005 31,608 2005 31~608 $ 6.355.000. $ 1.356.302 $ 7.711~302 $ 678.151 $ 678.151 139 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1994 December 31, 1998 I i I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at September 15, 1994 December 1, 2004 $8,040,00O $5,000 1994 4.00% 1995-1997 4.40% 1998 4.60% 1999 4.75% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago 2000 4.85% 2001 4.90% 2002 5.00% 2003-2004 5.10% CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Year Year Bond Tax Lev3r Interest Due on Numbers Principal Interest Totals Iune 1 Amount Dec. 1 Amount 1999 1998 2000 1999 2001 2000 2002 2001 2003 2002 2004 2003 0407-0649 $ 1,215,000 $ 295,090$ 1,510,0901999 $ 147,545 1999 $ 147,545 0650-0904 1,275,000 237,378 1,512,378 2000 118,689 2000 118,689 0905-1135 1,155,000 175,540 1,330,540 2001 87,770 2001 87,770 1136-1367 1,160,000 118,945 1,278,945 2002 59,472 2002 59,473 1368-1485 590,000 60,945 650,945 2003 30,472 2003 30,473 1486-1608 605,000 30,855 635,855 2004 15~427 2004 15~428 $ 6.000.000 $ 918.753$ 6.918.753__ $ 459.375 $ 459.378 I I I I I I I I I i I I I I 140 I I I VILLAGE OF GLEN-VIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1995 December 31, 1998 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at October 17, 1995 December 1, 2000 $500,000 $5,000 1996 3.55% 1999 1997 3.80% 2000 1998 4.00% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago 4.10% 4.20% CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond .......... Tax Levy Interest Due on Year Year Numbers Principal Interest Totals Tune 1 Amount Dec. 1 Amount 1999 1998 61-80 $ 100,000 $ 8,300 $ 108,300 1999 $ 4,150 1999 $ 4,150 2000 1999 81-100 100~000 4~200 104t200 2000 2fl00 2000 2~100 $ 200.000 $ 12,500 ~ $ 6.250 141 VILLAGE OF GLEN-VIEW, ILLINOIS Long-Term Debt Requirements General Obligation Bond Anticipation Bond Series of 1995 December 31, 1998 I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at January 27,1995 December 1, 1999 $60,000,000 $5,000 1996 6.25% 1998 1997 5.40% 1999 June 1 and December 1 December 1 American National Bank and Trust Company of Chicago 5.50% 5.55% CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Year Year 1999 1998 Bond Tax Lev3r -lnberest Due on Numbers Principal Interest Totals June 1 Amotmt Dec. 1 Amount 8,001-12,000 $ 20,000,000 $ 1,110,000 $ 21tl10,000 1999 $ 555,000 1999 $ 555,000 $ ~O.000.000 $ 1.110.000 $ 21.110.000 $ 555.000 $ 555.O00 I ! I I I I I I I I I I I I 142 I I I I I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1996 December 31, 1998 ! I I I i i I I I I I I ! I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at November 1, 1996 December 1, 2008 $8,435,OOO $5,000 Bonds Rate 001-135 4.60% 136-276 4.625% 277-1278 4.70% 1279-1477 4.80% 1478-1687 4.875% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond -Tax Levy .Interest Due on Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1999 001-135 $ 675,000 $ 398,074* $ 1,073,074 1999 $ 199,037 1999 $ 199,037 2000 136-276 705,000 367,024 1,072,024 2000 183,512 2000 183,512 2001 277423 735,000 334,418 1,069,418 2001 167,209 2001 167,209 2002 424-578 775,000 299,872 1,074,872 2002 149,936 2002 149,936 2003 579-740 810,000 263,~48 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 $ 8.435.000 ~_ 2.367.140 $ 10.802.140 $ 1.183.570 $ 1.183~570 * Interest payments to come from bond proceeds. 143 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1997 December 31, 1998 I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at August 15, 1997 December 1, 2017 $6,175,000 $5,000 Bonds Rate 001-717 4.875% 718-792 4.900% 792-1235 5.000% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal B~nd Requirements Interest Due on Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1999 0214~0 $ 200,000 $ 299,018 $ 499,018 1999 $ 149,509 1999 $ 149,509 2000 061-102 210,000 289,268 499,268 2000 144,634 2000 144,634 2001 103-145 215,000 279,032 494,032 2001 139,516 2001 139,516 2002 146-190 225,000 268,550 493,550 2002 134,275 2002 134,275 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 28%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 2Oll 647-717 355,000 146,432 501,432 2011 73,216 2011 73,216 2012 TI 8-792 375,000 129,126 504,126 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 4~,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 $ 6.075.000 $ 3.456.802 $ 9.531.802 S 1.728.401 $ 1.728.401 Note: Debt service is payable from the North Maine Water ~md Sewer Fund. ! 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, 1998 I I I I I I I I I I I I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rate Interest Date 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 CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal .Requirements Year Principal Interest Totals 1999 $ 78,206 $ 137,171 $ 215,377 2000 82,072 133~305 215,377 2001 86,128 129,249 215,377 2002 90,384 124,993 215,377 2003 94,852 120,525 215,377 2004 99,539 115,838 215,377 2005 104,459 110,918 215,377 2006 109,621 105,756 215,377 2007 115,039 100,338 215,377 2008 120,725 94,652 215,377 2009 126,691 88,686 215,377 2010 132,952 82,425 215,377 2011 139,523 75,854 215,377 2012 146,419 68,958 215,377 2013 153,655 61,722 215,377 2014 161,249 54,128 215,377 2015 169,219 46,158 215,377 2016 177,582 37,795 215~377 2017 186,359 29,018 215,377 2018 195,569 19,808 215,377 2019 205,234 10f143 215,377 $ 2.775.477 $ 1,747.440 $ 4,522.917 Note: Debt service is payable from the North Maine Water and Sewer Fund. I i 145 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements General Obligation Bond Series of 1998A December 31, 1998 I I I Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at November 1, 1998 December 1, 2018 $10,000,000 $5,000 Bonds Rate 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 CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Tax Levy .Interest Due on Printfipal Interest Totals l~e 1 Amount 2OO0 2001 2O02 2OO3 2OO4 2005 2OO6 2007 2008 2009 2010 2~2 2~3 2~4 2~5 2~7 $ 461,977' 426,440* 426,440* 426,440 426,440 426,440 426,440 426,440 426,440 426,440 426,440 426,440 695,000 426,440 1,250,000 397,945 1,360,000 346,070 1,480,000 288,950 1,605,000 226,050 1,735,000 157,035 1~875~000 81,563 $ 461,977 1999 $ 248,757 1999 $ 213,220 426,440 2000 213,220 2000 213,220 426,~40 2001 213,220 2001 213,220 426,440 2002 213,220 2002 213,220 426,~40 2003 213,220 2003 213,220 426,440 2004 213,220 2004 213,220 426,440 2005 213,220 2005 213,220 426,440 2006 213,220 2006 213,220 426,440 2007 213,220 2007 213,220 426,440 2008 213,220 2008 213,220 426,440 2009 213,220 2009 213,220 426,440 2010 213,220 2010 213,220 426,440 2011 213,220 2011 213,220 1,121,440 2012 213,220 2012 213,220 1,647,945 2013 198,973 2013 198,973 1,706,070 2014 173,035 2014 173,035 1,768,950 2015 144,475 2015 144,475 1,831,050 2016 113,025 2016 113,025 1,892,035 2017 78,518 2017 78,518 1,956~563 2018 40,781 2018 40,781 $ 10.000.000 $ 7.503.309 $ 17.503.309 $ 3,769.423 $ 3.733.886 *NOTE: Interest paymeiats to come ~rom bond proceeds. I I I I I I I I I I I I I I 146 I I I I I I I I I I I I I I I I I I I I I STATISTICAL SECTION 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 Property Tax Assessed Valuations, Rates, Extensions, and Collections Last Ten Fiscal Years December 31, 1998 I I I I I I I I I I I I I I I I (See Following Page) I I I I I I I I © rtl 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 Proper~ Tax Rates - Direct and Overlapping Governments Last Ten Fiscal Years December 31, 1998 I I I I I I I I I I I I I I I I (See Following Page) 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 I I I I I i VILLAGE OF GLEN-VIEW, ILLINOIS Schedule of Legal Debt Margin December 31, 1998 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum. ·. shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. 153 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 December 31, 1998 I I I Education Level in Per (1) Years of (2) (3) Fiscal (1) Capita Median Formal School Unemployment Year Population Income Age Schooling Enrollment Percentage 1989 36,400 $ 22,350* 34.7 16.5 3,024 3.5 1990 38,437 22,791' 34.9 16.4 3,121 3.5 1991 38,437 24,838* 35.5 16.6 3,015 4.2 1992 38,437 30,531 37.5 16.4 5,887 4.8 1993 38,437 31,752' 37.5 16.5 5,937 4.6 1994 38,437 33,022* 37.5 16.5 6,023 3.6 1995 38,437 34,343* 37.5 16.5 8,461 2.9 1996 38,437 35,716' 37.5 16.5 8,590 3.1 1997 38,437 37,14,5' 37.5 16.5 8,676 2.5 1998 38,437 38,631 37.5 16.5 9,315 2.6 * Estimate 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. I I I I I I I I I I I I I I 156 I I m m m m VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1998 I I Date of Incorporation June 20, 1899 Form of Government Council-Manager Geographic Location 20 Miles North of Chicago Area Population 13 Square Miles 19500) 6,142 19600) 18,132 1970(~) 24,880 19800) 32,060 19900) 38,437 1991 38,437 1992 38,437 1993 38,437 1994 38,437 1995 38,437 1996 38,437 1997 38,437 1998 38,437 Number of Total Housing Units (1993 Census) Median Value Owner-Occupied Noncondominium Housing Units 11,399 $ 252,640 O) Distribution of Owner-Occupied Noncondominium Houses by Value Unit Value by Range (1) Unit Distribution Number Percent Under $100,000 378 4% 100,000 - 199,999 3,359 35 200,000 - 299,999 2,805 29 300,000 or More 3,000 31 9~542 99% The above information from the Bureau of the Census, other years estimated. I I I I I I I I I I I I I I I (Continued) 158 I I VILLAGE OF GLENVIEIN, ILLINOIS Miscellaneous Statistics December 31, 1998 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 compact discs Number of registered borrowers 1997 book circulation 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 served during fiscal year Number of metered water customers at December 31, 1997 Number of unmetered water customers at December 31, 1997 Gallons of water purchased during fiscal year Gallons of water billed during fiscal year Water storage capacity Ground Storage Elevated Storage 3 2,300 Class 3 69 18 1 1 244,984 3,153 7,915 353 6,542 8,290 32,439 764,413 34 168.25 125.00 666 9,518 13,675 3,129,780,000 2,676,919,000 8,500,000 gallons 1,000,000 gallons (Continued) 159 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1998 I I Number of full time employees (on December 31, 1998) Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Residential Cul-de-sacs Total Miles of streets maintained by Glenview identified by surface type: Asphalt Concrete Total Miles of alleys maintained by Glenview Miles of streets within the Village of Glenview maintained by Cook County or the State of Illinois Miles of sanitary sewers Miles of storm sewers Number of Village owned street lights Building activity Number of permits issued in 1998 Value of construction authorized in 1998 7 5 106 12 130 92 38 130 2.2 80.6 74 465 1,749 $ 97,784,655 I I I I i I I I I I I I I I I 160 I I I I I I I 1 ! ! ! I ! ! '1:1 VILLAGE OF GLENVIEW, ILLINOIS Major Corporate Fund Revenue Sources Non-Real Estate Tax December 31, 1998 I I I Fiscal Sales Year Tax % of % of Total Utility Total Revenue Tax Revenue 1989 $ 3,425,477 28.8% 1990 3,287,825 25.6 1991 3,358,151 28.5 1992 3,608,071 26.7 1993 4,188,116 29.4 1994 4,438,932 24.4 1995 4,843,071 25.3 1996 4,661,985 23.6 1997 4,794,830 21.1 1998 5,092,357 20.9 Note: Includes General Fund only. $ 2,414,772 20.3% 2,419,761 18.9 2,687,159 22.8 2,744,525 20.3 2,876,149 20.2 2,512,867 13.8 2,935,696 15.3 3,099,365 15.7 3,184,812 14.0 3,340,555 13.7 Income Tax $ 1,406,056 1,345,428 1,605,474 1,651,925 1,966,124 Z157,707 2,266,279 2,656,744 2,483,946 2,666,003 % of Total Revenue 11.8% 10.4 13.6 12.2 13.8 11.9 11.8 13.4 10.9 10.9 I I I 1 i I I I I I I I I I 162 I I I I I I I I I I I 1 I I I I I I I I VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS Amount As Per Cent of Per Capita Applicable as of Assessed Estimated (1997 Est. Dec. 31. 1998 Value True Value Poo. 38.120) Assessed Valuation of Taxable Reel Properly, 1997 ............ $1,04X,~7,E26 100.00% 33.33% ~ 19~ 44 Estimated True Value of Taxable Real Proper~y, 1997 ........... 3,143,333,478 300.00% I00.00% 78,,~3.338 Direct General Obligation Bonded Debt(/): Payable from Property Taxes .......................... $ 10,384,100 .99% .33% $ 272.41 Self-Supporting Debt(2) .............................. 53.870.900 5.14% 1.71% 1.413.19 Total Direct Bonded Debt .......................... $ 64,255,000 6.13O/0 2.04% $ 1,685.60 Overlapping Bonded Debt Payable from Property Taxes(3): Schools ......................................... $ 15,464,481 1.48% .49% $ 405.68 Other Than Schools ................................. 38.379.080 3.66%° 1 .~/0 1.006.79 TotaJ Overlapping Bonded Debt ...................... $ 53.843.561 5.14% 1,71% $1.412.47 Tota] Direct and overlapping Bondeb Debt .................... $ 118.098.561 11.27% 3.75% $ 3.098.07 Total Direct and Overlapping Excluding Self-Supporting ....... $64,227,661 ~13% 2.04% $ 1,684.8~ Notes: 1. The V/t/age is a home-nJis unit under the 1970 Illinois Cons#to~bn and as such has no debt limit nor is it required to seek referendum approva/ fo.r. ~e /_ssuanoe of gene~F] ~b~a/~n debt. See "Retirement Schedule of ~ut~ter~r~g. Village Ge,~...ra/ Obligation De~t" ~r a listing of ~e Vdlages non.genera/obtiga#on debt and curren#y outstand~g genera/ ob~gation debt. Of ~e Village's genera/ obligation debt 83.8% or $53,870,900 is considered self-supporting. 2. See "Deta#ed Overl~oping Bonded lndebtedness Payable From Property Taxes at December 31, 1998 ~ RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1) (As of December 31, 1998) Principal Amounts Self Suooortino With Pro/acted Abatement From Paid From Water and Sewer Funds(21 Due Property Series Series Series Sm/es 124 Taxesf3) 1991/92/4} 1994[5) 1995 1997(6) 1999... $ 1,453,400 $ 414,100 $ 432,500 $100,000 $ 200,000 2000... 1,432,400 120,000 452,600 100,000 210,000 2001... 1,403,400 125,000 451,600 -0 - 215,000 2002. . . 1,493,000 130,000 457,000 :::~5,000 2003. . . 1,587,600 145,000 127,400 240,000 2004... 1,669,300 150,000 130,700 250,000 2005... 1,345,000 160,000 - 0 - 260,000 2006... - 0 - 170,0(]0 275,000 2007. . . 180,000 290,000 2OO8... 195,000 ;305,000 20(]9... 210,000 320,000 2010... 220,000 340,000 2011... 235,000 355,000 2012... 255,0~0 375,000 2013 .... 0 - 395,000 2014... 420,000 2015... 440,000 2016... 465,000 2017... 495,000 20t8 .... 0 - $10,384,100 $2,709,100 $2051,800 $200,000 $6,075,000 Tm[ Increment Revs. 47) Total Series Series Cumul. 1996 1998 Amount Percent $ 675,000 $ * 0 - $ 3~75,000 5.1% 705,000 - 0 - 3,020,000 9.8% 735,000 - 0 - 2,9~0,000 14.4% 775,000 1,395,000 4,475,0~0 21.3% 810,000 1,450,000 4~360,000 28.1% 850,000 1,510,000 ' 4,560,000 35.2°1o 895,000 1,575,000 4235,000 41.8% 945,000 1,640,000 3,030,000 46.5% 995,000 1,715,000 3,180,000 51.5% 1,050,000 1,790,000 3,340,0~0 56.7% - 0 - 1,870,000 2,400,000 60.4% 1,955,000 2,515,000 64.3% 2,050,000 2,640,000 68.4% 2,145,000 2,775,000 72.7% 2250,000 2,645,000 76.90/0 2,360,000 2,780,0(]0 81.2O/o 2,480,000 2,920,000 85.7% 2,605,000 3,070,000 90.5% 2,735,000 3230,000 95.5% 2.875.000 2.875.000 100.0% Debt Service From yLe~r Property Taxes 1999 $1,852,474 2000 1,748,509 2001 1,771,445 20(~ 1,805~77 2003 1,811,696 2004 1,40~216 Notes: 1. Excludes the Village's $2~?~0,0~0 General Obi/gabon Bond An~pa~n Bonds, Sedas 1995 due on December 1, 1999. Proceeds of ~3e Bond Anticipate3 Bc~ds were used to cap;te#ze ~tsrest to ~e respec~ve matun~y dates and prot4de funds to complete ~e iofras~ucture improvements to enabte ~3e redevelopment of the new c~e~ Gtenvtew Na?~ Air Stab~n. Among other sources, proceeds from the sale of land at ~e Gtenview Nave~ Air Ste~on will ~e used.to pay the Bo~d. Amicipa~on Bonds at thelr fical reatudty. If long-term bonds are us~ to pay a maturity of ~e Bond AnEcipation Bonds, ~e new /~l.Ul~./ti .al~e. a~ ~n this table. Excludes ~nnua/ payments of $215,377 to s~llers of ~e utiTity .compa~.y ~at.was acquired in. September, 1997. 7~ ~ , 3 ,046pnnc/pal amount of special seneca area b~3ds, the proceeds of whtch have been used for venous neighborhood local tmprovements a~d which a,,~ s~.cu.red by properiy taxes to be le~ed in the app#cable special service areas, is shown as overlapping debt in ~e table "Detailed Overlapping Bonded teoness Payable From Propedy Taxes~ ~ A~ a home PJte unit under ~e ?70 Illinois Cor~J~lten, ~e Vilisg~ has no debt !!mit and it can issue genera/obggatJon bonds without re~renduro. The V#la~e has chosen to ~d vanous ~ater/sewer improvements ~wth.generel obligation bonds and abate taxes from user charges. The Viitage's water system serves a papulat~on of apprommately 100,000 of which apprex~mately 64,000 are outside ~e Village limits (57,000 in ~inoorporatad areas and 7,000 in the Citizens Ut/T/ties service area). 3. IT~he~eSdremathi.n~ ma~uri~ss for the Vii!age's. outstenclng Series1993 ~nda, and a port~n of the outstanding Sedss1991 and Series1994 issues. 4 ~e es1992u~nc~sarepayablapnman~y#~mrevanues~ftheserwcearea~fa~dvatewaterc~mpanyootsidetheVi#age~imits~ ~ TheVi~agesa/d$8~4~Genera~Ob§gati~nRefundingB~nds~Sedes1994onAugust3~1994~Apar#~n~ftheissueispayab~eft~mpf~per1ytexesand the re~indar is self~suppo~ir~ from. water/sawer revenues. ~ TheSenss1997B~ndsarebetngpa]dfremwaterandsswerrevenues~fasan~ceareeoutsidetheVi~ageitmitswithap~pu~atian~fappr~xymate~y4~ Z TheSeqes 1996andSe#ss 1998BondsareexpsotedtobepaidfremincrementalpropartytaxesattheGlant4ewNava/Air StaEon Economic Deveiopreent Project Area plus 80% of ths land sa/e proceeds derived from the Village's sale of land at the Project Area. 163 DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) Villaae lsaue Sale Date May 1, 1990 ............ $ 4,500,000 November 19, 1991 ....... 4,165,000 ~dl 7, 1992 ............ 2,895,000 y 18,1993 ............ 7,635,000 August 30, 1994 ......... 8,025,000(3) January 25, 1995 ........ 60,000,000(4) October 17, 1995 ........ 500,000 October 15, 1996 ........ 8,435,000(5) ~O~_tobust 5, 1997 .......... 6,175,000 er20, 1998 ....... 34,400,000(6) Ratio to Estimated Actual Value/Il Per Caoita/l) Direct Debt Direct & Overlaooinq Debt Direct & Overlanpirlg Debt Including Excluding Including Excluding Including Excluding Self- Self- Self- Self- Self- Self- Amount SUDDortino Sur~oortino/2) SUDDOFUnQ SUDDOrtino[2) SUDDOrtino SUDDOFtino(2) 1.53% -83% 3.23% 2..53% $1,229.81 $ 964.91 .g1% .50% 2-64% 2-23% 1,532.82 1,2952.4 1.03% .50% 2.78% 2-25% 1,614,07 1,304.18 1.23% .77% 3.31% 2.85% 1,962.19 1,690.55 .94°/0 .60% 3.00O/o 2.66°1o 2,229.73 1,978.80 .87% .57°/0 2-9~% 2-68% 2,219.67 1,995.53 .89% .57% 3.17O/0 2.85% 2,360.61 2,123.34 1.01 % .45% 3.18°1o 2.62°1o 2,590.75 2,134.53 1.13% .42% 3.15% 2.44°/° 2,544.13 1,969.57 2-12% .37olo 3-.98°1o 223°1o 3,125.64 1,752.00 Notes: 1. Ratios and per capita informaEon as sst out in applicable OfficiaIStatements. The Vilioge's Bond Anticipation Bonds which sold o~ Januaq/ 25, 1995 ere not included in these ra~os (ss° Note 4). 2. Excluding the V#lage~ setf-suppor~ng general obliga~on bonded debt. 3 Final issue amount was $8,040,000. This issue advance refunded the callable maturities of the Sedes 1989 and 1990 issues. 4. General Obligation ~ Anticipation Bond~ Sedes 1995 ("BABS") the proceeds of which were used to fund interest up to the respective metudty dates of the BABS and to create a capital improvement fund for redevelopment costs of the G~nview Naval Air Station which officially dosed on September 9, 1995. Tn° principal amount of the Bond Anticipation Boncls was not included in ~e debt ratios and par capita data - if and when these maturities ate refinanced with long-term bonds (such as the Sedes 19~6 ~ the Series 1998 Bonds), they will appear in ~ debt ra#os and par capita debt. 5. Proceeds ussdto refundthe December 1, 1996matud~yofthe BABS. 6. A portion of the proceeds of the Series 1998 Bonds was used to refund the December 1, 1998 metu#[y of the BABS. 77~e remaining BAB matudty is $20,000,000 due on December 1, 1999. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 1998 SCHOOL DISTRICTS: Elementary Districts: Glenview School District No. 34 ................. No~thbrook School District No. 30 ............... West Northfield School District No. 31 ............ Wilruette School District No. 39 ................. East Maine School Distdct No. 63 ............... Golf School District No. 67 .................... Avcca School District No. 37 .................... High School District.s: Northfield Township High School District No. 225 ...... New Trier Township High School Distdct No. 203 ...... Niles Township High School Distdct No. 219 .... Maine Township High School Distdct No. 207 ........ Community College District: Oakton Commanity College No. 535 ............... Percent of Village's 1997 Real Properly in Gross Taxino Body Bonded Debt 71.0O/o $5,855,000 10.1% 9,839,641 8.5% 8~90,000 3.2% 7,440,000 2_7°1o 20,370,000 2_7°1o 3,595,000 1.8% 4,785,000 100.0% 89.0% 0,000,000 3.3°1o 29,291,429 2-7% 10,040,000 100.0O/o 100.0% - 0 - Village's Applicable Share (Note 1) of Gross Debt To Be Paid From Real Prob-,flY Taxes Percent Arnount 85.723°1o $ 5,019,081 34.384°1o 3~383,262 21.450O/o 1 [278,205 4.779% 355,557 4.092°/o 833~10 15.054% 541,191 7.058% 337,725 33.939% 2,036,340 2.346% 672,950 1.380% 404~22 1.020% 10~,408 Total School Districts .......................................................... 9.127O/o - 0 - $15,464,481 OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve District ......... 100.0% $1,589,g05,000(2) 1.388% $22,067,881 Metropolitan Water Reclamation District .............. 100.0% 985,320,000(2) 1.418% 13,971,837 Glenview Park District .......................... 99.1% 1,182,000(3) 81.986'% 969,075 No~thbrook Park Distdct ......................... 5% 4,760,000(3) .368% 17~517 Northfield Woods Sanitary District .................. 8,5% 590,000 2~.979°/0 1701976 North Maine Fire Protection Distdct .................. 5% 3,265,000 2.353% 76,825 Gl°nview Special Service Areas ................... Various 1,104,969 100.000% 1.104.969 Total Other Than School Districts .................................................. $38~379,080 Notes: 1. Vilioge'ssharebasedupon1997ReatProparlyvalueEons. 2. Excludes General ObligaUon Notes issued in #eu of tax anticipation warrants and notes issued to provide intedm construction financing. Also excludes IEPA k~ans to the Metropolitan Water Reclamation D~tdct. 3 E~s the fallowing 'Aitem. ate Bonds" issued pursuant to Public Act 85-1419, which are considered to de self- supporEng since they are payal3~e from user fees or uther p~ non-pr~per~/ tax sources: Gtenview Park District - $16, 480 , O00 and Northbrook Park Distdct - $ 7, 425, 000. 164 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 1) Real Property Tax Net Percent Levy Less for Taxing Increase Over Year Gross Exemotions(2) Purooses Prior Year 1993 ............ $1,001,673,951 $56,613,250 $ 945,060,701 +3.5% 1994 ............ 989,104,798 57,555,800 931,548,998 -1.4%(4) 1995(3) .......... 1,096,925~2 60,905,775 1,036,019,507 +11.2% 1996 ............ 1,111,554,137 61245.414 1,050,30~,723 +1.4% 1997 ............ 1,110,128,692 62,350.866 1,047,777,826(5) -.2%(6) Notes: 1. Prope~ in ~ok County is separated into eight dassificatieas for assessment put, uses (ranging in 1985 from 16% for residential to ~0% f~r ~ornmerc~al property). After the assessor establishes the fair market vaiea of a parcel of land, that value/s multiplied by one of ~e classificatton percentages to ardve at the assessed valuation for that parcel. The Itiinais Depar~ent of Revenue famishes each county with ~ adjusknent factor (the equalization factor) to equatize t~e level of assessment between countlas. After the equalization factor is applied, the valuation of thepropertyf~rtaxingpu/peesshesbeenesteb~hed-taxratssareappliedt~theequai/~edveleafi~n~ On May 19, 19~6, the County Boa/d approved ~e reduction of ~e assessed vaiua~on (that amount determined before equalization) of commercial and indeatdal praperty-the 1985 assessment ratin for industrial propentes was 40% and dropped 1%par year until it re~cl 36% in 1989 ~ ~e 1985 assessment ratio for commercial prcperfies was 40% and dropped 1/2 of 1% per year until it reached 38% in 1989. 2 Includssthraemajorcategorlasofexempfions: the Senior Citizens' Homestead Exernp~Z~n ($7,705,000 in 1997), the Senlar Citizens Tax Freeze Homestead Exemption ($2,220,866 in 1997), ~d the General Homestead fof o~fng, /sa reduction o~ $2,500 ($1,500 tn levy years 1972-1~8~ ~ $2,000 in levy years 1984-1990) in the equalized assessed vaiuatiee of real property owned and occupied by a be[son 65 years of age or olde~ The General Homestead Exemption ~ available to owner-occupied residantlal property; the amount of the exernpb~n is ~uair~reas~ in ~e ~urront yaaFs ~quelized assessed valuation above the 1977 tax year ~luaiized assessed Eon, with a ~um of $1,5OO /n 1978, $3,000 between 1979and 1982, $3,5~O hetwean 1983-1990and $4,500 thereafter. Levy.year 1994 mad(ed the first year of ~ Senior Citi~.en Tax Freeze Homestead Exemption which provides .~..t l~..rsor~ 65 or older wfih a houssho~ income of less than $35,000 may receive ~3 exemption in the a~... n..t or the dlffare~ce between the current equeliz~ assessed value of each principal residence ~3d the greeter of (i) ~e 1993 equalized assessed value of the residence plus the value of ~nt improvements or (ii) ~e equalized assessed value in the year ~e senior cit/~an becomes eligible for the exemption plus the vaJue of subsequent improvements, 3. Under the current triennial reassessment system in Cook County, one third of ~ County is reeseessed each year. The Village was raassessed in 1992 and ageth in 1995. 4. The decrease in equafized assessed vaiuaEon was primadly due to a 1.3% drop in the State-imposed equalizaEon factor for Cook County (from 2.1407 in levy year 1993 to 2.1135 in levy year 1994). E~ By valuation, 82.0% of the Village is in Norihfleld Township, 6.8% is in Niles Township, 6.3% is in Maine Township, and 4.9% is in New Tder Township. Includes $137, 766 of Railroad Properly now classified as Real Properly. 8 Thedecreasetheduaiizedassessedvaluattonwaspdmadlydueto a.31% drop in the Stateqmposed equalization factor for Cook County (from 2.1517 in levy year 1996 to 2.1489 in levy year 1997). TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Glenview: 1993 1994 1995 1996 1997 Bonds and Interest ....................... $ .171 $ .137 $ .119 $.125 $ .166 Pensions (Police, Fire, IMRF & Social Security) .... 120 .179 .191 .139 .112 Corporate ............................. .400 .393 ~ .422 .457 Total Village(l) ...................... $ .691 $ .709 $ .663 $ .687 $ .735 Cook County (IncL Forest Preserve) ................ 1.043 1.066 1.066 1.063 .993 Metropelilan Water Reclamation Distdct .............. 471 .495 .495 .492 .451 G enview S D Number 34 ...................... 2-893 3.179 2.959 3.071 3.188 Not,field Township H.S.D. Number 225 ............. 1J~6 2.023 1.899 1.9~G 1.9G2 Oakton Community College Dist. Number 535 .......... 248 255 233 206 .216 Glenview Park District .......................... 459 .488 .478 .476 .498 Library(2) .................................. 300 .328 .301 .303 .304 Northfield Township and All Other ................... 107 .091 .117 .090 ,118 Total (3) ............................ $8.038 $8.634 $8211 $8293 $8.435 Village as a Percent of Total ...................... 8.6% 8.2% 8.1% 8.3% 8.7% Note. s: 1. As a beme rule eeit under the 1970 filinels Constitu~on, the Viltege has no stetutory tax rate firnita#ons. 2 Beginn~g in levy year 198~, ~e tax rate for Library purposes is considered under Stere/aw to be a separate tevy from Village. 3 Tax rate applicable to the largest tax code which represented 46.8% of ~e Vfilage's 1997 ~ax base ~ is focated in Northfield Township. 165 TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Total Taxes Collected as Levy Collection Total Taxes of March 31. 199911) Year Year Extended Amount (2) Pe~-ent 199G ....................... 1994 $6,530,369 $6,509,255 99.68% 1994 ....................... 1995 6,604,682 6,5~2,082 99.81% 1~95 ....................... 1996 6,868,809 6,890,612 100.31% 1996 ....................... 1997 7~15,621 7,247,519 100.44% 1997 ....................... 1~96 7,701,167 7,631,813 99.10% Notes: 1. Tax payments, including late payments and proceeds from tax ica/es, ars shown as collections in yearwhandu~. The 'Amount Collected" is not ~ same as distributions to ~e Village as tax rsfunds (pursuant to court orders, first time homestead exemptions, other exemptions, etc.) are deducted from "Amount Collected" of ~le year in which the rsfund is made regardless of ~e tax year for which ~e refund is apptisa~/e. Cook County property taxes are payable in two installments: the first on March 1, and ~3e second on the laltar of August I or 30 days after the mailing of the tex bills. The first installment is an estimated bill iso~haffoftheprioryeaKsbill. ThesecondinsteJlmentisbased on the current tevy, aasassment and equslizationandreflectsanychangesfromthepdoryear in ~3se factors. The second installment date furtevy year 1994 taxes was November 1, 1995,, which was unusually late -- prior to 1995, the latest secondtnstatimentdetewas October 1, 1981. The second installment dates for levy years 1995-1997 wers September11, 1996, September 19, 1997, and ~r 28, 1998. 1992 AND 1997 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION Villaoe of Glenview Taxable Valuation Percent of Total 1992 1997(2) 1992 1997 Residential ......................... $613,760,829 $ 736,518,370 672% 70.3% Commercial(l) ...................... 204203,969 214,905,061 22.4% 20.5% Industrial ........................... 94,503,492 96,14,3,443 10.4% 9.2% Railroad ........................... 24,677 137,766 NIL NIL Farm ............................. 109.475 73.166 NIL NIL Total ......................... $912,702,442 $1,047,777,826 100.0% 100.0% Percent Increase 1992-1997 ............................ Notes: 1. The commercial classification includes apartment buildings with over six units ~ any apar~ect/reteil mixed use buildings. 2 Latest information available from C~ok County byprsperty ctessifica~ion. TEN LARGEST TAXPAYERS Rank Kraft General Foods ............ Signode, Div. of ITW ........... Zenith Electronics ............. Addison Wesley Education ........ RREEF MIDAMERICA .. D & T Property Tax Group ....... Evanston NW Healthcare ........ Avon Products ............... St Andrews Properties .......... Baxter Management Corp ........ Equalized Assassed Percent of Properties Valuation (Il Villace (2) Corporate Headquarters/Research Campus... $ 34,423,796 3.3% Corporate Headquarters ................ 15~43,521 1-5% Corporate Headqua[ter s- Elect ronics ........ 13,338,416 1.3% Corporate Headquarters-Book Publishing(3)... 9,937,897 0-9% Plaza Del Prado Shopping Center .......... 7,178,663 0.'P/o Doubletree Hotel ..................... 6,948,283 0.7% Medical Office Buildings ................ 6~J6,246 0.6% Cosmetics - ShippingFacility ... 5,174,819 0.5% Carillon Square Shopping Center ..... 4,516,457 0.4% Apartments ......................... 4.486.605 0.4°/. 10.3% Total Ten Largest Taxpayers ...................................... $107,514,703 1. Valuations as of Janusty l, 1997 far1998 temY~g purposas. 2. Total 1997 Village valua~n of $1,047,777,826. 3 Corporate headquarters of Sco~t Foresman/Addison Wesley, 166 I I ! I I I I I I i I I 1 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 1} Revenues/Transfers: 1994 Property Taxes(3) .................... $ 3,748,378 Property Taxes-Fire Protection District(/1)... 1,781,710 Sales Taxes ........................ 4,438,9G2 Utility Tax ......................... 2,512,867 State Income Tax/Photo and Use Tax ....... 2,157,707 State Income Tax Surcharge ............. 161,140 Franchise Taxes ..................... 263,597 Hotel Room Tax(4) ................... ,589~06 Motor Vehicle Licenses ................ 434,946 Building Permits/Cert. Of Occup ........... 343,655 Othar Licenses and Permits ............. 276,125 Charges For Services ................. 718,494 Fines and Fodeite .................... 226,415 Interest ........................... 105,601 Transfere-ln: Waterworks ...................... - 0 - Wholesale Water ................... - 0 - GNAS Redev./Caretaker .............. - 0 - North Maine Utilities ................ - 0 - Escrow Deposit(5) .................. 142,414 O~er ........................... - 0 - All Other Revenues ................... 535.5_5! Total Revenues/Transfers ........... $18,4.36,738 Expenditurss/Transfers: Ger'~ral Government .................. $ 3,725,026 Public Safety ....................... 9,641,425 Highways and Streets ................. 3,348,927 Pensions .......................... - 0 - Subt~fal Expenditures ................ $16,715,378 Transfers-Out: Capital Equipment Replacement(6) ....... $ 678,927 Capital Projects .................... 878,000 Other ........................... 140.304 Total Expenditures/Transfers ......... $18,412,609 Revenue Over (Under) Expenditures: Before capital/Transfers ................ $ 1,581,056 After Capital/Transfers ................. $ 24,129 Adiusfmentsto Fund Balance .............. $ - 0 - Fund Balance at December 31(7) ............ $ 8,279,458 Balance Assets: 1994 Cash and Inves~nents(8) ............... $ 4,948,807 Receivabras: Property Taxes .................... 3,744,904 Sales Tax ........................ 754,002 Utility Tax ....................... 289,790 Other Receivables .................. 868,812 Due From Other Funds ................ 1,555,178 All Other Assete(9) ................... 735.756 Tota~ Assets .................... $12,897,2.49 Liabilities and Fund Balance: Accounts Payable .................... $ 63,490 Compensated Absences Payable .......... 440,101 Due To O~qer Funds ............. 449,066 Deferred Revenues ................... 3,735,626 /MI Other Uabilif~es ................... 27,257 Fund Balance; Reserved(9) ...................... $ 735,756 Designated for Surcharge Recalpts(lO) .... 2,222,048 Undes"'gnated ..................... 5.223.90.5 1995 1996 1997 $ 3,585,385 $ 3,567,602 $ 5,09~,741 1,243,933 1,857,583 2,094,527 4,843,071 4,661,985 4,794,830 2,9G5,696 3,099,365 3,184,812 2,266,279 2,656,744 2,900,650 -0- -0- -0- 618,684 696,644 788,672 403,8~5 487,784 459,412 294,469 311,400 817,715 260,534 287,904 409,987 722,40~ 674,151 68P-.035 207,433 239,467 25823O 174,561 231,829 427,039 - 0 - - 0 - 471~45 ~ 0 - 115,810 98,275 - 0 - 196,357 330¢356 -0- -0- -0- 249,522 157,544 245~o4 - 0 - 90,516 112,731 468, .P~_ 687.9,~) 542.126 $18,8~9,733 $2O,345,339 $24,O20,8.92 $ 3,808,5t8 $ 3,958,385 $ 5,468,3O8 10,298,562 10,548,544 11 ~35,448 3,573,406 3,475,887 3,944,604 - 0 - - 0 - 617.344 $17,680,486 $17,9~2,816 $21,265,699 $ 765,685 $ 803,431 $ 901,114 1,098,000 311 ,(X30 453,000 73.044 75.773 4.554 $19,617,215 $19,173,020 $22,624,367 $ 949,247 $ 2,362,523 $ 2,750,639 $ (987,482) $ 1,172~319 $ 1,396,525 $ (97,749) $ - 0 - $ 19,385 $ 7,194,~7 $ 8,366.546 $ 9,782,456 Sheet at December 31 1995 1996 1997 $ 4,064,532 $ 6,629,833 $ 9,195~386 3,755,037 4,507,613 5,216,129 762,111 709,848 811,956 313,976 425,506 234,170 439,3o0 370,677 421,709 2,869,707 689,150 644,565 730.356 73o.356 14.8(H $12,9351019 $14,0o2,983 $16,538,719 1998 1~9 Budget (2~ Actual Budoet $ 4,721,354 $ 5,421,134 $ 5,229,686 1,900,000 2,014,877 2,023,992 4,779,492 5,092,357 5,158,800 3222.904 3,340,555 3,268,900 2,936,955 3,111,954 3,192,900 -0- -0- -0- -0- 5,535 - 0- 547,000 1,069,449 7~,000 740,252 1,310,311 1,433,550 452.814 452,814 457,808 106;700 106,700 102.200 ~ 174 285,174 381,981 90,000 127,215 100,000 143,616 168,898 138,020 526.600 795.012 938.000 ~,63~,441 $26,525,491 $25,185,337 $ 4,846,976 $ 4,824,865 $ 5,384,738 12,0E5,538 11.918,831 13,115,107 4,458,618 4,094,806 3,664,834 - ¢ - 613,!7D 509.~86 $21,371,132 $21,451,672 $22,674,335 $ 965,013 $ 965,013 $ 1,023,323 919,~00 919,600 1,514,000 4.554 -0- -0- $23,260,299 $23,336~85 $25,211,658 $ 1.262,755 $ 4,073,819 $ 2,511,002 $ (621,858) $ 2,189,206 $ (26,321) $ ~0- $11,971,662 1998 $ 8,450,797 5,129,686 835,114 305,374 55O,248 2,941 ?P5 $ 116,910 $ 29,351 $ 378,726 $ 190,637 660,186 586,321 743,645 870,063 1,137,082 512,478 253,806 - 0 - 3,755,037 4,507,613 5,316,129 5,129,686 71,577 60,674 63,957 56,0G7 $ 730,356 $ 740,356 $ 22,283 $ 15,641 1,472,048 1,472,048 1,334,848 1,334,848 4.991.8~ 6.154.!4~ 8.425.325 10.621.173 Total Fund Balance(12) ............. $ 8.181.709 $ 7.194227 $ 8.366.546 $ 9.782.456 $11.971.662 Total Liabili~es & Fund Balance ....... $12,897~49 $12,935,019 $14,062,983 $16,538,719 $18,218,085 Notes: 1. These condensed financial statements for the General Fund for ~e years enc~ng December 31, 199zF1998 have been prepared from the full Comprehensive ~v~nu~ Financial Reports of ~ ~/itlage of Glanview ~ do not purport to be complete financial statements. The full financial s._~_te~m_~ants, together with the report of the Villages ~ndependent accountants, ara available upon request. See Note 1 to 'Cornbl)3ed Statement--All 2. The Village Manager submits a proposed opera~Y~g budget to the Board of Trustees which ~get includes proposed expendituras and the means of financing them. Subsequent to budget hearings, the budget is legally enacted through passage of an ordnance. The Village Manager is authon~ed to t~nsfer budgeted amounts beb~ean departments within any fund,; however, any revisions that alter the total axpandiiures of any fund must be a~._p_rov. ~ed~by. ~h.e~ ~ ~B~d., o, ~,,T_ _ru_'s_t,?_s_ _. ,. Bud ..g.e. ts are a..do~.ted on a basis consistent v~th ganera#y accepted accoun6ng principles. 3~ ~e~r.o..~.~[ne~v?,l~,~.es p~y w~m, .,r~.aro,t? ~aneral Fundproperly taxes was to levy a constant ~c#~r amount of approxtmetely $950,003. A D~e~v~.~e~are_~r~q_u_~_to__~t_with the Villa, q¢ a~ ..,a~.t 6qua/to ~e cost of all improvements beklg built ~d dedicated to the Village which 167 The C~tal Equipment Replacement Fund (CERF) wes estabtished by ordinance in 1979 with ~e stated pufi3oss of evening out ~e anoueJ e.~oenditures for major capital expenditures. Ail of ~e Vittage's on-~oad ~d off-road equipment, fire, public works, etc., is included. Each Depar~r~nt is ?harged with the equivalent of a depre~a~ou charge which is remitted in cash to the Capital Equipment Replacement Furld (cantad in the Capital Prejec~s Fund). As of December 31, 1998, cash and investments in the Capital Equipment Repiacarnant Fund totsfad $7,605,563. For the fiscal year ended December 31, 1982, the Vi#age changed its prope~y tax revenue recogei~on to confo~'n to the previsions of Inteq~retatton #3 issued by ~e National Council ~x] Governmental Accoun#ng under which propady tsx revenues are /T~:)geized to the extent of taxes due and collected within the current yea£ The current net ta~ levy receivable is recognized in the balance sheet ator~ with a corresponding amount of deferred revenue. When the Village changed its policy regarding the level of property taxes for ~'m Genarel Fund (Note 3), it also determined ~o increase the cash reserve balance to ~0 days of working cash, which, given the 1998 actual expenditures of non capital e~enditures, totals approximately $5,3E2,918. This reea/'/e serves es insurance should the Village face fluctuations or delays in tax payments, a monetary judgment, a natural disaster, or other fiscal difficul§es. The General Fund "Cash Balance" has dsen from $1,37~,554 at December 31, 1985 to $8,450,797 at December 31, 1998 which represented a cash r~serve balance of 141 days. 9. DudncJ fiscal year1989~ $725~ in bond pr~ceads fr~m the Sedes1989 B~nd Fund (capital Pr~jents Fund) wes transferred to the General Fund for ~e purpose of payfng a short-term n~e tor,~e purchese of properh/ for redevelopment puq~uses. Q~ the balance sheet at December 31, 1989, $725,310 of the fund balance wes shown as Resoled for Land Held for Resala ", wi~ a corresponding eseat shown as "Investment in ~ Held for Resale". Other resen/ations of fund balance included $1,724 for prepaid items and $271,140 for income tax surcharge allocation. The December 31, 1998 Reserved total of $15,641 inoluclea $10,000 for Paitun House and $5,641 for prepaid items (there is no longer an amount rosen/ed for fiend held for resale"). 10. These funds are available for any purpose--the "Designated" reference is to tho source of revenues that were determined by the Village Board as not to be used for opareting expenses. 11. On September 1, 1992 the Glenbrouk Fire Protection Dis~ct was merged into the Glenvlaw Fire Department. As of ~at date, the Vitlage accepted respunsiblitty for 47 addi~fa~a~ err~pfoyees~ 2 m~re ~re stati~ns and13 pieces ~f fire apparetus~ The F'lre Protecticn Distdct continues to lavy property taxes on that part of its tax base outside the Village tire/ts and remits those tax receipts to the Village for services in ~e uninCorporated area ~at now represents its tsx base. 12. The General F~d "Fund Balance" al December 31, 1998 of $11,971,6~2 is equal to 528% of ~e $22.,674,335 Budgeted 1999 General Fund expenditures excluding transfers for capital purposes. COMBINED STATEMENT--ALL FUNDS(Note 1) Fund Balances 1994-1997 and Summary 1998 Revenues, Excess Revenues and Fund Balance Governmental Fund Types: Genera] Fund ................ Special Revenue Funds: IMRF ................... $(1,311,091)$ (1,068,125)$ Motor Fuel Tax ......... Cable TV ............. Refuse and Recycling .... 911 Communications ..... GNAS Redevaicpment(2) . . GNAS Caretaker ........ Total Special Revenue .. Debt Service Funds ........ Capital Project Funds ......... Total Governmental Funds .. Proprietary Fund Type(3~ Ente[prise Funds: Waterworks(4) ............. Sewerage(4) .............. Wholesate Water(4) ......... Nort1~ Maine Water and Sewer(4). Commuter Parking Lot ........ Total Enterprise Funds ...... Intamal Service Funds: Municipal Equipment Repair(5) Insuranca ................. Total Internal Service Funds . Total Proprietary Funds ..... Fiduciary Fund Types(6): Escrow Deposit(7) ............ Deposit .................... Police Depa~ment Special Account Police Pension ............... Firefightare' Pension ........... Total Fiduciary Funds ....... Component Unit: Library Fund(8) .............. Total All Funds(Memo Only) . Cash and Inves1~enta at December 31 General Fund ................ Special Revenue Funds Debt Sen, ica Funds ............ Capital Project Funds: Capital Equipment Replacement GNAS Project .............. All Other Capital Projects ...... Proprietary Funds ............. Fiduciary Fonds(6) ............ Component Unit - !-ibrery Fund(8). Total Cash and Investments(lO) (Audited Fiscal Years Ending December 31) Fiscal Year Ended December 31.1 g98 Revenues Excess Incl. Transfers Revenues Property Over 1994 1995 1996 1997 Tax Total ~ $ 8,279,458 $ 7,194,227 $ 8,366,546 $ 9,782,456 $ 7,436,011 $2.5,525,491 $ 2,189,206 (505,782) $ (95,236} $ 581,633 ... 788,232 813,065 790,881 574,874 - 0 - ... 61,772 54,460 39,403 - 0 - - 0 * ... (71,856) 54~23 297,717 643,865 - 0 - ... 74,768 106~99 164,510 218,703 - 0 - ... 26,424 (102,240) (316,996) (318,39G) - 0 - ... -9- -0- -0- -0- -0- ... $ (431,751)$ (141,998)$ 469,733 $ 1,023,813 $ 581,633 . .. 1,4,90,110 9,.944,060 7,4.93,693 4,416,466 1,734,746 14.627.948 63.069.629f9/62.982.681 48.029.780 - 0 - $23,S65,'Z65 $ 80,065,918 $ 79,312,653 $ 63,252,515 $ 9,752,390 $10,395,827 $ 11,676,121 $ 11,739,689 2,833,480 3,054,10~ 3,116,253 507,789 623,416 794,012 -0- -0- -0- ~ 224,576 ~ $13,968,590 $ 15,578~21 $ 15,810,439 $ 88,723$ 88,264 $ 27,996 2.318.494 1.956.243 2.466~.84 $ 2.4072.17 $ 2.044.507 $ 2.494280 $16,3951807 $17,622,728 $18,304,719 $ -0- $ -0- $ -0- 19,921 20~97 22,900 21,914 16,029 15,393 14,823,582 16,078,498 17,597,082 27.430.875 29.813.647 31.848.864 $42~6~92 $ 45,929,071 $ 49,484,239 $1.125.420 $ 1.323.801 $ 1.659.047 $83,783,284 $144,941,518 $148,760,658 1994 1995 lg96 $ 4,948,807 $ 4,064,532 $ 6,629,833 1,095,963 1,807~64 1,061,476 753,164 11,527,572 7,70~,320 5,172,615 5,501,247 5,9g6,561 - 0 - 49,404,077 52,723,225 11,420,648 6,97'0,704 6,030,685 3,113,842 3,466,9F.~ 4,053,812 46,063,661 49,647,671 52,779,240 1.149.027 1.343.953 1.674.093 $73217,457 $133,433,979 $138,677,245 Fund Balance $11,971,662 $ 946,245 $ 119,354 $ 24,118 972,741 (147,059) 427,815 -0- -0- -0- 1,252,346 258,30O 9~2,165 348,505 52,408 271,111 2,915,154 (592,876) (911,269) 853.547 96.304 96.304 $ 7,288,538 $ (213,569) $ 810,244 20,723,621 (2,027,867) 2~88,599 6.639.640 ~ 25.911.196 $60,177,290 $(22,170,814) $ 41,081,701 $13,020,016 $ - 0 - $ 6,480,669 $ 2,177,150 $15,197,166 2,978,395 - 0 - 838,670 (2,807) 2,975,588 1,202~6 - 0 - 1,320,653 (419,529) 783,437 (109,569) - 0 - 5~30,644 (156,990) (266,559) 97.297 - 0 - 212.447 30.729 128.026 $ 17,189,105 $ - 0 - $14,083,0~3 $ 1,628,553 $ 18,817,658 $ 5,043 $ -0- $ 892,766 $ (43,397) $ (38,354) 3.056.542 - 0 - 2.952.130 350.725 3.407---~67 $ 3.061.585 $ -0- $ 3.844.896 ~; 307.328 $ 3.368.913 $ 20~50,690 $ -0 - $17,927,979 $ 1,935,881 $ 22,186,571 $ - 0 - $ -0 - $ 247,808 $ 120,593 $ 120,593 26,536 - 0 - 3,344 3,344 29,880 5,233 - 0 - 16,060 8,591 13,824 23,553,28~ 376,836 4,4~01771 3,657,964 27,211 ~Z16 3~..502.380 236.334 4.233.850 3.385.499 37.887.879 $ 58,087,431 $ 6131170 $ 8,981,833 $ 7,175,991 $ ~1~,~ $ 1.978.641 $ 3.189.798 $ 3.552.139 ~ $ 2.001.851 $143,569,277 $ 13,555,358 1997 1998 $ 9,195,386 $ 8,450,797 1,404,442 1 ,~36,393 4,414,215 2,478,605 6,153,619 7,605,563 37,011,215 15,905,125 6,843,348 8,424,916 6,662,930 9,763,531 62,850,801 69,765~91 2.101.093 2.166.954 $136,637,049 $126,546,175 $90,63922.41 $(131035,732) $130,533,545 I I I I I I I Notes: 1. 4. z 8 ~_. ese ~ _r_r_r_r~sed financial statements fo? the years ending December 31, 1994-19~8 have been praparad from the full Comprebensive Annual Financial Rel~'ts of the Viflage of Glan~ew and de nct purport to be cornplate audits. The full financial statements, fege~r with the report of the Village's independent acccuotant~ are available upon requas~ T~e accounting policies of ~e Village conform to generally accepted accoun~in~.pdqcipfes ps applicable to governmental u~lts. The accounts of the Village a~ organized ~ ~e basis of.f~3ds algol account groups, e.a. ch 9f wnlch ~s considera~ a separate a . .ccaea.. .fing enfl~ The vanous funds are grouped ~nto the three broad cafegones of Governmental Funds, Fiduciary Fur~ls and Propnetary Funds. Withtn the Govemrnenfel Funds ara ~e General Fund (the general opera,on fund) which is used to account for all financial resoumes except those required to be accounted for in another fund; Special Revenue Fucds which are used to account for ~he proceeds of specific revenue sources that are legally reatricted to expecdlturas for specified purposas; Debt Ser~ce Funds; a~d Capital Project Funds. All govemmantal funds and expendable trust funds ara accounted for using a current fihancial resources measurement focus which has only current psaets and current l/ab/fit/as on ~be balance sheet and operating stsafements present increases and decreases in net current assets. All propfietary fonds and pension ~ust fonds are accoucted for on a flow of economic resources measurement focus with alt ass~ts and liabi!ities associated with the oparaEon of these fonds included on ~e balance sheets and fund equity segregated into contributed cap#at and retained eamings--oparatthg statements present increases and decreases in net total assets. The modified accrual basis of accounting is roi/awed for alt Governmental Fund Typas ~ F-.xlcerrdabla Trust Funde (in ~e Fiduciary Funds category). All rernalalng Fiducia,'y Funds (P_~?lan Trust _F_u,_nds) arid Proprietary Fucde are eccountad for using the accrual basis of accounting. 'the "Report of Independent Auditors i~ the ~il_~_~es generalpurpose financial statements for its fiscal year andad December 31, 1998 included ~e folfowing fan~uage (corn~arabla clean opinions ~ere ?cluded in/be Village's 1994-1997 audits shown in this tab/a): in ~ optn~on, the gene~.l p~rpose financial stafernents referred to above p.r.~sant fa!~y, in all rnafedal raspects, the financial position of the Village of Gfen~ew, !lllnals, as ~f D~arnber 31, 1998, and the results of its operations and the cash flows of its propdetary fund ~ypes ~d~e year then e .~. tn.ceaforrnrty ~th generalty accepted accou~.i~g p~nciplas. Al~;o, in our opinion, the ~:~mbin!~g, individual~ · . ~cesunt group §narc/al statements referred to ~ova.prese~t ~idy, in afl rnatanal rasF~cts, ~e financial pos~bon of each of ~e individual funds and account gro~s of the Village of Glanwew, filfoo~s, as of December 31, 1998, and ~e results of operations of such funds and the cash flows of indi~duat proprietary [unds for the year then ended and the financial posi~on of the General Fund es of Decam~er 31, 1997 ~nd th~ rasults of its operations for the year then ended, in conforrnlly with generally accepted accounbhg principles." The Glan~ew Naval Atr Stallon Redevelopment Fund was created to account for ~e researces and eapenditures incurred in ~e search for future use of the Naval Air Base land which was vacated by the Navy on September 9, t ~95. The amounts shown as fund balances for the Prapdetary Funds are retained earnings (excludes con~buted capital) and the amounts shown es "e_.~'cass ravenuea" represent t~e changq in.retaibed earnibgs. "Total revenaes~ rapresent operaltng ravanuea Prior to fiscal year 1993, the Village rna~nta]ned two Water~vorks Funds to provide accounfing for the eastem parflon of ~e Village (Waterworks East) and the western potion and the applicable unincorporated area adjacent to the western border of the Village (Wafenvorks West) ~het is served by the water system (rata/ned earnings at December 31, 1992 were $3,909,087 far Waterworks Eest and $5,537,828 for Waterworks W~st). The two accounltng funds wera set up in .1977 when ~e two pri!/.a..te water companies serving ~e applicable western portib~ a~d untncorporated areas were, at the request of the res~onts, acquired by the Vii/age for the purpose of up-grading the water quality in ~at area by repiacing well watar supp~y with Lake Michigan wafer suppiy that had bean avallabla to east Glanvlaw since 193Z It was deferrnibed that ~e cost of amor~;zing the debt applicable to the acquisition of the ~o pdvafe water companies and constructiY~g ~e necessary transmission rnafo, ~rage an.d., west system up-grading t~u!d be paid for by the customers of the wast system. The use of differing rates conltnead until 1992 ena un,ed rate structure was pqt tn place and the use ora minimum charge for water usage was eliminated. The two f~ds wera combined m fiscal~ear 1993 and, for companson purposes, the two funds are comb/nad in this labia for prior yeara. A separate Sewerage Fund was created tn f/sca/year !98~ to ~count for the A~ds necessary to prot4de sanitary sewer se~/ice to both ~e ~ncorporafed ~nd unincorporated areas served by the Village. Prior to 1986, these fonds were accounted for in the ~wo Wafe/warks Funds. The Wholesale Water Fund accounts for the sale of water to Citizens Utility Company for its service area oufeide the Village of Glam4ew. The North Malna Water ar, d Sewer Fund accounts for alt h7~ncial activi~/ ralated to the Village providing wafer ~d sewer service to an unincorporated araa southwest of the Village (formeriy.s~ved b~ the North Sgburb~ Public Utilities Company). The Mun~pal Equipment Repair Fund xs used to account for the co~s of repairing and maibtalntng all Village veh~les. Excfudes the Village's Agency Funds. The E~crow Deposit Fund is u~ecl to account for monies on deport with ~e Village-the cost of public improvements to be dedicated Jo ~e Village must be escrnwad with the Village and as payments are required for satisfactory work completed, monies ara relaased to contractors. Interest earned on the escrowed deposits is ra~ad by the Village and annually transferred to the Genaral Fu~d. ~Tt~egt~. n~ I~ l/sca/year 1993, the Library Fund was presented in the audit as a componen{ unit of the Village ~a~se the Library possesses ~le ~fens!'_~_c~, of a lagalty separate governrneot (separately elected 7-member board which annually deferrr~nas ~ts budget and tax levy). Village s Cash Control and faves~nent Policy wes eag/nafly adopted on February 21, 1983 and was ravised on Marsh 15, 1985, January IE~ 1990 and March 19, 199~. FIXED ASSETS AT DECEMBER 31, 1998 General Fixed Assets(l) Land and Improvements ........................ $ 4,585,095 Leasehold Improvements ....................... - 0 - Buildings end Improvements ..................... 9,548,932 Wafer and Sewer Systems ...................... - 0 - Equipment ................................. 8,178,487 Office Furniture and Equipment ................... 641.26,7_ Subtotal ............................... $22,953,776 Less: Accumulated Depreciation ................ - 0 - Total .............................. $22,953,776 Proprietary Fund Fixed Assets[2} $ 3~2,851 '203~09 243,645 29;237,226 15.787 ~35,702,504 $25,725,169 Notes: 1. Fixed assets used in governmental fusd type operatla~s are accounted for in the General Fixed Assets Account Group rather ~n tn governmental funds. All fixed assets are vsiuad at historical cost or estimated historical cost if actual is not known. Contributed fixed assets are reco/ded at their fair market value on the date donated. Public domain (ibfrestructura) fixed assets including roads, bridges, curbs and guffars, straefe and sidewalks, drainage systems and llgntfog sysferns have nct been capitalized. No depreciation is recorded o_~ General Fixed Assets. This table ibdudee the general fixed assets of the Glarwiew Public Library. 2 F~xed Assets in the Proprietary Funds are valued at historical cost or estimated historical cost. Depraciatiea on all exhaus~bfe fixed assets is charged as an expense against operations. Depreciation is provided over the esfirnated useful lives using the straight-line rnethed. 169