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2003 Comprehensive Annual Financial Report
I I I I ! I I I I I I I I I / I I VILLAGE OF GLENVIEW, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2003 Prepared by Finance Department Daniel P. Wiersma Director of Finance Daniela Partipilo Assistant Director of Finance I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS ! l I I 1 I I 1 I I i I [ Page(s') INTRODUCTORY SECTION Principal Officials ............................................................................................................. i Organization Chart ............................................................................................................ ii Certificate of Achievement for Excellence in Financial Reporting .................................. iii Director of Finance's Letter of Transmittal ...................................................................... iv-ix FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT ..................................................................... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management's Discussion and Analysis ...................................................................... 3-16 Basic Financial Statements Government-Wide Financials Statements Statement of Net Assets ...................................................................................... 17 Statement of Activities ....................................................................................... 18-19 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................. 20-21 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Assets ....................... 22 Statement of Revenues, Expenditures and Changes in Fund Balances .............................................................................................. 23-24 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 25 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I 1 I FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Assets ................................................................................. Statement of Revenues, Expenses and Changes in Fund Net Assets ............ Statement of Cash Flows ............................................................................... Fiduciary Funds Statement of Fiduciary Net Assets ................................................................. Statement of Changes in Fiduciary Net Assets .............................................. Notes to Financial Statements ................................................................................. REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund ........................................................................................................... Special Tax Allocation Fund ................................................................................... Schedule of Funding Progress Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Schedule of Employer Contributions Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Notes to Required Supplementary Information ............................................................ Page(s) 26 27 28-29 30 31 32-68 69 70 71 72 73 74 75 76 77-78 ! I ! I I I ! I I I I I I VILLAGE OF OLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) ! I I I I I I I 1 I I I ! I I I Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Village Permanent Fund ..................................................................................... 79 GNAS Bond Fund Series 1995 ...................................................... 80 Schedule of Detailed Expenditures - Budget and Actual GNAS Bond Fund Series 1995 ........................................................................... 81-82 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Glen Land Sales Fund ......................................................................................... 83 2001 Project Fund ............................................................................................... 84 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ....................................................................................... 85-88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................................................................................... 89-92 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Foreign Fire Insurance Fund ............................................................................... 93 Illinois Municipal Retirement Fund ........................................................... 7 ....... 94 Motor Fuel Tax Fund .......................................................................................... 95 Refuse and Recycling Fund ................................................................................ 96 911 Communications Fund ................................................................................. 97 GNAS Redevelopment Fund .............................................................................. 98 Schedule of Expenditures - Budget and Actual GNAS Redevelopment Fund .............................................................................. 99 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual GNAS Caretaker Fund ........................................................................................ 100 Schedule of Expenditures - Budget and Actual GNAS Caretaker Fund - Administration Department ........................................ 101-103 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Escrow Deposit Fund .......................................................................................... 104 Deposit Fund ...................................................................................................... 105 Police Department Special Account Fund .......................................................... 106 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) t ! I Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS (Continued) Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Continued) Corporate Purpose Bond Series of 1996 Fund ................................................... 107 Corporate Purpose Bond Series of 1998 Fund ................................................... 108 Corporate Purpose Bond Series of 2000 Fund ................................................... 109 Corporate Purpose Bond Series of 2001 Fund ................................................... 110 General Obligation Refunding Bond Series of 2002 Fund ................................. 111 Corporate Purpose Refunding Bond Series of 2003 Fund .................................. 112 Capital Projects Fund ......................................................................................... 113 Bond Fund Series of 1993 .................................................................................. 114 2000 Project Fund ............................................................................................... 115 2003 Project Fund ............................................................................................... 116 MAJOR ENTERPRISE FUNDS Waterworks Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual ........................................................................ 117-118 Schedule of Operating Expenses - Budget and Actual ....................................... 119-120 Schedule of Capital Assets and Depreciation ..................................................... 121 North Maine Water and Sewer Fund Schedule of Revenues, Expenses and Changes in Net Assets ~ Budget and Actual ........................................................................ 122 Schedule of Operating Expenses - Budget and Actual ....................................... 123 Schedule of Capital Assets and Depreciation ..................................................... 124 NONMAJOR ENTERPRISE FUNDS Combining Statement of Net Assets ....................................................................... 125 Combining Statement of Revenues, Expenses and Changes in Net Assets .............................................................................................................. 126 Combining Statement of Cash Flows ...................................................................... 127 i I I I I I I I 1 I 1 I I I I I ! V1LLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I I I I i l I I I I I ! I ! FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR ENTERPRISE FUNDS (Continued) Wholesale Water Fund Schedule of Revenues, Expenses and Changes in Net Assets ~ Budget and Actual ........................................................................ Schedule of Operating Expenses ~ Budget and Actual ....................................... Schedule of Capital Assets and Depreciation ..................................................... Sewerage Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual ........................................................................ Schedule of Operating Expenses - Budget and Actual ....................................... Schedule of Capital Assets and Depreciation ..................................................... Commuter Parking Lot Fund Schedule of Revenues and Expenses and Changes in Net Assets - Budget and Actual ........................................................................ Schedule of Operating Expenses - Budget and Actual ....................................... Schedule of Capital Assets and Depreciation ..................................................... INTERNAL SERVICE FUNDS Combining Statement of Net Assets ....................................................................... Combining Statement of Revenues, Expenses and Changes in Net Assets .............................................................................................................. Combining Statement of Cash Flows ...................................................................... Municipal Equipment Repair Fund Schedule of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual ............................................................ Schedule of Operating Expenses - Budget and Actual ....................................... Schedule of Fixed Assets and Depreciation ....................................................... Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual Insurance Fund .................................................................................................... Capital Equipment Replacement Fund ............................................................... Page(s) 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I I Page(s) FINANCIAL SECTION (Continued) COMBINING AND L'qDTVDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) FIDUCIARY FUNDS PENSION TRUST FUNDS Combining Statement of Plan Net Assets .............................................................. 145 Combining Statement of Changes in Plan Net Assets ........................................... 146 Schedule of Changes in Plan Net Assets - Budget and Actual Police Pension Fund .......................................................................................... 147 Fimfighters' Pension Fund ................................................................................ 148 AGENCY FUNDS Combining Statement of Changes in Assets and Liabilities - Agency Funds ................................................................................................... 149 COMPONENTUNIT Library Fund Statement of Net Assets and Balance Sheet ............................................................ 150 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ........................................................................ 151 Schedule of Operating Expenditures - Budget and Actual ...................................... 152 SUPPLEMENTAL DATA General Fund Schedule of Revenues - Budget and Actual ............................................................ 153-154 Schedule of Expenditures - Budget and Actual ....................................................... 155 Schedule of Detailed Expenditures - Budget and Actual ........................................ 156-162 Long-Term Debt Requirements Corporate Purpose Bond Series of 1997 ................................................................. 163 Corporate Purpose Notes of 1997 ........................................................................... 164 Corporate Purpose Bond Series of 1998A .............................................................. 165 I I I ! I I I I I 1 I I I I ! I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I I I 1 I i I I ! I I I I I I I Page(s) FINANCIAL SECTION (Continued) SUPPLEMENTAL DATA (Continued) Long-Tem~ Debt Requirements (Continued) Corporate Purpose Bond Series of 1998B ............................................................... 166 Corporate Purpose Bond Series of 2000 ................................................................. 167 Corporate Purpose Bond Series of 2001 ................................................................. 168 General Obligation Refunding Bond Series of 2002 ............................................... 169 Corporate Purpose Refunding Bond Series of 2003A .............................................170 Corporate Purpose Refunding Bond Series of 2003B .............................................171 STATISTICAL SECTION Government-Wide Information Government-Wide Revenues ....................................................................................... 172 Government-Wide Expenses .................................................. 173 Fund Information General GovemmentaI Revenues by Source - Last Ten Fiscal Years .......................... 174 General Governmental Expenditures by Function - Last Ten Fiscal Years ................................................................................................. 175 Property Tax Assessed Valuations, Rates, Extensions and Collections - Last Ten Fiscal Years ................................................................................................. 176-177 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years ................................................................................................. 178 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years ................................................................................................. 179-180 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ................................................................................................. 181 Schedule of Legal Debt Margin ................................................................................... 182 Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ................................................................................................. 183 Schedule of Revenue Bond Coverage - Waterworks Fund - Last Ten Fiscal Years ................................................................................................. 184 Demographic Statistics - Last Ten Fiscal Years .......................................................... 185 Construction Value and Building Permits - Last Ten Fiscal Years ............................. 186 Miscellaneous Statistics ............................................................................................... 187-188 Ten Wealthiest Illinois Communities - 2000 Census ................................................... 189 Major General Fund Revenue Sources ......................................................................... 190 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I I STATISTICAL SECTION (Continued) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 2003) ................................................ 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, 2003 ....................................................................... Equalized Assessed Valuation for Taxing Purposes .................................................... Tax Rates Per $100 Equalized Assessed Valuation ..................................................... Tax Extensions and Collections (Village Purposes Only) ........................................... 1997 and 2002 Tax Base Distr/bution by Property Classification ............................... Ten Largest Taxpayers ................................................................................................. General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1999 - 2003) and 2004 Budget ...................................................... Balance Sheets (1999 - 2003) .................................................................................. Combined Statement - All Funds Fund Balances 1999-2003 and Summary 2003 Revenues, Excess Revenues and Ftmd Balances .................................................. Fixed Assets at December 31, 2003 ............................................................................. Page(s) 191 191 192 192 193 193 194 194 194 195 195 196 198 I i I I I ii I I I I i I I I VILLAGE OF GLENVIEW, ILLINOIS PRINCIPAL OFFICIALS December 31, 2003 I I I I I I I I I i I I 1 I I I Kerry Cummings Mary Beth Denefe Jeffrey M. Lerner LEGISLATIVE Village Board of Trustees Lawrence R. Carlson, Village President Paul T. McCarthy Village Clerk/Treasurer EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Dan/el P. Wi ersma, Director of Finance Daniela Partipilo, Assistant Director of Finance -i- James Patterson Michael J. Guinane Kimball Woodrow Cert!ficate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2002 A Certificate of Achievement for Excellence in Financial Reporting is presented b) the Government Finance Officers Association of the United States and Canada to go~ernment units and public employee retirement s) stems whose comprehensive annual f'mancial reports (CAFRs) acb. ieve the highest standards in government accounting and £mancial reporting. ~ ~ ~ President Executive Director - iii - October 21, 2004 ! ! Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview I i ! I 1 I ! I I The Comprehensive Annual Financial Report ("CAFR") of the Village of Glenview (the "Village") for the year ended December 31, 2003 is submitted herewith. This report represents a comprehensive picture of the Village's fmancial activities during 2003 and the financial condition of its various funds at December 31, 2003. The Village is required to issue annually a report of its financial position and activity presented in conformance with generally-accepted accounting principles ("GAAP") and audited in accordance with generally-accepted auditing standards by and independent firm of certified public accountants. 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 f'mancial affairs have been included. The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the f'mancial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as ali continuing disclosures required by Securities Exchange Commission Rule 15c2-12. 1225 Waukegan Road · Glenview, Illino~sZ6~525 · (847) 724-1700 · (847) 724-4232 TDD I i I I I I I I I I I I I ! I i I I I The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form of government. The legislative body consists of the Village President and Board of six Trustees, all elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for the day-to-day operation of the Village. The Village 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 13.27 square miles and has a certified 2000 Census of 41,847. Additional demographic information may be found in the statistical section of this report. The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, street construction and maintenance, code enforcement, planning and zoning and general administrative services. In addition to serving Village residents, the Fire Department also provides fire protection and ambulance service to the Glenbrook Fire Protection District which is comprised of approximately 20,000 residents located in unincorporated Cook County and the Village of Golf. Both of these entities have long term intergovernmental agreements with the Village to pay for these services. Likewise, the Village operates the North Maine utilities system which serves 5,100 customers also primarily located in unincorporated Cook County. The financial statements included in this report are distinctly different in form than those issued in prior years. The statements have been prepared in accordance with Statement No. 34 (Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments) of the Governmental Accounting and Standards Board (" GASB"). The GASB is an organization that establishes accounting and financial reporting standards for state and local governments in the United States. Statement No. 34 significantly changed the required format for governmental statements in a number of ways. The most significant of these changes was to require that governments prepare entity-wide financial statements in addition to the fund-based financial statements governments have traditionally prepared. The entity-wide financial statements attempt to present a government's financial position and results of operations in a manner similar to business. More information about this "new financial reporting model" is provided in Management's Discussion and Analysis ("MD&A"). The MD&A is located in the financial section of this report. The financial reporting entity of the Village of Glenview is comprised of all funds of the primary government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Gleuview Public Library is included as a discrete presentation since a separately elected board of trustees governs it. No other legally separate entity qualifies as a component unit of the Village. Accounting System and Budgetary Control The accounts of the Village are organized on the basis of funds, each of which is considered a separate and distinct accounting entity~ The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Revenues are allocated to and accounted for in individual funds based upon the purpose for which they are to be expended and the means by which spending activities are controlled. The accounting records for general governmental operations are maintained on the modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when materials or services are received and the liability incurred. Accounting records for the Village's enterprise funds, internal service funds, agency funds, and pension trust funds are maintained on the accrual basis of accounting. Management of the Village is responsible for establishing and maintaining a system of internal accounting controls. These controls are designed to assure that the assets of the Village are safeguarded against any material loss, theft or misuse. These controls assure that the financial statements are in conformity with generally accepted accounting principles. Internal accounting controls are designed to provide reasonable, but not absolute, assurances that control objectives will be met. The concept of reasonable assurances recognizes that (1) the cost of control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits require estimates and judgment by Management. The annual budget serves as the foundation for the Village' s financial planning and control. State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is the department level, or, where no departmental segregation of a fund exists, the fund level. Factors Affecting Financial Condition Economic 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, 2003 the Village's unemployment rate was 4.6%, compared to 7.3 % for Cook County, 6.7 % for the State of Illinois and 6.0 % for the United States. Retail sales within the Village totaled $1.083 million for 2003. This represents an increase of $206 million, or 23.6%, from 2002. Retail sales have increased by $430.7 million, or 66.0% since 2000. While the growth in retail sales has been significant, the Village is pleased to note that its retail base has in fact become more diversified. The Village expects retails sales to remain strong -vi - I I I I 1 I 1 I 1 I 1 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 as additional retail space, currently under construction, comes on line. Median family income figures from the 2000 Census demonstrate that the average income of Glenview residents far exceeds county and state averages. According to the Census Bureau, Glenview's 2000 median family income was $96,552, compared to $53,784 for Cook County, $55,545 for the State of Illinois and $50,046 for the United States. This ranked Glenview as the fifth wealthiest community in the State of Illinois amongst communities with populations over 25,000. The Village also ranked fifth in terms of median household income. New commercial and residential construction activity was significant in 2003 as there were 13 new commercial developments constructed, with a total value of $20 million and 170 new residential housing permits issued with a total value of $61 million. Long-term financial planning. The Village utilizes a 5 year Capital Improvement Program ("CIP") to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase ifa tangible asset with an original cost of at least $25,000 and a useful life of more than one year. Projects that are programmed for the first year of the C1P (IE the upcoming budget year) are most closely scrutinized in the capital planning process because associated funding must be provided in that budget. The Village has primarily followed a "pay-as-you-go" funding strategy for maintenance and replacement of assets and has issued debt for new projects. 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. 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, the Intergovernmental Personnel Benefit Cooperative. Aggregate umbrella liability coverage is provided through the Village's membership in the High- level Excess Liability Pool, another public entity risk pool. Pensions and Other Post Employment Benefits. Sworn police and fire personnel receive retirement and disability benefits from the Police Pension Fund and the Firefighters' Pension Fund respectively. Both of these plans are del'reed benefit, single-employer plans administered by local boards of trustees. The def'med benefits and employer and employee contribution levels are governed by State statutes. Police participants are required to contribute 9.91% of their base salaries and fire participants are required to contribute 8.455 % of their base salaries. The Village -vii- is required to contribute the remaining amounts necessary to finance each plan as determined by an enrolled actuary. Municipalities have until the year 2033 to fully fund their police and f~refighter 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, ("IMRF') a statewide pension plan. IMRF acts as a common investment and administrative agent for local governments in Illinois. Benefit provisions and funding requirements are established by State statute. Employees participating in the IMRF are required to contribute 4.5 % of their annual salary and the Village is required to contribute the remaining amounts necessary to fund the coverage of its employees in the plan. The Village's contribution rate for 2003 was 6.49 % of employee salaries. The notes to the financial statements and the required supplementary information provide more information pertaining to employee pensions. Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting finn of Sikich Gardner & Co, LLP performed the audit on the Village's 2003 financial statements. The independent auditors' report is included in the financial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village' s financial position at December 31, 2003, and the results of operations for the year then ended. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual f'mancial report (CAFR) for the fiscal year ended December 31, 2002. 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 twenty-one consecutive years (fiscal years ended 1982- 2002). We believe our current report continues to conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA. -viii- ! I I I I I I I i I I I I I I I I i I I t I I I I I I I I I I I ! I i I I I Acknowledgments The preparation of the comprehensive annual financial report was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contributions made in the preparation of this report. In particular, I would like to acknowledge the efforts of Daniela Partipilo, Assistant Finance Director, Oscar Richar._dson, Accounting Supervisor and Brad Wilson, Accountant, for their efforts in compiling the mountains of data necessary to complete this report and implement GASB 34 while at the same time installing new entity wide financial software. Finally, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs o£the Village in a responsible manner. Daniel P. Wiersma Director of Finance -ix- Sikich Gardner & Co, LLP Accountants & Consultants 998 Corporate Boulevard Aurora, IL 60504 A Member of Sikich Group, LLC MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY INDEPENDENT AUDITOR'S REPORT I I I I I I I I I I I I I I I The Honorable Village President Members of the Board of Trustees Village of Glenview Glenview, Illinois We have audited the basic financial statements and the combining and individual fund financial statements of the Village of Glenview, Illinois, as of and for the year ended December 3l, 2003, as listed in the accompanying table of contents. These financial statements are the responsibility of the Village of Glenview, Illinois' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are fi-ee of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 2003, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining and individual fund financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds of the Village of Glenview, Illinois, as of December 31, 2003, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. The Village has adopted the provisions of Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - For State and Local Governments, Statement No. 37, Basic Financial Statements - and Management's Discussion and Analysis - For State and Local Governments: Omnibus, Statement No. 38, Certain Financial Statement Note Disclosures and Interpretation No. 6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements, as of January 1, 2003. This results in a change in the format and content of the basic financial statements, combining and individual fund financial statements and notes to financial statements. -1- I I I I I I I I I I I I I I I I I I I Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole and on the combining and individual fund financial statements. The accompanying schedules and the supplemental data listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the basic, combining and individual fund financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements and each of the combining and individual fund financial statements taken as a whole. The Management's Discussion and Analysis and the other required supplementary information listed in the table of contents is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Aurora, Illinois September 1, 2004 -2- I ! I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT' S DISCUSSION AND ANALYSIS DECEMBER 31, 2003 I I I I I ! I I I I I I I I I I The Village of Glenview (the "Village") is implementing Governmental Accounting Standards Board ("GASB") Statement No. 34 fiscal year ending December 31, 2003. These new accounting standards are designed to provide two perspectives of the Village's financial performance; a focus on the Village as a whole (government-wide) and a focus on the major individual funds. Both perspectives (government-wide and major fund) provide a broader basis upon which to compare and judge the Village's f'mancial accountability. This improved accountability is in part achieved by consolidating financial transactions (eliminating activities between certain funds and focusing on major funds), allocating specific revenues that finance operations to those expenditures, and displaying information about long-term financial decisions (Is debt used to finance operations? What financial investments are made in capital? What is the impact of outstanding or newly issued debt?). The Management Discussion and Analysis ("MD & A") is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village's financial activity, (3) identify Village's fmancial position and ability to address future challenges, (4) identify material deviations from budget, and (5) identify concerns specific to individual funds. Since the MD&A is designed to focus on the current year's activities, resulting changes, and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page iv) and the Village's financial statements. This is the Village of Glenview's first MD&A. Financial Highlights · The Village's net assets decreased by $49,798,927 or 24% during the fiscal year ending December 31, 2003. The governmental net assets decreased by $56,222,120 and the business-type activities net assets increased by $6,423,193. · The Village's combined Governmental Funds ending fund balance decreased $57,150,343 as of December 31, 2003. · At the end of the current fiscal year, unreserved fund balance for the General Fund was $17,873,812 or 54% of General Fund expenditures. USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT In prior years, the primary focus of local government financial statements has been summarized by fund type information on a current financial resource basis. This approach has been modified, and for the first time the Village's Financial Statements present two kinds of statements, each with a different snapshot of the Village's finances. The new Financial Statements' focus is on both the Village as a whole (government-wide) and on the major individual funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year to year or government to government), and enhance the Village's accountability. (See independent auditor's report) VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I ! Government-Wide Financial Statements The Government-Wide Financial Statements (see pages 17 - 19) are designed to emulate the corporate sector in that all governmental and business-type activities are consolidated into columns that add to a total for the Primary Government. The focus of the Statement of Net Assets (the "Unrestricted Net Assets") is designed to be similar to bottom line results for the Village and its governmental and business-type activities. This statement, for the first time, combines and consolidates governmental funds' current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net assets may serve as a useful indicator of whether or not the financial position of the Village is improving or deteriorating. The Statement of Activities (see pages 18 - 19) presents information showing how the Village's net assets changed during the most recent fiscal year and is focused on both the gross and net cost of various activities (including governmental and business-type), which are supported by the Village's general taxes and other resources. This is intended to summarize and simplify the user's analysis of the cost of various government services and/or subsidy to various business- type activities. The Governmental Activities reflect the Village's basic services, including police, fire, public works, highways and streets, community development, and general administration. Property taxes, shared State sales taxes, local utility taxes, and shared State income taxes finance the majority of these activities. The Business-Type Activities reflect private sector-type operations (Waterworks Fund, Sewerage Fund, Wholesale Water Fund, North Maine Water and Sewer Fund, and the Commuter Parking Lot Fund), where the fee for service typically covers all or most of the cost of operation, including depreciation. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Fund Financial Statement allows the demonstration of sources and uses and/or budgeting compliance associated therewith. Traditional users of governmental f'mancial statements will fred the Fund Financial Statements presentation more familiar. The focus is now on major funds, rather than (the previous model's) fund types. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds The Governmental Major Fund presentation (see pages 20 - 25) is presented on a sources and uses of liquid resources basis. This is the manner in which the financial plan (the budget) is typically developed. The flow and availability of liquid resources is a clear and appropriate focus of any analysis of a government. The focus of governmental funds is narrower than that of the Government-Wide Financial Statements. Both the Governmental Fund Balance Sheet and the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate the comparison between govermental funds and (See independent auditor's report) I I I I I I I I I I I I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I governmental activities. The Governmental Major Funds Total column requires a reconciliation because of the different measurement focus (current f'mancial resources versus total economic resources) which is reflected. The flow of current f'mancial resources reflects bond proceeds and interfund transfers as other f'mancial sources as well as capital expenditures and bond principal payments as expenditures. The reconciliation eliminates these transactions and incorporates the capital assets and long-term obligation (bond and others) into the Governmental Activities colunm (in the Government-Wide Statements). The Village maintains twenty-six individual governmental funds. Information is presented separately in the Governmental Fund Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Special Tax Allocation Fund, Village Permanent Fund, Bond Series Fund of 1995, Glen Land Sales Fund and the 2001 Project Fund, which are all considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. Proprietary Funds The Village maintains two different types of proprietary funds. Enterprise Funds are used to report the same functions presented in Business-Type Activities in the Government-Wide Financial Statements. Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the Village's various functions. The Village uses internal service funds to account for the vehicle repair and maintenance program, the vehicle and equipment replacement program, and to account for the cost of property and casualty, health and workers compensation insurance. As Internal Service Funds serve governmental rather than business-type functions, they have been included with Governmental Activities in the Government-Wide Financial Statements. Proprietary Fund Financial Statements provide the same type of information as the Government- Wide Financial Statements, only in more detail. The Waterworks and North Maine Water and Sewer Funds are considered to be major funds of the Village and are presented in separate colunms in the Fund Financial Statements. The Wholesale Water, Sewerage, and Commuter Parking Lot Fund comprise the Village's nonmajor enterprise funds. The Internal Service Funds are combined in a single, aggregate presentation in the Proprietary Fund Financial Statements. Individual fund data for the nonmajor enterprise and internal service funds are presented elsewhere in the report. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside of the government, (Police Pension Fund and Firefighters Pension Fund, see pages 30 - 31). Fiduciary funds are not reflected in the government-wide financial statements because these assets are restricted in purpose and do not represent discretionary assets of the government. The Village maintains two types of fiduciary funds: pension trust funds and agency funds. (See independent auditor's report) -5- VILLAGE OF GLEN'VIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I ! Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the Government-Wide and Fund Financial Statements. The Notes to the Financial Statements can be found on pages 32 - 68 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information including the major governmental fund budgetary schedules and data concerning the Village's progress in funding its obligation to provide pension benefits to its employees. Required supplementary information can be found on pages 69 - 78 of this report. The combining statements referred to earlier in connection with nonmajor governmental, enterprise, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 83 through 164 of this report. Infrastructure Assets Historically, a government's largest group of assets (infrastructure - roads, bridges, storm sewers, etc.) have neither been reported nor depreciated in governmental financial statements. This new statement requires that these assets be valued and reported within the Governmental column of the Government-Wide Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated useful life or (2) develop a system of assets management designed to maintain the service delivery potential to near perpetuity. If the government develops the asset management system (the modified approach) which periodically (at least every third year), by category, measures and demonstrates its maintenance of locally- established levels of service standards, the government may record its cost of maintenance in lieu of depreciation. The Village has chosen to depreciate assets over their useful life. If a road project is considered a recurring cost that does not extend the road's original useful life or expand its capacity, the cost of the project will be expensed. An "overlay" of a road will be considered maintenance whereas a "rebuild" of a road will be capitalized. GOVERNMENT-WIDE STATEMENT In accordance with GASB Statement No. 34, the Village is not required to restate prior periods for the purpose of providing comparative information. However, in future years, when prior year information is available, a comparative analysis of Government-Wide information will be presented. (See independent auditor's report) -6- I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I Statement of Net Assets Net assets may serve over time as a useful indicator of a government's financial position. In the case of the Village of Glenview, assets exceeded liabilities by $169,680,462 as of December 31, 2003. The following table reflects the condensed Statement of Net Assets: Table 1: Statement of Net Assets As of December 31, 2003 Total Governmental Business-Type Primary Activities Activities Government 2003 2003 2003 Assets Current Assets Noncurrent Assets Total Assets Liabilities $107,348,523 134,631,206 $241.979,729 $16,918,098 34,679,482 $ 51,597,580 $124,266,621 169,310,688 $293,577,309 Current Liabilities Long-Term Liabilities Total Liabilities $ 30,462,867 83,264,449 $113,727,316 $ 1,670,248 8,499,283 $10,169,531 $ 32,133,115 91,763,732 $123,896,847 Net Assets: Invested in Capital Assets, Net of Debt $ 47,651,206 $ 25,625,660 $ 73,276,866 Restricted 57,086,081 57,086,081 Unrestricted 23,515,126 15,802,389 39,317,515 Total Net Assets ~ $ 41.428.049 $169.680.462 For more detailed information see the Statement of Net Assets (page 17). Net assets may serve over time as a useful indicator of a government's financial position. The Village's assets exceeded liabilities by $169,680,462 as of December 31, 2003. The largest portion of the Village's net assets is its investment in capital assets (eg. land, infrastructure, buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. The second component of the Village's net assets are the restricted assets which represent resources held for specific purposes. Of the Village's $57,086,081 of restricted assets, $54,591,008 are restricted for capital development. The final component of the Village's net assets are the unrestricted assets in the amount of $39,317,515, which can be used to £mance day-to-day operations. (See/ndependent auditor's report) VILLAGE OF GLEN'VIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I Normal Impacts There are six basic (normal) transactions that will affect the comparability of the Statement of Net Assets summary presentation. Net Results of Activities - which will impact (increase/decrease) current assets and unrestricted net assets. Borrowim, for Caoital - which will increase current assets and long-term debt. Spending Borrowed Proceeds on New Capital - which will reduce currem assets and increase capital assets. There is a second impact, an increase in invested capital assets and an increase in related net debt, which will not change the invested in capital assets, net of debt. Spending of Nonborrowed Current Assets on New Capital - which will (a) reduce cnrrem assets and increase capital assets and (b) will reduce unrestricted net assets and increase invested in capital assets, net of debt. Principal Payment on Debt - which will (a) reduce current assets and rednce long-term debt and (b) reduce unrestricted net assets and increase invested in capital assets, net of debt. Reduction of Capital Assets through Depreciation - which will reduce capital assets and invested in capital assets, net of debt. (See independent auditor's report) I I I I I I I I I I I I I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I Changes in Net Assets The following chart shows the revenue and expenses of the Village's activities: Table 2: Changes in Net Assets for the Fiscal Year Ended December 31, 2003 Revenues Program Revenues Charges for Services Operating Grants Capital Grants Total Governmental Business-Type Primary Activities Activities Government 2003 2003 2003 $ 2,009,446 $18,808,357 $20,817,803 2,628,122 2,628,122 General Revenues Property Taxes Other Taxes Other Revenue and Transfers 14,983,339 14,983,339 6,354,530 6,354,530 36,194,713 687,853 36,882,566 Total Revenues $62.170.150 $19.496.210 $81.666,360 Expenses General Government Public Safety Highways and Streets Economic Development Interest Waterworks North Maine Water & Sewer Nonmajor enterprise $16,249,578 19,048,844 79,331,667 37,308 3,724,873 6,160,140 5,042,768 1,870,109 $ 16,249,578 19,048,844 79,331,667 37,308 3,724,873 6,160,140 5,042,768 1,870,109 Total Expenses $118.392.270 $13.073.017 $131.465.287 Changes in Net Assets ($56,222,120) $ 6,423,193 ($ 49,798,927) Net Assets January 1 $184,474,533 $35,004,856 $ 219,479,389 Net Assets December 31 $128.252.413 $41.428.049 $169.680.462 (See independent auditor's report) -9- VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I Normal Impacts There are eight basic impacts on revenues and expenses as reflected below. Revenues: Economic Condition - which can reflect a declining, stable, or growing economic environment and has a substantial impact on state income, sales, and utility tax revenue as well as public spending habits for building permits, elective user fees, and levels of consumption. Increase/Decrease in Village-Approved Rates - while certain tax rates are set by statute, the Village Board has significant authority to impose and periodically increase/decrease rates (property taxes, water, sewer, impact fees, building fees, home rule sales tax, etc.) Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) - certain recurring revenues (State-shared revenues, etc.) may experience significant changes periodically while nonrecurring (or one-time) grants are less predictable and often distort'rog in their impact on year-to-year comparisons. Market Impacts on Investment Income - the Village's investment portfolio is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: Introduction of New Programs - within the functional expense categories (General Government, Public Safety, and Streets and Highways, etc.), individual programs inay be added or deleted to meet changing community needs. Change in Authorized Personnel - changes in service demand may cause the Village Board to increase/decrease authorized staffing. Staff'mg costs (salary and related benefits) represent 58 % of the V~lla~,e s General Fund and 20 % enterprise fund operating costs. Salary Increases (annual adjustments and merit) - the ability to attract and retain human and intellectual resources requires the Village to strive to approach a competitive salary range position in the marketplace. Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts. Some functions may experience unusual commodity-specific increases. (See independent auditor's report) -10- I I I I I I I I I I I ! I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I Governmental Activities Revenues: Current Year Impacts 2003 Governmental Fund Activities Revenue by Source Charges for Property Services ~ Taxes 25% ~ 18% Other Revenue Operating and Transfers Grants 46% 0% Other Taxes Capital Grants 8% 3% For the fiscal year ended December 31, 2003, revenues from Governmental Activities totaled $62,170,150. The Village benefits from a highly diversified revenue base. During the fiscal year Other Revenues and Transfers (which include State sales and income tax distributions and the Glenbrook Fire Protection District payment to the Village) continued to be the Village*s largest revenue source at $36,882,565, or 46% of total Governmental Activity revenue. Within this category, state-shared sales tax, which reflects economic activity within the Village, increased from $8.8 million in 2002 to $10.8 million in 2003 while state-shared revenues such as income tax and use tax, which are distributed on a per-capita basis and reflect the Illinois economy, declined from $3.2 million $2.9 million. Property Taxes totaled $14,983,339 representing 18% of the total Governmental Activity revenue. The Village maintained its property tax levy at $8,230,905 for 2003, the same amount levied since 2000. The balance of property tax revenue, or $6,752,434, is attributable to the property tax increment earned in the Village's redevelopment district. Other Taxes, at $6,354,530, is primarily attributable to the Village's utility and telecommunications taxes. (See independent auditor's report) -11- VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ! ! Expenses: Waterworks 5% 2003 Governmental Fund Activities Expenses by Source N or~Ja Ma/ne Nonrmjor General utilities '~, enterprise/ Government Public Safet 4% ~1 1% 12%~ 14% Interest ~ 3% Highways and Economic Streets Development 61% 0% For the fiscal year ended December 31, 2003, expenses from Governmental Activities totaled $118,392,270 with Highways and Streets, at 61%, accounting for the largest share of the total followed by Public Safety and General Government. Of the $79.3 million associated with Highway and Streets, $62.0 million is associated with infrastructure improvements within the Village' s redevelopment district. For the fiscal year ended December 31, 2003, the Governmental Funds reflect combined net assets of $128,252,413. Business- Type Activities Revenues: For the fiscal year ended December 31, 2003, revenues from Business-Type Activities totaled $19,496,209. The Village's various water and sewer utilities generated $15.5 million in Charges for Services. During 2003 the Village negotiated an amendment to a long standing contract with a private sector utility company to provide water for an area served by the company. As a result of the amendment, the Village received $1.166 million for improvements to it system and the Village anticipates the consumption in the area serviced by the company will increase modestly over time. Expcnscs: For the fiscal year ended December 31, 2003, expenses from Business-Type Activities totaled $13,073,017. (See independent auditor's report) -12- I I I I I I I I I I I I I I I I I ! I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS Governmental Funds At December 31, 2003 the Governmental Funds (as presented on page 21) reported a combined fund balance of $69,811,258 which is a 45.01% increase from the beginning of the year of $126,961,601. Of the total fund balance, $12,538,397 is unreserved indicating availability for continuing Village services. Reserved fund balance of $57,272,861 includes $54,591,008 for capital development and $1,067,757 for debt service. The General Fund is the Village's primary operating fund and the largest source of day-to-day service delivery. The total fund balance of the General Fund increased by $198,602, or 1.2%, from Fiscal Year 2002. The net change in fund balance for Fiscal Year 2002 was an increase of $1,960,129. The net change in fund balance for Fiscal Year 2003 was an increase of $198,602 which was a $1,761,527 decrease in operations. Revenues increased by $2,913,693 or 9.6%, and net financing uses decreased by $40,580 or 3.1% from the prior year which had a positive effect on the change in fund balance. Expenditures increased by $2,953,965 or 9.8% from the prior year. Proprietary Funds At December 31, 2003 the Proprietary Funds (as presented on pages 26 - 29) total net assets increased by $6,423,193 or 18.3%. This increase is primarily due to the increase of operating revenues of $2,940,829, compared to an increase in operating expenses of $745,681, and contributions of $2,137,129. GENERAL FUND BUDGETARY HIGHLIGHTS Table 3: General Fund Budgetary Highlights Original Final Budget Budget Actual Revenues Expenditures Excess of Revenues over Expenditures $30,256,920 $30,256,920 $33,342,411 33,167,459 33,167,459 33,161,319 ($ 2,910,539) ($ 2,910,539) $ 181,092 Other Financing Sources (Uses) $ 888,247 $ 888,247 $ 17,510 Net Changes in Fund Balance ($ 2,022,292) ($ 2,022,292) $ 198,602 (See independent auditor's report) -13- VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I Many local revenues performed well in the fiscal year and include: Fiscal Year Fiscal Year Revenue 2002 2003 Increase Municipal Sales Tax $8,765,038 Telecommunications Tax $1,869,589 $10,830,776 $ 2,910,237 $ 2,065,738 $ 1,040,648 The General Fund budget was not amended during the fiscal year. General Fund actual revenues were $3,085,491 greater than the original and final budget amount. The most significant causes of this were the strength in sale tax revenues and the telecommunication tax. The Special Tax Allocation Fund, also a major governmental fund, received $6,572,481 in property tax increment as developed parcels are added to the tax roles. It is expected that the incremental revenue will increase to $20 to $ 25 million over the next 3 to 5 years. These revenues are used to pay the development costs associated with the Village's Redevelopment District. CAPITAL ASSETS The Village's investment in capital assets for its Governmental and Business-Type Activities as of December 31, 2003, amounts to $169,310,688. The investment in capital assets includes land, buildings, equipment, improvements other than buildings, underground systems, infrastructure, and construction in progress. This amount represents a net decrease (including additions, deductions, and depreciation) of $2,603,801. Detailed information regarding the change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements on pages 44 and 45. The Governmental Activities net capital assets decreased from last year by $2,525,497. This is attributable to the fact that the amount of additions was less than the amount of depreciation expensed this year. The Business-Type Activities net capital assets increased by $3,293. DEBT OUTSTANDING In Fiscal Year 2003, the Village issued $9,990,000 in General Obligation Refunding Bonds, Series 2003A. The proceeds were used to advance refund $4,735,000 of the Village's General Obligation Bonds, Series 1996, by funding an escrow to call and redeem those bonds on December 1, 2003 at a price of par plus accrued interest; $3,520,000 of the Village's General Obligation Bonds, Series 1997 and by funding an escrow to call and redeem those bonds on December 1, 2004 at a price of par plus accrued interest; and to provide cash for system improvements to the North Maine utility system. (See independent auditor's report) - 14- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I I I I I I I I I I I I I I I I The Village also issued $1,955,000 in General Obligation Refunding Bonds, Series 2003B. The proceeds were used to call on April 4, 2003 the Village's outstanding $1,920,000 General Obligation Bonds, Series 1992 (Alternative Minimum Tax). The Village currently has ten general obligation bond series and one note series which were used to acquire the North Maine utility system outstanding. Total general obligation debt is $94,010,000 of which $86,980,000 is supported by a tax levy with the balance abated from water system revenues and property tax increment generated in the TIF Redevelopment District. The tax increment financing bonds were issued for infrastructure improvements in the TIF Redevelopment District located at The Glen. The issuance of these bonds did not produce a fixed asset for the Village; therefore, the unrestricted net assets for Governmental Activities have been reduced by the amount of these bonds. The Village, under its home rule authority, does not have a legal debt limit. During Fiscal Year 2003, the Village's Aaa bond rating was reaffirmed by Moody's Investors Service citing the Village's well-managed financial operations, moderate direct debt burden, and aggressive retirement of its general obligation bonds. The Village will be issuing debt in 2004 to fund the construction of a new Police Station Headquarters, estimated to cost approximately $20 million. Additional information of the Village's long-term debt can be found in the Notes to the Financial Statements on pages 49 - 53. ECONOMIC FACTORS AND NEXT YEAR'S BUD GET The Village's composition is primarily residential but with a significant commercial component. The property tax revenue derived from the residential, commercial, and industrial properties is stable. State shared revenues which are distributed on a per capita basis, including income and use taxes, and the elimination of the photoprocessing tax, were negatively affected by the general downturn in the State's general economy. Investment income was negatively impacted by the decline in interest rates. Sales tax revenues, however, increased during the year due to commercial development throughout the Village. The commercial component includes soft goods, restaurants, and other food and retail businesses. The Fiscal Year 2004 budget maintains the Village's property tax levy constant at $8.2 million. Building permit revenues and planning and inspections fees are expected to remain strong as development of the The Glen, and redevelopment throughout the Village, continues. Sales tax revenue is expected to remain strong as additional retailers come on line. In addition, the Village approved a one-half of one percent Home Rule Sales Tax ("HRST"). The HRST will not take effect until July 2004 and collections will not be received until October 2004. It is anticipated that the HRST will generate $1 million in its first year with $850,000 designated for capital investment. (See/ndependent auditor% report) -15- VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I I Budgeted expenditures include increases due to salary adjustments and health and liability insurance costs and the hiring of three firefighters, two police officers and a maintenance equipment operator in Public Works. Pension costs are expected to increase due to the general decline investment climate and increases in benefits approved by the State of Illinois. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Daniel P. Wiersma, Director of Finance, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025. (See independent auditor's report) - 16- I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF NET ASSETS December 31,2003 Component prmmry Govennnent Unit Govermmental Business-Type Glenview Activities Activities Total Public Library I I I I I I ASSETS Cash and investments Receivables, net of allowance where applicable Property taxes Other taxes Utility customers Miscellaneous Deposits Inventories Due from other govermments Due from/(to) other fimds Due from component unit Advance (to)/from other funds Deferred bond issuance costs Other assets Net pens/on asset Capital assets, not being depreciated Capital assets, (net of accumulated depreciation) $ 95,083,381 $ 8,563,935 $ 103,647,316 $ 1,582,815 7,989,318 7,989,318 4,630,790 4,153,610 4,153,610 5,020,873 744,102 1,280,975 65,602 800,826 713,820 1,280,975 5,020,873 30,282 65,602 467,931 (16,996) 332,895 16,996 56,247 (2,659,290) 2,659~90 125~81 125,281 1,900 1,900 380,571 380,571 54,479,175 54,782,026 56,247 302,851 500,000 80,152,031 34,376,631 114,528,662 2237,271 241,979,729 51,597,580 293,577,309 9,050,876 I I I I I I I I I LIABILITIES Accounts payable Accrued payroll Accrued interest payable Compensated absences payable Claims payable Other payables Deferred property taxes Other deferred revenue Due to fiduciary funds Due to phmary government Refundable deposits Noncurrent liabilities Due within one year Due in more than one year Total liabiIities NET ASSETS Invested in capital assets, net of miatod debt Restricted for Street improvements Debt service Employee benefits Public safety Capital development Culture and recreation Unrestricted TOTAL NET ASSETS 11,430,137 898,401 12,328,538 84,484 73,841 19,991 93,832 38,622 303,360 65,311 368,671 108,552 108,552 365,064 365,064 1,067,369 664 1,068,033 7,957,298 7,957,298 4,630,790 155,492 18,299 173,791 358 358 56,247 4,099,596 4,491 4,104,087 5,010,352 554,539 5,564,891 83,264,449 8,499,283 91,763,732 81,547 113,727,316 10,169,531 123,896,847 4,891,690 47,651,206 25,625~660 73,276,866 2,755,724 305,514 305,514 1,067,757 1,067,757 460,141 460,141 661,661 661,661 54,591,008 54,591,008 23,515,126 15,802.389 39.317,515 1,403,462 $128.252,413 $ 41,428,049 $169,680,462 $ 4,159,186 See accompanying notes to financial statements. -17~ VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended December 31, 2003 I I I FUNCTIONS/PROGKAMS PRIMARY GOVERNMENT Governmental activities General goverranent Public safety Highways and streets Economic development Interest Total governmental activities Business-type activities Waterworks North Maine Water and Sewer Nonmajor enterprise Total business-type activities TOTAL PRIMARY GOVERNMENT COMPONENT UNIT Gleview Public Library Program Revenues Charges Operating Capital Expenses for Services Grants Grants $ 16,249,578 $ 1,825,112 $ $ 19,048,844 184,334 79,331,667 2,628,122 37,308 3,724,873 118,392,270 2,009,446 2,628,122 6,160,140 8,739,735 5,042,768 6,806,352 1,870,109 3,262,270 13,073,017 18,808,357 - $131,465,287 $ 20,817,803 $ $ 2,628,122 $ 4,379,412 $ 151,635 $ $ -18- 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 Net (Expense) Revenue and Chan~e in Net Assets Primary Government Governmental Business-Type Component Activities Activities Total Unit $ (14,424,466) $ $ (14,424,466) $ (18,864,510) (18,864,510) (76,703,545) (76,703,545) (37,308) (37,308) (3,724,873) (3,724,873) (113,754,702) (113,754,702) 2,579,595 2,579,595 1,763,584 1,763,584 1,392,161 1,392,161 5,735,340 5,735,340 (113,754,702) 5,735,340 (108,019,362) (4,227,777) General revenues Taxes ProperlT 14,983,339 14,983,339 4,328,029 Other 6,354,530 6,354,530 29,000 Sales tax 10,830,776 10,830,776 Income tax 2,593,235 2,593,235 Intergovernmental 7,154,252 1,165,984 8,320,236 135,021 Investment income 2,941,206 93,243 3,034,449 15,348 Miscellaneous 1,012,998 1.012,998 84,788 Gain on sale of capital assets 8,844,386 8,844,386 Transfers 2,708,503 (2,708,503) Transfers to component unit (123,540) (123,540) Transfers from component unit 232,897 232,897 Transfers to primary government (232,897) Transfers fi.om primary government 123,540 Contributions 2,137,129 2,137,129 Total 57,532,582 687,853 58,220,435 4,482,829 CHANGE iN NET ASSETS (56,222,120) 6,423,193 (49,798,927) 255,052 NET ASSETS, JANUARY I 184,369,988 22,869,780 207,239,768 3,904,134 Prior period adj anmaent 104,545 12,135,076 12,239,621 NET ASSETS, JANUARY 1,KESTATED NET ASSETS, DECEMBER 31 184,474,533 35,004,856 219,479,389 3,904,134 $128~252,413 $ 41,428,049 $169,680,462 $ 4,159,186 See accompanying notes to financial statements. -19- 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 RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS December 31, 2003 FUND BALANCES OF GOVERNMENTAL FUNDS Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in govenunental activities are not financial resources and, therefore, are not reported in the governmental funds The net pension asset is not a current financial resource and is therefore not reported in the governmental funds The unamortized bond discount and unamortized bond issuance cost is not a current financial resource and is therefore not reported in the governmental funds Interest payable is not due and payable in the current period and therefore, not reported in the governmental funds Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds The unrestricted net assets of the internal service funds are included in the govermnental activities in the statement of net assets NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 69,811,258 134,595,233 380,571 74,211 (303,360) (88,349,012) 12,043,512 $128,252,413 See accompanying notes to financial staten~ents. - 22 - I I I I I I I I I I I I I I I I I I I ! I [ I I ! I I I I I I I I I I I i (This page is imentionally left blank.) © > Z Zm > I i I 1 ! I I I I i I ! I I I I I ! I ! ! I I VILLAGE OF GLENVIEW, ILLINOIS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTiVITIES For the Year Ended December 31, 2003 NET CHANGE 1N FUND BALANCES - TOTAL GOVERNMENTAL FUNDS Amounts reported for governmental activities in the statement activities are different because: Governmental funds report capital outlay as expenditures, however, they are capitalized and depreciated in the statement of activities The change in net pension asset is not a current financial resource and therefore is not reported in the governmental funds The issuance of long-term debt is reported as an other financing source in governmental funds but as an increase of principal outstanding in the statement of activities The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction ofpr/ncipal outstanding in the statement of assets The payment of bond proceeds to escrow is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of net assets Depreciation in the statement of activities does not require the use of current financial resources and, therefore, are not reported as expenditures in Governmental funds Internal service fund depreciation addback Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds The net revenue (loss) of certain activities of internal service funds is reported with governmental activities CHANGE 1N NET ASSETS OF GOVERNMENTAL ACTIVITIES $ (57,150,343) 1,179,192 (4,596) (6,150,000) 4,700,000 4,767,130 (3,704,689) 7,994 375,257 (242,065) $ (56,222,120) See accompanying notes to financial statements. - 25 ~ i I ! I I I I i i I I I I I ! I I I ! VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF NET ASSETS PROPRIETARY FUNDS I December 31, 2003 I I I I i ! I I ! I i I i I I I CURRENT ASSETS Cash Investments Receivables Accounts Other Due from other governments Advance to other funds Due from other funds Inventor/es Deferred bond issuance costs Other assets Total current assets CAPITAL ASSETS Capital assets not being depreciated Capital assets being depreciated Accumulated depreciation Net capital assets Total a~ssets CIJRRENT LIABILITIES Accounts payable Accrued payroll Interest payable Compensated absences payable Other payables Claims payable Advance to other funds Due to other funds Refundable deposits Deferred revenue Current portion of notes payable Current portion of general obligation bonds payable Total current liabilities NONCURRENT LIABILITIES Notes payable Unanmrtized loss on refunding General obligation bonds payable Total long-term liabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Unrestricted TOTAL NET ASSETS Business-Type Activities North Maine Activities Water and Nonmajor Internal Waterworks Sewer Enteq~rise Total Service $ 601,694 $ 370,612 $ 894322 $ 1,866,728 $ 1,001,176 4,379,920 850,000 1367,287 6,697~207 11,723,564 2,983,180 1,476,772 560,921 5,020,873 7,642 29,823 459 30,282 467,931 467,931 2,433,223 109,095 116,972 2,659,290 133,317 8,276 141,593 727 65,602 65,602 78,390 46,891 125,281 1,900 1,900 1,086,692 10,626,759 2,g86,769 3,563,159 17,076,687 13,819,80] 67,851 235,000 302,851 31,091,318 7,170,401 11,290,435 49,552,154 55,958 (10,502,653) (1,470,087) (3,202,783) (15,175,523) (19,985) 20,588,665 5,700,314 8,087,652 34,376,631 35,973 3],215324 8,587,083 11,650,811 51,453,318 13,855,774 366,255 437,150 94,996 898,401 115,592 12,214 875 6,902 19,991 125 52,708 12,603 65,3ll 102,140 6,412 108,552 664 664 81,448 365,064 1,045,180 17,I92 8,092 133,305 158,589 199,700 4,49l 4,491 18,299 18,299 5,153 99,539 99,539 275,000 180,000 455,000 502,292 880,440 446,105 1,828,837 1,812,262 2,244,283 2244,283 (320,000) (320,000) 4,960,000 1,615,000 6,575,000 6,884,283 1,615,000 8,499,283 502,292 7,764,723 2,061,105 I0,328,120 ],812,262 20,588,665 (1,503,969) 6,292,652 25,377,348 35,973 I0,192,318 2,561,329 3,297,054 16,050,701 12,007,539 $ 30,780,983 $ 1,057,360 g 9,589,706 $ 41,428,049 $ 12,043,512 See accompanying notes to financial statements. VILLAGE OF GLENV~IEW, ILLYNOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS PROPRIETARY FUNDS For the Year Ended December 31,2003 i I I OPERATING REVENUES Clmrges for services Water and sewer charges Water and sewer connection charges Parking decals and meter fees Late payment fees Internal services Miscellaneous Total operating revenues OPERATING EXPENSES AdmJmstrafion Opemfions Depreciation and amortization Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Intergovernmental Investment income Gain on sale of capital assets Interest and fiscal charges Total nonopemting revenues (expenses) NET INCOME (LOSS) BEFORE TRANSFERS AND CONTRiBUTIONS TRANSFERS IN (OUT) Transfers in Transfers (out) Total tmnsthrs in (out) CHANGE 1N NET ASSETS BEFORE CONTRiBUTIONS Conthbutions CHANGE IN NET ASSETS NET ASSETS (DEFICIT), JANUARY 1 Prior period adjustment NET ASSETS (DEFICIT), JANUARY 1, RESTATED NET ASSETS, DECEMBER 31 Business-Type Activities Governmental North Maine Acfivities Water and Nonmajor Internal Waterworks Sewer Enterprise Total Service 8,244,809 $ 6,715,448 $ 2,947,800 $ 17,908,057 $ 121,597 9,020 130,617 78,157 9,630 294,965 382,752 82,313 79,349 4,733 166,395 7,120,178 212,859 1,925 5,752 220,536 84,924 8,739,735 6,806,352 3,262,270 18,808,357 7,205,102 624,164 436,062 207,125 1,267,351 4,787,443 4,016,016 1,375,621 10,179,080 7,918,082 748,533 201,307 226,830 1,176,670 7,994 6,160,140 4,653,385 1,809,576 12.623,101 7,926,076 2,579,595 2,152.967 1,452,694 6,185~256 (720,974) 1,165,984 1,165,984 55,241 16,021 21,981 93,243 337,539 163,620 (389,383) (60,533) (449,916) 1,221,225 (373,362) (38,552) 809,311 501,159 3,800,820 1,779,605 1,414,142 6,994,567 (219,815) (1,494,432) (1,494,432) 87,231 50,980 138,211 (573,500) (778,782) (2,846,714) (22,250) (486,269) (727,802) (2,708,503) (22,250) 2,306,388 1,293,336 686,340 4,286,064 (242,065) 393,581 1,743,548 2,137,129 2,699,969 1,293,336 2,429,888 6,423,193 (242,065) 18,439,075 (235,976) 4,666,681 22,869,780 12285,577 9,641,939 2,493,137 12,135,076 28,081,014 (235,976) 7,159,818 35,004,856 12,285,577 $ 30~780,983 $ 1,05T360 $ 9.589.706 8 41,428,049 $ 12,043,512 See accompanying notes te financial statements, -27 - I 1 I 1 I I I i i I I ! I I I I i I I I I I t I i I i I I I i I i (This page is imentionally left blank.) VILLAGE OF GLENVIEW, ILL~qOIS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2003 i I I CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users Receipts from interfund services Receipts from miscellaneous revenues Payments to suppliers Payments to employees Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Inter fund transfers Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FiNANCING ACTIVITIES Principal payments Interest and fiscal charges Net cash from capital and related financing activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchases of investments Gain on sale of capital assets Net cash from investing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 3 Business-Type Activities Governmental Nor[h Maine Activities Water and Nonmaj or Internal Waterworks Sewer Enterprise Total Service 6,991,898 $ 5,879,472 $ 3,178,167 $ 16,049,537 $ 440,056 6,591,210 9,565 175 5,751 15,491 (4,023,539) (3,966,227) (1,254,803) (9,244,569) (7,228,244) (1,406,923) (417,563) (322,836) (2,147,322) (291,428) 1,571,001 1,495,857 1,606,279 4,673,137 (488,406) (1,494,432) (486,269) (727,802) (2,708,503) (22,250) (1,494.432) (486,269) (727,802) (2,708,503) (22,250) (404,851) (125,000) (529,851) (389.384) (62,602) (451,986) (794,235) (187,602) (981,837) 55,241 16,021 21,981 93,243 337,674 (815,237) (525,000) (622,344) (1,962,581) (108,927) 163,620 (759,996) (508,979) (600.363) (1,869,338) 392,367 (683,427) (293,626) 90,512 (886,541) (I18,289) 1,285,121 664,238 803,910 2,753.269 1,119,465 $ 601.694 $ 370.612 $ 894.422 $ 1.866.728 $ 1.001.176 (This statement is continued on the following page.) ! I i i i 1 i 1 I t I I I ! I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPPdETARY FUNDS For the Year F~ded December 31, 2003 I I I I i I I I 1 1 I I t i I RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTiVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in current assets and liabilities Accounts receivable Due from other funds Deferred bond issuance costs Unamortized bond discount Inventory Other assets Accounts payable Accrued payroll Compensated absences payable Claims payable Refundable deposits Other payables Due to other funds Net cash from operating acti¼ties NONCASH CONTRIBUTIONS Contributions of capital assets Waterworks Business-Type Activities Governmental North Maine Activities Water and Nomajor Internal Sewer Enterprise Total Service $ 2,579,595 $ 2,152,967 $ 1,452,694 $ 6,185,256 $ (720,974) 748,533 201,307 (1,712,988) (924,806) 728 226,830 1,176,670 7,994 255,075 (201,980) (46,891) 16,070 3,813 (29,823) (1,900) (459) (147,662) 98,072 (78,478) 12,214 875 6,902 29,097 (1,774) 4,491 (4,800) (18,061) (42) 101,064 (24,042) $ 1.571,001 8 1,495.857 (23,484) 1,606.279 $ $ 393,581 8 (2,382,719) 2,324 (201,252) 54,176 (46,891) 16,070 3,813 (32,182) (128,068) (44,073) 19,991 126 27,323 188,479 (309) (153,372) (I8,103) (1,52~ 53,538 178,440 See accompanying notes to financial statements. - 29- 4.6737137 $ (488.406) $ 1,743,548 $ 2,137,129 $ VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS December 31, 2003 ASSETS Cash and cash equivalents Investments U.S. Government and agency obligations Mutual funds Insurance contracts Receivables Property taxes Due fi.om other funds Total assets LIABILITIES Accounts payable Due to bondholders Total liabilities NET ASSETS HELD IN TRUST FOR PENSION BENEFITS Pension Trust Agency $ 658,990 $ 68,454,298 6,873,305 3,399,640 6,730 50,000 124,550 358 79,386,591 181,280 2,400 181,280 2,400 181,280 $ 79,384,191 $ See accompanying notes to financial statements. - 30- ! I I I 1 I I 1 i I i I i 1 i I i i I I ! I ! i I I I I I I I I i I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES IN FDUCIARY NET ASSETS PENSION TRUST FUNDS For the Year Ended December 31, 2003 ADDITIONS Contributions - employer Contributions - plan members Miscellaneous Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Less investment expense Net investment income Total additions DEDUCTIONS Pensions and refimds Total deductions NET iNCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 $ 1,261,855 953,211 60 2,215,126 2,892,768 2,100,422 4,993,190 (8,138) 4,985,052 7,200,178 3,203,274 3,203,274 3,996,904 75,387,287 $ 79~384,191 See accompanying notes to financial statements. -31 - (This page is intentionally left blank. i I I ! I ! I ! I I i I I i I I I I ! I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2003 1 i I 1 i I I I I i I I I I SUMMARY OF SIGNI]7ICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America (hereinafter referred to as generally accepted accounting principles (GAAP)), as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. a. Reporting Entity The Village is a municipal corporation governed by an elected seven-member board. As required by generally accepted accounting principles, these financial statements present the Village (the primary government) and its component un/ts. The Village's financial statements include pension trust funds: Police Pension Employees Retirement System The Village's police sworn employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board consisting of two members appointed by the Village's President, one elected pension beneficiary and two elected police. The Village and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the PPERS is reported as if it were part of the primary government because its sole purpose is to fmance and administer the pensions of the Village's police employees and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. - 32 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 1. SUMMARY OF SIGNI~IC~ ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) Firefighters' Pension Employees Retirement System The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board consisting of the Village's President, Treasurer, Clerk, Attorney and Fire Chief; one elected pension beneficiary; and three elected fire employees. The Village and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the charactehstics of a legally sepaxate government, the FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's firefighters and because of the fiduciary nature of such activities. The FPERS is reported as a pension trust fund. Discretely Presented Component Unit - Village of Glenview Public Library (the Library) The Library has a separately elected seven-member board, which annually determines its budget and resulting tax levy. Upon approval of the Village, the levy is submitted to the County. All debt o£the Library is secured by the full faith and credit of the Village, which is wholly liable for the debt. Because the Library possesses the characteristics of a legally separate government and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. b. Fund Accounting The Village uses funds to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain govermnent functions or activities. Funds are classified into the following categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate "fund types." - 33 - i I I ! i I i I 1 I I l I I 1 I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I t I i I I I I i I I I 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Governmental funds are used to account for all or most ora government's general activities, including the collection and disbursement of earmarked mmfies (special revenue funds), the acquisition or construction of capital assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Village (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Village. When these assets are held under the terms of a formal trust agreement, a pension trust fund is used. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all of the nonfiduciary activities of the Village. The effect of material interfund activity has been eliminated from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, se~mnent or pro,am are offset byprogram revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and standard revenues that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other iten~s not properly included among program revenues are reported instead as general revenues. - 34 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) i ! 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major govermmental funds: The General Fund, also referred to as the Corporate Fund, is the Village's primary operating fund. It accounts for all financial resources of the general goverun~ent, except those required to be accounted for in another fund. Special Tax Allocation Fund accounts for the incremental property tax revenue that is generated through the growth of the assessed valuation at the GNAS. The Village Permanent Fund is used to accumulate 20% of the land sales proceeds of the Glenview Naval Air Base for village-wide improvements as well as short-term liquidity to the Village's TIF projects encompassing The Glen. The GNAS Bond Fund Series 1995 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. The Glen Land Sales Fund accounts for grant funds, land sales, and property tax revenues (via the Tax Increment Finance District) related to Glenview Naval Air Base. 2001 Project Fund accounts for the funds derived from the 2001 General Obligation Bond issue. The Village reports the following major proprietary funds: The Waterworks Fund accounts for the provision of water service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director of Public Works), operation, maintenance, financing and related debt service and billing and collection. -35- ! ! I i I i I I i I I 1 t I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I 1 i I I I i I i I I I I I I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) The North Maine Water and Sewer fund accounts 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. d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues and additions are recorded when earned and expenses and deductions are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues/expenses include all revenues/expenses directly related to providing enterprise fund services. Incidental revenues/expenses are reported as non-operating. Governmental fund financial statements are reported using the current £mancial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, ail assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Village recognizes property taxes when they become both measurable and available in the period intended to finance. Expenditures are recorded when the related fund liabihty 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. -36 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue and charges for services. Sales taxes owed to and fines collected and held by the state/county court at year end on behalf of the Village also are recognized as revenue. Permit revenues are not susceptible to accrual because, generally, they are not measurable until received in cash. The Village reports deferred revenue on its financial statements. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" or earned criteria for recognition in the current period. Deferred revenues also ar/se when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for deferred revenue is rcuuoved from the combined balance sheet and revenue is recognized. e. Cash and Investments For purposes of the statement of cash flows, the Village's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. f. Investments Investments with a maturity of less than one year when purchased and non-negotiable certificates of deposit are stated at cost or amortized cost. Investments with a maturity of greater than one year when purchased and all investments of the pension trust funds are stated at fair value. Fair value is based on prices hsted on national exchanges as of December 31,2003 for debt and equity securities. Mutual funds, investment funds and insurance separate accounts are valued at contract value as of December 31, 2003. -37- I i I t I I i I i I I I I i i I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I t l I i I i ! I I i I I I i I I SLrMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) g. Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables." Long-term loans between funds are reported as "advances to/from other fund". h. Inventories Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund type inventohes are recorded as expenditures when consumed rather than when purchased. i. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. j. Capital Assets CapitaI assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the applicable governmental or business-type activities colmnns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost in excess of $25,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date o£donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the conslruction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Property, plant and equipment is depreciated using the straight line method over the following estimated useful lives: ~38- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) j. Capital Assets (Continued) Asse~ Years Buildings, Improvements and Infrastructure Machinery and Equipment 25-80 5-10 Interest is capitahzed on proprietary fund assets acquired with tax-exempt debt. The mount 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. k. Compensated Absences The Village accrues a liability for vacation benefits as these benefits are earned. At December 31, 2003, the liabilities for these accumulated unpaid benefits are accounted for in the Enterprise Funds at all levels and in the governmental activities column in the government-wide fmanciaI statements. In the governmental fund financial statements a liability has been accrued for amounts owed to employees who have retired or terminated employment by the end of the year. 1. Long-Term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type financial statements. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. In the fund fmancial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether ornot withheld from the actual debt proceeds received, are reported as debt service expenditures. - 39- I I I I I I I I 1 I 1 I i I i I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I i I I I I I I I I I I I I 1 I 1. SUMMARY OF SIGNEFICANT ACCOUNTING POLICIES (Continued) m. Equity In the fund financial statements, governmental fimds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. In the government- wide financial statements, restricted net assets are legally restricted by outside parties for a specific purpose. Invested in capital assets, net of related debt is the book value of capital assets less any long-term debt outstanding that was issued to construct or acquire the capital assets. n. Interfund Transactions Interfund services 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. Ail other interfund transactions, except interfimd services transactions and reimbursements, are reported as transfers. Advances between funds, if any, are offset by a fund balance reserve account in applicable governmental funds to indicate they are not available for appropriation and are not expendable available financial resources. o. GASB Pronouncements The Village has elected, under the provisions of GASB Statement 20, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," to apply all applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. - 40 - VILLAGE OF GLENV[EW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) 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 GNAS Caretaker Corporate Purpose Bond Series of 1996 Corporate Purpose Bond Series of 2003 GNAS Bond Fund Series 1995 Glen Land Sales $ 72,378 164,915 338 43,517 2,513,360 4,935,197 CASH AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $5,450 for the primary government and cash on hand of $1,072 for the component unit has been excluded from the amounts shown below. Permitted Deposits and Investments - Statutes authorize the Village to make deposits/invest in insured commemial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds. Pension funds may also invest in certain non-U.S, obligations, Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions and Illinois insurance company general and separate accounts, mutual funds and equity securities. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price, for which the price the investment could be sold. -41 - I I I I ! I I I I I I I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I ! I i I I ! I I I ! 1 i I 3. CASH AND INVESTMENTS (Continued) a. Deposits At year end, the carrying amount of the primary government's deposits totaled $29,976,163 and the bank balances totaled $31,143,934. The carrying amount of the component unit's deposits totaled $1,I78,524 and the bank balances totaled $1,227,209. Bank Balances Primary Component Government Unit Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $31,143,934 $ 1,227,209 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or its agents, in the Village's name. Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized. TOTAL DEPOSES $31,143,934 $ 1,227,209 For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Village. b. Investments The Village's investments are categorized to give an indication of the level of custodial credit risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty in the Village's name, or held by any third party not in the Village's name, and uninsured, unregistered investments. - 42 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! CASH AND INVESTMENTS (Continued) b. Investments (Continued) Primary Government Fair Value Category 1 2 3 Totals $ 43,765,541 $ $ $ 43,765,541 53,564,699 53,564,699 22,887,543 22,887,543 2,214,232 2,214,232 $122,432,015 $ $ 122,432,015 U.S. Treasury securities U.S. Agency securities Corporate bonds Municipal bonds * Illinois Funds * Mutual funds * Insurance contracts and separate accounts 19,760,178 7,516,833 3,399,640 TOTAL1NVESTMENTS $ 153,108,666 * Not subject to custodial credit risk categorization Component Unit Investments for the Component unit consist of $403,219 of Illinois Funds. Illinois Funds are not subject to custodial credit risk categorization, and the fair value of the position in the external pool is the same as the value of the pool shares. RECEIVABLES Property taxes for 2003 attach as an enforceable lien on January 1, 2003 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, 2004 and August 1, 2004 and are payable in two installments, on or about March 1, 2004 and September 1, 2004. 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. Since the 2003 levy is intended to fund the 2004 fiscal year, the levy has been recorded as a receivable and defen-ed revenue. - 43 - i I I I ! I I I I I I i I i I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 5. I I I I I I ! I 1 I I I I I CAPITAL ASSETS Capital asset activity for the year ended December 31, 2003 was as follows: Primary Government *Beginning Balance, Ending Restated Increases Decreases Balance $ 5,643,853 $ $ $ 5,643,853 48,835,322 48,835,322 54,479,175 54,479,175 10,234,967 10,234,967 8,634,50I 1,179,192 217,430 9,596,263 106,155,451 106,155,451 125,024,919 1,179,192 217,430 125,986,681 2,845,482 218,968 3,064,450 4,302,247 1,078,085 142,419 5,237,913 35,124,651 2,407,636 37,532,287 42,272,380 3,704,689 142,419 45,834,650 GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land Land right of way Total capital assets not being depreciated Capital assets being depreciated Buildings and improvements Machinery and equipment In~rastxucture Total capital assets being depreciated Less accumulated depreciation for Buildings and land improvements Machinery and equipment Infrastmctare Total accumulated depreciation Total capital assets being depreciated, net 82,752,539 (2,525,497) 75,011 80,152,03I GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $137,231,714 $(2,525,497) $ 75,011 $134,631,206 *The beginning balance of the capital assets has been restated by $152,289,557 due to the inclusion ofinfi-astructure, the inclusion of internal service capital assets and due to a change in the capitalization policy of the capital assets. Further, accumulated depreciation has been restated by $42,272,380 to account for accumulated depreciation on capital assets not previously depreciated. - 44 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I CAPITAL ASSETS (Continued) Primary Government (Continued) *Beginning Balance, Ending Restated In.eases Decreases Balance $ 302,851 $ $ - $ 302,851 302,851 302,851 446,954 446,954 36,153,097 393,582 36,546,679 8,925,509 775,617 9,701,126 2,857,396 2,857,396 48,382,956 1,169,199 49,552,155 288,675 13,005 301,680 9,329,322 732,969 10,062,291 2,177,913 182,062 2,359,975 2,207,122 244,456 2,451,578 14,003,032 1,172,492 15,175,524 34,379,924 (3,293) 34,376,631 BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land Total capital assets not being depreciated Capital assets being depreciated Buildings and improvements Water system Sewer system Equipment and vehicles Total capital assets being depreciated Less accumulated depreciation for Buildings and improvements Water system Sewer system Equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 34,682,775 $ (3,293) $ $34,679,482 *The beginning balance of the capital assets has been restated by $7,047,647 due to the inclusion of irr~astracture and due to a change in the capitalization policy of the capital assets. Further, accumulated depreciation has been restated by $1,096.5 57 to account for accumulated depreciation on infrastructure not previously reported. Depreciation expense was charged to functions of the primary government as follows: GOVERNMENTAL ACTIVITIES General Government Public Safety Development Public Works $ 42,756 528,025 37,788 3,096,120 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 3,704,689 - 45 - i I I i I I I I I I I i I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I i I I I I I I I I I I I I CAPITAL ASSETS (Continued) Primary Government (Continued) 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 Component Unit *Beginning Balance, Ending Restated Increases Decreases Balance 500,000 $ $ - $ 500,000 500,000 500,000 4,116,088 4,116,088 14,044 14,044 4,130,132 4,130,132 1,696,495 82,322 1,778,817 14,044 14,044 1,710,539 82,322 1,792,861 GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land Total capital assets not being depreciated Capital assets being depreciated Buildings and improvements Equipment and vehicles Total capital assets being depreciated Less accumulated depreciation for Buildings and improvements Equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net 2,419,593 (82,322) 2,337,271 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 2,919,593 $ (82,322) $ $ 2,837,271 *The be~nning balance of the capital assets has been restated by $894,466 due to a change in the capitalization policy of the capital assets. Further, accumulated depreciation has been restated by $1,710,539 to account for accumulated depreciation on capital assets not previously depreciated. Depreciation expense was charged to functions of the governmental activities as follows: GOVERNMENTAL ACTIVITIES Culture and Recreation $ 82,322 - 46 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 6. RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Village is self-insured (and participates in two pubhc employee risk pools for health claims) for general liability, auto, property and workers' compensation risks and has established a risk-financing fund, Insurance Fund (Fund), for all risks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each workers' compensation claim and $50,000 for each property damage claim. The Village purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in auy of the past three fiscal years. All funds of the Village 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 tbe balances of claims liabilities during the past two fiscal years are as follows: 2003 2002 CLAIMS PAYABLE, JANUARY 1 Add claims incurred Less claims paid 176,585 $ 372,996 744,350 647,298 (555,871) (843,709) CLAIMS PAYABLE, DECEMBER 31 $ 365,06~4 $ 176,585 Intergovernmental Personnel Benefit Cooperative (IPBC) The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to admidster some or all of the personnel benefit programs (primarily medical, dental and life insurance coverage) offered by its members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental and nonprofit public service entities. Risk of loss is retained by the Village, except that IPBC purchases excess coverage policies. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are three officers, a Benefit Administrator, and a Treasurer. The Village does not exercise any control over activities of I2PBC beyond its representation on the Board of Directors. - 47 - t I I I I I I I I I I I I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I I 6. RISK MANAGEMENT (Continued) High-Level Excess Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $2,000,000 self-insurance retention). The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. HELP was organized on April 1, 1987. The purpose oflKELP is to act as a joint self- insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the members and other parties included within the scope of coverage of HELP. HELP is govemed by a Board of Directors, which consists of one appointed representative fxom each member marficipality. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, roles and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board o£Directors. LONG-TERMDEBT a. Changes in Long-Term Liabilities During the fiscal year, the following changes occurred in liabilities reported for long~ term liabilities: Current January 1 Additions Reductions December 31 Portion GOVERNMENTAL ACTIVITiES General obligation bonds Compensated absences $ 90,195,000 $ 6,I50,000 $ 9,365,000 $ 86,980,000 $ 4,805,000 1,737,690 368,678 1,369,012 205,352 $ 91,932,690 $ 6,150,000 $ 9,733,678 $ 88,349.012 $ 5,010,352 $ 7,145,000 $ 5,795,000 $ 5,910,000 $ 7,030,000 $ 455,000 2,438,674 94,852 2,343,822 99,539 TOTAL GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES General obligation bonds Note payable TOTAL BUSINESS-TYPE ACTIVITIES $ 9,583,674 $ 5,795.000$ 6,004.852$ 9~373,822$ 554,539 - 48 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 7. LONG-TERM DEBT (Continued) b. General Obligation Bonds The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Current Issue Retired By January 1 Additions Reductions December 31 Amount $2,895,000 Corporate Purpose Bonds Series of 1992 dated April 1, 1992, due in annual installments of $10,000 to $255,000 plus interest at 4.00% to 5.90% through December 1, 2012. $8,435,000 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% through December 1, 2008. $6,175,000 Corporate Purpose Bond Series of ] 997 dated August 1, 1997, due in annual installments orS 100,000 to $495,000 plus interest at 4.875% to 5.00% through December 1, 2017. $10,000,000 General Obligation Bond Series of 1998A dated November 1, ] 998, due in annual installments of $695,000 to $1,875,000 plus interest at 4.10% to 4.35% through December 1,2018. Whole- sale Water Debt Service North Maine Water and Sewer Debt Service $ 1,920,000 $ $ 1,920,000 $ $ 5,545,000 5,545,000 5,225,000 3,760,000 1,465,000 250,000 10,000,000 10,000,000 - 49 - I I I I I I I I I I I i I I I I I I i VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I I 7. LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) Fund Debt Balances Issue Retired By January 1 $24,400,000 General Obligation Bond Series of 1998B dated January 1, 1999, due in annual installments of $1,000,000 to $2,050,000 p]us interest at 4.25% to 4.50% through December 1, 2018. Debt Service $23,005,000 Additions Reductions Balances December 31 $4,970,000 General Obligation Bond Series of 2000 dated December 15, 2000, due in annual installments of $345,000 to $1,875,000 plus interest at 4.30% to 4.5% through December 1, 2008. Debt Service 4,970,000 $41,800,000 General Obligation Bond Series of 2001 dated August 1, 2001, due in annual installments of $500,000 to $5,500,000 plus interest at 3.50% to 4.35% through December 1, 2012. $6,885,000 General Obligation Refunding Bond Series of 2002 dated February 15, 2002, due in annual installments of $1,315,000 to $2,010,000 p]us interest at 1.85% to 3.40% through December I, 2005. Debt Service 41,800,000 Debt Service 4,875,000 $9,990,000 General Obligation Refunding Bond Series of 2003A dated Nor[h Maine April 1, 2003, due in annual Water and installments of $185,000 to Sewer $1,130,000 plus interest at 2.05% to 3.10% through Debt December 1, 2010. Service $1,995,000 General Obligation Refunding Bond Series of 2003B dated April 1, 2003, due in annual installments of $160,000 to $225,000 plus interest at 1.3% to 3.85% through December 1,2012. TOTAL Whole- sale Water Amount 1,955,000 $97.340,000 $11,945,000 $ $ 1,450,000 $ 21,555,000 $ 1,510,000 500,000 4,970,000 -50- 41,300,000 3,120,000 1,755,000 500,000 1,805,000 3,840,000 70,000 3,770,000 25,000 6,150,000 115,000 6,035,000 990,000 11795,000 $ 94,010,000 160~000 $15,275,000 180,000 5.260,000 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (continued) I I LONG-TERM DEBT (Continued) c. Notes Payable The Village enters into notes payable to provide funds for the acquisition of capital assets. Notes payable have been issued for proprietary activities. The proprietary liabilities are therefore reported in the proprietary fimds. Note payable currently outstanding is as follows: Fund Debt Balances Balances Current Issue Retired By January I Additions Reductions December 31 Amount I I I I I $2,850,000 Corporate Purpose Note of 1997 dated September 2, 1997, due in North annual installments of Maine $215,377 plus interest paid Water at 4.942% through and September 1,2019. Sewer 2,438,674 $ $ 94,852 $ 2,343,822 $ 99,539 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Fiscal Year Ending December 31 General Obligation Bonds Principal Interest General Obligation Bonds Carried as Enterprise Fund Liabilities Corporate Purpose Notes Carried as Enterprise Fund Liabilities Principal Interest Principal Interest 2004 $ 4,805,000 $ 3,527,566 $ 455,000 2005 9,065,000 3,367,487 475,000 2006 9,445,000 3,035,253 490,000 2007 9,665,000 2,662,180 510,000 2008 8,890,000 2,277,773 530,000 2009 6,950,000 1,926,961 555,000 2010 7,040,000 1,642,579 580,000 2011 7,640,000 1,345,805 600,000 2012 7,735,000 1,017,105 620,000 2013 2,345,000 681,411 405,000 2014 2,440,000 581,685 425,000 2015 2,565,000 477,165 440,000 2016 2,690,000 366,630 460,000 2017 2,830,000 249,981 485,000 2018 2,875,000 126,563 2019 $ 234,816 219.136 202.379 263,033 165,077 143,997 126,337 107,887 88,347 67,835 55,685 42,935 29,295 15,035 $ 99,539 $ 115,838 104,459 110,918 109,621 105,756 115,039 100,338 120,725 94,652 126,691 88,686 132,952 82,425 139,523 75,854 146,419 68,958 153,655 61,722 161,249 54,128 169,219 46,158 177,582 37,795 186,359 29,018 195,569 19,808 205,221 10,143 TOTAL $ 86,980000 $ 23,286,144 $ 7,030.000 $ 1.761,794 $ 2,343,822 $ 1,102,197 -51 - I I I I I 1 I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I I 7. LONG-TERM DEBT (Continued) e. Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution govems computation of the legal debt margin. "The General Assembly may limit by law the mount and require re£erendnm 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 thereatSer approved by referendum.., shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home rule municipalities. f. Advance Refunding - General Obligation Refunding Bonds, Series 2003A and 2003B. On April 1, 2003, the Village issued $9,990,000 General Obligation Refunding Bonds, Series 2003A and $1,995,000 2003B bonds. The proceeds of the Series 2003A General Obligation Refunding Bonds were used to call $4,735,000 of the 1996 Series General Obligation Bonds of 1996, created an escrow to cai1 $3,520,000 of the 1997 Series General Obligation Bonds of 1997 on December 1, 2004 and to provide cash for infi'astructure improvements to the North Maine utility system. The proceeds of the Series 2003B General Obligation Refunding Bonds were used to fully call the 1992 Series General Obligation Bonds. This advance refunding was undertaken to reduce total debt service payments over the next fourteen years by $1,017,148, and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $867,987 of the old debt. g. Noncommitment Debt Special Service Area Bonds Special service area bonds outstanding as of the date of this report totaled $705,202. These bonds are not an obligation of the Village and are secured by the levy of special service on the real property within the special service area. The Village is in no way liable for repayment but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. - 52 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I 7. LONG-TERM DEBT (Continued) g. Noncommitment Debt (Continued) Conduit Debt The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial assistance to private organizations for the construction and acquisition of industrial and conmaercial improvements deemed to be in the public interest. The bonds are secured solely by the property financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds outstanding are not reported as a liability in these financial statements. As of December 31, 2003, there was one series oflDRBs outstanding. The aggregate principal amount payable for the IDRBs outstanding was $9,020,000. 8. CONTRACTUAL COMMITMENTS a. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High- Level Excess Liability Pool (HELP), a public entity risk pool for certain Illinois municipalities through April 30, 2008. These amounts have been calculated using the Village's current allocation percentage of 8.84%. In furore years, this allocation percentage will be subject to change because the HELP Agreement provides that each year members will be assessed based upon a formula that specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues b. Solid Waste Agency of Northern Cook County (SWANCC) The Village has committed to pay its share of the annual operating costs and fixed costs of the SWANCC. The Village's share of costs is expected to be funded through tipping fees paid by refuse haulers. The Village began delivering refuse to SWANCC in May of 1995. - 53 - I I I I I I I I I I I I I I I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. CONTRACTUAL COMM/TMENTS (Continued) b. Solid Waste Agency of Northern Cook County (SWANCC) (Continued) SWANCC has entered into solid waste disposal contracts with the twenty-three member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Village to make all payments as required by this contract is unconditional and irrevocable, without regard to performance or nonperformance by SWANCC of its obligations under this contract. INTERFUND TRANSACTIONS Due From/To Other Funds Primary Government Receivable Fund Payable Fund Amount Major Funds General Fund GNAS Bond Fund Series 1995 Glen Land Sales 2001 Project 911 Communications GNAS Redevelopment GNAS Caretaker Foreign Fire Insurance Escrow Deposit Deposit Capital Projects Bond Fund Series of I993 Waterworks North Maine Water and Sewer Capital Equipment Replacement Municipal Equipment Repair Insurance General Special Tax Allocation Village Permanent GNAS Bond Fund Series 1995 Capital Projects 58,357 8,352 2,248 750 1,172 300 366,983 4,373 6,213 8,092 28,012 170,652 1,034 8,172 250,000 19,800 225,000 66,676 - 54- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 9. INTERFUND TRANSACTIONS (Continued) Due From/To Other Funds (Continued) Receivable Fund Payable Fund Amount Nonmaj or Funds 911 Communications GNAS - Redevelopment Escrow Deposit Deposit Police Special Account Capital Projects 2003 Project Total governmental funds Genera] GNAS Bond Fund Series 1995 General General General General Waterworks Corporate Purpose Bond Series 2003 $ 3,263 31,000 24O 1,300 24,602 10,033 t 1,460 47,187 1,355,271 133,317 8,274 2 141,593 727 358 $ 1,497,949 Enterprise Waterworks Sewerage Commuter Parking Sewerage General General Internal Service Municipal Eqmpment Repair Trust and Agency Police Pension TOTAL General The purpose of the significant Due From/To Other Funds is as follows: The $366,983 due to the General Fund from the Capital Projects Fund is for interfund operations. Repayment is expected within one year. The $250,000 due to the Glen Land Sales Fund from the Special Tax Allocation Fund is for incentive fees. Repayment is expected within one year. · The $225,000 due to the Glen Land Sales Fund fi.om the GNAS Bond Fund Series 1995 is for interfund operations. Repayment is expected within one year. ~55 - I I I I I I I i I I I I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I I I I INTERFUND TRANSACTIONS (Continued) Component Unit Receivable Fund Component Unit Payable Fund Pr/mary Govgmment Amount $ 56,247 Enterprise Waterworks Glen Land Sales $ 11,182,130 North Maine Water and Sewer Sewerage Capital Equipment Replacement Capital Projects Capital Equipment Replacement Capital Equipment Replacement TOTAL The purpose of the significant Advances To/From Other Funds is as follows: 819,114 1,614,109 109,095 116,972 $13,841,420 The $11,182,130 due to the Village Permanent Fund from the Glen Land Sales Fund is for interfund operations. Repayment will be completed at the end of the Tax Increment Financing District. $819,114 advanced to the Capital Equipment Replacement Fund from the Waterworks Fund for vehicle and equipment purchases. Repayment is expected in more than one year. $1,614,109 advanced to the Capital Projects Fund from the Waterworks Fund for infrastructure improvements. Repayment is expected in more than one year. $109,095 advanced to the Capital Equipment Replacement Fund from the North Maine Water and Sewer Fund for vehicle and equipment purchases. Repayment is expected in more than one year. $116,972 advanced to the Capital Equipment Replacement Fund from the Sewerage Fund for vehicle and equipment purchases. Repayment is expected in more than one year. - 56 - Government Village Permanent · The $56,247 due to the Library from the General Fund is to reimburse bills paid. Advances To/From Other Funds Receivable Fund Payable Fund Amount VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! INTERFUND TRANSACTIONS (Continued) Interfund Transfers Primary Government Transfers In Transfers Out Amount I I I Major Funds General Fund Special Tax Allocation Village Permanent GNAS Bond Fund Series of 1995 Nonmajor Funds GNAS Redevelopment GNAS Caretaker Total Governmental Funds Nonmaj or Debt Service Corporate Purpose Bond Series of 1996 Corporate Purpose Bond Series of 1998 Corporate Purpose Bond Series of 2000 Corporate Purpose Bond Series of 2001 Corporate Purpose Bond Series of 2002 Corporate Purpose Bond Series of 2003 911 Communications GNAS Redevelopment GNAS Caretaker Escrow Deposit Waterworks North Maine Water and Sewer Wholesale Water Sewerage Commuter Parking Glen Land Sales Glen Land Sales 2001 Project 911 Communications GNAS Redevelopment GNAS Caretaker Waterworks Wholesale Water North Marne Water and Sewer Sewerage Commuter Parking Municipal Equipment Repair Special Tax Allocation Special Tax Allocation Special Tax Allocation Corporate Purpose Series of 2003 Special Tax Allocation General Special Tax Allocation Waterworks Sewerage Special Tax Allocation -57- 120,000 2,000 2,000 80,000 529,400 307,500 106,000 75,530 42,765 5,420,537 697,256 17,803,419 11,370 36,000 27,050 65,690 1,200 29,000 12,100 2,725 22,250 1,580,000 1,345,000 28,318,692 836,035 111,958 2,885,988 219,335 2,137,125 124,342 8,462 197,675 6,520,920 I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I ! INTERFUND TRANSACTIONS (Continued) Interfund Transfers (Continued) Transfers In Transfers Out Nonmajor Capital Project Amount I I I I I I I I I I I I I I Capital Projects General Motor Fuel Tax Waterworks Wholesale Water North Maine Water and Sewer Sewerage $ 1,041,000 1,190,300 745,000 200,000 237,000 330,000 3,743,300 Enterprise Mai or North Maine Water and Sewer Nonmajor Wholesale Water Commuter Parking Corporate Propose Bond Series of 2003 Waterworks Capital Projects 87,231 30,000 20,980 138,211 $ 38,721,223 The purpose of the significant Interfund Transfers are as follows: $120,000 transfer to General Fund from the 911 Communications Fund to fund operations. $529,400 transfer to General Fund from the Waterworks Fund to fund operations. $106,000 transfer to General Fund from the Wholesale Water Fund to fund operations. $307,500 transfer to General Fund from the North Maine Water and Sewer to fund operations. $1,580,000 transfer to GNAS Redevelopment Fund from the Special Tax Allocation Fund to fund operations. $1,345,000 transfer to GNAS Caretaker Fund from the Special Tax Allocation Fund to fund operations. $5,420,537 transfer to Special Tax Allocation from the Glen Land Sales Fund to fund operations. -58 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I ! 9. INTERFUND TRANSACTIONS (Continued) Interfund Transfers (Continued) $836,035 transfer to Corporate Purpose Bond Series of 1996 from the Special Tax Allocation Fund to fund operations. $111,958 transfer to Corporate Purpose Bond Series of 1996 from the Corporate Purpose Series of 2003 for principal and interest payments. $2,885,988 transfer to Corporate Purpose Bond Series of 1998 Fund from the Special Tax Allocation Fund for principal and interest payments. $219,335 transfer to Corporate Purpose Bond Series of 2000 from the General Fund for principal and interest payments. $2,137,125 transfer to Corporate Purpose Bond Series of 2001 from the Special Tax Allocation Fund for principal and interest payments. $124,342 transfer to Corporate Purpose Bond Series of 2002 from the Waterworks Fund for principal and interest payments. $197,675 transfer to Corporate Purpose Bond Series of 2003 from the Special Tax Allocation Fund for principal and interest payments. $1,041,000 transfer to Capital Projects Fund from the General Fund to fund various projects. $1,190,300 transfer to Capital Projects Fund from the Motor Fuel Tax Fund to fund road resurfacing. $745,000 transfer to Capital Projects Fund from the Waterworks Fund to fired various projects. $200,000 transfer to Capital Projects Fund from the Wholesale Water Fund to fund various projects. $237,000 transfer to Capital Projects Fund from the North Maine Water and Sewer Fund to fund various projects. $330,000 transfer to Capital Projects Fund from the Sewerage Fund to fund various projects. $697,256 transfer to Village Permanent Fund from the Glen Land Sales Fund per ordinance to contribute 20% of sales for future infrastructure improvements. - 59 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I INTERFUND TRANSACTIONS (Continued) Interfund Transfers (Continued) $17,803,419 transfer to GNAS Bond Fund Series of 1995 from the 2001 Projects Fund for infrastructure improveme2ts for the Redevelopment District per ordinance. Component Unit Transfers In Transfers Out Amount Component Unit Primary Government $ Primary Government Component Unit $123,540 transfers to the Library from the General Fund for various capital expenditures. $232,897 transfers to the General Fund from the Library to reimburse for expenditures. 10. CONTINGENT LIABILITIES a. Litigation 123,540 232,897 The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village Attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Village. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, p~ncipally the federal govermnent. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance fi.om the High-level Excess Liability Pool (HELP) through April 30, 2008. The Village expects to make the following payments to HELP: - 60 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I 10. CONTINGENT LIABILITIES (Continued) c. High-Level Excess Liability Pool (HELP) (Continued) Year Ending December 31 Alnount 2004 2005 2006 2007 2008 142,888 142,888 142,888 142,888 142,888 d. Solid Waste Agency of Northern Cook County (SWANCC) The Village has committed to make payments to SWANCC for solid waste refuse disposal and expects to pay the following mounts: Year Ending December 31 Amount 2004 $ 216,042 2005 216,084 2006 216,016 2007-2022 2,159,727 These amounts have been estimated based upon the Village's commitment for 2003. In future years, the annual expense will be subject to change based upon the actual tonnage of refuse disposed of and current SWANCC costs. e. Mun/cipal Infrastructure Maintenance Fees Effective January 1, 1998, the Village imposed a municipal telecommunications infi:astrucmre maintenance fee (IMF) on persons in the business of transmitting, supplying, or furnishing telecommunications and all associated services (e.g., telecommunications retailers) in Illinois for the "use of public right-of-ways". The fee was authorized by state statute (35 ILCS 635). In March 2001, a wireless telecommunications provider brought action against an Illinois government challen~ng the constitutionality of the municipal telecommunications infrastructure maintenance fee. The lllinois Supreme Court (Court) found the IMF to be unconstitutional as applied to wireless carriers. The Court's decision held upon appeal. The municipal IMF fee was eliminated effective December 31, 2002. Potential damages to the Village under this case precedent could aggregate the total of amounts remitted to the Village for IMF by all carriers during the period from January 1, 1998 through December 31, 2002. The Village has estimated a liability under potential IMF lawsuits in the amount of $974,017 for amounts paid under protest during this time. The liability has been accrued and is presented as an other liability in these financial statements. -61 - I I I I I I I I I I I I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. JOINT VENTURES Solid Waste Agency of Northern Cook County (SWANCC) Description of Joint Venture The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which consists 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. 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 SWANCC Agreement or the bylaws. Complete financial statements for SWANCC can be obtained from the SWANCC's administrative office at 1616 East Golf Road, Des Plaines, Illinois 60016 or available on the web at www.swancc.com. SWANCC's outstanding bonds are revenue obligations. They are limited obligations of SWANCC with a claim for payment solely from and secured by a pledge of the revenues of SWANCC and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. SWANCC has no power to levy taxes. Revenues of SWANCC consist of (I) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment o£monies; and (3) all income, fees, and service charges and all grants, rents and receipts derived by SWANCC from the ownership and operation of the system. SWANCC covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. In accordance with the contract, the Village made $705,975 in payments to SWANCC for the year ended December 31, 2003. The payments are recorded in the Refuse and Recycling Fund. The Village does not have an equity interest in SWANCC at December 31, 2003. - 62- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I 12. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides post- employment health care benefits for retired public safety employees. Substantially ail of the Village's pubhc safety employees may become eligible for those benefits if they reach normal retirement age while working for the Village. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $284,006 for the 65 participants. The retirees pay an annual premium, which is equal to the actuahally determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. 13. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer pubhc employee retirement system; the Police Pension Plan which is a single-employer pension plan; and, the Firefighters' Pension Plan which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all three plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. None of the pension plans issue separate reports on the pension plans. However, IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. Illinois Municipal Retirement Fund All employees (other than those covered by the Police or Firefighters' plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter. IMRF also provides death a~d disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute. The employer contribution for the year ended December 3 i, 2003 was 6.49% of covered payroll. - 63 - I I I I I I I I I I I I I I I I I I ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 Article 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2002, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 33 l 46 29 TOTAL 109 The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75.00% of such salary. Employees with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3.00% of the original pension and 3.00% compounded mmually thereafter. Employees are required to contribute 9.91% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded by the year 2033. For the year ended December 31, 2002, the Village's contribution was 11.41% of covered payroll. - 64 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 Article 5/4) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2002, the Firefighters' Pension Plan membership consisted off Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 45 1 37 TOTAL 127 The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such monthly salary for each additional month over 20 years of service through 30 years of service to a maximum of 75.00% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a covered employee who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3% compounded annually thereafter. Covered employees are required to contribute 8.455% of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially deternfined by an enrolled actuary. Effective July 1, 1993, the Village's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded by the year 2033. For the year ended December 31, 2002, the Village's contribution was 10.40% of covered payroll. - 65 - I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. stmu'nary of Significant Accounting Policies The pension trust fimds use the accrual basis of accounting. Contributions and benefits are recognized when due. Administrative cost are financed by investment income. There are no investments (other than U.S. government and U.S. government guaranteed obligations) in any one organization that represent 5.00% or more of net assets for either the Police or the Firefighter's Pension Plans. Information for IIV[RF is not available. Employer contributions have been determined as follows: Illinois Municipal Police Firefighters' Retirement Pension Pension Actuarial Valuation Date December 31, January 1, January 1, 2001 2003 2003 Actuarial Cost Method Entry-age Entxy-age Entry-age Normal Normal Normal Asset Valuation Method 5 Year Smoothed Market Market Market Amortization Method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll Amortization Period 10 Years, 32 Years, 32 Years, Closed Closed Closed Significant Actuarial Assumptions a) Rate of Remm on Present and Future Asset~ 7.50% 8.00% 8.00% Compounded Compounded Compounded Annually Annually Annually b) Projected Salary Increase - 4.00% 3.00% 3.00% Attributable to Inflation Compounded Compounded Compounded Annually Annually Annually c) Additional Projected .40 to 11.60% 2.50% Salary Increases - Seniority/Merit 2.50% d) Post-Retirement Benefit 3.00% 3.00% 3.00% Increases ~ 66 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I i 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. Significant Investments (Continued) Employer annual pension cost (APC), actual contributions and the net pension obligation (asset) CN-PO) are as follows. The NPO (asset) is the cumulative difference between the APC and the contributions actually made. Illinois Municipal Police Firefighters' Year Retirement* Pension* Pension* Annual Pension Cost 2000 $ 825,173 $ 186,505 $ 45,527 (APC) 2001 796,191 435,292 403,804 2002 706,259 542,373 530,201 Actual Contribution 2000 $ 825,173 $ 427,503 $ 173,821 2001 796,191 388,310 257,224 2002 706,259 540,072 527,906 Percentage of APC Contributed 2000 100.00% 229.2% 381.8% 2001 100.00 89.2 63.7 2002 100.00 99.6 99.6 NPO (Asset) 2OOO $ $ (260,510) $ (318,219) 2001 (213,528) (171,639) 2002 (211,227) (169,344) Information presented is for the fiscal years ending December 31, 2001, 2002 and 2003 from actuarial reports as of December 31, 2000, 2001 and 2002. The net pension obligation (asset) has been calculated as follows: Police Firefighters' Pension Pension $ 549,860 $ 536,220 (17,082) (13,731) 9,595 7,712 542,373 530,201 540,072 527,906 Annual required contributions Interest on net pension obligation Adjustment to annual required contribution Annual pension cost Contributions made (Increase) decrease in net pension obligation (asset) Net pension obligation (asset) beginning of year 2,301 2,295 (213,528) (171,639) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (211,227) $ (169,344) - 67 - I i i I I ! I I I ! I I I ! I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. SALE OF LAND As part of the development of the property formerly occupied by the Glenview Naval Air Station, $8,919,398 was recorded as revenue in the Glen Land Sales Fund for the sale of land. 15. PRIOR PERIOD ADJUSTMENT Prior period adjustments were recorded to implement GASB Statement Nos. 34, 37, 38 and Interpretation No. 6. Further, fund balance in the general fund increased by $104,545 for revenue recognition of locaI use tax to be in compliance with GASB Statement No. 33. 16. SUBSEQUENT EVENT On July 6, 2004 the Village approved the issuance of $25,000,000 of General Obligation Bonds Series 2004A and $22,315,000 General Obligation Bonds Series B. The Series A proceeds will be used for infrastructure improvements in the Village's redevelopment district, known as The Glen. The Series B proceeds will be used to construct a new Police Headquarters building. - 68 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2003 REVENUES Taxes hatergovemmental Charges for services Licenses and permits Fines and forfeits Investment income Miscellaneous Total revenues EXPENDITURES General government Public safety Highways and streets Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers in - component unit Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 Prior period adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE, DECEMBER 31 (See independent auditor's report.) - 69- Original and Final Budget Actual $10,678,320 $12,381,094 14,949,109 16,964,397 1,182,341 1,021,693 2,137,000 1,671,554 200,000 181,384 360,000 155,307 750,150 966,982 30,256,920 33,342,411 7,652,765 7,834,675 18,343,136 18,243,047 7,171,558 7,083,597 33,167,459 33,161,319 (2,910,539) 181,092 2,060,195 1,265,195 12,650 12,650 (I,184,598) (1,260,335) 888,247 17,510 $ (2,022.292) 198,602 15,898,842 1,776,368 17,675,210 $17.873.812 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL TAX ALLOCATION FUND For the Year Ended December 31, 2003 REVENUES Taxes Property taxes Investment income Total revenues EXPENDITURES General government Contractual services Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 10,000,000 $ 6,572,481 750 12,777 10,000,750 6,585,258 3,487,000 3,700,716 3,487,000 3,700,716 6,513,750 2,884,542 1,000,000 5,420,537 (6,157,674) (8,981,823) (5,157,674) (3,561,286) $ 1,356,076 (676,744) 953,690 276,946 (See independent auditor's report.) - 70 - i I I i I I 1 I I I I I I I i i t I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2003 (4) UAAL (2) Unfunded (OAAL) Actuarial (Overfunded) As a Actuarial (1) Accrued (3) AAL Percentage Valuation Actuarial Liability Funded (UAAL) (5) of Covered Date Value of (AAL) Ratio (OAAL) Covered Payroll December 31 Assets - Entry Age (1) / (2) (2) - (!) Payroll (4) / (5) 1998 $ 17,834,171 $ 17,399,577 102.50% $ (434,594) $ 8,842,628 (4.91%) 1999 20,971,639 19,680,215 106.56% (1,291,424) 9,514,512 2000 24,477,730 21,790,735 112.33% (2,686,995) 10,379,550 200i 26,203,617 23,785,832 110.I6% (2,417,785) 11,708,708 2002 25,950,441 25,778,690 100.67% (171,751) 12,325,643 2003 26,365,710 28,168,552 93.60% 1,802,842 13,089,903 (See independent auditor's report.) -7I - (13.57%) (25.89%) (20.65%) (1.39%) 13.77% Actuarial Valuation Date December 31 (1) Actuarial Value of Assets VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND December 31, 2003 (2) UAAL Actuarial (4) As a Accrued (3) Unfunded Pementage Liability Funded AAL (5) of Covered (AAL) Ratio (UA.AL) Covered Payroll Entry Age (1) / (2) (2) - (I) Payroll (4) / (5) I I I I 1 I 1998 1999 2000 2001 2002 2003 $ 27,211,245 $ 24,277,701 25,629,270 25,769,884 29,157,173 30,130,881 29,380,377 31,728,241 31,060,435 34,312,189 NA NA 112.08% $ (2,933,544) $ 2,789,745 (105.15%) 99.45% 140,614 4,008,491 3.51% 96.77% 973,708 4,309,083 22.60% 92.60% 2,347,864 4,583,354 51.23% 90.52% 3,251,754 4,731,354 68.73% NA NA NA NA (See independent auditor's report.) - 72 - i I i 1 I 1 I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS FIREFIGHTERS' PENSION FUND December 31, 2003 (4) UAAL (2) Unfunded (OAAL) Actuarial (Overfunded) As a Actuarial ( 1 ) Accrued (3) AAL Percentage Valuation Actuarial Liability Funded (UAJkL) (5) of Covered Date Value of (AAL) Ratio (OAAL) Covered Payroll December 31 Assets - Entry Age (1) / (2) (2) - (1) Payroll (4) / (5) 1998 $ 37,887,879 $ 31,839,389 119.00% $ (6,048,490) $ 4,304,126 (140.53%) I I I I I I i I 1 I I I 1999 36,747,302 34,999,514 104.99% (1,747,788) 4,506,495 (38.78%) 2000 40,166,889 38,856,179 103.37% (1,310,710) 4,760,709 (27.53%) 2001 41,979,483 40,548,063 103.53% (1,431,420) 5,148,997 (27.80%) 2002 44,326,852 44,164,653 100.37% (162,199) 5,074,146 (3.20%) 2003 NA NA NA NA NA NA (See independent auditor's report.) - 73 - Calendar Year 1998 1999 2000 2001 2002 2003 VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2003 Annual Pension Employer Cost Contributions (APC) $ 804,679 $ 804,679 831,568 831,568 825,173 825,173 796,191 796,191 706,259 706,259 849,534 849,534 (See independent auditor's report.) - 74 - Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% I I I t I I 1 t I I I 1 I l I I i I I Calendar Year 1998 1999 2000 2001 2002 2003 VILLAGE OF GLENVIEW, ILLINOIS REQUIteD SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND December 31, 2003 Annual Pension Employer Cost Contributions (APC) $ 376,836 $ 389,071 387,208 389,558 427,503 186,505 388,310 435,292 540,072 542,373 680,190 NA (See independent auditor's report.) - 75 - Percentage Contributed 96.86% 99.40% 229.22% 89.21% 99.58% NA Calendar Year 1998 1999 2000 2001 2002 2003 VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS FIREFIGHTERS' PENSION FUND December 31, 2003 Annual Pension Employer Cost Contributions (APC) $ 236,334 $ 127,498 157,476 123,437 173,821 45,527 257,224 403,804 527,906 530,201 581,665 NA (See independent auditor's report.) - 76 - Percentage Contributed 185.36% 127.58% 381.80% 63.70% 99.57% NA I I i I I I 1 i I I I I i I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2003 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 (except the Corporate Purpose Bond Fund Series of 2003) and Capital Projects Funds (except the 2003 Projects Fund) on the modified accrual basis and for the Enterprise, Intemal 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 fired level. All annual appropriations lapse at fiscal year end. During the current year, budgets were not adopted for the following funds: Debt Service Funds: Corporate Purpose Bond Fund Series of 2003 Capital Projects Funds: 2003 Projects Fund The source of revenue and nature of expenditures for these funds are not subject to prediction, and therefore, budgets were not adopted. All departments of the Village submit requests for appropriation to the Village Manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public heatings and may add to, subtract from, or change appropriations, but may not change the form of the budget. The Village 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, a supplementary appropriation was necessary. - 77- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued) ! ! 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 Foreign Fire Insurance IMRF Motor Fuel Tax Police Special Account Capital Projects Wholesale Water Insurance Firefighters' Pension Excess 15,091 823 165,385 7,906 4,059,504 56,826 356,176 123,209 I I I ! I 11 I - 78 - I ! ! I Ii I I l I 1 l I I I I I I i I l I i I I I MAJOR GOVERNMENTAL FUNDS Village Permanent Fund - to accumulate 20% of the land sales proceeds of the Glenview Naval Air Base for village-wide improvements as well as short-term liquidity to the Village's projects encompassing The Glen. GNAS Bond Fund Series 1995 - to account for various development and other projects related to the Glenview Naval Air Base and financed with the General Obligation Bond Anticipation Bond Series of 1995. Glen Land Sales Fund - to account for grant funds, land sales, and property tax revenues (via the Tax Increment Finance District) related to the Glenview Naval Air Base. 2001 Project Fund - to account for the fimds derived from the 2001 General Obligation Bond issue. VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL VILLAGE PERMANENT FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES None Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 250,500 $ 315,187 250,500 315,187 250,500 315,187 697,256 697,256 $ 250~500 1,012,443 37,309,450 $ 38~321~893 I I I 1 I i I I I I I (See independent auditor's report.) - 79 - VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2003 REVENUES Intergovernmental Investment income Miscellaneous Total revenues EXPENDITURES Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCiNG SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE (DEFICIT), JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ 3,965,050 $ 400,655 1,500 2,355 953 3,966,550 403,963 44,616,034 17,167,616 44,616,034 17,167,616 (40,649,484) (16,763,653) 17,867,806 17,803,419 17,867,806 17,803,419 $(22~781,678) 1,039,766 (3,553,126) __._$ (2,513,360) (See independent auditor's report.) -80- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2003 PROJECT COSTS Development fees System improvements Demolition Surveys, plats, and maps Lake construction Engineering Sidewalk and curb Stormwater management Sanitary sewer Miscellaneous improvements Memorial restoration SCADA system Lehigh Avenue roadways Chestnut NS to golf course Traffic signals - Lehigh Drainage - Lehigh Engineering/Construction management - Lake Water source improvements Fire department building Bike paths Street lights - Lehigh Youth services Gallery Park landscape and amenities Parkway median and landscape PriMe wetland and management W Lake to Chestnut NIPSTA Lighting and traffic signals Lake outlet and culvert Rugen engineering Water system Rugen reservoir and pump Electric utility allowance Michael Joseph foundation Potable water construction work (This schedule is continued on the following page.) -81 - Final Budget Actual $ 1,900,000 $ 4,000 50,431 1,050,000 1,716 50,000 84,710 4,805,866 1,988,220 1,402,790 1,262,624 550,000 28,385 68,976 27,576 195,249 154,000 76,793 100,615 100,181 3,187,183 1,606,819 200,000 30,900 360,492 269,770 1,600,000 892,014 1,906,740 1,164,201 3,825,000 1,156,513 2,360,000 1,340,246 491,039 71,227 478,252 280,697 200,000 162,351 2,527,494 1,510,452 552,558 222,095 395,572 94,506 850,000 1,668,101 1,421,300 1,290,528 1,558,000 661,908 700,000 77,590 535,244 10,000 4,000,000 44 300,000 51,403 40,000 290,410 54,103 I I I I I I I I 1 I I I I I I I I t I I I I I I t I I I I I I I I I I I I I VILLAGE OF GLENVIEW, IZLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Cominucd) GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2003 PROJECT COSTS (Continued) Metra station design and construction Metra station parking lots Stormwater piping and construction Land purchase easements Construction fence/silt fence Public works Prairie Lawn Closing Thomas Place Miscellaneous restoration Contingencies TOTAL EXPENDITURES (See independent auditor's report.) - 82 - Final Budget Actual $ 500,000 $ 476,466 686,742 1,472,891 799,500 9,168 26,010 585 500,000 150,000 178,974 647,000 77,070 1,962,360 $ 44,616,034 $17,167,616 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GLEN LAND SALES FUND For the Year Ended December 31, 2003 REVENUES Investment income Miscellaneous Land sales Total revenues EXPENDITURES Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ 2,000 $ 1,675,933 8,919,398 2,000 10,595,331 45,725,000 44,842,356 45,725,000 44,842,356 (45,723,000) (34,247,025) (1,000,000) (6,117,794) (1,000,000) (6,117,794) $(46,723,000) (40,364,819) 35,429,622 $ (4,935,197) (See independent auditor's report.) -83- I I i 1 I t I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2001 PROJECT FUND For the Year Ended December 31, 2003 REVENUES Investment income EXPENDITURES None Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCING SOURCES (USES) Transfers (out) Total other financing sources (uses) NET CHANGE iN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 302,500 $ 288,249 302,500 288,249 (17,867,806) (17,803,419) (17,867,806) (17,803,419) $(17,565,306) (17,515,170) 22,140,363 $ 41625,193 (See independent auditor's report.) - 84 - I I I I I I I I I I I ! I I I I I I I NONMAJOR GOVERNMENTAL FUNDS Foreign Fire Insurance Fund - to account for a tax on insurance premiums assessed on insurance companies located outside of the State of Illinois that provide coverage to homes and businesses within the Village. Illinois Municipal Retirement Fund - 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 - to account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Refuse and Recycling Fund - 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 Village. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - 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 - to account for the resources and expenditures incurred in the development of the Glenview Naval Air Base land. GNAS Caretaker Fund - 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. Escrow Deposit Fund (formerly expendable trust funds) - to account for the funds placed on deposit with the Village by building contractors working within the Village's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund (formerly expendable trust funds) - to account for money on deposit with the Village being held on a temporary basis, such as security deposits for use of the Village's equipment. Police Department Special Account Fund (formerly expendable trust funds) - to account for funds received from the Illinois State Police office to be used in various types of investigatiuns. Corporate Purpose Bond Series of 1996 Fund - This issue in the amount of $8,435,000 was sold to finance General Obligation Bond Anticipation Bonds that matured in 1996. Corporate Purpose Bond Series of 1998 Fund * These issues in the amounts of $10,000,000 of Series A and $24,400,000 of Series B were sold to finance the development of the Glenview Naval Air Base. Corporate Purpose Bond Series of 2000 Fund - Tins issue in the amount of $4,970,000 was sold to finance various capital improvements throughout the Village. Corporate Purpose Bond Series of 2001 Fund - This issue in the amount of $41,800,000 was sold to finance the development of the former Glenview Naval Air Station. General Obligation Refunding Bond Series of 2002 Fund - This issue in the mount of $6,885,000 was sold to refund the Corporate Purpose Bond Series of 1993 and 1994. General Obligation Refunding Bond Series o1'2003 Fund - This issue in the amount of $9,990,000 was sold to refund the Corporate Purpose Bond Series of 1992 and 1996. Capital Projects Fund - to account for revenues and expenditures involved with all other capital improvements throughout the Village. Bond Fund Series of 1993 Fund - to account for the proceeds received from the Corporate Purpose Bond Series of 1993. 2000 Project Fund - to account for the funds derived from the 2000 General Obligation Bond issue. 2003 Project Fund - to account for the funds derived from the 2003 General Obligation Bond issue. I I I I I I I I I I I ! I I I I I I ,I I I I I I I I I I I I ! I I I I I I I (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 31, 2003 ASSETS Cash Investments Receivables Property taxes Other Deposits Due from other governments Due from other funds TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Accrued payroll Refundable deposits Other payables Due to other funds Advance to other funds Deferred property taxes Total liabilities FUND BALANCES Reserved for street improvements Reserved for deposits Reserved for debt service Reserved for employee benefits Reserved for public safety Reserved for capital development Unreserved Total fund balances (deficit) TOTAL LIABILITIES AND FUND BALANCES Special Revenue Foreign Illinois Refuse Fire Municipal Motor and Insurance Retirement Fuel Tax Recycling $ 73,599 $ 95,529 $ 209,186 $ 17,604 500,000 2,024,142 606,796 96,328 90,193 $ 73,599 $ 1,202,325 $ 305,514 $ 2,131,939 $ $ 14,595 75O $ 135,344 $ 44 606,796 750 742,184 14,595 72,849 460,141 305,514 2,117,344 72,849 460,141 305,514 2,117,344 $ 73,599 $ 1,202,325 $ 305,514 $ 2 131 939 -85- I I I t I I I I I I I I I I I I I I I I I I Special Revenue Police Department 911 GNAS GNAS Escrow Special Communications Redevelopment Caretaker Deposit Deposit Account I I I I $ 176,952 $ 10,016 $ 416$ 466,105 $ 22,142 $ 21,815 400,000 3,163,469 400,000 32,020 194,283 3,263 31,000 240 1.300 24,602 $ 612,235 $ 41,016 $ 416$ 3,824,097 $ 423,442 $ 46,417 I I I I $ 11,483 $ 103,749 $ 162,529 $ 136,171 $ 1,465 $ 554 3,559,410 362,241 1,293 58,357 8,352 2,248 1,172 300 69,840 113,394 165,331 3,696,753 364,006 I I I 542,395 127,344 59,436 46,417 (72,378) (164,915) 542,395 (72,378) (164,915) 127,344 59,436 46,417 $ 612.235 $ 41,016 $ 416$ 3,824,097 $ 423.442 $ 46.417 I I I (This statement is continued on the following pages.) - 86 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET (Continued) NONMAJOR GOVERNMENTAL FUNDS December 31,2003 I I I ASSETS Cash Investments Receivables Property taxes Other Deposits Due from other governments Due from other funds TOTAL ASSETS LIABILITiES AND FUND BALANCES LIABILITIES Accounts payable Accrued payroll Refundable deposits Other payables Due to other funds Advance to other funds Deferred property taxes Total liabilities FUND BALANCES Reserved for street improvements Reserved for deposits Reserved for debt service Reserved for employee benefits Reserved for public safety Reserved for capital development Unreserved Total fund balances (deficit) TOTAL LIABILITIES AND FUND BALANCES Debt Service Corporate Corporate Corporate Corporate Purpose Purpose Purpose Purpose Bond Series Bond Series Bond Series Bond Series of 1996 of 1998 of 2000 of 2001 $ $ 6,676 $ 6,004 $ 3,970 $ $ 6,676 $ 6,004 $ 3,970 $ 338 $ $ $ 338 6,676 6,004 3,970 (338) (338) 6,676 6,004 3,970 S $ 6.676 $ 6,004 $ 3,970 - 87 - I I I I I I I I I I I I I I I I I I I I I I I I I Debt Service Capital Projects General Corporate Obligation Purpose Bond Refunding Bond Bond Series Capital Fund 2000 2003 Series of 2002 of 2003 Projects Series of 1993 Project Project Total 6,176 $ 3,970 $ 95,221 $ 42,993 $ 76,720 $ 1,050,000 550,000 3,549,875 250,000 1,744,430 $ 1,119,855 $ 2,454,949 8,435,537 20,323,023 2,383,246 450,424 540,617 194,283 96,328 21,493 47,187 129,085 $ 2,800,606 $ 3,970 $ 10,027,309 $ 645.221 $ 3,592,868 $ 373,907 $ 26,121,53I I I I I $ 64,800 $ 70,540 $ $ $ 533,935 $ 95,829 177,945 5,069 47,487 434,I52 4,073 1,614,109 1,744,430 1,330,778 554 4,099,596 6,406 556,891 1,614,109 2,351,226 1,749,499 47,487 2,760,141 99,902 64,800 70,540 9,959,560 I I I 1,051,107 305,514 186,780 1,067,757 460,141 661,661 11,643,922 1,836,196 7,267,168 545,319 3,528,068 303,367 (43,517) 1,051,107 (43,517) 7,267,168 545,319 3,528,068 303,367 16,161,971 $ 2,800.606 $ 3~970 $ 10,027,309 $ 645.221 $ 3~592,868 $ 373.907 $ 26,121,531 ! I I See accompanying notes to financial statements. -88- VILLAGE DF GLENVIEW~ ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 3 I, 2003 I I I REVENUES Taxes lntergovemmental Charges for services Fines and forfeitures Investment income Miscellaneous Other EXPENDITURES Current General gnvemment Public safety Debt service Principal Interest and fiscal charges Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINPdNCING SOURCES (USES) Bonds issued Payments to escrow agent Discount on bonds issued Transfers in Transfers (out) Transfers in - component unit Transfers (out) - component unit Total other fmancing sources (uses) NET CHANGE IN FUND BALANCES FUND BALANCES (DEFICIT), JANUARY 1 Prior period adjustment FUND BALANCES (DEFICIT), JANUARY 1, RESTATED FUND BALANCES (DEFICIT), DECEMBER 31 Special Revenue Foreign Illinois Refuse Fire Municipal Motor and Insurance Retirement Fuel Tax Recycling 48,164 $ 532,437 $ 239 7,553 $ 1,250,755 1,119,539 1,480 25,060 48,403 539,990 1,252,235 1,144,599 15,091 862,823 890,209 15,091 862,823 890,209 33,312 (322,833) 1,252,235 254,390 207,385 (1,190,300) 107,088 314,473 (1,190,300) 33,312 (8,360) 61,935 254,390 39,537 468,501 243,579 1,862,954 39,537 468,501 243,579 1,862,954 $ 72.849 $ 460A41 $ 305~514 $ 2,117~344 - 89 - I I I I I I I I I I I I I I I I I I ! I I I I Special Revenue Police 911 GNAS GNAS Escrow Special $ $ $ $ $ $ 615,846 24,602 3,632 426 450 61,946 3,609 110 3,102 10,136 10,926 619,478 3,528 10,586 61,946 3,609 35,638 I I 1,621,370 1,432,933 263,151 15,406 263,151 1,621,370 1,432,933 15,406 356,327 (1,617,842) (1,422,347) 61,946 3,609 20,232 I I I 1,580,000 1,345,000 (131,370) (38,000) (29,050) (80,000) (131,370) 1,542,000 1,315,950 (80,000) 224,957 (75,842) (106,397) (18,054) 3,609 20,232 305,842 (50,806) (58,518) 145,398 55,827 26,185 11,596 54,270 317,438 3,464 (58,518) 145,398 55,827 26,185 I I $ 542:395 $ (72.378) $ (164.915) $ 127.344 $ 59,436 $ 46~417 (This statement is continued on the following pages.) - 90- VILLAGE OF GLENVIEW, LLLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (Continued) NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31,2003 I I I REVENUES Taxes Intergovernmental Charges for services Fines and forfeitures Investment income Miscellaneous Other EXPENDITLrRES Current General government Public safety Debt service Principal Interest and fiscal charges Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Bonds issued Payments to escrow agent Discount on bonds issued Transfers in Transfers (om) Transfers in - component unit Transfers (out) - component unit Total other fmanalng sources (uses) NET CHANGE 1N FUND BALANCES FUND BALANCES (DEFICIT), JANUARY I Prior period adjustment FUND BALANCES (DEFICIT), JANUARY 1, RESTATED FUND BALANCES (DEFICIT), DECEMBER 31 Debt Service Corporate Corporate Corporate Corporate Purpose Purpose Purpose Purpose Bond Series Bond Series Bond Series Bond Series of 1996 of 1998 of 2000 of 2001 $ $ $ $ 40 95 118 321 40 95 118 321 810,000 1,450,000 500,000 151,696 1,441,776 219,935 1,694,850 961,696 2,891,776 219,935 2,194,850 (961,656) (2,891,681) (219.817) (2,194,529) 947,993 2,885,988 219,335 2,137,125 947,993 2,885,988 219,335 2,137,125 (13,663) (5,693) (482) (57,404) 13,325 12,369 6,486 61,374 13,325 12,369 6,486 61,374 $ (338) $ 6.676 $ 6,004 $ 3,970 -91 - I I I I I I I I I I I I I I I I I I I I I I I I Debt Service Capital Projects General Corporate Obligation Purpose Bond Refunding Bond Bond Series Capital Fund 2000 2003 Series of 2002 of 2003 Projects Series of 1993 Project Project Total $ 1,803,693 $ $ $ $ $ $ 2384,294 1,962,456 3213,211 1.735,385 2,950 27,552 27,317 340 200,297 19,819 130,860 7,686 491,398 16,999 3,900 45,063 1,831,010 340 2,182,702 23,719 130,860 7,686 7,896,903 I I 4,807,335 293,648 1,755,000 185,000 4.700,000 I13,075 105,213 3,726,545 6,445,504 1,051,466 64,800 759,400 8,321,170 1,868,075 290,213 6,445,504 1,051A66 64,800 759,400 21,848,698 I ! I I I (37,065) (289,873) (4,262,802) 5,015,000 (4,767,130) 132,804 197,675 3,743,300 (199,189) (20,980) 113,159 (123,540) I32,804 246,356 3,711,939 (1,027,747) 66,060 (751,714) (I3,951,795) 1,135,000 6,150,000 (4,767,130) (79,919) (79,919) 13,396,605 (1,688,889) 220,247 (123.540) 1,055,081 13,107,374 I 95,739 (43,517) (550,863) (1,027,747) 66,060 303,367 (844,421) 955,368 7,818,031 1,573,066 3,462,008 16,940,526 65,866 I 955,368 7,818,031 1,573,066 3,462,008 17,006,392 I I $ 1.051,107 $ (43.517) $ 7.267,168 $ 545.319 $ 3,528,068 $ 303~367 $ 16,161.971 See accompanying notes to financial statements. - 92 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 1LEVENI.YES, EXPENDITURES AND CHANGES 1N FUND BALANCE - BUDGET AND ACTUAL FOREIGN FIRE INSURANCE FUND For the Year Ended December 31, 2003 REVENUES Foreign fire insurance tax Investment income Total revenues EXPENDITURES Public safety Contractual services NET CHANGE 1N FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 40,000 $ 48,164 239 40,000 48,403 15,091 $ 40,000 33,312 39,537 $ 72,849 (See independent auditor's report.) - 93 - 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 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ILLINOIS MUNICIPAL RETIREMENT FUND For the Year Ended December 31, 2003 REVENUES Taxes Property taxes - current Property taxes - prior Replacement taxes Investment income Total revenues EXPENDITURES General government Contractual services EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers in - component unit Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 515,000 $ 506,938 500 5,499 20,000 20,000 4,000 7,553 539,500 539,990 862,000 862,823 (322,500) (322,833) 207,385 207,385 107,088 107,088 314,473 314,473 $ (8.027) (8,360) 468,501 $ 460,141 (See independent auditor's report.) - 94 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENLFES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended December 31, 2003 REVENUES Intergovernmental Investment income Total revenues EXPENDITURES Capital outlay EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 1,146,600 $ 1,250,755 250 1,480 1,146,850 1,252,235 60,000 1,086,850 1,252,235 700,000 (1,190,300) 700,000 (1,190,300) $ 1~786.850 61,935 243,579 $ 305,514 (See independent auditor's report.) - 95 - 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 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL REFUSE AND RECYCLING FUND For the Year Ended December 31, 2003 REVENUES Charges for services Investment income Total revenues EXPENDITURES General government Contractual services Materials and supplies Other Total expenditures NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY I FUND BALANCE, DECEMBER 31 Final Budget Actual $ 1,088,125 $ 1,119,539 26,000 25,060 1,114,125 1,144,599 105,000 144,450 76,500 28,744 880,000 717,015 1,061,500 890,209 $ 52,625 254,390 1,862,954 $ 2,11%344 (See independent auditor's report.) - 96 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 911 COMMUNICATIONS FUND For the Year Ended December 31, 2003 REVENUES Charges for services Investment income Total revenues EXPENDITURES Public safety Personal services Contractual services Materials and supplies Other Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers (out) Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE, JANUARY 1 Prior period adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE, DECEMBER 31 (See independem auditor's report.) - 97 - Fin~ Budg~ Acm~ $ 475,000 $ 615,846 2,500 3,632 477,500 619,478 176,188 105,030 145,737 88,881 151,850 835 108,455 68,405 582,230 263,151 (104,730) 356,327 (131,370) (131,370) (131,370) (131,370) $ (236,100) 224,957 305,842 11,596 317,438 $ 542.395 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 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND For the Year Ended December 31, 2003 REVENUES Investment income Miscellaneous Total revenues EXPENDITURES General government Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE (DEFICIT), JANUARY 1 Prior per/od adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ 600 $ 426 3,102 600 3,528 2,154,116 1,621,370 2,154,116 1,621,370 (2,153,516) (1,617,842) 1,580,000 (38,000) (38,000) (38,000) 1,542,000 $ (2,191~516) (75,842) (50,806) 54,270 3,464 $ (72~378) (See independent auditor's report.) - 98 - VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND ADMINISTRATION DEPARTMENT For the Year Ended December 31, 2003 GENERAL GOVERNMENT Administration Personal service Contractual services Material and supplies Other charges Capital outlay TOTAL EXPENDITURES Final Budget Actual (See independent auditor's report.) - 99 - 697,229 $ 696,469 1,026,795 491,724 37,500 46,050 357,592 342,699 35,000 44,428 $ 2,154,116 $ 1,621,370 i I I I I I I I I I I I I I I I I I I I ! [ l I I I I i ! I I i ! I I I t I VILLAGE OF GLEN-VIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GNAS CARETAKER FUND For the Year Ended December 31, 2003 REVENUES Investment income Miscellaneous Total revenues EXPENDITURES General government Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE (DEFICIT), JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ 100 $ 450 10,136 100 10,586 2,508,801 1,432,933 2,508,801 1,432,933 (2,508,701) (1,422,347) 1,345,000 (29,050) (29,050) (29,050) 1,315,950 $ (2,537,751) (106,397) (58,518) $ (164,915) (See independent auditor's report.) - 100 - VILLAGE OF GLENV[EW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS CARETAKER FUND For the Year Ended December 31, 2003 GENERAL GOVERNMENT Overhead Personal service Contractual services Material and supplies Capital outlay Other Total overhead Street maintenance Personal service Contractual services Material and supplies Total street maintenance Traffic Personal sen'ice Contractual services Material and supplies Capital outlay Other Total traffic Storm water management Personal service Contractual services Material and supplies Other Total storm water management Snow and ice control Personal service Contractual services Material and supplies Total snow and ice control (This schedule is continued on the following pages.) - 101 - Final Budget Actual $ 26,500 $ 2,238 18,000 39,135 6,000 2,340 125,000 115,972 169,221 159,222 344,721 318,907 55,947 1,549 85,000 104,582 5,500 305 146,447 106,436 26,500 26,036 24,000 43,582 1,000 11,863 19,111 63,500 69,057 115,000 169,649 61,947 20,697 75,000 10,300 17,660 4,000 4,000 151,247 42,357 57,000 3,866 50,000 33,000 15,940 140,000 19,806 i I ! I I I I I I I I I ! I I I t I i ! I i I i ! ! i ! VILLAGE OF GLENV1EW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Year Ended December 31, 2003 GENERAL GOVERNMENT (Continued) Forestry Personal service Contractual services Material and supplies Total forestry Grounds Personal service Contractual services Material and supplies Capital outlay Total grounds Final Budget Actual $ 23,000 $ 3,787 1,500 1,229 7,400 1,392 31,900 6,408 17,000 4,092 368,000 117,028 8,000 4,452 3,700 3,993 396,700 129,565 I I I I i i I i Great park maintenance Personal service Conlractuai services Material and supplies Capital outlay Other Total great park maintenance Lake management Personal service Contractual services Material and supplies Other Total lake management Prairie management Personal service Contractual services Material and supplies Other Total prairie management 52,000 31,811 408,000 262,261 33,500 18,311 6,000 4,307 41,200 28,058 540,700 344,748 27,420 61,510 34,000 2,452 7,000 3I 26,000 1,154 94,420 65,147 15,500 244 38,500 5,382 22,000 4,302 7,000 83,000 9,928 (This schedule is continued on the following page.) - 102 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Yea' Ended December 31,2003 GENERAL GOVERNSVIENT (Continued) Water distribution system Personal service Contractual services Material and supplies Other Total water distribution system Sanitary sewer system Personal service Contractual services Material and supplies Capital outlay Total sanitary sewer system Parking deck system Contractual services Other Total parking deck system TOTAL EXPENDITURES (See independent auditor's report.) - 103 - Final Budget Actual 109,920 $ 95,611 2,600 9,409 215,200 57,770 1,000 61 328,720 162,851 60,946 20,274 1,000 4,000 3,313 1,000 65,946 24,587 70,000 14,189 18,355 70,000 32,544 $ 2,508,801 $ 1,432.933 I I I I t i i t I I I I I i I I i 1 i I I I I I I l I I i I I I i VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES 1N FUND BALANCE - BUDGET AND ACTUAL ESCROW DEPOSIT FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES None EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers (out) Total financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Or/ginal and Final Budget Actual $ 100,000 $ 61,946 100,000 61,946 100,000 61,946 (100,000) (80,000) (lOO,OOO) (80,000) (18,054) 145,398 $ 127.344 (See independent auditor's report.) - 104 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEPOSIT FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES None Total expenditures NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ $ 3,609 3,609 $ 3,609 55,827 $ 59,436 (See independent auditor's report.) - 105 - ! i I I ! I I ! I I I 1 i I I i I I I I I ! I I I I I I I ! I i ! I VILLAGE OF GL£NVIgW~ ILLINOIS SCHEDULE OF REVENUES, EXPENDITLrRES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL POLICE DEPARTMENT SPECIAL ACCOUNT FUND For the Year Ended December 31, 2003 REVENUES Fines and forfeitures Investment income Miscellaneous Total revenues EXPENDITURES Public safety Other charges Total expenditures NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 1,500 $ 24,602 100 110 10,926 1,600 35,638 7,500 15,406 7,500 15,406 $ (5,900) 20,232 26,185 $ 46~417 (See independent auditor's report.) - 106 - VILLAGE OF GLEN'VIEW, ILLiNOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 1996 FUND For the Year Ended Deeember 31, 2003 REVENUES Investment income Total revenues EXPENDITURES Debt service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCiNG SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ 2,600 $ 40 2,600 40 810,000 810,000 264,048 151,696 1,074,048 961,696 (1,071,448) (961,656) 1,073,448 947,993 1,073,448 947,993 $ 2,000 (13,663) 13,325 $ (338) (See independent auditor's report.) - 107 - 1 I ! I l I I I I I I I I ! I 1 1 I i ! I I I I I I i I I I I ! I I t I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES [N FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 1998 FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES Debt service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 15,250 $ 95 15,250 95 1,450,000 1,450,000 1,442,376 1,441,776 2,892,376 2,891,776 (2,877,126) (2,891,681) 2,889,976 2,885,988 2,889,976 2,885,988 $ 121850 (5,693) 12,369 $ 6,676 (See independent auditor's report.) - 108 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 2000 FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES Debt service Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 5OO $ 118 500 118 220,935 219,935 220,935 219,935 (220,435) (219,817) 219,335 219,335 219,335 219,335 $ (1,100) (482) 6,486 $ 6,004 (See independent auditor's report.) - 109- I I i 1 1 I ! I I I I I I I I I I I i I t I ! I I I l I ! I l I i I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 2001 FUND For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES Debt service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 3,100 $ 321 3,100 321 500,000 500,000 1,694,850 1,694,850 2,194,850 2,194,850 (2,191,750) (2,194,529) 2,194,250 2,137,125 2, i94,250 2,137,125 $ 2.500 (57,404) 61,374 $ 3,970 (See independent auditor's report.) - 110- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL OBLIGATION REFUNDING BOND SERIES OF 2002 FUND For the Year Ended December 31, 2003 REVENUES Taxes Property Investment income Total revenues EXPENDITURES Debt service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Total other financing sources (uses) NET CHANGE 1N FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 1,735,271 $ 1,803,693 50O 27,317 1,735,771 1,831,010 1,755,000 1,755,000 113,075 113,075 1,868,075 1,868,075 (132,304) (37,065) 132,804 132,804 132,804 i32,804 $ 500 95,739 955,368 $ 1,051,107 (See independent auditor's report.) -111- t I I ! ! 1 1 i ! I I ! I I I i I i ! I I I I I I I I I I I I I ! I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 2003 For the Year Ended December 31, 2003 REVENUES Investment income Total revenues EXPENDITURES Debt Service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Bonds issued Payment to escrow agent Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Final Budget Actual $ $ 340 340 185,000 105,213 290,213 (289,873) 5,015,000 (4,767,130) 197,675 (199,189) 246,356 (43,517) $ (43,517) (See independent auditor's report.) -112- VILLAGE OF GLENV1EW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECTS FUND For the Year Ended December 31, 2003 REVENUES Intergovernmental Fines and forfeitures Investment income Map sales Total revenues EXPENDITURES Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers in - component unit Transfers (out) Transfers (out) - component unit Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 1,000 $ 1,962,456 2,950 202,500 200,297 500 16,999 204,000 2,182,702 2,386,000 6,445,504 2,386,000 6,445,504 (2,182,000) (4,262,802) 3,743,300 3,743,300 160,000 113,159 (1,075,000) (20,980) (123,540) 2,828,300 3,711,939 $ 646,300 (550,863) 7,818,031 $ 7.267,168 (See independent auditor's report.) - 113- i ! I i I Il I I I I I i I I i il i I I ! I I I I I I ! Ii I ! I I I I i I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL BOND FUND SERIES OF 1993 For the Year Ended December 31, 2003 REVENUES Investment income Miscellaneous Total revenues EXPENDITURES Capital outlay Total expenditures NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 10,500 $ 19,819 3,900 10,500 23,719 1,588,310 1,051,466 1,588,310 1,051,466 $ (1.577~810) (1,027,747) 1,573,066 $ 545.319 (See independent auditor's report.) - 114- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2000 PROJECT FUND For the Year Ended December 31, 2003 REVENUES Investment income EXPENDITURES Capital outlay Total expend/rares NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ 100,500 $ 130,860 2,250,000 64,800 2,250,000 64,800 (2,149,500) 66,060 3,462,008 $ 3,528,068 (See independent auditor's report.) - 115- I I I I i i I ! i I I I i I i I t I I t I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2003 PROJECT FUND For the Year Ended December 31, 2003 REVENUES Investment income EXPENDITURES Capital outlay Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Bonds issued Discount on bonds issued Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Final Budget Actual $ $ 7,686 759,400 759,400 (751,714) 1,135,000 (79,919) 1,055,081 $ 303,367 $ 303.367 (See independent auditor's report.) - 116 - I I I I I I I I I I I I I I I I I I I MAJOR ENTERPRISE FUNDS Waterworks Fund - to account for the provision of water service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director of Public Works), operation, maintenance, financing and related debt service and billing and collection. North Maine Water and Sewer Fund - to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2003 OPERATING REVENUES Charges for services Water charges Water meter repair charges Water connection charges Water meters and remote readers Miscellaneous Late payment fees Water meter supplies Water for construction Recapture agreements Other Total operating revenues OPERATING EXPENSES Administration Operations Supply and metering Pumping station - east Pumping station - west Distribution system Overhead Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Intergovernmental Investment income Total non operating revenues (expenses) Final Budget Actual $ 7,073,792 $ 8,244,809 448 105,000 121,597 75,000 78,157 60,000 82,313 140,398 25,000 36,436 10,000 1,801 30,000 33,776 7,378,792 8,739,735 2,474,295 624,164 3,150,800 3,031,155 278,300 208,499 178,450 146,468 897,802 922,805 454,723 478,516 748,533 7,434,370 6,160,140 (55,578) 2,579,595 1,165,984 38,500 55,241 38,500 1,221,225 (This schedule is continued on the following page.) - 117 - ! ! 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 SCH~,DULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31, 2003 NET INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS TRANSFERS iN (OUT) Transfers (out) Total transfers in (out) CHANGE 1N NET ASSETS BEFORE CONTRIBUTIONS Contributions CHANGE iN NET ASSETS NET ASSETS, JANUARY I Prior period adjustment NET ASSETS, JANUARY 1, RESTATED NET ASSETS, DECEMBER 31 Final Budget Actual $ (17,078) $ 3,800,820 (949,432) (1,494,432) (949,432) (1,494,432) (966,510) 2,306,388 393,581 $ (966,510) 2,699,969 18,439,075 9,641,939 28,081,014 $ 30.780.983 (See independent auditor's report.) - 118 - ADM/NISTRATION Conlractual services Materials and supplies Capital outlay Other To~ladmi~s~arion OPERATIONS Supply and metering Personal sea'vices Contractual services Water purchase Materials and supplies Total supply and metering Puml~mg station - east Personal services Contractual services Materials and supplies Capital outlay Other Total pumping station - east Pumping station - west Personal services Contractual services Materials and supplies Capital outlay Other Total pumping station - west DisUibution system Personal services Contractual services Materials and supplies Capital outlay Other Total distribution system VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATERWORKS FLrND For the Year Ended December 31, 2003 (This schedule is continued on the following page.) - 119 - Final Budget Actual $ 101,350 $ 33,020 1,500 731 1,795,000 81,633 576,445 508,780 2,474,295 624,164 134,000 125,076 143,000 41,182 2,764,800 2,786,577 109,000 78,320 3,150,800 3,031,155 70,500 50,450 52,450 38,544 12,350 10,082 24,000 24,163 119,000 85,260 278,300 208,499 60,350 34,331 27,700 13,640 12,400 10,781 16,000 62,000 87,716 178,450 146,468 547,302 444,268 302,000 250,635 28,500 225,131 12,000 2,237 8,000 534 897,802 922,805 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 OPEK~TIONS (Continued) Overhead Personal services Contractual services Materials and supplies Capital outlay Other Total overhead TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION VILLAGE OF GLEN'VIEW, I~LINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31, 2003 (See/ndependent auditor's report,) - 120 - Final Budget Actual $ 287,473 $ 312,627 33,850 42,091 32, I00 25,643 65,000 19,524 36,300 78,631 454,723 478,516 $ 7,434,370 $ 5,411,607 I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31, 2003 I i I I OPERATING REVENUES Charges for services Water charges Sewer charges Miscellaneous New water meters Late payment fees Other Total operating revenues Final Budget Actual $ 5,719,300 $ 6,339,863 365,000 375,585 9,630 30,000 79,349 1,925 6,114,300 6,806,352 I I I I OPERATING EXPENSES Administration Operations Supply and metering Pumping station Distribution system Collection system Depreciation and amortization Total operating expenses OPERATING INCOME 537,339 436,062 3,995,300 3,417,802 89,400 134,694 1,320,150 397,911 I57,200 65,609 201,307 6,099,389 4,653,385 14,911 2,152,967 17,500 16,021 (379,307) (389,383) I I I I I I I NONOPERATING REVENUES (EXPENSES) Investment income Interest expense Total nonoperafing revenues (expenses) NET INCOME (LOSS) BEFORE TRANSFERS TRANSFERS IN (OUT) Transfers in Transfers (out) Total transfers in (out) CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS, DECEMBER 31 (See independent auditor's report.) - 122- (361,807) (373,362) (346,896) 1,779,605 60,000 87,231 (573,500) (573,500) (513,500) (486,269) $ (860,396) 1,293,336 (235,976) $ 1,057,360 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL NORTH MAINE WATERAND SEWER FUND For~eYearEnded December 31, 2003 ADMINISTRATION Personal scm,ices C onkactaal services Material and supplies Bond and note principal Capital outlay Other Less nonoperating expenses Bond and note principal paid Total administration OPERATIONS Supply and metering Personal services Contractual services Material and supplies Capital outlay Total supply and metering pumping station Personal services Contractual services Material and supplies Other Total pumping station Distribution system Personal services Contractual services Material and supplies Capital outlay Other Total distribution system Collection system Personal services Contractaal services Material and supplies Capital outlay Total collection system Total operations TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Final Budget Actual $ 153,867 $ 76,278 104,500 61,337 9,500 41,348 334,852 404,851 37,057 269,472 220,042 872,191 840,913 (334,852) (404,851) 537,339 436,062 124,200 80,773 3,655,100 3,219,570 10,000 23,862 206,000 93,597 3,995,300 3,417,802 22,300 92,762 54,000 29,563 3,100 2,347 10,000 10,022 89,400 134,694 132,400 152,438 124,000 102,577 49,750 32,737 1,011,000 108,526 3,000 1,633 1,320,150 397,911 48,800 14,413 24,000 36,180 9,400 11,714 75,000 3,302 157,200 65,609 5,562,050 4,016,016 $ 6,099,389 $ 4,452,078 (Sec independent auditor's report.) - 123 - 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 ~ < ~o NONMAJOR ENTERPRISE FUNDS Wholesale Water Fund - to account for the provision of water service to the Illinois American Water Company enabling the private utility to receive Lake Michigan water. Sewerage Fund - to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Village of Glenview customers. Commuter Parking Lot Fund - to account for the activity involved with, but not limited to, the administration (Finance Director), sale of permits and maintenance of the commuter parking facilities within the Village. VILLAGE OF GLENXqEW, ILLINOIS COMBINING STATEMENT OF NET ASSETS NONMAJOR ENTERPRISE FUNDS December 31, 2003 I I I CLrRRENT ASSETS Cash Investments Receivables Accounts (net) Other Due from other go,,*emments Advance to other funds Due from other funds Deferred bond issuance costs Total current assets CAPITAL ASSETS Capital assets being depreciated Accumulated depreciation Net capital assets Total assets CUKRENT LIABILITIES Accounts payable Accrued payroll Interest payable Due to other funds Deferred revenue Current portion of general obligation bonds payable Total current lhbJlities NONCURRENT LIABILITI]~S General obligation bonds payable Total noncurrent liabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Unrestricted TOTAL NET ASSETS Wholesale Commuter Water Sewerage Parking Lot Total $ 288,550 $ 522,965 $ 82,907 $ 894,422 425,000 200,000 842,287 1,467,287 136,870 424,051 560,921 459 459 467,931 467,931 116,972 116,972 8,274 2 8,276 46,891 46,891 897,311 1,272,721 1,393,t27 3,563,159 2,512,633 8,561,210 216,592 11,290,435 (677,275) (2,334,680) (190,828) (3,202,783) 1,835,358 6,226,530 25,764 8,087,652 2,732,669 7,499,251 1,418,891 11,650,811 70,646 17,345 7,005 94~996 785 6,117 6,902 12,603 12,603 133,305 133,305 18,299 18,299 180,000 180,000 264,034 156,767 25,304 446,105 1,615,000 1,615,000 1,615,000 1,615,000 1,879,034 156,767 25,304 2,061,105 40,358 6,226,530 25,764 6,292,652 813,277 1,115,954 1,367,823 3,297,054 $ 853,635 $ 7,342,484 $ 1,393,587 $ 9,589,706 See accompanying notes to fimncial statements. - 125 - i I I I I I I I I I I I I I I I I I I VILLAGE OF OLENViEW, II.LINOI8 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2003 1 I I I I I I I I I I I I I I I OPERATING REVENUES Charges for services Water and sewer charges Water and sewer connection clmrges Parking decals and meter fees Late payment fee~ Miscellaneotm Total operating revenues OPERATING EXPENSES Administration Operations Depreciation and amortization Tolal operating expenses OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Investm~mt income Interest and fisoal charges Total nonoperaling revenues (expenses) NET INCOME BEFORE TRANSFERS AND CONTRIBUTIONS TRANSFERS IN (OUT) Tra.ns fer~ in Transfem (out) Total trmasfers in (out) CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS Contributions CHANGE 1N NET ASSETS NET ASSETS, JANUARY 1 Prior period adjustment NET ASSETS, JANLTARY I, RESTATED NET ASSETS, DECEMBER 31 Wholesale Commuter Wate~ Sewerage Parking Lot Tom] $ 1,709,155 $ 1,238,645 $ $ 2,947,800 9,020 9,020 294,965 294,965 4,733 4,733 5,752 5,752 1,709,155 1,252,398 300,717 3,262,270 74,650 132,475 207,125 910,545 409,208 55,868 1,375,621 66,995 151,703 8,132 226,830 977,540 635,561 196,475 1,809,576 731,615 616,837 104,242 1,452,694 8,178 3,641 10,162 21,981 (60,533) (60,533) (52,355) 3,641 10,162 (38,552) 679,260 620,478 114,404 1,414,142 30,000 20,980 50,980 (307,200) (426,092) (45,490) (778,782) (277,200) (426,092) (24,510) (727,802) 402,060 194,386 89,894 686,340 775,617 967,931 1,743,548 402,060 970,003 1,057,825 2,429,888 451,575 3,879,344 335,762 4,666,681 2,493,137 2,493,137 451,575 6,372,481 335,762 7,159,818 $ 853~635 $ 7,342.484 $ 1.393.587 $ 9,589,706 See accompanying notes to financial statements. - 126 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2003 I I I CASH FLOWS FROM OPERATING ACTIVITIES Receipts from miscellanous revenues Payments to suppliers Payments to employees Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Inteffund transfers Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES principal payments Interest and fiscal charges Net cash ~rom eapfial and related financing activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of investments Net cash from investing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization Changes in current assets and liabilities Accounts receivable Due from other funds Deferred bond issuance costs Unamortized bond discount Other assets Accounts payable Accrued payroll Due to other funds NET CASH FROM OPERATING ACTIVITIES NONCASH TRANSACTIONS Cona/bufions of capital assets Wholesale Commuter Water Sewerage Parking Lot Total 1,681,861 $ 1,201,343 $ 294,963 $ 3,178,167 5,751 5,751 (966,621) (96,685) (191,497) (1,254,803) (15,526) (290,810) (16,500) (322,836) 699,714 813,848 92,717 1,606,279 (277,200) (426,092) (24,510) (727,802) (277,200) (426,092) (24,510) (727,802) (125,000) (125,000) (62,602) - (62,602) 087,602) (I87,602) 8,178 3,641 10,162 21,981 (265,000) (200,000) (157344) (622,344) (256,822) 096,359) (147,182) (600,363) (21,910) 191,397 (78,975) 90,512 310,460 331,568 161,882 803,910 $ 288.550 $ 522.965 $ 82~907 $ 894~422 $ 731,615 $ 616,837 $ 104,242 $ 1,452,694 66,995 151,703 8,132 226,830 3,528 251,547 255,075 (201,978) (2) (201,980) (46,891) (46,891) 16,070 16,070 (459) (459) (71,25I) 11,377 (18,604) (78,478) 785 6,117 6,902 (1,137) (21,296) (1,051) (23,484) $ 699.714 $ 813.848 $ 92,717 $ 1.60&279 $ - $ 775,617 $ 967.931 $ 1.743,548 See accompanying notes to financial statements. - 127 - i I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 31, 2003 OPERATING REVENUES Water sales OPERATING EXPENSES Operations Supply and metering Pumping station Distribution system Depreciation and amortization Total operating expenses OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Investment income Interest expense Total nonoperating revenues (expenses) NET INCOME BEFORE TRANSFERS TRANSFERS IN (OUT) Transfers in Transfers (out) Total transfers in (out) CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS, DECEMBER 31 (See independent auditor's report.) - 128 - Final Budget Actual $ 1,230,040 $ 1,709,155 836,954 825,854 78,700 83,852 5,060 839 66,995 920,714 977,540 309,326 731,615 16,000 8,178 (271,525) (60,533) (255,525) (52,355) 53,801 679,260 30,000 30,000 (307,200) (307,200) (277,200) (277,200) $ (223~399) 402,060 451,575 $ 853,635 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 31, 2003 OPERATIONS Supply and metering Contractual services Material and supplies Capital outlay Other Total supply and metering Pumping station Personal services Contractual sendces Material and supplies Other charges Total pumping station Distribution system Personal services Contractual services Bond principal Less nonoperating expenses Total distribution system TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Final Budget Actual (See independent auditor's report.) - 129 - 827,000 $ 814,180 500 3,268 9,454 8,406 836,954 825,854 17,500 15,472 1,200 923 1,500 470 58,500 66,987 78,700 83,852 2,060 839 3,000 145,000 150,060 839 (145,000) 5,060 839 $ 920,714 $ 910,545 I I I I I I I I I I I I I I I I I I I VILLAGE OF OLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EY2PENSES AND CHANGES NET ASSETS - BUDG'ET AND ACTUAL SEWERAGE FUND For tb_e Year Ended December 31, 2003 I I I OPERATING REVENLrES Charges for services Lease fees Sewer charges Sewer connection charges Late payment fees Total operating revenues Fitml Budget Actual $ 10,000 $ 923,747 1,238,645 15,000 9,020 7,500 4,733 956,247 1,252,398 I I I ! OPERATING EXPENSES AdmbistratJ. on Operatiens Pumping station Collection Depreciation Total operating expenses OPERATING INCOME NONOPEILa. TINO REVENUES (EXPENSES) Investment income Total nonoperating revenues (expenses) NET INCOME BEFORE TRANSFERS AND CONTRIBUTIONS TRANSFERS IN (OUT) Transfer (out) Total Izansfers in (out) 487,930 74,650 94,243 83,414 257,744 325,794 151,703 839,917 635,561 116,330 616,837 5~00 3,641 5,000 3,641 121,330 620,478 (96,092) (426,092) (96,092) (426,092) 25,238 194,386 775,617 $ 25.238 970,003 I I I I I I I CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS ConuSbutions CHA_'NOE IN NET ASSETS I I lX~T ASSETS, JANUARY 1 Prior period adjustment 3,879,344 2,493,137 NET ASSETS, JANUARY 1, RESTATED NET ASSETS, DECEMBER 31 (See independent auditor's report.) -131 - 6,372,481 $ 7,342.484 I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended December 31, 2003 ADMINISTRATION Other Insurance Capital outlay Total administration OPERATIONS Pumping station General Personal services Contractual services Municipal equipment repair Capital equipment replacement Total general Heatherfield lift station Personal services Contractual services Material and supplies Total Heatherfield lift station Total pumping station Collection system Personal services Contractual services Material and supplies Other Total collection system TOTAL OPERATING EXPENSES Final Budget Actual $ 14,250 $ 8,052 43,680 43,680 430,000 22,918 487,930 74,650 8,400 4,232 2,000 1,203 45,267 36,210 20,276 20,276 (See independent auditor's report.) - 132- 75,943 61,921 8,400 16,389 5,800 1,125 4,100 3,979 18,300 21,493 94,243 83,414 177,664 276,306 29,800 37,365 29,300 10,442 20,980 1,68i 257,744 325,794 $ 839~917 $ 483,858 I I I I I I I I I I I I I I I VILLAGE OF GLEN'VIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND F~r the Year Ended December 31, 2003 OPERATING REVENUES Charges for services Meter fees Parldng decals Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Total nonnoperating revenues (expenses) NET INCOME (LOSS) BEFORE TP, A~SFERS TRANSFERS IN (OUT) Transfers in Transfers (out) Total transfers in (out) CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS Conm~bufions CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS, DECEMBER 31 (See independent aud/tor's report.) - 134 - Final Budget Actual $ 50,000 $ 78,362 207,000 216,603 6,000 5,752 263,000 300,717 202,930 132,475 74,650 55,868 8,132 277,580 196,475 (14,580) 104,242 3,000 10, I62 3,000 10,162 (11,580) 114,404 20,980 (55,490) (45,490) (55,490) (24,510) (67,070) 89,894 967,931 $ (67,070) 1,057,825 335,762 $ 1~393,587 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31, 2003 ADMINISTRATION Personal services Contractual services Material and supplies Other charges Capital outlay Total administration OPERATIONS Personal services Contractual services Material and supplies Capital outlay Total operations TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION Final Budget Actual (See independent auditor's report.) - 135 - 25,130 $ 13,995 79,500 61,308 13,400 8,399 82,900 48,773 2,000 202,930 132,475 22,500 2,506 37,950 50,032 14,200 2,678 652 74,650 55,868 $ 27T580 $ 188~343 I I I I I I I I I I I I I I I I I I I IZ I I i I I I I ! I ! I i I i I I I I I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - to account for the costs of repairing and maintaining all vehicles of the Village. These costs include labor, material, fuel and fixed overhead of the Village's repair facility. Insurance Fund - to account for the financial activity of the Village's entire insurance program. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. Also, the Village provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (mBC). Capital Equipment Replacement Fund (formerly a capital projects fund) - to account for the funds annually set aside for the eventual replacement of certain capital equipment. CURRENT ASSETS Cash Investments Receivables Accounts, net Due fcom other funds Deposits Total current assets CAPITAL ASSETS Cost Accumulated depreciation Net capital assets Total assets CURRENT LIABILITIES Accounts payable Accrued payroll Claims payable Deferred revenue Due to other funds Advance to other funds Other payables Total liabilities NET ASSETS Invested in capital assets, net of related debt Unrestricted TOTAL NET ASSETS VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF NET ASSETS INTERNAL SERVICE FUNDS December 31, 2003 Municipal Capital Equipment Equipment Repair Insurance Replacement Total 85,217 $ 316,803 $ 599,156 $ 1,001,176 2,275,000 9,448,564 11,723,564 448 7,194 7,642 727 727 1,086,692 1,086,692 86,392 3,685,689 10,047,720 I3,819,801 55,958 55,958 (19,985) (19,985) 35,973 35,973 122,365 3,685,689 10,047,720 13,855,774 55,375 14,576 45,641 115,592 125 125 365,064 365,064 5,153 5,153 170,654 1,034 28,012 199,700 1,045,180 1,045,180 81,448 81,448 226,154 467,275 1,118,833 1,812,262 35,973 35,973 (139,762) 3,218,414 8,928,887 12,007,539 $ (103,789) $ 3,218,414 $ 8,928.887 $ 12.043,512 See accompanying notes to financial statements. - 137 - I I I I I I I I ! I ! I I i I i I I ! I i I I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2003 OPERATING REVENUES Charges for services Miscellaneous Total operating revenues OPERATING EXPENSES Depreciation Capital outlay Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Gain on sale of capital assets Total nonoperating revenues (expenses) NET INCOME (LOSS) BEFORE TRANSFERS TRANSFERS IN (OUT) Transfers (out) Total transfers in (out) CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS (DEFICIT), DECEMBER 31 Municipal Capital Equipment Equipment Repair lnsumnce Replacement Total $ 898,526 $ 4,602,504 $ 1,619,148 $ 7,120,178 83,424 1,500 84,924 981,950 4,602,504 1,620,648 7,205,102 1,144,664 5,117,551 6,262,215 7,994 7,994 1,655,867 1,655,867 1,152,658 5,117,551 1,655,867 7,926,076 (170,708) (515,047) (35,219) (720,974) 362 195,390 141,787 337,539 163,620 163,620 362 195,390 305,407 501,i59 (170,346) (319,657) 270,188 (219,815) (22,250) (22,250) (22,250) (22,250) (192,596) (319,657) 270,188 (242,065) 88,807 3,538,071 8,658,699 12,285,577 $ (103,789) $ 3.218,414 $ 8,928,887 $ 12,043~512 See accompanying notes to financial statements. - 138 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS iNTERNAL SERVICE FUNDS For the Year Ended December 31, 2003 I i I CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users Receipts from interthnd services Payments to suppliers Payments to employees Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Interfund transfers Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES None Net cash from capital and related frnancing activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of investments Proceeds from sale of capital assets Net cash from investing activities NET iNCREASE (DECREASE) IN CASE AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 RECONCILIATION OF OPERATING iNCOME (LOSS) TO NET CASH FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Accounts receivable Deposits Due from other funds Accounts payable Accrued payroll Claims payable Other payables Due to other funds NET CASH FROM OPERATiNG ACTIVITIES Municipal Capital Equipment Equipment Repair Insurance Replacement Total S 141,877 $ 296,679 $ 1,500 $ 440,056 821,695 4, I50,367 1,619,I48 6,591,210 (653,546) (4,924,848) (1,649,850) (7,228,244) (291,428) (291,428) 18,598 (477,802) (29,202) (488,406) (22,250) (22,250) (22,250) (22,250.00) 362 I95,525 141,787 337,674 (105,000) (3,927) (108,927) 163,620 163,620 362 90,525 301,480 392,367 (3,290) (387,277) 272,278 (118,289) 88,507 704,080 326,878 1,119,465 $ 85.217S 316.803 $ 599.156$ 1.001,176 $ (170,708) $ (515,047) $ (35,219) $ (720,974) 7,994 7,994 4,276 (1,952) 2,324 (153,372) (153,372) 54,176 54,176 (28,537) 4,582 (20,118) (44,073) 126 126 188,479 188,479 (1,526) (1,526) 151,271 1,034 26.135 178,440 $ I8.598 S (477,802) $ (29.202) $ (488.406) See accompanying notes to financial statements. ~ 139 - I I I I I I l I I I I I I I I I i I I I I I I t I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND For the Year Endexi December 31, 2003 OPERATING REVENUES Charges for s~vices Insurance recoveries Miscellaneous Total operating revenues OPERATING EXPENSES Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Total nonoperating revenues (expenses) NET INCOME (LOSS) BEFORE TRANSFERS TRANSFERS IN (OUT) Transfers (om) Total transfers in (out) CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS (DEFICIT), DECEMBER 31 Final Budget Actual $ 1,195,583 $ 898,526 10,000 75,000 83,424 1,280,583 981,950 1,165,321 1,144,664 7,994 1,165,321 1,152,658 115,262 (170,708 3,250 362 3,250 362 118,512 (170,346 (22,250) (22,250 (22,250) (22,250 $ 96,262 (192,596 88,807 $ (103,789) (See independent auditor's report.) - 140 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND For the Year Ended December 31, 2003 OPERATIONS Regular salaries Overtime salaries Temporary salaries Longevity pay FICA payment Contractual professional services Dues subscription membership Maintenance of equipment Maintenance of buildings Accident repairs Tra'ming Village wide info systems Uniform allowance Fuel Office and other supplies/tools Maintenance supplies Vehicles Capital equipment and replacement Insurance Machinery and equipment TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION (See independent auditor's report.) - 141 - Final Budget Actual 358,800 $ 261,478 12,000 8,188 12,000 21,888 5,000 29,700 15,435 5,500 12,674 40 108,000 132,681 10,500 10,393 20,000 49,626 2,000 3,968 2,170 5,000 4,701 260,000 282,837 230,100 119,528 3,000 118,586 4,244 13,000 13,000 65,831 63,831 24,850 19,436 $ 1.165.321 $ 1,144.664 I i I I I I I I I I I I I I i I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL INSURANCE FUND For the Year Ended December 31, 2003 REVENUES Charges for services Fund charges EXPENSES Operations Contractual professional services Health and life insurance Dental insurance Excess liability Unemployment benefits General insurance program PTM policy Property/casualty claims Workers' compensation insurance Total expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES Investment income CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS, DECEMBER 31 Final Budget Actual $ 4,477,217 $ 4,602,504 5,000 3,037 475,000 540,223 168,000 162,679 115,000 128,974 30,000 4,458 3,307,818 3,464,563 15,710 15,800 500,000 732,920 130,000 64,897 4,746,528 5,117,551 (269,311) (515,047) 51,500 195,390 $ (217.811) (319,657) 3,538,071 $ 3.218,414 (See independent auditor's report.) - 143 - I I I I I I I I I I I I ! I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL CAPITAL EQUIPMENT REPLACEIvlENT FUND For the Year Ended December 31, 2003 REVENUES Charges for services Miscellaneous Auto reimbursements Total revenues EXPENSES Capital outlay Total expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES Investment income Proceeds fi:om sale of capital assets Total nonoperating revenues CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 NET ASSETS, DECEMBER 31 Final Budget Actual 1,627,148 $ 1,619,148 1,500 1,500 1,628,648 1,620,648 2,161,350 1,655,867 2,161,350 1,655,867 (532,702) (35,219) 90,500 141,787 50,000 163,620 140,500 305,407 (392.202) 270,188 8,658,699 $ 8:928~887 (See independent auditor's report.) - 144 - FIDUCIARY FUNDS Pension Trust Police Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. Agency Special Service Areas Fund ~ to account for various special service area bond issues. Arbitrage Rebate Fund - to account for the recording and payment of any arbitrage rebates payable. VILLAGE OF GLEN'VIEW, ILLINOIS COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31, 2003 ASSETS Cash and cash equivalents Investments, at fair value U.S. Government and agency obligations Mutual Funds Insurance contracts Total investments, at fair value Due from other funds Total assets LIABILITIES Accounts payable NET ASSETS HELD IN TRUST FOR PENSION BENEFITS Police Firefighters' Pension Pension Totals $ 216,882 $ 442,108 $ 658,990 26,871,948 41,582,350 68,454,298 4,621,099 2,252,206 6,873,305 2,485,042 914,598 3,399,640 33,978,089 44,749,154 78,727,243 358 358 34,195,329 45,191,262 79,386,591 1,200 1,200 2,400 $ 34,194A29 $ 45,190,062 $ 79,3841191 See accompanying notes to financial statements. - 145 - I I I I I I I I I I ! I I I I I I ! I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS For the Year Ended December 31, 2003 Police Firefighters' Pension Pension Total ADDITIONS Contributions- employer $ 680,190 $ 581,665 $ 1,261,855 Contributions - plan members 498,745 454,466 953,211 Miscellaneous 60 60 Total contributions 1,178,935 1,036,191 2,215,126 Investment income Net appreciation (depreciation) in fair value o£ investments 2,582,185 310,583 2,892,768 Interest earned on investments 653,446 1,446,976 2,100,422 Total investment income 3,235,631 1,757,559 4,993,190 Less investment expense (3,496) (4,642) (8,138) Net investment income 3,232,135 1,752,917 4,985,052 Total additions 4,411,070 2,789,108 7,200,178 DEDUCTIONS Pensions and refunds 1,277,376 1,925,898 3,203,274 Total deductions 1,277,376 1,925,898 3,203,274 NET INCREASE 3,133,694 863,210 3,996,904 NET ASSETS HELD iN TRUST FOR PENSION BENEFITS January 1 December 31 31,060,435 44,326,852 75,387,287 $ 34,194,129 $ 45,190,062 $ 79,384,191 See accompanying notes to financial statements. - 146 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CHANGES 1N PLAN NET ASSETS BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended December 31, 2003 ADDITIONS Contributions - employer Contributions - employees Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Less investment expense Net investment income Total additions DEDUCTIONS Retirement pension Widow pension Disability pension Total deductions NET INCREASE NET ASSETS HELD 1N TRUST FOR PENSION BENEFITS January 1 December 31 Final Budget Actual $ 685,000 $ 680,190 485,000 498,745 1,170,000 1,178,935 2,582,185 652,000 653,446 652,000 3,235,631 (18,000) (3,496) 634,000 3,232,135 1,804,000 4,411,070 1,140,564 1,122,161 120,995 120,996 34,219 34,219 1,295,778 1,277,376 $ 508~222 3,133,694 31,060,435 $ 34.194,129 (See independent auditor's report.) - 147- I i I I I I ! I I I I I I I ! I I ! I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL FIREFIGHTERS' PENSION FUND For the Year Ended December 31, 2003 ADDITIONS Contributions - employer Contributions - employees Miscellaneous Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Less investment expense Net investment income Total additions DEDUCTIONS Retirement pension Widow pension Disability pension Total deductions NET INCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 (See independent auditor's report.) - 148 - Final Budget Actual 585,000 $ 581,665 440,000 454,466 6O 1,025,000 1,036,191 310,583 1,402,000 1,446,976 1,402,000 1,757,559 (18,000) (4,642) 1,384,000 1,752,917 2,409,000 2,789,108 1,489, I16 1,569,865 50,851 50,851 262,722 305,182 1,802,689 1,925,898 $ 606,311 863,210 44,326,852 $ 45,190,062 VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 2003 Balances Balances January 1 Additions Deductions December 31 All Funds ASSETS Cash $ 54,401 $ $ 47,671 $ 6,730 Investments 50,000 50,000 Receivables - property taxes 125,436 886 124,550 Due from other governments 4,700 4,700 TOTAL ASSETS $ 184,537 $ 50,000 $ 53,257 $ 181.280 LIABILITIES Arbitrage payable $ 4,700 $ $ 4,700 $ Due to bondholders 179,837 2,329 886 181,280 TOTAL LIABILITIES $ 184.537 $ 2,329 $ 5,586 $ 181,280 Special Service Areas Fund ASSETS Cash $ 54,401 $ $ 47,671 $ 6,730 Investments 50,000 50,000 Receivables - properly taxes 125,436 886 124,550 TOTAL ASSETS $ 179~837 $ 50,000 $ 48,557 $ 181,280 LIABILITIES Due to bondholders $ 179.837 $ 2.329 $ 886 $ 181.280 Arbitrage Rebate Fund ASSETS Due from other govenunents $ 4,700 $ $ 4,700 $ TOTAL ASSETS $ 4,700 $ $ 4.700 $ LIABILITIES Arbitrage payable $ 4~700 $ $ 4.700 $ See accompanying notes to financial statements. - 149- I I I 1 I I I I I I I I i I I I I I I I I I I I I I I I I I I I i I ! ! I I COMPONENT UNIT Component Unit (Library Fund) - to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. VILLAGE OF.GLENVIEW, ILLiNOIS STATEMENT OF NET ASSETS AND BALANCE SHEET COMPONENT UNIT - LIBRARY FUND December 31, 2003 ASSETS Cash Investments Receivables Property taxes Capital assets TOTAL ASSETS LIABILITIES AND F UNDBALANCE/ NET ASSETS LIABILITIES Accounts payable Accrued payroll Deferred property taxes Due to primary government Due in more than one year Total liabilities FUND BALANCE/NET ASSETS Invested in capital assets Restricted for culture and recreation Unreserved Total fund balance/net assets TOTAL LIABILITIES AND FUND BALANCE/NET ASSETS Modified Statement Accrual Adjustments of Activities $ 526,712 $ $ 526,712 1,056,103 1,056,103 4,630,790 4,630,790 2,837,271 2,837,271 $ 6,213,605 $ 2,837.271 $ 9,050,876 $ 84,484 $ $ 84,484 38,622 38,622 4,630,790 4,630,790 56,247 56,247 81,547 81,547 4,810,143 81,547 4,891,690 2,755,724 2,755,724 1,403,462 1,403,462 1,403,462 (1,403,462) 1,403,462 2,755,724 4,159,186 $ 6.213.605 $ 2,837,271 $ 9,050,876 See accompanying notes to financial statements. - 150- 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 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31, 2003 REVEN~ES Taxes Property taxes - current Property taxes - prior Replacement taxes Intergovernmental Per capita grant Make-whole payment Charges for services Fines and forfeits Investment income Miscellaneous Donations Other Tomlrevenues EXPENDITURES Culture and recreation EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers m - primary govermnent Transfers (out) - primary government Total other financing sources (uses) NET CHANGE IN FUND BALANCE FUND BALANCE, JANUARY 1 Prior period adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE, DECEMBER 31 Original and Final Budget Actual Adjustments Statement of Activit/es $ 4,331,889 $ 4,289,542 38,487 29,000 29,000 41,847 125,000 135,021 92,835 90,850 70,000 60,785 24,700 15,348 33,585 500 51,203 $ 4,289,542 38,487 29,000 135,021 90,850 60,785 15,348 33,585 51,203 4,715,771 4,743,821 4,743,821 4,338,802 4,291,958 87,454 4,379,412 376,969 451,863 (87,454) 364,409 123,540 123,540 (279,738) (232,897) (232,897) (279,738) (109,357) (109,357) $ 97,231 342,506 (87,454) 255,052 984,541 2,919,593 76,415 (76,415) 3,904,134 1,060,956 2,843,178 3,904,134 $ 1 403.462 $ 2,755.724 $ 4A59,186 (See independent auditor's report.) - 151 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENDITURES - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31,2003 CULTURE AND RECREATION Regular salaries Part time salaries Overtime salaries Temporary salaries Legal and professional fees Public information Electronic resources Printing, binding and publication Utilities Postage Telephone and telegraph Dues and subscriptions Maintenance of equipment and vehicles Maintenance of buildings Maintenance supplies General insurance Training Employee welfare Trustee Director expenses Library programs ADA compliance Office supplies Computer supplies Processing supplies Circulation supplies Audio visual supplies Books, pamphlets and materials Periodicals Audiovisual Micro-form Video tapes Uniforms Cataloging Contingencies Other operating expenses Machinery and equipment Municipal equipment repair Insurance Building improvements F.I.C.A. payments Miscellaneous TOTAL EXPENDITURES (See independent auditor's report,) - 152 - Original and Finfl Budget Actual $ 1,572,877 $ 1,457,267 861,983 546,395 82,137 271,780 35,000 29,529 25,650 16,758 95,950 92,611 7,500 11,794 9,460 10,652 21,700 18,025 30,000 22,039 5,546 7,085 137,814 119,861 92,858 113,330 32 49,800 50,547 52,230 30,999 606 4,300 5,523 1,000 1,385 31,020 34,434 500 272 19,500 16,262 4,457 13,150 1,835 12,375 8,512 12,250 26,904 457,500 414,544 53,275 43,854 65,100 44,183 40,800 41,207 25,950 20,571 58 41,800 26,415 1,000 875 11,932 31,800 137,498 572 338,114 338,114 49,646 179,000 179,850 12,000 1,608 $ 4,338,802 $ 4,291,958 I I I I I I I I i I I I I I I I I I I I I I I I I ! I I I I I I I I I I I ! (This page is imentionally left blank.) VILLAGE OF GLENVI~EW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2003 TAXES Property taxes - current Property taxes - prior Utility tax - mobile services Utility tax - N. I. Gas Utility tax o Commonwealth Edison Utility tax - telecommunications Amusement tax Hotel room tax Total taxes LICENSES AND PERMITS Business Liquor Pet Building permits Certificate of occupancy Contractors fees Plumbing and sewer Driveway permits Total licenses and permits INTERGOVERNMENTAL Glenbrook Fire Protection District Replacement taxes Sales tax Illinois income tax Photo use tax Road and bridge Road and bridge - prior Village of Golf Fire Protecti°n Services Miscellaneous intergovemment Make-whole payment Total intergovernmental Original and Final Budget Actual $ 5,903,320 $ 5,822,896 50,000 53,570 23,536 600,000 959,944 1,800,000 1,893,425 1,725,000 2,910,237 15,151 600,000 702,335 10,678,320 12,381,094 65,000 66,739 90,000 57,950 5,000 1,920 1,800,000 1,370,118 52,200 29,735 50,000 64,436 64,800 69,265 10,000 11,391 2,137,000 1,671,554 2,260,000 2,245,157 94,609 104,067 8,300,000 10,830,776 2,910,000 2,593,235 395,000 377,023 200,000 215,597 2,000 2,664 130,000 127,336 332,500 146,064 325,000 322,478 14,949,109 16,964,397 (This schedule is continued on the following page.) - 153 - 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 SCHEDULE OF REVENLYES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 CHARGES FOR SERVICES Fire commtmications Plan review fees Reinspection fees Elevator inspection fees Planning fees Electrical inspection Engineering fees Unclassified public works Other service charges Lease fees Dog impounding fees Total charges for services FINES AND FORFEITS INVESTMENT INCOME Investment income Total investment income OTHER REVENUES Infrastructure maintenance fee Franchise tax - cable TV Nicor franchise tax Map sales Land sales Miscellaneous Total other revenues TOTAL REVENUES Original and Final Budget Actual $ 210,000 $ 255,629 270,000 87,117 17,000 35,946 13,000 16,920 10,000 6,734 69,341 85,059 350,000 215,487 10,000 10,000 59,549 220,000 258,057 3,000 1,195 1,182,341 1,021,693 200,000 181,384 360,000 155,307 360,000 155,307 9,796 250,000 270,713 37,500 37,425 150 595 400,000 62,500 648,453 750,150 966,982 $ 30.256,920 $ 33.342,411 (See independent auditor's repo~.) - 154 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2003 I I I GENERAL GOVERNMENT Board of Trustees Special board Legal Emergency Service Disaster Agency Village Manager Finance Information systems management Personnel and insurance Cable TV Total general goverranent PUBLIC SAFETY Police deparmaent Fire department Printing Total public safety HIGHWAYS AND STREETS Development and public services Admmism:ation Planning and zoning Engineering Public health Buildings and grounds Building inspection Total development and public services Public works Administration Overhead Street maintenance Traffic Storm water management Snow and ice control Forestry Grounds Total public works Total highways and streets TOTAL EXPENDITURES (See independent auditor's report.) - 155 - Original and Final Budget Actual $ 36,780 $ 35,034 668,051 255,382 278,900 396,467 6,350 3,951 584,386 592,866 1,402,833 1,845,181 574,207 623,220 3,989,415 3,985,948 111,843 96,626 7,652,765 7,834,675 9,104,787 8,943,667 9,179,399 9,257,905 58,950 41,475 18,343,136 18,243,047 372,304 409,091 261,990 219,999 989,133 923,660 248,194 243,322 258,960 224,839 1,035,415 1,086,978 3,165,996 3,107,889 323,919 323,282 1,695,253 1,526,792 273,820 515,304 418,800 455,528 216,100 115,338 553,200 333,839 293,660 538,465 230,810 167,160 4,005,562 3,975,708 7,171,558 7,083,597 $ 33,167~459 $ 33~161~319 I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2003 GENERAL GOVERNMENT Board of Trustees Personal services Contractual services Material and supplies Other Total Board of Trustees Special board Contractual services Material and supplies Capital outlay Total special board Legal Contractual services Material and supplies Total legal Emergency Service Disaster Agency Contractual services Material and supplies Total emergency service disaster agency Village Manager Personal services Contractual services Material and supplies Other Total Village Manager Original and Final Budget Actual $ 9,000 $ 9,788 6,000 17,204 2,000 385 19,780 7,657 36,780 35,034 268,051 252,712 1,201 400,000 1,469 668,051 255,382 275,100 394,655 3,800 1,812 278,900 396,467 4,650 3,951 1,700 6,350 3,951 481,275 493,547 79,500 81,856 6,165 5,795 17,446 11,668 584,386 592,866 (This schedule is continued on the following pages.) ~ 156 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAIJ.~ED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 Original and Final Budget Actual GENERAL GOVERNMENT (Continued) Finance Personal services Contractual services Material and supplies Other Capital outlay $ 681,020 $ 676,645 634,870 1,124,901 36,300 30,972 50,643 11,287 1,376 Total finance 1,402,833 1,845,181 Information systems management Personal services Contractual services Material and supplies Other Capital outlay 142,903 134,573 245,354 268,637 11,300 31,327 24,450 62,985 150,200 125,698 Total information systems management 574,207 623,220 Personnel and insurance Personal services Contractual services Material and supplies Other 78,418 85,197 85,445 59,093 750 295 3,824,802 3,841,363 Total personnel and insurance 3,989,415 3,985,948 Cable TV department Personal services Contractual services Material and supplies Other Capital outlay 59,956 61,676 7,000 6,952 9,150 7,418 12,237 5,094 23,500 15,486 Total cable TV department 111,843 96,626 $ 7,834,675 TOTAL GENERAL GOVERNMENT $ 7~6521765 (This schedule is continued on the following pages.) - 157- I I I I I I I I I I I i I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITLrRES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 PUBLIC SAFETY Police department Personal services Pension Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Total police department Fire department Personal services Pension Contractual services Mater/al and supplies Other Capital outlay Equipment repair and replacement Total fire department Printing Contractual services Material and supplies Other Total printing TOTAL PUBLIC SAFETY Original and Final Budget Actual $ 7,096,655 $ 7,027,375 685,000 680,190 264,300 286,838 193,900 157,145 181,550 165,331 26,400 16,433 656,982 610,355 9,104,787 8,943,667 7,090,654 7,350,604 585,000 581,665 408,063 353,659 206,772 209,654 121,598 122,542 134,350 112,965 632,962 526,816 9,179,399 9,257,905 750 2,389 26,200 22,475 32,000 16,611 58,950 41,475 $ 18~343.136 $ 18.243,047 (This schedule is continued on the following pages.) - 158 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 HIGHWAYS AND STREETS Development and pubhc service General Personal services Contractual services Material and supplies Equipment repair and replacement Total general Planning and zoning Personal services Contractual services Material and supplies Other Total planning and zoning Engineering Personal services Contractual services Material and supplies Other Equipment repair and replacement Capital outlay Total engineering Public health Personal services Contractual services Material and supplies Equipment repair and replacement Other Total public health Ofiginaland Final Budg~ Actual $ 344,299 $ 358,828 16,960 35,521 1,300 887 7,345 12,502 2,400 1,353 372,304 409,091 166,690 123,347 89,300 91,810 1,500 1,429 4,500 3,413 261,990 219,999 858,671 805,633 64,460 41,023 8,700 8,344 7,370 13,504 49,932 52,089 3,067 989,133 923,660 223,103 227,781 2,775 891 4,400 917 I3,376 9,816 4,540 3,917 248,194 243,322 (This schedule is continued on the following pages.) - 159 - I I I i I I I I ! I I i I ! I I I I i VILLAGE OF GLE1Wv3EW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 HIGHWAYS AND STREETS (Continued) Development and public service (Continued) Buildings and grounds Personal services Contractual services Material and supplies Capital outlay Other Total buildings and grounds Building inspection Personal services Contractual services Material and supplies Equipment repair and replacement Other Total building inspection Total development and public service Public works Administration Personal services Contractual services Material and supplies Capital outlay Other Total administration Overhead Personal services Contractual services Material and supplies Original and Final Budget Actual $ 33,760 $ 32,793 135,700 121,298 11,500 13,784 403 78,000 56,561 258,960 224,839 922,131 938,643 28,160 49,765 12,900 12,966 44,624 40,546 27,600 45,058 1,035,415 1,086,978 3,165,996 3,107,889 294,634 279,094 19~35 15,150 9,850 10,153 268 19,900 18,617 323,919 323,282 702,321 640,836 57,400 69,126 36,950 32,030 (This schedule is continued on the following pages.) - 160- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2003 HIGHWAYS AND STREETS (Continued) Public works (Continued) Overhead (Continued) Capital outlay Other Total overhead Street maintenance Personal services Contractual services Material and supplies Total street maintenance Traffic Personal services Contractual services Material and supplies Other Total traffic Storm water management Personal services Contractual services Material and supplies Capital outlay Other Total storm water management Snow and ice control Personal services Contractual services (This schedule is continued on the following page.) - 161 - Original and Final Budget Actual $ 824,432 $ 711,806 74,150 72,994 1,695,253 1,526,792 223,560 459,397 32,000 5,519 18,260 50,388 273,820 515,304 108,000 162,024 180,000 185,636 2,500 1,946 128,300 105,922 418,800 455,528 146,000 58,107 36,000 5,375 32,600 48,216 2,140 1,500 1,500 216,100 115,338 325,200 167,640 11,000 20,100 I I I i I I' I 1 I t I I i I I i i VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES BUDGET AND ACTUAL (Continued) GENERAL FUND For ~he Year Ended December 31, 2003 HIGHWAYS AND STREETS (Continued) Public works (Continued) Snow and ice control (Continued) Material and supplies Capital outlay Total snow and ice control Forestry Personal services Contractual services Material and supplies Capital outlay Total forestry Grounds Personal services Contractual services Material and supplies Other Total grounds Total public works TOTAL HIGHWAYS AND STREETS (See independent auditor% report.) - 162 - Original and Final Budget Actual $ 182,000 $ 131,084 35,000 I5,015 553,200 333,839 269,060 524,015 13,600 6,547 11,000 7,273 630 293,660 538,465 97,260 71,182 I10,000 71,964 23,550 22,208 1,806 230,810 167,160 4,005,562 3,975,708 $ 7.171,558 $ 7.083.597 VILLAGE OF GLENVIEW, ILLiNOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1997 December 31, 2003 i I rI Date of Issue Date of Maturity Author/zed Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at August 15, 1997 December 1, 2017 $ 6,175,000 $ 5,000 Bonds 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 FUTUXE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond Year Numbers Tax Levy Principal Interest Totals June 1 2004 2005 2006 2007 2008 2009 Interest Due on Amount December 1 Amount 239-288 $ 250,000 $ 71,420 $ 321,420 2004 $ 35,710 2004 $ 35,710 289-340 260,000 59,232 319,232 2005 29,616 2005 29,616 341-395 275,000 46,556 321,556 2006 23,278 2006 23,278 396-453 290,000 111,660 401,660 2007 55,830 2007 55,830 454-514 305,000 19,014 324,014 2008 9,507 2008 9,507 515-543 85,000 4,144 89,144 2009 2,072 2009 2,072 1,465,000 $ 312,026 $ 1,777,026 $ 156,013 $ 156,013 NOTE: Debt service is payable fi.om the North Ma/ne Water and Sewer Fund. Bonds numbered 544 through 1,235 were refunded with the proceeds of the 2003B G. O. Bonds (See independent auditor's report.) - 163 - i I 1 ! I I I I I I ! ! I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE NOTES OF 1997 December 31, 2003 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at September 2, 1997 September 1, 2019 $ 2,850,000 $ 1,425,000 4.942% September 1 September I North Suburban Public Utility Overland Park, Kansas FUTURE PRINCIPAL AND iNTEREST REQUIREMENTS Fiscal Year Requirements Principal Interest Totals 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $ 99,539 104 459 109 621 115 039 120 725 126 691 132 952 139 523 146,419 153,655 161,249 169,219 177,582 186,359 195,569 205,221 $ 115,838 $ 215,377 110,918 215,377 105,756 215,377 100,338 215,377 94,652 215,377 88,686 215,377 82,425 215,377 75,854 215,377 68,958 215,377 61,722 215,377 54, i28 215,377 46,158 215,377 37,795 215,377 29,018 215,377 19,808 215,377 10,143 215,364 $ 2,343,822 $ 1,102,197 $ 3,446,019 NOTE: Debt service is payable ~om the North Maine Water and Sewer Fund. (See independent auditor's report.) - 164- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998A December 31, 2003 i I I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at Fiscal Year November 1, 1998 December 1, 2018 $ 10,000,000 $ 5,000 Bonds 1-139 4.10% 140-389 4.15% 390-661 4.20% 662-957 4.25% 958-1278 4.30% 1279-2000 4.35% June 1 and December 1 December 1 American National Bank and Trast Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Principal Interest Totals June 1 Amount December 1 Amount 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 695,000 1,250,000 1,360,000 1,480,000 1,605,000 1,735,000 1,875,000 $ 426,440 $ 426,440 2004 $ 213,220 2004 $ 213,220 426,440 426,440 2005 213,220 2005 213,220 426,440 426,440 2006 213,220 2006 213,220 426,440 426,440 2007 213,220 2007 213,220 426,440 426,440 2008 213,220 2008 213,220 426,440 426,440 2009 213,220 2009 213,220 426,440 426,440 2010 213,220 2010 213,220 426,440 426,440 2011 213,220 2011 213,220 426,440 1,121,440 2012 213,220 2012 213,220 397,945 1,647,945 2013 198,973 2013 198,973 346,070 1,706,070 2014 173,035 2014 173,035 288,950 1,768,950 2015 144,475 2015 144,475 226,050 1,831,050 2016 113,025 2016 113,025 157,035 1,892,035 2017 78,518 2017 78,518 81,563 1,956,563 2018 40,781 2018 40,782 $10,000,000 $ 5,335,573 $15,335,57~ $ 2,667,787 $ 2~667,788 NOTE: Debt service is payable from the Debt Ser~ ice Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 165 - 1 I I i I I 1 i I I I i ! ! I ! VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998B December 31, 2003 Date of Issue January 1, 1999 Date of Maturity December I, 2018 Authorized Issue $ 24,400,000 Actual Issue $ 5,000 Interest Rates Bonds 1-154 4.250% 1515-2215 4.375% 2216-2589 4.400% 2590-4880 4.500% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June 1 Amount December I Amount NOTE: 2004 $ 1,510,000 $ 951,911 $ 2,461,911 2004 $ 475,955 2004 $ 475,955 2005 1,575,000 887,736 2,462,736 2005 443,868 2005 443,868 2006 1,640,000 820,799 2,460,799 2006 410,399 2006 410,399 2007 1,715,000 751,099 2,466,099 2007 375,550 2007 375,550 2008 1,790,000 676,068 2,466,068 2008 338,034 2008 338,034 2009 1,870,000 597,755 2,467,755 2009 298,878 2009 298,878 2010 1,955,000 515,475 2,470,475 2010 257,737 2010 257,737 2011 2,050,000 427,500 2,477,500 2011 213,750 2011 213,750 2012 1,450,000 335,250 1,785,250 2012 167,625 2012 167,625 2013 1,000,000 270,000 1,270,000 2013 135,000 2013 135,000 2014 1,000,000 225,000 1,225,000 2014 112,500 2014 112,500 2015 1,000,000 180,000 1,180,000 2015 90,000 2015 90,000 2016 1,000,000 135,000 1,I35,000 2016 67,500 2016 67,500 2017 1,000,000 90,000 1,090,000 2017 45,000 2017 45,000 2018 1,000,000 45,000 1,045,000 2018 22,500 2018 22,500 $ 21,555,000 $ 6,908,593 $ 28,463,593 $ 3,454,296 $ 3,454,296 Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 166- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2000 December 31, 2003 m m I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at Fiscal Bond Year Numbers December 15, 2000 December 1,2008 $ 4,970,000 $ 5,000 Bonds 1-69 4.30% 70-795 4.40% 796-994 4.50% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Principal Interest Totals June I Amount December 1 Amount I l l I I 2004 2005 1-69 2006 70-419 2007 420-795 2008 796-994 $ 219,335 $ 219,335 2004 $ 109,668 2004 $ 109,668 345,000 219,335 564,335 2005 109,668 2005 109,668 1,750,000 204,500 1,954,500 2006 102,250 2006 102,250 1,875,000 127,500 2,002,500 2007 63,750 2007 63,750 1,000,000 45,000 1,045,000 2008 22,500 2008 22,500 $ 4,970,000 $ 815,670 $ 5,785,670 $ 407,836 $ 407,836 NOTE: It is anticipated that the levies associated with this issue will be abated through 2004 transfers from the General Fund. The bond proceeds will be used for infrastructure improvements throughout the Village. (See independent auditor's report.) - 167 - ! l i l I l l I I I I i I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2001 December 31, 2003 I I I I I I i 1 I I I I I I I I Date of Issue August 1,2001 Date of Maturity December 1,2012 Authorized Issue $41,800,000 Actual Issue $ 5,000 Interest Rates Bonds 1-200 3.50% 201-1160 3.75% 1161-5160 4.00% 5161-6160 4.125% 6161-7260 4.25% 7261-8360 4.35% Imerest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicagu FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2004 101-200 $ 500,000 $ 1,676,750 $ 2,176,750 2004 $ 838,375 2004 $ 838,375 2005 201-1160 4,800,000 1,659,250 6,459,250 2005 829,625 2005 829,625 2006 1161-2160 5,000,000 1,479,250 6,479,250 2006 739,625 2006 739,625 2007 2161-3160 5,000,000 1,279,250 6,279,250 2007 639,625 2007 639,625 2008 3161-4160 5,000,000 1,079,250 6,079,250 2008 539,625 2008 539,625 2009 4161-5160 5,000,000 879,250 5,879,250 2009 439,625 2009 439,625 2010 5161-6160 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625 2011 6161-7260 5,500,000 473,000 5,973,000 2011 236,500 2011 236,500 2012 7261-8360 5,500,000 239,250 5,739,250 2012 119,625 2012 119,625 $41,300,000 $ 9.444,500 $50,744,500 $ 4,722.250 $ 4,722.25~0 NOTE: Debt service is payable fi.om the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 168- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BONDS SERIES OF 2002 December 31,2003 Date of Issue Date of Maturity Authohzed Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at February 15, 2002 December 1, 2005 $ 6,885,000 $ 6,885,000 Bonds 2002 2.00% 2003 2.00% 2004 2.25% 2005 2.75% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND iNTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June 1 Amount December 1 Amount I I I ! t I ! I ! NOTE: 2004 $ 1,805,000 $ 98,860 $ 1,903,860 2004 $ 49,430 2004 $ 49,430 2005 1,315,000 44,710 1,359,710 2005 22,355 2005 22,355 $ 3,I20,000 $ 143,570 $ 3,263,570 $ 71,785 $ 71,785 Debt service is payable fi.om the Debt Service Fund using monies received from a property tax revenues, as well as water and sewer revenues. (See independent auditor's report.) - 169- i I I I I I I i I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES 2003A December 3 l, 2003 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Apfi]l,2003 December 1,2012 $ 9,990,000 $5,000 Interest Rates Bonds Rate 1-37 2.05% 38-240 2.45% 241-1,116 2.50% 1,I 17-1,185 2.65% 1,186-I,668 3.00% 1,669-1,998 3.10% Interest Dates Principal Maturity Date Payable at June 1 and December 1 December 1 American National Bank and Trust Co. Chicago, IL FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Tax Levy Interest Due On Principal Interest Totals June 1 Amount December I Amount I I I I I I I I 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 NOTE: 1,015,000 $ 267,024 $ 1,282,024 2004 $ 133,512 2004 $ 133,512 1,060,000 242,156 1,302,156 2005 121,078 2005 121,078 1,085,000 215,656 1,300,656 2006 107,828 2006 107,828 1,105,000 188,532 1,293,532 2007 94,266 2007 94,266 1,130,000 160,906 1,290,906 2008 80,453 2008 80,453 345,000 132,656 477,656 2009 66,328 2009 66,328 455,000 123,600 578,600 2010 6t,800 2010 61,800 470,000 I09,950 579,950 2011 54,975 2011 54,975 485,000 95,850 580,850 2012 47,925 2012 47,925 500,000 81,300 581,300 2013 40,650 2013 40,650 505,000 66,300 571,300 2014 33,150 2014 33,150 525,000 51,150 576,150 2015 25,575 2015 25,575 545,000 34,876 579,876 2016 17,438 2016 17J38 580,000 17,980 597,980 2017 8,990 2017 8,990 9,805,000 $ 1,787,936 $ 11,592,936 $ 893,968 $ 893,968 The proceeds of the 2003-A General Obligation Bonds were used to establish escrows to redeem portions of the Series 1996 and 1997 Bonds end to provide new funds for the North Maine utility system and storm water improvements. Principal and interest will be paid from Glen Redevelopment project revenues, the North Maine utility system and Special Service Areas Number 36 and Number 37. (See independent auditor's report.) - 170- VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES 2003B December 31, 2003 I I i Date of Issue Date of Maturity Authorized Issue Denomination of Bonds April 1, 2003 December I, 2012 $ 1,955,000 $5,000 lnterest Rates Bonds Rate 1-32 1.300% 33-68 1.6O0% 69-105 1.800% 106-142 2.000% 143-180 2.400% 181-219 2.800% 220-260 3.200% 261-302 3.500% 303-346 3.800% 347-391 3.850% Interest Dates Principal Maturity Date Payable at June 1 and December 1 December 1 American National Bank and Trust Co. Chicago, IL CURP, ENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due On I I I I I ! I Fiscal Year Principal Interest Totals June 1 Amount December 1 Amount 2004 2005 2006 2007 2008 2009 2010 2011 2012 NOTE: 180,000 $ 50,642 $ 230,642 2004 $ 25,321 2004 $ 25,321 185,000 47,762 232,762 2005 23,881 2005 23,881 185,000 44,432 229,432 2006 22,216 2006 22,216 190,000 40,732 230,732 2007 20,366 2007 20,366 195,000 36,172 231,172 2008 18,086 2008 18,086 205,000 30,712 235,712 2009 15,356 2009 15,356 210,000 24,152 234,152 2010 12,076 2010 12,076 220,000 16,802 236,802 2011 8,401 2011 8,401 225,000 8,662 233,662 2012 4,331 2012 4,331 $ 1,795,000 $ 300,068 $ 2,095,068 $ 150,036 $ 150,034 The proceeds of the 2003B General Obligation Bonds were used to fully refund the Series 1992 Bonds. Principal and interest will be paid from the Wholesale Water Fund. (See independent auditor's report.) - 171 - 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 GOVERNMENT-WIDE REVENUES For the Year Ended December 31, 2003 PROGRAM REVENUES Charges for services Capital grants GENERAL REVENUES Taxes Intergovernmental Investment income Miscellaneous Proceeds from capital assets Contributions TOTAL REVENUES 20,817,803 2,628,122 21,337,869 8,32O,236 3,034,448 1,012,998 8,844,386 2,137,129 $ 68,132,991 NOTE: The Village implemented GASB S-34 for the fiscal year ended December 31, 2003. Data Source Village Records - 172 - VILLAGE OF GLENVIEW, ILLINOIS GOVERNMENT-WIDE EXPENSES For the Year Ended December 31, 2003 GOVERNMENTAL ACTIVITIES General government Public safety Highways and streets Economic development Interest Total governmental activities BUSiNESS-TYPE ACTIVITIES Waterworks North Maine Water and Sewer Nonmajor enterprise Total business-type activities TOTAL PRIMARY GOVERNMENT $ 33,557,816 36,330,082 27,460,955 17,318,544 3,724,873 118,392,270 6,160,140 5,042,768 1,870,109 13,073,017 $131,465,287 NOTE: The Village implemented GASB S-34 for the fiscal year ended December 31, 2003. Data Source Village Records - 173 - 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 l I I I I ! I I I I i Ii I I I I ! i I I I I I ! I I I I i I I I I I I I I I I I I (This page is imentionally left blank.) ! i I I I I I I I I I I I I I I I i II 1 I I I I I I I I I I I i ! ! I I I I I I I I I I I I I I I I I I (This page is imentionally left blank.) I I I I I 1 I I I I I I I I I I t I ! I I i I I I I I I I I I I I I I I t I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN December 31, 2003 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the mount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one 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. - 182- I I I I I I I I I I I I I i I I I I VILLAGE OF GLENVIEW, ILLINOIS DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Education Level in (3) Per (1) Years of (2) Unemploy- Fiscal ( 1 ) Capita Median Formal School merit Year Population Income Age Schooling Enrollment Percentage I I I I I 1994 38,437 $ 32,161 * 37.5 * 16.0 * 6,023 * 1995 38,437 33,144 * 37.5 * 16.0 * 8,461 * 1996 38,437 34,037 * 37.5 * 16.0 * 8,590 * 1997 38,437 34,886 * 37.5 * 16.0 * 8,676 * 1998 38,437 35,578 * 37.5 * 16.0 * 9,315 * 1999 38,437 36,315 * 37.5 * 16.0 * 9,24I * 2000 41,847 37,566 41.3 16.1 11,525 2001 41,847 38,430 * 41.5 * 16.1 * 11,525 * 2002 41,847 38,930 * 41.7 * 16.1 * 11,525 * 2003 41,847 39,708 * 41.9 * 16.1 * 11,525 * · Estimated D~a Soumes (1) U.S. Department of Commerce, Bureau of the Census (2) Includes elementary and high school students. (3) Illinois Department of Labor, Illinois Department of Employment Security (not seasonably adjusted). - 185- 3.7 3.1 3.0 2.6 2.5 2.3 2.5 3.7 4.5 4.6 I I I I I I I I I I I I I I ~ <© I ° VILLAGE OF OLENVIEW, ILLINOIS M2SC~r I iNEOUS STATISTICS December 31, 2003 Date of incorporation Form of government Geographic location Area Population 1950 1960 1970 1980 1990 2000 Number of Total Housing Units (2000 Census) Median Value Owner-Occupied Noneondominium Housing Units Distribution of Owner-Occupied Noncondominium Houses by Value (2000 Census) Un, Values byRange (1) Under $100,000 100,000 ~ 199,999 200,000 - 299,999 300,000 - 499,999 500,000 - 999,999 $1mfllion or more Fire Protection Number of firefighters Number of stations Number of fire hydrants I.S.O. Rating police Protaction 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 casseltes Number of slides (sets) Number of video tapes Number of compact discs Number of registered borrowers 2001 book circulation Adult materials Children's materials June 20, 1899 Council/Manager 20 Miles North of Chicago 13.27 Square Miles 6,142 18,132 24,880 32,060 38,437 41,847 15,810 $ 336,000 Uni~ Dishfibution Number Percen~ 159 1.43% 1,278 11.52°/* 3,227 29.10% 4,203 37.90% 1,987 17.92% 236 2.13% 11.090 100.00% 85 5 2,300 Chss 3 78 22 1 1 238,828 469 12,020 61 11,439 10,904 35,778 313,888 427,031 740,919 - 187 - I I I I I I I I I I I I I I I I I I I VILLAGE OF OLENVI~%V, IJ~LINOIS MISCELLANEOUS STATISTICS (Continued) December 31, 2003 Recreation Facilities Number of parks and playgrounds Park area in acres - Park District owned Park area in acres - Park District leased Murdcipal Parking Facilities Number of parking x~paces Waterworks Operations Number of sewer customers at December 3 l, 2003 Number of metered water customers at December 31, 2003 Gallons of water purchased during fiscal year Gallons of water billed during f'meal year Water storage capacity Ground storage Elevated storage Number of full4ime employees at Deceraber 31, 2003 Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Re sidential Cul-de-sacs Total Miles of alleys mainlained by Glenview Miles of ~xeets within the Village of Glenview maintained by Cook County or the Slate oflllinoi~ Miles of smlitxry sewers Miles of ston'n sewers Number of Village-owned street lights Building activity Number of permits issued in 2003 Value of construction authorized in 2003 Village Records - 188 - 36 447 135 1,168 10,972 15,478 3,321,375,000 2,922,810,000 14,000,000 gallons 1,000,000 gallons 326 $ 7 5 106 12 $ 130 2.2 22 80.6 74 465 2,991 206,573,285 O~ < I I I I I I I I I I I I I I I I I I Fiscal Sales Year Tax 1994 $ 4,438,932 VILLAGE OF GLENVIEW, ILLINOIS MAJOR GENERAL FUND REVENUE SOURCES NON-REAL ESTATE TAX December 31, 2003 Percent Percent Illinois Percent of Total Utility of Total Income of Total Revenue Tax Revenue Tax Revenue 24.4% $ 2,512,867 13.8% $ 2,157,707 11.9% 1995 4,843,071 1996 4,661,985 1997 4,794,830 1998 5,092,357 1999 5,758,617 2000 6,522,922 2001 7,184,006 2002 8,765,038 2003 10,830,776 25.3% 2,935,696 23.6% 3,099,365 21.1% 3,184,812 20.9% 3,340,555 23.0% 3,262,725 23.7% 3,712,583 23.5% 4,147,388 28.8% 4,119,522 32.5% 5,787,142 Note: Includes General Fund only - 190 - 15.3% 2,266,279 15.7% 2,656,744 14.0% 2,483,946 13.7% 2,666,003 13.0% 2,740,281 14.5% 2,990,432 13.6% 2,963,486 13.5% 2,745,035 17.4% 2,593,235 11.8% 13.4% 10.9% 10.9% 11.0% 10.9% 9.7% 9.0% 7.8% I I I I I I I I I I VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OFINDEBTEDNESS Amount Applicable as of Dec. 31. 2003 Assassed Valuation of Taxable Real Properb/, 2002 .... $1,733,937,051 Estimated True Value of Taxable Real Property, 2002... 5,201,811,153 Direct General Obligation Bonded Debt(l): Payable From Property Taxes .................... $ 7,957,700 Self-Supporting Debt ........................... 86.392,300 Total Direct Bonded Debt ....................... $ 94,350,000 Overlapping Bonded Debt Payable from Property Taxes(2): Schools ..................................... $ 34,217,204 Other fl~an Schools ............................ 61,902,912 Total Overlapping Bonded Debt .................. $ 96.120,116 Total Direct and Overlapping Bonded Debt ............. $ 190.470.116 Total Direct and Overlapping Excl. Self-Supporting .... $ 104,077,816 As Per Cent of Per Capita Assessed Estimated (2000 Census Value True Value Pop. 41~847) 100.00% 33.33% $ 41,435.16 300.00% 100.00% 124,305.47 0.46% 0.15% $ 190.16 4.98% 1.66% 2.064.48 5.44% 1.81% $ 2,254.64 1.97% 0.66% $ 817.67 3.57% 1.19% 1,479.27 5.54% 1.85% $ 2,296.94 10.98% 3.~$% $ 4.551.58 6.00% ZOO% $ 2,487.10 Notes: 1. The Vii/age is a home-rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is it required to seek referendum approval for the issuance of general obligation debt. See "Retirement Schedule of Outstanding Village General Obtigation Debt" below for a listing of the Village's non-general obligation debt and currently outstanding general obligation debt. Of the Village's general obligation debt 91.6% or $86,392,300 is considered self-supporting. 2. Ses "D~tai~ed ~vedapping Bonded thdebtedness Payab~e From Pr~perty Taxes at December31~ 2~~3"~ RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT (Note 1) (As of December 31, 2003) Principal Amounts Debt Service Self Supportinq Wtth Proiected Abatement From Tax Levies Water and Sewer Funds(2) Tax Increment Revs. (3) Total From Pre-Series Series Series Series Series Series Cumul. Levy Property 2003(5) 2003A 20030(6) 1998 2001 2003A Amount Percent Year Taxes $ 382,300 $ 75,000 $ 180,000 $ 1,510,000 $ 500,000 $ 940,000 $ 5,260,000 5.6% 2003 $1,965,833 260,000 105,000 185,000 1,575,000 4,800,000 955,000 9,540,000 15.7% 2004 1,915,497 275,000 1 lO,000 185,000 1,640,000 5,000,000 975,000 9,935,000 26.2% 2005 1,954,963 290,000 110,000 190,000 1,715,000 5,000,000 995,000 10,175,000 37.0% 2006 2,002,974 305,000 110,000 195,000 1,790,000 5,000,000 1,020,000 9,420,000 47.0% 2007 1,045,000 320,000 345,000 205,000 1,870,000 5,000,000 - 0 - 7,740,000 55.2% 105,000 455,000 210,000 1,955,000 5,000,000 7,725,000 63.4% - 0 - 470,000 220,000 2,050,000 5,500,000 8,240,000 72.1% 485,000 225,000 2,145,000 5,500,000 8,355,000 81.0% - 0 - 500,000 - 0 - 2,250,000 - 0 - 2,750,000 83.9% 505,000 2,360,000 2,865,000 86.9% 525,000 2,480,000 3,005,000 90.1% 545,000 2,605,000 3,150,000 93.4% 580,000 2,735,000 3,315,000 97.0% ~ 0- 2,875,000 2.875.000 100.0% Due 12-1 2004. 2005. 2006. 2007. 2008. 2009. 2010. 2011. 2012. 2013. 2014. 2015. ! 2017. 12018. INotes: 1. I 2. I 3. Paid From Proo Taxes/4l $1,672,700 1,660,000 1,750,000 1,875,000 1,000,000 $7,957,700 $1,937,300 $4,920,000 $1,795,000 $31,555,000 $41,300,000 $4,885,000 $94,350,000 Excludes $2,343,822 note payabte in annual principal and interest payments of $215,3~7 through 2019 to the sellers of the utility company that was acquired in September, 1997. The remaining principal amount of special service area bonds, the proceeds of which have been used for various neighborhood local improvements and which are secured by property taxes to be levied in the applicable special service areas, is shown as overlapping debt in the table "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes~ As a home rule unit under the 1970 Illinois Constitution, the Village has no debt limi~ and it can issue general obligation bonds without referendum. The Village has chosen to fund various water/sewer improvements with general obligation bonds and abate taxes from user charges. The Village's water system serves a population of approximately 125,000 of which approximately 83,000 are outside the Village limits (63,000 in unincorporated areas and 20,000 in the Citizens Utilities service area). The Series 1998, Series 2001 and a portion of the Series 2003A Bonds are expected to be paid from incremental property taxes at the Gienview Naval Air &'tation Economic Development Project Area plus 80% of the land sale proceeds derived from the Village's sale of land at the Project Area. Includes remaining maturities of the Village's Series 2000 Bonds, and a portion of the Series 2002 Bonds. Includes the remaining Series 1997 and a portion of the Series 2002. The Series 20030 Bonds (which refunded the Series 1992) are payable primarily from revenues of the service area of a private water company (Citizens Utilities) outside the Village limits. I 191 DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) Sale Date August 30, 1994 January 25, 1995 October 17, 1995. October 15, 1996. August 5, 1997 .... October 20, 1998. December 5, 2000 August 7, 2001 .... February 5, 2002 . Mamh 4, 2003 Ratio to Estimated Actual Value(/) Direct Debt Direct & Overtappinf~ Debt Including Excluding Including Excluding Villaoe Issue Self- Self- Self- Self- Amount Supportinq Su~)oortln;l(2) Supporting SuooortinQ(2l $ 8,025,000(3) .94% .60% 3,00% 2.66% 60,000,000(4) .87% .57% 2.98% 2.68% 500,000 .89% .57% 3.17% 2.85% 8,435,000(5) 1.01% .45% 3.18% 2.62% 6,175,000 1.13% .42% 3.15% 2.44% 34,400,000(6) 2.12% .37% 3.98% 2.23% 4,970,000 1.68% .33% 3.28% 1.93% 41,800,000 2.47% .33% 4.90% 2.43% 6,885,000(7) 2.75% .30% 4.92% 2.47% 11,945,000 2.14% .21% 4.35% 2.42% Per Capita(I) Direct & Overtsppinq Debt Including Excluding Self- Self- Supportin~l Supportinq(2) $2,229.73 $1,978.80 2,219.67 1,995.63 2,360.61 2,123.34 2,590.75 2,134.53 2,544.13 1,969.57 3,125.64 1,752.00 3,109.34 1,831.83 4,377.57 2,172.83 4,353.97 2,185,71 4,834.24 2,686.75 Notes: 1. 2. 4. Ratios and per capita information as set out in applicable Official Statements. The Village's Bond Anticipation Bonds which sold on JanuaG' 25, 1995 are not included in these ratios (see Note 4). Excluding the Village's self-supporting general obligation bonded debt. Final issue amount wes $8,040,000. This issue advance refunded the callable maturities of the Sedes 1989 and 1990 issues. General Obligation Bond Anticipation Bonds, Sedes 1995 ("BABS~) the proceeds of which were used to fund interest up to the respective matudty dates of the BABS and to create a capital improvement fund for redevelopment costs of the Glenview Naval Air Station which officially closed on September 9, 1995. The principal amount of the Bond Anticipation Bonds was not included in the debt ratios and per capita data - when those rnatudties were refinanced with Series 1996 and the Sedes 1998 Bonds, they appeared in the debt ratios and per capita debt. Proceeds used to refund the December 1, 1996 maturity of the BABS, A portion of the proceeds of the Sedes 1998 Bonds was used to refund the December 1, 1998 maturity of the BABS. Proceeds used to redeem the Series 1993 and 1994. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31,2003 Percent of Village's 2002 Real Property In SCHOOL DISTRICTS: Taxin~l Body Elementary Districts: Glenview School District No. 34 ................. 69.3% Northbrook School District No. 30 ................ 11.3% West Northbeld School District No. 31 ............ 9.7% Wilmette School District No. 39 ................. 3.2% East Maine School District No. 63 ................ 2.4% Golf School District No. 67 ..................... 2.4% Avoca School District No. 37 ................... 1.7% 100.0% High School Districts: Northfield Township High School District No. 225 .... 89.8% New Trier Township High School District No. 203 .... 4.9% Niles Township High School District No. 219 ........ 2.8% Maine Township High School District No. 207.. 2.4% 100.0% Community College District: Oakton Community College No. 535 .............. 100.0% Total School Districts ................................ OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve District ....... 100.0% Metropolitan Water Reclamation District ............. 100.0% Glenview Park District .......................... 99.2% Northbrook Park District .......................... 4% North Maine Fire Protection District ................. 4% Gtenview Special Service Areas ................... Various Gross Bonded Debt Village's Applicable Share (Note 1) of Gross Debt TO Be Paid From Real Property Taxes Percent Amount 19,600,000 85.867% $16,829,983 7,908,067 37.804% 2,973,742 8,585,000 27.197% 2,334,848 11,380,000 4.613% 525,015 18,405,000 4.111% 756,657 5,033,512 15.355% 772,915 1,995,000 7.420% 148,029 22,307,581 (3) 35.525% 8,147,748 17,160,000(3) 2.313% 396,837 86,368,171 1.346% 1,162,150 17,070,000 0.992% 169,282 - 0 - 9.706% - 0 - ............................ $34,217,204 $2,545,815,000(2) 1.530% $38,943,956 1,353,037,000(2) 1.563% 21,150,155 1,235,000(3) 82.789% 1,022,444 18,020,000 0.327% 58,925 100,000 2.230% 2,230 725,202 100.000% 725,202 Total Other Than School Districts ................................................... $61,902,912 Notes: 1. Village's sbera based upon 2002 Rea/Property valuations. 2. Excludes short-term cash flow notes. 3. Excfudes the following "Alternate Bonds' issued pursuant to Public Act 85-1419, which are considered to be self- supperting since they are payable from user fees or other pledged non-property tax sources: Northfield Township High School Distdct NO. 225 - $21,975,000; New Trier High School District No. 203 - $4,260,000 and Glenview Park Distdct - $31,675,000. 192 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) For All Taxing Purposes Net For Plus Total For All General Taxing Incremental Taxing Purposes (6~ Valuaflonf7) Purposes(6) $1,160,371,041 $ - 0 - $1,160,371,041 1,243,991,673 2,216,856 1,246,208,529 1,227,656,200 5,537,964 1,233,194,164 1,511,642,699 39,650,935 1,551,293,834 1,607,514,242 126,395,809 1,733,937,051 For General Taxlnc Purooses(Note 1~ Gross Less Net For Increase Real Exemptions General Taxing Over Tax Levy Year Prooertv (2) Purposes PHor Year 1998(3) ...... $1,224,686,771 $64,315,730 $1,160,371,041 +10.7% 1999 ........ 1,309,030,170 65,038,497 1,243,991,673 +7.2% 2000 ........ 1,293,037,537 65,381,437 1,227,656,200 -1.3%(5) 2001(3) ...... 1,587,554,408 75,911,709 1,511,642,699 +23.1% 2002 ........ 1,682,291,173 74,776,931 1,607,514,242(4) +6.3% Notes: 1. Property in Cock County is separated into eight classifications for assessment purposes (ranging in 1985 from 16% for residential to 40% for commercial property). Affer the assessor establishes the fair market value of a parcel of land, that va~ueismu~tip~iedbyone~fthec~ass~ficati~npercentagest~arriveattheassessedva~uat~~nf~r~hatparceL Thefilinois Department of Revenue furnishes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. Affer the equalization factor is applied, the valuation of the proper~y for taxing purposes has been estabfished~tax rates are applied to the equalized valuation. 2. Includes four categodes of exemptions in 2002: the Senior Citizens' Homestead Exemption ($8,830,250); the General Homestead Exemption ($49,840,640); the Senior Citizens Tax Freeze Homestead Exemption ($14,713,645) and the Long-Term Homeowner Exemption ($1,392,396). The Senior Citizens' Homestead Exemption, effective for tax years 1991 and following, is a reduction of $2.,500 ($1,500 in levy years 1972-1983 and $2,000 in levy years 1984-1990) in the equalized assessed valuation of real property owned and occupied by a person 65 yours of age or older. The General Homestead Exemption is available to owner-occupied residential property; the amount of the exemption is the increase in the current yeaFs equalized assessed valuation above the 1977 tax year equalized assessed valuation, with a maximum of $1,500 in 1978, $3,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 thereaffer. The Senior Citizen Tax Freeze Homestead Exemption, first effective in levy year 1994, provides that persons 65 or older with a household income of less than $40,000 (up from $35,000 in levy year 1998 and pdor) may receive an exemption in the amount of the difference between the current equalized assessed value of their principal residence and the lowest previous assessment in a qualifying year, even if the senior wes not eligible for some intervening you~ The Long-Term Homeowner Exemption is a Cook County program that provides property tax relief to long-term homeowners who meet certain income requirements and who have been adversely affected by rapid increases in property values. 3. Under the current tdermial roussessmont system in Cook County, one third of the County is reassessed each year. The Village was reassessed in 1998 and 2001 (for taxes to be collected in 2002). 4. By valuation,83.0% of the Village is in Northfield Township, 6.1% is in Niles Township, 6.1% is in Maine Township, and 4.8% is in New Tder Township. includes $160,583 of Railroad Property now classified as Real Property, 5. The 1.3% decrease in 2000 were pdmadly due to a decrease of 1.2%, in the State imposed equalization factor for Cook County. 6. The Vfi~age~s tax rate is ca~cu~ated based on the Vi~~age~s Net Equa~ized Asssssed Valuation (sh~wn in th~s table as `1Vet For General Taxing Purposes") and is extended against its entire Equalized Assessed Valuation (shown in this table as *Total for Ail Taxing Purposes') excluding only the statutory exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the total tax rate for all non-TIF purposes is shown in the table as "Net for General Taxing Purposes." 7. When the Glenview Naval Air Station Tax Increment Distdct was created, it included the Air Station and an older industdal area adjacent thereto. As of January 1, 1999, the incremental valuation was added fram changes in that industdal area. Land Valuations in that industrial area have incroused for a vadety of reasons including the fact the properfy being adjacent to a major new roadway entrance into the radevaloped base and a nearby new Metra train station. TAX RATES PER Sl00 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Glenvlew: 1998 1999 2000 2001 2002 Bonds and Interest ........................ $ .156 $ .145 $ .152 $ .117 $ .113 Pensions (Police, Fire, IMRF & Social Security) . .095 .077 .093 .105 .111 Corporate ................................ 409 .430 .426 .322 .288 Total Village(I) ....................... $ .660 $ .652 $ .671 $ .545 $ .512 Cook County (IncL Forest Preserve) ................. 983 .955 .893 .813 .751 Metropolitan Water Reclamation District .............. 444 .419 .415 .401 .371 Glenview S.D. Number 34 ....................... 2.991 2.839 3,030 2.623 2.509 Northfield Township H.S.D. Number 225 ............. 1.840 1.870 1,992 1.740 1.682 Oakton Community College Dist. Number 535 ......... 205 .203 .213 .186 .179 Glenview Park District ........................... 587 .578 .612 .511 .492 Glenview Public Library(2) ........................ 269 .251 .269 .228 .270 Northfield Township and All Other .................. 078 .068 .081 .099 .067 Total(3) ............................. $8,057 $7.835 $8.176 $7.146 $6.833 Village as a Percent of Total .................... 6.2% 8.3% 8.2% 7.6% 7.5% Notes: I. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate limitations. 193 2. Beginning in levy year 1985, the tax rate for Libra/y purposes is considered under State law to be a separate levy from the Village. Tax rate applicable to the largest tax code that represented 45.2% of the Village's 2002 tax base and is located in Northfield Township. TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Total Taxes Collected as Levy Collection Total Taxes of December 31, 2003(1) Year Year Extended Amount (2) Percent 1998 ........................ 1999 $7,658,448 $7,702,489 100.57% 1999 ........................ 2000 8,110,825 8,080,664 99.63% 2000 ........................ 2001 8,237,573 8,296,330 100.71% 2001 ........................ 2002 8,238,452 8,441,291 102.46% 2002 ........................ 2003 8,230,473 8,346,033 101.40% Notes: 1. Source: Cook County Treasurer's Office. Taxes collected, including late payments, are shown as collections th the year when due regardless of when the collection occurs. The "Amount Collected" is not the same as distributions to the Village as collections include taxes paid under protest. When the taxes are paid under protest are remitted, they are not thcluded as taxes collected as they have already been considerad 'collected~. Cook County properO/ taxes are payable in two installments: the first on March 1, and the second on the latter of August I or 30 days after the mailing of the tax bills. The firet installment is an estimated bill and is one-half of the prior year's bill. The second installment is based on the current levy, assessment and equalization and reflects any changes from the prior year in those factors. The second installment date for levy years 1998-2002 were November1, 1999, October 2, 2000, November 1, 2001, November 1, 2002, and October 1, 2003, respectively. 1997 AND 2002 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION Villaqe of Glenview Percent of Total Taxable Valuation(2l Proeertv Classification: 1997 2002 1997 2002 Residential .......................... $ 736,518,370 $1,251,887,575 70.3% 72.2% Commercial(I) ....................... 214,905,081 329,600,589 20.5% 19,0% industrial ........................... 96,143,443 150,208,049 9.2% 8.8% Railroad ............................ 137,756 160,583 NIL NIL Farm .............................. 73,166 80,255 NiL NIL Total .......................... $1,047,777,826 $1,733,937,051 100.0% 100.0% Percent Increase 1997~2002 ........................... +65.5% Notes: I. The commercial classification includes apartment buildings with over six units and any apartment/retail mixed use buildings. 2. Includes incremental valuation in the Village's tax increment financing district. TEN LARGEST TAXPAYERS Equalized Assessed Percent of Rank Taxpayer Properties Valuation(/) Villaae (21 Kraft General Foods ............ Corporate Headquarters/Research Campus . $47,817,115 2.8% Grubb & Ellis Services ........... AON Insurance Company .............. 21,695,167 1.3% Mid American Asset ............. Commercial Property .................. 17,366,366 1.0% Signode, Div. OF ITW ........... Corporate Headquarters ............... 17,322,464 1.0% Pearson Tax Department ......... Corporate Headquarters - Book Publishing(3) 12,281,783 0.7% Wyndham international ........... Doubletree Hotel ..................... 12,196,366 0.7% The Glen Club ................. Golf Course and Clubhouse ............. 11,196,257 0.6% Parkside Senior Services ......... The Seasons at Glenview Place .......... 10,403,940 0.6% Tanget ...................... Retail Store ......................... 8,258,737 0.5% Sanders 2100 LP .............. Commercial Property .................. 7,277,685 0.4% Total Ten Largest Taxpayers ...................................... $165,815,880 9.6% Notes: 1. Valuations as of January 1, 2002 for 2003 taxing purposes. 2. TotaJ 2002 Village valuation of $1,733,937,051 (including incremental valuation). 3. Corporate headquarters of Scott Foresman. 194 I I I I I I I I I I I I I I I I I I I GENERAL FUND Summary Statement of Revenues, Expenditures and Changes in (Fiscal Years Ending December 31) Audited(Note 1) Revenues/Transfers: (3) Property Taxes ..................... Property Taxes-Fire Protection District(7).. Sales Taxes ....................... Home Rule Sales Tax (3) ............. Utility Tax and Telecommunications Tax... State Income Tax/Photo Use Tax ........ Franchise Taxes .................... Hotel Room/Amusement Tax(4) ......... Building Permits/Cert. Of Occup ......... Other Licenses and Permits ............ Charges For Services ................. Fines and Forteits .................... Interest ............................ Transfers-In: Waterworks ...................... Whotesale Water .................. The Glen Redev./Caretaker .......... North Maine Utilities ............... Escrow Deposit Interest(5) ........... Other .......................... Land Sales ........................ All Other Revenues .................. Total Revenues/Transfers ......... Expenditures/Transfers: Fund Balance 2OO3 2004 1999 2000 2001 2002 Budg~et[2) Actual Budc~et(2) $5,088,157 $ 5,628,468 $5,808,880 $ 5,877,232 $ 5,953,320 $ 5,876,465 $ 6,632,495 2,123,992 1,968,076 1,968,062 2,171,117 2,260,000 2,245,157 2,300,000 5,758,617 6,522,922 7,184,006 8,765,038 8,300,~)0 10,830,775 10,600,000 - 0 - - 0 - - 0 - - 0 - - O- - 0 - 100,000 3,262,725 3,712,583 4,147,388 4,119,522 4,125,000 5,787,142 4,482,750 3,249,388 3,551,020 3,483,970 3,183,744 3,305,~0 2,970,258 3,030,000 379,362 195,281 414,768 285,110 287,500 308,138 289,000 803,135 872,019 748,188 615,083 600,000 717,486 650,000 996,745 1,456,765 2,467,698 2,063,149 1,852,200 1,399,853 1,061,000 236,925 280,634 342,302 352,334 284,800 271,701 285,000 741,991 1,280,928 1,152,553 1,109,048 1,189,841 1,021,693 1,342,875 281,525 224,431 215,284 207,720 200,000 181,384 200,000 478,582 665,382 769,833 401,213 360,000 155,307 360,000 457,808 500,750 493,710 508,600 529,400 529,400 555,000 102,200 102,000 105,000 112,150 106,000 106,000 106,500 4,000 4,000 4,000 4,000 4,000 4,000 4,000 381,981 292,674 307,500 307,500 307,500 307,500 307,500 194,993 190,994 172,351 120,000 100,000 80,000 80,000 107,139 1,327,086 118,100 248,830 1,025,945 250,945 288,350 531,593 295,460 956,654 - 0 * 400,000 - 0 - 1,250,000 1,075,386 887,172 934.280 1.332.408 1,139,259 1,577,050 1.330.595 $26,256,244 $29,958,645 $31,794,527 $31,783,798 $32,329,765 $34,620,256 $35,155,065 General Government .................. $ 4,854,514 Public Safety ....................... 12,357,263 Highways and Streets ................. 4,774,392 Pensions .......................... 515,397 Subtotal Expenditures ............... $22,501,566 Capital Equipment Replacement Transfers(6) 1,024,903 Capital Project Transfers/Capital Outlay .... 1,199,285 Debt Service Transfer ......... - 0 - Total Expenditures/Transfers ........ $24,725,754 Revenue Over (Under) Expenditures: Before Capital/Transfers ............... $ 3,754,678 After Capital/'Trensters ................ $ 1,530,490 Adjustments to Fund Balance ............. $ - 0 - $ 5,132,169 $ 5,450,092 $ 5,060,618 13,295,031 15,389,725 15,850,504 5,100,455 5,866,080 6,118,925 570,574 - 0 - - 0 - $24,098,229 $26,705,897 $28,030,047 1,001,302 1,051,930 1,225,220 6,172,069 2,437,416 348,066 - 0 - 210.805 219,336 $31,271,600 $30,416,048 $29,823,669 $ 5,860,416 $ 4,877,825 $ 3,534,415 $ (1,312,955)$ (1,378,479)$ 1,960,129 $ - 0 - $ 371,034 $ - 0 - $ 7,0;>9,065 $ 7,690,646 $ 9,546,522 16,892,442 16,976,478 19,137,281 6,196,849 6,235,315 7,209,108 -0- -0- -0- $30,168,356 $30,902,439 $35,892,911 1,405,221 1,252,124 1,316,995 2,559,145 2,047,756 - 0 - 219.335 219.335 - 0 - $34,352,057 $34,421,654 $37,209,906 $ 1,942,074 $ 3,498,482 $ (737,846) $(2,022,292) $ 198,602 $(2,054,841) $ 1,776,368 Fund Balance at December 31 ............ $13,502,152 $12,189,197 Balance Sheet at Assets: 1999 2000 2001 Cash end Investments ................. $10,358,035 $12,206,729 $14,756,755 Receivables: Property Taxes .................... 5,604,175 5,672,153 5,785,884 SaJes Tax ........................ 527,596 1,146,631 1,968,913 Utility Taxes ...................... 316,573 425,315 343,995 Other Recoivables .................. 560,790 556,103 161,283 Due From Other Funds ................ 3,223,415 521,106 137,073 All Other Assets ..................... 14,482 - 0 - 32,385 TotalAssets .................... ~ $20.538.037 ~ $13,938,713 $15,898,842 December 31 $17,873,812 2002 2003 $15,032,003 $14,18§,090 5,731,379 5,608,072 2,628,031 2,951,743 712,811 1,014,754 635,006 333,924 185,501 656,538 - 0 - 292,814 Liabilities and Fund Balance: Accounts Payable .................... $ 156,192 $ 609,888 $ 547,977 $ 349,835 $ 422,066 Other Payables ...................... 926,120 951,802 1,531,691 1,571,823 979,516 Due TO Other Funds .................. 30,920 232,004 137,314 40,022 56,610 Deferred Revenues ................... 5,886,811 5,822,728 6,029,209 5,861,043 5,636,411 All Other I.iabilities .................... 100,871 732,418 1,001,385 1,103,265 73,520 Fund Balance: Reserved ........................ $ 19,867 $ 10,000 $ 10,000 $ 10,000 $- 0 - Designated for Surcharge Receipts ..... 1,334,848 1,334,848 1,334,848 1,334,848 - 0 - Undesignated ..................... 12,147,437 10.844.349 12,593,865 14.553.994 17,873,812 Total Fund Balance ............... $13.502.152 $12,189,197 $13.938.713 515,898,842 $17.873.812 Total Liabilities & Fund Balance ...... $20.603.0~(~ ~ $23.188.289 ~ $25.041.935 Notes: 1. These condensed financial statements for the General Fund for the years ending December 31, 1999-2003 have been prepared from the full Comprehensive Annual Financial Reports of the Village of G/enview and do not purport to be complete financial statements. The full financial statements, together with the re~ort of the Village's independent accountants, are available upon request. See Note I to "Combined Statement- -Afl Funds ". 2. The Village Manager submits a proposed operating budget to the Board of Trustees which budget includes proposed expenditures and the means of financing them. Subsequent to budget hearings, the budget is legally enacted through passage of an ordinance. The Village Manager 195 is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. Budgets are adopted on a basis consistent with generally accepted accounting principles. 3. As a home-rule unit, the Village can increase revenues by increasing its property tax levy, adopting a Prepared Food and Beverage Tax and increasing its home rule sales tax. The Village could also re-impose a motor vehicle license fee, which, if set at the pdor level, could generate over $450,OOO in annual revanues (fiscal year 1997was the last complete year the fee was in effect). The Vitlage adopted a Fz of1% sales (ax effective July 1, 2004, which is expected to yield $1.7 million on annualized basis, in calendar 2004 the proceeds will be aliccatad $100,000 to the General Fund and $850,000 to the Capital Projects Fund. 4. Effective May 6, 1955, the Village adopted a 5% hotel room tax. The Village currently has five operating hotels with 856 rooms. The Village adopted a 4% Amusement Tax effective January 1, 1998. 5. Developers are required (o deposit with the Village an amount equal to the cost of all improvements being built and dedicated to the Village which deposits are returned upon satisfactory completion of the improvements. Interest earnings on the amounts in the Escrow Deposit Fund are transferred to the General Fund. 6. The Capital Equipment Replacement Fund (CERF) was established by ordinance in 1979 with the stated puq~ose of evening out the annual expenditures for major capital expenditures. All of the Village's on-road and off-road equipment, fire, public works, etc., is included. Each Department is charged with the equivalent of a depreciation charge which is remitted in cash to the Capital Equipment Replacement Fund (carded in the Capital Projects Fund). As of December 31, 2003, audited cash and investments in the Capital Equipment Replacement Fund totaled $10,04 7, 720. 7. On September I, 1992 the Glanbrook Fire Protection District was merged into the Glenview Fire Department. The Fire Protection Distdct continues to levy property taxes on that part of its tax base outside the Village limits and r~mits those tax receipts to the Village for services in the unincofloorated area that now represents its lax base. COMBINED STATEMENT-ALL FUNDS(Note 1) Fund Balances 1999-2002 and Summary 2003 Revenues, Excess Revenues and Fund Balance Fiscal Year Ended December 31. 2003 (12) Revenues Excess Incl. Transfers Revenues December 31 - Audited Property Over Fund 1999 2000 2001 2002 Tax Total Expenditures~Balance $ 13,502,152 $ 12,189,197 $13,938,713 $ 15,898,842 $ 5,953,320 $23,900,567 $ 1,974,970 $ 17,873,8121 $ 72,445 $ 229,524 $ 377,590 $ 468,501 512,437 747,375 Governmental Fund Types: General Fund ............... Special Revenue Funds: IMRF ................... Motor Fuel Tax ............ 299,213 206,926 211,825 Refuse and Recycling ....... 1,192,944 1,398,883 1,623,380 911 Communications ........ 330,485 397,895 456,719 GNAS Redevelopment(2) .... (1,385,304) 4,612 (3,824) GNAS Caretaker ............ (31,669) 4,807 (159,839) Foreign Fire Insurance ....... - 0 - - 0 - - 0 - Special Tax Allocation ........ - 0 - 3,477 16~716 Total Special Revenue ...... $ 478,114 $ 2,246,124 $ 2,522,567 Debt Service Funds ........... 3,651,914 2,431,244 2,811,524 Capital Project Funds .......... 84,410,215 107,673,236 158,292,122 Total Governmental Funds... $102,042,895 $124,539,801 $177,564,926 243,579 0 - 1,252,235 1,852,954 0 - 1,144,599 305,842 0 - 619,478 (50,806)i 0 - 3,528 (58,518) 0 - 105,896 39,537 0 - 48,403 953.690 6,572,481 12,005,795 $ 3,764,779 $ 7,084,918 $ 15,927,309 1,048,923 1,803,693 13,367,844 112838113 - 0 - 37,439,831 $133,550,657 $14,841,931 $ 90,635,551 Proprietary Fund Type(3): Enterpdse Funds: Watarworks(4) ............. $ 16,628,339 $16,666,968 $ 17,638,968 Sewerage(4) ............... 3,888,659 3,796,276 3,630,150 Wholesale Water(4) .......... 759,400 733,552 564,303 North Maine Water and Sewer ('4) (110,109) (421,839) (274,344) Commuter Parking Lot ........ 194,545 Total Enterprise Funds ..... $ 21,360,834 Internal Service Funds: Municipal Equipment Repair(5) . $ 144,454 insurance ................. 3,847,080 Capital Equipment Replace ..... - 0 - Total Internal Service Funds . $ 3.991.534 Total Proprietary Funds ..... $ 25,352,368 Fiduciary Fund Types(6): Escrow Deposit(7)(lO) .......... $ 124,782 Depesit(lO) .................. 36,080 Police Dept Special Account(lO) .. 14,847 Police Pension ............... 25,629,270 Fiteflghtem' Pension ........... 36,747,303 Total Fiduciary Funds ...... $ 62,552,282 Component Unit: Library Fund(8) ............... $ 1.875.071 Tota/ Ait Funds(Memo Only) . . $191,822,116 240,595 275,773 $ 21,015,552 $ 21,834,850 $ 225,598 $ 234,417 $ 88,807 $ 3,733,331 3,552,484 3,538,071 -0- -0- -0- $ 18,439,075 $ - 0 - $ 8,739,735 3,879,344 - 0 - 1,252,398 451,575 - 8 - 1,709,155 (235,976) - 0 - 2,152,967 335 762 - 0 - 300,717 $ 22,869,780 $ - 0 - $ 14,154,972 - 0 - $ 981,950 - 0 - 4,602,504 * 0 ~ 1,620,648 ~ $ 3,786,901 $ 3,626,678 $ - 0 - $ 7,205,102 $ 24,974,481 $ 25,621,751 $ 26,496,858 $ - 0 - $ 21,360,074 $ 149,161 $ 149,161 $ 145,398 $ 46,407 53,706 55,827 25,665 26,088 26,185 29,157,175 29,380,377 31,060,435 40,166,889 41,979,483 44,326,852 $ 69,545,2§~? $ 71,588,815 $ 75,614,697 $ 0 $ 61,946 0 3,609 0 35,638 0 4,411,070 0 2,789,108 0 $ 7,301,371 $ 1.590.683 $ 1,339,278 $ 984,541 $ 4,3281629 $ 4.867.361 $220,750,262 $2.76,114,770 $236,646,553 $19,169,960 $124,164,357 (8,360) 460,141 61,935 305,514 I 254,390 2,117,344 236,553 542,395 (21,572) (72,378) (106,397) (164,915)· 33,312 72,849 · (676,744) 276,946 w $ (226,883) $ 3,537,896 (25,021) 1,023,902 I (65.695.662~ 47,142,451 $(63,972,596) $ 69,578,061 $12,341,908 $ 30,780,983, 3,463,140 7,342,484 · 402,060 853,635 -- 1,293,336 1,057,360 1,057,825 1 393 587 · $18,558,269 $ 41,428,049 $ (192,596) $ (103,789) (319,657) 3,218,414 8,928.887 8,928,887 I $ 8.416.634 $ 12,0431512 $26,974,903 $ 53,471,561 $ (18,054)$ 127,344I 3,609 59,436 20,232 46,417 ~ 3,133,694 34,194,129 863.210 45,190,062 i $ 4,002,691 $ 79,617,388 $ 418,921 $ 1.403.462 $(32,576,081) $204,070,4721 Cash and Investments at Dec. 31: 1999 General Fund ................. $ 10,3561035 Special Revenue Funds ......... 1,877,420 Debt Service Funds ............ 3,653,017 Capital Proj~t Funds: Capital Equip Replacement(/1).. $ 7,646,046 GNAS Project ............... 59,5291350 Village Permanent ............ 17,015,699 Capital Projects .............. 6,595,418 All Other ................... 2.395.735 Total Capital Projects ....... $ 93,182,248 Proprietary Funds .............. 9,563,407 Fiduciary Funds(6) ............. 66,375,530 Component Unit - Library Fund(8) .. 1,988,069 Total Cash and Investments(9) $186,995,726 Notes: 1. 2000 2001 2002 2003 $ 12,206,729 $ 14,756,756 $ 15,032,003 $ 14,186,090 2,160,449 2,535,726 3,958,758 8,107,921 2,427,557 2,813,024 1,053,992 1,076,796 $ 8,796,785 $ 8,715,538 $ 9,771,515 $ 10,047,720 66,510,250 106,108,151 81,584,185 17,708,070 26,651,077 36,253,716 26,147,121 27,159,563 8,864,515 11,129,659 10,679,464 9,555,392 6,517,597 6,862,198 5.039.754 4.564.809 $117,340,224 $169,069,262 $133,222,039 $ 69,035,554 8,943,705 8,693,237 9,292,124 8,563,935 73,801,575 75,493,448 80,288,132 78,727,243 1,559,164 1.525.360 1.169.433 1,582,815 $218,439,403 $274,886,813 $244,016,481 $181,280,354 These condensed financial statements for the years ending December 31, 1999-2003 have been prepared from the full Comprehensive Annual Financial Reports of the Village of Glenview and do not purport to be complete audits. The full financial statements, together with the report of the Village's independent accountants, are available upon request. The accounting policies of the Village conform to generally accepted accounting principles as applicable to governmental units. The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The various funds are grouped into the three broad categories of Governmental Funds, Fiduciary Funds and Proprietary Funds. Within the Governmental Funds are the General Fund (the general operation fund) which is used to account for all financial resources except those required to be accounted for in another fund; Special Revenue Funds which are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes; Debt Service Funds; and Capital Project Funds. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus which has only current assets and current liabilities on the balance sheet and operating statements present increases and decreases in net current assets. Afi pruprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus with all assets and liabilities associated with the operation of these funds included on the balance sheets and fund equity segregated into contributed capital and retained earnings- operating statements present increases and decreases in net total assets. The modified accrual basis of accounting is followed for all Governmental Fund Types and Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and Proprietary Funds are accounted for using the accrual basis of accounting. The ~Report of Independent Auditors" in the Vifiage's general purpose financial statements for its fiscal year ended December 31, 2003 included the following language (comparable "clean~ opinions were included in the Village's 1999-2002 audits shown in this table): ~th our opinion, the basic financial statements referred to above present fairly, in all matadal respects, the financial position of the Village of Gienview, titinois, as of December 31, 2003, and the results of its operations and the cash flows of its proprietary fund Opes for the year then ended and conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining and individual fund financial statements referred to above present faidy, in all material respects, the financial position of each of the individual funds of the Village of Glenview, Illinois, as of December 31, 2003, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. ' 2. The Glenview Naval Air Station Redevelopment Fund was created to account for the resoumes and expenditures incurred in the development of the Glanview Naval Air Base land which was vacated by the Navy on September 9, 1995. 3. The amounts shown as fund balances for the Proprietary Funds are retained esmings (excludes contributed capital) and the amounts shownas "excessrevenues"representthechangeinretainedesmings. "Totalrevenues"representoperafingrevenues. 4. Pdor to fiscal year 1993, the Village maintained two Waterworks Funds to provide accounting for the eastam portion of the Village (Waterworks East) and the weetem portion and the applicable unincorporated area adjacent to the western border of the Village (Waterworks West) that is served by the water system (retained earnings at December 31, 1992 were $3,909,087 for Waterworks East and $5,537,828 for Waterworks West). The two accounting funds were set up in 1977 when the two private water companies serving the applicable western portion and unincorporated areas were, at the request of the residents, acquired by the Village for the purpose of up-grading the water quality in that area by replacing well water supply with Lake Michigan water supply that had been available to east Glanview since 1937. It was determined that the cost of amortizing the debt applicable to the acquisition of the two private water companies and constructing the necessary transmission main, storage and west system up-grading would be paid for by the customers of the west system. The use of differing rates continued until 1992 when a unified rate structure was put in place and the use of a minimum charge for water usage was eliminated. The two funds were combined in fiscal year 1993. A separate Sewerage Fund was created in fiscal year 1986 to account for the funds necessary to provide sanitary sewer service to both the incorporated and unincorporated areas served by the Village. Prior to 1986, these funds were accounted for in the two Waterworks Funds. The Wholesale Water Fund accounts for the sale of water to Citizens Utility Company for its service area outside the Village of Glanview. The North Maine Water and Sewer Fund accounts for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village (formerly served by the North Suburban Public Utilities Company). 5. The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining ali Village vehicles. 6. Excludes the Village's Agency Funds. 7. The Escrow Deposit Fund is used 1o account for monies on deposit with the Viitage-the cost of public improvements to be dedicated to the Village must be escrowed with the Village and as payments are required for satisfactory work completed, monies are released to contractors, interest earned on the escrowed deposits is retained by the Village and annually transferred to the Genaral Fund. 8. Beginning in fiscal year 1993, the Library Fund was presented in the audit as a component unit of the Village because the Library possesses the characteristics of a legally separate government (separately elected 7-member board which annually determines its budget and tax levy). 9. The Village's Cash Control and Investment Policy was originally adopted on February 21, 1983 and was revised on March 15, 1985, January 16, 1990, March 19, 1996 and JanuaryS, 2000. 10. As of January 1, 2003, the Escrow Deposit, Deposit, and Police Department Special Account Funds were classified as Special Revenue Funds. 11. As~fJanuary1~2~~3~thecaplta~EquipmentReplacementFundwasc~assifledasan~ntema~ServiceFund~ 197 12. AS of January 1, 2003 (for fiscal years ending December 31, 2003 and thereafter), the Village adopted the provisions of: Governmental Accounting Standards Board Statements No. 34, Basic Financial Statements - and Managemant's Discussion and Analysis - For State and Local Governments; Statement No. 37, Basic Financial Statements and Management's Discussion and Analysis - For State and Local Governments: Omnibus; Statement No. 38, Certain Financial Statement Note Disclosures; and GASB tnte~ralation No. 6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements. This resulted in a change in the Village's method of accounting and a change in the format and content of the basic financial statements including notes to financial statements. As a result, direct compadsens with certain results from pdor fiscal years are not possible. CAPITAL ASSETS (Note) (At December 31, 2003) Governmental Activities Capital Assets Not Being Depreciated: Land ........................... $ 500,000 Total Capital Assets Not Being Depreciated .................. $ 500,000 Capital Assets Being Depreciated: Buildings and Improvements .......... $ 4,116,088 Equipment and Vehicles ............. 14,044 Total Capital Assets Being Depreciated ................. $ 4,130,132 Less: Accumu[ated Depreciation ...... {'1~792,861 't Total Capital Assets Being Depreciated, Net .............. $ 2,337,271 Governmental Activities Capital Assets, Net $ 2,837,271 Business Type Activities Capital Assets Not Being Depreciated: Land ............................. $ 302.851 Total Capital Assets Not Being Depreciated .................. $ 302,851 Capital Assets Being Depreciated: Buildings and Improvements ............ $ 446,954 Water system ...................... 36,546,679 Sewer system ...................... 9,701,126 Equipment and Vehicles .............. 2,857,396 Total Capital Assets Being Depreciated ................. $ 49.552.155 Less: Accumulated Depreciation ...... (15,175,524) Total Capital Assets Being Depreciated, Net .............. $ 34,376,631 Business-Type Activities Capital Assets, Net .. $ 34,679,482 Note: Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the app/ioable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost in excess of $50,000 and an estimated useful life in excess of one year. Such assets are recorded at histodoal cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Capital assets are depreciated using the straight-line method over the estimated useful lives. 198 I I I I I I I i I I I I I I I I I I I