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HomeMy Public PortalAbout2001 Comprehensive Annual Financial ReportI 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 31,2001 Prepared by Finance Department Daniel P. Wiersma Director of Finance Harry I. Sakai Assistant Director of Finance I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS I i I I I I I I I I I I I I I I INTRODUCTORY SECTION Principal Officials ............................................................................................................. Organization Chart ............................................................................................................ Certificate of Achievement for Excellence in Financial Reporting .................................. Director of Finance's Letter of Transmittal ...................................................................... FINANCIAL SECTION INDEPENDENT AUDITOR S REPORT ........................................................................ GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Unit ....................................................................... Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit ............................................ Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types ................................................................................... Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types .................................... Combined Statement of Cash Flows - All Proprietary Fund Types ............................ Combined Statement of Changes in Plan Net Assets - All Pension Trust Funds ............................................................................................. Notes to Financial Statements ...................................................................................... REQUIRED SUPPLEMENTARY INFORMATION Analysis of Funding Progress Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Employer Contributions Illinois Municipal Retirement Fund ........................................................................ Police Pension Fund ................................................................................................ Firefighters' Pension Fund ...................................................................................... Page(s) ii iii 1-2 3-6 7-8 9-10 11 12-13 14 15-47 48 49 5O 51 52 53 VILLAGE OF GLEN'VIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I FINANCIAL SECTION (Continued) COMBINING, 1NDWIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND Balance Sheet .......................................................................................................... Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ..................................................... Schedule of Revenues - Budget and Actual ............................................................ Schedule of Expenditures - Budget and Actual ...................................................... Schedule of Detailed Expenditures - Budget and Actual ........................................ SPECIAL REVENUE FUNDS Combining Balance Sheet ....................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................................................................... Illinois Municipal Retirement Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Motor Fuel Tax Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Refuse and Recycling Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ 911 Communications Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ GNAS Redevelopment Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ Schedule of Expenditures - Budget and Actual .................................................. Page(s) 54 55-56 57-58 59 60-66 67-68 69-70 71 72 73 74 75 76 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I ! I I I I I I I I I I I I I I I Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) GOVERNMENTAL FUND TYPES (Continued) SPECIAL REVENUE FUNDS (Continued) GNAS Caretaker Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ 77 Schedule of Expenditures - Budget and Actual .................................................. 78-80 Special Tax Allocation Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ................................................ 81 DEBT SERVICE FUNDS Combining Balance Sheet ....................................................................................... 82 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................................................................... 83 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ................................................... 84-85 CAPITAL PROJECTS FUNDS Combining Balance Sheet ....................................................................................... 86 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................................................................... 87-88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ................................................... 89-92 Schedule of Detailed Expenditures - Budget and Actual GNAS Bond Fund Series 1995 ........................................................................... 93-94 PROPRIETARY FUND TYPES ENTERPRISE FUNDS Combining Balance Sheet ....................................................................................... 95-96 Combining Statement of Revenues, Expenses and Changes in Retained Earnings ............................................................................... 97-98 Combining Schedule of Changes in Contributed Capital ....................................... 99 Combining Statement of Cash Flows ...................................................................... 100-101 VILLAGE OF GLENVIEW, ILLiNOIS TABLE OF CONTENTS (Continued) I ! Page(s) FiNANCIAL SECTION (Continued) COMBiNING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) PROPRIETARY FUND TYPES (Continued) ENTERPRISE FUNDS (Continued) Waterworks Fund Statement of Revenues, Expenses and Changes in Retained Earnings ~ Budget and Actual ........................................ 102-103 Schedule of Operating Expenses - Budget and Actual ....................................... 104-105 Schedule of Fixed Assets and Depreciation ....................................................... 106 Wholesale Water Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual ........................................ 107 Schedule of Operating Expenses - Budget and Actual ....................................... 108 Schedule of Fixed Assets and Depreciation ....................................................... 109 North,Maine Water and Sewer Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual ........................................ 110-111 Schedule of Operating Expenses - Budget and Actual ....................................... 112 Schedule of Fixed Assets and Depreciation ....................................................... 113 Sewerage Fund Statement of Revenues, Expenses and Changes in Retained Earnings ~ Budget and Acmat ........................................ 114 Schedule of Operating Expenses - Budget and Actual ....................................... 115 Schedule of Fixed Assets and Depreciation ....................................................... 116 Commuter Parking Lot Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual ........................................ 117 Schedule of Operating Expenses - Budget and Actual ....................................... 118 Schedule of Fixed Assets and Depreciation ....................................................... 119 I ! I I I i ! I ! I I I i I I ! ! VILLAGE OF GLENVIEW, ILLiNOIS TABLE OF CONTENTS (Continued) I I I I I I I I I i I i I I I FiNANCIAL SECTION (Continued) COMBiNiNG, iNDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) PROPRIETARY FUND TYPES (Continued) INTERNAL SERVICE FUNDS Combining Balance Sheet ....................................................................................... Combining Statement of Revenues, Expenses and Changes in Retained Earnings ............................................................................... Combining Statement of Cash Flows ...................................................................... Municipal Equipment Repair Fund Statement of Revenues, Expenses and Changes in Retained Earnings o Budget and Actual ........................................ Schedule of Operating Expenses - Budget and Actual ....................................... Schedule of Fixed Assets and Depreciation ....................................................... Insurance Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual ........................................ FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS Combining Balance Sheet ....................................................................................... Combining Statement of Plan Net Assets ............................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Expendable Trust Funds) .......................................... Combining Statement of Changes in Plan Net Assets (Pension Trust Funds) ........................................................................................... Statement of Changes in Plan Net Assets - Budget and Actual - Police Pension Fund ........................................................................................... Firefighters' Pension Fund ................................................................................. Combining Statement of Changes in Assets and Liabilities - Agency Funds ........................................................................................................ Page(s) 120 121 122 123 124 125 126 127 128 129 130 I31 132 133 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source ....................................................... 134 Schedule of General Fixed Assets - by Function and Activity ...............................135 Schedule of Changes in General Fixed Assets - by Function and Activity ....................................................................................... 136 GENERAL LONG-TERM DEBT ACCOUNT GROUP Schedule of General Long-Term Debt .................................................................... 137 COMPONENT UNIT Library Fund Combining Balance Sheet ....................................................................................... 138 Statement of Revenues, Expenditures and Changes in Fund Balance ......................................................................................................... 139 Schedule of Operating Expenditures - Budget and Actual ..................................... 140 Schedule of General Fixed Assets ~ by Source ....................................................... 141 SUPPLEMENTAL DATA Combined Schedule of Cash and Investments .................................................................. 142-143 Long-Term Debt Requirements Corporate Purpose Bond Series of 1992..:. .................................................................. 144 Corporate Purpose Bond Series of 1993 ...................................................................... 145 Corporate Purpose Bond Series of 1994 ...................................................................... 146 Corporate Purpose Bond Series of 1996 ...................................................................... 147 Corporate Purpose Bond Series of 1997 ...................................................................... 148 Corporate Purpose Notes of 1997 ................................................................................ 149 General Obligation Bond Series of 1998A .................................................................. 150 General Obligation Bond Series of 1998B .................................................................. 151 General Obligation Bond Series 0£2000 ..................................................................... 152 General Obligation Bond Series of 2001 ..................................................................... 153 i I I I 1 I I I I I i I i i I i I ! I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) I I I I I I i I I i I i I l I PaRe(s) STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years .............................. I54 General Governmental Expenditures by Function - Last Ten Fiscal Years ..................................................................................................................... 155 Property Tax Assessed Valuations, Rates, Extensions and Collections - Last Ten Fiscal Years ................................................................................ 156-157 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years ..................................................................................................... 158 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years ..................................................................................................... 159-160 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ..................................................................................................... 161 Schedule of Legal Debt Margin ........................................................................................ 162 Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ..................................................................................................... 163 Schedule of Revenue Bond Coverage - Waterworks Fund - Last Ten Fiscal Years ..................................................................................................... 164 Demographic Statistics - Last Ten Fiscal Years ............................................................... 165 Construction Value and Building Permits - Last Ten Fiscal Years .................................. 166 Miscellaneous Statistics .................................................................................................... 167-168 Ten Wealthiest Illinois Communities - 1990 Census ....................................................... 169 Major Corporate Fund Revenue Sources .......................................................................... 170 ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 2001) ................................................ 171 Retirement Schedule of Outstanding Village General Obligation Debt .......................................................................................................... 171 Debt Ratios and Per Capita Debt - Last Ten Bond Sales ............................................. 172 Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 2001 ....................................................................... 172 Equalized Assessed Valuation for Taxing Purposes .................................................... 173 Tax Rates Per $100 Equalized Assessed Valuation ..................................................... 173 Tax Extensions and Collections (Village Purposes Only) ........................................... 174 1995 and 2000 Tax Base Distribution by Property Classification ...............................174 Ten Largest Taxpayers ................................................................................................. 174 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) i ! Page(s) STATISTICAL SECTION (Continued) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 (Continued) General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1997 - 2001) and 2002 Budget ..................................................... 175 Balance Sheets (1997 - 2001) .................................................................................. 175-176 Combined Statement - All Funds Ftmd Balances 1997-2000 and Summary 2001 Revenues, Excess Revenues and Fund Balances .................................................. 176-177 Fixed Assets at December 31,2001 ............................................................................. 177 i I I I I I I I i I i I I I I I VILLAGE OF GLENVIEW, ILLiNOIS PRINCIPAL OFFICIALS December 31,2001 ! I I I I I I I I I I I I I I I Rachel Cook Ma~ Beth Denefe Jeffrey Lerner LEGISLATIVE Village Board of Trustees Lawrence R. Carlson, Village President Paul T. McCarthy Village Clerk/Treasurer EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Daniel P. Wiersma, Director of Finance Harry I. Sakai, Assistant Director of Finance -i- John D. Crawford Michael J. Guinane Donna Pappo - ii - Z I I I it I I I I i I I I I I I I I l I I I I Ii Certificate of Achievement ! for Excellence ! in Financial ! Reporting i Presented ~o Village of Glenview, [ Illinois I For its Comprehensive Annual Financial Report I for the Fiscal Year Ended , December 31, 2000 A Cer.ificat¢ of Achievement for Excellence in Financial I Reponin~ is presented bF' the Government Finance Officers Association of the United States and Canada to government units and public employee retirement I systems whose co:-aprehensive annual financial reports (CAFRs) achieve the highest standards in governmen~ accounting I and financial reporting. I - iii - The Village of · Glenvlew June 21, 2002 I I Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview I I I The comprehensive annual financial report of the Village of Glenview (the "Village") for the year ended December 31, 2001 is submitted herewith. This report represents a comprehensive picture of the Village' s financial activities during 2001 and the financial condition of its various funds at December 31, 2001. 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. I I I I i I Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The comprehensive annual financial report is presented in three sections: introductory, 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 f'mancial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-12. -iv- I 1225 Waukegan Road (, Glenview, Illinois 60025 ~ (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. It is a home rule municipality as defined by the Illinois Constitution. Located approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of 13.27 square miles and has a certified 2000 Census of 41,847. This figure represents an increase of 3,410 or 8.87% from the 1990 Census. The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, construction and maintenance of streets, code enforcement, planning and zoning and general administrative services. The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the pr'.ungry government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Glenview Public Library is included as a discrete presentation since a separately elected board of trustees governs it. No other legally separate entity qualifies as a component unit of the Village. Economic Condition and Outlook There are several measures of economic health for local governments. Perhaps four of the more objective measures or indicators are local employment levels, retail sales activity, family income levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of Illinois as a whole. As of December 31, 2001 the Village's unemployment rate was 3.7%, compared to 5.9% for Cook County, 5.4% for the State of Illinois and 4.8% for the United States. Retail sales within the Village totaled $718 million for 2001. This represents an increase of $66 million, or 10.1%, from 2000. The Village expects retails sales to continue to grow as significant additional retail space, currently under construction, comes on line. Median family income figures from the 2000 Census show that the average income of Glenview residents far exceeds county and state averages. According to the Census Bureau, Glenview's 2000 median family income was $96,552, compared to $53,784 for Cook County, $55,545 for the State of Illinois and $50,046 for the United States. This ranked Glenview as the fifth wealthiest community in the State of Illinois amongst communities with populations over 25,000. The Village also ranked fifth in terms of median household income. For many years, there was no substantial new commercial or residential construction activity as little vacant land was available for development. However, construction activity has increased dramatically as the 1,100 acre former Glenview Naval Air Station, ("The Glen") develops. Within the whole Village during 2001, there were 15 new commercial developments constructed, with a total value of $36 million and 310 new residential housing permits issued. Major Initiatives For the Year 2001 was another year of significant advances in the Village's efforts to redevelop The Glen. The Navy and the Village came to agreement on the Economic Development Conveyance of the Navy base in 1998 and in light of the land use plan, and the massive infrastructure improvements needed to achieve that plan, the Village will have acquired the I, 100 acre base property for approximately $2.1 million. As of December 31, 2001, more than 1,000 acres had been deeded to the Village. The remainder of the property will be transferred to the Village once the Navy completes all required environmental clean up, which is anticipated to occur by the end of 2002. Construction began in 1998 on the initial infrastructure improvements and is expected to continue into 2004. In addition, in 1998, the Village established a Tax Increment Financing District ("TIF" or "District"), which encompasses The Glen. The TIF was created as a risk management tool to facilitate the redevelopment of the District. It is the Village's intent to close the District when the costs associated with the redevelopment has been fully addressed. As a result of the extensive work to develop a database of 1,200 marketing contacts, RFP's were received from 57 developer groups in 1998 on the parcels offered for development. Following analysis of the bids received, it was determined that all parcels received multiple bids from qualified developers. Negotiations were concluded with developers resulting in the receipts of $85 million in land sales in 1999, $42 million during 2000 and $33 million in 2001. During 1999 the Village established the Village Permanent Fund. The Village transfers 20% of the Land Sales proceeds into this fund for Village wide improvements as well as providing liquidity to the TIF project in the near term. For the Future 2002 is expected to be another active year relative to the redevelopment of The Glen with approximately $53 million of infrastructure construction scheduled. The Redevelopment staff has been negotiating with developers on the remaining parcels and it is anticipated that the balance of the parcels will be sold in 2002. The focus during the year will be on the activities surrounding. the development of the Mixed Use Retail Center ("MURC") and working with developers to secure the optimal business mix. -vi - I I I I I I I I I 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 During 2001 the Village began the process to update its Comprehensive Plan. It is anticipated that this process will take 15 to 18 months and will provide the Village with a context for future development throughout the Village. Other notable projects for 2002 include: the purchase and installation of a new phone system for all operating departments; a space utilization study to determine the most efficient means to address the needs of the Police Department; the establishment ora Fire Communications Center to handle fire, EMS calls and wireless 9-1-1 calls; the design and construction of two add2ional fire stations to ensure appropriate response times throughout the Village; and the implementation of new software to assist the Development Department in its permitting and code enforcement functions. Financial Information Management of the Village is responsible for establishing and maintaining internal controls designed to ensure that the assets of the Village are protected from loss, theft or misuse, and to ensure that adequate accounting data is compiled to allow for the timely preparation of financial statements in conformity with generally accepted accounting principles. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of the costs and benefits requires estimates and judgements by management. Budgetary Control The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual budget adopted by the Village's governing body. The budget covers activities of the general, special revenue, debt service, enterprise, internal service and certain capital and fiduciary funds. The level of budgetary control, that is, the level at which expenditures cannot exceed the budgeted amount, is established at the fund level. General Government Functions The following table presents a summary of revenues available for general governmental functions (the General, Special Revenue, Debt Service Funds and component unit - Library Funds) for the year ended December 31, 2001 with comparisons to the previous year. -v±±- Increase Percent 2001 Percent (Decrease) Increase Revenues Amount of Total From 2000 (Decrease) Property Taxes $11,771,269 29.37% $ 303,561 2.65% Other Taxes 4,953,876 12.36 310,974 6.70 Total Taxes 16,725,978 41.73 614,535 3.81 Licenses and Permits 2,810,000 7.01 1,072,601 61.74 Intergovernmental 14,570, 521 36.35 175,726 1.22 Charges for Services 2,829,958 7.06 2,670 .09 Fines and Forfeits 279,086 0.70 ( 5,863) (2.06) Interest Earnings 1,153,120 2.88 19,872 1.75 Miscellaneous 1,713,739 4.28 1,080,113 170.47 Total Revenues $40,081,569 100.00% $2,959,654 7.97% I I I I I I Total general governmental revenues for the year amounted to $40,081,569. This represents an increase of $2,959,654 or 7.97% over 2000. Property tax revenues for general governmental purposes are reflect an increase of $303,561, or 2.65%. Other Taxes totaled $4,953,876, representing an increase of $310,974 or 6.70%. The most significant components of Other Taxes are the Utility Tax, which amounted to $4,147,388, an increase of 11.71%, and the Hotel Tax, which generated $748,188, a decrease of 14.20 %. Revenue from the sale of licenses and permits totaled $2,810,000, an increase of $1,072,601, or 61.74% compared to 2000. Of the total, Building permit revenue totaled $2,408,528, an increase of $987,557 from 2000. While a majority of the permit revenue is associated with development at The Glen, a significant portion is attributable to building activity throughout the Village and an indicator of the areas strong economy. Intergovernmental revenues increased $175,726 to $14,570,521, an increase of 1.22% over 2000. The largest single component of increase in this revenue category is Sales Tax, which totaled $7,184,006, an increase of $661,084 or 10.13% over 2000. The other main components of Intergovernmental revenue were down slightly: Income Tax totaled $2,963,486, a decrease of $26,946 or 0.90%; payments from the Glenbrook Fire Protection District for fire protection and EMS service totaled $1,968,062, down $14, and the Village's Motor Fuel Tax allocations totaled $1,131,533, a decrease of $10,008. -viii- I I I i I I I I I I I I I I I I I I I I I I I I I I I I I I Charges for Services totaled $2,829,958, an increase of $2,670 compared to 2000. The largest component of this revenue category is Engineering fees, which decreased from $781,081 in 2000 to $510,406 in 2001. The primary cause for this reduction is that a significant portion of the Engineering work regarding The Glen has been completed. Interest earnings in those funds providing general governmental functions totaled $1,153,120, an increase of $19,872 or 1.75 %. Following is a breakdown of investment earnings by fund type: 2001 2000 Interest Interest Increase Fund Type Earnings Earnings (Decrease) General $769,833 $665,382 $104,451 Special Revenue 100,629 91,003 9,626 Debt Service 179,191 275,904 (96,713) Library Component Unit 103,467 100,959 2,508 TOTAL $1,153,120 1,133,248 $ 19,872 The increase in interest earnings for the General Fund and Special Revenue Fund can be attributed to closer monitoring of short term cash with the implementation of new investment monitoring software, while the decrease for the debt service funds can be attributed to the fact that capitalized interest which generated interest earnings in prior years has been expended, leaving fewer dollars available for investment. Miscellaneous revenues totaled $1,713,739 for 2001, an increase of $1,080,113 from 2000. Included in the 2001 amount is $956,654 attributable to land sales (unrelated to The Glen). Following is a table showing expenditures by service area with comparisons to the previous year for the general, special revenue, debt service and component unit (Library) funds: 2001 Percent (Decrease) Increase Expenditures Amount of Total from 2000 (Decrease) General Government $10,273,327 24.42% ($2,516,053) (19.67%) Public Safety 15,879,536 37.74 1,744,835 12.34 Highways and Streets 5,895,520 14.01 512,567 9.52 Miscellaneous 806,182 1.92 ( 26,825) (3.22) Culture and Recreation 3,738,683 8.89 250,517 7.18 Debt Service 5,478,366 13.02 408,485 8.06 Total Expenditures $42,071,614 100.00% $ 373,526 0.90% - ix- I Total expenditures for general governmental functions in 2001 were $42,071,614, an increase of $373,526 or 0.90% over 2000 General governmental expenditures totaled $10,273,327, a decrease of $2,516,053 or 19.67%. The primary causes for this significant decrease was the purchase of a parcel of property at a cost of $2,375,000 in 2000. Expenditures in the Public Safety category totaled $15,879,536, an increase of $1,744,835, or 12.34 %, and is primarily due to the addition of personnel, the progression of employees on the step-plan and the reclassification of police and firefighters' pension cost of $624,916 from the miscellaneous category. Expenditures in the highways and streets category totaled $5,895,520 in 2001, an increase of $512,567, or 9.52% compared to 2000. Debt service expenditures amounted to $5,478,366, compared to $5,069,881 in 2000, an increase of $408,485 or 8.06%. The increase is primarily attributable to the initial debt service payments associated with the 2000 G.O. Bond issue. General Fund Balance The General Fund ended 2001 with an excess of revenues and other financing sources over expenditures and other financing uses of $1,378,479. Revenues exceeded the Budget by $919,478, or 3.10% due to the sale of property, which generated $956,654, and expenditures were $606,558 or 2.19% less than budgeted. The result brought the undesignated fund balance to $12,593,865 at December 31, 2001, the equivalent of 41.4% of actual 2001 expenditures and transfers. Enterprise Operations The Village has five enterprise operations accounted for in its financial statements: the Waterworks Fund; the Wholesale Water Fund; the Sewerage Fund; the North Maine Water and Sewer Fund; and the Commuter Parking Lot Fund. The Waterworks Fund recorded net income of $972,000 for the year ended December 31, 2001. The financial condition of the fund remains strong, with cash and investments totaling $2,984,940. The Wholesale Water Fund recorded a net loss of $169,249 for the year, resulting in retained earnings of $564,303. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I The North Maine Water and Sewer Fund recorded net income of $147,495 for 2001. The Fund ended the year with cash and investments of $960,336. The Sewerage Fund recorded a net loss of $166,126 for 2001 and ended the year with cash and investments of $330,048. Finally, the Commuter Parking Lot Fund recorded net income of $35,178 for 2001 and ended the year with cash and investments of $790,509. Of the cash and investment total, $515,299 is a grant from METRA to be used for the construction of the new train station at The Glen. The net losses in the Wholesale Water Fund and the Sewerage Fund were the result of planned drawdowns in retained earnings and increased funding to the Capital Projects Fund. Employee Pensions The Police Pension Fund covers police sworn personnel and the Firefighters' Pension Fund covers sworn firefighters. Both of these plans are defined benefit, single-employer plans administered by local boards of trustees. State statutes govern the benefits and employer and employee contribution levels. During 2001, the Village retained the services of independent actuary to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 2000. Following is summary information for the two funds: Police Firefighters' Pension Fund Pension Fund Actuarial Accrued Liability - 12/31/00 $30,130,881 $38,856,179 Value of Plan Assets - 12/31/00 $29,157,173 $40,166,889 Percent Funded - 12/31/00 96.77% 103.37% Value of Net Assets - 12/31/01 $29,380,377 $41,979,483 Change in Net Assets FYE 12/31/01 $233,202 $I ,812,594 In 1993 the State of Illinois increased the benefits provided to police and firefighter pension fund beneficiaries. The changes increased the pension benefit obligation of both funds, but especially that of the police pension fund where a provision was made to compound annual increases in pension benefits. Municipalities have until the year 2033 to fully fund their police and firefighter pension plans. The purpose of "marking to market" is to show the value of a fund at a given point in time. Practically however, as these funds do not have cash flow problems which would require liquidating positions, these Iosses are only for reporting purposes. -x± - All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal Retirement Fund, ("IMRF") a statewide pension plan. IMRF acts as the administrative agent for local governments in Illinois. Benefit provisions and funding requirements are established by state statute. At December 31, 2001 the Village was 110.16 % funded in IMRF. Debt Administration In August 2001 the Village issued $41,800,000 of general obligation debt for infrastructure improvements in connection with the redevelopment of the former Glenview Naval Air Station. At that time, Moody's Investors Service affirmed the Village's Aaa general obligation bond rating initially assigned in 1993. At December 31, 2001 the Village had $101,800,000 of general obligation bonds outstanding. Of this amount, $94,300,000 is reflected in the general long-term debt account group and $7,500,000 is recorded directly in three enterprise funds. There was also $2,529,058 of general obligation notes outstanding at December 31, 2001. At December 31, 2001 there was $2,811,524 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $91,488,476. The ratio of net bonded debt to assessed value and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This data as of December 31, 2001 is as follows: Net General Obligation Debt $91,488,476 Ratio of Net Debt to Assessed Value 7.23 % Ratio of Net Debt to Actual Value 2.41% Net Debt Per Capita $2,186.26 Of the $2,186.26 net debt per capita, $243.58 is payable from property taxes while the balance, $1,942.68, is self supporting debt which results in the abatement of property taxes from Enterprise Funds and the Glen Redevelopment Funds. Additional information about the Village's outstanding debt can be found in the notes to the financial statements and the statistical section of this report. Property Tax Information The county assessors' offices are responsible for determining the assessed value of real property utilizing market values and established assessment ratios in Illinois. The State of Illinois then assigns an equalization factor to each county in an attempt to get all properties in the state assessed at approximately 33% of market value. Property taxes are based upon the equalized assessed value (EAV) of all taxable properties. A government's tax rate is determined by dividing its tax levy into its total EAV, adjusting for any rate limitations which might be applicable. -xii- i I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I I I I I At the time this report was prepared, information regarding the tax rates and assessed values for the 2001 tax levy year were not yet available. The Village's 2000 total equalized assessed valuation was $1,227,656,200 a 1.3 % decrease from the 1999 levy year. The Village's and the Library-component unit's combined tax rate increased from $0.903 for 1999 to $0.940 for 2000. The reason for the decrease in equalized assessed valuation and the associated increase in tax rate, while both the Village and Library levied essentially the same amounts in both years, is the effect of the State's Equalization factor for Cook County. One-third of Cook County is reassessed each year and in the year in which the City of Chicago is reassessed, the effect has been a reduction in the State Equalizer (as, theoretically, the assessed valuation in closer to market). This has previously occurred in 1994 and 1997 and was followed with years, which saw the Village's assessed valuation increase 11.21% and 10.75 % respectively. Following is a summary of the Village's tax rates for the past three years: Fund 2000 1999 1998 General Fund $ .426 $ .430 $.409 Special Revenue Funds .042 .042 .049 Debt Service Funds .152 .146 .156 Pension Trust Funds .051 .034 .046 Subtotal - Village .671 .652 .660 Library .269 .251 .269 Total Combined Tax Rate $.940 $.903 $.929 Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. Cash Management The Village's policy regarding cash management is based upon the realization that there is a time value to money. A high priority is placed on procedures to ensure that monies due the Village are collected and deposited as promptly as possible. Disbursements are closely controlled. Of equal importance is the emphasis on the management of the Village's investment portfolio. All idle cash is invested in accordance with an established investment policy. The investment policy establishes safety of principal as the foremost objective. The policy provides for full collateralization of all deposits in excess of FDIC limits. The Village is not permitted to leverage -xiii- I its portfolio or invest in risky derivatives. Except for the deposits held in escrow by Chicago Title and Trust on behalf of the Village, all of the Village's Deposits and Investments are ~'Category 1" meaning that all Deposits are covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name and all Investments are insured or registered or are held by the Village, or its agent, in the Village's name. Following is a summary of total investment earnings and weighted average yields for each of the various fund types: Investment Income Year Ended Fund Type 12/31/01 Average Yield General Fund $ 769,833 4.82% Special Revenue Funds 100,629 4.42 Debt Service Funds 179,191 4.61 Capital Project Funds 7,138,581 4.56 Enterprise Funds 224,387 4.86 Internal Service Funds 167,858 4.82 Expendable Trust Funds 180,105 4.53 Totals $8,760,584 4.65 % Risk Management The Village maintains a protected risk retention program for property, casualty, and workers compensation claims. Health insurance for employees and retirees is provided through a public entity risk pool. Aggregate umbrella liability coverage is provided through the Village's membership in the High-level Excess Liability Pool, another public entity risk pool. The Village's insurance activity is accounted for in an internal service fund. For the year ended December 31, 2001 the Insurance Fund reported a net loss of $180,847. Retained earnings at December 31, 2001 amounted to $3,522,484. Other Information Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firm of Sikich Gardner & Co, LLP performed the audit on the Village's 2001 financial statements. The independent auditors' report is included in the financial section of this report. The auditors -xiv- I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I I i I I have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's financial position at December 31, 2001, and the results of operations for the year then ended. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 2000. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Glenview has received a Certificate of Achievement for the last nineteen consecutive years (fiscal years ended 1982-2000). We believe our current report continues to conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA. Acknowledgments The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contributions made in the preparation of this report. In particular, I would like to acknowledge the excellent work of Harry Sakai, Assistant Finance Director, for his efforts in compiling the mountain of data necessary to complete this report. Finally, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village in a responsible manner. Daniel P. Wiersma Director of Finance iNDEPENDENT AUDITOR'S REPORT Sikich Gardner & Co, LLP Accountants & Consultants 998 Corporate Boulevard Aurora, IL 60504 A Member of Sikich Group, LLC MEMBERS OF SMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY INDEPENDENT AUDITOR'S REPORT The Honorable Village President Members of the Board of Trustees Village of Glenview Glenview, Illinois We have audited the general purpose financial statements and the combining, individual fund and account group financial statements of the Village of Glenview, Illinois, as of and for the year ended December 31,200i, 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 free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 2001, 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, individual fund and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Glenview, Illinois, as of December 31,2001, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United,States of America. -1- Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund and account group financial statements. The accompanying schedules and the supplemental data listed in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The required supplementary information listed in the table of contents is not a required part of the general purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Aurora, Illinois May 2, 2002 (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT December 3 I, 2001 (with comparative totals for 2000) I I ! ASSETS AND OTHER DEBITS ASSETS C~sh Investments Receivables (net, where applicable, of allowances for uncollectibles) Property taxes Other rexes Accounts Grant Other Advances to other funds Due fi'om other governments Due from other funds Due from component unit Inventory Prepaid items/expenses Deposits Restricted assets Cash Deferred bond issuance costs Fixed a~sets (net of accumulated depreciation) OTHER DEBITS TOTAL ASSETS AND OTHER DEBITS -3- Governmental Fund Types Special Debt Capital Revenue Service Pro, jeers $ 1,110,i51 $ 451,719 $ 63,917 $ 2,484.191 13.646,605 2,084,007 2,749,107 166,585.071 5,785,884 2,312,908 42,696 485,437 1,687,090 118,587 145,885 32,385 97,688 137,073 205,966 140,363 6,208,958 323,118 265,322 47,005 S 23~186,289 $ 3~611:065 $ 4,500~114 $ 175,913,665 i I i i I i I I I I I I I I I I Totals Fiduciary Account Groups Primary Prophetary Fund Types Fund Types General General Government lntemal Trust and Fixed Long-Term (Memorandum Enterprise Service Agency Assets Debt Only) $ 1,090,441 $ 437,570 $ 603,852 4,589,937 2,575,289 74,976,197 2,561,440 255,007 132,357 8O0 2,659,290 70,190 166,515 261,163 48,023 3,400 890,372 Component Unit Totals Reporting Entity (Memorandum Only) 2001 2000 6,241,841 $ 283,360 $ 6,525,201 $ 9,458,445 267,206,213 1,242,000 268,448,213 209,065,442 3,333,689 8,090,768 2,312,908 9,068,901 323,118 264,472 2,659,290 395,395 887,912 48,023 143,763 890,372 11,424,457 11,175,997 2,312,908 1,804,906 9,068,901 3,198,295 323,118 1,267,119 264,472 103,028 2,659,290 2,241,059 395,395 92,497 887,912 9,019,797 120,000 48,023 39,641 143,763 252,908 890,372 934,800 52,373 293,349 38,200 38,200 38,200 39,707 29,784 29,784 29,784 74,459 28,731,685 51,961 27,199,946 55,983,592 5,495,766 61,479,358 58,107,560 2,811,524 2,811,524 2,811,524 2,431,244 91,488,476 91,488,476 91,488,476 52,658,756 $ 39~818,990 $ 4,376,714 $ 75,977,769 $ 27,199,946 $ 94,300~000 $ 448,884,552 $ 10,354~815 $ 459,239~367 $ 362~431,382 (This statement is continued on the following pages.) °4. VILLAGE OF GLENVIEW, ILLLNOIS COMBINED BALANCE SHEET ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT December 31,2001 (with comparative totals for 2000) 1 I I LIABILITIES AND EQUITY AND OTHER CREDITS LIABILITIES Accounts payable Claims payable Accrued payroll Interest payable Compensated absences payable Infrastructure maintenance fee Other payables Bardk overdraft Deferred revenues Due to other funds Due to primary government Advance from other governments Advance from other funds Deferred property taxes Arbitrage payable Due to bondholders Refixndable deposits Notes payable General obligation bonds payable Unamortized bond discount Total liabilities EQUITY AND OTHER CREDITS Contributed capital Investment in general fixed assets Retained earnings - unreserved Fund balances Reserved for prepaid items Reserved for employees' retirement system Reserved for debt service Reserved for capital improvements Reserved for endowments Reserved for patton House Unreserved Designated for income tax surcharge receipts Undesignated Total equity and other credits TOTAL LIABILITIES AND EQUITY AND OTHER CREDITS -5- Governmental Fund Types Special Debt Capital General Revenue Service Projects $ $ 1,500 $ 7,797,192 547,977 $ 476,016 77,179 1,531,691 898,295 25,911 95,196 20,505 243,325 137,314 11,344 5,785,884 485,437 1,687,090 6,457,697 410,190 297,174 2,659,290 9,247,576 1,088,498 1,688,590 17,621,543 140,363 2,811,524 163,137,816 10,000 1,334,848 12,593,865 2,382,204 (4,845,694) 13,938,713 2,522,567 2,811,524 158,292,122 $ 23~186,289 $ 3,611t065 $ 4~500~114 $ 175,913665 i I I i I I I I I I ! i I I I i Proprietary Fund Types internal Enterpr/se Service Totals Fiduciary Account Groups Primary Fund Types General GeneraI Government Trust and Fixed Long-Term (Memorandum Agency Assets Debt Only) 753,486 75,123 68,858 11,570 515,299 225,032 2,529,058 7,500,000 (60,679) 11,617,747 $ 128,804 $ 66,765 8 372,996 81,447 6,566 104,032 195,077 178,980 3,844,100 94,300,000 $ 9,771,740 372,996 77,179 75,123 1,600,549 898,295 214,124 Totals Reponing EmiB, Component (Memorandum Only) Un~ 2001 2000 38,094 $ 9,809,834 $ 7,479,895 372,996 269,622 34,583 111,762 108,511 75,123 78,040 64,379 1,664,928 989,613 898,295 637,589 214,124 2,812,102 7,222,887 49,026 7,271,913 887,912 887,912 297,174 2,659,290 7,958,411 195,077 I78,980 3,844,100 2,529,058 101,800,000 (60,679) 297,174 2,659,290 3,333,689 11,292,100 195,077 178,980 3,844,100 2,529,058 101,800,000 (60,679) 1,266,600 9,019,797 120,000 297,173 2,241,059 i1,040,642 39,978 179,861 3,917,926 2,615,192 62,930,000 (63,442) 589,813 4,388,954 94,300,000 140,522,216 3,519,771 144,041,987 105,980,158 6,366,393 21,834,850 3,786,901 71,359,860 6,366,393 6,366,393 4,767,387 27,199,946 27,199,946 5,495,766 32,695,712 30,933,575 25,621,751 25,621,751 24,974,481 140,363 140,363 54,725 71,359,860 71,359,860 69,324,064 2,811,524 2,811,524 2,431,244 163,137,816 163,137,816 107,673,236 345,722 10,000 10,000 10,000 1,334,848 1,334,848 1,334,848 228,955 10,359,330 1,339,278 11,698,608 14,601,942 28,201,243 3,786,901 71,588,815 27,199,946 308,341,831 6,835,044 315,176,875 256,451,224 $ 39,818,990 $ 4,376~714 $ 75,977,769 $ 27,199,946 $ 94,300,000 $ 448,884,552 $ 10~354~815 $ 459,239,367 $ 362,431,382 See accompanying notes to financial statements. ~0 <~ © > < I i 1 I I I ! I I i i I ! I i I I I ! VILLAGE OF GLENVIEW, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES Year Ended December 31, 2001 (with comparative totals for 2000) 1 OPERATING REVENUES Charges for services Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Depreciation and amortization Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Gain on sale of fixed assets Investment income Interest expense and fiscal charges Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS Operating transfers in Operating transfers (out) Total operating transfers NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service 2001 2000 $ 14,903,247 $ 4,153,942 $ 19,057,189 $ 17,736,172 253,449 557,304 810,753 555,298 15,156,696 4,711,246 19,867,942 18,291,470 796,348 796,348 820,199 9,391,019 5,034,135 14,425,154 13,128,805 1,063,921 3,997 1,067,918 1,031,276 11,251,288 5,038,132 16,289,420 14,980,280 3,905,408 (326,886) 3,578,522 3,311,190 16,233 16,233 224,387 167,858 392,245 413,533 (548,562) (548,562) (569,976) (307,942) 167,858 (140,084) (156,443) 3,597,466 (159,028) 3,438,438 3,154,747 50,000 50,000 340,000 (2,828,168) (13,000) (2,841,168) (3,872,634) (2,778,168) (13,000) (2,791,168) (3,532,634) 819,298 (172,028) 647,270 (377,887) 21,015,552 3,958,929 24,974,481 25,352,368 $ 21,8341850 $ 3,786,901 $ 25~621,751 $ 24,974,481 1 ! i ! I I See accompanying notes to financial statements. -11- I i I I ! i I I 1 l I I I i Ii I I (This page is intentionally left blank.) VILLAGE OF GLENWIEW, ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRJETARY FUND TYPES Year Ended December 31,2001 (with comparative totals for 2000) 1 I I CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Accounts receivable Deposits Due from other funds Inventory Prepaid expenses Accounts payable Claims payable Compensated absences payable Deferred revenues Other payable Due to other funds Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in Operating transfers (out) Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Fixed assets purchased Proceeds from the sale of fixed assets Increase in advances to other funds Increase in advance from other funds Principal paid on general obligation bonds Principal paid on note payable Interest paid on general obligation bonds Net cash from capital and related financing activities Internal Enterprise Service Totals (Memorandum Only) 2001 2000 $ 3,905,408 $ (326,886) $ 3,578,522 $ 3,311.190 1,063,921 3,997 1,067,918 1,078,425 284,401 (251,072) 33,329 (120,685) 44,428 44,428 99,800 139,505 (160,515) (21,010) (351,718) (8,382) (8,382) (10,387) 198,183 198,183 316,647 (238,191) (378,666) (616,857) 1,123,822 103,374 103,374 (250,663) 31,047 31,047 (40) 15,299 6,566 21,865 506,061 5,689 81,447 87,136 (15,492) 30,965 30,965 (1,123,705) 5,229,662 (679,144) 4,550,518 4,563,255 50,000 50,000 340,000 (2,828,168) (I3,000) (2,841,168) (3,872,634) (2,778,168) (13,000) (2,791,168) (3,532,634) (991,296) 38,273 (418,231) (340,000) (86,134) (549,764) (55,958) (1,047,254) (128,310) 38,273 (418,231) (603,165) (408,156) (340,000) (330,000) (86,134) (82,078) (549,764) (571,093) (2,347,152) (55,958) (2,403,110) (2,122,802) (This statement is continued on the following page.) -12- I I 1 I I ! I ! I t i I ! I I I i I VILLAGE OF GLENVIEW, ILLiNOIS COMBINED STATEMENT OF CASH FLOWS (Continued) ALL PROPRIETARY FUND TYPES Year Ended December 31, 2001 (with comparative totals for 2000) I i I 1 i i I I I I I I I 1 I I CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Maturities of investments Investment income Net cash from investing activities NET iNCREASE (DECKEASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 NON-CASH TRANSACTIONS Developer contributions Internal Enterprise Service Totals (Memorandum Only) 2001 2000 $ (11,981,748) $ (6,785,042) $ (18,766,790) $ (2,706,424) 11,375,339 7,083,254 18,458,593 4,141,838 225,431 167,858 393,289 472,479 (380,978) 466,070 85,092 1,907,893 (276,636) (282,032) (558,668) 815,712 1,367,077 719,602 2,086,679 1,270,967 $ I~090~441 $ 437,570 $ 1,528~011 $ 2~086,679 $ 1~599~006 $ $ 1~599~006 $ 1,290,144 See accompanying notes to financial statements. - 13- VILLAGE OF GLENVIEW, ILLINOIS COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS ALL PENSION TRUST FUNDS For the Year Ended December 31,2001 (with comparative totals for 2000) ADDITIONS Contributions - employer Contributions - plan members Total contributions Investment income Net appreciation (depreciation) in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Pensions and refunds Miscellaneous Contractual professional services Total deductions NET INCREASE (DECREASE) NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 2001 2000 $ 645,534 $ 601,199 861,871 785,411 1,507,405 1,386,610 2,460,692 4,756,444 446,265 2,767,483 2,906,957 7,523,927 4,414,362 8,910,537 2,360,973 1,949,273 17,593 13,773 2,378,566 1,963,046 2,035,796 6,947,491 69,324,064 62,376,573 $ 71,359,860 $ 69~324,064 See accompm~ying notes to financial statements. - 14- t I I I t I 1 ! i I t I I I I I i I I i I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2001 I I I J I I ! I I I I i I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (the Village) have been prepared in con£onnity 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 units. The Village's financial statements include pension trust funds: Police Pension Employees Retirement System The Village's police sworn employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board consisting of two members appointed by the Village's President, one elected pension beneficiary and two elected police. The Village and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State 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 finance and administer the pensions of the Village's police employees and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. -15- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) Firefighters' Pension Employees Retirement System The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board consisting of the Village's President, Treasurer, Clerk, Attorney and Fire Chief; one elected pension beneficiary; and three elected fire employees. The Village and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the 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 Glenview Public Library has a separately elected seven-member board, which annually determines its budget and resulting tax levy. Upon approval of the Village, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Village, which is wholly liable for the debt. Because the Library possesses the characteristics ora legally separate govemrnent and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. b. Fund Accounting The Village uses funds and account groups to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. -16- 1 I I I I I I I t ! I ! i I ! ! VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) I 1 1 I I I i ! I I I I t I i I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Funds are classified into the following categories: governmental, proprietary and fiduciary. Each category, in mm, is divided into separate "fund types." Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construct/on of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the deterrrfination 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, either a pension trust fund or an expendable trust fund is used. The term "expendable" refers to whether or not the Village is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. c. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resoumes 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 fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. -17- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Basis of Accounting (Continued) The modified accrual basis of accounting is used by all govenm~ental fund types, expendable trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Village recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70 in the period intended to finance. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accunmlated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue and charges for services. Sales taxes owed to and fines collected and held by the state/county court at year end on behalf of the Village also are recognized as revenue. Permit revenues are not susceptible to accrual because, generally, they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types, pension trust funds, and nonexpendable trust funds. Under this method, revenues and additions are recorded when earned and expenses and deductions are recorded at the time liabilities are incurred. The Village reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. d. Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue, Debt Service (except the Corporate Purpose Bond Fund Series of 2001) and Capital Projects Funds (except the 2000 and 2001 Project Funds) on the modified accrual basis and for the Enterprise, Internal Service and Pension Trust Funds on the accrual basis. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations lapse at fiscal year end. -18- I I I 1 I Ir 1 I ! ! VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) I I 1 i I ! i I I i t I I 1 SUMMARY OF SIGNIFICANT ACCOUNTiNG POLICIES (Continued) d. Budgets (Continued) During the current year, budgets were not adopted for the following funds: Debt Service Funds: Corporate Purpose Bond Fund Series of 2001 Capital Projects Funds: 2000 Project Fund 2001 Project Fund The source of revenue and nature of expenditures for these fimds are not subject to prediction, and therefore, budgets were not adopted. Budget and actual comparisons for the Capital Projects Funds exclude the aforementioned funds. The following is a reconciliation of the Capital Projects and Special Revenue Funds presented on a budgetary basis to the GAAP basis presentation: Capital Debt Projects Service Funds Funds FUND BALANCES - BUDGETED FUNDS DECEMBER 31, 2001 - NON-GAAP BASIS $117,012,965 $ 1,085,359 Nonbudgeted fund balances Corporate Purpose Bond Fund Series of 2001 2000 Project 200I Project 1,726,165 5,186,450 36,092,707 $158,292~,122 $ 2,811,524 FUND BALANCES, DECEMBER 3 I, 2001 GAAP BASIS e. Cash and Investments For purposes of the statement of cash flows, the Village's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. f. Investments In accordance with Government Accounting Standard Board Statement No. 31, all investments are stated at fair value. -19- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FiNANCIAL STATEMENTS (Continued) I i 1. SUMMARY OF SIGNIFICANT ACCOUNTiNG POLICIES (Continued) g. Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables." Long-term loans between funds are reported as "advances to/from other fund". h. Inventories Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund type inventories are recorded as expenditures when consumed rather than when purchased. i. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. j. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair value on the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets are irrm~ovable and of value only to the Village. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water/sewer systems and vehicles in the proprietary fund types is computed using the straight-line method. Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. - 20 - I I i I I I t i I 11 I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! I ! ! I ! I I ! I ! ! t I I I SUMMARY OF SIGNIFICANT ACCOUNTiNG POLICIES (Continued) k. Compensated Absences Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. 1. Long-Term Obligations Long-term debt is recognized as a liability of a governmental fund when due or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long-term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. m. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants prior to December 31, 2000 or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. n. Bond Discounts/Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred charges. o. Interfund Transactions Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. -21 - VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) o. Interfund Transactions (Continued) All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. p. Memorandum Only - Total Colunms Total colunms on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. q. Comparative Data Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Village's financial position, operations, and cash flows. There have been some reclassifications between individual lines in the prior year columns in order to present more comparable data. r. GASB Pronouncements The Village has elected, under the provisions of GASB Statement 20, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use ?roprietary Fund Accounting," to apply ali applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. 2. LEGAL COMPLIANCE AND ACCOUNTABILITY a. Budgets All departments of the Village submit requests for appropriation to the Village Manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. - 22 - ! ! I II I i I I I I I I I 1 I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I l 1 I i I 1 i I I I t I I I LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) a. Budgets (Continued) The proposed budget is presented to the governing body for review. The governing body holds public hearings 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. b. Deficit Fund Balances of individual Funds The following funds had a deficit in fund balance/retained earnings as of the date of this report: Deficit Fund Balance GNAS Redevelopment GNAS Caretaker GNAS Bond Fund Series 1995 North Maine Water and Sewer $ 3,824 159,839 4,845,694 274,344 c. Excess of Actual Expenditures/Expenses Over Budget in Individual Funds The following funds had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Fund Excess Wholesale Water Municipal Equipment Repair Insurance 27,620 64,767 750,685 - 23 - VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) ! ! DEPOSITS AND iNVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $5,050 for the primary government and $950 for the component unit has been excluded from the amounts shown belo~v. Permitted Deposits and Investments - Statutes authorize the Village to make deposits/invest in insured cormnercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds. Pension funds may also invest in certain non-U.S, obligations, Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions and Illinois insurance company general and separate accounts, mutual funds and equity securities. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price, which is the price the investment could be sold for. a. Deposits At year end, the carrying amount of the primary government's deposits totaled $32,546,410 and the bank balances totaled $32,691,147. The carrying amount of the component unit's deposits totaled $1,422,205 and the bank balances totaled $1,339,964. - 24 - ! ! ! I ! ! i i t I I I 11 I I I ! ! VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! I I ! 1 I 1 I t I I ! I i I I I 3. DEPOSITS AND IN'VESTMENTS (Continued) a. Deposits (Continued) Bank Balance 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. $28,993,349 $ 1,339,964 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. 3,697,798* TOTAL DEPOSITS $ 32,691,147 $ 1,339,964 * This amount represents deposits held in escrow by Chicago Title and Trust on behalf of the Village. For pension trust lands, 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. - 25 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FiNANCIAL STATEMENTS (Continued) II ii 3. DEPOSITS AND INVESTMENTS (Continued) b. Invesmaents (Continued) Primary Government Fair Value Category 1 2 3 Totals $107,477,058 $ $ $107,477,058 98,420,101 98,420,101 22,014~757 22,014,757 2,104.590 2,104,590 $230,016,506 $ $ 230,016,506 U.S. Treasury Securities U.S. Agency Securities Corporate bonds Municipal bonds * Illinois Funds * Mutual Funds * Insurance contracts and separate accounts 3,612,902 4,584,109 2,662,479 TOTAL INVESTMENTS $ 240,875,996 * Not subject to risk categorization Component Unit Investments for the Component unit consist of $102,205 of Illinois Funds. Illinois Funds are not subject to risk categorization and the fair value of the position in the external pool is the same as the value of the pool shares. 4. RECEIVABLES TAXES Property taxes for 2002 attach as an enforceable lien on January 1,2002 on property values assessed as of the same date. Taxes are levied by December of the fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 2002 and August I, 2002 and are payable in two installments, on or about March 1, 2002 and September 1, 2002. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual collection experience. - 26 - I I I ! 1 ! ! I t I I I ! I I I I ! ! VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) ! I I ! I I 1 I I I ! ! ! ! I I 5. FIXED ASSETS a. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: Primary Govermnent Balances Balances January 1 Additions Retirements December 31 Land $ 5,643,853 $ $ $ 5,643,853 Building and improvements 10,160,970 118,478 10,279,448 Equipment 8,648,664 1,977,606 513,224 10, I 13,046 Furniture 295,072 295,072 Office equipment 689,250 179,277 868,527 TOTAL GENEIL4.L FIXED ASSETS $ 25,437,809 $ 2,275,361 $ 513,224 $ 27,199,946 Discretely Presented Component Unit Balances Balances January 1 Additions Retirements December 31 Land $ 500,000 Building and improvements 4,125,488 Furniture and equipment 870,278 $ $ $ 500,000 4,125,488 870,278 TOTAL GENERAL FIXED ASSETS $ 5,495,766 $ $ 5,495,766 - 27 - VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FiNANCIAL STATEMENTS (Continued) ! ! 5. FIXED ASSETS (Continued) b. Proprietary Fixed Assets The following is a summary of proprietary fund type fixed assets as of the date of this report: Intemal Enterprise Service Funds Land and improvements Buildings Building improvements Water/sewer systems Equipment and vehicles Office furniture and equipment 55,958 $ 302,851 243,645 203,309 38,049,513 2,820,170 18,672 Total fixed assets 55,958 41,638,160 Less accumulated depreciation (3,997) (12,892,935) NET FIXED ASSETS $ 51,961 $ 28,745,225 In proprietary funds, the following estimated useful lives are used to compute depreciation: Building improvements Water/sewer systems Buildings Equipment and vehicles Office furniture and equipment 10-20 years 50 years 40-50 years 3-10 years 3-10 years RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Village is self-insured for all risks and has established a risk- financing fund, Insurance Fund (Fund), for all risks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each workers' compensation claim and $50,000 for each property damage claim. The Village purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past throe fiscal years. - 28 - i I I t I I 1 I i ! I I I I I 1 I ! ! VILLAGE OF GLENrVIEW, ILLINOIS NOTES TO FiNANCIAL STATEMENTS (Continued) ! I ! ! I ! I I ! I I I I i I I RISK MANAGEMENT (Continued) Ali 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 ofpayouts and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: Fiscal Year Ended December 31, 2001 2000 $ 269,622 $ 203,095 860,504 93,869 (757,130) (27,342) $ 372,996 $ 269,622 CLAIMS PAYABLE, JANUARY 1 Add claims incurred Less claims paid CLAIMS PAYABLE, DECEMBER 31 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 oflocal government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental and life insurance coverage) offered by its members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental and nonprofit public service entities. Risk of loss is retained by the Village, except that IPBC purchases excess coverage policies. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are three officers, a Benefit Administrator, and a Treasurer. The Village does not exercise any control over activities oflPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. - 29 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 6. RISK MANAGEMENT (Continued) High-Level Excess Liability Pool (HELP) (Continued) HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self- insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the members and other parties included within the scope of coverage of HELP. HELP is governed by a Board of Directors, which consists of one appointed representative from each member municipality. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, roles and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. 7. LONG-TERM DEBT a. Changes in Long-Term Liabilities During the fiscal year, the following changes occurred in liabilities reported for General Obligation Bonds: Balances Balances January 1 Additions Retirements December 31 $ 7,840,000 $ $ 340,000 $ 7,500,000 55,090,000 41,800,000 2,590,000 94,300,000 $ 62,930,000 $ 41,800,000 $ 2,930,000 $101,800,00~ Enterprise Funds General Long-Term Debt Account Group b. General Obligation Bonds The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. -30- i I I I I I I I 1 I I I I i I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired By January I Additions Reductions December 31 I I t I I I I I I I i I $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. $7,635,000 Corporate Purpose Bonds Series of 1993 dated May 1, 1993, due in axmual installments of $205,000 to $1,345,000 plus interest at 4.60% to 4.70% through December I, 2005. $8,040,000 Corporate Purpose Bond Series of 1994 dated September 15, 1994, due in annual installments of $90,000 to $1,275,000 plus interest at 4.00% to 5.10% through December 1, 2004. $8,345,000 Corporate Purpose Bond Series of 1996 dated November 1, 1996, due in annual installments of $675,000 to S 1,050,000 plus interest at 4.60% to 4.875% through December 1, 2008. $6,175,000 Corporate Purpose Bond Series of 1997 dated August 1, 1997, due in annual installments of $100,000 to $495,000 plus interest at 4.875% to 5.00% through December 1, 2017. Whole- sale Water Debt Service Debt Service Debt Service North Main Water and Sewer $ 2,175,000 $ $ 125,000 $ 2,050,000 5,155,000 700,000 4,455,000 3,510,000 1,155,000 2,355,000 7,055,000 735,000 6,320,000 5,665,000 215,000 5,450,000 -31 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) ISSUe Fund Debt Balances Balances Retired By January I Additions Reductions December 31 $10,000,000 General Obligation Bond Series of 1998A dated November I, 1998, due in annual installments of $695,000 to $1,875,000 plus interest at 4.10% to 4.35% through December 1,2018. Debt Service $ 10,000,000 $ $ $ 10,000,000 $24,400,000 General Obligation Bond Series of 1998B dated January 1, 1999, due in annual installments orS1,000,000 to $2,050,000 plus interest at 4.25% to 4.50% through December 1, 2018. Debt Service 24,400,000 24,400,000 $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 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. Debt Service 41,800,000 41,800,000 TOTAL $ 62,930,000 $ 41,800,000 $ 2,930,000 $101,800,000 c. Notes Payable The Village enters into notes payable to provide funds for the acquisition of capital assets. Notes payable have been issued for proprietary activities. The proprietary liabilities are therefore reported in the proprietary funds. - 32 - I i I I I I I t I I I I I 1 I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I 1 I I I I I I i I I I LONG-TERM DEBT (Continued) c. Notes Payable (Continued) Note payable currently outstanding is as follows: Fund Debt Balances Issue Retired By January 1 Additions Reductions Balances December 31 $2,850,000 Corporate Purpose Note of 1997 dated September 2, 1997, due in North annual installments of Maine $215,377. lnterest paid at Water 4.942% through and September 1,2019. Sewer $ 2,615,192 $ $ 86,134 2,529,058 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: General Corporate Obligation Purpose General Bonds Carried Notes Carded Fiscal Obligation as Enterprise as Enterprise Year Bonds Fund Liabilities Fund Liabilities Totals 2002 $ 8,157,943 $ 756,494 $ 215,377 $ 9,129,814 2003 8,322,891 767,596 215,377 9,305,864 2004 8,308,854 761,906 215,377 9,286,137 2005 12,401,406 760~268 215,377 13,377,051 2006 12,409,350 762,352 215,377 13,387,079 2007 12,268,238 762,896 215,377 13,246,511 2008 11,117,946 766,966 215,377 12, I00,289 2009 8,773,446 769,326 215,377 9,758,149 2010 8,576,164 769,866 215,377 9,561,407 2011 8,876,940 768,772 215,377 9,861,089 2012 8,645,940 775,956 215,377 9,637,273 2013 2,917,946 505,750 215,377 3,639,073 2014 2,931,070 511,000 215,377 3,657,447 2015 2,948,950 510~000 215,377 3,674,327 2016 2,966,050 513,000 215,377 3,694,427 2017 2,982,035 519,750 215,377 3,717,162 2018 3,001,564 215,377 3.216,941 2019 215,377 215,377 TOTAL PRINCIPAL AND INTEREST $125,606,733 $ 10,981,898 $ 3,876,786 $140,465,417 INTEREST PORTION $ 31,306,733 $ 3,481,898 $ 1,347,728 $ 36,136,359 -33 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 7. LONG-TERM DEBT (Continued) e. Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage anaounts." To date, the General Assembly has set no limits for home rule municipalities. f. Advance Refunding - General Obligation Refunding Bonds, Series 1994 In August 1994, the Village issued $8,040,000 General Obligation Series 1994 bonds, the proceeds of which were used to advance refund through an in-substance defeasance, $5,025,000 of the 1989 series general obligation bonds and $2,525,000 of the 1990 series general obligation bonds. The escrowed assets and $1,775,000 of the series 1989 General Obligation Bonds and $600,000 of the 1990 series general obligation bonds at December 31,2001 are not reported in these financial statements. g. Noncommitment Debt Special Service Area Bonds Special service area bonds outstanding as of the date of this report totaled $879,075. 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 o~vners in levying and collecting the assessments and forwarding the collections to the bondholders. - 34 ~ i ! I ! I I I ! i I I I ! I I i I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I B I I I l I I I 7. LONG-TERM DEBT (Continued) g. Nonconm~itment Debt (Continued) Conduit Debt The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial assistance to private organizations for the construction and acquisition of industrial and commercial improvements deemed to be in the public interest. The bonds are secured solely by the property financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds outstanding are not reported as a liability in these financial statements. As of December 31, 2001, there was one series oflDRBs outstanding. The aggregate principal amount payable for the IDRBs outstanding was $9,295,000. CONTRACTUAL COMMITMENTS a. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High- Level Excess Liability Pool (HELP), a public entity risk pool for certain Illinois municipalities through April 30, 2008. These amounts have been calculated using the Village's current allocation percentage of 7.58%. In future years, this allocation percentage will be subject to change because the HELP Agreement provides that each year members will be assessed based upon a formula that specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues 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. -35 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! CONTRACTUAL COMMITMENTS (Continued) b. Solid Waste Agency of Northern Cook County (SWANCC) (Continued) SWANCC has entered into solid waste disposal contracts with the twenty-three member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Village to make all payments as required by this contact is unconditional and irrevocable, ~vithout regard to performance or nonperformance by SWANCC of its obligations under this contract. INTEKFUND ASSETS/LIABILITIES Due From/To Other Funds Payable Fund Receivable Fund Amount General Municipal Equipment Repair $ 133,493 Escrow 3,521 1993 Project 300 137,314 4,590 1,682 5,072 11,344 Special Revenue GNAS - Redevelopment GNAS Caretaker Commuter Parking Municipal Equipment Repair General Capital Projects Village Permanent GNAS Bond Fund Series 1995 Capital Equipment Replacement Capital Project 2001 Project 1993 Project Glen Land Sales GNAS - Redevelopment Municipal Equipment Repair Genera Arbitrage Rebate Capital Projects 43,400 205,966 1,700 720 155,099 3,305 410,190 Enterprise Water WholesaleWater General Sewer Municipal Equipment Repair General 86,544 63,743 20,747 1,186 -36- I i ! II 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 INTERFUND ASSETSFLIABILITIES (Continued) Due From/To Other Funds (Continued) Payable Fund Receivable Fund Amount Enterprise (Continued) Sewer Commuter Parking North Maine Water and Sewer Trust and Agency Escrow Deposit TOTAL Advances From/To Other Funds Payable Fund General Municipal Equipment Repair General Water General Municipal Equipment Repair Deposit Water Receivable Fund $ 19,062 3,557 4,697 368 19,792 5,336 225,032 102,543 1,489 104,032 $ 887,912 Capital Projects I I I I I I I Capital Equipment Replacement Capital Projects TOTAL Waterworks North Maine Water and Sewer Sewerage Waterworks -37- $ 819,113 109,095 116,972 1,614,110 $ 2,659,290 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! I i0. SEGMENT INFORMATION - ENTERPRISE FUNDS The Village maintains the following enterprise funds, which are intended to be self- supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: North Maine Wholesale Water and Waterworks Water Sewer $ 6,958,560 $ 1,387,408 $ 5,588,136 564,950 62,815 282,255 1,846,142 412,515 1,105,967 20,000 30,000 (1,026,591) (506,250) (592,700) 985,540 (169,249) 147,495 1,354,108 358,644 2,345,404 99,094 22,497,424 2,686,558 8,076,852 6,549,895 636,200 1,296,293 2,050,000 7,979,058 21,951,414 564,303 (274,344) Commuter Parking Sewerage Lot Totals $ 932,421 $ 290,171 $ 15,156,696 132,229 8,132 1,050,38I 488,467 65,857 3,918,948 50,000 (665,627) (37,000) (2,828,168) (166,126) 35,178 832,838 244,898 1,599,006 (358,644) 244,898 2,590,302 99,094 5,732,668 837,127 39,830,629 721,805 233,745 9,437,938 10,029,058 5,697,637 275,773 28,214,783 -38- Operating revenues Depreciation and amortization expense Operating income Operating transfers in Operating transfers out Net income (loss) Current capital contributions Current capital transfers Plant, property and equipment Additions Deletions Total assets Net working capital Bonds and other long-term liabilities Payable from operating revenues Total equity Operating revenues Depreciation and amortization expense Operating income Operating transfers in Operating transfers out Net income (toss) Current capital contributions Current capital transfers Plant, property and equipment Additions Deletions Total assets Net working capital Bonds and other long-term liabilities Payable from operating revenues Total equity 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 11. CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: Waterworks Sewerage Totals INCREASES Contribution of capital $ 1,354,108 $ 244,898 $ 1,599,006 DECREASES None Net increase (decrease) 1,354,108 244,898 1,599,006 2,944,798 1,822,589 4,767,387 CONTRIBUTED CAPITAL, JANUARY 1, RESTATED CONTRIBUTED CAPITAL, DECEMBER 31 $ 4,298,906 $ 2,067,487 $ 6,366,393 12. CONTINGENT LIABILITIES a. Litigation 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. b. Grants Amounts received or receivable fi:om grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. -39- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 12. CONTINGENT LIABILITIES (Continued) c. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High~level Excess Liability Pool (HELP) through April 30, 2008. The Village expects to make the following payments to HELP: Year Ending December 31 Amount 2002 $ 68,425 2003 68,425 2004 68,425 2005 68,425 2006 68,425 2007-2008 136,850 d. Solid Waste Agency of Northern Cook County (SWANCC) The Village has committed to make payments to SWANCC for solid waste refuse disposal, and expects to pay the following amounts: Year Ending December 31 Amount 2002 $ 216,001 2003 216,001 2004 216,042 2005 216,084 2006 216,016 2007-2022 2,159,727 These amounts have been estimated based upon the Village's cormmtment for 2002. In future years, the annual expense will be subject to change based upon the actual tonnage of refuse disposed of and current SWANCC costs. -40 - I I I Ii I I I ! ! I I I ! i I I I ! ! VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 13. I I I I I I I I I I I I I I I I 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 Agency Agreement or the bylaws. Complete financial statements for SWANCC can be obtained from the Agency's administrative office at 1616 East Golf Road, Des Plaines, Illinois 60016 or available on the web at www.swancc.com. SWANCC's outstanding bonds are revenue obligations. They are limited obligations of SWANCC with a claim for payment solely from and secured by a pledge of the revenues of SWANCC and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. SWANCC has no power to levy taxes. Revenues of SWANCC consist of (1) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment of monies; and (3) all income, fees, and service charges and all grants, rents and receipts derived by SWANCC from the ownership and operation of the system. SWANCC covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. In accordance with the contract, the Village made $806,219 in payments to SWANCC for the year ended December 31, 2001. The payments are recorded in the Refuse and Recycling Fund. The Village does not have an equity interest in SWANCC at December 31, 2001. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 14. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides post- employment health care benefits for retired public safety employees. Substantially all of the Village's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the Village. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $223,296 for the 57 participants. The retirees pay an annual premium, which is equal to the actuarially deten~ined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. 15. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is a single-employer pension plan; and, the Firefighters' Pension Plan which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all three plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. None of the pension plans issue separate reports on the pension plans. However, 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 All employees (other than those covered by the Police or Firefighters' plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute. The employer contribution for the year ended December 31,2001 was 6.80% of covered payroll. - 42 - 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 15. 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 31,2000, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 29 49 24 TOTAL 102 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 ora 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 annually 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 31,2001, the Village's contribution was 9.92% of covered payroll. - 43 - VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 ' Article 5/4) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2000, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 37 52 28 TOTAL 117 The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such monthly salary for each additional month over 20 years of service through 30 years of service to a maximum of 75.00% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension ora covered employee who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3% compounded annually thereafter. Covered employees are required to contribute 8.455% of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as 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 Firefighters' Pension Plan is fully funded by the year 2033. For the year ended December 31, 2001, the Village's contribution was 3.651% of covered payroll. - 44 - 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 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. Significant Investments There are no investments (other than U.S. government and U.S. government guaranteed obligations) in any one organization that represent 5.00% or more of net assets for either the Police or the Firefighter's Pension Plans. Information for IMRF is not available. Employer contributions have been determined as follows: Illinois Municipal Police Firefighters' Retirement Pension Pension Actuarial Valuation Date December 31, January 1, January 1, 1998 2001 2001 Actuarial Cost Method Entry-age Entry-age Entry-age Normal Normal Normal Asset Valuation Method 5Year Smoothed Market Market Market Amortization Method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll Amor[ization Period 10 Years, 33 Years, 33 Years, Closed Closed Closed Significant Actuarial Assumptions a) Rate of Return on Present and Future Assets 7.50% 8.00% 8.00% Compounded Compounded Compounded Annually Annually Annually b) Projected Salary Increase - 4.00% 3.00% 3.00% Attributable to Inflation Compounded Compounded Compounded Annually Annually Annually c) Additional Projected .40 to 11.60% 2.50% 2.50% Salary Increases - Seniority/Merit d) Post-Retirement Benefit 3.00% 3.00% 3.00% Increases Employer annual pension cost (APC), actual contributions and the net pension obligation (asset) (NPO) are as follows. The NPO (asset) is the cumulative difference between the APC and the contributions actually made. - 45 ~ VILLAGE OF GLENVIEW, ILLiNOIS NOTES TO FINANCIAL STATEMENTS (Continued) ! ! 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) b. Significant Investments (Continued) Illinois Municipal Police Firefighters' Year Retirement* Pension* Pension* AnnualPension Cost 1999 $ 831,568 $ 389,558 5; 123,437 (APC) 2000 825,173 186,505 45,527 2001 796,191 N/A N/A Actual Contribution 1999 $ 831,568 $ 387,208 $ 157,476 2000 825,173 427,503 173,821 2001 796,191 388,310 257,224 Percentage of APC Contributed 1999 100.00% 99.4% 127.6% 2000 100.00 229.2 381.8 2001 100.00 N/A N/A NPO (Asset) 1999 $ $ (19,5t2) $ (189,925) 2000 (260,510) (318,219) 2001 N/A N/A Information presented is for the fiscal years ending December 31, 1999, 2000 and 2001 from actuarial repons as of December 31, 1998, 1999 and 2000. The net pension obligation (asset) has been calculated as follows: Police Firefighters' Pension Pension $ 187,224 $ 52,523 (1,561) (15,194) 842 8,198 186,505 45,527 427,503 173,821 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 (240,998) (128,294) (19,512) (189,925) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (260,510) $ (318,219) - 46 - 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 16. SALE OF LAND As part of the development of the property formerly occupied by the Glenview Naval Air Station, $32,938,418 was recorded as revenue in six separate transactions in the Glen Land Sales Fund for the sale of land. 17. PRIOR PERIOD ADJUSTMENT The Village corrected a prior year error by transferring $358,644 of fixed assets and contributed capital from the Sewerage Fund to the Waterworks Fund. Beginning fund balance in the General Fund has been restated by $371,037 for the implementation of GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions as follows: Sales tax $ 603,997 Illinois income tax (232,960) $ 371,037 18. SUBSEQUENT EVENT The Village issued $6,885,000 of 2002 General Obligation Refunding Bonds dated February 15, 2002. - 47 - I I I I VILLAGE OF GLENViEW, I]LL1NOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2001 I I I I I I I I I I I I I I I Actuarial (I) Valuation Actuarial Date Value of January 1 Assets 1996 $ 13,146,368 1997 15,304,133 1998 17,834,171 1999 20,971,639 2000 24,477,730 2001 26,203,617 (4) (2) Unfunded (OAAL) Actuarial (Overfunded) As a Accrued (3) AAL Percentage Liability Funded (UAAL) (5) of Covered (AAL) Ratio (OAAL) Covered Payroll - Entry Age (1) / (2) (2) - (1) PaTroll (4) / (5) 14,358, I58 91.56% $ 1,211,790 $ 7,546,952 16.06% 16,257,078 94.14% 952,945 8,360,225 11.40% 17,399,577 102.50% (434,594) 8,842,628 (4.91%) 19,680,215 106.56% (1,291,424) 9,514,512 (13.57%) 21,790,735 112.33% (2,686,995) 10,379,550 (25.89%) 23,785,832 110.16% (2,417,785) 11,708,708 (20.65%) (See independent auditor's report.) - 48 - VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND December 31,2001 I I I I (2) UAAL Actuarial (4) As a Actuarial (1) Accrued (3) Unfunded Percentage Valuation Actuarial Liability Funded AAL (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll December 31 Assets - Entry Age (1) / (2) (2) - (1) Payroll (4) / (5) 1996 $ 20,t58,840 $ 20,886,412 96.52% $ 727,572 $ 3,384,492 21.50% 1997 23,553,282 23,162,656 101.69% (390,626) 3,687,295 (10.59%) 1998 27,211,245 24,277,701 112.08% (2,933,544) 2,789,745 (105.15%) 1999 25,629,270 25,769,884 99.45% 140,614 4,008,491 3.51% 2000 29,157,173 30,130,881 96.77% 973,708 4,309,083 22.60% 2001 NA NA NA NA NA NA Information is presented for as many years as possible until six years can be presented. (See independent auditor's report.) - 49 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS FIREFIGHTERS' PENSION FUND December 31,2001 (4) (2) Unfunded Actuarial (Over funded) Actuarial ( 1 ) Accrued (3) AAL Valuation Actuarial Liability Funded (UAAL) (5) Date Value of (AAL) Ratio (OAAL) Covered December 31 Assets - Entry Age (1) / (2) (2) - (1) Payroll 1996 $ 30,745,072 S 27,892,787 110.23% $ (2,852,285) $ 4,164,229 I I I I I I I I I I I I U~L (OAAL) As a Percentage of Covered Payroll (4) / (5) Information is presented for as many years as possible until six years can be presented. (See independent auditor's report.) - 50- (68.49%) 1997 34,502,380 29,741,118 116.01% (4,761,262) 4,253,196 (111.95%) 1998 37,887,879 31,839,389 119.00% (6,048,490) 4,304,126 (140.53%) 1999 36,747,302 34,999,514 104.99% (1,747,788) 4,506,495 (38.78%) 2000 40,166,889 38,856,179 103.37% (1,310,710) 4,760,709 (27.53o/0) 2001 NA NA NA NA NA NA Calendar Year 1996 1997 1998 1999 2000 2001 ViLLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS iLLINOIS MUNICIPAL RETIREMENT FUND December 31,2001 Annual Required Employer Contribution Contributions (ARC) $ 738,092 $ 738,092 764,282 764,282 804,679 804,679 831,568 831,568 825,173 825,173 796,191 796,191 (See independent auditor's report.) -51 - Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND December 31,2001 Annual Pension Calendar Employer Cost Year Contributions (APC) 1997 $ 398,347 $ 364,249 1998 376,836 389,071 1999 387,208 389,558 2000 427,503 186,505 2001 388,310 NA Percentage Contributed 109.36% 96.86% 99.40% 229.22% NA Information is presented for as many years as possible until six years can be presented. (See independent auditor's report.) - 52 - VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS FIREFIGHTERS' PENSION FUND December 31, 2001 Annual Pension Calendar Employer Cost Year Contributions (APC) 1997 $ 247,575 $ 200,526 1998 236,334 127,498 1999 157,476 123,437 2000 173,821 45,527 2001 257,224 NA Percentage Contributed I23.46% 185.36% 127.58% 381.80% NA Information is presented for as many years as possible until six years can be presented. (See independent auditor's report.) -53- I I I I I I I I I I I I I I I I I I I I I i I GENERAL FUND The General Fund, also referred to as the Corporate Fund, is used to account for resources traditionally associated with governmental services not required to be accounted for in another fund. VILLAGE OF GLENVIEW, ILLINOIS BALANCE SHEET GENERAL FUND December 31, 2001 (with comparative totals for 2000) I ! I I ASSETS Cash Investments Receivables Taxes Property taxes Sales tax Income tax Utility taxes Accounts Other Due from other governments Due from other funds TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable Accrued payroll Compensated absences payable Infrastructure maintenance fee Other payables Due to other funds Deferred revenue Deferred property taxes Total liabilities FUND BALANCE Reserved for Patton House Unreserved Designated for income tax sumharge receipts Undesignated Total fund balance TOTAL LIABILITIES AND FUND BALANCE 2001 2000 $ 1,110,151 $ 1,792,206 13,646,605 10,414,523 5,785,884 5,672,153 1,968,913 1,146,631 232,960 343,995 425,315 42,696 333,143 118,587 32,385 137,073 521,i06 $ 23,1861289 $ 201538~037 $ 547,977 $ 609,888 77,179 77,455 1,531,691 951,802 898,295 637,589 25,911 17,374 137,314 232,004 243,325 150,575 5,785,884 5,672,153 9,247,576 8,348,840 10,000 10,000 1,334,848 1,334,848 12,593,865 10,844,349 13,938,713 12,189,197 $ 23.186,289 $ 20,538,037 See accompanying notes to financial statements. - 54- ! I ! I I I I I ! I I i I ! i I I (This page is intentionally left blank.) VILLAGE OF GLENWIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2001 (with comparative actual for 2000) i I I I REVENUES Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeits Investment income Miscellaneous Total revenues EXPENDITURES General government Public safety Highways and streets Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCING SOURCES (USES) Operating transfers in Wholesale Water Fund Waterworks fund Sewerage Fund North Maine Water and Sewer Fund Commuter Parking Lot Fund GNAS - Redevelopment Fund GNAS - Caretaker Fund Capital Projects Fund Escrow Deposit Fund Component Unit Library Fund Operating transfers (out) Capital Equipment Replacement Fund Debt Service Fund Capital Projects Fund Total other financing sources (uses) 2001 2000 Budget Actual Actual $ 10,567,318 $ 10,704,456 $ 10,213,070 2,462,505 2,810,000 1,737,399 13,079,500 13,360,398 12,894,962 2,015,065 1,152,553 1,280,928 250,000 215,284 224,431 475,000 769,833 665,382 825,000 1,581,342 524,969 29,674,388 30,593,866 27,541,141 6,212,860 5,584,274 7,693,301 15,489,211 15,584,519 13,865,605 5,968,800 5,895,520 5,100,455 27,670,871 27,064,313 26,659,361 2,003,517 3,529,553 881,780 105,000 105,000 102,000 493,700 493,710 500,750 68,495 68,500 68,500 307,500 307,500 292,674 32,000 37,000 37,000 2,000 2,000 2,000 2,000 2,000 2,000 1,208,986 175,000 172,351 190,994 12,600 12,600 12,600 (1,061,931) (1,061,930) (1,001,302) (210,805) (210,805) (2,099,000) (2,079,000) (3,610,937) (2,173,441) (2,151,074) (2,194,735) (This statement is continued on the following page.) -55 - I I I i ! I i i I I I I I I ! I I I VILLAGE OF GLENWIEW, ILL1NOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31,2001 (with comparative actual for 2000) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FiNANCiNG SOURCES OVER EXPENDITURES AND OTHER FiNANCING USES FUND BALANCE, JANUARY 1 Prior period adjustment FUND BALANCE, JANUARY 1, RESTATED FUND BALANCE, DECEMBER 31 2001 2000 Bud,get Actual Actual (1691924) $ 1,378,479 $ (1,312,955) 12,189,197 13,502,152 371,037 12,560,234 13,502,152 $ 13,938~713 $ 12,189fl97 See accompanying notes to financial statements. -56- VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31,2001 (with comparative actual for 2000) i ! I TAXES Property taxes - current Property taxes - pension Property taxes - prior Utility tax - AT&T Utility tax - mobile services Utility tax - N. I. Gas Utility tax - Commonwealth Edison Utility tax - Ameritech Other Hotel room tax Total taxes LICENSES AND PERMITS Business Liquor Pet Building permits Certificate of occupancy Contractors fees Plumbing and sewer Driveway permits Total licenses and permits iNTERGOVERNMENTAL Glenbrook Fire Protection District Replacement taxes Sales tax Illinois income tax Photo use tax Road and bridge Road and bridge - prior Village of Golf Fire Protection District Miscellaneous intergovemment Federal and state grants Make-whole payment Total intergovernmental 2001 20OO Budget Actual Actual $ 5,377,318 $ 5,129,360 $ 4,817,524 465,000 614,606 570,574 150,000 64,914 240,370 18,750 215,291 69,889 118,750 621,813 501,455 500,000 941,153 623,847 1,700,000 1,718,139 1,792,662 175,000 650,992 724,730 1,237,500 825,000 748,188 872,019 10,567,318 10,704,456 10,213,070 65,000 71,921 66,097 90,000 93,950 85,200 5,000 4,829 4,913 2,177,505 2,408,528 1,420,971 30,000 59,170 35,794 40,000 59,710 47,808 50,000 97,676 65,789 5,000 14,216 10,827 2,462,505 2,810,000 1,737,399 1,900,000 1,968,062 1,968,076 125,000 132,443 150,490 6,300,000 7,184,006 6,522,922 2,950,000 2,963,486 2,990,432 600,000 520,484 560,588 170,000 184,145 176,115 1,000 3,298 7,826 142,500 147,718 123,400 156,000 141,232 134,979 667,000 41,314 144,525 68,000 74,210 115,609 13,079,500 13,360,398 12,894,962 (This schedule is continued on the following page.) -57- I I 1 I I I !1 I I t I I I I I ! I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 3 l, 2001 (with comparative actual for 2000) I I CHARGES FOR SERVICES R.E.D. Administration Fire com Plan review fees Reinspection fees Elevator inspection fees Planning fees Conditional use fees Electrical inspection Engineering fees GNAS engineering fees Unclassified public works Other service charges Lease fees Dog impounding fees Total charges for services FINES AND FORFEITS INVESTMENT INCOME Savings Investments N.O.W. accounts Total investment income OTHER REVENUES Ameritech infrastructure maintenance Infrastructure maintenance fee Franchise tax - Cable TV Nicor franchise tax Land sales Miscellaneous Total other revenues TOTAL REVENUES 2001 2000 Budget Actual Actual 38,665 $ 42,667 8,578 100,000 181,265 1,000 29,759 15,000 14,120 5,000 9,905 8,400 7,355 50,000 118,499 400,000 510,406 1,200,000 12,000 2,982 10,000 33,780 175,000 190,676 2,561 $ 37,690 99,533 4,887 11,420 18,136 6,552 81,122 781,081 6,923 8,656 212,898 12,030 2,015,065 1,152,553 1,280,928 250,000 215,284 224,431 15,000 9,926 21,199 450,000 748,780 632,299 10,000 11,127 11,884 475,000 769,833 665,382 165,000 143,923 159,006 (303,014) 210,000 241,680 169,839 29,165 25,442 400,000 956,654 295,460 50,000 209,920 178,236 825,000 1,581,342 524,969 $ 297674~388 $ 30,593,866 $ 27,541,141 (See independent auditor's report.) -58- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITUILES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2001 I I I GENERAL GOVERNMENT Board of Trustees Special board Legal Emergency Service Disaster Agency Village Manager Finance Information Systems Management Municipal building and grounds Personnel and insurance Cable TV Total general government PUBLIC SAFETY Police department Fire department Printing Total public safety HIGHWAYS AND STREETS Development and public services Administration Planning and zoning Engineering Public health Building inspection Total development and public services Public works Administration Overhead Street maintenance Traffic Storm water management Snow and ice control Forestry Grounds Total public works Total highways and streets TOTAL EXPENDITURES (See independent auditor's report.) - 59- Budget Actual $ 138,220 $ 31,232 668,995 188,471 321,700 307,114 8,420 6,998 525,613 440,607 719,738 708,261 417,716 421,228 276,712 325,736 3,034,896 3,057,913 100,850 96,714 6,212,860 5,584,274 7,594,689 7,574,915 7,832,072 7,962,918 62,450 46,686 15,489,211 15,584,519 328,369 347,449 313,922 377,704 879,818 802,313 230,050 225,751 915,589 890,511 2,667,748 2,643,728 358,746 310,561 1,225,610 1,326,990 266,316 324,691 473,951 299,227 126,889 176,481 375,041 317,780 245,422 337,844 229,077 158,218 3,301,052 3.251,792 5,968,800 5,895,520 $ 27~670.871 $ 27~064~313 I I 1 i I I I I I I 1 I 1 I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FLrND For the Year Ended December 31,2001 I I I I i I I I I I I I ! I I GENERAL GOVERNMENT Board of Trustees Personal services Contractual services Material and supplies 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 Other Total emergency service disaster agency Village Manager Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total Village Manager (This schedule is continued on the following pages.) - 60 - Budget Actual $ 9,000 $ 9,225 126,220 20,447 3,000 1,560 138,220 31,232 266,995 165,021 2,000 1,675 400,000 21,775 668,995 188,471 318,000 301,489 3,700 5,625 321,700 307, i14 5,500 4,614 2,420 1,841 500 543 8,420 6,998 415,698 365,379 97,690 62,359 3,610 4,267 11,515 11,993 4,500 4,009 533,013 448,007 7,400 7,400 525,613 440,607 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31,2001 I I I i GENERAL GOVERNMENT (Continued) Finance Personal services Contractual services Material and supplies Other Capital outlay Total finance Information Systems Management Personal services Contractual services Material and supplies Other Capital outlay Total information systems management Municipal building and grounds Personal services Contractual services Material and supplies Other Capital outlay Total municipal building and grounds Personnel and insurance Personal services Contractual services Material and supplies Other Capital outlay FICA payments Insurance Total personnel and insurance (This schedule is continued on the following pages.) -61 - Budget Actual $ 560,454 $ 571,179 122,980 94,760 31,250 35,947 5,054 4,331 2,044 719,738 708,261 124~931 110,072 211,685 212,640 8,800 13,975 24,800 23,042 47,500 61,499 417,716 421,228 30,112 29,804 199,100 261,118 11,500 12,949 6,000 6,695 30,000 15,170 276,712 325,736 72,526 74,230 94,945 67,442 1,000 900 15,000 16,983 5,000 4,484 575,000 622,444 2,271,425 2,271,430 3,034,896 3,057,913 I 1 i i 1 I I I I i I I I I I I I I VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31,2001 I I I I I I I I I I I I I I I GENERAL GOVERNMENT (Continued) Cable TV department Personal services Contractual services Material and supplies Other Capital outlay Total cable TV department TOTAL GENERAL GOVERNMENT PUBLIC SAFETY Police department Personal services Pension Contractual services Material and supplies · Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Total police department Fire department Personal services Pension Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Total fire department (This schedule is continued on the following pages.) - 62 - Bud[~et Actual $ 50,660$ 50,257 13,850 10,967 9,300 9,079 2,040 1,210 25,000 25,201 100,850 96,714 $ 6~212,860 $ 5~584,274 $ 6,333,556 $ 6,329, I37 361,000 398,620 397,966 363,837 184,050 168,697 30,000 43,057 57,817 57,108 603,993 588,152 7,968,382 7,948,608 373,693 373,693 7,594~689 7,574,915 5,985,842 6,670,585 115,000 226,296 1,113,838 594,066 170,274 147,849 6,000 4,029 250,505 137,686 462,824 454,617 8,104,283 8,235,128 272,211 272,210 7,832,072 7,962,918 VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2001 i I I i PUBLIC SAFETY (Continued) Printing Contractual services Material and supplies Total printing TOTAL PUBLIC SAFETY HIGHWAYS AND STREETS Development and public service General Personal services Contractual services Material and supplies Other Less transfer to Capital Equipment Replacement Fund Total general Planning and zoning Personal services Contractual services Material and supplies Total planning and zoning Engineering Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total engineering Budget Actual $ 22,200 $ 15,080 40,250 31,606 62,450 46,686 $ 15,489~211 $ 15,584,519 $ 302,845 $ 316,745 22,005 26,872 1,300 1,594 6,419 6,438 332,569 351,649 4,200 4,200 328,369 347,449 135,120 145,828 177,302 231,128 1,500 748 313,922 377,704 832,497 729,724 23,250 51,647 8,200 5,044 48,521 49,198 650 913,118 835,613 33,300 33,300 879,818 802,313 (This schedule is continued on the following pages.) - 63 - I i I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31,2001 I I I I I I I I I I I I I I I HIGHWAYS AND STREETS (Continued) Development and public service Continued) Public health Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total public health Building inspection Personal services Contractual services Material and supplies Other Capital outlay Less transfer to Capital Equipment Replacement Fund Total building inspection Total development and public service Public works Administration Personal services Contractual services Material and supplies Capital outlay Total administration (This schedule is continued on the following pages.) - 64 - Budget Actual $ 207,649 $ 207,908 9,825 5,059 8,200 6,044 11,176 13,540 400 400 237,250 232,951 7,200 7,200 230,050 225,751 815,605 791,996 55,865 45,144 7,500 11,681 31,519 66,590 30,000 940,489 915,411 24,900 24,900 915,589 890,511 2,667,748 2,643,728 324,746 262,622 24,900 39,899 5,600 7,385 3,500 655 358,746 310,561 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2001 ! I HIGHWAYS AND STREETS (Continued) Public works (Continued) Overhead Personal services Contractual services Material and supplies Other Capital outlay Equipment repair and replacement Less transfer to Capital Equipment Replacement Fund Total overhead Street maintenance Personal services Material and supplies Capital outlay Total street maintenance Traffic Personal services Contractual services Material and supplies Total traffic Storm water management Personal services Contractual services Material and supplies Capital outlay Total storm water management (This schedule is continued on the following page.) - 65 - Budget Actual $ 630,724 $ 808,474 116,198 127,527 39,700 35,887 6,000 3,118 29,000 18,694 743,015 672,317 1,564,637 1,666,017 339,027 339,027 1,225,610 1,326,990 207,366 285,944 49,500 37,647 9,450 1,100 266,316 324,691 99,301 104,096 268,300 166,731 106,350 28,400 473,951 299,227 86,794 129,193 9,270 14,826 28,325 31,630 2,500 832 126,889 176,481 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 EXPENq3ITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2001 I I I HIGHWAYS AND STREETS (Continued) Public works (Continued) Snow and ice control Personal services Contractual services Material and supplies Budget Actual $ 242,741 $ 164,095 1,000 1,000 131,300 152,685 I I I I I I 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 Capital outlay Total grounds 375,041 317,780 225,042 308,148 7,020 13,683 8,700 11,353 4,660 4,660 245,422 337,844 83,877 61,165 111,000 70,024 31,400 23,930 2,800 3,099 229,077 158,218 3,301,052 3,251,792 $ 5~968,800 $ 5,895~520 I I Total public works TOTAL HIGHWAYS AND STREETS I (See independent auditor's report.) - 66- I I I I I I I I I I I I I I I i I I SPECIAL REVENUE FUNDS Illinois Municipal Retirement Fund - The Illinois Municipal Retirement Fund is used to account for the revenues and expenditures associated with providing disability and pension benefits for Glenview employees. This fund also provides the employer with a portion of F.I.C.A. contributions. Motor Fuel Tax Fund - The Motor Fuel Tax Fund is used to account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the Village. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - The 911 Communications Fund is used to account for the activity o£the 911 emergency service system. Financial activity began in 1990 and the system became operational in 1992. GNAS Redevelopment Fund ~ The GNAS Redevelopment Fund is used to account for the resources and expenditures incurred in the development of the Glenview Naval Air Base land. GNAS Caretaker Fund - The GNAS Caretaker Fund is used to account for the resources and expenditures related to the Village's custodial arrangement with the U.S. Navy regarding caretaking of the Glenview Naval Air Base. Special Tax Allocation Fund - The Special Tax Allocation Fund is used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at the GNAS. VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS December 31,2001 (with comparative totals for 2000) ASSETS Cash Investments Receivables Property taxes Other Due from other governments Due from other funds Prepaid items TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Other payables Bank overdraft Due to other funds Deferred property taxes Total liabilities FUND BALANCES Reserved for prepaid items Unreserved - undesignated Total fund balances TOTAL LIABILITIES AND FUND BALANCES Illinois Refuse Municipal Motor and Retirement Fuel Tax Recycling $ 29,269 $ 114,137 $ 81,077 460,000 1,424,007 485,437 71,213 97,688 140,363 $ 974~706 $ 211~825 $ 1~716~660 $ 67,205 $ $ 93,280 44,474 485,437 597,116 93,280 140,363 377,590 211,825 1,483,017 377,590 211,825 1,623,380 $ 974,706 $ 211~825 $ 1~716,660 - 67 - I I I I I I I I I I I I I I I I I I I I I I I I I 911 Communi- GNAS GNAS cations Redevelopment Caretaker Special Tax Allocation Totals 2001 2000 I I I I $ 202,041 $ $ 8,479 $ 200,000 67,902 6,770 205,966 16,716 $ 451,719 $ 515,062 2,084,007 1,645,387 485,437 504,854 145,885 103,028 97,688 92,497 205,966 4,502,873 140,363 54,725 $ 469,943 $ 205,966 $ 15~249 $ 167716 $ 3,611:065 $ 7~418~426 I I I I $ 10,675 $ 134,840$ 170,016 $ $ 476,016 $ 266,080 2,549 48,173 95,196 131,990 20,505 20,505 6,272 5,072 11,344 4,269,378 485,437 504,854 13,224 209,790 175,088 1,088,498 5,172,302 140,363 54,725 456,719 (3,824) (159,839) 16,716 2,382,204 2,191,399 456,719 (3,824) (159,839) 16,716 2,522,567 2,246,124 I ! $ 469,943 $ 205~966 $ 15,249 $ 16~716 $ 3.611,065 $ 7~418,426 I I See accompanying notes to financial statements. - 68 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS For the Year Ended December 31,2001 (with comparative totals for 2000) I I I I REVENUES Taxes Intergovernmental Charges for services Investment income Miscellaneous Total revenues EXPENDITURES Current General government Public safety Highway and streets Pension Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Operating transfers in - component unit Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 - 69 - Illinois Refuse Municipal Motor and Retirement Fuel Tax Recycling $ 538,270 $ $ 1,131,533 1,096,490 13,982 4,161 65,378 80,596 632,848 1,135,694 1,161,868 937,371 806,182 806,182 937,371 (173,334) 1,135,694 224,497 176,800 (1,130,795) 144,600 321,400 (1,130,795) 148,066 4,899 224,497 229,524 206,926 1,398,883 $ 377,590 $ 211,825 $ 1~623,380 I I I I I I I I I I I I I I I I ! I I I ,! 911 Communi- GNAS GNAS Special Tax cations Redevelopment Caretaker Allocation Totals 2001 2000 ! ! $ $ $ $ 457,212 $ 995,482 $ 784,864 1,131,533 1,405,075 486,575 1,583,065 1,458,201 15,593 539 143 833 100,629 91,003 1,812 82,408 59,879 502,168 2,351 143 458,045 3,893,117 3,799,022 ! ! 2,351,537 669,539 730,606 4,689,053 5,096,079 295,017 295,017 269,096 282,498 806,182 833,007 295,017 2,351,537 669,539 730,606 5,790,252 6,480,680 207,151 (2,349,186) (669,396) (272,561) (I,897,135) (2,681,658) 2,411,000 610,300 13,825,300 17,023,400 22,460,972 (148,327) (70,250) (105,550) (13,539,500) (14,994,422) (18,147,926) 144,600 136,622 (148,327) 2,340,750 504,750 285,800 2, I73,578 4,449,668 ! ! I I I 58,824 (8,436) (164,646) 13,239 276,443 1,768,010 397,895 4,612 4,807 3,477 2,246,124 478,114 456,719 $ (31824) $ (1591839) $ 16,716 $ 2,5221567 $ 212461124 I See accompanying notes to financial statements. - 70 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL ILLINOIS MUNICIPAL RETIREMENT FUND For the Year Ended December 31, 2001 I I I I Taxes Property taxes - current Property taxes - prior Replacement taxes Investment income Miscellaneous Total revenues EXPENDITURES Pension Contractual services Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in 911 Communications Fund Waterworks Fund Wholesale Water Fund North Maine Water Fund GNAS Caretaker Fund GNAS Redevelopment Fund Sewerage Fund Component unit Library Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Budget Actual ! 520,000500 $ 510,5967,674 I' 20,000 20,000 4,000 13,982 I 80,596 544,500 632,848 I 838,000 806,182 I 838,000 806,182 I (293,500) (173,334) ! 10,500 10,500 I 65,000 65,000 1,250 1,250 28,200 28,200 I 30,000 21,000 38,853 38,850 12,000 12,000 I 144,601 144,600 330,404 321,400 I I 36,904 148,066 I 229,524 $ 377~590 I I See accompanying notes to financial statements. ~71 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended December 31, 2001 REVENUES Intergovenunental Allotments Investment income Total revenues EXPENDITURES EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FiNANCING SOURCES (USES) Operating transfers (out) Capital Projects Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Budget Actual $ 1,120,000 $ 1,131,533 11,250 4,161 1,131,250 1,135,694 1,131,250 1,135,694 (1,130,800) (1,130,795) 450 4,899 206,926 $ 211,825 See accompanying notes to financial statements. - 72 - VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL REFUSE AND RECYCLING FUND For the Year Ended December 31,2001 REVENUES Charges for services Investment income Total revenues EXPENDITURES General government Contractual services Materials and supplies Other Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 Budget Actual $ 1,088,125 $ 1,096,490 27,500 65,378 1,115,625 1,161,868 4,000 76,000 32,608 934,275 904,763 1,014,275 937,371 $ 101,350 224,497 1,398,883 $ 11623,380 See accompanying notes to financial statements. -73 - I i I i I I 1 I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 911 COMMUNICATIONS FUND For the Year Ended December 31, 2001 I I I I i I I I I I I I I I I Budget Actual REVENUES Charges for services Investment income $ 355,000 $ 486,575 8,500 15,593 Total revenues 363,500 502,168 EXPENDITURES Public safety Personal services Contractual services Materials and supplies Other Capital outlay 153,479 157,775 120,400 105,463 2,350 1,350 22,948 29,999 6,000 430 Total expenditures 305,177 295,017 58,323 207,151 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) Illinois Municipal Retirement Fund Capital Project Fund Capital Equipment Replacement Fund (10,500) (10,500) (99,517) (38,314) (38,310) Total other financing sources (uses) (48,814) (148,327) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ 9~509 58,824 FUND BALANCE, JANUARY I 397,895 FUND BALANCE, DECEMBER 31 $ 456~719 See accompanying notes to financial statements. - 74 - VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES iN FUND BALANCE - BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND For the Year Ended December 31, 2001 REVENUES Investment income Miscellaneous Total revenues EXPENDITURES EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Special Tax Allocation Fund Operating transfers (out) General Fund Capital Equipment Replacement Fund Illinois Municipal Retirement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FiNANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Budget Actual $ 100 $ 539 1,812 100 2,351 5,215,854 2,351,537 (5,215,754) (2,349,186) 2,675,000 2,411,000 (2,000) (2,000) (29,400) (29,400) (38,853) (38,850) 2,604,747 2,340,750 $ (2,611,007) (8,436) 4,612 $ (3,824) See accompanying notes to financial statements. - 75 - I I I i I I I I i I I I I I I I I I I I I I I I I I I I I i I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES ~ BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND ADMINISTRATION DEPARTMENT For the Year Ended December 31, 2001 GENERAL GOVERNMENT Administration Personal service Contractual services Material and supplies Other charges Capital outlay Less transfer to Capital Equipment Replacement Fund TOTAL EXPENDITURES Budget Actual (See independent auditor's report.) - 76- 560,521 $ 557,367 1,634,095 1,303,981 42,880 37,654 375,131 473,526 10,000 8,409 2,622,627 2,380,937 (29,400) (29,400) $ 5,215~854 $ 2~351,537 VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES 1N FUND BALANCE - BUDGET AND ACTUAL GNAS CARETAKER FUND For the Year Ended December 31, 2001 Investment income EXPENDITURES General government EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Special Tax Allocation Fund Operating transfers (out) General Fund Capital Equipment Replacement Fund Illinois Municipal Retirement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE (DEFICIT), DECEMBER 31 Budget Actual $ 100 $ 143 1,819,476 669,539 (1,819,376) (669,396) 2,000,000 610,300 (2,000) (2,000) (82,550) (82,550) (30,000) (21,000) 1,885,450 504,750 $ 66,074 (164,646) 4,807 $ (159,839) See accompanying notes to financial statements. - 77 - I I I I I i I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS CARETAKER FUND For the Year Ended December 31,2001 I ! I I I I I I I I I I I I I GENERAL GOVERNMENT Overhead Personal service Contractual services Material and supplies Other charges Less transfer to Capital Equipment Replacement Fund Total overhead Street maintenance Personal service Contractual services Material and supplies Total street maintenance Traffic Personal service Contractual services Material and supplies Capital outlay Total traffic Storm water management Personal service Contractual services Material and supplies Total storm water management (This schedule is continued on the following pages.) - 78 - Budget Actual 17,000 $ 12,118 29,000 3,384 7,500 1,847 196,050 112,086 249,550 129,435 (82,550) (82,550) 167,000 46,885 17,000 19,457 24,376 500 364 17,500 44,197 17,000 9,371 78,000 18,836 11,000 1,458 60,000 166,000 29,665 17,500 24,603 7,000 11,583 12,300 10,119 36,800 46,305 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Year Ended December 31,2001 I I I I GENERAL GOVERNMENT (Continued) Snow and ice control Personal service Material and supplies Capital outlay Total snow and ice control Budget Actual $ 17,000$ 13,518 12,000 5,200 34,200 13,518 17,500 5,038 1,700 308 3,800 2,811 23,000 8,157 17,500 8,600 167,600 73,210 293,500 2,241 478,600 84,051 126,234 33,508 251,200 231,942 20,000 76 30,200 427,634 265,526 33,734 24,277 136,000 9,329 13,000 1,420 182,734 35,026 Forestry Personal service Contractual services Material and supplies Total forestry Grounds Personal service Contractual services Material and supplies Total grounds Great park maintenance Personal service Contractual services Material and supplies Capital outlay Total great park maintenance Lake management Personal service Contractual services Material and supplies Total lake management (This schedule is continued on the following page.) - 79 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND For the Year Ended December 31, 2001 I I I I I I I I I I I I I I I GENERAL GOVERNMENT (Continued) Prairie management Personal service Contractual services Material and supplies Total prairie management Chapel maintenance Personal service Contractual services Material and supplies Total chapel maintenance Water distribution system Personal service Contractual services Material and supplies Total water distribution system Sanitary sewer system Personal service Contractual services Material and supplies Total sanitary sewer system TOTAL EXPENDITURES (See independent auditor's report.) - 80 - Budget Actual $ 21,558 $ 269 72,500 10,424 8,000 909 102,058 11,602 17,000 9 65,900 3,217 5,000 560 87,900 3,786 17,500 39,758 37,250 (2,415) 8,800 18,558 63,550 55,901 27,500 23,442 1,000 4,000 1,478 32,500 24,920 $ 1~8191476 $ 6691539 VILLAGE OF GLENVIEW, ILLiNOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL TAX ALLOCATION FUND For the Year Ended December 31, 2001 Budget Actual REVENUES Taxes Property taxes - current Investment income Total revenues EXPENDITURES 350,000 $ 457,212 833 350,000 458,045 2,000,000 730,606 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,650,000) (272,561) OTHER FiNANCING SOURCES (USES) Operating transfers in Glen Land Sales Operating transfers (out) GNAS Redevelopment Fund GNAS Caretaker Fund GNAS Bond Fund Corporate Purpose Bond Series of 1996 Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY I FUND BALANCE, DECEMBER 31 49,195,000 13,825,300 (2,675,000) (2,OOO,OOO) (43,775,000) (1,069,500) (324,500) $ (1,974~500) (2,411,000) (610,300) (9,448,700) (1,069,500) 285,800 13,239 3,477 16~716 See accompanying notes to financial statements. -81 - I I I I i I I I i I I I I I I I I I I I I I I I I I I I I I ! I ! I i I I DEBT SERVICE FUNDS Corporate Purpose Bond Series of 1993 - This issue in the amount 0£$7,635,000 was sold to finance various capital projects throughout the Government including, but not limited to, the public works garage, varioas street projects and capital purchases. Corporate Purpose Bond Series of 1994 - This issue in the amount of $8,040,000 was sold to partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose Bond Series of 1990. Corporate Purpose Bond Series of 1996 - This issue in the amount of $8,435,000 was sold to finance General Obligation Bond Anticipation Bonds that matured in 1996. Corporate Purpose Bond Series of 1998 - These issues in the amounts ors 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 - This issue in the amount of $4,970,000 was sold to finance various capital improvements throughout the Village. Corporate Purpose Bond Series of 2001- This issue in the amount of $41,800,000 was sold to finance the development of the fonner Glenview Naval Air Station. VILLAGE OF GLEN*VIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DEBT SERVICE FLrNDS For the Year Ended December 31, 2001 (with comparative totals for 2000) I i I I REVENUES Taxes Property taxes Replacement taxes Investment income EXPENDITURES Principal retirement Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in General Fund Waterworks Fund Sewerage Fund Glen Land Sales Special Tax Allocation Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCES (DEFICIT), JANUARY I FUND BALANCES, DECEMBER 31 - 84 ~ Corporate Purpose Bond Series of 1993 Corporate Purpose Bond Series of 1994 Budget Actual Budget Actual 938,476 $ 933,205 $ 810,033 $ 808,412 9,300 9,300 15,500 29,995 36,000 47,943 963,276 972,500 846,033 856,355 700,000 700,000 1,155,000 1,155,000 239,676 239,075 176,740 176,740 939,676 939,075 1,331,740 1,331,740 23,600 33,425 (485,707) (475,385) 437,881 437,881 82,627 82,627 520,508 520,508 S 23~600 33,425 $ 34,801 235,360 45,123 551,839 $ 268~785 $ 596.962 I I I I ! I I ! I I I i I I I I I I I I Corporate Purpose Corporate Purpose Corporate Purpose Totals Bond Series of 1996 Bond Series of 1998 Bond Fund Series of 2000 2001 2000 Budget Actual Budget Actual Budget Actual Budget Actual Actual I $ $ $ $ $ $ $ 1,748,509 $ 1,741,617 $ 1,923,548 9,300 9,300 9,300 5,1 O0 17,108 50,5 O0 51,778 652 107,1 O0 147,476 275,904 5,100 17,108 50,500 51,778 652 1,864,909 1,898,393 2,208,752 735,000 735,000 2,590,000 2,590,000 2,690,000 335,618 335,018 1,501,664 1,500,464 212,005 203,794 2,465,703 2,455,091 2,379,881 1,070,618 1,070,018 1,501,664 1,500,464 212,005 203,794 5,055,703 5,045,091 5,069,881 I I I I I (1,065,518) (1,052,910) (1,451,164) (1,448,686) (212,005) (203,142) (3,190,794) (3,146,698) (2,861,129) 210,805 210,805 1,069,500 1,069,500 1,069,500 210,805 210,805 437,881 437,881 457,948 82,627 82,627 109,511 1,073,000 1,069,500 I 1,069,500 1,069,500 210,805 210,805 1,800,813 1,800,813 1,640,459 i I I I I I $ 3.982 16,590 $ (1,451,164) (1,448,686) $ (1,200) 7,663 $ (1,389,981) (1,345,885) (1,220,670) 32,946 1,611,899 (800) 2,431,244 3,651,914 49,536 $ 163 213 $ 6,863 $ 1 085 359 $ 2431244 See accompanying notes to financial statements. - 85 - CAPITAL PROJECTS FUNDS Capital Equipment Replacement Fund - The Capital Equipment Replacement Fund is used to account for the funds annually set aside for the eventual replacement of certain capital equipment. Capital Projects Fund - The Capital Projects Fund is used to account for revenues and expenditures involved with all other capital improvements throughout the Village. Village Permanent Fund - This 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. Bond Fund Series 1993 - The Bond Fund Series 1993 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1993. GNAS Bond Fund Series 1995 - This fund is used to account for various development and other projects related to the Glenview Naval Air Base and financed with the General Obligation Bond Anticipation Bond Series of 1995. Glen Land Sales Fund - This fund is used to account for grant funds, land sales, and property tax revenues (via the Tax Increment Finance District) related to the Glenview Naval Air Base. 2000 Project Fund - This fund is used to account for the funds derived from the 2000 General Obligation Bond Issue. 2001 Project Fund - This fund is used to account for the funds derived from the 2001 General Obligation Bond issue. I 1 I (This page is intentionally left blank.) I I I i I i I I I I i I i 1 I ! I ! 0 I I I i I I t I I I i I t I I I I I I ! I I I i I I I ! I I I 1 I I I ! I i I I I I 5 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2001 Budget Actual PROJECT COSTS Village of Glenview Development Department fees $ 1,000,000 $ Runway/pavement demolition 200,000 16,279 Property surveys/plats/jurisdiction maps 34,466 42,964 Lake cons'auction 1,173,548 (143,084) Roadway engineering, design and construct/on management 1,550,000 1,770,963 Memorial restoration 368,155 175,886 Willow/Patriot Boulevard intersection 899,545 299,337 Patriot Boulevard/Chestnut to East Lake 131,722 Chestnut/Lehigh to Patriot Boulevard 93,177 Street lighting and traffic signals (except Lehigh) 3,708,194 1,593,412 SCADA system 550,000 206,440 Prairie and wetland/management and mitigation 1,624,155 339,895 Lake outlet 153,549 30,845 Patriot Boulevard/Willow to West Lake 1,283,753 538,190 Roadway medians and parkway landscaping 3,638,674 604,277 West Lake/West Gate to Patriot Boulevard 525,000 554,930 Patriot Boulevard/West Lake to Chestnut 592,420 128,362 Lehigh Avenue roadways 2,500,000 West Lake/Lehigh Avenue to Patriot Boulevard 1,021,751 302,252 Chestnut/Patriot Boulevard to golf course 400,000 Shermer/Old Willow Road to West Lake 771,084 700,498 Lehigh Avenue lighting 775,500 115,909 Lehigh Avenue traffic signal 600,000 Lehigh Avenue stormwater drainage 3,000,000 Chestnut/East Gate to Lehigh 300,000 Westside engineering and construction management 50,000 38,467 Laramie pumping station engineering and construction management 10,000 520 Rugen reservior engineering and construction management 550,000 74,308 (A) and (B) Eastside engineering and construction management 495,582 109,293 Westside reservoir and pump house construction 500,000 496,909 Laramie pump house construction 26,680 24,312 Rugen reservoir and pump house construction 4,000,000 (A) and (B) Eastside construction 5,500,000 3,786 Water system analysis 25,000 8,442 Water source improvements 4,000,000 775,307 (This schedule is continued on the following page.) - 93 - I I I I I I 1 I I I ! I t 1 I I 1 I I I I I I ! I I I I ! I i ! ! B I I ! VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2001 PROJECT COSTS 36" transmission Westgate to Westside engineering and construction management 36" transmission line Westgate to Westside construction Utility allowance Stormwater design Building demolition .~ Other demolition Environmental demolition and restoration Miscellaneous restoration Potable water construction work Stormwater piping construction Sanitary sewer construction Metra station design and construction Metra station parking lots Gallery park landscaping and amenities Gallery park planning Public works campus fence East Lake Avenue sidewalk Snow dumping area Glenview Park District Park Center Building modifications Land purchase easements Construction fence/silt fence The Glen Fire Station project Public works campus improvement Bike paths-ali West Lake Avenue Sidewalks on Willow and Shermer Contingency TOTAL EXPENDITURES (See independent auditor's report.) - 94 - Budget Actual $ 90,000$ 79,884 1,200,000 938,608 3,087,457 440,341 60,000 650,000 176,000 21,655 2,811,500 2,286,045 500,000 11,054 1,182,262 611,528 2,658,513 1,139,416 976,842 444,367 300,000 1,255,100 11,816 6,675,000 3,808,637 50,000 6,190 15,552 250,000 150,000 523,210 175,910 167,909 1,496,788 17,500 25,000 17,109 2,000,000 250,000 150,000 10,147 250,000 1,711,808 $ 70,184,135 $19,359,667 I I I I I I I I I I I I I I I i I I I ENTERPRISE FUNDS Waterworks Fund - The Waterworks Fund is used to account for the provision o£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. Wholesale Water Fund - The Wholesale Water Fund is used to account for the provision of water service to the Illinois American Water Company enabling the private utility to receive Lake Michigan water. North Maine Water and Sewer Fund - The North Maine Water and Sewer Fund is used to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Village of Glenview customers. Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts for the activity involved with, but not limited to, the administration (Finance Director), sale of permits and maintenance of the commuter parking facilities within the Village. I I I I I i 1 I I i I l I I i I i I I I i I i I I I I I I I i I I i i I I i I I I I I I i I l I I I I I ~ I I I I t I I I °~ Z VILLAGE OF GLENVIEW, ILLINOIS COMBiNING SCHEDULE OF CHANGES IN CONTRIBUTED CAPITAL ENTERPRISE FUNDS For the Year Ended December 31, 2001 (with comparative totals for 2000) INCREASES Contribution of capital DECREASES None NET INCREASE (DECREASE) CONTRIBUTED CAPITAL, JANUARY 1 - RESTATED CONTRIBUTED CAPITAL, DECEMBER 31 Totals Waterworks Sewerage 2001 2000 $ 1,354,108 $ 244,898 $ 1,599,006 $ 1,290,I44 1,354,108 244,898 1,599,006 1,290,144 2,944,798 1,822,589 4,767,387 3,477,243 $ 4~298,906 $ 2,067~487 $ 6,366,393 $ 4,767,387 (See independent auditor's report.) - 99 - 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 I 1 I I I (This page is intentionally left blank.) I I I I I I I I I I i I I I I i I I ! I I I I I I I I i I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2001 I I I I OPERATING REVENUES Charges for services Water charges Water meter repair charges Water connection charges Water meters and remote readers Miscellaneous Late payment fees Brass fittings Water for construction Turn on charge Recapture agreements Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Supply and metering Pumping station - east Pumping station - west Distribution system Overhead Total operating expenses excluding depreciation OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION OPERATING INCOME NONOPERATING REVENUES Gain on sale Investment income INCOME BEFORE OPERATING TRANSFERS Budget Actual $ 6,908,000 $ 6,340,364 810 100,000 232,152 50,000 210,504 60,000 70,009 10,000 39,160 20,000 33,764 5,000 6,595 10,000 11,672 1,500 13,530 7,164,500 6,958,560 228,408 219,463 2,832,851 2,734,432 296,178 188,638 189,631 155,006 727,010 825,356 774,363 424,573 5,048,441 4,547,468 2,116,059 2,411,092 578,490 2,116,059 1,832,602 16,233 92,500 129,756 2,208,559 1,978,591 (This statement is continued on the following page.) - 102 ~ I I I I i I t I I I I I ! I I ! I I ! VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31,200I I i I I I I I I I I I I I I I OPERATING TRANSFERS IN (OUT) General Fund Wholesale Water Fund Illinois Municipal Retirement Fund North Maine Water/Sewer Fund Corporate Purpose Bonds 1994 Fund Capital Projects Fund Total operating transfers in (out) NETINCOME RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See accompanying notes to financial statements. - 103 - Budget Actual $ (493,700) $ (493,710) (30,000) (30,000) (65,000) (65,000) 20,000 20,000 (437,881) (437,881) (1,120,000) (2,126,581) (1,006,591) $ 81~978 972,000 16,666,968 $ 17~638,968. VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2001 ADMINISTRATION Contractual services Materials and supplies Other Total administration OPERATIONS Supply and metering Personal services Contractual services Water purchase Materials and supplies Total supply and metering Pumping station - east Personal services Contractual services Materials and supplies Capital outlay Total pumping station - east Pumping station - west Personal services Contractual services Materials and supplies Total pumping station - west Distribution system Personal services Contractual services Materials and supplies Capital outlay Total distribution system (This schedule is continued on the following page.) - 104 - Budget Actual $ 19,800 $ 19,223 1,500 207,108 200,240 228,408 219,463 131,951 90,919 70,200 50,623 2,575,000 2,540,391 55,700 52,499 2,832,851 2,734,432 69,878 68,096 175,700 106,710 12,100 6,452 38,500 7,380 296,178 188,638 28,481 61,457 150,400 85,308 10,750 8,241 189,631 I55,006 444,410 462,990 138,800 200,231 101,500 151,199 42,300 10,936 727,010 825,356 l 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 OPERATING EXPENSES BUDGET AND ACTUAL (Continued) WATERWORKS FUND For the Year Ended December 31,2001 I I I I I I I I I I I I I I I OPERATIONS (Continued) Overhead Personal services Contractual services Materials and supplies Other Capital outlay Less nonoperating expenses Fixed assets capitalized Total overhead TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION (See independent auditor's report.) - 105 ~ Budget Actual $ 268,557 $ 251,288 57,200 26,265 21,130 21,636 260,872 103,959 1,157,900 1,012,721 1,765,659 1,415,869 (991,296) (991,296) 774,363 424,573 $ 5,048,441 $ 4,547,468 I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 3 i, 2001 I I I I I ! I I I I I I I I I OPERATING REVENUES Water sales OPERATING EXPENSES EXCLUDING DEPRECIATION Operations Supply and metering Pumping station Distribution system Total operating expenses OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Investment income Interest expense Total nonoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN Waterworks Fund Total operating transfer in OPERATING TRANSFERS (OUT) Capital Projects Fund Illinois Municipal Retirement Fund General Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See accompanying notes to financial statements. - 107 - Budget Actual $ 1,400,000 $ 1,387,408 820,094 817,598 59,364 79,479 5,000 15,001 884,458 912,078 515,542 475,330 62,815 515,542 412,515 41,500 35,347 (140,444) (140,861) (98,944) (105,514) 416,598 307,001 30,000 30,000 30,000 30,000 (400,000) (400,000) (1,250) (1,250) (lO5,OO0) (lO5,0oo) (506,250) (506,250) $ (59,652) (169,249) 733,552 $ 564~303. VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WHOLESALE WATER FUND For the Year Ended December 31, 2001 OPERATIONS Supply and metering Contractual services Material and supplies Other Total supply and metering Pumping station Personal services Contractual services Material and supplies Total pumping station Distribution system Personal services Contractual services Bond principal Less nonoperating expenses Total distribution system TOTAL OPERATING EXPENSES EXCLUDiNG DEPRECIATION Budget Actual (See independent auditor's report.) - 108 - 811,210 $ 809,451 500 419 8,384 7,728 820,094 817,598 16,414 26,786 41,950 52,647 1,000 46 59,364 79,479 2,000 1,864 3,000 13,137 125,000 125,000 130,000 140,001 (125,000) (125,000) 5,000 15,001 $ 884~458 $ 912~078 I I I I I I I ! I ! I I I I I I I I I VILLAGE OF GLENWIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31,2001 I ! I I OPERATING REVENUES Charges for services Water charges Sewer charges Miscellaneous New water meters Late payment fees Turn on charge Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Supply and metering Pumping station Distribution system Collection system Total operating expenses OPERATING INCOME BEFORE DEPRECIATION DEPRECIATION AND AMORTIZATION OPERATING INCOME NONOPERATING REVENUES (EXPENSES) Investment income Interest expense Total nonoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS Budget Ac~al $ 5,100,000 $ 5,189,985 350,000 325,432 500 3,133 35,000 65,162 2,000 4,424 5,487,500 5,588,136 500,431 343,882 3,736,476 3,588,288 74, I15 55,355 453,064 180,114 119,255 32,275 4,883,341 4,199,914 604,159 1,388,222 282,255 604,159 1,105,967 30,000 41,929 (408,281) (407,701) (378,281) (365,772) 225,878 740,195 (This statement is continued on the following page,) - 110- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31, 2001 I I I I I I I I I I I i I I I OPERATING TRANSFERS (OUT) General Fund Waterworks Fund Capital Projects Fund Illinois Municipal Retirement Fund Total operating transfers (out) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See accompanying notes to financial statements. -111- Budget Actual $ (307,500) $ (307,500) (20,000) (20,000) (237,000) (237,000) (28,200) (28,200) (592,700) (592,700) $ (3661822) 147,495 (421,839) $ (274,344) ADMINISTRATION Personal services Contractual services Material and supplies Bond and note principal Other Less nonoperating expenses Bond and note principal paid Total administration OPERATIONS Supply and metering Personal sexMces Contractual services Material and supplies Capital outlay Total supply and metering Pumping station Personal services Contractual services Material and supplies Total pumping station Distribution system Personal services Contractual services Material and supplies Capital outlay Total distribution system Collection system Personal services Contractual services Material and supplies Capital outlay Total collection system TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31, 2001 Actu~ $ 124,578 $ 115,972 109,925 92,209 6,750 4,611 215,000 215,000 259,178 131,090 715,431 558,882 (215,000) (215,000) 500,431 343,882 94,076 87,932 3,382,400 3,346,531 10,000 3,017 250,000 150,808 3,736,476 3,588,288 24,415 17,933 47,600 35,372 2,100 2,050 74,115 55,355 107,164 94,212 85,500 58,895 54,900 22,121 205,500 4,886 453,064 180,114 29,705 7,698 30,500 5,998 9,050 2,829 50,000 15,750 119,255 32,275 $ 4,883~341 $ 4,199~914 (See independentauditor'srepo~.) 112- I I I I I I I I I I I I I I I i I I I I Z VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended December 31,2001 I I i I OPERATING REVENUES Charges for services Sewer charges Sewer connection charges Late payment fees Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Pumping station Collection Total operating expenses OPERATiNG INCOME BEFORE DEPRECIATION DEPRECIATION OPE1LATING INCOME NONOPERATING REVENUES Investment income INCOME BEFORE OPERATiNG TRANSFERS OPERATING TRANSFERS (OUT) General Fund Illinois Municipal Retirement Fund Capital Projects Fund 1994 GO Debt Service Fund Total operating transfers (out) NET iNCOME (LOSS) RETAiNED EARNINGS, JANUARY 1 RETAiNED EARNiNGS, DECEMBER 31 See accompanying notes to financial statements. - 114- Budget Actual $ 866,482 $ 897,467 7,500 23,950 11,004 873,982 932,421 174,211 68,590 48,582 56,935 210,814 186,200 433,607 311,725 440,375 620,696 132,229 440,375 488,467 10,000 11,034 450,375 499,501 (68,495) (68,500) (12,000) (12,000) (510,000) (502,500) (82,627) (82,627) (673,122) (665,627) $ (222,747) (166,126) 3,796,276 $ 3,630,150 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 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATiNG EXPENSES BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended December 31,2001 ADMINISTRATION Other Total administration OPERATIONS Pumping station General Personal services Contractual services Material and supplies Capital outlay Total general Heatherfield lift station Personal services Contractual services Material and supplies Capital outlay Total Heatherfield lift station Total pumping station Collection system Personal services Contractual services Material and supplies Total collection system TOTAL OPERATING EXPENSES Budget Actual $ 174,211 $ 68,590 174,211 68,590 11,208 35,849 9,800 5,247 1,200 20 3,700 3,650 25,908 44,766 9,474 6,353 8,300 2,146 1,200 20 3,700 3,650 22,674 12,169 48,582 56,935 154,934 150,442 27,780 15,582 28,100 20,176 210,814 186,200 $ 433,607 $ 311,725 (See independent auditor's report.) -115- I I I I I I I I I i I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES 1N RETAINED EARNINGS - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 3 I, 2001 OPERATING REVENUES Charges for services Meter fees Parking decals Miscellaneous Total operating revenues OPERATiNG EXPENSES Administration Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUE Investment income INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) General Fund NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Budget Actual $ 20,000 $ 51,904 245,000 232,267 6,250 6,000 271,250 290,171 185,724 164,413 103,799 51,769 8,132 289,523 224,314 (18,273) 65,857 3,000 6,321 (15,273) 72,178 (37,000) (37,000) (521273) 35,178 240,595 $ 275,773 See accompanying notes to financial statements. - 117- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31, 2001 ADMiNISTRATION Personal services Contractual services Material and supplies Other Capital outlay Total administration OPERATIONS Personal services Contractual services Material and supplies Capital outlay Total operations TOTAL OPERATiNG EXPENSES Budget Actual (See independent auditor's report.) -118- 31,274 $ 22,676 134,150 125,540 17,900 14,492 1,000 1,000 1,400 705 185,724 164,413 24,999 21,732 50,500 27,796 6,300 2,241 22,000 103,799 51,769 $ 289~523 $ 216~182 I I I I I I I I I I I I I I I i I I I I I I I I ! I ! I I I I I I ! ! I ! INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used 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 - The Insurance Fund is used 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 (IPBC). VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS December 31, 2001 (with comparative totals for 2000) I I I I ASSETS CURRENT ASSETS Cash Investments Receivables Accounts Prepaid expenses Due from other funds Deposits Total current assets FIXED ASSETS Cost Accumulated depreciation Net fixed assets TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Claims payable Deferred revenue Other payables Total liabilities RETAINED EARNINGS - UNRESERVED TOTAL LIABILITIES AND RETAINED EARNINGS Municipal Equipment Repair Totals Insurance 2001 2000 $ 119,311 $ 318,259 $ 437,570 $ 719,602 2,575,289 2,575,289 2,873,501 ~ 6,380 248,627 255,007 3,935 198,183 166,515 166,515 6,000 890,372 890,372 934,800 292,206 4,032,547 4,324,753 4,736,021 55,958 55,958 (3,997) (3,997) 51,961 51,961 $ 344,167 $ 410321547 $ 41376,714 $ 4,736,021 $ 109,750 $ 19,054 $ 128,804 $ 507,470 372,996 372,996 269,622 6,566 6,566 81,447 81,447 109,750 480,063 589,813 777,092 234,417 3,552,484 3,786,901 3,958,929 $ 344~167 $ 4~032~547 $ 4~376~714 $ 4~736~021 See accompanying notes to financial statements. - 120- i I I I I I I I I ! I ! I I ! I I I I I I / 1 I i I I i 1 I I I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2001 (with comparative totals for 2000) OPERATING REVENUES Charges for services Insurance recoveries Miscellaneous Total operating revenues OPERATING EXPENSES Operations Depreciation Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES Investment income NET INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) Capital Equipment Replacement Fund NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Municipal Equipment Totals Repair ]~nsurance 2001 2000 $ 972,655 $ 3,163,202 $ 4,135,857 $ 3,712,860 18,085 18,085 26,397 79,584 477,720 557,304 330,114 1,070,324 3,640,922 4,711,246 4,069,371 1,052,633 3,981,502 5,034,135 4,220,264 3,997 3,997 1,056,630 3,981,502 5,038,132 4,220,264 13,694 (340,580) (326,886) (150,893) 8,125 159,733 167,858 129,888 21,819 (180,847) (159,028) (21,005) (13,000) (13,000) (11,600) 8,819 (180,847) (172,028) (32,605) 225,598 3,733,331 3,958,929 3,991,534 $ 234~417 $ 3~552,484 $ 3~786~901 $ 3?958,929 See accompanying notes to financial statements. - 121 - VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2001 (with comparative totals for 2000) I I I CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) AdjusWaents to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Accounts receivable Deposits Due from other funds Prepaid expenses Accounts payable Claims payable Deferred revenue Other payables Due m other funds Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfer (out) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Fixed assets purchased CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investnaents Maturities of investments Investment income 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 Municipal Equipment Repair Totals Insurance 2001 2000 $ 13,694 $ (340,580) $ (326,886) $ (150,893) 3,997 3,997 (5,422) (245,650) (251,072) 7,293 44,428 44,428 314,285 (160,515) (160,515) 99,800 198,183 198,183 (198,183) 8,530 (387,196) (378,666) 473,368 103,374 103,374 66,527 6,566 6,566 81,447 81,447 (250,663) (139,716) (539,428) (679,144) 361,534 (13,000) (13,000) (11,600) (55,958) (55,958) (757,184) (6,027,858) (6,785,042) (796,605) 985,759 6,097,495 7,083,254 608,166 8,125 159,733 167,858 174,044 236,700 229,370 466,070 (14,395) 28,026 (310,058) (282,032) 335,539 91,285 628,317 719,602 384,063 $ 119~311 $ 318,259 $ 437,570 $ 719~602 See accompanying notes to financial statements. - 122 - I I i t 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 VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND For the Year Ended December 31, 2001 OPERATING REVENUES Charges for sen, ices Insurance recoveries Miscellaneous Total operating revenues OPERATING EXPENSES Operations Depreciation Total operating expenses OPERATING iNCOME NONOPERATING REVENUES Investment income INCOME BEFORE OPERATiNG TRANSFERS OPERATING TRANSFERS (OUT) Capital Equipment Replacement Fund NET INCOME RETAINED EARNiNGS, JANUARY 1 RETAINED EARNiNGS, DECEMBER 31 Budget Actual $ 1,054,163 $ 972,655 10,000 18,085 40,000 79,584 1,104,163 1,070,324 987,866 1,052,633 3,997 987,866 1,056,630 116,297 13,694 4,500 8,125 120,797 21,819 (13,000) (13,000) $ 107~797 8,819 225,598 $ 234,417 See accompanying notes to financial statements. - 123 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND For the Year Ended December 31,2001 OPERATIONS Regular salaries Overtime salaries Temporary salaries Longevity pay Contractual professional services Dues subscription membership Maintenance of equipment Maintenance of buildings Accident repairs Training Uniform allowance Fuel Motor vehicle supplies Cleaning and household supplies Maintenance materials - equipment Maintenance materials - buildings Small tools and equipment Equipment repairs Machinery and equipment Less nonoperating expenses Fixed assets capitalized TOTAL OPERATIONS EXPENSE Budget Actual (See independent auditor's report.) - 124 - 320,000 $ 281,093 13,387 7,969 9,550 2,788 4,467 4,601 3,500 9,680 37 25 90,000 117,066 1,000 4,475 20,000 6,767 3,400 4,636 8,750 7,227 217,000 261,335 60,000 69,284 5,000 3,149 140,000 162,085 6,500 7,796 4,000 2,586 70,000 66,775 67,233 89,254 1,043,824 1,108,591 (55,958) (55,958) $ 987,866 $ 11052~633 i I I I I I i I i I I I 1 I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL INSURANCE FUND For the Year Ended December 31,2001 OPERATING REVENUES Charges for services Fund charges Miscellaneous Insurance premium retirees Retumed premiums Insurance recoveries Other Total operating revenues OPERATING EXPENSES Operations Contractual professional services Health and life insurance Dental insurance Excess liability Unemployment benefits General insurance program PTM policy Property/casualty claims Workers' compensation insurance Claims settlement Total operating expenses OPERATING INCOME (LOSS) NONOPERTING REVENUES Investment income NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS; DECEMBER 31 Budget Actual $ 3,116,571 $ 3,163,202 182,535 223,296 1,020 20,000 252,721 683 3,319,106 3,640,922 9,049 2,264,857 2,571,132 165,250 121,926 75,000 77,964 30,000 350,000 322,234 15,710 15,708 200,000 829,732 130,000 30,772 2,985 3,230,817 3,981,502 88,289 (340,580) 102,500 159,733 $ 190,789 (180,847) 3,733,331 $ 315521484 See accompanying notes to financial statements. - 126 - I I I I I I I I t I I ! I I I i I i I I I I I I I I I I I I I I I I I I I TRUST AND AGENCY FUNDS Expendable Trust Escrow Deposit Fund - The Escrow Deposit Fund is used to account for the fimds 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 - The Deposit Fund is used 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 Deparmaent Special Account Fund - The Police Department Special Account Fund is used to account for funds received from the Illinois State Police office to be used in various types of investigations. Pension Trust Police Pension Fund - The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - The Firefighters' Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. Agency Special Service Areas Fund - This fund accounts for various special service area bond issues. Arbitrage Rebate Fund - This fund accounts for the recording and payment of any arbitrage rebates payable. 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, ILLI~TOIS COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31,2001 ASSETS Cash and cash equivalents Investments, at fair value U. S. government obligations Municipal bonds Insurance contracts Mutual fimds Certificates of deposit Total investments, at fair value Prepaid expenses Total assets L~B~IT~S Accountspayable NET ASSETS HELD 1N TRUST FOR PENSION BENEFITS Police Firefighters' Pension Pension Totals $ 169,985 $ 171,057 $ 341,042 22,977,124 37,644,782 60,621,906 49,633 900,134 949,767 2,662,479 2,662,479 1,320,599 3,263,510 4,584,109 2,200,557 2,200,557 29,210,392 41,808,426 71,018,818 1,700 1,700 3,400 29,382,077 41,981,183 71,363,260 1,700 1,700 3,400 $ 29~380~377 $ 41~979,483 $ 71~359~860 See accompanying notes to financial statements. - 128 - VILLAGE OF GLENWIEW, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EXPENDABLE TRUST FUNDS For the Year Ended December 31, 2001 (with comparative totals for 2000) I I I ! REVENUES Fines and forfeits Investment income Total revenues EXPENDITURES Public safety EXCESS (DEFICIENCY) OR REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) General Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCES, JANUARY 1 FUND BALANCES, DECEMBER 31 Police Department Escrow Special Deposit Deposit Account Totals 2001 2000 $ $ $ $ $ 10,419 172,351 7,299 455 180,105 226,099 172,351 7,299 455 180,105 236,518 32 32 172,351 7,299 423 180,073 236,518 (172,351) - - (172,351) (190,994) 7,299 423 7,722 45,524 149,161 46,407 25,665 221,233 175,709 $ 1491161 $ 53~706 $ 26~088 $ 2281955 $ 2211233 See accompanying notes to financial statements. - 129 - I t i I I I I I I I i I 1 i I I I I I I I I I I I I ! I I 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, 2001 ADDITIONS Contributions - employer Contributions - plan members Total contributions Investment income Net appreciation in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Pensions and refunds Miscellaneous Contractual professional services Total deductions NET INCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 Police Firefighters' Pension Pension Total $ 388,310 $ 257,224 $ 645,534 449,816 412,055 861,871 838,126 669,279 1,507,405 395,778 2,064,914 2,460,692 38,795 407,470 446,265 434,573 2,472,384 2,906,957 1,272,699 3,141,663 4,414,362 1,040,836 1,320,137 2,360,973 8,661 8,932 17,593 1,049,497 1,329,069 2,378,566 223,202 1,812,594 2,035,796 29,157,175 40,166,889 69,324,064 $ 29~380,377 $ 41~979~483 $ 71,359,860 See accompanying notes to financial statements. - 130- VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES 1N PLAN NET ASSETS - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended December 31, 2001 ADDITIONS Contributions - employer Contributions - employees Total contributions Investment income Net appreciation in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Retirement pension Widow pension Disability pension Miscellaneous Contractual professional services Total deductions NET INCREASE NET ASSETS HELD IN TRUST FOR PENSION BENEFITS January 1 December 31 Budget Actual $ 350,000 $ 388,310 400,000 449,816 750,000 838,126 395,778 1,252,000 38,795 1,252,000 434,573 2,002,000 1,272,699 835,792 913,113 91,004 93,504 34,219 34,219 17,650 8,661 978,665 1,049,497 $ 1,023~335 223,202 29,157,175 $ 29,380~377 See accompanying notes to financial statements. - 131 - I I I I I i I ! I I 1 I I I I i I i I I I I I I I I I I ! I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES 1N PLAN NET ASSETS ~ BUDGET AND ACTUAL FIREFIGHTERS' PENSION FUND For the Year Ended December 31,2001 ADDITIONS Contributions - employer Taxes Foreign fire insurance tax Contributions - employees Total contributions Investment income Net appreciation in fair value of investments Interest earned on investments Total investment income Total additions DEDUCTIONS Retirement pension Widow pension Disability pension Miscellaneous Contractual professional services Total deductions NET iNCREASE NET ASSETS HELD iN TRUST FOR PENSION BENEFITS January 1 December 31 Budget Actual $ 115,000 $ 226,296 30,000 30,928 410,000 412,055 555,000 669,279 2,064,914 1,002,000 407,470 1,002,000 2,472,384 1,557,000 3,141,663 1,029,505 1,010,583 50,411 50,851 253,056 258,703 17,650 8,932 1,350,622 1,329,069 $ 206,378 1,812,594 40,166,889 $ 41,979~483 See accompanying notes to financial statements. - 132- VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31,2001 All Funds ASSETS Cash and investments Receivables - property taxes TOTAL ASSETS LIABILITIES Arbitrage payable Due to bondholders TOTAL LIABILITIES Special Service Areas Fund ASSETS Cash Investments Receivables TOTAL ASSETS LIABILITIES Dueto bondholders Arbitrage Rebate Fund ASSETS Cash Due from other funds TOTAL ASSETS Balances Balances January 1 Additions Deductions December 31 $ 84,484 $ 294,166 $ 166,950 $ 211,700 135,355 132,357 135,355 132,357 $ 219~839 $ 426,523 $ 302~305 $ 344~057 $ 39,978 $ 155,099 $ $ 195,077 179,861 139,067 139,948 178,980 $ 219t839 $ 294~166 $ 139t948 $ 374,057 $ 44,506 $ 139,067 $ 166,950 16,623 30,000 30,000 135,355 132,357 135,355 132,357 $ 179,861 $ 301~424 $ 302,305 $ 178~980 $ 179,861 $ 139,067 $ 139,948 $ 178,980 $ 39,978 $ $ $ 39,978 155,099 155,099 $ 39~978 $ 155~099 $ $ 195~077 $ 39,978 $ 155~099 $ $ 195~077 LIABILITIES ArbiU'age payable See accompanying notes to financial statements. - 133 - I I I I i I i I I I I 1 I I I I I I I GENERAL FIXED ASSETS ACCOUNT GROUP General fixed assets are those fixed assets used in operations accounted for in governmental funds. General fixed assets include all fixed assets of the Village not accounted for in the Enterprise Funds. VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP December 31, 2001 (with comparative totals for 2000) GENERAL FIXED ASSETS Land Buildings and improvements Equipment Furniture Office equipment INVESTMENT 1N GENERAL FIXED ASSETS General revenues Bond issues 2001 2000 5,643,853 $ 5,643,853 10,279,448 10,160,970 10,113,046 8,648,664 295,072 295,072 868,527 689,250 $ 27~199~946 $ 25,437~809 $ 23,400,667 $ 21,638,530 3,799,279 3,799,279 $ 27,199~946 $ 25,437,809 (See independent auditor's report.) - 134 - I i I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP For the Year Ended December 31,2001 Function and Balances Balances Activity January 1 Additions Retirements December 31 I I I I I GENERAL GOVERNMENT Executive Administrative Finance Building and grounds Total general government PUBLIC SAFETY Police Fire Total public safety PUBLIC WORKS Administration Forestry MERF Street division Transportation Total public works ECONOMIC DEVELOPMENT TOTAL $ 13,087 $ $ $ 13,087 2,562,496 8,672 2,571,168 233,137 44,880 278,017 540,274 101,534 27,150 614,658 3,348,994 155,086 27,150 3,476,930 1,625,958 441,237 296,724 1,770,471 4,078,598 893,020 12,727 4,958,891 5,704,556 1,334,257 309,451 6,729,362 10,898,993 15,896 10,914,889 680,960 680,960 431,704 10,500 421,204 2,553,543 770,122 166,123 3,157,542 531,276 531,276 15,096,476 786,018 176,623 15,705,871 1,287,783 1,287,783 $ 25~437~809 $ 2~275,361 $ 513,224 $ 27~199~946 (See independent auditor's report.) - 136 - I I I I I I I I I I I I I ! GENERAL LONG-TERM DEBT ACCOUNT GROUP This separate self-balancing group of accounts includes the amount of outstanding long-term indebtedness that has not been identified as a specific fund liability of a proprietary or mast fund and that is backed by the full faith and credit of the Village of Glenview. I I I I I I I I I I I I I I I ! I I i I I I I I I I I i I ! I I I I i COMPONENT UNIT Component Unit (Library Fund) - The Library Fund is used to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET COMPONENT UNIT - LIBRARY FUND December 31,2001 (with comparative totals for 2000) i I ! I ASSETS Cash Investments Receivables Accounts Property taxes Restricted assets Cash Investments General fixed assets TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable Accrued payroll Compensated absences payable Due to primary government Deferred property taxes Deferred revenues Total liabilities FUND EQUITY Investment in general fixed assets Fund balance Reserved for endowments Umeserved Total fund equity TOTAL LIABILITIES AND FUND EQUITY General Fixed Assets Account Totals General Fund Group 2001 2000 $ 283,360 $ $ 283,360 $ 93,642 1,242,000 1,242,000 1,465,522 762 3,333,689 3,333,689 3,198,388 52,373 293,349 5,495,766 5,495,766 5,495,766 $ 41859,049 $ 51495,766 $ 10~354,815 $ 1075991802 38,094 $ $ 38,094 $ 16,453 34,583 34,583 31,056 64,379 64,379 120,000 3,333,689 3,333,689 47,456 49,026 49,026 3,198,388 3,519,771 3,519,771 3,413,353 5,495,766 5,495,766 5,495,766 345,722 1,339,278 1,339,278 1,344,961 1,339,278 5,495,766 6,835,044 7,186,449 $ 41859,049 $ 5,4951766 $ 10,354~815 $ 101599,802 See accompanying notes to financial statements. - t38 - I I I 1 I I I i I ! I I ! I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31,2001 (with comparative actual for 2000) REVENUES Taxes Property taxes - current Property taxes - prior Replacement taxes Intergovernmental Educate and automate grant Per capita grant Make-whole payment Charges for services Fines and forfeits Interest Miscellaneous Donations Other EXPENDITURES Culture and recreation EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) - primary government General Fund IMRF Fund Capital Projects Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 2001 2000 Budget Actual Actual 3,294,340 $ 3,156,679 $ 2,990,803 88,611 160,025 29,000 29,000 29,000 2,443 47,418 47,456 47,418 75,000 28,691 47,340 87,000 94,340 88,159 65,000 63,802 60,518 105,900 103,467 100,959 48,052 43,114 200 1,937 5,664 3,703,858 3,664,478 3,573,000 3,757,990 3,738,683 3,488,166 (54,132) (74,205) 84,834 (12,600) (12,600) (12,600) (144,601) (144,600) (136,622) (120,000) (120,000) (120,000) (277,201) (277,200) (269,222) $(331,333.00) (351,405) (184,388) 1,690,683 1,875,071 $ 1,339,278 $ 1,690,683 See accompanying notes to financial statements. 139 - VILLAGE OF GLENVIEW, ILLiNOIS SCHEDULE OF OPERATiNG EXPENDITURES - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FLrND For the Year Ended December 31, 2001 I i I I CULTURE AND RECREATION Regular salaries Overtime salaries Temporary salaries Legal fees Public information Printing Printing, binding and publication Power and lights Heating Postage Telephone and telegraph Dues and subscriptions Maintenance of equipmeht Maintenance of copiers Maintenance of EDP equipment On-line searching Maintenance of buildings General insurance Travel' Training Trustee Personnel recruitment Director expenses Library programs Office supplies Processing supplies Circul~tion supplies Audio visual supplies Books, pamphlets and materials Periodicals Audiovisual Micro-form Video tapes Cataloging Contingencies Other operating expenses Machinery and equipment F.I.C.A. payments Insurance TOTAL EXPENDITURES (See independent auditor's report.) - 140- Budget Actual $ 1,308,695 $ 1,348,695 83,154 817,794 736,498 3,000 5,185 21,275 16,945 9,350 4,872 8,800 6,600 612 645 7,000 6,034 17,700 18,008 33,055 27,033 4,820 5,342 39,570 56,878 44,830 57,070 36,000 37,728 73,957 64,574 94,340 80,793 33,000 32,707 21,260 15,435 27,600 22,041 2,500 2,308 1,000 1,200 566 30,400 33,512 20,000 16,058 17,900 10,798 10,125 8,962 10,000 10,354 440,760 430,756 51,924 46,799 57,950 45,278 38,597 33,736 29,950 23,404 42,000 36,361 800 1,295 8,550 5,257 15,030 32,348 162,676 160,684 213,970 213,970 $ 3,757,990 $ 3,738,683 I I I I i I I I I ! t I i t I I I I I VILLAGE OF GLENVIEW, ILL1NOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP COMPONENT UNIT - LIBRARY FUND December 31, 2001 (with comparative totals for 2000) GENERAL FIXED ASSETS Land Buildings and improvements Furniture and equipment TOTAL GENERAL FIXED ASSETS INVESTMENT IN GENERAL FIXED ASSETS General revenues TOTAL INVESTMENT 1N GENERAL FIXED ASSETS 2001 2000 $ 500,000 $ 500,000 4,125,488 4,125,488 870,278 870,278 $ 57495~766 $ 5~495,766 $ 5,495,766 $ 5,495,766 $ 5,495,766 $ 5,495,766 (See independent auditor's report.) - 141 - (This page is intentionally left blank.) 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 OF 1992 December 31, 2001 ! ! Date of Issue April I, 1992 Date of Maturity December 1, 2012 Authorized Issue $ 2,895,000 Actual Issue 8 5,000 Interest Rates 2001 6.00% 2002 6.10% 2003 6.20% 2004 6.30% 2005 6.40% 2006 6.50% 2007-2008 6.55% 2009-2012 6.60% 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 Tax Levy Interest Due on Fiscal Levy Bond Year Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 2001 170-195 $ 130,000 $ 132,944 $ 262,944 2002 $ 66,472 2002 $ 66,472 2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507 2004 2003 225-254 150,000 116,024 266,024 2004 58,012 2004 58,012 2005 2004 255-286 160,000 106,574 266,574 2005 53,287 2005 53,287 2006 2005 287-320 170,000 96,334 266,334 2006 48,167 2006 48,167 2007 2006 321-366 180,000 85,284 265,284 2007 42,642 2007 42,642 2008 2007 367-395 195,000 73,490 268,490 2008 36,745 2008 36,745 2009 2008 396437 210,000 60,720 270,720 2009 30,360 2009 30,360 2010 2009 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430 2011 2010 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170 2012 2011 529-579 255,000 16,830 271,830 2012 8,415 2012 8,415 8 2,050,000 $ 892,414 $ 2,942,414 $ 446,207 $ 446,207 NOTE: The above bond issue is to be retired annually by Wholesale Water Fund. (See independent auditor's report.) - 144 - I I I t ! i I I I I i I ! I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1993 December 31, 2001 I I i i I I I I I I I I I I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at May 1, 1993 December 1, 2005 $ 7,635,000 $ 5,000 2002 4.60% 2003 4.60% 20O4 4.60% 2005 4.70% June 1 and December 1 December ] American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Tax Lev7 Fiscal Levy Bond Year Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 2001 497-636 $ 790,000 $ 206,276 $ 996,276 2002 $ 103,138 2002 $ i03,138 2003 2002 637-794 1,125,000 169,936 1,294,936 2003 84,968 2003 84,968 2004 2003 795-1298 1,195,000 118,186 1,313,186 2004 59,093 2004 59,093 2005 2004 1259-1527 1,345,000 63,216 1,408,216 2005 31,608 2005 31,608 $ 4,455,000 $ 557,614 $ 5,012,614 278,807 $ 278,807 NOTE: Debt service is payable from the Debt Service Fund using monies received from a proper~y tax levy. (See independent auditor's report.) - 145 - VILLAGE OF GLEix~/IEW, ILL1NOIS LONG-TERM DEBT ILEQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1994 December 31, 2001 I I 1 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at September 15, 1994 December 1, 2004 $ 8,040,000 $ 5,000 2001 4.90% 2002 5.00% 2003-2004 5.10% June I and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Tax Lev7 Fiscal Levy Bond Year Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 2001 1136-1367 $ 1,160,000 $ 118,945 $ 1,278,945 2003 2002 1368-1485 590,000 60,945 650,945 2004 2003 1486-1608 605,000 30,854 635,854 2002 $ 59,472 2002 $ 59,473 2003 30,473 2003 30,472 2004 15,427 2004 15,427 $ 2,355.000 $ 210,744 $ 2,565,744 $ 105,372 $ 105,37._~_2 NOTE: Debt service is payable from the Debt Service Fund using monies received from a property mx levy and monies transferred from the Waterworks and Sewerage Funds. (See ~ndependent aud tor s repo .) - 146 - I I I I i I I I I I l[ I I I I i I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1996 December 31,2001 I I I I I ! i I ! I I i I I Date of Issue November 1, 1996 Date of Maturity December 1, 2008 Authorized Issue $ 8,435,000 Actual Issue $ 5,000 Interest Rates Bonds 136-276 4.625% 277-1278 4.700% 1279-1477 4.800% 1478-1687 4.875% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 424-578 $ 775,000 $ 299,872 $ 1,074,872 2002 $ 149,936 2002 $ 149,936 2003 579-740 810,000 263,448 1,073,448 2003 131,724 2003 131,724 2004 741-910 850,000 225,378 1,075,378 2004 112,689 2004 112,689 2005 911-1089 895,000 185,428 1,080,428 2005 92,714 2005 92,714 2006 1090-1278 945,000 143,362 1,088,362 2006 71,681 2006 71,681 2007 1279-1477 995,000 98,948 1,093,948 2007 49,474 2007 49,474 2008 1478-i687 1,050,000 51,188 1,101,188 2008 25,594 2008 25,594 $ 6,320,000 $ 1,267,624 $ 7,587,624 $ 633,812 $ 633,812 NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 147 - VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1997 December 31, 2001 I I I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at Fiscal Bond Year Numbers 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 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax LeW Principal Interest Totals June I Interest Due on Amount December 1 Amount I I i ! I I 2002 I46-190 2003 191-238 240,000 2004 239-288 250,000 2005 289-340 260,000 2006 341-395 275,000 2007 396453 290,000 2008 454-514 305,000 2009 515-578 320,000 2010 579-646 340,000 2011 647-717 355,000 2012 718-792 375,000 2013 793-871 395,000 2014 872-955 420,000 2015 956-1043 440,000 2016 1044-1136 465,000 2017 1137-1235 495,000 $ 225,000 $ 268,550 $ 493.550 257,582 497,582 245,882 495,882 233,694 493~694 221,018 496,018 207,612 497,612 193,476 498,476 178,606 498,606 163,006 503,006 146,432 501,432 129,126 504,126 110,750 505,750 91,000 511,000 70,000 510,000 48,000 513,000 24,750 519,750 $ 5,450,000 $ 2,589,484 $ 8,039,484 2002 $ 134,275 2002 $ 134,275 2003 128,791 2003 128,791 2004 122,941 2004 122,941 2005 116,847 2005 116,847 2006 110,509 2006 110,509 2007 103,806 2007 103,806 2008 96,738 2008 96,738 2009 89,303 2009 89,303 2010 81,503 2010 81,503 2011 73,216 2011 73,216 2012 64,563 2012 64,563 2013 55,375 2013 55,375 2014 45,500 2014 45,500 2015 35,000 2015 35,000 2016 24,000 2016 24,000 2017 12,375 2017 12,375 $ 1,294,742 $ 1,294,742 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's report.) - 148 - ! 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 LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE NOTES OF 1997 December 31,2001 Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at September 2, 1997 September 1, 2019 $ 2,850,000 $ 1,425,000 4.942% September 1 September 1 North Suburban Public Utility Overland Park, Kansas FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Requirements Principal Interest Totals 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 90,384 $ 124,993 $ 215,377 94,852 120,525 215,377 99,539 115,838 215,377 104,459 110,918 215,377 109,621 105,756 215,377 115,039 100,338 215,377 120,725 94,652 215,377 126,691 88,686 215,377 132,952 82,425 215,377 139,523 75,854 215,377 146,419 68,958 215,377 I53,655 61,722 215,377 161,249 54,128 215,377 169,219 46,158 215,377 177,582 37,795 215,377 186,359 29,018 215,377 195,569 19,808 215,377 205,221 10,156 215,377 $ 2,529,058 $ 1,347,728 $ 3,876,786 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's report.) - 149 - VILLAGE OF GLENVIEW, ILLiNOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998A December 31,2001 I 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 Trust Company of Chicago FUTURE PRINCIPAL AND iNTEREST REQUIREMENTS Tax Lew Interest Due on Principal Interest Totals June 1 Amount December 1 Amount 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 695,000 1,250,000 1,360,000 1,480,000 1,605,000 1,735,000 1,875,000 $ 426,440 $ 426,440 2002 $ 426,440 426,440 2003 426,440 426,440 2004 426,440 426,440 2005 426,440 426,440 2006 426,440 426,440 2007 426,440 426,440 2008 426,440 426,440 2009 426,440 426,440 2010 426,440 426,440 2011 426,440 1,121,440 2012 397,945 1,647,945 2013 346,070 1,706,070 2014 288,950 1,768,950 2015 226,050 1,831,050 2016 157,035 1,892,035 2017 81,563 1,956,563 2018 213,220 213,220 213,220 213,220 213,220 213,220 213,220 213,220 213,220 213,220 213,220 198,973 173,035 144,475 113,025 78,518 40,781 2002 $ 213,220 2003 213,220 2004 213,220 2005 213,220 2006 213,220 2007 213,220 2008 213,220 2009 213,220 2010 213,220 2011 213,220 2012 213,220 2013 198,973 2014 173,035 2015 144,475 2016 113,025 2017 78,518 2018 40,782 $ 10,000,000 $ 6,188,453 $ 16,188,453 $ 3,094,227 $ 3,094,228 NOTE: Interest payments to come from bond proceeds. Debt service is payable from the Debt Service Fund using monies transferred from the GNAs Redevelopment Fund. (See independent auditor's report.) - 150 - I I 1 I i I I I I I i 1 I I I ! I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPOP,.ATE PURPOSE BONDS SERIES OF 1998B December 31,2001 I I I i i I Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates Interest Dates Principal Maturity Date Payable at Fiscal Year Principal January 1, 1999 December 1, 2018 $ 24,400,OO0 $ 5,000 Bonds 1-154 4.250% 1515-2215 4.375% 2216-2589 4.400% 2590-4880 4.500% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Le~ Interest Due on Interest Totals June 1 Amount December 1 Amount I I I I I t I I I 2002 $ 1,395,000 $ 1,072,824 8 2,467,824 2003 1,450,000 1,013,536 2,463,536 2004 1,510,000 951,911 2,461,911 2005 1,575,000 887,736 2,462,736 2006 1,640,000 820,799 2,460,799 2007 1,715,000 751,099 2,466,099 2008 1,790,000 676,068 2,466,068 2009 1,870,000 597,755 2,467,755 2010 1,955,000 515,475 2,470,475 2011 2,050,000 427,500 2,477,500 2012 1,450,000 335,250 1,785,250 2013 1,000,000 270,000 1,270,000 2014 1,000,000 225,000 1,225,000 2015 1,000,000 180,000 1,I80,000 2016 1,000,000 135,000 1,135,000 2017 1,000,000 90,000 1,090,000 2018 1,000,000 45,000 1,045,000 $ 24,400,000 $ 8,994,953 $ 33,394,953 NOTE: 2002 $ 536,412 2002 $ 536,412 2003 506,768 2003 506,768 2004 475,955 2004 475,955 2005 443,868 2005 443,868 2006 410,399 2006 410,399 2007 375,550 2007 375,550 2008 338,034 2008 338,034 2009 298,878 2009 298,878 2010 257,737 2010 257,737 2011 213,750 2011 213,750 2012 167,625 2012 167,625 2013 135,000 2013 135,000 2014 112,500 2014 112,500 2015 90,000 2015 90,000 2016 67,500 2016 67,500 2017 45,000 2017 45,000 2018 22,500 2018 22,500 $ 4,497,476 $ 4,497,476 Interest payments to come from bond proceeds. Debt service is payable from the Debt Service Fund using monies transferred from the GNAs Redevelopment Fund. (See independent auditor's report.) - 151 - VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS COILPORATE PURPOSE BONDS SERIES OF 2000 December 31,2001 ! ! i Date of Issue Date of Mat~arity Authorized Issue Actual Issue Lnterest Rates Interest Dates Principal Maturity Date Payable at 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 Fiscal Bond Year Numbers Tax Levy Interest Due on Principal Interest Totals June 1 Amount December 1 Amount 2002 2003 2004 2005 1-69 2006 70-419 2007 420-795 2008 796-994 $ 219,335 $ 219,335 2002 $ 109,668 2002 $ 109,668 219,335 219,335 2003 109,668 2003 109,668 219,335 219,335 2004 109,668 2004 109,668 345,000 219,335 564,335 2005 109,668 2005 109,668 1,750,000 204,500 1,954,500 2006 102,250 2006 102,250 1,875,000 127,500 2,002,500 2007 63,750 2007 53,750 1,000,000 45,000 1,045,000 2008 22,500 2008 22,500 $ 4,970,000 $ 1,254,340 $ 6,224,340 $ 627,172 $ 627,172 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.) - 152 - I I I I i ! I I I I t I ! 1 I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2001 December 31,200I I I I I I i I Date of Issue August 1, 2001 Date of Maturity December 1, 2012 Authorized Issue $ 41,800,000 ActuaI Issue $ 5,000 Interest Rates Bonds 1-200 3.50% 20l-1160 3.75% I161-5160 4.00% 5161-6160 4.125% 6161-7260 4.25% 7261-8360 4.35% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND iNTEREST REQUIREMENTS Tax Le~7 Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount I I I I I I I I I 2002 $ $ 1,694,250 $ ],694,250 2002 $ 847,125 2002 $ 847,125 2003 1-100 500,000 1,694,250 2,194,250 2003 847,125 2003 847,125 2004 101-200 500,000 1,676,750 2,176,750 2004 838,375 2004 838,375 2005 201-1160 4,800,000 1,659,250 6,459,250 2005 829,625 2005 829,625 2006 1161-2160 5,000,000 1,479,250 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 NOTE: $ 41,800,000 $ 12,833,000 $ 54,633,000 $ 6,416,500 $ 6,416,500 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.) - 153- II > 0 I I I I ! I I I I I I I I I I I I I I I I I i I I I I I i I i I I ! I I I (This page is intentionally left blank.) I I I I I I I I I I I I I I I I I I i I I i I I I I I I 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.) 0 0 .< I I I i I i I I I I I I I I I I I I I ! I I I i I I I I I I I '1 I I I I I 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 LEGAL DEBT MARGIN December 31, 2001 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home role 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. - 162- I I I I I I 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 GLENWIEW, ILLINOIS DEMOGRAPHIC STATISTICS Last Ten Fiscal Years I I I Education Level in Per (1) Years of (2) Fiscal (1) Capita Median Formal School Year Population Income Age Schooling Enrollment 1992 38,437 $ 30,531 * 35.5 16.4 5,887 1993 38,437 31,469 * 37.5 16.5 5,937 1994 38,437 32,161 * 37.5 16.5 6,023 1995 38,437 33,144 * 37.5 16.5 8,461 1996 38,437 34,037 * 37.5 16.5 8,590 1997 38,437 34,886 * 37.5 16.5 8,676 1998 38,437 35,578 * 37.5 16.5 9,315 1999 38,437 36,315 * 37.5 16.5 9,241 2000 41,847 37,566 * 37.5 16.5 9,24I 2001 41,847 · Estimated Data Sources (1) U.S. Department of Commerce, Bureau of the Census (2) Includes elementary and high school students. (3) Illinois Department of Labor, Illinois Department of Employment Security (not seasonably adjusted). - 165 - (3) Unemploy- ment Percentage 5.0 5.0 3.7 3.1 3.0 2.6 2.5 2.3 2.5 I I I I I I I I 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 MISCELLANEOUS STATISTICS December 31,2001 Date of incorporation Form of govemmeni Geographic location Area Population 1950 I960 1970 1980 1990 2000 Number of Total Housing Units (2000 Census) Median Value Owner-Occupied Noncondominium Housing Units Distribution of Owner:Occupied Noncondominium Houses by Value (2000 Census) Unit Values by Range (1) Under $100,000 100,000- 199,999 200,000 - 299,999 300,000 - 499,999 500,000 - 999,999 $1 million or more Fire Protection Number of firefighters Number of stations Number of fire hydrants I.S.O. Rating Police Protection Number of police officers Number of school crossing guards Number of stations Library Services Number of libraries Number of books Number of records Number of audio cassettes Number of slides (sets) Number of video tapes Number of compact discs Number of registered borrowers 2001 book circulation June 20, 1899 Council/Manager 20 Miles North of Chicago 13.20 Square Miles 6,142 18,132 24,880 32,060 38,437 41,847 15,810 $ 336,000 Unit Distribution Number Percent 159 1.43% 1,278 11.52% 3,227 29.10% 4,203 37.90% 1,987 17.92% 236 2.13% 11,090 100.00% 82 3 2,300 Class 3 78 18 1 1 255,450 3,153 8,623 367 8,771 9,882 37,381 700,760 (This schedule is continued on the following page.) - 167 - I I I I I I I I I I I I I I i I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS December 31, 2001 I I I I I I ! I I I I i I I I I Recreation Facilities Number of parks and playgrounds Park area m acres - Park District owned Park area in acres - Park District leased Municipal Parking Facilities Number of parking spaces Waterworks Operations Gallons of water purchased during fiscal year Gallons of water billed during fiscal year Water storage capacity Ground storage Elevated storage Number of full-time employees at December 31,2001 Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Residential Cul-de-sacs Total Miles of alleys maintained by Glenview Miles of streets within the Village of Glenview maintained by Cook County or the State of Illinois Miles of sanitary sewers Miles of storm sewers Number of Village-owned street lights Building activity Number of permits issued in 2001 Value of construction authorized in 2001 Data Source Village Records - 168 - 36 447 135 2,990,810,000 2,815,975,000 8,500,000 gallons 1,000,000 gallons 322 $ 7 5 106 12 $ 130 2.2 22 80,6 74 465 1,168 m D,~ o I I I I I I I I I I I I I i I I I I VILLAGE OF GLENVIEW, ILLINOIS MAJOR CORPORATE FUND REVENUE SOURCES NON-REAL ESTATE TAX December 31, 2001 Fiscal Sales Year Tax 1992 $ 3,608,071 Percent Percent Illinois Percent of Total Utility of Total Income of Total Revenue Tax Revenue Tax Revenue 26.7% $ 2,744,525 20.3% $ 1,651,925 12.2% 1993 4,188,116 1994 4,438,932 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 Note: Includes General Fund only 29.4% 2,876,149 24.4% 2,512,867 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 - 170- 20.2% 1,966,124 13.8% 2,157,707 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 13.8% 11.9% 11.8% 13.4% 10.9% 10.9% 11.0% 10.9% 9.7% VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS Amount As Per Cent of Per Capita Applicable as of Assessed Estimated (200~ Census Dec. 31, 2001 Value True Value Pop. 41,847) Assessed Valuation of Taxable Real property, 2000 ............ $f,233,194,164 100.00% 33.33"/. $29,469.1f Estimated True Value of Taxable Real property, 2000 ........... 3,699,582,492 300.00% fO0.O0% 88,407.35 Ditec[ General Obligation Bonded Debt(l): Payable from Proper~Taxes .......................... $ 11,064,000 0.89% 0.30% $ 264.41 SeS-$agporting Debt ................................ 90,735,100 7.36% 2.45% 2,168.26 Total Direct Bonded Debt .......................... $ 101,800,000 8.25% 2.78% $ 2,432.67 Overlapping Bonded Debt Payable fi'om Properly Taxes(2): Schools ......................................... $ 26,964,517 2.19% 0.73% $ 644.36 Other Than Schools ................................. 45,007,378 3.65% 1.22% 1,075.52 Total Overlapping Bonded Debt ...................... $ 71,971,895 5.84% 1.95% $ 1,719.88 Total Direct and Ovedapping Bonded Debt .................... $ 173,771,895 ~4.09% 4.70% $ 4~152.55 Total Direct and Overlapping Excluding Self. Supporting ....... $ 83,036,795 6.73% Z25% $ f,ga4.29 Notes: 1. The Village is a home-rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is it required to seek referendum approval for the issuance of genera obllgat on debt See "Retiremen Schedule of Outstanding V#1a, ge General Ob#gation Debt" for a llsting of the Vlllage's non- generalobllgaliondebtandcurrentlyoutstandthggeneralobligaliondeb. Of heViagesgeneralobligattbndebt88.1%or$92,281,700isconsidered self-sagporting. 01 ~ 2. See ~'Detai~ed Ovedappit~J B~nded ~ndebtadness Payabte Fr~m Pr~pedy Taxes at December 3~ ~ 2~ · Due 2002.. 2004.. 2005.. 200~.. 2007.. 2008.. Notes: 1. RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1) (As of December 31,2001) principal Amounts Debt Service Self SupportinR With Proiected Abatement From Tax Levies Water and Sewer Funds(21 Tax Increment Revs. ~ Total From Paid From Series Series Series Series Series Series CumuL Levy Property Ar~ount Percent year Taxes PropTaxes(3) 1992(4~ 1994(51 1997(6~ 1996 1998 2001 1,493,000 $ 130,000 $457,000 $ 225,000 $ 775,000 $ 1,395,000 $ - 0 - $ 4,475,000 4.4% 1,5~7,600 145,000 127,400 240,000 810,000 1,450,000 500,000 4,860,000 9.2% 1,669,300 150,000 130,700 250,000 850,000 1,510,000 500,000 5,060,000 14.1% 1.600,000 160.000 - 0 - 260,000 895,000 1,575,000 4,800,000 9,3~0,000 23.4% 1,750,000 170,000 275,000 945,000 1,640,000 5,000,000 9,7~3,000 33.0% 1,875,000 180,000 290,000 995,000 1,715,000 5,000,000 10,055.000 42.8% 1,000,000 195,000 305,000 1,050,000 1,790,000 5,000,000 9,340,000 52.0% - 0 - 210,000 320,000 - 0 - 1,870,000 5,000,000 7,400,000 59.3% 220,000 340,000 1,955,000 5,000,000 7,515,000 66.7% 235,000 355,000 2,050,000 5,500,000 8,140,000 74.7% 255,000 375,000 2,145,000 5,500,000 8,275,000 82.8% - 0 - 395,000 2,250,000 - 0 - 2,645,000 85.4% 420,000 2,360,000 2,780,000 88.1% 440,000 2,480,000 2,920,000 91.0% 4~,000 2,605,000 3,070,000 94.0% 495,000 2,735,000 3,230,000 97.2% - 0 ~ __ 2,875,000 2,B75,000 100.0% $11,004,900 $2,050,000 $715,100 $5,450,000 $6,320,000 534,400,000 $41,800,000 $101,800,000 2001 $1,990,780 2002 2,024,612 2003 2,031,031 2004 1,972,551 20O5 1,954,500 Excludes$2529058notepayableinannua paymentsof$215,377tothese ersoftheu tycompanythatwasecquiredinSeptember, 1997. The /~maining principal amount of spec al service area bonds, the proceeds of which have been used for various neighborhood Iocal improvements and which are secured by property taxes to be levied in t,h, e applicable special service areas, is shown as ovehepping debt in the table "Detailed Overlapping Bonded #]deb edness payable From Property Taxes'. · ' ' ' Villa ehesnodebtllmitanditcaniseuegeneralobllgat~onbondswihoutreferendum. The 2. Asahomerueun under he~970 Imo~sConsttut/on the g. . ercha es TheVllla e'swater Village has chosen lo fund venous watedsewer ~mprovements wrth general obligation bonds and abate taxes from us rg g system serves a populalion of approximately 100,000 of which approximately 64,000 are outside the Village limits (57,000 in unincorporated areas and 7 000 in the Citizens Utilities service area) 3. Includes remain ng ma urille$ for the Village's outstanding Sehes 1993 Bonds, a port on of the outstanding Series 1994 issues and the Series 2000. The Sedes1992 Bonds are avabie pdmadlyfrom revenues ~f the serviee area ~fa private water company (Citizens Ub7ities) ~utside the Vll~age ~imlls. 5. The Village sold $8, 040, oooP~neral Obllgati°n Refunding B°nds' Sedes 19114 on Aagust 30, 1994. A po~bn of the issue ~b payable from propedy taxes he remainder ls self-su or,th from watedsewer revenues .... and t ries l g97 Bonds ar~eP~in g aid fr~m watar and eawer revenues ~f a ~ervice area ~utside the Vll~age ~irnit$ w~th a p~pu~at~n ~f appr~x~mata~y 6. The Se g P 171 DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) Villa.qe Issue Sale Date Amount Apdl 7, 1992 ......... $2,895,000 May 18, 1993 ........ 7,635,000 August 30, 1994 ....... 8,025,000(3) January 25, 1995 ..... 60,000,000(4) October 17, 1995 ...... 500,000 October 15, 1996 ...... 8,435,000(5) August 5, 1997 ....... 6,175,000 October 20, 1998 ......... 34,400.000(8) December 5, 2000 ........ 4,970,000 August 7, 200 ~ .......... 41,800,000 Ratio to Estimated Actual Value(/) Per Capita(~ Direct Debt Direct & Overlappinq Debt Direct & OveHappinR Debt Including Excluding including Excluding Including Excluding Self- Self- Self- Self- Self- Self- ~ SupportinR(21 Supporting Supporting(2) SupportinR SupportinR(2) 1.03% .50% 2.78% 2.25% $1,614.07 $1,304.18 1.23% .77% 3.31% 2.85% 1,962~19 1,690.55 .94% .60% 3.00% 2.66% 2,229.73 1,978.80 .87% .57% 2.98% 2.68% 2,219.67 1,995.53 .89% .57% 3.17% 2.85% 2,360.61 2,123.34 1.01% .45% 3.18% 2.62% 2,590.75 2,134.53 1.13% .42% 3.15% 2.44% 2,544.13 1,969.57 2.12% .37% 3.98% 2.23% 3,125.64 1.752.00 1.68% .33% 3.28% 1.93% 3,109.34 1,831.83 2.47% .33% 4.90% 2.43% 4,377.57 2,172.83 Notes: 1. Ratios and per caplta inforrnation as set out in appficable OIT¢cial S[atements. The Vglage's Bond Anticipat~bn Bonds which sctd on January 25, 1995 are not included in these ratios (see Note 4). 2. Excluding the Village's serf-supporting general obligation bonded debt, 3. Final issue amount was $8,040, O00. This issue advance re[unded the callable mab~rkies of the Sehes l g89 and f ggO issues. 4. General Obtigation Bond Anticipation Bonds, Sedes 1995 ("BABS') the proceeds of which were used to fund interest up to the respective maturity dates of the BABS and to create a capital improvement fund for redevelopment costs of the Glenview Naval AirStafionwhichofficia#yclosedonSepternher9, 1995. TheprincipalarnountoftheBondAnticipationBondswasnotincluded in the debt raY. s and per capita data - when those maturities were refinanced with Series ~ 996 and the Series ~ 998 Bonds, they appeared in the debt ratios and per capiba debt. 5. proceeds used to refund the December ~ , ¢ gg6 rna~urky of the BABS. 6. A porlion ofthe proceeds of the Sefies 1998 Bonds was used to refund the December l , 1998 rnalurky ofthe BABS. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31,2001 SCHOOL DISTRICTS: Elementary Districts: Glenview Schcct Distdct No. 34 ................. Northbrook School Distdct No 30 ................ West Northfield School Distdct No. 31 ............. Wgmet[e School Distdct NO. 39 ................. East Maine School District No. 63 ................ Golf School District No. 67 ..................... Avoca School Disbict NO. 37 ................... High School Distdcts: Northfleld Township High School Distdct No, 225 ...... New Tder Township High School District No. 203 ..... Niles Township High School District No. 219 ......... Maine Township High School Distdct NO. 207 ........ Community College District: Oakton Community College No. 535 .............. Percent of Village's Applicable Village's Share (Note 1) 20~0 Rent of Gross Debt To Be Paid Proper[3/in Gross From Real Property Taxes Taxinq Body Bonded Debt Percent Amount 69.2% $11,525,000 85.902% $ 9.900,206 11.3% 9,633,067 38.950% 3.752,080 9.7% 10,630,000 25.426% 2,702,784 3.1% 12,720,000 4.715% 599,748 2.6"/'o 23,510,000 4.191% 985,304 2.4% 4,650,000 14.338% 666,717 1.7% 3,190,000 7.244% 231,084 100.0% 89.7% 17,576,993(3) 35.672% 6,270,065 4.8% 22,660,000(3) 2.330% 527,978 2.9% 90.966,658 1.311% 1,192,576 2.6% 13.530,000 1.005% 135,977 100.0% 100.0% - 0 - 9.540% - 0 - Total School Districts ........................................................... $26,964,517 OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve Distdct ........ 100.0% $2.121,075,000(2) 1A06% $29.822.315 Metropolitan Water Reclamation District ............. 100.0% 920,155,000(2) 1.436% 13.213,426 Glenview Park Distdct ......................... 99.1% 1,213,400(3) 82.568% 1,001.880 Northbrook Paflx District ......................... 4% 19,705.000(3) .343% 67,588 Nodh Maine Fire Protection Dis[fict ................. 4% 1,045,000 2.210% 23,095 Glenview Special Service Areas ................... Various 879.075 100.000% 879.075 To[al Other Than School Districts ................................................... $45.007,378 Notes: 1. Vitlage'e share based upon 2OOO Real Property vstustions. 2. Exc~udes Genera~ ~btigation N~tes issued in ~eu of tax anticipati~n warrants and notes issued to provide interim construction financing. Aisc excludes IEPA loans to the Metropolitan Water Reclamation Dist/fct. 3. Excludesthefotiowing "AlternateBonds"issuedpursuanttoPublicAct85-f41g, whichareconsidered to be self- supporbng since they ace payable f/om user fees or other pledged non-property tax sources: Northfield Township High School District No. 225 - $28,740,000; New Tder High School District No. 203 - $5,235,000; Glenview Park District - $30,550,000 and Northbrook Park District- $2,000,000. 172 EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note For General Taxinq Purposes(Note 1) T~x Gross Less Net For increase Levy Real Exemptions General Taxing Over Year Property (2) Purposes(5) prior Year 1996 ........ $1,111,554,137 $61,245,414 $1,050,308,723 +1.4% 1997 ........ 1,110,128,692 62,350,866 1,047,777,82.§ -.2%(5) 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 ........ 1,293,037,637 65,381,437 1,227,656,200(4) -1.3% For Ali Taxinq Purposes Net For Plus Total For All General Taxing Incremental Taxing Purposes (5~ Valuation(7) Purposes(6) $1,050,308,723 $ - 0 - $1,050,308,723 1,047,777,826 - 0 - 1,047,777,826 1,160,371,041 - 0 - 1,160,371,041 1243,991,673 2,216,856 1,246,208,529 1,227,656200 5,537,964 1,233,194,164 I. Property in Cook County is separated into eight ciass~cations for assessment purposes (ranging in 1985 from 16% for ~sidential to 40% for commercial property). After the assessor establishes the fair market value of a parcel of land, that value is multiplied by one of the classification percentages to a~ve at the assessed valuation for that parcel. The III/obis Departmenl of Revenue fumisbes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. After the equalization factor is applied, the valuation of the property for taxing purp(~se$ has been established-tax rates are applied to the equal/zed valuation. Includes three major categories of exemptions: the Senior Citizens' Homeatead Exemptio~ ($8,062,500 in 2000), the Senior Citizens Tax Freeze Homestead Exemption ($_,4,130, 780 in 2000), and the General Homestead Exemption ($53,'[88,177 in 2000)~ The Senior Cib~en$ Homestead Exemption, effective for tax years 1991 and fbi/owing, is a reduction of $2,500 ($1,500 in levy years '[972-1983 and $2,0~0 in levy years 1984-1990) in the equalized assessed valuation of real probedy owned and occupied by a per~on 65 years 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 yeaKs equalized assessed valuation above the 1977 tax year equalized assessed va/gaBon, with a maximum of $1,500 in 1978, $3,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 therealtec The Senior Citizen Tax Freeze Homestead Exemption, first effective in levy year 1994, provides that persons 85 or older with a household income of less than $40,000 (up from $35,000 in levy year 1998 and prior) may receive an exemption in the amount of the difference between the current aqua#zed assessed value of their pftncipal residence and the lowest pre~iou$ assessment in a qualifyiog year, even if the ~enior was not eligible for some intervening year. 3. Under the current triennial ~assessment system in Cook County, one third of the County is raassessed each year. The Viltage was raassessed in 1998. 4. By va~uati~n~ 82-8% ~f the Vit~age is in N~rth~e~d T~wnship~ 6~4% is th Ni~es T~wnship~ ~~1% is in Maine Township, and 4. 7% is in New Trier Township. Includes $128,995 of Railroad Property now classified as Real Property. 5. The decrease in equalized assessed valuation was primarily due to a .31% drop in the State-imposed equalization factor for Cook County (from 2.1517 in levy year I998 to Z 1489 in levy year 1997). 8. The Village's tax rate is extended against its entire Equalized Assessed Valuation (shown in this table as '~Eotal for all Taxiog Purposes") excludiog only the statuto/T axemptions. Of tbe taxes coliocted, that podion applicable to incremental valuation (valuation of tax increment districts) is remitted to the Village by the County Collector for deposit in the applmable 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 this table as "Net for Genera/Taxing Purposes". 7. When the G~enview Nava~ A~ Station Tax thcrement District was created lt incioded the Air Station and an older industrial a/~a adjacent thereto. As of January 1, 2000 the incremental valuation was added from changas io that industda/ area. Land valuations in that iodustdal area have increased for a vafiety of reasons including the fact the property being ad~bcent to a major new roadway entrance into the redeveioped base and a new Metre train station. TAX RATES PER $1 00 EQUAI~IZED ASSESSED VALUATION (Levy Years) Village of Glenview: 1996 Bonds and Interest ....................... $.125 Pensions (Police, Fire, IMRF & Social Security) .... 139 Corporate .............................. 422 Total Vii/age('[) ...................... $ .687 Cook County (Ind. Forest Preserve) ............... 1.063 Metropolitan Water Reclamation District ............. 492 Glenview S.D. Number 34 ...................... 3.071 North~eld Township H.S.D. Number 225 ............ 1.903 Oakton Community College Dist. Number 535 .......... 208 Glenview Park District ......................... 478 Library(2) .................................. 303 Northfield Township and All Other .................. 090 TotaY, 3) ............................ $6293 V'~lage as a Percent of Total ...................... 8.3% 1997 1998 1999 2000 $ .166 $ .156 $ .145 $ .152 .112 .095 .077 .093 .457 .409 .430 .426 $ .735 $ ,660 $ .652 $ .671 .993 .983 .955 .893 .451 .444 .419 .415 3.188 2.991 2.839 3.030 .216 .205 .203 .213 .498 .587 .578 .612 .304 .269 .251 .269 $8.435 $6,057 $7.835 $6.176 8.7% 8.2% 8.3% 8.2% Notes: 1. 2. As e home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate limitaSons. Beginning in levy year 1985, the tax rate for Library purposes is considered under State law to be a separate levy from the Village. Tax rate applicable to the largest lax code which represented 44. 7% of the Village's 2000 tax base and is located in Ncrthfield Township. 173 Levy Year 1996 .... 1997 .... 1998 .... 1999 .... Notes: TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Collection Total Taxes Year Extended ................... 1997 $7,215,620 ................... 1998 7,701,167 ................... 1999 7,658,448 ................... 2000 8,110,825 ................... 2001 8,237,573 TotaJ Taxes Collected as of December 31, 2001 Amount (2) Percent $7,247,809 10044% 7,634,176 99.13% 7,701,582 100.56% 8,074,879 99.56% 8,159,393 99.05% Source: Cook County Treasurer's Office. Taxes collected, including late payments, are shown as collections in the year when due regardless of when the collection occurs. The "Amount Collected" is not the same as distributions to the Village as collections include taxes paid under protest. When the taxes are paid under protest are remitted, they are not included as taxes collected as they have already been considered 'co#ected% Cook County property taxes are payable in two installments: the first on March 1, end the second on the latter of August l or 3O daye aflerthe msil~bg of the tax bills. The first installrnent is an estimated bifi and is one-half of the pfior yea~s bfiL The second instattment is based on the current levy, assessment and equalization and reflects any changes from the prior year in those factors. The second installment date for levy years 1996-2000 were Seplember 19, 1997, October 28, 1998, November 1, 1999, October 2, 2000, and November 1, 2001, respec~vely. 1995 AND 2000 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION Villaqe of Glenview Taxable Valuation(2) Percent of Total Property Classification: Residential ......................... Commercial(f) ...................... Industrial .......................... Railroad ........................... Farm ............................ Total ......................... 1995 $ 716,562,602 222,555,941 96,725,327 60,562 115,075 $1,036,019,507 Percent Increase 19952000 ............................ 2000 . 1995 2000 $ 867,958,903 69.2% 70.4% 245,318,108 21.5% 19.9% 119,763,463 9.3% 9.7% 128,995 NIL NIL 24,695 NIL NIL $1,233,194,164 100.0% 100.0% +19.0% Notes: 1. The c~mrnercia~ c~~ss/~cafi~n thc~udes apartment bui~dings wfih ~ver s/x units and any ap~rtment/retai~ mixed use buildings. 2. thcCudes incremental valuation in the V~Tiage 's tax increment financing district. TENLARGESTTAXPAYERS Equalized Assessed Percent of Rank Taxpayer Properties Valuation(l) Villa.qe (2) 1 ... Kraft General Foods ............ Corporate Headquarters/Research Campus .. $ 36,839,091 3.0% 2 ... Signode, Div. Of ITW ........... Corporate Headquaders ................ 14,754,042 1.2% 3 ... Mid American Asset ............ Commercial Property ................. 14,540,781 1.2% 4 ... Pearson Tax Dept .............. Corporate Headquaders-Book Publishing(3) .. 10,308,139 0.8% 5 .,. Bm Glenview IInc ............. AON Insurance Company ............... 10,260,923 0.8% 6 ... Crown Northcorp Jnc ............ Doubletree Hotel ..................... 9,228,321 0.8% 7 ... Target ..................... Retail Store ........................ 6,672,688 0.5% 8 ... Heatherfleld Cen LLC ........... Commercial Property ................. 6,549,202 0.5% 9 . .. KlaffRealtyLP2100 ............ Commercial Property ................. 6,131,188 0.5% 10 ... Avon Products, Inc .............. Cosmetics - Shipping FaciliLy ............ 5,010,308 0.4% 9.7% Notes: Total Ten Largest Taxpayers ...................................... $120,293,683 1. Valuations as of January 1, 2000 for 2001 hexing purposes. 2. Total 2000 V~71age vs/uat~bn of $1,233, f 94,164 (including incremental valuation). 3. Corporate headquarters of Scolt Foresman. 174 Summary Statement GENERAL FUND of Revenues, Expenditures and Changes in Fund Balance Years Ending December 31) Audited(Nofe l) 2001 2002 1998 1999 2000 Budqet (2~ Actual Budqet (2) $ 5,421,134 $ 5,088,157 $ 5,626,488 $ 5,992.318 $ 5,808,880 $ 5,009,460 2.014,877 2.123,992 1,968,076 1,900,030 1.968,062 2,075,000 5,092,357 5,758,617 6,522,922 6,300,020 7,184,006 6,790,000 3,340,555 3,262,725 3,712,583 3,750,000 4,147,388 3,930,000 3,111,954 3,249,388 3,551,020 3,550,000 3,483,970 3,830,000 322,468 379,362 195,281 375,000 414,768 380,000 856,775 803,135 872,019 825,000 748,188 800,000 5,535 10 - 0 - - 0- - 0 ~ - 0- 1,069,449 996,745 1,456,765 2.207,505 2,467,698 1,951,700 250,798 236,925 280,634 255,000 342,302 295,030 1,310,311 741,991 1,280,928 2,015,065 1,152,553 2,160,575 232,855 281,525 224,431 250,000 215,284 225,003 526,760 478,582 665,382 475,000 769,833 450,000 452,814 457,808 500,750 493,700 493,710 493,900 106,700 102,200 102,000 105,000 105,000 112,150 33,850 4,000 4,000 4,000 4,000 4,000 285,174 381,981 292,674 307,500 307,500 307,500 127,215 194,993 190,994 '~75,000 172,351 150,000 168,898 107,139 1,327,086 '~51,760 118,100 263,525 - 0 - 531,593 295,460 400,000 956,654 400,000 795,012 1,075,376 887,172 1,379,500 934,280 1.041,'150 $25,525,491 $26,256,244 $29,958,645 $30,872,683 $31,794,527 $31,668,960 $ 4,824,865 $ 4,854,514 $ 7,693,301 $ 6,212,860 $ 5,5842.74 $ 7,024,566 11,916,831 12,357,263 13,295,031 15,489,211 15,584,519 15,373,055 4,094,806 4,774,392 5,100,455 5,968,820 5,895,520 6,751,733 613,170 515,397 570,574 - 0 - - 0 - 1,090,000 $21,451,672 $22,501,566 $26,659,361 $2.7,670,871 $27,064,313 $30,239,354 965,013 1,024,903 1,001,302 1,061,931 1,061,931 1,225,223 919,600 1,199,285 3,610,937 2,309,805 2,309,805 219,335 -0- - 0- -0- -0- -0- -0- $23,336,285 $24,725,754 $31,271,600 $31,042,607 $30,416,048 $31,683,912 $ 4,073,819 $ 3,754,678 $ 3,299,284 $3,001,976 $4,750,215 $ 1,429,606 $ 1,530,490 $(1,312,955) $ (~6g, 924) $ 1,378,479 $ (14,952) $ - 0 - $ - 0- $ 371,034 $13,502,152 $12,189,197 $13.938,713 December 31 1998 1999 2000 2001 (Fiscal Revenues/Transfers: 1997 Property Taxes(3) .................... $ 5,098,741 Property Taxes-Fke Protection District(/1')... 2,094,527 Sales Taxes ........................ 4,794,830 Utility Tax ......................... 3,184,812 State income TaxJPhcto Use Tax .......... 2,900,650 Franchise Taxes/Inffastr~bture Maintenance .. 333,645 Hotel Room Tax(4) ................... 788,672 Motor Vehicle Licenses ................ 459,412 Building Permits/Ced. Of Occup ........... 817,715 Other Licenses and Permits ............. 409,987 Charges For Services ................. 652,035 Fines and Fon'eits .................... 258,230 interest ........................... 427,039 Transfers-in: Waterworks ...................... 471,245 Whoiesala Water .................. 98,275 The Glen Redev./Carelaker ............ 330,356 North Maine Utilities ................ - 0 - Escrow Deposit Interact(5) ............ 245,864 Other .......................... 112,731 Land Sales ......................... - 0 - Ali Other Revenues ................... 542,126 Total Revenues/Transfers ........... $24,020,892 Expenditures/Transfers: General Government .................. $ 5,468,303 Public Safety ....................... 11,235,448 Highways and Streets ................. 3,944,604 Pensions .......................... 617,344 Subtotal Expenditures ................ $21,265,699 Transfers-Out: Capital Equipment Replacement(6) ...... 901,114 Capita[ Projects ................... 453,000 Other .......................... 4,554 Total Expenditures~ransfem ......... $22,624,367 Revenue Over (Under) Expenditures: Before CagitaVTransfers ............... $ 2,750,639 After CapitallTransfers ................. $ 1,396,525 $ 2,189,206 Adjustments to Fund Balance .............. $ 19,385 $ - 0 - Fund Balance at December 31(7) ........... $ 9,782,456 $11,971.662 Balance Sheet at Assets: 1997 Cashand Investments(8) ............... $ 9,195,386 $ 8A50,797 Receivables: Properly Taxes ................... 5,216,129 5,129,686 Sales Tax ...................... 811,956 835,114 Utility Taxes ..................... 234.170 305,374 Other Receivables ................. 421,709 550,248 Due From Other Funds ............... 644,565 2,941,225 All Other Assets .................... 14,804 5,641 Total Assets ................... $16~538,719 $18~218~085 Liabilities and Fund Balance: $10,356.035 $12,206,729 $14,756,756 5,604,175 5,672,153 5,785,884 527,596 1,146,631 1.968,913 316,573 425,315 343,995 560,790 566,103 161,283 3,223,415 521,106 137.073 14,482 - 0 - 32,385 $20,603,066 $20,538,037 $23,186,289 Accounts Payable .................... $ 378,726 Compensated Absences Payable .......... 743,645 Due To Other Funds .................. 253,806 Deferred Revenues ................... 5,316,129 All Other Uabilities ................... 63,957 Fund Balance: Reserved(g) ...................... $ 22,283 Designated for Surcharge Receipts(fO) .... 1,334,848 Undesignated ..................... 8,425,325 Total Fund Balance(f2) ............. $ 9,782,456 Total Liabili0es & Fund Balance ....... $16,538~719 $ 190,637 $ 156,192 $ 609,888 $ 547,977 870,063 926,120 951,802 1,531.691 - 0 - 30,920 232,004 137,314 5,129,686 5,886,811 5,822,728 6,029.209 56,037 100,871 732,418 1,001.385 $ 15,641 $ 19,867 $ 10,000 $ 10,000 1,334,848 1,334,848 1,334,848 1,334,848 10,621,173 12,147,437 10,844,349 12,593,865 $11,971,662 $13,502,152 $12,189,197 $13,938,713 $18,218.085 $20,603,066 $20,538,037 $23,186,289 Notes: 1, These condensed financial statements for the General Fund for the years ending December 3¢, 1997-2001 have been prepared from the full Comprehensive AnnuaI Financial Reports of the Village of Glenvlew and do not purport to be complete financial statements. The furl financial statements, together with the report of the Village's independent accountants, ara available upon request. See Note 1 to "Combined Statement-All Funds% 2. The VillageManagersubmitsapr~p~$ed~peratingbudgett~theB~ard~fTrustee~whichbudgetthcfude$prag~sedexpendituresandthemeans~f financing them. Subsequent to budget heatings, the budget is legally enacted through passage of an ordinance. The Village Manager is authetized to transtar 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 conststent with generally accepted accounting ptinciples. rom 1979 to 1985 the Village s pbl¢cy wdh regard to General Fund property taxes was to evy a cons ant dollar amount of approximately $950,000. Beginning with 1988, the Village changed this policy to one of a constant tax rate to ensure equal participation in the cost of government of new 4. Effec~'ve May 6, 1985, the Village adopted a 5% hotelroom tax. The Village has five operating hotels with 856 ¢ooms. 175 5. Developers are required to 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 purpose of evening out the annual expenditures for major capital expenditures. All of the Vii/age's on-road and off-road equipment, fire, public wo~s, e/c., 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, 2001, caeh and investments in the Capita/Equipment Replacement Fund totaled $8,715~535. 7. For the fiscal year ended December 31, 1982~ the Vit~age changed its pr~perty tax revenue reccgniti~n fo c~nform fo the pr~visi~ns ~f ~nterpretati~n ~~3 issued by the National Council on Govemmental Accounting under which property lax revenues are recognized to the extent of taxes due and collected withinthecurrentyear. Thecurrentnettax~vyreceivab~eisrecngnized~nthebsiance$heeta/~ngwithacorresp~ndingam~unt~fdefarredrevenue~ 6. When the Village changed its policy regarding fhe level of property taxes for the General Fund (Note 3), it also determined to increase the cash reserve ba~ancet~~~days~fw~rkingca~h' which~giventhe2~~1actua~n~ncapita~expenditures~fota~sappr~ximafaiy$6~~73~392~ Thisreserveservesas insurance shou/d the Village face fluctuations or delays in tax payments: a monetary judgment, a natural disaster, or other fiscal difficuit~es. The General Fund "Cash Balance" has risen from $1,377,554 at December 31, 1985 to $14,756,756 at December 31, 2001 which represented a cash reserve balance of 199 days. 9. The December 31, 2001 Reserved amount of $10,000 is for Patton House, a proposed senior housing building, 10. These funds are available for any purpose-the "Designated" reference is to the source of revenues that were determined by the Village Board as not to be used for operating expanses 11. On September l, 1992 the G/enbrook Fire Protection Di$trict was merged icfo the Glenview Fir~ Department. The Fire Protection Disthet continues fo levy property taxes on that part of ils tax base outside the Vitlage i/mits and remits those tax receipts to the Village for services in the unthcorporaled area that now repreeenbs its tax base, 12. The GeneraI Fund "Fund Ba/ance" at December 31, 2001 of $13,938, 713 is equal fo 461% of the $30,239 ,354 Budgeted 2002 General Fundexpenditures excluding transfers for capital purposes. COMBINED STATEMENT--ALL FUNDS(Note 1) Fund Balances 1997-2000 and Summary 2001 Revenues, Excess Revenues and Fund Balance (Audited Fiscal Years Ending December 31) Fiscal Year Ended December 31,2001 Property Over Govern mental Fund Types: 1997 1998 1999 2000 Tax Total Expenditures GeneralFund ................ $ 9,782,456 $11,971,662 $ 13,502,152 $12,189,197 $ 5,805,880 $ 31,794,527 $ 1,749,516 Special Revenue Funds: IMRF .................... $ (95,236) $ 24.118 S 72,445 $ 229.524 $ 518,270 $ 954,248 $ 148,066 Motor Fuel Tax ............. 574,874 427,814 299,213 206.926 - 0 - 1,135.694 4,899 Refuse and Recycling ......... 643.865 902.166 1.192.944 1.398,883 - 0 - 1,161,868 224,497 911 Communications ......... 218.703 271.111 330,485 397,895 - 0 - 502,168 58,824 GNAS Redevelopment(2) ...... (318.393) (911.2691 (1,385,304) 4,612 - 0 - 2.413,351 (8.436) GNAS Caretaker ............ - 0 - 96,304 (31,669) 4,807 - 0 - 610,443 (164,646) - 0 - 3,477 457,212 14,283,345 13,239 Special Tax Allocation - 0 - - 0 - TotalSpecialRevenue ....... $ 1,023,813 $ 810,244 $ 478,114 $ 2,246,124 $ 975,482 $ 21,061,117 $ 276,443 Debt Service Funds ............ 4,416,466 2,388,599 3,651,914 2,431,244 1,741,617 5,858,646 380,280 Capital Project Funds ........... ~8,029,780 25,911,196 84,410,215(10) 107,673,236 -0 ~ 68,747,648(11) 50,618,886 Total Governmental Funds .... $ 63,252,515 $ 41,081,701 $102,042,395 $124,539,801 $ 8,525,979 $127,461,938 $53,025,125 Incl, Transfers Proprietary Fund Type(3): Enterprise Funds: Waterworks(4) ............. $ 13,020,016 $ 15,197,166 $ 16,628,339 $ 16,666,968 Sewerage(4) ............... 2,978,395 2,975,588 3,888,659 3,796,276 Wholesale Watar(4) .......... 1,202,966 783,437 759,400 733.552 North Maine Wetsr end Sewer(4) . (109,569) (266,559'~ (110,109) (421,839) Commuter Parking Lot ........ 97,297 128,026 194,545 240,595 Total Enteq)dseFunds ....... $ 17,189,105 $ 18,817,658 $ 21,360,834 $ 21,015,552 Internal Service Funds: Munidpal Equipment Repair(5)... $ 5,043 $ (38,354', $ 144,454 $ 225,598 Insurance ................. 3,056,542 3,407,267 3,847,080 3,733,331 TotallntsmalSe~iceFunds.., $ 3,061,585 $ 3,368,913 $ 3,991,534 $ 3,958,929 Total Proprietary Funds ...... $ 20.250,690 $ 22,186,571 $ 25,352.368 $ 24,974,481 Fiduciary Fund Types(6): Escrow Deposit(7) ............. $ -0- $ 120,593 $ 124,782 $ 149,161 Deposit .................... 26,536 29,880 36,080 46,407 Police Department Special Account.. 5,233 13,824 14,847 25,665 Pot/ce Pension ................ 23,553,282 27,211,246 25,629,270 29,157,175 Firefightsrs' Pension ............ 34,502,380 37,887,879 36,747,303 40,166,889 Total Fiduciary Funds ....... $ 58.087,431 $ 65263,422 $ 62,552,282 $ 89,545,297 Component Unit: LibraryFund(6) ............... $ 1,978,641 $ 2,001,851 $ 1,875,071 $ 1,690,683 Total All Funds(Memo Only)... $143,569,277 $130,533,545 $191,822,116 $220,750,262 5 - 0 $ 6,958,560 - 0 932,421 - 0 290,171 $ - 0 $ 15,156.696 $ - 0 - $ 1,070,324 - 0 - 3,640,922 $ - 0 - $ 4,711,246 $ ~ 0 - $ 19,867,942 - 0 $ 172,351 - 0 7,299 - 0 455 ~ 0 1,272,699 - 0 3,141,663 - 0 $ 4,594,467 $ 3.245.290 $ 3,664,478 $11,771.269 $155.588.825 Cash and Investments at December 31: 1997 1998 General Fund ................ $ 9,195,386 $ 8,450,797 Special Revenue Funds .......... 1,404,442 1,985,393 Debt Service Funds ............ 4,414,215 2,478,605 Cap/tat Project Funds: Capital Equipment Replacement.. $ 6,153,619 $ 7,605,563 GNAS Project(12) ........... 37,011,215 15,905,125 Village Permanent ........... - 0 - - 0 - Capital Projects ............. 4,572,048 6,120,760 All Other .................. 2,271,300 2,304,156 Total Capital Projects ....... $ 50,008,182 $ 31,935,604 Proprietary Funds ............. 6,662,930 9,763,531 Fiduciary Funds(6) ............. 62,850.801 69,765.291 ComponentUnit-LibraryFund(8)... 2.101,093 2,166,954 Total Cash and Investments(9) . $136,637,049 $126,546,175 1999 2000 2001 $ 10,356,035 $ 12,206.729 $ 14,756,756 1,877,420 2,160.449 2,535,726 3,653,017 2,427,557 2.813.024 $ 7,646,046 $ 8,796,785 $ 8.715,538 59.529,350 66,510,250 106,108.151 17,015,699 26,651,077 36,253.716 6.595.418 8,864,515 11,129,659 2,395,735 6,517,597 6,862,198 $ 93,182.248 5117,340.224 $169,069,262 9,563.407 8.943.705 8,893.237 66,375,530 73.801,575 75,493.448 1,988,069 1,559,164 1,525,360 $186,995,726 $218,439,403 $274,886,813 II 176 :1 Fund Balance $ 13,938,713 $ 377,590 211,825 456,719 (3.824) (159,839) 16.716 $ 2,522.567 158,292,122 $177,564,926 $ 972,000 $ 17,638,968 (166,126) 3.630.150 (169,249) 564,303 147,495 (274,344) 35,178 275,773 $ 819,298 $ 21,834,850 $ 8,819 $ 234,417 (180.847) 3.552,484 (172,028) $ 3,786,901 $ 647,270 $ 25,621,751 $ - 0 - $ 149,161 7,299 53,706 423 26,088 223,202 29,380,377 1.812,594 41,979,483 $ 2,043.518 $ 71,588,815 $ (351,405) $ 1,339,278 $55.364.508 $276.114.770 These condensed financial statements for the years ending December 3f , 1997-2001 have been prepared from the full Comprehensive Annual Financial Reports of the Village of Gtenview and do not purport to be complete audits. The full financial statements, together with the report of foe Village's independent accountants, are available upon request. The accounting policies of the Village conform to generally accepted accoun n r/nc es as appflcable to governmenta units. The accounts of the Village are organized on he basis of funds and account groups, / ~- , P ,- ~ ~.~t~ ~r'nn~ntinc7 entity The various funds are grouped into the three broad categories of Governmental Funds. Fiduciary Funds and proprietary Funds, Within the Governmental Funds are the General Fund (the general operahen fund) whtch fs used to account for ail finanela resources except those required to be accounted for in another fund; Special Revenue Funds which are used to accountforthe roceedsofspecificrevenuesaurcesfoatare agellyrestricted oexpendituresfurspecifiedpurpocas;DebtSen4caFunda;and ..... · ~ P~ ~ .. ........ ~ fu~ds end ex~`~nda~te truel funds are aco~untad for u$ing ~ current ~nancia~ res~urces measuroment focus which has only current assets and current I~ab~flfles on the balance sheet and operating stalemen~ present ~ncrsase curren assets. All proprietary funds and pens on tn~st funds are accounted for on a flow of economic resources measurement focus with all asses and l/ab/lit es assoc a ed with the operation of these funds included on the balance shee a and fund equity segregated into contributed capital and retained earnings--operating statements present increases and decreases in ne oral assets. The modified accrual basis of nd T es and Ex endable Trust Funds (in the Fiduciary Funds category). Afl remain ng accountfog is folfowed for a Govemmentel Fu . yp P The Re ort of ' ' ' unds and Pro r~e a Funds are accoun ed for using the accnJal basts of accoun?ng, p Fiduciary Funds ~Pen,?o~ T~ F, ) o._pt_~. ~n~n~-~=l ~t~terne t ' fiscal veer ended December 31, 20gl meluded the following thdagendent Auditors ~n the vl#oge s genera~ pu~pu ................. n_s for fls _ . lan,g,?aoe foomparabte "clean" opln one were included in the Village's 1997-2000 audits shown n this table): 'In ~ur ~)pinion, the general purpose financ a s elements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, illinois, as of December 31, 2001, and the results of its operati'ens and the cash flows of its proprietary fund types for the year then ended n conform ty with account og principles genera y accepted in the United States of America. Also, in our opinion, he combining tadiv due fund, and account group financial statements referred to above present fairly, in all matadat respects, the financlal position of each of the individual funds and account groups of the Village of G enview, Illinois as of Decamber 31, 2001, and the results of operations of such funds and the cash flows of individual proprietary funds for the year ~hen ended in conformity with accounting rlncl les ~enerelly accepted in the United States of America." . . . 2. ThPeGlePnvie~vNavalAirStafionRedeveloPmentFundwascrsatedt~aco~untforthere~urcasandexpenditures~ncurmd~nthedevel~pment~f the Gtenvlew Naval Air Sase land which was vacated by the Navy on September g, 1995. 3. The am~unts sh~wn as fund belances fur the Prophetery Funds are retaleed eamings (excfudes c~nt~buted capita~ and the am~unts sh~wn as 'excess revenues" represent the change in retained earnings. "Total revenues" represent operating/~venues. 4. pher le flscal ar1993 the Viflage meln elned tw~ Waterw~rks Funds t~ pr~vide accounfing for the eastem p~i~n ~f the Viflage (Watarworks ~ ~1 ,~ fh Ye~e~n nr3.dlr~n ~nd the a~blicable unthcorooratad area adjacent to the westam border of the Village (Waterworks West) that is serried by the water system (retained earnings at December 31, 1992 were $3,909,087 for Waterworks East and $5,537,828 for Waterworks West). The two accounting funds were set up in 1977 when the two private water companies serving the applicable western portion and ublnco oratedareaswere attherequest~ftheresdent$~ acquiredbyfoeViflagefor~hepurp~se~fup-gradingthewatarqualflyinthat~reaby repleci~n~ well water supply with Lake Michigan water supply that had been available to east Gtanview since 1937. It was detarmthed that the cost et amortizing the debt applicable to the acquisition of the two private water companies and constructing the necessary transmission main, store e and west system up-gradfog would be paid for by lhe cue diners of the west system. The use of differing rates continued until 1992 g - ' of a minimum cha e for water usage was eliminated The two funds were cornbleed when a un/fled rate structure was put tn place and the use rg ' in fiscal year 1993. A separate Sewerage Fund was created in fiscal year 198fi to account for the funds necessary to provide sanitary sewer sar,lice o both the incorpora ed and un ncorgoratad areas sen/ed by the Village Prior to 1986 these funds were accounted for in the two Waterworks Funds. The Wholesale Water Fund accoun s for the sa e of wa er o Citizens Utility Company for its service area gu side the Village of Gtenview. The North Maine Water and Sewer Fund accounts for all financial acfivfiy related to the Village providing water and sewer sexy ce o an unincorporated area southwest of the Village (formerly served by the North Suburban Public Utilities Company). 5. The Munielpal Equipmect Repair Fund is usad to accoun for he ccata of repeifing and melntaining afl Vifiage vehicles. 6. Excludes the Vi lage's Agency Funds 7. The Escrow Dep~s~t Fund ~s used t~ account for m~nies ~n dep~alt with the Vi age- he c~st ~f pubflc improvements ta be dedicated ta the Village must be escrowed with the Vii age and as payments are required for safi~factary work completed, monies are released to contractors. interest earned on the escrowed deposits is retained by the Village and annually transfened o he General 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 characleris!ics of a legelty separate government (separately elected 7-memher board which annually determines its budget and tax levy). 9. The Vi~oge s Cash C~nIrel and tavestment P~iicy was ~rlginelly agepted ~n February 2~ ~1983 and was revised ~n March15~ ~ ~85~ January ~ 6~ 1990 and March 19, 19gfi. 10. tacludestwonewfundscreatadfofiscalyear1999: TheGenLandSelesFund(Decamber3~, 1999fundbelance$43, gll,212)andtheV#lage Permanent Fund (December 3 f , 1999 fund balance $17, f 24,912). The Glen Land Sales Fund ~ used to account for gross land sales related to the Glenvlew Naval Air Base and the Village Permanent Fund receives from The Glen Land Sales Fund 20% of the gross land sales to be used for projects not related to the Glenview Naval Air Base. . . . 1 f. Excludes proceeds from the Village's sate on August 7, 2001 of $4~,800,00~ ~en_e_~l.O~bl~a_~o~ _B~nds, Series 200~. 12. ~ncludestheGNASSondFund, Seheslg95, theGtenLandSelesrun(7, anomezuu? ~rojec~runu- FIXED ASSETS AT DECEMBER 31,2001 General Fixed Proprietary Fund Assets(l~ Fixed Assets(2) Land and Impcovemente ......................... $ 6,143,853 $ 302,851 Buildings and Improvements ...................... 14,404,936 446,954 - 0 - 38,049,513 Water and Sewer Systems ....................... 10,113,048 2,876,128 Equipment .................................. Office Furniture and Equipment .................... 2.033.877 18,672 Subtobal ................................ $32,695,712 $41,694,118 Less: Accumulated Depreciation ................... - 0 - (12,8961932) Tote/ .............................. $32,695,712 .$28,797~186 Group rather than in govemrnental funds. All fixed assets are valued at h/star/cat cost or estimated h/statical cost if actual is not known. Contrtbutad fixed assets are recorded at their fair market value on the date donated. Public systems and lighting systems have not been capitellzeth No depreciation is recorded on General Fixed Assets. This table includes the general fixed assets of the Gienview Public Library. 2. Fixed Assets in the Proprietary Funds are valued at historical cost or estimated h/star/cai cost. Depreciation on all exhaustible fixed assets is charged as an expense against operations. Deprecla§on is provided over the est/ma/ed useful lives using the straight-fine method. 177