The URL can be used to link to this page

Home My Public Portal About1997 Comprehensive Annual Financial ReportCOMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1997 Prepared by Finance Department Douglas R. Ellsworth Director of Finance Linda Ogawa Assistant Director of Finance I I I I I I I I I I I I I I I I i I I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE INTRODUCTORY SECTION Principal Officials i Organization Chart ii Director of Finance's Letter of Transmittal iii - xv Certificate of Achievement for Excellence in Financial Reporting xvi FINANCIAL SECTION REPORT OF INDEPENDENT AUDITORS 1 - 2 GENERAL PURPOSE FINANCIAL STATEMENTS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet 3 All Governmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances 4 All Governmental Fund Types Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 5 Ail Proprietary Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings 6 All Pension Trust Funds Combined Statement of Changes in Plan Net Assets 7 All Proprietary Fund Types Combined Statement of Cash Flows 8 Notes to Financial Statements 9 - 47 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE FINANCIAL SECTION (CONT.) REQUIRED SUPPLEMENTARY INFORMATION Analysis of Funding Progress Illinois Municipal Retirement Fund 48 Police Pension Fund 49 Firefighters' Pension Fund 50 Employer Contributions Illinois Municipal Retirement Fund 51 Police Pension Fund 52 Firefighters' Pension Fund 53 COMBINING, INDMDUAL FLrND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND Corporate Fund Balance Sheet 54 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 55 Schedule of Revenues - Budget and Actual 56 - 57 Schedule of Expenditures - Budget and Actual 58 - 71 SPECIAL REVENUE FUNDS All Funds Combining Balance Sheet 72 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 73 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 74 Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 75 Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 76 Schedule of Expenditures - Budget and Actual 77 Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 78 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 79 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) GNAS Redevelopment Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 80 Administration Department Schedule of Expenditures - Budget and Actual 81 - 82 GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Only 83 Schedule of Expenditures - Budget and Actual Only 84 - 87 DEBT SERVICE FUNDS All Funds Combining Balance Sheet 88 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 89 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 90 CAPITAL PROJECTS FUNDS All Funds Combining Balance Sheet 91 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 92 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 93 - 94 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 FINANCIAL SECTION (CONT.) PAGE PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Combining Balance Sheet 95 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 96 Combining Schedule of Changes in Contributed Capital 97 Combining Statement of Cash Flows 98 Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 99 Schedule of Operating Expenses - Budget and Actual 100 - 102 Schedule of Fixed Assets and Depreciation 103 Wholesale Water Fund Statement of Revenues, and Expenses, Changes in Retained Earnings - Budget and Actual 104 Schedule of Operating Expenses - Budget and Actual 105 Schedule of Fixed Assets and 106 Depreciation North Maine Water and Sewer Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 107 Schedule of Operating Expenses - Budget and Actual 108 - 109 Schedule of Fixed Assets and Depreciation 110 Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 111 Schedule of Operating Expenses - Budget and Actual 112 Schedule of Fixed Assets and Depreciation 113 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT.) ENTERPRISE FUNDS (CONT.) Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 114 Schedule of Operating Expenses - Budget and Actual 115 Schedule of Fixed Assets and Depreciation 116 INTERNAL SERVICE FUNDS All Funds Combining Balance Sheet 117 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 118 Combining Statement of Cash Flows 119 Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 120 Schedule of Operating Expenses - Budget and Actual 121 insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 122 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 FINANCIAL SECTION (CONT.) PAGE FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Combining Balance Sheet 123 Combining Statement of Plan Net Assets 124 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Expendable Trust Funds) 125 Combining Statement of Changes in Plan Net Assets (Pension Trust Funds) 126 Pension Trust Funds Police Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual 127 Firefighters' Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual 128 Agency_ Funds Combining Statement of Changes in Assets and Liabilities 129 ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source 130 Schedule of General Fixed Assets - by Function and Activity 131 Schedule of Changes in General Fixed Assets - by Function and Activity 132 GENERAL LONG-TERM DEBT ACCOUNT GROUP Schedule of General Long-Term Debt 133 VILLAGE OF GLENVIEW, ILLINOIS I Comprehensive Annual Finandal Report Table of Contents I December 31, 1997 I PAGE I FINANCIAL SECTION (CONT.) COMPONENT UNIT SCHEDULES I Library Fund Combining Balance Sheet 134 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 135 I Schedule of Operating Expenditures - Budget and Actual 136 Schedule of General Fixed Assets 137 SUPPLEMENTAL DATA Combined Schedule of Cash and Investments 138 I Schedule of Insurance in Force 139 Long-Term Debt Requirements I Corporate Purpose Bond Series of 1991 140 I Corporate Purpose Bond Series of 1992 141 Corporate Purpose Bond Series of 1993 142 Corporate Purpose Bond Series of 1994 143 I Corporate Purpose Bond Series of 1995 144 General Obligation Bond Anticipation Bond Series of 1995 145 Corporate Purpose Bond Series of 1996 146 I Corporate Purpose Bond Series of 1997 147 Corporate Purpose Notes of 1997 148 I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 STATISTICAL SECTION PAGE General Governmental Revenues by Source - Last Ten Fiscal Years 149 General Governmental Expenditures by Function - Last Ten Fiscal Years 150 Property Tax Assessed Valuations, Rates, Extensions, and Collections - Last Ten Fiscal Years 151 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 152 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 153 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years 154 Schedule of Legal Debt Margin 155 Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years 156 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 157 Demographic Statistics - Last Ten Fiscal Years 158 Construction Value, Building Permits, and Bank Deposits - Last Ten Fiscal years 159 Miscellaneous Statistics 160 - 162 Ten Wealthiest Illinois Communities - 1990 Census 163 Major Corporate Fund Revenue Sources 164 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1997 PAGE STATISTICAL SECTION (CONT.) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 1997) 165 Retirement Schedule of Outstanding Village General Obligation Debt 165 Debt Ratios and Per Capita Debt - Last Ten Bond Sales 166 Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 1997 166 Equalized Assessed Valuation for Taxing Purposes 167 Tax Rates Per $100 Equalized Assessed Valuation 167 Tax Extensions and Collections (Village Purposes Only) 168 1990 and 1996 Tax Base Distribution by Property Classification 168 Ten Largest Taxpayers 168 General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1993 - 1997) and 1998 Budget 169 Balance Sheets (1993 - 1997) 169 Combined Statement - All Funds Fund Balances 1991-1994 and Summary 1995 Revenues, Excess Revenues, and Fund Balances 170 - 171 Fixed Assets at December 31, 1997 172 I VILLAGE OF GLENVIEW, ILLINOIS Principal Officials I December 31, 1997 i LEGISLATIVE Village Board of Trustees I Nancy L. Firfer, President I i Kent B. Fuller John W. Patton, Jr. Joyce E. Kustra William L. Stickney I Robert J. McLerman Emil Ulstmp Paul T. McCarthy I Village Clerk/Treasurer i EXECUTIVE Paul T. McCarthy, Village Manager I I FINANCE DEPARTMENT I Douglas R. Ellsworth, Director of Finance I I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I ' Gl i i iew, May 15, 1998 Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview The comprehensive annual financial report of the Village of Glenview for the year ended December 31, 1997 is submitted herewith. This report represents a comprehensive picture of the Village's financial activities during 1997 and the financial condition of its various funds at December 31, 1997. Although formally addressed to the elected officials and citizens of Glenview, this financial report has numerous other users. Foremost among the other users are the bondholders of the Village, financial institutions, educational institutions and other governmental entities. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum of the financial affairs have been included. understanding Village's The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the 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. iii 1225 Waukegan Road 4, Glenview, Illinois 60025 4, (847) 724-1700 4, (847) 724-4232 TDD I I I I I I I I I I I I I I i I I I I I The Reporting Entity and its Services I 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 I approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of approximately 13 square miles and has an estimated population of 38,437. I The Village provides a full range of general governmental services. Specifically, Village the provides police and fire protection, health services, water and sewer utilities, construction and maintenance of streets, code enforcement, planning and zoning, library services, and general I administrative services. I The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the primary government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension I 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 I discrete presentation since it is governed by a separately elected board of trustees. No other legally separate entity qualifies as a component unit of the Village. I Economic Condition and Outlook I 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 I levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of I Illinois as a whole. As of December 31, 1997 the Village's unemployment rate was 2.5%, compared to 4.9% for Cook County and 4.7% for the State of Illinois. I Retail sales within the Village totaled $479 million for 1997. This represents an increase of $13 million, or 2.8% ,from 1996. The Village expects retails sales to continue to grow as new retail outlets are being constructed within the Village. I Median family income figures from the 1990 Census show that the average income of Glenview residents far exceed county and state averages. According to the Census Bureau, Glenview's 1989 I median family income was $67,412, compared to $38,664 for the State and $35,225 for the United States. This ranked Glenview as the fifth wealthiest community in the State of Illinois i amongst communities with populations over 25,000. I For many years, there was no substantial new commercial or residential construction activity as little vacant land was available for development. However, construction activity is expected to increase dramatically starting in 1999 as the 1,100 acre former Glenview Naval Air Station develops. During 1997, there were ten new commercial developments constructed, with a total value of $20 million. There were 219 new residential housing permits issued in 1997, an increase from the previous year's figure of 218. Major Initiatives For the Year 1997 was a year of significant advances in the Village's efforts to redevelop the former Glenview Naval Air Station. The Navy and the Village of Glenview came to agreement on the Economic Development Conveyance of the navy base. In light of the land use plan, and the massive infrastructure improvements needed to achieve that plan, the Village will be receiving the entire 1,100 acre base property for just over $2.1 million. As of December 31, 1997, 645 acres had been deeded over to the Village. Another 247 acres was deeded to the Village in early 1998. Th e remaining land is expected to be turned over to the Village by the end of 1999, once the Navy completes all required environmental clean-ups. The design work for the first phase of infrastructure improvements was completed in 1997 as well. Extensive work was put forth in the marketing area, with a database of 1,200 contacts being created. The Village of Glenview took an active role in the creation of the Northeastern Illinois Public Safety Training Academy (NIPSTA) in 1997. NIPSTA is a planned multi-regional public safety training facility to be located on approximately twenty-five acres of the former Glenview Naval Air Station which the Village of Glenview will be donating. At this point in time, twenty-five local governments have agreed to participate in the feasibility stage, during which a business p lan and site plan will be developed. It is expected that NIPSTA will officially come to be in 1998. Customer service continued to be a central theme for 1997. Village supervisors participated in customer service training. The Fire Department completed the process of equipping all front line fire engines with advanced life support capabilities. In September of 1997 the Village of Glenview purchased the assets of the North Suburban Public Utility Co., a water company providing water and sewer service to approximately 5,000 customers in a mostly unincorporated area southwest of the Village. For the Future 1998 is expected to be an active year relative to the Glenview Naval Air Station redevelopment. Approximately $30 million of infrastructure improvements will be completed in 1998. Approximately 714 acres of land will be marketed for sale to developers, now that the land has been transferred and the final land use plan has been approved. I I I I A significant number of new construction projects outside of the former Navy base received approval in 1997 and are expected to be constructed in 1998. These projects include 350,000 square feet of commercial retail space, including a Target store, Kohl's store and a Jewel Food I store. In addition, there are new residential developments such as Heatherfield (308 units) and Glenview Place (122 town_homes and 216 senior congregate units). I Financial Information I 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 I ensure that adequate accounting data is compiled to allow for the timely preparation of financial statements in conformity with generally accepted accounting principles. I Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recogni?~es 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 I requires estimates and judgements by management. Budgetary Control I 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 i general, special revenue, debt service, enterprise, internal service and certain capital and fiduciary funds. All appropriations lapse at year end, but open purchase orders are usually re-budgeted fo r in the subsequent year. I The level of budgetary control, that is, the level at which expenditures cannot exceed the budgeted amount, is established at the fund level. The Village maintains an encumbrance accounting system I for the governmental and proprietary funds as one method of accomplishing budgetary controls. Encumbrances outstanding at year end, if any, are reported as a reservation of fund balance since they do not constitute expenditures or liabilities. I General Government Functions The following table presents a summary of revenues available for general governmental functions I (the general, special revenue, debt service funds and component unit - Library Fund) for the year ended December 31, 1997 with comparisons to the previous year. 1 I I . I ! Increase Percent 1997 Percent {Decrease) Increase · Revenues Amount of Total From 1996 (Decrease) Property Taxes $10,429,281 31.3% $ 972,728 10.3% Other Taxes 12,320,063 36.9 566,516 4.8 · Total Taxes 22,749,344 68.2 1,539,244 7.3 Licenses and Permits 1,687,114 5.1 600,026 55.2 Intergovernmental 5,113,624 15.3 1,182,045 30.1 Charges for Services 2,335,578 7.0 55,879 2.4 Fines and Forfeits 327,361 1.0 29,921 10.1 · Interest Earnings 948,167 2.8 156,929 19.8 1 Miscellaneous 196,987 0.6 (932,933) (82.6) Total Revenues $33,358,175 100.0% $2,631,111 8.6% I Total general govermnental revenues for the year amounted to $33,358,175. This represents an I increase of $2,631,111, (or 8.6 %) over 1996. Property tax revenues for general governmental purposes are showing an increase of $972,728, I or 10.3%. The large increase can mostly be attributed to a change in accounting for pension activity. The Village has implemented Governmental Accounting Standards Board Statements 25 · and 27. These Statements require the Village to report property tax revenue intended for the 1 pension funds in the General Fund along with a corresponding pension expense. The amount of pension fund property tax revenue reported in 1997 was $617,344. Had it not been for this accounting change, property tax revenues would have been up 3.8 % for governmental activities. Other tax revenues totaled $12,320,063, representing an increase of 4.8%. Sales tax revenues I of $4,794,830 were up 2.8%. The Village's income tax receipts totaled $2,483,946, an increase of 9.2%. Utility tax receipts of $3,184,812 were also up 2.8% over 1996. I Strong building activity pushed revenues from the sale of licenses and permits to $1,687,114, an increase of $600,026, or 55.2 %, over 1996. Building permit revenue for 1997 totaled $797,890, compared to $300,006 for 1996. 1 Intergovernmental revenues of $5,113,624 are up $1,182,045 (30.1%) over 1996. This category · is showing a large increase due to the fact the Village received $1,816,256 in federal grants 1 related to the closure and redevelopment of the former Glenview Naval Air Station in 1997, compared to $874,159 in 1996. A significant source of intergovernmental revenue is the payment II from the Glenbrook Fire Protection District for fire protection and EMS services. The Village · received $2,094,527 from the Fire District in 1997, an increase of 12.8% over 1996. The Village received motor fuel tax revenues of $919,886, an increase of 3.4%. I 1 vii I I I Charges for services totaled $2,335,578, an increase of 2.4% over 1996. I Interest earnings in those funds providing general governmental functions totaled $948,167, an increase of $156,929, or 19.8%. Following is a breakdown of investment earnings by fund type: I 1997 1996 Interest Interest Increase I Fund Type Earnings Earnings (Decrease) General $427,039 $231,829 $195,210 i Special Revenue 45,713 42,906 2,807 Debt Service 370,529 462,771 (92,242) Library Component Unit 104,886 53,732 51,154 I TOTAL $948,167 $791,238 $156,929 I The increase in interest earnings for the General Fund and Library Fund can be attributed to improved cash flow and better cash management practices. The decrease for the debt service I funds can be attributed to the fact the Village reduced cash and investments by $3.3 million due to the use of capitalized interest. I Miscellaneous revenues totaled $196,987 for 1997, a sharp decrease from the $1,129,920 reported for 1996. For 1996 and prior years, employee contributions to social security and to the Illinois Municipal Retirement Fund were shown as both revenues and expenditures within the IMRF I Fund. Beginning 1997, Village no longer reporting employee withholding amounts the is the as revenues and expenditures. The amount of employec contributions reflected as miscellaneous i revenue in 1996 was $979,637. Following is a table showing expenditures by service area with comparisons to the previous year I for the general, special revenue, debt service and component unit (Library) funds: Increase Percent I Percent (Decrease) Increase Expenditures Amount of Total from 1996 (Decrease) i General Government $ 8,850,621 17.5% $ 908,013 11.4 % Public Safety 11,468,103 22.7 710,582 6.6 Highways and Streets 5,285,087 10.5 1,809,200 52.1 Pensions 1,387,120 2.8 (977,173) (41.3) I Culture and Recreation 2,834,788 5.6 272,718 10.6 Debt Service 20,621,374 40.9 7,291,708 54.7 I Total Expenditures $50,447,093 100.0% $10,015,048 24.8 % 1 I viii Total expenditures for general governmental functions in 1997 were $50,447,093, representing an increase of $10,015,048 (24.8%) over 1996. I As explained further below, the large increase in the governmental function expenditures can be attributed to increased debt service payments, the purchase of land, and increased expenditures I related to the redevelopment of the former Glenview Naval Air Station. General governmental expenditures totaled $8,850,621, an increase of $908,013 or 11.4%. I Driving this increase is a $725,000 expenditure for land acquisition. The Village purchased a piece of property several years ago with the intent of reselling it. Accordingly, the Village did · not expense the purchase, but rather reported an asset entitled "land held for resale". The Village decided to reflect the purchase as an expense in 1997 given the fact it is not actively pursuing a buyer for the land. 1 Expenditures in the highways and streets category totaled $5,285,087 in 1997. This represents an increase of $1,809,200 (52.1%) over 1996. General Fund spending in this category is up I $468,717, or 13.5%, due to increased service demands resulting from recent growth in the community. A total of $1,340,483 was expended in the GNAS Redevelopment Fund for infrastructure improvements. This amount was funded from federal grants. 1 Pension expenses of $1,387,120 is a decrease of $977,173 from 1996. As previously mentioned, this is due to the Village no longer reflecting employee contributions to social security and IMRF I as revenue and expenses. Debt service expenditures took a dramatic jump in 1997. Total expenditures amounted to I $20,621,374, compared to $13,329,666 in 1996. Of the total expense for 1997, $18.3 million was for the two bond issues related to the redevelopment of the Glenview Naval Air Station; the · Series 1995 Bond Anticipation Bonds and the Series 1996 General Obligation Bonds. Principal payments on the Series 1995 Bond Anticipation Bond issue amounted to $15 million, compared to $7.5 million in 1996. Unexpended bond proceeds within the capital project fund were used to I make the principal payment. General Fund Balance The General Fund ended 1997 with an excess of revenues and other financing sources over expenditures and other financing uses of $1,396,525. This brought fund balance to $9,782,456 December 31, 1997, the equivalent of 46% of actual 1997 expenditures. The 1997 Budget had I at projected an operating surplus of $204,716 for the General Fund. As can be seen in the following chart, the large variance can be attributed to strong revenues. 1 1 1 1 I Budget Actual Variance I Revenues $20,657,761 $22,762,421 $2,104,660 Other Financing Sources 1,096,662 1,258,471 161,809 I Total Resources 21,754,423 24,020,892 2,266,469 Expenditures 20,191,039 21,265,699 (1,074,660) I Other Financing Uses 1,358,668 1,358,668 Total Uses 21,549,707 22,624,367 (1,074,660) I Excess $ 204,716 $1,396,525 $1,191,809 I Revenues exceeded projections in many areas. The most prominent positive variances were in the areas of pension property taxes ($617,344), income taxes ($146,974), hotel taxes ($135,872), i building permits ($325,390), Glenbrook Fire District fees ($291,826), investment earnings ($143,039) and industrial development bond issuance fees ($104,200). Other financing sources were $161,809 over projections bemuse of strong interest earnings in the Escrow Fund, which I are transferred to the General Fund. Total expenditures came in $1,074,660 over budget for two reasons. First, the Village recorded I as an expense the $725,000 paid for a parcel of land previously carried on the books as an asset held for resale. Secondly, the Village was required to report a pension expense of $617,344 in the General Fund in order to comply with GASB Statements 25 and 27. Had it not been for these I two unexpected items, expenditures would have come in under budget by $267,684, or 1.3%. Enterprise Operations I The Village has five enterprise operations accounted for in its financial statements, those being the Waterworks Fund, the Wholesale Water Fund, the Sewerage Fund, the North Maine Water and Sewer Fund and the Commuter Parking Lot Fund. The North Maine Water and Sewer Fund I is a newly created fund to account for the activity of a recently purchased water and sewer enterprise. I The Waterworks Fund recorded net income of $1,178,207 for the year ended December 31, 1997. The financial condition of the fund remains strong, with net working capital amounting to I $3,075,591 and cash and investments totaling $834,357. The Wholesale Water Fund is showing net income of $408,954 for the year, resulting in retained I earulngs of $1,202,966. The North Maine Water and Sewer Fund recorded a net loss of $109,569 for 1997. This reflected I financial activity for only four months, as the water system was purchased on September 2, 1997. I I The Sewerage Fund is showing a net loss of $72,030 for the year. Net working capital amounted to $34,961 at December 31, 1997. The Commuter Parking Lot Fund reported a net loss of $63,188 for the year. The Village Board did raise parking fees in late 1997, which should result in a positive net income for 1998. Employee Pensions Police sworn personnel are covered by the Police Pension Fund and sworn fire fighters are covered by the Firefighters' Pension Fund. Both of these plans are defined benefit, single-employer plans administered by local boards of trustees. The benefits and employer and employee contributions are governed by state statutes. During 1997, the Village retained the services of independent actuary to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 1996. Following is summary information for the two funds: Police Firefighters' Pension Fund Pension Fund Actuarial Accrued Liability - 12/31/96 $20,886,412 $27,892,787 Value of Plan Assets - 12/31/96 $20,158,840 $30,745,072 Percent Funded - 12/31/96 96.5% 110.2% Increase in Net Assets FYE 12/31/97 $ 3,394,442 $3,757,308 Value of Net Assets - 12/31/97 $23,553,282 $34,502,380 In 1993 the State of Illinois increased the benefits provided to police and firefighter pension fund beneficiaries. The changes increased the pension benefit obligation of both funds, but especially that of the police pension funds where a provision was made to compound annual increases in pension benefits. Municipalities have until the year 2033 to fully fund their police and firefi ghter pension plans. All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal Retirement Fund, a state-wide pension plan. IMRF acts as the administrative agent for local governments in Illinois. Benefit provisions and funding requirements are established by state statute. At December 31, 1997 the Village was 94.14 % funded in IMRF. Debt Administration In 1997 Moody's Investors Service affirmed the Village's Aaa general obligation bond rating assigned in 1993. At December 31, 1997 the Village had $69,840,000 of general obligation bonds outstanding. Of this amount, $60,495,350 is reflected in the general long-term debt account group and $9,344,650 is recorded directly in three enterprise funds. There was also $2,850,000 of general obligation notes outstanding at December 31, 1997. I I I In 1997 the Village sold one general obligation bond issue and one general obligation note issue. On August 15, 1997 the Village issued $6,175,000 of general obligation bonds and $2,850,000 I of notes to the assets of the North Suburban Public Co. The general obligation purchase Utility assets and the liability for the debt are reported in the North Maine Water and Sewer Fund. I The Village transferred $15,000,000 of proceeds from the 1995 Bond Anticipation Bond issue from the GNAS Bond Fund Series 1995 Capital Project Fund to the Series 1995 Bond Anticipation i Bond Debt Service Fund to cover the scheduled December 1, 1997 principal payment. A decision was made to use existing bond proceeds for the payment since infrastructure improvements at the recently closed Naval Air Station had been delayed due to property conveyance negotiations with I the Navy. The Village expects to issue additional bonds in 1998 for further infrastructure improvements. I At December 31, 1997 there was $4,416,466 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $56,078,884. The ratio of ne t bonded debt to assessed value and the mount of net bonded debt per capita are useful indicators I of a municipality's debt position. This data as of December 31, 1997 is follows: as I Net General Obligation Debt $56,078,884 Ratio of Net Debt to Assessed Value 5.28 % Ratio of Net Debt to Actual Value 1.76% I Capita $1,459 Net Debt Per I 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. I Property Tax Information The county assessors' offices are responsible for determining the assessed value of real property I 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 I value (EAV) of all taxable properties. A government's tax rate is determined its by dividing tax levy into its total EAV, adjusting for any rate limitations which might be applicable. I At the time this report was prepared, information regarding the tax rates and assessed values for the 1997 tax levy year were not yet available. The Village's 1996 total equalized assessed i valuation was $1,050,308,723, an increase of 1.4% from the 1995 levy year. The increase can be attributed to new construction activity within the Village. The Village's and the Library- component unit's combined tax rate increased from $0.963 for 1995 to $0.989 for 1996, an I increase of 2.7 %. I xii Following is a summary of the Village's tax rates for the past three years: I Fund 1996 1995 1994 1 General Fund $ .422 $ .353 $ .392 Special Revenue Funds .083 .135 .122 I Debt Service Funds .125 .119 .137 Pension Trust Funds .056 .056 .058 i Subtotal - Village .686 .663 .709 Library .303 .300 .327 Total Combined Tax Rate $.989 $ .963 $1.036 I The majority of the increase in the General Fund tax rate and the decrease in the tax rate for the I special revenue funds for 1996 can be attributed to our transferring the FICA and medicare expense and tax levy from the Illinois Municipal Retirement Fund to the General Fund. Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. Cash Munagement 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 1 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. I All idle cash is invested in accordance with an established investment policy. The investment policy establishes safety of principle as the foremost objective. The policy provides for full I collateralization of all deposits in excess of FDIC limits. The Village is not permitted to leverage its portfolio or invest in risky derivatives. In 1996 the Village began to prepare detailed cash flow projections, allowing for more of the Village's funds to be invested for longer terms and higher yields. earned in all funds of the Primary Government during 1997 was 1 Total investment income $12,232,292, compared to $8,467,684 for 1996. The increased interest earnings can be attributed to an improved cash position and higher bond prices. Following is a summary of total investment · earnings and weighted average yields for each of the various fund types: 1 I I I Investment Income Year Ended Fund Type 12/31/97 Average Yield I General Fund $ 427,039 5.58% Special Revenue Funds 45,713 3.67 i Debt Service Funds 370,529 5.46 Capital Project Funds 3,606,594 6.24 Enterprise Funds 201,207 5.06 I Internal Service Funds 94,441 5.13 Expendable Trust Funds 249,084 4.96 Pension Trust Funds 7,237,685 13.29 I Totals $12,232,292 8.81% I Risk Management The Village maintains a protected risk retention program for property, casualty, and workers I 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 i 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 i December 31, 1997 the Insurance Fund reported net income of $590,258. Retained earnings at December 31, 1997 amounted to $3,056,542. I Other Information I Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firm of Crowe, Chizek and Company LLP performed the audit on the Village's 1997 I Comprehensive Annual Financial Report. The independent auditors' report is included in the financial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's financial position at December I 31, 1997, and the results of for the then ended. operations year i The Village is required to undergo an annual single audit in conformity with the provisions of th e Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-133, Audits of State and Local Governments. Information related to this single audit, including the schedule of i schedule of federal financial assistance, findings and recommendations, and auditors reports on the internal control structure and compliance with applicable laws and regulations, are included in a separately issued Single Audit Report. I I xiv ! Awards I 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 I its comprehensive annual financial report (CAFR) for the fiscal year ended December 31, 1996. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. I 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 1 to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. I 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 fifteen consecutive years (fiscal years ended I 1982-1996). We believe our current report continues to conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA. Acknowled_mnents I 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 I Department has my sincere appreciation for the contributions made in the preparation of this report. I In addition, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of I the Village in a responsible and progressive manner. Respectfully submitted, I I Ensworth, CPA I Director of Finance I I I I Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1996 A Certificate of Achievement for Excellence in Financial Reporting ~$ presented by the Government Finance Officers Association of the Un~ted States and Canada to government units and public employee rel~rement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. President~~ Executive Director xvi I I I I I I I I I I I I I I I I I I I REPORT OF INDEPENDENT AUDITORS I I I I I I I I I I I I I I I I I I I CROWE CHIZEK REPORT OF INDEPENDENT AUDITORS The Honorable Village President Members of the Board of Trustees Village of Glenview, Illinois We have audited the accompanying general purpose financial statements and the combirfing, individual fund, and account group financial statements of the Village of Glenview, Illinois, as of and for the year ended December 31, 1997, as listed in the accompanying table of contents, and the general fund balance sheet as of December 31, 1996 and the related statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 1996. These financial statements are the responsibility of the Village of Glenview, Illinois' management. Our responsibility is to express an opirdon on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 1997 and the results of its operations and the cash flows of its proprietary fund types for the year then ended Ln conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1997 and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended and the financial position of the General Fund as of December 31, 1996 and the results of operations of the General Fund for the year then ended, in conformity with generally accepted accounting principles. I I I I I I I I I I I I I I I I I I I Our audits were made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual band, and account group financial statements. The accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audits of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each o£ the combining, individual fund, and account group financial statements taken as a whole. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Crowe, Chizek and Company LLP Oak Brook, Illinois March 24, 1998 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet December 31, 1997 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS 1 All Proprietary Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings I Year Ended December 31, 1997 [] (with comparative totals for 1996) I Proprietary Fund Types Totals Internal (Memorandum Only) [] Enterprise Service 1997 1996 Operating revenues Charges for services $ 9,371,411 $ 3,173,972 $ 12,545,383 $ 10,962,225 [] Miscellaneous 376~600 223~363 599~963 409~822 Total operating revenues 9,748,011 3,397,335 13,145,346 11,372,047 Operating expenses I Administration 357,642 357,642 687,793 Operations 5,681,109 2,917,571 8,598,680 7,954,751 Depreciation 703,272 703,272 549,195 Total operating expenses 6,742,023 2,917,571 9,659,594 9,191,739 Operating income 3,005,988 479,764 3,485,752 2,180,308 Nonoperating revenues I (expenses) Interest income 201,207 94,441 295,648 267,044 Interest expense and fiscal [] charges (391~913) (391,913) {291~772) (190,706) 94,441 (96,265) (24,728) Income before operating · transfers 2,815,282 574,205 3,389,487 2,155,580 Operating transfers in 47,777 47,777 Operating transfers (out) (1,520,685) (6,900) (1,527,585) (1,473,589) · (1,472,908) (6,900) (1,479,808) (1,473,589) [] Net income 1,342,374 567~305 1,909,679 681,991 Retained earnings I January 1 15,810,439 2,494,280 18,304,719 17,622,728 Prior period adjustment 36,292 36,292 Adjusted balances 15,846,731 2,494,280 18,341,011 17,622,728 I December31 $ 17,189,105 $ 3,061,585 $ 20,250,690 $ 18,304,719 I See accompanying notes to finandal statements. I VILLAGE OF GLENVIEW, ILLINOIS All Pension Trust Funds Combined Statement of Changes in Plan Net Assets Year Ended December 31, 1997 Police Firefighters' Pension Pension Totals Addihons Contr/butions - employer Taxes $ 398,347 $ 247,575 $ 645,922 Contributions - plan members 326,408 356,660 683,068 Investment income Net appreciation in fair value of investments 1,521,133 2,963,143 4,484,276 Interest earned on investments lt824,655 928,754 2,753~409 Total additions 4,070,543 4,496,132 8,566,675 Deductions Pensions and refunds 671,069 736,485 1,407,554 Miscellaneous Contractual professional services 5,032 2,339 7,372 Total deductions 676,101 738,824 1,414,925 Net increase 3,394,442 3,757,308 7,151,750 Net assets held in trust for pension benefits January 1 - as restated 17,597,082 31,848,864 49,445,946 Restatement 2,561,758 (1,103,792) 1,457,966 Adjusted balances 20,158,840 30,745,072 50,903,912 December 31 $ 23,553,282 $ 34,502,380 $ 58,055,662 See accompanying notes to finamcial statements. VILLAGE OF GLENVIEW, ILLINOIS All Proprietary Fund Types Combined Statement of Cash Flows Year Ended December 31, 1997 (with comparative totals for 1996) Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service 199__7 199__6 Cash flows from operating activities Operating income $ 3,005,988 $ 479.764 $ 3,485,752 S 2,180,308 Adju$~tents to ~econcile operating income to net cash provided by operating activities Depreciation and amort~.ation 703,272 703,272 549,195 Deposits (530,028) (530.028) (440,879) Operating tr~msfers (out) { 1`520,685) (6t900) (1~527.585) (1,473~589) (1,472,908) (6,900) (1,479.808) (1,473,589) (344,591) (344,591) (1`567,725) See accompanying notes to finandal statements. ' VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Glenview, Illinois (Government), have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Government's accounting policies are described below. Reporting Entity: Government is a municipal corporation governed by an elected seven- The member board. As required by generally accepted accounting principles, these financial statements present the Government (the primary government) and its component units. The Government's financiai statements include pension trust funds: Police Pension Employees Retirement System The Government's police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Government's President, one elected pension beneficiary, and two elected police employees constitute the pension board. The Government and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the PPERS is reported as if it were part of the pr/mary government because its sole purpose is to finance and administer the pensions of the Government's police employees, and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. Firefighters' Pension Employees Retirement System The Government's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board. The Government's President, Treasurer, Clerk, Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees constitute the pension board. The Government and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Government's firefighters and because of the fiduciary nature of such activities. The FPERS reported as a pension trust fund. is (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reporting Entity: (Continued) Discretely Presented Component Unit: Village of Glenview Public Library (Library) The Glenview Public Library has a separately elected seven-member board which annually determines its budget and resulting tax levy. Upon approval of the Government, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Government which is wholly liable for the debt. The Library, while servicing the general population of the Government, does not provide services entirely to the Government. Because the Library possesses the characteristics of a legally separate government and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion of this report; the Library does not issue separate financial statements. Joint Ventures: Regional Emergency Dispatch Center (R.E.D.) R.E.D. is a joint venture used to account for the resources involved in dispatching fire and medical emergency services to a seven-community area. Management consists of a Board of Directors comprised of one elected trustee from each member jurisdiction. Day to day operations are administered by the Fire Chiefs of each member jurisdiction. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. R.E.D. is reported as a governmental joint venture. Additional required disclosures may be found in the Commitments, Contingent Liabilities, and Joint Ventures notes to financial statements. Solid Waste Agency of Northern Cook County (SWANCC) The Government is a participant with twenty-two other municipalities in a joint venture. SWANCC is a municipal corporation empowered to plan, finance, construct, and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. On dissolution of the Agency, the net assets of SWANCC will be shared proportionately by its members. SWANCC is reported as a proprietary joint venture. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Accounting: The Government 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. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in tum, 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 construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Government. When these assets are held under the terms of a formal trust agreement, either a pension trust fund or an expendable trust fund is used. The term "expendable" refers to whether or not the Government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the Government holds on behalf of others as their agent. Basis of Accounting: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust hands are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of Accounting: (Continued) All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund-type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transachon can be determined and "available" means collectible within the current period. The Government recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes and fines collected and held by the state at year end on behalf of the Government also are recognized as revenue. Permit revenues are not susceptible to accrual because, generally, they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types, pension trust funds, and nonexpendable trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the Government has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. (Continued) I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements I December 31, 1997 ! NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I 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, i Special Revenue, Debt Service, and Capital Projects Funds on the modified accrual basis and for the Enterprise, Internal Service, and Pension Trust Funds on the accrual basis. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. i All annual appropriations lapse at fiscal year end. During the current year, budgets were not adopted for the following funds: I Debt Service Fund Library Bond Series of 1984 Capital Projects Fund I GNAS Capital Projects i The source of revenue and nature of expenditures for these funds are not subject to prediction and, therefore, budgets were not adopted. Budget and actual comparisons for the Debt Service and Capital Projects Funds exclude the aforementioned funds. I The following is a reconciliation of the Debt Service and Capital Projects Funds presented on a budgetary basis to the GAAP basis presentation: I Debt Capital Service Projects I Fund Balances - Budgeted Funds, at December 31, 1997 Non-GAAP Basis $ 4t416~466 $ 47,957,932 I Nonbudgeted Fund Balances GNAS Capital Projects 71,848 i Library Bond Series of 1984 71,848 Fund Balances, at December 31, 1997 I GAAP Basis $ 4.416,466 $ 48.029.780 ! I I (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting-under which purchase orders, contracts, and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation-is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. Cash and Investments: For purposes of the statement of cash flows, the Government's proprietary fund types consider ali highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments: In accordance with Government Accounting Standard Board Statement No. 31, certain US treasuries are stated at amortized cost which is $14,808 below market value. All other investments are stated at market value. Short-term Interfund Receivables/Payables: During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables." Inventories: Inventories are valued at cost, which approximates market, using the first- in/first-out (FIFO) method. The costs of governmental f-and-type inventories are recorded as expenditures when consumed rather than when purchased. Prepaid Items/Expenses: Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. Fixed Assets: General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account 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. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets are immovable and of value only to the Government. Assets in the general fixed assets account group are not depreciated. 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 acqu/red with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. Compensated Absences: Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental 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. Long-Term Obligations: Long-term debt is recognized as a liability of a governmental fund when due or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long- term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. Fund Equity: Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 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. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interfund Transactions: Quasi-external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. 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. Memorandum Only - Total Columns: Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Comparative Data: Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Government's financial position, operations, and cash flows. There have been some reclassifications between individual lines in the prior year columns in order to present more comparable data. GASB Pronouncements: The Government has elected, under the provisions of GASB Statement 20, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," to apply all applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY Budgets: All depathnents of the Government submit requests for appropriation to the Government's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change appropriations, but may not change the form of the budget. The manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, several supplementary appropriations were necessary. Deficit Fund Balances of Individual Funds: The following funds had a deficit in fund balance as of the date of this report: Fund Deficit Balance Illinois Municipal Retirement $ (95,236) GNAS Redevelopment (318,393) North Maine Water and Sewer (109,569) Excess of Actual Expenditures/Expenses Over Budget in Individual Funds: The following funds had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Fund Excess General $ 1,074,660 Corporate Purpose Bond Series of 1991 157,783 Bond Fund Series of 1990 2,054 Bond Fund Series of 1993 489,878 Sewerage 273,676 NOTE 3 - DEPOSITS AND INVESTMENTS The Government maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Government's funds. The deposits and investments of the pension trust (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) funds are held separately from those of other funds. Cash on hand of $4,175 for the primary government and $300 for the component unit has been excluded from the amounts shown below. Permitted Deposits and Investments - Statutes authorize the Government to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Public Treasurer's Investment Pool. Pension funds may also invest In certain non-U.S, obligations, Illinois munidpal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts. Deposits: At year-end, the carrying amount of the Primary Government's deposits totaled $32,738,466 and the bank balances totaled $32,996,850. The carryIng amount of the Component Unit's deposits totaled $1,703,390 and the bank balances totaled $1,717,421. Bank Balances Primary Component Government Unit Category 1 Deposits covered by federal depository Insurance, or by collateral held by the Government, or its agent, in the Government's name. $ 30,550,822 $ 1,717,421 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Government's name. 2,446,028 Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Government's name, and deposits which are uninsured and uncollateralized. Total deposits $ 32.996.850 $ 1.717,421 (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Deposits: (Continued) For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Government. Investments: The Government's investments are categorized to give an indication of the level of risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Government or its agent in the Government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counter-party, or by its trust department or agent but not in the Government's name, and uninsured, unregistered investments. ........................ Primary Government ................. .................. Carry/rig Amount ............ ........... Category ........... Market Component 1 2_ 3 Totals Value Unit U.S. Treasury securities $ 59,306,152 $ $ $ 59,306,152 $ 59,320,960 $ Israel bonds 16,223,167 16,223,167 16,223,167 U.S. Agency Security (FNMA's) 11,237,463 11,237,463 11,237,463 $ 86,781,590 $ $ 86,766,782 86,781,590 * Illinois Public Treasurer Investment Pool 13,332,169 13,332,169 $ 397,403 * Insurance Contracts and Separate Accounts 3~022~912 3~022r912 Total 103,121.863 $ 103.136.671 $ 397.403 investments $ * (Not subject to risk categorization) (Continued) VILLAGE OF GLENVIEW, ILLINOIS I Notes to Financial Statements December 31, 1997 I NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Investments: (Continued) I The pension trust funds own 63 percent of the investments in Category 1. NOTE 4 - RECEIVABLES -TAXES I Property taxes for 1997 attach as an enforceable lien on Ianuary 1, 1997 on property values assessed as of the same date. Taxes are levied by December of the fiscal year (by passage of a I Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 1998 and August 1, 1998 and are payable in two installments, on or about March 1, 1998 and September 1, 1998. The County collects such taxes and remits them periodically. The I allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual collection experience. NOTE 5 - FIXED ASSETS General Fixed Assets Account Group: The following is a summary of changes in the general I fixed assets account group during the fiscal year: Balances Balances I Prima _ry Government January 1 Additions Retirements December 31 Land $ 3,405,095 $1,180,000 $ $ 4,585,095 Buildings and improvements 9,483,187 65,745 9,548,932 Equipment 7,759,769 1,048,638 629,920 8,178,487 I Furniture 296,096 9,366 305,462 Office equipment 328,841 6,959 335,800 $ 21,272.988 $2,310.708 $ 629.920 $ 22.953.776 I I (Continued) I 20 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 5 - FIXED ASSETS (Continued) Balances Balances lanuary 1 Additions Retirements December 31 Discretely presented component unit - Library: Land $ 500,000 $ $ $ 500,000 Buildings and improvements 4,116,088 4,116,088 Equipment 614,740 55,559 670,299 Furniture 277,388 277,388 $ 5.508,216 $ 55.559 $ $ 5.563.775 Proprietary Fixed Assets: The following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise Fund~ Land and improvements $ 302,851 Leasehold improvements 203,309 Water/sewer systems 28,253,923 Buildings 243,645 Equipment and vehicles 6,302,649 Office furniture and equipment 13,207 35,319,584 Less accumulated depreciation and amortization (9,125,597) $ 26.193,987 In proprietary funds, the following estimated useful lives are used to compute depreciation: Leasehold improvements 10-20 years Water/sewer systems 50 years Buildings 40-50 years Equipment and vehicles 3-10 years Office furniture and equipment 3-10 years (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 6 - RISK MANAGEMENT The Government is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Government is self-insured for all risks and has established a risk financing fund, Insurance Fund (Fund), for all risks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each general liability claim, $50,000 for each workers' compensation claim, and $50,000 for each property damage claim. The Government purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. All funds of the Government participate and make payments to the Fund based upon actuarial estimates of the amounts needed to pay prior- and current-year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts, and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: Fiscal Year Ended December 31 1997 1996 Unpaid claims - beginning $ 150,591 $ 137,110 Incurred claims (including IBNR) 443,522 583,615 Claim payments (441,876) (570,134) Unpaid claims - ending $ 152.237 $ 150,591 (Continued) = VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 6 - RISK MANAGEMENT (Continued) Intergovernmental Personnel Benefit Cooperative (IPBC) The Government participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental, and life insurance coverage) offered by its members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental, and nonprofit public service entities. Risk of loss is retained by the Govemment, 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 Government does not exercise any control over activities of IPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Government participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self-insurance retention). The Government's payments to HELP are displayed on the financial statements as expenditures/expenses in appropriate funds. The High-Level Excess Liability Pool (the Agency) was organized on April 1, 1987. The purpose of the Agency 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 the Agency. The Agency 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 the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by the Agency; adopts bylaws, rules, and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 7 - LEASE OBLIGATIONS No material capital or operating leases were in effect as of the date of this report. NOTE 8 - LONG-TERM DEBT Changes in Long-Term Liabilities: During the fiscal year, the following changes occurred in liabilities reported in the General Long-Term Debt Account Group: Balances Balances Tanuary 1 Additions Reductions December 31 General Obligation Bonds $ 77.141,050 $ $16,645,700 $ 60,495,350 General Obligation Bonds: The Government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 8 - LONG-TERM DEBT General Obligation Bonds: (Continued) General obligation bonds are direct obligations and pledge the full faith and credit of the Govemrnent. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired By lanuar¥ 1 Additions Reductions December 31 $4,525,000 Corporate Purpose Bonds dated July 1, 1977, due in annual installments of $225,000 to $375,000 plus interest at 4.6% to 6.0% Water through January 1, 1998. Works $ 375,000 $ $ 375,000 $ $4,500,000 Corporate Purpose Bonds Series of 1990 dated May 1, 1990, due in annual installments of $50,000 to $600,000 plus interest at 6.10% to 6.90% through December 1, Debt 1997. Service 425,000 425,000 $4,165,000 Corporate Purpose Bonds Series of 1991 dated December 1, 1991, due in Water annual installments of ~0,000 Works 1,I88,950 529,300 659,650 to $60,000 plus interest at 4.40% to 6.90% through Debt December 1, 1999. Service 316,050 140,700 175,350 $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% Whole- to 5.90% through December 1, sale 2012. Water 2,610,000 100,000 2,510,000 $7,635,000 Corporate Purpose Bonds Series of 1993 dated May 1, 1993, due in annual installments of $205,000 to $1,345,000 plus interest at 4.60% to 4.70% through Debt December 1, 2005. Service 7,215,600 290,000 6,925,000 (Continued) VILLAGE OF GLENVIEW, ILLINOIS 1 Notes to Financial Statements December 31, 1997 1 I NOTE 8 - LONG-TERM DEBT (Continued) General Obligation Bonds: (Continued) I Fund Debt Balances Balances Issue Retired By January 1 Addit/ous Reductions December 31 1 $8,040,000 Corporate Purpose Bond Series of 1994 dated September l5, 1994, due in · annual installments of $90,000 to $1,275,000 plus interest at 4.00% to 5.10% through Debt December 1, 2004. Service $ 7,850,000 $ $ 690,000 $ 7,160,000 1 $500,000 Corporate Purpose Bond Series of 1995 dated October 17, 1995, due in · annual installments of $100,000 plus interest at 3.55% to 4.20% through Decem- Debt am ber 31, 2000. Service 400,000 100,000 300,000 $60,000,000 General Obligation Bond Antidpation Bonds of 1995 dated January25, 1995, due in annual installments of $7,500,000 to $20,000,000 plus interest at 7.0% through Debt ma December 1, 1999. Service 52,500,000 15,000,000 37,500,000 $8,345,000 Corporate Purpose Bond Series of 1996 dated November 1, 1996, due in · annual installments of $675,000 to $1,050,000 plus interest at 4.60% to 4.875% Debt through December 1, 2008. Service 8,435,000 8,435,000 $2,850,000 Corporate Purpose Note of 1997 dated September North 2, 1997, due in annual Maine installments of $215,377. Water Interest paid at 4.942% through and September 1, 2019. Sewer 2,850,000 2,850,000 · · $6,175,000 Corporate Purpose Bond Series of 1997 dated August 1, 1997, due in annual North · installments of $100,000 to Maine $495,000 plus interest at Water 4.875% to 5.00% through and December 1, 2017. Sewer 6~175~000 6f175~000 · $ 81.315.000 $ 9.025.000 $17.650.000 $ 72,690~000 (Continued) I 26 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 8 - LONG-TERM DEBT (Continued) Debt Service Requirements to Maturity Armual debt service requirements to maturity are as follows: General Corporate Obligation Purpose Bonds Carried Notes Carried General as Enterprise as Enterprise Obligation Fund Fund Bonds Liabilities Liabilities Totals 1998 $ 22,584,568 $ 1,146,785 $ 215,377 $ 23,946,730 1999 24,770,113 1,082,528 215,377 26,068,018 2000 3,565,138 766,792 215,377 4,547,307 2001 3,338,434 759,476 215,377 4,313,287 2002 3,350,093 756,494 215,377 4,321,964 2003 3,019,329 767,596 215,377 4,002,302 2004 3,024,419 761,906 215 377 4,001,702 2005 2,488,644 760,268 215 377 3,464,289 2006 1,088,362 762,352 215 377 2,066,091 2007 1,093,948 762,896 215 377 2,072,221 2008 1,101,188 766 966 215 377 2,083,531 2009 769 326 215 377 984,703 2010 769 866 215 377 985,243 2011 768 772 215 377 984,149 2012 775 956 215 377 991,333 2013 505 750 215 377 721,127 2014 511 000 215,377 726,377 2015 510 000 215,377 725,377 2016 513 000 215,377 728,377 2017 519 750 215,377 735,127 2018 215,377 215,377 2019 215,377 215,377 Total principal and interest $ 69.424.23_6 $ 14.737.478 $ 4.735,294 $ 88,900.00~8 Interest portion $ 8.928.886 $ 5,392.828 $ 1.888.294 $ 16.210,008 (Continued) 27 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 8 - LONG-TERM DEBT (Continued) Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt mar in. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: . . . indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. Advance Refunding - General Obligation Refunding Bonds, Series 1994 On August 30, 1994, the Government passed an ordinance providing for the issuance of $8~040,000 General Obligation Refunding Bond Series of 1994 and the levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On August 30, 1994, the Government passed an ordinance directing the execution of an escrow agreement in order to partially refund $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 issued by the Government and outstanding in the aggregate principal amount of $6,625,000 and $4,000,000, respectively. This advance refunding was undertaken to reduce total debt service payments over the next eleven years by $322,463 and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $259,324. Proceeds in the amount of $7,988,866 from the refunding bonds were used to execute the escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account Group. Current principal and interest requirements are accounted for in the Debt Service Fund. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 8 - LONG-TERM DEBT (Continued) Advance Refunding - General Obligation Refunding Bonds, Series 1994 (Continued) Although there has been no legal defeasance (satisfaceion of debt) in this transaction, all conditions which normally satisfy defeasance of the partial refund of the $5,025,000 of General Obligation Bond Series of 1989 and $2,525,000 of General Obligation Bond Series of 1990 have been met. Those provisions include: Proceeds of the new debt have been placed in an irrevocable trust with a reputable trustee for the primary purpose of satisfying old debt at a specified future date. An escrow agreement has been entered into with American National Bank and Trust Company of Chicago. The proceeds of the new debt are invested in direct U.S. Treasury obligations with maturities that approximate the debt service requirements of the original issue. The proceeds in escrow are not subject to lien for any purpose other than in connection with the advance refunding transaction. Since the requirements which normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an amount computed to be adequate to meet the future debt service requirements of the issue. Schedule of Future Requirements Corporate Purpose Corporate Purpose Fiscal Year .... Bond Series of 1989 ..... Bond Series of 1990 ..... Ending Interest Interest December 31 Rate Principal Rate Principal 1998 6.40 $ 650,000 6.85 $ 425,000 1999 6.40 700,000 6.90 450,000 2000 6.50 750,000 6.90 475,000 2001 6.50 550,000 6.90 575,000 2002 6.60 550,000 6.90 600,000 2003 6.60 600,000 2004 6.60 625,000 (Continued) · VILLAGE OF GLENVIEW, ILLINOIS 1 Notes to Financial Statements December 31, 1997 1 ! NOTE 8 - LONG-TERM DEBT (Continued) Noncommitment Debt I Special Service Area Bonds: Special service area bonds outstanding as of the date of this · report totaled $1,191,395. These bonds are not an obligation of the Government and are secured by the levy of special assessments on the real property within the special assessment area. The Government is in no way liable for repayment but is only acting as the agent for the property · owners in levying and collecting the assessments and forwarding the collections to the 1 bondholders. Industrial Development Revenues Bonds: The Government qualifies as a Home Rule Unit 1 under Section 6(a) of Article VII of the 1970 Constitution of Illinois and, under the powers granted by this Section, can exercise any power and perform any function pertaining to its · government and affairs which is not prohibited by the Illinois State Statutes. The issuance of Industrial Development Revenue Bonds by the Government is to finance in · whole or in part the cost of the acquisition, purchase, construction, reconstruction, 1 improvement, equipping, betterment, or extension of any economic development project in order to encourage economic development within or near the Government. 1 · Industrial Development Revenues Bonds are not a debt of the Government. The entity using the bond proceeds to finance a construction or improvement project is liable for the bonds. · Since the Government does not act as an agent for Industrial Development Revenue Bonds, the transactions relating to the bonds and property do not appear in the Government's financial statements. ! The Government has authorized the issuance of the following such bonds: Baxter, L.L.C. I Under authority of Ordinance No. 3909, dated October 21, 1997, the Village refinanced · $9,770,000 of Industrial Development Bonds dated as of November 1, 1997, at 5.25 percent interest. Final payment date of the bonds is December 1, 2027. Bond proceeds were issued to refinance previously issued Industrial Development Bonds from 1985. The initial bonds were · issued to fund the completion of a multi-family housing project titled Valley Lo Towers II. ! 1 1 (Continued) I 30 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 1997 31, NOTE 9 - CONTRACTUAL COMMITMENTS High-Level Excess Liability Pool (HELP) The Government has comm/tted to purchase excess liability insurance from the High-Level Excess Liability Pool (Agency), a public entity risk pool for certain Illinois municipalities through April 30, 1998. The Government expects to pay the following minimum amounts: Fiscal Year Ending December 31 Amount 1998 $ 23,000 These amounts have been calculated using the Government's current allocation percentage of 6.44%. In future years, this allocation percentage will be subject to change because the Agency's Agreement provides that each year members will be assessed based upon a formula which specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues Solid Waste Agency of Northern Cook County (SWANCC): The Government has committed to pay its share of the annual operating costs and fixed costs of the SWANCC (Agency). The Government's share of dual costs is expected to be funded through tipping fees paid by refuse haulers. The Government began delivering refuse to the Agency in May of 1995. The Agency has entered into Solid Waste Disposal Contracts with member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Government to make all payments as required by this contact is unconditional and irrevocable, without regard to performance or nonperformance by the Agency of its obligations under this contract. (Continued) · VILLAGE OF GLENVIEW, ILLINOIS 1 Notes to Financial Statements December 31, 1997 1 ! NOTE 10 - INTERFUND ASSETS/LIABILITIES Due FromJTo Other Funds I Receivable Fund Payable Fund Amount I General Water $ 46,714 Wholesale Water 707 Sewer 9,957 I North Maine Water and Sewer 25,422 Cable TV 19,385 · GNAS Redevelopment 397,312 1 GNAS Caretaker 57,804 Commuter Parking 1,838 · Escrow 66,795 Munic/pal Equipment Replacement 18,631 644,565 I Special Revenue Illinois Municipal Retirement General 1,t08 · GNAS Caretaker 3,997 1 Cable TV 278 GNAS Caretaker GNAS Bond Fund Series of 1995 46,034 I GNAS Redevelopment Municipal Equipment Replacement 119 51r536 I Debt Service General Obligation Bond 1 Series of 1994 General 290 General Obligation Bond · Series of 1990 General 18 I General Obligation Bond Series of 1993 General 627 935 I ! I (Continued) I 32 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued) Due FromJTo Other Funds (Continued) Receivable Fund Payable Fund Amount Capital Projects Capital Equipment Replacement General $ 75,093 Capital Projects Commuter Parking 30,000 GNAS Bond Fund Series 1995 GNAS Redevelopment 47,905 152,998 Enterprise Waterworks Municipal Equipment Replacement $ 2,597 Internal Service Municipal Equipment Replacement General $ 4,282 Sewerage 482 North Maine Water and Sewer 2,021 GNAS Caretaker 1,465 Cable TV Fund 392 Insurance General 172,390 Wholesale Water 560 GNAS Caretaker 1,731 Cable TV 384 $ 183,707 (Continued) 33 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 10 - INTERFUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) Receivable Fund Payable Fund Amount Trust and Agency Arbitrage Rebate GNAS Bond Fund Series 1995 445,395 $ 1.481.733 Advances FrornJTo Other Funds Receivable Fund Payable Fund Amount Capital Projects Capital Projects Sewerage $ 458~420 Enterprise Waterworks Capital Projects 788,912 Capital Equipment Replacement 623,999 Sewerage Capital Equipment Replacement 44,810 1,457r721 $ 1.916.141 (Continued) 34 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 11 - SEGMENT INFORMATION - ENTERPRISE FUNDS The Government maintains the following enterprise funds which are intended to be self- supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: North Maine Commuter Wholesale Water and Parking Waterworks Water Sewer Sewerage Lo~t Totals Operating revenues $ 5,908,100 $ 1,336,007 $ 1,562,397 $ 759,181 $ 182,326 $ 9,748,011 Depreciation and amortization expense 410,115 63,649 119,330 105,631 4,547 703,272 Operating income 2,188,218 563,093 23,490 183,651 47,536 3,005,988 Operating transfers in 17,777 30,000 47,777 Operating transfers out (1,023,724) (98,710) (9,874) (276,377) (112,000) (1,520,685) Net income (loss) 1,178,207 408,954 (109,569) (72,030) (63,188) 1,342,374 Current capital contributions Current capital transfers Plant, property, and equipment Additions 252,647 7,184,519 2~9,753 7,656,919 Deletions 98,532 98,532 assets 16,570,054 3,825,127 9,566,690 4,348,839 152,218 34,462,928 Total Net working capital 3,075,591 1,479,805 1,785,988 34,961 20,396 6,396,741 Bonds and other long-term liabilities Payable from operating revenues 659,650 2,489,092 8,975,638 12,124,380 Payable from other sources Total equity 15,406,170 1,202,966 (109,569) 3,869,484 97,297 20,466,348 (Continued) 35 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 12 - CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: Waterworks Sewerage Totals Increases $ $ $ Decreases - Net Increases Contributed Capital January 1 2f386,154 891,089 3,277,243 December31 $ 2.386.154 $ 891.089 $ 3,277.243 NOTE 13 - CONTINGENT LIABILITIES Litigation: The Govemment is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Government's attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Government. Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Government expects such amounts, if any, to be immaterial. High-Level Excess Liability Pool (HELP): The Government's agreement with the High-Level Excess Liabihty Pool provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. Solid Waste Agency of Northern Cook County (SWANCC): The Government's contract with the Solid Waste Agency of Northern Cook County provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. (Continued) 36 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 3I, 1997 NOTE 14 - JOINT VENTURES Regional Emergency Dispatch Center Description of Joint Venture The Regional Emergency Dispatch Center (Center) is a governmental joint venture used to account for the resources involved in dispatching fire and medical emergency services to a seven-community area. This fund is supported by contributions from the seven member depattiitents. As of December 31, 1997, the Regional Emergency Dispatch Center served the fire departments of: Village of Glenview Village of Morton Grove Village of Niles Village of Northbrook North Maine Fire Protection District Prospect Heights Fire Protection District Village of Wheeling Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, day to day operations are administered by the Fire Chiefs of each member district. The Government does not exercise any control over the activities of the Center beyond its representation on the Board of Directors. (Continued) 37 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 14 - JOINT VENTURES (Continued) Regional Emergency Dispatch Center (Continued) Summary Financial Information of Joint Venture The latest available financial statements of the Center, dated December 31, 1997, show the following: Government's Total Share (.3210) Total Assets $ 658.163 $ 211,270 Total Liabilities 33,737 10,830 Total Equity 624,426 200,440 Total Liabilities and Equity 658.163 211,270 Total Revenues 842.504 270.444 Total Expenditures 774.685 248.673 Initial contributions are determined in advance of each membership year based on the population within each member's district. Complete financial statements can be obtained from the Regional Emergency Dispatch System, 1815 Glenview Road, Glenview, Illinois, 60025. Total payments made to the R.E.D. Center totaled $187,200 for the year. Solid Waste Agency of Northern Cook County (SWANCC): Description of Joint Venture The Government is a member of the Solid Waste Agency of Northern Cook County (Agency) which consists of twenty-three municipalities. The Agency 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). The Agency is empowered under the Act to plan, construct, finance, operate, and maintain a solid waste disposal system to serve its members. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Description of Joint Venture (Continued) The members of the Agency and their percentage shares based on formulae contained in the Agency agreement as of April 30, 1995 are: % % Share Share Arlington Heights 10.13% Mount Prospect 8.86% Barrington 1.40 Niles 2.61 Buffalo Grove 5.90 Palatine 12.33 Elk Grove Village 4.57 Park Ridge 4.10 Evanston 7.28 Prospect Heights 1.11 Glencoe 1.20 Rolling Meadows 2.74 Glenview 5.85 Skokie 5.54 Hoffman Estates 6.17 South Barrington .64 Inverness 1.52 Wheeling 4.63 Kenilworth .92 Wilmette 4.05 Lincolnwood 1.87 Winnetka 3.80 Morton Grove 2.78 100.00% These percentage shares are based on waste estimates for the year 2003 and cannot be changed for the term of the Agency Agreement. The members form a contiguous geographic service area which is located northwest of downtown Chicago. Under the Agency Agreement, additional members may join the Agency upon the approval of each member. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Description of Joint Venture (Continued) The Agency 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 the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of Bonds or Notes by the Agency; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. Summary of Financial Information of Joint Venture Survanary of Financial Position as of April 30, 1997: Assets Liabilities and Fund Equity Current assets Current liabitities Cash and investments $ 1,662,557 Accounts payable $ 1,088,237 Receivables and other 3~966,110 Accrued interest payable 1,967,323 5~628,667 Deferred revenue 1,530~083 4~851643 Restricted assets Long-term liabilities Cash and investments 10,689,275 Bonds payable (net of Accrued interest receivable 4~964 discount) 63~268,436 10,694~239 Fixed assets 50,413,314 Accumulated depreciation (1~864,548) Total liabilities 67~854,079 48~548ff66 Other assets Unamortized bond Fund equity issuance cost 1,627,945 Contributed capital 4,723,340 Retained earnings (6,077,802) Total fund equity (1,354,462) Total liabilities Total assets $ 66,499,617 and band equity $ 66,499,617 (Continued) 40 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 14 - JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SWANCC): (Continued) Summary of Financial Information of Joint Venture (Continued) The Agency'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 the Agency and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. The Agency has no power to levy taxes. Revenues of the Agency consist of (1) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment of monies; and (3) all income, fees, service charges and all grants, rents and receipts derived by the Agency from the ownership and operation of the system. The Agency covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. Complete financial statements can be obtained from the Solid Waste Agency of Northern Cook County, 1616 E. Golf Road, Des Plaines, Illinois 60016. The Government made $891,734 in payments to the Agency for the year ended December 31, 1997. NOTE 15 - DEFERRED COMPENSATION PLAN The Goverm*nent offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Secfion 457. The plan, available to ali Government employees, permits them to defer a portion of their salary until future years. Partidpation in the plan is opfional. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. During fiscal year 1997, the Government converted the deferred compensation plan to a trust. Therefore, the plan will no longer appear as an agency fund. In 1996, the total assets were $13,825,213. (Cont4nued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 16 - POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Government provides postemployment health care benefits for retired public safety employees. Substantially all of the Government's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the Government. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $130,132 for the 48 participants. The retirees pay an annual premium which is equal to the actuarially determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS Plan Descriptions and Provisions: Illinois Municipal Retirement The Goverrm-tent contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Government's total payroll for the year ended December 31, 1997, was $15,441,920. Of this amount, $8,360,225 in payroll earnings were reported to and covered by the IMRF system. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3 percent of their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. Funding Policy - Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The Government is required to contribute the remaining amounts necessary to fund the coverage of its own employees in the System, using the actuarial basis specified by state statute (entry age normal); for 1997 the rate was 9.24 percent. IMRF issues a separate financial report which may be obtained by writing them at: IMRF, Drake Oak Brook Plaza, Suite 500, 2211 S. York Road, Oak Brook, Illinois 60521-2374. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements 31, 1997 December NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and may be amended only by the Illinois legislature. The Government accounts for the plan as a pension trust fund. The Government's payroll for employees covered by the Police Pension Plan for the year ended December 31, 1997 was $3,384,492 out of a total payroll of $15,441,920. At December 31, 1997, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 25 Current employees Vested 51 Nonvested 15 Total 91 The following is a summary of the Police Pension Plan as provided for in Illinois Compiled Statutes. The Police 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 an armual retirement benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2 percent of such salary for each additional year of service over 20 years up to 30 years, and 1 percent of such salary for each additional year of service over 30 years, to a maximum of 75 percent of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after lanuary 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original pension and 3 percent simple interest annually thereafter. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension (Continued) Funding Policy ~ Covered employees are required to contribute 9 percent of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded by the year 2033. No separate Police Pension Fund annual financial report is issued. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit 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 - Article5/4) and may be amended only by the Illinois legislature. The Government accounts for the plan as a pension trust fund. The Government's payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31, 1996 was $4,164,229 out of a total payroll of $15,441,920. At December 31, 1997, the Firefighters' Pension Plan membership consisted of: Retirees and benefidaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 29 Current employees Vested 57 Nonvested 26 Total 112 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements 31, 1997 December NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Firefighters' Pension (Continued) 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 one-twelfth of 2 percent of such monthly salary for each additional month over 20 years of service through 30 years of service and one-twelfth of 1 percent of such monthly service for each additional month over 30 years of service, to a maximum of 75 percent of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3 percent of the original pension and 3 percent annually thereafter. Funding Policy - Covered employees are required to contribute 8 1/4 percent of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded by the year 2033. No separate Firefighters' Pension Fund annual financial report is issued. Summary of Significant Accounting Policies and Plan Asset Matters: Basis of Accounting - The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments - Investments are reported at fair value. Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed-income securities are recognized on the trade date. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Summary of Significant Accounting Policies and Plan Asset Matters: (Continued) Significant Investments - There are no investments (other than U.S. government and U.S. 1 government - guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits: Related Party Transactions - There were no securities of the employer or any other related par~ies included in plan assets, including any loans. Funding Policy and Annual Pension Cost Illinois Municipal Police Firefighters' I Retirement Pension Pension Contribution rates Government 9.24% 12.64% 6.1% I Members 4.50% 9.00% 8.25% Annual pensioncost $ 764,282 $ 391,787 $ 180,383 Contributions made $ 764,282 $ 398,347 $ 247,575 Ac~cuarial valuation date 12/31/97 1/1/97 1/1/97 Actuarial method Entry age Entry age Entry age I Amortization method Level percentage Level percentage Level percentage of pay, closed of pay, closed of pay, closed Remaining amortization period 35 years 37 years 37 years Asset valuation method 5-year 3-year 3-year smoothed smoothed smoothed I market market market Actuarial assumptions Investment rate of return* 7.5% 8.0% 8.0% Projected salary increases* 0.4% to 11.6% 5.5% 5.5% I *Includes inflation of 4.25% 3.0% 3.0% I 1 (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1997 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Trend Information: Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Illinois Municipal Police Firefighters' Year Retirement Pension Pension Annual pension cost (APC) 1995 $ 691,600 N/A N/A 1996 738,092 N/A N/A 1997 764,282 $ 391,787 $ 180,383 Percentage of APC contributed 1995 100.00% N/A N/A 1996 100.00 N/A N/A 1997 100.00 101.67% 137.25% Net pension obligation 1995 N/A N/A 1996 N/A N/A 1997 $ $ N/A - Ixfformation not available. NOTE 18 - PRIOR PERIOD ADJUSTMENTS/RESTATEMENTS OF FUND BALANCES/ RETAINED EARNINGS Prior period adjustments were recorded in the Capital Equipment Replacement Fund, the Waterworks Fund, and the Sewerage Fund in the amounts of $(36,292), $102,120, and $(65,828) to correct prior year's recording of advances between these funds. Additionally, a prior period adjustment of $(244,878) to correct prior year's recording of fixed assets was made in the Capital Equipment Replacement Fund. Restatements (increase of $226,071 and decrease of $289,319) were made in the GNAS Bond Fund Series 1995 and the Capital Equipment Replacement Fund, respectively, to implement GASB Statement 31. Net assets held in trust for pension benefits were restated for the Police Pension Fund (increase of $2,561,758) and Firefighters' Pension Fund (decrease of $1,103,792) to implement GASB Statements 25 and 27. 47 ! I I I ! I I I I I I I I i I I I I I VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Analysis of Funding Progress December 1997 31, (6) Unfunded Actuarial Accrued (2) (4) Liability (1) Actuarial Unfunded as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage Valuation Value Liability Funded Accrued Armual of Covered Date of Plan (AAL) Ratio Liability Covered Payroll lanuarg 1 Assets - Entry Age (1) + (2) (2) - (1) Payroll (4) + (5) 1992 $ 7,150,982 $ 9,836,193 72.70% $ 2,685,211 $ 5,795,158 46.34% 1993 8,477,998 10,744,784 78.90 2,266,786 6,142,697 36.90 1994 9,629,250 11,785,216 81.71 2,155,966 6,562,033 32.86 1995 11,700,488 13,133,343 89.09 1,432,855 6,977,866 20.53 1996 13,146,368 14,358,158 91.56 1,211,790 7,546,952 16.06 1997 15,304,133 16,257,078 94.14 952,945 8,360,225 11.40 Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 35 years; the asset valuation method was a five-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 7.5% compounded annually including a 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post-retirement benefit increases of 3% compounded annually. 48 VILLAGE OF GLENVIEW, ILLINOIS 1 Police Pension Fund Required Supplementary Information · Analysis of Funding Progress December 31, 1997 1 (6) I Unftmded Actuarial Accrued I (2) (4) Liability (1) Actuarial Unfunded as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage · Valuation Value Liability Funded Accrued Annual of Covered · Date of Plan (AAL) Ratio Liability Covered Payroll lanuarv 1 Assets - Entry_ Age (1) + (2) (2) - (1) Payroll (4) + (5) 1 1992 N/A N/A N/A N/A N/A N/A 1993 N/A N/A N/A N/A N/A N/A 1994 N/A N/A N/A N/A N/A N/A 1995 N/A N/A N/A N/A N/A N/A 1996 N/A N/A N/A N/A N/A N/A I 1997 $ 20,158,840 $ 20,886,412 96.52% $ 727,572 $ 3,384,492 21.49% I N/A - Information is presented for as many of the six prior years as information according to · the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - · The information presented was determined as part of the actuarial valuations at the I dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method · was level percent of pay, closed and the amortization period was 37 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually · including a 3.00% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.00% inflation factor, and post-retirement benefit increases of 3% compounded annually. I 1 ! I VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1997 (6) Unfunded (Overfunded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a Actuarial Actuarial Accrued (3) Actuarial (5) Percentage Valuation Value Liability Funded Accrued Annual of Covered Date of Plan (AAL) Ratio Liability Covered Payroll Ianuarv I Assets - Entry Age (1) + (2) (2) - (1) Payroll (4) + (5) 1992 N/A N/A N/A N/A N/A N/A 1993 N/A N/A N/A N/A N/A N/A 1994 N/A N/A N/A N/A N/A N/A 1995 N/A N/A N/A N/A N/A N/A 1996 N/A N/A N/A N/A N/A N/A 1997 $ 30,745,072 $ 27,892,787 110.23% $(2,852,285) $ 4,164,229 (68.49)% N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 37 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually includIng a 3.0% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.0% inflation factor, and post-retirement benefit increases of 3% compounded annually. 50 VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Employer Contributions December 31, 1997 Annual Year Ended Employer Required Percent December 31 Contributions Contribution Contributed 1992 $ 678,613 $ 678,613 100.00% 1993 640,069 640,069 100.00 1994 683,764 683,764 100.00 1995 691,600 691,600 100.00 1996 738,092 738,092 100.00 1997 764,282 764,282 100.00 Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 35 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 7.5% compounded annually including a 4.25% inflation factor, a projected salary increases assumption of 0.4% to 11.6% compounded annually including a 4.25% inflation factor, and post-retirement benefit increases of 3% compounded annually. 51 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Employer Contributions December 31, 3.997 Annual Year Ended Employer Required Percent December 31 Contributions Contribution Contributed 1992 N/A N/A N/A 1993 N/A N/A N/A 1994 N/A N/A N/A 1995 N/A N/A N/A 1996 N/A N/A N/A 1997 $ 398,347 $ 391,787 101.67% N/A ~ Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - The information presented was determined as part of the actuarial valuations as of lanuary 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: The actuarial cost method was entry age normal; the amortization method was level percent of pay, closed and the amortization period was 37 years; the asset valuation method was a three-year smoothed market method; and the significant actuarial assumptions were an investment rate of return at 8% compounded annually including a 3.0% inflation factor, a projected salary increases assumption of 5.5% compounded annually including a 3.0% inflation factor, and post- retirement benefit increases of 3% compounded annually. s2 VILLAGE OF GLENVIEW, ILLINOIS 1 Firefighters' Pension Fund Required Supplementary Information Employer Contributions December 31, 1997 I Annual I Year Ended Employer Required Percent · December 31 Contributions Contribution Contributed 1992 N/A N/A N/A 1993 N/A N/A N/A 1994 N/A N/A N/A I 1995 N/A N/A N/A 1 1996 N/A N/A N/A 1997 $ 247,575 $ 180,383 137.25% I N/A - Information is presented for as many of the six prior years as information according to I the disclosure parameters is available. Information for these years is not available. Notes to the Required Supplementary Information - I The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial · valuation presented is as follows: The actuarial cost method was entry age normal; the 1 amortization method was level percent of pay, closed and the amortization period was 37 years; the asset valuation method was a three-year smoothed market method; and · the significant actuarial assumptions were an investment rate of return at 8% 1 compounded annually including a 3.0% inflation factor, a projected salary Increases assumption of 5.5% compounded annually including a 3.0% inflation factor, and post- retirement benefit increases of 3% compounded annually. 1 53 I GOVERNMENTAL FUND TYPES i I I I I I I I I I I I I I I I I I I 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 General Fund Balance Sheet December 31, 1997 and 1996 1997 1996 ASSETS Cash $ 6,858,079 $ 4,760,998 Investments 2,337,307 1,868,835 Receivables Taxes Property taxes 5,216,129 5,085,119 Sales tax 811,956 709,848 Income tax 241,899 213,566 Utility taxes 234,170 425,506 Accounts 121,245 108,287 Other 58,565 48,824 Due from other government 2,521 Due from other funds 644,565 689,150 Prepaid items 12,283 5,356 Investment in land held for resale - 725,000 Total assets $ 16,538,719 $ 14,640,489 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 378,726 $ 29,351 Accrued payroll 44,313 44,034 Compensated absences payable 743,645 586,321 Other payables 17,682 16,640 Due to other funds 253,806 512,478 Due to component unit 1,962 Deferred revenues 5,316,129 5,085,119 Total liabilities 6,756,263 6,273,943 Fund balance Reserved for prepaid items 12,283 5,356 Reserved for Patton House 10,000 10,000 Reserved for land held for resale 725,000 Unreserved Designated for income tax surcharge receipts 1,334,848 1,472,048 Undesignated 8,425,325 6,154,142 Total fund balance 9,782,456 8,366,546 Total liabilities and fund balance $ 16,538,719 $ 14,640,489 See accompanying notes to financial statements. 54 VILLAGE OF GLENVIEW, ILLINOIS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 and Actual Only for 1996 1997 1996 Budget Actual Actual Revenues Taxes $ 16,190,714 $ 17,350,641 $ 16,035,730 Licenses and permits 1,355,700 1,687,114 1,130,848 Intergovernmental 2,007,101 2,286,011 2,031,933 Charges for services 565,246 652,035 640,391 Frees and forfeits 220,000 258,230 239,467 Interest 284,000 427,039 231,829 Miscellaneous 35,000 101,351 49,168 Total revenues 20,657,761 22,762,421 20,359,366 Expenditures General government 4,670,070 5,468,303 3,958,385 Public safety 11,442,718 11,235,448 10,548,544 Highways and streets 4,078,251 3,944,604 3,475,887 Pension 617,3~4 652,027 Total expenditures 20,191,039 21,265,699 18,634,843 Excess of revenues over expenditures 466,722 1,496,722 1,724,523 Other financing sources (uses) Operating transfers in Wholesale Water Fund 98,275 98,275 115,810 Waterworks fund 471,245 471,245 Sewerage Fund 68,631 68,631 48,416 Commuter Parking Lot Fund 32,000 32,000 30,000 GNAS - Redevelopment Fund 179,358 179,358 198,357 GNAS - Caretaker Fund 145,053 150,998 Escrow Deposit Fund 90,000 245,864 157,544 Component Umt Library Fund 12,100 12,100 12,100 Operating transfers (out) Cable TV Fund (4,554) (4,554) Capital Equipment Replacement Fund (901,114) (901,114) (803,431) Capital Projects Fund (453,000) (453,000) (311,000) (262,006) (100,197) (552,204) Excess of revenues and other financing sources over expenditures and other financing uses $ 204,716 1,396,525 1,172,319 Fund balance January 1 8,366,546 7,194,227 Residual equity transfer in 19,385 December 31 $ 9,782,456 $ 8,366,546 accompanying notes to financial statements. See VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1997 and Actual Only for 1996 1997 1996 Actual Actual Taxes Property taxes - current $ 4,304,638 $ 4,376,128 $ 3,567,602 Property taxes - pension 617,344 576,254 Property taxes - prior 68,000 105,269 189,307 Replacement taxes 75,000 86,504 101,048 Sales tax 4,759,432 4,794,830 4,661,985 Utility tax - Centel 75,000 61,451 73,762 Utility tax - AT&T 20,000 34,730 22,638 Utility tax - mobile services 338,000 391,331 379,555 Utility tax - N. I. Gas 573,279 624,356 565,559 Utility tax - Commonwealth Edison 1,666,873 1,558,732 1,566,491 490,000 514,212 491,360 Utility tax - Ameritech Franchise tax - Centel 27,000 21,722 26,235 Franchise tax - Ameritech 110,400 121,166 120,709 income tax 2,336,972 2,483,946 2,656,744 Illinois Photo use tax 379,600 416,704 Road and bridge 146,000 160,248 159,54.3 Franchise tax - cable TV 167,020 190,757 173,760 Road and bridge - prior 1,700 2,539 4,534 Hotel room tax 652,800 788,672 698,644 16,190,714 17,350,641 16,035,730 Licenses and perrrfits Motor vehicle 470,000 459,412 487,784 Business 60,000 66,865 58,681 Liquor 75,000 78,002 113,468 Pet 5,300 5,080 5,359 Building permits 472,500 797,890 300,006 Certificate of occupancy 11,000 19,825 11,394 Marathon development fees 86 Plan review fees 134,500 67,002 25,828 Reinspection fees 550 7,496 620 Elevator inspection fees 11,700 12,320 11,720 150 1,755 125 Plat preparation Conditional use fees 3,000 6,650 1,600 Contractors fees 45,000 40,210 43,760 33,000 53,740 35,738 Electrical inspection Plumbing and sewer 28,000 64,136 29,581 Driveway permits 6,000 6,645 5,184 1,355,700 L687~114 1,130,848 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1997 and Actual Only for 1996 1997 1996 Budget Actual Actual Intergovernmental Glenbrook Fire Protect/on District $ 1,802,701 $ 2,094,527 $ 1,857,583 Federal and state grants 19,144 Other 204,400 191,484 155,206 2,007,101 2,286,011 2,031,933 Charges for services Administration 30,246 30,246 508,678 Engineering fees 490,000 455,370 80,128 Unclassified public works 15,000 12,333 12,977 Other service charges 30,000 10,366 28,608 Sale of village property 37,600 10,000 I.D.B. application fees 104,200 Police and fire testing 1,920 565,246 652,035 640,391 Fines and forfeits 220,000 258,230 239,467 Interest Savings 25,000 22,738 34,528 Investments 250,000 394,335 187,933 N.O.W. accounts 9,000 9,966 9,368 284,000 427,039 231,829 Miscellaneous 35,000 101,351 49,168 Total revenues $ 20,657,761 $ 22,762,421 $ 20,359,366 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expendihares - Budget and Actual Year Ended December 31, 1997 Budget Actual General government Board of Trustees $ 27,870 $ 21,872 Special board 165,564 149,556 Legal 368,750 566,376 Emergency Service Disaster Agency 6,250 6,159 Village Manager 473,891 477,658 Finance 737,037 704,188 Municipal building and grounds 300,500 948,066 Personnel and insurance 2,590,208 2,594,428 4,670,070 5,468,303 PubLic safety Police department 5,681,861 5,643,482 Fire depa~ iai~ent 5,708,057 5,549,309 Printing 52,800 42,657 11,442,718 11,235,448 Highways and streets Development and public services Administration 263,893 266,113 Planning and zoning 109,769 106,183 Engineering 557,642 520,116 Public health 182,384 167,917 Public works - administration 249,554 241,118 Public works - overhead 798,613 795,385 Public works - street maintenance 339,049 271,794 Public works - traffic 248,553 255,495 Public works - storm water management 130,469 96,001 Public works - snow and ice control 213,403 299,651 Public works - forestry 203,125 211,356 Public works - grounds 203,675 129,094 Building inspection 578,122 584,381 4,078,251 3,944,604 Pension 617,344 Total expenditures $ 20,191,03~9 $ 21,265,69~9 (Continued) VILLAGE OF GLEN-VIEW, ILLINOIS General Fund Schedule of ExpendiVares - Budget and Actual Year Ended December 31, 1997 Budget Actual General government Board of Trustees Regular salaries $ 7,500 $ 7,250 Contractual professional services 150 150 Training 1,000 Trustee 17,020 13,457 expense Operational material and supplies 2,200 1,015 27,870 21,872 Special board Contractual services 164,564 148,946 Materials and supplies 1,000 610 165,564 149,556 Legal Contractual and professional services 85,400 51,261 Contractual disbursements 266 Litigation disbursements 2,215 Books 2,900 2,291 Dues, subscriptions, and memberships 750 1,406 Village Attorney retainer 42,750 42,750 Prosecutor retainer 30,950 30,950 Outside litigation 206~000 435~237 368,750 566,376 Emergency Service Disaster Agency Telephone and telegraph 1,400 1~315 Maintenance of equipment 3,300 3,010 Office supplies 200 135 Books, pamphlets, and materials 50 Contingencies 1,000 1,624 Small tools 300 75 6,250 6,159 Village Manager Regular salaries 360,981 389,570 Temporary salaries 16,500 16,385 Longevity pay 843 843 Contractual professional services 1,500 6 Printing, binding, and publication 1,900 651 Postage 43,000 37,055 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual General government (Continued) Village Manager (Continued) Dues, subscriptions, and memberships $ 22,150 $ 18,272 Maintenance of equipment 4,400 3,000 Travel expense 9,480 5,172 Trairdng expense 1,900 599 Books, pamphlets, and materials 300 57 Operational material and supplies 800 540 Computer supplies 1,850 1,011 Equipment repairs 6,287 3,656 Equipment replacement 7,000 7,000 Machinery or equipment 2,000 841 480,891 484,658 Less transfer to Capital Equipment Replacement Fund 7,000 7,000 473,891 477,658 Finance Regular salaries 487,700 497,435 Overtime salaries 750 514 Temporary salaries 33,120 29,030 Longevity pay 5,508 5,506 Contractual professional services 32,415 32,985 Printing, binding, and publication 33,500 27,963 Postage 8,000 3,983 Dues, subscriptions, and memberships 1,760 2,289 Car allowance 100 Maintenance of equipment 21,000 24,833 Rentals 39,000 30,300 Travel expense 5,064 2,192 Training expense 2,545 2,244 Office supplies 31,500 17,102 Books, pamphlets, and materials 300 189 Small tools and equipment 750 Computer supplies 7,600 4,412 P.C. expansion 12,950 11,447 Equipment repairs and maintenance 1,175 2,125 Other operating expense 1,000 964 Bank charges - 1,094 (Continued) 60 VILLAGE OF ILLINOIS GLEN-VIEW, General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual General government (Continued) Finance (Continued) Machinery and equipment $ 7,800 $ 5,884 Furniture and fixtures 3,500 1,697 737,037 704,188 Municipal building and grounds Regular employee salaries 20,700 16,094 Temporary salaries 4,323 Contractual professional services 1,440 Heating 16,500 21,617 Postage 20,000 17,597 Telephone 40,000 55,524 Maintenance of equipment 24,400 18,665 Maintenance of buildings 12,200 12,045 Rentals 12,000 11,192 Cleaning and household supplies 5,000 1,737 Maintenance materials - buildings 6,700 6,472 Small tools and equipment 500 538 Operational materials and supplies 103 Employee welfare 5,000 3,679 Land acquisition 725,000 Buildings and improvements 137,500 52~040 300,500 948,066 Personnel and insurance Contractual professional services 23,000 15,445 Public safety selection and promotion 27,000 17,682 Wellness program 9,500 3,666 Printing, binding, and publications 2,600 3,740 Dues, subscriptions, and memberships 680 550 Safety program 2,000 13 Commission expense 400 50 Training expense 31,000 38,996 Books, pamphlets and materials 1,000 194 FICA payments 413,349 438,900 Employee welfare 11,000 6,513 Insurance 2,068,679 2,068,679 2,590,208 2,594,428 Total general government $ 4,670,070 $ 5,468,303 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Public safety Police department Regular salaries $ 4,402,315 $ 4,423,940 Overtime salaries 82,000 94,677 Overtime hire back 110,000 103,190 Overtime court time 85,000 93,925 Overtime training 4,000 5,056 Overtime extra detail 28,047 Temporary salaries 137,580 120,285 Holiday pay 109,515 110,646 Longevity pay 63,066 61,146 Contractual professional services 126,000 99,666 Printing, binding, and publication 6,500 9,497 Heating 7,000 3,676 Postage 4,500 3,464 Telephone 20,000 17,211 Dues and subscriptions 3,500 3,784 Maintenance of equipment 60,000' 66,825 Maintenance of buildings 5,200 6,903 Rentals 22,180 16,092 Travel expenses 6,090 5,216 Office supplies 5,300 6,536 Books, pamphlets, and materials 7,300 10,400 Training 57,525 68,526 Uniform allowance 64,100 76,174 and household supplies 4,000 5,128 Cleaning Maintenance materials - buildings 2,400 2,989 Small tools and equipment 2,460 532 Operating materials and supplies 33,350 35,909 P.C. expansion/training 9,000 8,989 Employee welfare 8,000 9,556 Equipment repairs 191,130 130,633 Machinery and equipment 42,850 14,864 Equipment replacement 363,709 363,709 6,045,570 6,007,191 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Public safety (Continued) Police department (Continued) Less transfer to Capital Equipment Replacement Fund $ 363,709 $ 363,709 5,681,861 5,643,482 Fire department Regular salaries 4,521,337 4,485,526 Overtime acting company officer 10,000 8,527 Overtime call back 25,000 14,246 Overtime hi~e back 75,000 93,320 Overtime apparatus repair 10,000 4,930 Overtime fire prevention 17,040 10,976 Overtime public education 23,902 18,397 Overtime emergency medical service 15,600 8,175 Overtime hazardous material 12,300 10,367 Overtime FLSA 44,000 43,005 Overtime special rescue 18,350 4,381 Overtime dive team 17,280 11,138 Overtime administrative 1,500 3,470 Overtime training 23,200 35,471 Holiday pay 160,000 158,118 Longevity pay 55,953 51,792 Contractual profession~al services 238,200 232,554 Fire selection and promotion 1,800 1,461 Printing, binding, and publication 1,200 1,480 Heating 8,500 5,648 Postage 750 620 Telephone 22,400 14,517 subscriptions, memberships 2,860 2,109 Dues, and Maintenance of equipment 26,000 20,380 Maintenance of buildings 25,650 22,163 (Continued) 63 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Public safety (Continued) Fire department (Continued) Rentals $ 6,800 $ 6,143 Travel expenses 8,895 4,926 Training 24,550 22,779 Uniform and turnouts 65,000 49,478 Office supplies 3,200 4,466 Texts and films 2,500 2,045 Motor vehicle suppLies 12,000 6,759 Cleaning supplies 10,000 9,291 Maintenance materials - equipment 13,000 10,771 Maintenance materials - buildings 11,700 8,044 Small tools and equipment 24,405 21,640 Operating materials and suppLies 17,550 13,896 Computer supplies 1,800 2,117 Employee welfare 4,800 4,754 Equipment replacement 220,329 220,329 Equipment repairs 114,640 101,195 Buildings / improvements to buildings 6,500 3,460 Furniture and fixtures 2,600 2,281 Machinery and equipment 20,295 12,493 5,928,386 5,769,638 Less transfer to Capital Equipment Replacement Fund 220,329 220,329 5,708,057 5,549,309 Printing Maintenance of equipment 500 Rentals 34,000 29,193 Maintenance materials - equipment 200 Operating supplies 18,000 13,464 Small tools and equipment 100 52,800 42,657 Total public safety $11,442,718 $11,235,448 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets Development and public service Administration Regular salaries $ 234,195 $ 237,005 Temporary salaries 21,000 22,034 Longevity pay 1,844 1,843 Contractual professional services 2,000 301 Dues, subscriptions, and memberships 635 414 Maintenance of 150 100 equipment Rentals 120 36 Travel expense 1,500 1,590 Training 500 314 Office supplies 150 761 Books, pamphlets, and materials 200 193 Computer supplies 300 86 Equipment replacement 3,600 3,600 Equipment repairs 1,299 1,436 267,493 269,713 Less transfer to Capital Equipment Replacement Fund 3,600 3,600 263,893 266,113 Planning and zoning Regular salaries 59,508 59,543 Temporary salaries 3,000 3,710 Longevity 632 632 Contractual and professional services 25,000 21,622 Books, pamphlets, and materials 400 433 Printing, binding, and publication 12,000 11,100 Dues, subscriptions, memberships 5,279 5,361 and TraveI expense 2,000 2,016 Training 750 529 Operational supplies 400 417 P.C. expansion 800 820 109,769 106,183 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Engineering Regular salaries $ 449,928 $ 430,236 Overtime salaries 10,500 7,197 Temporary salaries 13,500 9,151 Longevity pay 3,161 3,159 Contractual and professional services 10,620 4,113 Printing, binding, and publication 350 460 Dues, subscriptions, and memberships 970 1,048 Maintenance of equipment 5,810 3,723 Travel expense 2,250 2,238 Rentals 400 287 Training 9,850 8,012 Uniform allowance 1,175 387 Books, pamphlets, and materials 175 40 OperatioNal materials 4,800 4,275 Computer supplies 1,000 867 Equipment replacement 17,000 17,000 Equipment repairs 7,953 12,352 Automotive 30,000 29,006 Machinery and equipment 5,200 3,565 574,642 537,116 Less transfer to Capital Equipment Replacement Fund 17,000 17,000 557,642 520,116 Public health Regular salaries 160,501 154,783 Overtime salaries 1,000 53 Longevity pay 949 949 Rentals 150 70 Contractual professional services 1,300 878 Printing, binding, and publication 200 Dues, subscriptions, and memberships 1,114 603 Maintenance of equipment 590 - (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public health (Continued) Iravel expense $ 2,550 $ 2,236 Training expense 2,265 560 Books, pamphlets, and materials 550 65 Small tools and equipment 1,200 580 Operating materials and supplies 3,800 3,041 Equipment replacement 7,100 7,100 Computer supplies 1,200 1,294 Other operational expense 225 61 Equipment repairs 4,390 2,514 Furniture and fixtures 400 230 189,484 175,017 Less transfer to Capital Equipment Replacement Fund 7,100 7,100 182,384 167,917 Public works - administration Regular salaries 198,843 202,366 Overtime salaries 500 Temporary salaries 23,027 19,881 Longevity pay 1,844 1,844 Contractual professional services 2,000 Printing, binding, and publication 200 429 Dues, subscriptions, and memberships 800 700 Maintenance of equipment 1,450 706 3,000 3,505 Rentals Travel expense 5,000 1,871 Training 7,000 5,606 Office supplies 2,000 2,257 Books, pamphlets, and materials 90 Operational materials and supplies 1,800 738 Computer supplies 2,000 1,215 249,554 241,118 (Continued) 67 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public works - overhead Regular salaries $ 388,796 $ 449,911 Overtime salaries 1,135 8,055 Temporary salaries 40,951 58,496 Longevity pay 14,334 14,635 Heating 27,000 35,762 Telephone 6,000 2,252 Dues, subscriptions, and memberships 80 47 Maintenance of equipment 8,000 5,477 Maintenance of building improvements 14,250 17,180 Rentals 27,150 11,585 Travel expense 250 185 Training 2,500 722 Uniform allowance 10,500 8,912 Books, pamphlets, and materials 200 Cleaning supplies 5,000 2,485 Maintenance materials - buildings 5,000 6,526 Small tools and equipment 3,100 1,431 Employee welfare 3,000 2,831 Equipment replacement 264,876 264,876 Equipment repairs 238,867 165,633 Machinery and equipment 2,500 3,260 1,063,489 1,060,261 Less transfer to Capital Equipment Replacement Fund 264,876 264,876 798,613 795,385 Public works - street maintenance Regular salaries 250,812 186,913 Overtime sahries 18,176 22,159 Temporary salaries 24,061 12,975 Maintenance materials - buildings 27,000 33,849 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Pubhc works - street maintenance (Continued) Small tools and equipment $ 2,600 $ 1,233 Operating materials and supplies 15,000 13,465 Machinery and equipment 1,400 1,200 339,049 271,794 Pubhc works - traffic Regular 65,732 78,603 salaries Overtime salaries 8,476 5,439 Temporary salaries 3,945 Power and hght 80,000 82,089 Maintenance of equipment 46,000 61,767 Maintenance of buildings 13,500 18,025 Rentals 300 Sign supplies 25,600 8,325 Small tools and equipment 500 100 Operational materials and supphes 4,500 1,147 248,553 255,495 Public works - storm water management Regular salaries 88,112 62,534 Overtime salaries 4,124 5,531 Temporary salaries 6,283 5,428 Maintenance of buildings 4,000 2,941 Maintenance materials - equipment 3,500 113 Small tools and equipment 500 456 Rentals 1,250 1,270 Machinery & equipment 2,700 1,425 Operating supplies 20,000 16,303 materials and 130,469 96,001 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public works - snow and ice control Regular salaries $ 65,742 $ 88,551 Overtime salaries 38,611 59,395 Temporary salaries 2,000 285 Contractual professional services 600 600 Maintenance materials - equipment 15,000 20,117 materials and supplies 91,450 130,703 Operating 213,403 299,651 Public works - forestry Regular salaries 180,213 191,236 Overtime salaries 4,382 3,261 Temporary salaries 4,080 6,062 Contractual professional services 1,500 611 Dues, subscriptions, and memberships 350 145 Maintenance of equipment 1,000 777 Maintenance of building / improvements 3,000 Maintenance materials and equipment 500 454 Small tools and equipment 3,600 3,771 Operational materials and supplies 4,500 5,039 203,125 211,356 Public works - grounds Regular salaries 108,482 48,405 Overtime salaries 5,844 144 Temporary salaries 12,549 4,501 Contractual professional services 63,000 61,304 Maintenance of building / improvements 1,000 1,056 Maintenance materials - equipment 600 323 Small tools and equipment 2,200 969 Operating materials and supplies 10,000 12,392 203,675 129,094 (Continued) 7o VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Highways and streets (Continued) Development and public service (Continued) Building inspection Regular salaries $ 516,140 $ 523,340 Overtime salaries 6,000 973 Longevity pay 5,164 5,162 Contractual professional services 20,800 25,298 Printing, binding, publication and 500 167 Dues, subscriptions, and memberships 1,490 1,761 Maintenance of equipment 2,600 2,443 Rentals 768 235 Travel 6,000 6,668 Training 5,000 4,989 Uniform allowance 1,100 910 Books, pamphlets, and materials 3,000 3,199 Operating materials and supplies 750 1,941 PC expansion 2,500 2,067 Equipment replacement 17,500 17,500 Equipment repairs 6,310 5,228 595,622 601,881 Less transfer to Capital Equipment Replacement Fund 17,500 17,500 578,122 584,381 Total highways and streets $ 4,078,251 $ 3,944,604 Pension Police pension $ $ 398,347 Firefighters' pension 218,997 Total pension $ $ 617,344 I 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 Government's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Cable TV Fund - The Cable Television Fund is used to account for the financial activity of the public access cable system. Any governmental body or not-for-profit community organization will be permitted to broadcast public information or educational programming. The cable television management and staff is under the direct control of the Village of Glenview Board of Trustees. Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the Government. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - The 911 Communications Fund is used to account for the activity of the 911 emergency service system. Financial activity began in 1990 and the system became operational in 1992. GNAS Redevelopment Fund - The GNAS Redevelopment Fund is used to account for the resources and expenditures incurred in the development of the Glenview Naval Air Base land. GNAS Caretaker Fund - The GNAS Caretaker Fund is used to account for the resources and expenditures related to the Village's custodial arrangement with the U.S. Navy regarding caretaking of the Glenview Naval Air Base. I .E z~ ~ ~ . ~.~ ~¢~ ~u ~ooo~ ~ = VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budget Actual Revenues Taxes Property taxes - current $ 844,930 $ 859,292 Replacement taxes 16,300 18,857 Intergovernmental 43,415 43,415 Interest 2,000 1,888 Total revenues 906,645 923,452 Expenditures Pension Retirement contributions 1,117, 818 762,276 Other 7,500 7,500 Total expenditures 1,125,318 769,776 Excess (deficiency) of revenues over expenditures (218,673) 153,676 Other financing sources Operating transfers in Cable TV Fund 3,334 3,334 911 Communications Fund 11,543 11,543 Waterworks Fund 50,679 50,679 Wholesale Water Fund 435 435 North MaIne Water Fund 9,874 GNAS Caretaker Fund 24,161 35,688 GNAS Redevelopment Fund 28,237 28,237 Sewerage Fund 8,482 8,482 Component unit 108,598 108,598 Library Fund 235,469 256,870 Excess of revenues and other financing sources over expenditures $ 16,796 410,546 Fund balance January 1 (505,782) December 31 See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budget Actual Revenues Intergovernmental Allotments $ 904,000 $ 919,886 Interest 24,000 23,907 Total revenues 928,000 943,793 Expenditures Excess of revenues over expenditures 928,000 943,793 Other financing (uses) Operating transfers (out) Capital Projects Fund (1,159,800) (1,159,800) Excess (deficiency) of revenues over expenditures and other financing uses $ (231,800) (216,007) Fund balance January 1 790,881 December 31 $ 574,874 See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budget Actual Revenues Interest $ 1,500 $ 484 Miscellaneous Cablenet programming agreement 51,000 54,000 Other 2,000 3,576 Total revenues 54,500 58,060 Expenditures General government 82,622 79,298 Excess (deficiency) of revenues over expenditures (28,122) (21,238) Other financing sources (uses) Operating transfer in Corporate Fund 4,554 4,554 Operating transfers (out) IlLinois Municipal Retirement Fund (3,334) (3,334) 1,220 1,220 Excess (defidency) of revenues and other financing sources over expenditures and other financing uses $ (26,902) (20,018) Fund balance January 1 39,403 Residual equity transfer (out) (19,385) December 31 $ See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual General government Regular salaries $ 37,356 $ 37,356 Contractual professional services 15,000 10,735 Printing, binding and publications 500 404 Postage 100 Telephone 400 348 Dues, subscriptions, memberships 600 935 Insurance 4,611 4,611 Maintenance of equipment 3,500 Equipment repairs 1,045 Travel expense 1,000 1,081 Training 3,500 2,925 Books, pamphlets, materials 250 177 Operating materials and supplies 7,000 2,423 Computer supplies 750 3,806 FICA payments 2,760 2,849 Machinery and equipment repair 685 Machinery or equipment 3,500 10,963 Furniture and fixtures 750 Total expenditures $ 82,622 $ 79,298 VILLAGE OF GLENVIEW, ILLINOIS Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budget Actual Revenues Charges for services License fee $ 4,000 $ 5,000 Host community revenue 70,000 95,285 Bin sales 2,500 2,563 Refuse bag sales 60,000 42,567 Yard waste sticker sales 30,000 17,454 Tipping fees 1,038,840 1,124,320 Interest 3,000 9,694 Total revenues 1,208,340 1,296,883 Expenditures General government Dumping costs 1,038,828 891,734 Refuse bag purchase 60,000 35,669 Yard waste sticker purchase 30,000 17,640 Recycling bins 5,000 5,630 Operational materials and supplies 1,400 Printing, binding and publications 3,000 62 Contractual professional service 1,500 Training 250 Total expenditures 1,139,978 950,735 Excess of revenues over expenditures $ 68,362 346,148 Fund balance January 1 297,717 December 31 $ 643,865 See accompanying notes to financial statements. VILLAGE OF ILLINOIS GLENVIEW, 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budeet Actual Revenues CharKes for services $ 311,400 $ 323,407 Interest 1,000 5,269 /oral revenues 312,400 328,676 Expenditures Public safety Regular employee salaries 121,104 119,333 Overtime salaries 1,000 496 Overtime hire back 5,000 2,553 Overtime training 65 Holiday pay 1,000 587 Longevity pay 949 948 Contractual professional services 4,000 Printing, binding, and publications 500 Telephone telegraph 65,600 72,403 and Maintenance of equipment 13,100 4,826 Uniform allowance 1,350 Small tools and equipment 400 Materials and supplies 1,000 Machinery or equipment 8,500 8,418 FICA payments 9,556 9,274 P.C. expansion/training 3,000 406 Insurance 13,346 13,346 Total expenditures 249,405 232,655 Excess of revenues over expenditures 62,995 96,021 Other financing (uses) Operating transfers (out) Illinois Municipal Retirement Fund (11,543) (11,543) Capital Equipment Replacement Fund (30,285) (30,285) (41,828) (41,828) Excess of revenues over expenditures and other financing uses $ 21,167 54,193 Fund balance January 1 164,510 December 31 $ 218,703 See accompanying notes to financial statements. · VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Fund 1 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual / Year Ended December 31, 1997 · ! Budget Actual Revenues I Intergovernmental EDA grant $ 2,971,216 $ 1,072,955 I OEA grant 143,797 199,088 Interest 3,062 Total revenues 3,115,013 1,275,105 Expenditures General government 2,522,691 1,825,072 Highway and streets 2,971,216 1,340,483 5,493,907 3,165,555 I Excess (deficiency) of revenues over expenditures (2.378,894) (1,890~450) Other financing sources (uses) Operating transfers in GNAS Bond Fund, Series 1995 2,640,933 2,131,448 1 Operating transfers (out) General Fund (180,609) (179,358) Illinois Municipal Retirement Fund (46,630) (28,237) Capital Equipment Replacement Fund (34,800) (34,800) 2r378,894 1,889,053 Excess (deficiency) of revenues and other financing · sources over expenditures and other financing uses $ - (1,397) Fund balance January 1 (316,996) 1 December 31 $ (318,393) ! ! See accompanying notes to financial statements. 80 I ! VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Administration Department Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual General government Administration Regular salaries $ 222,931 $ 203,350 Overtime salaries 11,000 110 Temporary salaries 3,000 262 Longevity pay 1,792 1,791 Contractual professional services 1,855,675 1,307,615 Postage 8,000 7,476 Printin~;, binding, and publication 4,360 13,109 Power and light 2,500 Heating 3,000 Dues, subscriptions, memberships 4,534 6,245 Telephone and telegraph 20,800 14,956 Maintenance of equipment 1,900 1,400 Maintenance of building/improvements 21,730 12,149 Rentals 38,050 37,232 Travel expense 49,825 27,138 Training 8,500 8,520 Office supplies 16,500 14,140 Maintenance materials 1,000 927 Small tools and equipment 500 125 Uniform allowance 500 Books, pamphlets, and materials 320 234 Cleaning supplies 1,040 676 Operating materials and supplies 30,000 4,436 Computer supplies 2,080 1,089 FICA payments 22,120 19,833 Employee welfare 1,100 1,031 Transfer to Machinery and Equipment Repair Fund 8,868 6,528 Transfer to Capital Equipment Replacement Fund 34,800 34,800 insurance 27,913 27,913 Other operational expenses 4,000 2,312 Automotive 15,000 Machinery and equipment 10,000 6,600 2,433,338 1,761,997 Less Transfer to Capital Equipment Replacement Fund 34,800 34,800 2,398,538 1,727,197 (Continued) · VILLAGE OF GLENVIEW, ILLINOIS I GNAS Redevelopment Administration Department I Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual I General government (Continued) OEA Grant ! Regular employee salaries $ 66,590 $ 61,140 Contractual professional services 4,500 1,142 Postage 5,000 3,273 · Printing, binding, and publication 10,000 9,723 Telephone and telegraph 2,000 2,102 Travel expense 19,000 18,900 · Training 1,000 Office supplies 2,000 1,595 Computer supplies 14,063 124,153 97,875 I Total general govemment $ 2,522,691 $ 1,825,072 Highway and Streets EDA Grant Road design $ 1,244,840 $ 954,125 1 West side pumping station 450,000 169,726 North 100 acre design 161,156 Storm water design 1,115,220 216,632 1 Total highway and streets 2,971,216 1,340,483 ! Total expenditures $ 5,493,907 $ 3,165,555 ! I ! 1 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 Budget Actual Revenues Intergovernmental Federal grant $ 519,127 $ 544,213 Interest 1,409 Total revenues 519,127 545,622 Expenditures General government 911,856 527,213 Excess (defidency) of revenues over expenditures (392,729) 18,409 Other financing sources (uses) Operating transfers in GNAS Bond Fund Series 1995 416,890 168,277 Operating transfers (out) General Fund (150,998) Illinois Municipal Retirement Fund (24A61 } (35,688) 392f729 (18~409) Excess of revenues over expenditures and other financing uses $ Fund balance January 1 December 31 $ See accompanying notes to financial statements. 83 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual General government Cooperative agreement Regular employees salaries $ 21,758 $ 61,123 Temporary salaries 12,813 13,470 Contractual professional services 5,032 217 Telephone and telegraph 18,243 10,216 Maintenance of equipment 400 Rentals 21,278 14,473 Travel expense 779 Training 1,838 Uniform allowance 1,060 810 Office supphes 300 2,040 Cleaning and household supplies 150 Maintenance materials - equipment 100 Small tools and equipment 1,050 Computer supplies 200 850 FICA payments 20,004 14,499 Employee welfare 4,903 4,905 Insurance 37,843 49,687 Transfer to Machinery and Equipment Repair Fund 12,215 Machinery and equipment 2,500 149,472 185,284 Water distribution system Regular employees salaries 48,399 14,509 Overtime salaries 6,245 4,484 Temporary salaries 85 Contractual professional services 3,124 1,162 Power and light t0,000 Heating 2,000 Water purchases 15,000 539 Maintenance of building 3,800 200 Clearfing and household supplies 105 Maintenance materials - eqrtipment 1,000 2,201 Maintenance materials - building 2,500 458 Operational materials and supplies 7,500 99,673 23,638 (Continued) VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Sanitary Sewer Regular employees salaries $ 18,323 $ 1,188 Overtime salaries 1,391 Temporary salaries 271 Contractual professional services 14,100 Power and light 500 Maintenance of equipment 2,100 Maintenance of building 2,000 Maintenance materials and equipment 2,500 Operational materials and supplies 3,205 11 44,119 1,470 Storm drains Regular employees salaries 16,798 1,349 Overtime salaries 2,380 Temporary salaries 600 Contractual professional services 2,100 Maintenance of building 2,500 Operational materials and supplies 7,980 31,758 1,949 Electrical distribution Regular employees salaries 5,671 Power and lights 7,051 Contractual professional services 63,000 6,374 68,671 13,425 Natural distribution gas Regular employees salaries 5,671 Heating 46,350 11,046 52,021 11,046 Facility maintenance Regular employees salaries 57,752 73,880 Overtime salaries - 45 Temporary salaries - 7 Contractual professional services 33,988 72,742 Maintenance materials - equipment 1,050 1,105 Maintenance materials - building 9,781 Small tools and equipment 2,000 202 Leasehold improvements 188 Operational materials and supplies 4,200 6,838 (Continued) · VILLAGE OF GLENVIEW, ILLINOIS I GNAS Caretaker Fund I Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 I BudKet Actual Facility maintenance (Continued) · GNAS - Rent $ $ 51,907 98,990 216,695 I Heating; and steam distribution Contractual professional services 3,151 Operational materials and supplies 2,094 5,245 I Transportation Regular employees salaries 4,847 · Maintenance of equipment 3,150 Rentals 1,050 Transfer to Maintenance and Equipment Repair Fund 20,725 18,013 · Automotive 2,550 32,322 18,013 Roads and surface maintenance I Regular employees salaries 18,309 5,348 Overtime salaries 11,068 3,497 · Temporary salaries 187 I Contractual professional services 2,000 1,097 Maintenance of building 1,000 · Sign supplies 2,000 12 1 Maintenance materials - buildings 2,000 Operational materials and supplies 11,540 1,401 47,917 11,542 I Grounds and maintenance Regular employees salaries 10,186 2,559 I Temporary salaries 323 · Contractual professional services 70,762 27,634 Operatiol~al materials and supplies 735 81,683 30,516 I Pest control Regular employees salaries 3,385 Contractual professional services 1,500 · Operational materials and supplies 500 5,385 I 1 (Continued) I 1 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Refuse collection Regular employees salaries $ 3,385 $ Contractual professional services 3,864 970 7,249 970 Custodial maintenance Regular employees salaries 3,385 Contractual professional services 24,000 6,251 Cleaning and household supplies 2,000 1,169 29,385 7,420 Security services Regular employees salaries 145,053 Training 1,575 Uniform allowance 3,465 Machinery or equipment 3,400 153,493 Fire inspection and suppression Regular employees salaries 2,206 Environmental Regular employees salaries 3,030 Special Requirements Personal services 4,482 Total GNAS Caretaker Expenditures $ 911,856 $ 527,213 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 ILibrary Bond Series of 1984 - This issue in the amount of $3,100,000 was used to construct an addition to the Library. I Corporate Purpose Bond Series of 1989 - This issue in the amount of $8,000,000 was sold to finance various capital improvements including storm sewers, land acquisition, pavement I improvements, and water related projects. Corporate Purpose Bond Series of 1990 - This issue in the amount of $4,500,000 was sold to I finance the Government's share of the Glenview Road reconstruction project. Moody's Investors Service has rated this general obligation bond issue AAA. ICorporate Purpose Bond Series of 1991 -'This issue in the amount of $4,165,000 was sold to finance the partial refunding of the Library Bond Series of 1984 and early retirement of the Corporate Purpose Bond Series of 1979. I Corporate Purpose Bond Series of 1993 - This issue in the amount of $7,635,000 was sold to finance various capital projects throughout the Government including, but not limited to, I the public works garage, various street projects, and capital purchases. Corporate Purpose Bond Series of 1994 ~'This issue ~n the amount of $8,040,000 was sold to I partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose Bond Series of 1990. I Corporate Purpose Bond Series of 1995 - This issue m the amount of $500,000 was sold to finance the construction of a Sewer Lift Station and other sewer system improvements. IGeneral Obligation Bond Anticipation Bond Series of 1995 - This issue in the amount of $60,000,000 was sold to finance the development of the Glenview Naval Air Base which was turned over to the Village in 1995. I 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. I ! I I I I I i I I I I I I I I I I I I I CAPITAL PROJECTS FUNDS Capital Equipment Replacement Fund - The Capital Equipment Replacement Fund is used to account for the funds annually set aside for the eventual replacement of certain capital equipment. Capital Projects Fund - The Capital Projects Fund is used to account for revenues and expenditures involved with all other capital improvements throughout the Government. Bond Fund Series 1990 - The Bond Fund Series 1990 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1990. Bond Fund Series 1993 - The Bond Fund Series 1993 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1993. GNAS Capital Project Fund - This fund is used to account for various development and other projects related to the Glenview Naval Air Base which was turned over to Glenview in 1995. GNAS Bond Fund Series 1995 - This fund is used to account for various development and other projects related to the Glenview Naval Air Base and financed with the General Obligation Bond Anticipation Bond Series of 1995. I I I I I i I I I I I i I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I PROPRIETARY FUND TYPES I I ! I 1 I 1 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 of water and sewer 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 Citizens Utility Co. enabling the utility to receive Lake Michigan water. North Maine Water and Sewer Fund - The North Maine Water and Sewer Fund is used to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Glenview customers. Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts for the activity involved with, but not limited to, the administration (Finance Director), sale of permits, and maintenance of the commuter parking facilities within the Government. VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Balance Sheet December 31, 1997 (with comparative totals for 1996) North Mmne xAPnolesale Water and Commuter Totals Waterworks Water Sewer Sewerase Parkin[~ Lot 199_~7 199__6 ASSETS Cash $ 834,557 $ 1,6/)2,508 $ 1,723,292 $ 343,467 $ 7S,317 $ 4,578,941 $ 2,066,421 Receivables - accounts (net) 1.274,794 508.550 126.039 t.909,383 1.626,8~0 Accrue d inter es t receivable 2.016 10.366 12.382 4, I41 Advance tv other funds 1,412,911 44,810 1.457.721 1.222,322 Due from other funds 2,597 2.597 280,714 Inventory 53.150 3,000 56. t50 47.058 Prepaid expenses 18,000 Deferred bond issuance costs 48.281 48.281 Deferred acquisition costs 208.486 208,486 3,579.825 1,612.874 2.486.609 514,316 75.317 8.268.941 5,265,456 Fixed assets Cost 20.029.825 2,512.633 7,184,519 5.376.015 216,592 35.319.584 27,761,197 Accamulamd depr eeiai~on /7,039,596) (300,380) {104,438) /1,541.492) (139,691) t9.125,597) {8,536,582) 12,990,229 2.212,258 7,080,081 3.834.528 76,901 26.193.987 19,224,615 Total assets $ 16.570,054 $ 3.825,127 $ 9,566,690 $ 4,348.839 $ I52,218 $ 54,462,928 $ 24.490,071 LIABILITIES AND FUND EQUITY Current liabilifies Accoun~payable $ 431.907 $ 118.500 $ 455.220 $ 10,497 $ 22.923 8 1.039,047 $ 600.986 Interest payable 2.774 18.802 161,312 177,388 18.719 payable 22,839 22.839 24,495 Other payables 56.646 159 56.805 Due to other funds 46.714 1.267 27/.43 10,439 31.839 117.702 236,999 Advance from other funds 458,419 458~419 368,981 504.234 133.069 700,621 479,555 54.92l 1.872,200 1,250,180 Long-term Iiabilidss Notes payable 2,850,000 2.850.000 General obligation bonds payable 659.650 2,510.000 6.175.000 9,344,650 4.173,950 Unmmor tized bond discount (20.908) (49,362) (70,270) (21.741} 659,650 2,489.092 8.975.638 12.124,380 4,152,209 Total liabilities 1.163.884 2,622.161 9,676.259 479.355 54,921 13.996,580 5.402,389 Fund eq~d~y See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1997 (with comparative totals for 1996) North Mai~e (expenses) fiscal charges (76,296) (164,435) (15L182~ (391~913) (291,772} (4,064) (85,429) (123,195) 20,696 1,276 (190,706) (81,922) Income (lo~s) before operating transfers 2,184,154 477,664 199,695) 204,347 48,812 2,815,282 1,699,407 Operating a~ottsfers in 17,~V7 30,000 47,777 Operating transfers (out) (1,023,724) (98,710) (9,874) (276,377) (112,000) 11,$20,68~) (1,467,189) (1,005,947) (68,710) (9,874) 1276,377) (112,000) (1,472,908) (1,467,189) Net income (loss) 1,I78,207 408,954 (109,569) 172,030) (63,188) 1,342,374 232,218 Prior period adjustment 102,120 (65,828) 36,292 See accompanying notes to financial statements. 96 VILLAGE OF GLEN-VIEW, ILLINOIS ! Enterprise Funds I Combining Schedule of Changes in Contributed Capital Year Ended December 31, 1997 (with comparative totals for 1996) I North Maine l Wholesale Water and Totals Waterworks Water Sewer Sewerage 1997 1996 I Increases $ $ S $ $ $ Decreases J Net increase I Contributed capital m January 1 2,386,154 891,089 3,277,243 3,277,243 December31 $ 2,386,154 $ $ $ 891,089 $ 3,277,243 $ 3,277,243 I m m m m 97 m VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 Operating revenues Water charges $ 5,945,960 $ 5,395,961 Recapture agreements 10,000 200,713 Pumping stallol/-west 160,996 127,425 Nonopetating revenues (e~penses) Interest expert~ and f~cal charges /20,TM) 176,2561 28,250 (4,064) Income before operating ltanefers 1,854,070 2,184,154 O~er a~in g ttartefets in (out) Capital Ec!uipm~mt Replacement Fund 17,777 Wholesale Wate~ Fund (30,000) (30,000) General Fund (471,245) (471,245) Capital Projects Fund (270,000) Illinois Municipal Retirement Fund (50,679) (50,679) Debt Service Fund (1,435,852) {471,800) (2,257,776) (1,005,947) Net income (loss) $ I403A06) 1,178,207 January 1 11,739,689 Prior period adjustme~tt 102,120 See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Administration Contractual professional services $ 2,000 S 80 Printing, binding, and publication 200 189 Postage 13,000 13,251 Computer supplies 1,550 3,500 FICA payment 41,885 43,410 Other operational expenses 580 497 Paying agent fee 600 Machinery and equipment 31,000 Insurance 107~396 107~396 Total administration 166,611 199,923 Operations Supply and metering Regular salaries 80,904 61,992 Overtime salaries 1,811 1,214 Temporary salaries 697 779 Contractual professional services 46,000 43,920 Water 2,070,000 1,954,750 Maintenance of buildings 4,000 919 Machinery & equipment - water meters 14,666 Operational materials and supplies 50,700 25,330 Iotal supply and metering 2,254,112 2,103,570 Pumping station-east Regular salaries 29,989 22,674 Overtime salaries 13,989 8,129 Temporary salaries 135 117 Contractual professional services 16,850 12,492 Power and light 75,000 82,880 Heating 4,000 4,407 Telephone 3,000 3,274 Maintenance of building 26,000 6,135 Cleaning and household supplies 100 38 Maintenance materials - equipment 3,000 1,121 Maintenance materials - building 1,000 363 Operating materials and supplies 6,800 3,049 Machinery and equipment 1~100 Total pumping station-east 180,963 144,679 (Continued) 100 VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Operations (Continued) Pumping station-west Regular salaries $ 24,039 $ 11,638 Overtime salaries 8,153 6,079 Temporary salaries 304 38 Contractual professional services 14,050 5,292 Power and light 75,000 62,811 Heating 1,000 1,450 Telephone 2,000 1,483 Maintenance of building 24,500 36,545 Cleaning and household supplies 100 Maintenance materials - equipment 5,000 631 Maintenance materials - building 750 630 Operating materials and supplies 6,1 O0 828 Total pumping station-west 160,996 127,425 Distribution system Regular salaries 267,310 239,677 Overtime salaries 44,709 24,935 Temporary salaries 13,144 9,532 Contractual professional services 15,000 3,856 Maintenance of equipment 38 Maintenance of buildings 77,000 45,260 Rentals 300 Sign supplies 1,517 Maintenance materials - equipment 1,500 Maintenance ma~erials - buildings 82,700 97,509 Small tools & equipment 4 Operating materials and supplies 7,000 10,315 Machinery and equipment 13,000 12,890 Distribution system 800,000 244,245 1,321,663 689,778 Less nonoperating expenses Fixed assets capitalized 252,647 252,647 Total distribution system 1,069,016 437,131 (Continued) 101 VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Operations (Continued) Overhead Regular salaries $ 183,182 $ 181,101 Overtime salaries 915 232 Temporary salaries 5,690 4,102 Longevity 7,643 7,403 pay Postage 300 124 Telephone 1,100 813 Dues, subscrip'~ions, and memberships 2,820 2,611 Maintenance of equipment 6,530 1,717 Rentals 900 211 Travel expense 3,800 2,524 Training 6,600 687 Uniform allowance 7,250 5,099 Office supplies 700 710 Books, pamphlets, and materials 300 291 Small tools and equipment 5,850 5,512 Operational materials and supplies 2,000 458 Computer supplies 1,800 2 Employee welfare 940 206 Equipment replacement 97,415 Equipment repairs 88,707 79,897 Machinery and equipment 3,500 3,339 427,942 297,039 Total operating S 4,259,640 $ 3,309,767 102 VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 Budget Actual Operating revenues Charges for services $ 1,360,000 $ 1,336,007 Operating expenses excluding depreciation Operations Supply and metering 803,051 662,269 Pumping station 57,486 46,287 Distribution system 5,475 709 Total operating expenses 866,012 709,265 Operating income before depreciation 493,988 626,742 Depreciation and amortization 63,649 Operating income 493,988 563,093 Nonoperatmg revenues (expenses) Interest income 4,000 79,006 Interest expense (166,374) (1 64,435) (162,374) (85,429) Income before operating trarrsfers 331,614 477,664 Operating transfers in (out) Waterworks Fund (30,000) 30,000 Illinois Municipal Retirement Fund (435) (435) General Fund (98,275) (98,275) (128,710) (68,710) Net Income $ 202,904 408,954 Retained earnings January 1 794,012 December 31 $ 1,202,96~6 See accompanying notes to financial statements. 104 VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 I Budget Actual I Operations Supply and metering Water purchases $ 794,970 $ 653,758 Maintenance of buildings 1,000 904 FICA payments 360 886 Insurance 6,721 6,721 Total supply and metering 803,051 662,269 Pumping station Regular salaries 7,271 6,008 Overtime salaries 3,665 4,870 Temporary salaries 50 · Contractual professional services 1,400 145 Power and light 40,000 33,066 Telephone 3,000 303 · Maintenance of buildings 1,500 5 Equipment rentals 500 500 Paying agent fees 1,200 I Operating materials and supplies 100 190 Total pumping station 57,486 46,287 Distribution system I Regular salaries 300 614 Overtime salaries 1,175 95 Contractual professional service 1,000 Maintenance of buildings 1,000 materials and supplies 2,000 operating Total distribution system 5,475 709 Total operating expenses $ 866,012 $ 709,265 I I I 1 105 I VILLAGE OF GLEN'VIEW, ILLINOIS North Maine Water and Sewer Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 Budget Actual Operating revenues Charges for services Water charges $ 1,662,000 $ 1,483,324 Sewer charges 87,000 64,168 Miscellaneous New water meters 1,500 Late payment fees 20,000 13,366 Water for construction 219 Turn on charge 1,500 1,320 1,772,000 1,562,397 Operating expenses excluding depreciation Administration 363,113 104,074 Operations Supply and metering 1,073,159 1,131,448 Pumping station 27,915 22,689 Distribution system 569,802 105,932 Collection system 239,711 55,434 Total operating expenses 2,273,700 1,419,577 Operating income(loss) before depreciation (501,700) 142,820 Depreciation and amortization 119,330 Operating income(loss) (501,700) 23,490 Nonoperating revenues (expenses) Interest income 6,000 27,997 Interest expense (179,500) (151,182) (173,500) (123,185) Income (loss) before operating transfers (675,200) (99,695) Operating transfers (out) Illinois Municipal Retirement Fund (11,856) (9,874) Net income (loss) $ (687,056) (109,569) Retained earnings January 1 December 31 $ (109,569) See accompanying notes to financial statements. 107 VILLAGE OF GLENVIEW, ILLINOIS North Maine Water and Sewer Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Administration Regular salaries $ 47,924 $ 16,079 Overtime salaries 258 335 Temporary salaries 191 155 Contractual professional services 6,150 70,729 Acquisition costs 205,560 Cost of issuance 55,000 Printing, binding, and publication 6,400 30 Postage 4,500 943 Uniform allowance 2,750 1,840 Travel expense 40 FICA payments 10,413 9,982 Maintenance of equipment 6,667 3,941 Rentals 4,167 Lock box services 8,000 Computer supplies 5,000 Employee welfare 133 Total administration 363,113 104,074 Operations Supply and metering Regular salaries 33,452 8,964 Overtime salaries 258 642 Temporary salaries 3,747 Water purchases 952,952 1,077,632 Contractual professional services 16,750 Operating materials and supplies 6,000 4,107 Meter replacement 60,000 40,103 Total supply and metering 1,073,159 1,131,448 Pumping station Regular salaries 500 9,970 Overtime salaries 515 1,778 Contractual professional service 11,000 6,083 Heating 4,500 Power and light 4,500 825 Telephone 2,800 1,587 Dues and subscriptions 315 Maintenance of buildings 2,000 2,080 Pump repair 2,000 26 Cleaning and household supplies 100 25 Total pumping station 27,915 22,689 (Continued) 108 VILLAGE OF GLENVIEW, ILLINOIS North Maine Water and Sewer Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Operations (Continued) Distribution system Regular salaries $ 18,177 $ 47,439 Overtime salaries 2,575 7,493 salaries 1,568 Temporary Contractual professional service 374 Maintenance of building 6,000 17,201 Maintenance materials - building 10,600 23,100 Rentals 300 Operational materials and supplie~ 1,666 System improvements 560,000 6,133 Machinery and equipment 20,100 74,518 Automotive 188,000 165,526 807,320 343,450 Less nonoperating expenses Fixed assets capitalized 237,518 237,518 Total distribution system 569,802 105,932 Collection system Regular salaries 16,936 32,059 Overtime salaries 7,725 5,550 Temporary salaries 17 Contractual professional service~ 2,500 of building 7,000 14,537 Maintenance Maintenance materials - equipment 1,000 25 Small toois and equipment 250 217 Operating materials and supplies. 3,500 1,226 Machinery and equipment 14,800 1,803 System improvements 10,000 Automotive 176,000 Total collection systems 239,711 55,434 Total operating expenses- $ 2,273,700 $ 1,419,577 109 I VILLAGE OF GLENVIEW, ILLINOIS I Sewerage Fund I Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 I Budget Actual I Operating revenues Charges for services I Sewer charges $ 800,061 $ 748,481 Sewer connection charges Z000 10~700 Total operating revenues 802,061 759,181 I Operating expenses excluding depredation Administration 70,607 53,645 I Operations Pumping station 14,768 24,389 Collection 110,848 391,865 I Total operating expenses 196,223 469,899 Operating income before depreciation 605,838 289,282 I Depreciation 105,631 Operating income 605,838 183,651 I Nonoperating revenue Interest income 5,800 20,696 I Income before operating transfers 611,638 204,347 Operating transfers (out) I General Fund (68,631) (68,631) Illinois Municipal Retirement Fund (8,482) (8,482) Debt Service Fund (199,264) (199,264) I Capital Projects Fund (310~000) (586,377) (276,377) Net income (loss) ~ (72,030) I Retained earnings January 1 3,116,253 I Prior period adjustment (65,828) Adjusted balance 3,050,425 I December 31 ~ 1 See accompanying notes to financial statements. 1 111 I VILLAGE OF GLEN'VIEW, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Administration Contractual professional services $ 1,500 $ Printing, binding, and publications 100 67 Postage 300 94 Office supplies 150 160 Computer supplies 500 FICA payments 7,023 9,490 Equipment replacement 16,538 Equipment repairs and fuel 34,463 33,801 Insurance 10,033 10,033 Total administration 70,607 53,645 Operations Pumping Station Regular salaries 5,981 7,572 Overtime salaries 2,576 2,387 Temporary salaries 311 95 Power and light 2,000 6,997 Telephone and telegraph 700 795 Maintenance of equipment 1,000 1,892 Operational materials and supplies 2,200 4,651 Total pumping station 14,768 24,389 Collection system Regular salaries 92,160 101,402 Overtime salaries 4,495 9,195 Temporary salaries 6,066 3,402 Con~tactual professional services 3,000 1,574 Maintenance of buildings 10,000 8,330 Rentals 380 Maintenance materials 3,000 3,809 Small tools & equip 500 610 Operational materials and supplies 14,000 16,882 Machinery and equipment 2,000 2,452 System improvements 195,000 463,962 330,601 611,618 Less nonoperating expenses Fixed assets capitalized 219,753 219,753 Total collection system 110,848 391,865 Total operating expenses $ 196,223 $ 469,899 112 I VILLAGE OF GLENVIEW, ILLINOIS i Commuter Parking Lot Fund Statement of Revenues, Expenses, i and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 ! Budget Actual I Operating revenues Charges for services I Meter fees $ 18,700 $ 22,28~ Parking decals 77,000 160,042 Miscellaneous 9,000 I Total 104,700 182,326 operating revenues Operating expenses I Operations 161,506 130,243 Depreciation 4,547 i Total operating expenses 161,506 134,790 operating income (loss) (56,806) 47,536 I Nonoperating revenue Interest income 4,000 1,276 I Income (loss) before operating transfers (52,806) 48,812 I operating transfers (out) Capital Projects Fund (80,000) (80,000) General Fund (32,000) (32,000.) I (il2,000) 012,000) Net income (loss) $ (164,806) (63,188) ! Retained earnings i January 1 160,485 December 31 $ 97,297 1 1 I See accompanying notes to financial statements. I 114 VILLAGE OF GLENVIEW, ILLINOIS I Commuter Parking Lot Fund I Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 I Budget Actual I Operations I Regular employee salaries $ 16,500 $ 20,256 Overtime salaries 4,844 546 Temporary salaries 19,612 5,625 i Contractual professional services 49,000 43,319 Printing, binding, and publications 500 1 Power and light 19,000 11,094 Heating 4,200 3,154 Postage 700 700 1 Telephone and telegraph 500 404 Maintenance of buildings 8,650 1,866 Rentals 20,000 31,506 ! Cleaning/household supplies 1,500 Maintenance materials 2,000 400 Small tools and equipment 500 I Operations materials 13,000 10,373 Insurance 1,000 1,000 I Total operating expenses excluding depreciation $ 161,50~6 $ 130,24~3 I I i I I 1 I 115 I I I 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 I Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the Government. These i costs include labor, material, fuel, and fixed overhead of the Government's repair facility. Insurance Fund - The Insurance Fund is used to account for the financial activity of the I Government's entire insurance program. In addition to conventional primary insurance, Glenview is a member of the High-Level Excess Liability Pool (HELP) which provides excess liability coverage. Also, the Government provides health and life insurance by participating iin the Intergovernmental Personnel Benefit Cooperative (IPBC). ! ! ! I ! ! ! VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Balance Sheet December 31, 1997 (with comparative totals for 1996 Municipal Equipment Totals Revair Insurance 1997 1996 ASSETS Current assets Cash $ 66,369 $ 1,809,577 $ 1,875,946 $ 1,286,103 Investments 208,043 208,043 701,288 Receivables Accounts 4,387 4,713 9,100 7,391 Accrued interest 11,386 11,386 16,152 Due from other funds 8,642 175,065 183,707 Deposits 1,188,616 1,188,616 658,588 Total assets $ 79,398 $ 3,397,400 $ 3,476,798 $ 2,669,522 LIABILITIES AND RETAINED EARNINGS Current liabilities Accounts payable $ 53,008 $ 188,621 $ 241,629 $ 24,651 Claims payable 152,237 152,237 150,591 Due to other funds 21,347 21,347 Total liabilities 74,355 340,858 415,213 175,242 Retained earnings 5,043 3,056,542 3,061,585 2,494,280 Total liabilities and retained earrdngs $ 79,398 $ 3,397,400 $ 3,476,798 $ 2,669,522 See accompanying notes to financial statements. 117 VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1997 (with comparative totals for 1996) Municipal Equipment Totals Repair Insurance 1997 1996 Operating revenues Charges f or services $ 641,127 $ 2,517,789 $ 3,158,916 $ 2,999,763 Insurance recoveries 15,056 15,056 Miscellaneous 52,629 170,734 223,363 256,846 Total operating revenues 708,812 2,688,523 3,397~335 3,256,609 Operating expenses Operations 726,055 2,191,516 2,917,571 2,857,630 Operating income (loss) (17,243) 497,007 479,764 398,979 Nonoperating revenues Interest income 1,190 93,251 94,441 57,194 Net income (loss) before operating transfers (16,053) 590,258 574,205 456,173 Operating transfers (out) Capital Equipment Replacement Fund (6,900) (6,900) (6,400) Net income (loss) (22,953) 590,258 567~305 449,773 Retained earnings January 1 27,996 2,466,284 2,494,280 2,044,507 December31 $ 5,043 $ 3,056,542 $ 3,061,585 $ 2,494,280 See accompanying notes to financial statements. 118 VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Cash Flows Year Ended December 31, 1997 (with comparative totals for 1996) Municipal Equipment Totals Revair Insurance 1997 1996 Cash flows from operating activities Operating income (loss) $ (17,243) $ 497,007 $ 479,764 $ 398,979 Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities Accounts receivable 944 (2,653) (1,709) 209,002 Deposits (530,028) (530,028) (440,879) Due from other funds (8,642) (175,065) (183,707) 19,853 Accounts payable 28,356 188,621 216,977 (1,852) Due to other funds 21,348 21~148 Claims payable 1,646 1,646 13,481 24,763 (20,472) 4,291 198,584 Cash flows from non capital financing activities Operating transfer (out) (6.900) (6,900} (6,400) Cash flows from investing activities Purchase of investments (208,043) (208,043) (701,288) Sale of investments 701,288 701,288 Interest 1,190 98,017 99,207 41,042 1,190 591,262 592,452 (660,246) Net increase (decrease) in cash and cash equivalents 19,053 570,790 589,843 (468,062) Cash and cash equivalents January I 47,316 1,238,787 1,286,103 1,754,165 December 31 $ 66,369 $1,809,577 $1,875,946 $ lr286,103 See accompanying notes to financial statements. 119 VILLAGE OF GLENVIEW, ILLINOIS Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 1997 Budget Actual Operating revenues Charges for services $ 730,995 $ ~41,127 Insurance recoveries 18,000 15,056 Miscellaneous 30,000 52,629 Total operating revenues 778,995 708,812 Operating expenses Operations 790,385 726,055 Operating (loss) (11,390) (17,243) Nonoperating revenues Interest income 3,000 1,190 (Loss) before operating transfers (8,390) (16,053) Operating transfer (out) Capital Equipment Replacement Fund (6,900) (6,900) Net (loss) $ (15,290) (22,953) Retained earnings January 1 27,996 December 31 $ 5,043 See accompanying notes to financial statements. 120 VILLAGE OF GLENVIEW, ILLINOIS Municipal Equipment Repair Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1997 Budget Actual Operations Regular salaries $ 244,403 $ 216,757 Overtime salaries 7,422 9,418 Temporary salaries 7,527 4,830 Longevity pay 3,847 3,845 Contractual professional services 650 1,017 Maintenance of equipment 70,600 74,596 Maintenance of buildings 82,000 12,209 Accident repairs 10,000 24,239 Uniform allowance 5,625 4,551 Fuel 170,575 172,824 Motor vehicle supplies 44,500 51,836 Cleaning and household supplies 4,000 1,557 Maintenance materials - equipment 114,000 121,638 Maintenance materials - buildings 6,500 8,066 Small tools and equipment 4,000 3,821 Equipment repairs 5,136 7,398 FICA payments 1,324 Machinery and equipment 9,600 6,129 Total operations $ 790,385 $ 726,05~5 121 VILLAGE OF GLENVIEW Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1997 Budget Actual Operating revenues Charges for services Fund charges $ 2,498,635 $ Z517~789 Miscellaneous Insurance premium retirees 153,421 142,685 Returned premiums 4,000 Insurance recoveries 20,000 27,549 Other 500 177,421 170,734 Total operating revenues 2,676,056 2,688,523 Operating expenses Operations Contractual professional services 50,000 Health insurance 1,866,074 1,395,490 Dental insurance 68,500 83,690 Excess liability 70,000 67,415 Social worker liability 1,600 General insurance program 396,000 344,617 PTM policy 11,500 15,708 Property/casualty claJans 70,000 68,912 Workers compensation insurance 100,000 185,691 Claims settlement 10,000 29,993 2,643,674 2,191,516 Operating income 32,382 497,007 Nonoperating revenues Interest income 65,000 93,251 Net income $ 97,382 590,258 Retained earnings January 1 2,466,284 December 31 $ 3,056,542 See accompanying notes to financial statements. 122 I I I I I I I I I I I I I I I I I I I I I I I I I I I FIDUCIARY FUND TYPES 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 I Escrow Deposit Fund - The Escrow Deposit Fund is used to account for the funds placed on deposit with the Government by building contractors working within the Government's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. I Deposit Fund - The Deposit Fund is used to account for money on deposit with the Government being held on a temporary basis, such as security deposits for use of the I Government's equipment. Police Department Special Account Fund - The Police Department Special Account Fund is Iused to account for funds received from the Cook County Clerk of the Circuit Courts' office to be used in various types of investigations. I Pension Trust I 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 Depa~hitent. I 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 I Glenview Fire Department. I Agencv Special Service Areas Fund - This fund accounts for various special service area bond issues. I Arbitrage Rebate Fund - This fund accounts for the recording and payment of any arbitrage rebates payable. ! I · I I ! I I i VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combining Statement of Plan Net Assets December 31, 1997 Police Firefighters' Pension Pension ASSETS Cash and cash equivalents $ 254,219 $ 605,777 Receivables Accrued interest 409 27,4,30 Other 1,463 409 28,893 Investments, at fair value U. S. government obligations 20,716,399 31,531,831 Cereificates of deposit 162,017 1,733,205 Insurance contracts 2,420,238 602,674 23,298,654 33,867,710 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS (A schedule of funding progress for each plan is presented following the notes to financial statements) $ 23,553,282 $ 34,502,380 See accompanying notes to finandal statements. 124 VILLAGE OF GLEN-VIEW, ILLINOIS I Expendable Trust Funds 1 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances · Year Ended December 31, 1997 (with comparative totals for 1996) 1 Police I Department Escrow Special Totals Deposit Deposit Account 1997 1996 I Revenues Fines and forfeits $ $ $ 736 $ 736 $ 1,100 Interest 245,864 2,898 322 249,084 160,412 Miscellaneous I Other 912 912 4,303 Total revenues 245,864 3,810 1,058 250,732 165,815 Expenditures I General government 174 174 4,779 Public safety 11,218 11,218 2,125 · Total expenditures 174 11,218 11,392 6,904 Excess (deficiency) of revenues over expenditures 245,864 3,636 (10,160) 239,340 158,911 Other financing (uses) Operating transfers (out) General Fund (24,5,864) (24,5,864) (157,544) Excess (deficiency) of revenues · over expenditures and other financing uses 3,636 (10,160) (6,524) L367 I Fund balances I January 1 22,900 15~393 38,293 36,926 December31 $ $ 26,536 $ 5,233 $ 31,769 $ 38,293 I ! See accompanying notes to financial statements. I 125 I VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combining Statement of Changes in Plan Net Assets Year Ended December 31, 1997 Police Firefighters' Pension Pension Total Additions Contributions - employer Taxes $ 398,347 $ 247,575 S 645,922 Contributions - plan members 326,408 356,660 683,068 Investuxent income Net appreciation in fair value of investments 1,521,233 2,963,143 4,484,276 Interest earned on investments 1~824,655 928,754 Z753~409 Total additions 4,070,543 4,496,132 8,566,675 Deductions Pensions and refunds 671,069 736,485 1,407,554 Miscellaneous Contractual professional services 5,032 2,339 7,371 Total deductions 676,101 738,824 1,414,925 Net increase 3,394,442 3,757,308 7,151,750 Net assets field in trust for pension benefits January I - as previously reported 17,597,082 31,848,864 49,445,946 Restatement 2,561,758 (1,103,792) 1,457,966 Adjusted balances 20,158,840 30,745,072 50,903,912 December 33_ $ 23,553,282 $ 34,502,380 $ 58,055,662 See accompanying notes to financial statements. 126 VILLAGE OF GLEN¥IEW, ILLINOIS Police Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Year Ended December 31, 1997 Budget Actual Additions Contributions - employer Property taxes - current $ 391,787 $ 398,347 Contributions - employees 330,000 326,408 Investment income Net appreciation in fair value of investments 1,521,133 Interest earned on investments 1,305,000 1,824,655 Total additions 2,026,787 4,070,543 Operating expenses Retirement pension 678,954 578,258 Widow pension 60,406 60,406 Disability pension 25,665 Refunds 6,740 Miscellaneous Contractual professional services 10,000 5,032 Total deductions 749,360 676,101 Net increase $ 1,277,427 3,394,442 Net assets held in trust for pension benefits January 1 - as previously reported 17,597,082 Restatement 2,561,758 Adjusted balance 20,158,840 . December 31 $ 23,553,282 See accompanying notes to financial statements. 127 VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Statement of Changes in Plan Net Assets - Budget and Actual Year Ended December 31, 1997 Budget Actual Additions Contributions - employer Taxes Property taxes - current $ 180,384 $ 218,957 Foreign fire insurance tax 30,000 28,618 Contributions - employees 355,000 356,660 Investment income Net appreciation in fair value of investments 2,963,143 Interest earned on investments 2,005,000 928,754 Total additions 2,570,384 4,496,132 Deductions Retirement pension 859,361 484,472 Widow pension 24,410 50,411 Disability pension 193,928 193,553 Refunds - 8,049 Miscellaneous Contractual professional services 8,000 2,339 Total deductions 1,085,699 738,824 Net increase $ 1,484,685 3,757,308 Net assets held in trust for pension benefits January 1 - as previously reported 31,848,864 Restatement (1,103,792) Adjusted balance 30,745,072 December 31 $ 34,502,38{) See accompanying notes to financial statements. 128 VILLAGE OF GLENVIEW, ILLINOIS I Agency Funds I Combining Statement of Changes in Assets and Liabilities Year Ended December 31, 1997 1 Balances Ba]ance~ I lanuary 1 Additions Deductions December 31 All Funds ASSETS I Cash $ 8.191 $ 1,320,357 $ $ 1,328,548 Receivables - property taxes 156.750 5.415 162.165 1 Receivables- accrued interest 5,826 5.826 Due from other funds 1,261.599 816.204 445,395 Total assets $ 1.426.540 $ 1,331.598 $ 816,204 $ 1.941,934 I LIABILITIES Arbitrage payable $ 1.251.800 $ 503,563 $ $ 1,755.363 I Due to bondholdexs 174.740 11,831 186.571 Total liabilities $ 1.426,540 $ 515.394 $ $ 1.941,934 Special Service Areas Fund I ASSETS I Cash $ 8,191 $ 16,215 $ $ 24.406 Receivables - property taxes 156,750 5,415 162.165 Due h'om other bands 9,799 9.799 $ 174,740 $ 21.630 $ 9,799 $ 186,571 I LIABILITIES I Due to bondholders $ 174,740 $ 11.831 $ $ 186,571 Arbitrage Rebate Fund ASSETS I Cash $ $ 1.304,142 $ $ 1.304.142 Receivables - accrued interest 5.826 5.826 i Due trom other tunds 1,251.800 806.405 445,395 $ 1.251,800 .$ 1,309,968 $ 806.405 $ 1,755,363 LIABILITIES I Axbitrage payable $ 1.251.800 $ 503,563 $ $ 1.755,363 I I See accompanying notes to financial statements. I 129 i VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1997 (with comparative totals for 1996) 1997 1996 General fixed assets Land $ 4,585,095 $ 3,405,095 Buildings and improvements 9,548,932 9,483,187 Equipment 8,178,487 7,759,769 Furniture 305,462 296,096 Office equipment 335,800 328,841 $ 22,953,77~6 $ 21,272,98~8 Investment in general fixed assets General revenues $ 19,154,497 $ 17,473,709 Bond issues 3,799,279 3,799,279 $ 22,953,776 $ 21,272,988 130 VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function and Activity Year Ended December 31, 1997 Function and Balances Balances Activity Tanuary 1 Additions Retirements December 31 General government Executive $ 57,716 $ $ $ 57,716 Administrative 2,430,969 1,213,243 11,995 3,632,217 Finance 684,128 14,218 669,910 Building and grounds 320,343 320,343 Totai general government 3,493,156 1,213,243 26,213 4,680,186 Public safety Police 3,682,384 374,386 247,573 3,809,197 Fire 3,050,500 224,269 94,451 3,180,318 Total public safety 6,732,884 598,655 342,024 6,989,515 Public works Administration 2,253,172 2,253,172 Building division 2,336,718 17,493 9,166 2,345,045 Engineering 348,125 38,859 386,984 Street division 5,168,946 442,458 231,288 5,380,116 Equipment and supplies division 915,812 21,229 894,583 Total public works 11,022,773 498,810 261,683 11,259,900 Economic development 24,175 24,175 $ 21,272,98~8 $ 2,310,708 $ 629,920 $ 22,953,776 132 I ! I I I I I I I I I I I 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 Component Unit - Library Fund Combining Balance Sheet December 31, 1997 (with comparative totals for 1996) General Fixed Assets Account Totals General Fund Group 1997 1996 ASSETS Cash $ 1,533,248 $ $ 1,533,248 $ 1,222,331 Investments 567,845 567,845 4~I,762 Receivables Property taxes 3,088,287 3,088,287 3,117,336 Accrued interest 13,651 13,651 9,942 Due from primary government 1,962 1,962 General fixed assets 5,563,775 5,563,775 5,508,216 Total assets $ 5,204,993 $ 5,563,775 $ 10,768,768 $ 10,309,587 LIABILITIES AND FUND EQUITY Liabilities Accounts payable $ 67,366 $ $ 67,366 $ Accrued payroll 26,402 26,402 24,988 Due to primary government 9,050 9,050 Deferred revenues 3,123,534 3,123,534 3,117,336 Total liabilities 3,226,352 3,226,352 3,142,324 Fund equity Investment in general fixed assets 5,563,775 5,563,775 5,508,216 Fund balance Unreserved 1,978r641 1,978,641 1,659,047 1,978,641 5,563,775 7~,42,416 7,167,263 Total liabilities and fund equity $ 5,204,993 $ 5,563,775 $ 10,768,768 $ 10,309,587 See accompanying notes to financial statements. 134 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1997 and Actual Only for 1996 1997 1996 Budget Actual Actual Revenues Taxes Property taxes-current $ 3,088,287 $ 3,127,663 $ 3,132,886 Property taxes - prior 47,534 Replacement taxes 29,000 33,386 24,241 Intergovernmental Per 48,000 48,056 60,836 capita grant Charges for services 64,000 72,947 71,080 Fines and forfeits 62,000 69,131 57,973 Interest 28,000 104,886 53,732 Miscellaneous Donations 25,611 39,293 Other 12,449 717 Total revenues 3,319,287 3,541,663 3,440,758 Expenditures Culture and recreation 2,991,819 2,834,788 2,562,070 Excess of revenues over expenditures 327,468 706,875 878,688 Other financing (uses) Operating transfers (out) - primary government Corporate Purpose Bond Series of 1991 Fund (156,583) (156,583) (156,584) General Fund (12,100) (12,100) (12,100) IMRF Fund (108,598) (108,598) (262,758) Capital Projects Fund (110,000) (110,000) (112,000) (387,281) (387,281) (543,442) Excess (deficiency) of revenues over expenditures and other financing uses $ (59.813~ 319,594 335,246 Fund balance January 1 1,659,047 1,323,801 December31 $ 1.978.641 $ 1.659.047 See accompanying notes to financial statements. 135 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1997 Budget Actual Culture and recreation Regular salaries $ 980,466 $ 957,728 Overtime salaries 2,000 3,696 Temporary salaries 728,645 637,974 Legal fees 1,500 563 Public information 12,640 11,722 Printing 5,800 5,545 Printing, binding, and publication 8,000 6,442 Power and lights 700 568 Heating 5,000 4 Postage 15,250 16,205 Telephone and telegraph 15,000 18,201 Dues and subscriptions 3,295 3,386 Maintenance of equipment 13,150 15,619 Maintenance of copiers 10,674 7,059 Maintenance of EDP equipment 31,900 39,695 On-line searching 9,700 2,671 Maintenance of buildings 54,677 55,984 Travel expense 13,304 11,572 Training 18,205 16, 691 Trustee expense 2,500 2,200 Personnel recruitment 2,850 1,013 Director expenses 1,000 978 Library programs 19,900 32,085 Office supplies 18,350 14,044 Processing supplies 19,700 10,922 Circulation supplies 6,611 3,920 Audio visual supplies 6,500 6,901 Books, pamphlets, and materials 479,705 469,893 Periodicals 52,849 35,028 Audiovisual 42,550 44,383 Micro-form 30,435 26,463 Video tapes 24,650 26,245 Cataloging 29,000 29,500 Cleaning supplies 102 42 Contingencies 1,000 (60) Other operating expenses 950 1,150 Machinery and equipment 40,289 38,067 F.I.C.A. payments 124,503 122,220 Insurance 158,469 158,469 Total expenditures $ 2,991,81~9 $ 2,834,788 136 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1997 (with comparative totals for 1996) 1997 1996 General fixed assets Land $ 500,000 $ 500,000 Buildings and improvements 4,116,088 4,116,088 Equipment 670,299 614,740 Furniture 277,388 277t388 $ 5,563,775 $ 5,508,216 Investment in general fixed assets General revenues $ 2,463,775 $ 2,408,216 Bond issues 3,100,000 3,100,000 $ 5,563,77~=~_~5 $ 5,508,216 137 I I I i I I I I ! I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Schedule of Insurance in Force December 31, 1997 Specific Aggregate Expiration Self-Insured Excess Excess Insurance Date of Type of Coverage Retention Limit Limit Carrier Policy Property, Mobile Equipment, Auto Physical Damage $ 50,000 $ 950,020 $ 950,020 United National 12/31/97 Excess Property 1,000,000 N/A 50,469,703 Traveler's Insurance 12/31/97 General Liability, Employee Benefits, Law Enforcement Liability, Public Officials 100,000' 900,000 N/A United National 12/31/97 Auto Liability 100,000' 900,000 N/A United National 12/31/97 Employee Dishonesty, Crime 250,000 N/A Kemper Insurance 12/31/97 General Liability, Auto Liability, Law Enforcement Liability, Ambulance Attendants' Liability, Public Officials' Liability 1,000,000 10,000,000 10,000,000 High-Level Excess Liability Pool 4/30/08 Boiler and Machinery 5,000 50,000,000 50,000,000 Kemper Insurance 12/31/97 Position Surety Bonds Paul T. McCarthy, Treasurer 1,000,000 1,000,000 Kemper Insurance 12/31/97 Workers' Compensation 250,000* 50,000 50,000 United National 12/31/97 Excess Workers' 300,000 Statutory Statutory Safety National 12/31/97 Compensation Social Service Agency American Home Professional Liability N/A 1,000,000 1,000,000 Assurance Co. 05/01/96 * All retentions subject to a maximum $575,000 loss fund. N/A - Not applicable. 139 I VILLAGE OF GLENVIEW, ILLINOIS I Long-Term Debt Requirements Corporate Purpose Bond Series of 1991 I December 31, 1997 I Date of Issue December 1, 1991 Date of Maturity December 1, 1999 I Authorized Issue $4,165,000 Denomination of Bonds $5,000 Interest Rates 1991-1992 4.40% I 1992-1993 4.50% 1993-1994 4.70% 1994-1995 4.70% I 1995-1996 4.90% 1996-1997 5.00% 1997-1998 5.00% I 1998-1999 5.10% Interest Dates June 1 and December 1 Principal Maturity Date December 1 I Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND IN 1 EldEST REQUIREMENTS I Tax I Fiscal Levy Bond Tax Lew Interest Due on. Year Year Numbers Principal Interest Totals .June 1 Amount Dec. 1 Amount 1998 1997 667-756 $ 450,000 $ 42,135 $ 492,135 1998 $ 21,067 1998 $ 21,068 I 1999 1998 757-833 385,000 19~635 404,635 1999 9,817 1999 9,818 $ 835.000 $ 61.770 $ 896.770 $ 30.884 $ 30.886 I I I Note: The above bond issue is to be retired annually by the Waterworks Fund (79%) and the Library Fund (21%). The bonds payable are: $659,650 by Waterworks Fund and $175,350 by the Corporate Purpose Bond Series of 1991 Fund. ! I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1992 December 31, 1997 Date of Issue April 1, 1992 Date of Maturity December 1, 2012 Authorized Issue $2,895,000 Denomination of Bonds $5,000 Interest Rates 1994 4.30% 2002 6.10% 1995 4.75% 2003 6.20% 1996 5.10% 2004 6.30% 1997 5.25% 2005 6.40% 1998 5.50% 2006 6.50% 1999 5.75% 2007-2008 6.55% 2000 5.90% 2009-2012 6.60% 2001 6.00% Interest Dates lune 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND IN'i EREST REQUIREMENTS Tax Fiscal Levy Bond -Tax Levy .... Interest Due on. Year Year Numbers Principal .Interest Totals June 1 Amount Dec. 1 Amount 1998 1997 078,098 $ 105,000 $ 159,624 $ 264,624 1998 $ 79,812 1998 $ 79,812 1999 1998 099-120 110,000 153,848 263,848 1999 76,924 1999 76,924 2000 1999 121-144 120,000 147,524 267,524 2000 73,762 2000 73,762 2001 2000 145-169 125,000 140,444 265,444 2001 70,222 2001 70,222 2002 2001 170-195 130,000 132,944 262,944 2002 66,472 2002 66,472 2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507 2004 2003 225-254 150,000 116,024 266,024 2004 58,012 2004 58,012 2005 2004 255-286 160,000 106,574 266,574 2005 53,287 2005 53,287 2006 2005 287-320 170,000 96,334 266,334 2006 48,167 2006 48,167 2007 2006 321-366 180,000 85,284 265,284 2007 42,642 2007 42,642 2008 2007 367-395 195,000 73,490 268,490 2008 36,745 2008 36,745 2009 2008 396-437 210,000 60,720 270,720 2009 30,360 2009 30,360 2010 2009 438481 220,000 46,860 266,860 2010 23,430 2010 23,430 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170 2011 2010 2012 2011 529-579 255~000 16,830 271,830 2012 8,415 2012 8~415 $ 2.510.000 $ 1.493.854 $ 4.003.854 ~ $ 746.927 Note: The above bond issue is to be retired annually by Wholesale Water Fund. 141 VILLAGE OF ILLINOIS GLENVIEW, Long-Term Debt Requirements Corporate Purpose Bond Series of 1993 December 31, 1997 Date of Issue May 1, 1993 Date of Maturity December 1, 2005 Author/zed Issue $7,635,000 Denomination of Bonds $5,000 Interest Rates 1994 4.60% 2000 4.60% 1995 4.60% 2001 4.60% 1996 4.60% 2002 4.60% 1997 4.60% 2003 4.60% 1998 4.60% 2004 4.60% 1999 4.60% 2005 4.70% Interest Dates lune 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CU~ AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond -Tax Lew .......... .Interest Due on- Year Year Numbers Principal Interest Totals [une 1 Amount Dec. 1 Amount 1998 1997 143-256 $ 570,000 $ 319,896 $ 889,896 1998 $ 159,948 1998 $ 159,948 1999 1998 257-374 590,000 293,676 883,676 1999 146,838 1999 146,838 2000 1999 375496 610,000 266,536 876,536 2000 133,268 2000 133,268 2001 2000 497-636 700,000 238,476 938,476 2001 119,238 2001 119,238 2002 2001 637-794 790,000 206,276 996,276 2002 103,138 2002 103,138 2003 2002 795-1019 1,125,000 169,936 1,294,936 2003 84,968 2003 84,968 2004 2003 1020-1298 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 $ 6.925,000 $ 1.676.198 $ 8.601.198 $ 838.099 $ 838.099 142 · VILLAGE OF GLENVIEW, ILLINOIS 1 Long-Term Debt Requirements Corporate Purpose Bond Series of 1994 December 31, 1997 Date of Issue September 15, 1994 I Date of Maturity December 1, 2004 Authorized Issue $8,040,000 · Denomination of Bonds $5,000 Interest Rates 1994 4.00% 2000 4.85% 1995-1997 4.40% 2001 4.90% · 1998 4.60% 2002 5.00% 1999 4.75% 2003-2004 5.10% Interest Dates June 1 and December 1 · Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I Tax I Fiscal Levy Bond -Tax Levy Interest Due on Year Year Numbers Principal Interest Totals Tune 1 Amount Dec. 1 Amount 1998 1997 0175-0406 $ 1,160,000 $ 348,450 $ 1,508,450 1998 $ 174,225 1998 $ 174,225 I 1999 1998 0407-0649 1,215,000 295,090 1,510,090 1999 147,545 1999 147,545 2000 1999 0650-0904 1,275,000 237,378 1,512,378 2000 118,689 2000 118,689 2001 2000 0905-1135 1,155,000 175,540 1,330,540 2001 87,770 2001 87,770 [] 2002 2001 1136-1367 1,160,000 118,945 1,278,945 2002 59,472 2002 59,473 2003 2002 1368-1485 590,000 60,945 650,945 2003 30,472 2003 30,473 2004 2003 1486-1608 605,000 30,855 635~855 2004 15~427 2004 15,428 $ 7.160.000 $ 1.267.203 $ 8.427,203 .$ 633.600 $ 633.603 I 1 143 I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1995 December 31, 1997 Date of Issue October 17, 1995 Date of Maturity December 1, 2000 Authorized Issue $500,000 Denomination of Bonds $5,000 Interest Rates 1996 3.55% 1999 4.10% 1997 3.80% 2000 4.20% 1998 4.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond ............ Tax Levy ................. Interest Due on Year Year Numbers Principal Interest Totals ]'une 1 Amount Dec. 1 Amount 1998 1997 41-60 $ 100,000 $ 12,300 $ 112,300 1998 $ 6,150 1998 $ 6,150 1999 1998 61-80 100,000 8,300 108,300 1999 4,150 1999 4,150 2000 1999 81-100 100r000 4~200 104r200 2000 2~100 2000 2t100 $ 300.000 $ 24,800 $ 324.800 $ 12.400 $ 12,400 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements 1 General Obligat/on Bond Anticipation Bond Series of 1995 December 31, 1997 I Date of Issue January 27, 1995 I Date of Maturity December 1, 1999 Authorized Issue $60,000,000 Denomination of Bonds $5,000 Interest Rates 1996 6.25% 1998 5.50% 1997 5.40% 1999 5.55% I Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Cl'dcago I ! CURRIEX!T AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Tax Lew .Interest Due on Year Year Numbers Principal Interest Totals [unel Amount Dec. 1 ~o~t I 1998 1997 4,501-8,000 $ 17,500,000 $ 2,072,500 $ 19,572,500 1998 $ 1,036,250 1998 $ 1,036,250 1999 1998 8,001-12,000 20~000,000 1~110,000 21,110,000 1999 555~000 1999 555,000 $ 37'500.000 $ 3.182.500 $ 40.682.500 $ 1.591.250 ~ I 1 I 145 I I VILLAGE OF GLENVIEW, ILLINOIS i Long-Term Debt Requirements Corporate Purpose Bond Series of 1996 i December 31, 1997 I Date of Issue November 1, 1996 Date of Maturity December 1, 2008 i Authorized Issue $8,435,000 Denomination of Bonds $5,000 Interest Rates Bonds Rate i 001-135 4.60% 136-276 4.625% 277-1278 4.70% i 1279-1477 4.80% 1478-1687 4.875% Interest Dates June 1 and December 1 i Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago I iCURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond Tax Levy .Interest Due on i Year Numbers Principal Interest Totals [une 1 Amount Dec, I Amount 1998 S $ 398,074* $ 398,074 1998 $ 199,037 1998 $ 199,037 1999 001-135 675,000 398,074 1,073,074 1999 199,037 1999 199,037 i 2000 136-276 705,000 367,024 1,072,024 2000 183,512 2000 183,512 2001 277423 735,000 334,418 1,069,418 2001 167,209 2001 167,209 2002 424-578 775,000 299,872 1,074,872 2002 149,936 2002 149,936 2003 579-740 810,000 263,448 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 m 2005 911.1089 895,000 185,428 1,080,428 2005 92,714 2005 92,714 2006 1090_1278 945,000 14~,362 1,088,362 2006 71,681 2006 71,681 2007 1279.1477 995,000 98,948 1,093,948 2007 49,474 2007 49,474 2008 1478_1687 1,050,000 51,188 1,101,188 2008 25,594 2008 25,594 I $ 8.435.000 $ 2,765,214 $ 11.200.214 $ 1.382.607 $ 1.382.607 ! * Interest payments to come from bond proceeds. I I ! 146 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1997 December 31, 1997 of Issue August 15, 1997 of Maturity December 1, 2017 Authorized Issue $6,175,000 Denomination of Bonds $5,000 Interest Rates Bonds Rate 001-717 4.875% 718-792 4.900% 792-1235 5.000% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond Requirements Interest Due on Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1998 0014~20 $ 100,000 $ 393,374 $ 493,374 1998 $ 241,427 1998 $ 151,947 1999 021-060 200,000 299,018 499,018 1999 149,509 1999 149,509 2000 061-102 210,000 289,268 499,268 2000 144,634 2000 144,634 2001 103-145 215,000 279,032 494,032 2001 139,516 2001 139,516 2002 146-190 225,000 268,550 493,550 2002 134,275 2002 134,275 2003 191-238 240,000 257,582 497,582 2003 128,791 2003 128,791 2004 239-288 250,000 245,882 495,882 2004 122,941 2004 122,941 2005 289-340 260,000 233,694 493,694 2005 116,847 2005 116,847 2006 341-395 275,000 221,018 496,018 2006 110,509 2006 110,509 2007 396-453 290,0~0 207,612 497,612 2007 103,806 2007 103,806 2008 454-514 305,000 193,476 498,476 2008 96,738 2008 96,738 2009 515-578 320,000 178,606 498,606 2009 89,303 2009 89,303 2010 579~16 340,000 163,006 503,006 2010 81,503 2010 81,503 2011 647-717 355,000 146,432 501,432 2011 73,216 2011 73,216 2012 718-792 375,000 129,126 504,126 2012 64,5,63 2012 64,563 2013 793-871 395,000 110,750 505,750 2013 55,375 2013 55,375 2014 872-955 420,000 91,000 511,000 2014 45,500 2014 45,500 2015 956-1043 440,000 70,000 510,000 2015 35,000 2015 35,000 2016 1044-1136 465,000 48,000 513,000 2016 24,000 2016 24,000 2017 1137-1235 495~000 24,750 519,750 2017 12,375 2017 12,375 $ 6.175.000 ~ $ 10.025.176 $ 1,969.828 $ 1.880,348 Debt service is payable from the North Maine Water and Sewer Fund. 147 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Notes of 1997 December 31, 1997 of Issue September 2, 1997 of Maturity September 1, 2019 Authorized Issue $2,850,000 Denomination of Bonds $1,425,000 'Interest Rate 4.942% Interest Date September 1 Principal Maturity Date September 1 Payable at North Suburban Public Ut/lity Overland Park, Kansas CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal ............ Requirements ......... Year Principal Interest Totals 1998 $ 74,523 $ 140,854 $ 215,377 1999 78,206 137,171 215,377 2000 82,072 133,305 215,377 2001 86,128 129,249 215,377 2002 90,384 124,993 215,377 2003 94,852 120,525 215,377 2004 99,539 115,838 215,377 2005 104,459 110,918 215,377 2006 109,621 105,756 215,377 2007 115,039 100,338 215,377 2008 120,725 94,652 215,377 2009 126,691 88,686 215,377 2010 132,952 82,425 215,377 2011 139,523 75,854 215,377 2012 146,419 68,958 215 377 2013 153,655 61,722 215 377 2014 161,249 54,128 215 377 2015 169,219 46,158 215 377 2016 177,582 37,795 215 377 2017 186,359 29,018 215 377 2018 195,569 19,808 215 377 2019 205,234 10,143 215,377 $ 2.850.000 $ 1,888,294 $ 4.738,294 Debt service is payable from the North Maine Water and Sewer Fund. 148 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS Combined Schedule of Cash and Investments December 31, 1997 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS Property Tax Assessed Valuations, Rates, Extensions, and Collections Last Ten Fiscal Years December 31, 1997 - (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS Property Tax Rates - Direct and Overlapping Goverm-nents Last Ten Fiscal Years December 31, 1997 (See Followir~g Page) '~ ~'['E'E'E'E'E'E'E'E'E'E'E'['~'E'E'E'E'E × o VILLAGE OF GLENVIEW, ILLINOIS Schedule of Legal Debt Margin December 31, 1997 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: . .. indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum. .. shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. 155 VILLAGE OF GLENVIEW, ILLINOIS Demographic Statistics Last Ten Fiscal Years 1 December 31, 1997 I Education Level in Per (1) Years of (2) (3) Fiscal (1) Capita Median Formal School Unemployment I Year Population Income Age Schooling Enrollment Percentage 1988 36,400 $ 21,429' 34.5 16.4 2,963 4.1% 1 1989 36,400 22,350* 34.7 16.5 3,024 3.5 1990 38,437 22,791' 34.9 16.4 3,121 3.5 1991 38,437 24,838* 35.5 16.6 3,015 4.2 1992 38,437 30,531 37.5 16.4 5,887 4.8 1993 38,437 31,752' 37.5 16.5 5,937 4.6 1994 38,437 33,022* 37.5 16.5 6,023 3.6 I 1995 38,437 34,343* 37.5 16.5 8,461 2.9 1996 38,437 35,716' 37.5 16.5 8,590 3.1 1 1997 38,437 37,145' 37.5 16.5 8,676 2.5 I * Estimate I Data Sources (1) U.S. Department of Commerce, Bureau of the Census. I (2) Includes elementary and high school students. (3) Illinois Depadment o£ Labor, lllinois Department of Employment Security. 158 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1997 Date of Incorporation June 20, 1899 Form of Government Council-Manager Geographic Location 20 Miles North of Chicago Area 13 Square Miles Population 1950(~) 6,142 1960(~} 18,132 1970<~) 24,880 1980<~) 32,060 1990~) 38,437 1991 38,437 1992 38,437 1993 38,437 1994 38,437 1995 38,437 1996 38,437 1997 38,437 Number of Total Housing Units (1993 Census) 11,399 Median Value Owner-Occupied Noncondominium Housing Units $ 252,640 Distribution of Owner-Occupied Noncondominium Houses by Value Unit Value by Range (1) NumberUnit DistributiOnpercent Under $100,000 378 4% 100,000 - 199,999 3,359 35 200,000 - 299,999 2,805 29 300,000 or More 3,000 31 9.542 99% (~The above information from the Bureau of the Census, other years estimated. (Continued) 160 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1997 Fire Protection Number of firefighters 84 Number of stations 3 Number of fire hydrants 2,300 I.S.O. rating Class 3 Police Protection Number of police officers 69 Number of school crossing guards 18 Number of stations 1 Library Services Number of libraries 1 Number of books 244,984 Number of records 3,153 Number of audio cassettes 7,915 Number of slides (sets) 353 Number of video tapes 6,542 Number of compact discs 8,290 Number of registered borrowers 32,439 1997 book circulation 764,413 Recreation Facilities Number of parks and playgrounds 34 Park area in acres - Park District owned 168.25 Park area in acres - Park District leased 125.00 Municipal Parking Facilities Number of parking spaces 666 Waterworks operations Number of customers served fiscal sewer during year 9,518 Number of metered water customers at December 31, 1997 13,675 Number of unmetered water customers at December 31, 1997 purchased during year 3,129,780,000 Gallons of water fiscal Gallons of water billed during fiscal year 2,676,919,000 Water Storage Capacity Storage 8,500,000 gallons Ground Elevated Storage 1,000,000 gallons (Continued) 161 VILLAGE OF GLENVIEW, ILLINOIS I Miscellaneous Statistics December 31, 1997 ! Number of full t/me employees (on December 31, 1997) 292 Miles of streets maintained by Glenview I identified by functional classification: Arterial 7 I Collector 5 Residential 106 I Cul-de-sacs 12 Total 130 I Miles of streets maintained by Glenview identified by surface type: I Asphalt 92 Concrete 38 I Total 130 Miles of alleys maintained by Glenview 2.2 I Miles of streets within the Village of I Glenview maintained by Cook County 22 or the State of Illinois Miles of sanitary sewers 80.6 I Miles of storm sewers 74 Number of Village owned street lights 465 I Building activity Number of permits issued in 1997 1,670 I Value of construction authorized in 1997 $ 82,901,841 I I I I 162 I VILLAGE OF GLENVIEW, ILLINOIS Major Corporate Fund Revenue Sources Non - Real Estate Tax December 31, 1997 % of % of % of Fiscal Sales Total Utility Total Income Total Year Tax Revenue Tax Revenue Tax Revenue 1988 $ 3,132,518 30.3% $ 2,202,445 21.3% $ 952,708 9.2% 1989 3,425,477 28.8 2,414,772 20.3 1,406,056 11.8 1990 3,287,825 25.6 2,419,761 18.9 1,345,428 10.4 1991 3,358,151 28.5 2,687,159 22.8 1,605,474 13.6 1992 3,608,071 26.7 2,744,525 20.3 1,651,925 12.2 1993 4,188,116 29.4 2,876,149 20.2 1,966,124 13.8 1994 4,438,932 24.4 2,512,867 13.8 2,157,707 11.9 1995 4,843,071 25.3 2,935,696 15.3 2,266,279 11.8 1996 4,661,985 23.6 3,099,365 15.7 2,656,744 13.4 1997 4,794,830 21.1 3,184,812 14.0 2,483,946 10.9 Note: Includes General Fund only. VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS Amount As Per Cent of Per Capita Applicable as of Assessed Estimated (1997 Est. Dec, 31. 1997 Val~j~ Tr~e Value PoD. 38.120~ Assessed Valuation of Taxable Real Property, 1996 ............ $1,0E0,308~723 100.00% 3[33% E27,E52_69 Estimatad True Value of Taxable Real Property, 1996 ........... 3,150,92~ 169 30~00% 10~00% 82,658.08 Direct General Obliga~on Bonded Debt(/): Payable from Property Taxes .......................... $ 11,794,500 1.12% .37./o $ 309.40 Self-Suppoddng Debt(2) .............................. 20.545.500 1.96% .65% 538.97 Total Direct Bonded Debt .......................... $ 32,340,000 3.08% 1.02% $ 848.37 Overlapping Bonded Debt Payabla from Property Taxes(3): Schcols ......................................... $ 16,511,457 1.57./, .52% $ 433.14 Other Than Schools ................................. 41.578.607 3.96% 1.32% 1.090.73 Tota~ Overlapping Bonded Debt ...................... $ ,~8.090.064 5.53% 1.84% $ 1.523.87 Total Direct and Overlapping Bonded Debt .................... $ 90.4.30.064 8.61% 2.86% $ 2.372.24 TotaI Direct and Overlapping Excluding Serf-Supporting ....... $ 69,~84,564 E~65% 2.21% $1,833.27 Notes: t. The Vti~age is a h~me tu~e unit under the197~ ~in~is consti~n and as such has n~ debt tirnit n~r is required t~ seek referendum approvai f~r ~he isseance of ganeral obligation debt S~e "Retirement Schedule of Outstanding Village General Obligation Debt" below for a listing of ~e Vil~ge's non<jenerel obligation debt and currently outstanding general obligation dab~ 2 The Vil~3ge has chosen in ~?e past to fund certain projects with generalobligation bonds az~d abate the taxes ~ereon from other revenues. For additional detail on the Vitiage's self-suppor~ng general obligation deb~ see table betow. 3 See "Detailed Overlapping Bonded Indebtedness Payable From ProperIy Taxes at December 31, 1997" below. RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1) (As of December 31, 1997) Prin¢ipel Amount~ Debt Service Self Suooortino With Proiected Abatement From TaX Levies Paid From Water and Sewer Funds(2) Land Sales Total From Due Property Series Series Series Series Series at Base Cumul. Levy Property 12-1 Taxes(3~ 1991 1992(4} 1994/51 1995 1997(6} Se~es 1996 Arll~unt Percent Year Taxes 1~98... S1,410,400 $355,500 $ 105,000 $ 414,100 $100,000 $ 100,000 $ -0- $ 2,485,000 7.7*/0 1998 $1,940,996 1~99... 1,4.53,400 304,100 110,000 432,500 100,000 200,000 6751000 3~75,000 17.8% 1999 1,852,474 2000... 1,432,400 - 0 - 120,000 452,600 100,000 210,000 705,000 3,020,000 27.1% 2000 1,748,509 2001... 1,403,400 125,000 451,600 - 0 - 215,000 735,000 2,930,000 36.2% 2001 1,771,445 2002... 1,493,000 130,000 457,000 225,000 775,000 3,060,000 4,5.7*/° 20~ 1,805,277 2003... 1,587,600 145,000 127,400 240,000 810,000 2,910,000 54.7% 2003 1,811,696 2004... 1,669,300 150,000 130,700 250,000 850,000 3,050,000 64.2% 2004 1,408,216 2005... 1,345,000 160,000 - 0 - 260,000 895,000 2,660,000 72.4% 2006... - 0 - 170,000 275,000 945,000 l~qg0,(X~0 76.7*/° 2007... 180,000 290,000 995,000 1,465,000 81.2% 2008... 195,000 305,000 1,050,0~0 1,550,000 86.0% 2009... 210,000 320,000 - 0 - 530,000 87.6% 2010... 2201000 340,000 560,000 89.4% 2011... 235,000 355,000 590,000 91.2% 2012... 255,000 375,000 630,000 93.2% 2013... - 0 - 395,000 395,000 94.4% 2014... 420,000 420,000 95.7% 2015... 440,000 440,000 97.0% 2016... 465,000 465,000 98.5% 2017... 495.000 495.000 100.0% $11,794,500 $659,600 $2,510,000 $2,465,900 $300,000 $6,175,000 $8,435,000 $32,340,000 Notes: 1. Excludes the Village's $37,500,000 GonereJ Obligattan Bond An~dpation Bonds, Series 1995 due $17,500,000 on December 1, 1998 aqd $20,000,030 on December 1, 1999. Proceeds of ~e Bond Anticipation Bonds ware used to capitalize interest to ~e respective mafudty dates and provide funds to complets the infresCuelure improvements to enable the redevelopment of the now dosed Glenview Navel Air StaEon. Among o~ler sources, proce~ls fr~m the saie ~f ~and at the G~enview Nava~ Afr Sta~n witi be used to pay the B~nd An~cipation Bonds at their ~na~ maturi~y~ if long-term bonds are used to pay a mafuri!y of ~3e Bond Anticipation Bonds, the new issue will apl~ar in this table. Excludes annual payments of $215,377 to sellers of ~e utility cornpanythatwasacquiredinSeptamber, 199Z The$1,192,538prinelpelamountofspecielservicearea bends, ti~e proceeds of which have besn used for varto~s neighborhood local improvements and which are secured by properly taxes to be levied in ~e applicable special service areas, is shown as ovedappfng debt in the table "Detailed Ovedappthg Bonded Indebtedness Payable From F~pedy Taxes~. P As a home rule unit under the 1970 IIItoo~ Constitution, the Village has no debt limit ~Td it can issue genera/obligation bonds ~4E~:~ut referendum. The Village has chosen to fund various water/sewer improvements with genera/obligai~on bonds and abate taxes from user charges. The Villaga has annually' abated taxes on its seff-suppor~qg bonds ~ paid ~e debt se~i?e from water ~ sewer charges. The Village's water system serves a popula~on of approx~mataly 100, 000 of which appro)3mately 64,000 are outside the ~llaga limits (57, 000 in untocerpotated areas aJ3d 7,000 in the Ci~zens Utilities service area). 3 Includes remaining ma~uri~s for the Village's outstanding Sedss 1991, Series 1993 and Series 1994 issues. 4[ These Bonds are payable primarily from revenues of the se/vice area ora private water company outside the Village limits. 165 The Village sold $8, 040, OOO General Obligafion Refunding Bonds, Serias 1994 on August 30, I994. Apogee of the issue is payable from propedy taxes and the remainder is self-suppor~hg from water/sewer revenues. 77~e Series 1997 Bonds will be paid from water and sewer revenues of a ser~fce area outside the Village limits ~th a populat~n of approximately 40,000. DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) Ratio to E~fimated Actual Value//) Per Capita/I) Direct Debt Direct & Overlaeoino Debt Direct & Overlaooino Debt Including Excluding Including Excluding Including Excluding Villaoe Issue Self- Self- Se[f- Self- Self- Self- Sale Date Amount Suooortin= Suooortino(2) Suooortino Su=oortino(2) Su=Dortim3 SuDoortinot'2} June20, 1989 ........... $ 8,000,000 1.34% .68% 2.87% 2.21% $1,043.87 $ 801.69 May 1, 1990 ............ 4,500,000 1.53Oto .83% 3.23% 2.53°1o 1,229.81 964.91 November 19, 1991 ...... 4,165,000 .91% .50% 2.64% 2.23O/o 1,532.87. 1,2952.4 Apdl 7, 1992 ............ 2,895,000 1.03O/o .50% 2.78% 225% 1,614.07 1,304.18 May 18, 1993 ............ 7,635,000 1.23'/o .77*/° 3.31% 2.85% 1,962.19 1,690.55 August 30, 1994 .......... 8,025,000(3) .94% .60% 3.00% 2.66% 2~29.73 1,978.80 ,.~nuan/25, 1995 ......... 60,000,000(4) .87% -57% 2.98% 2.68% 2,219.67 1,995.53 October 17, 1995 ......... 500,000 .89% .57*/° 3.17% 2,85% 2,360.61 2,123.34 October 15, 1996 ......... 8,435,000(5) 1.01% .45% 3.16./o 2.62% 2,590.75 2,134.53 August 5, 1997 ........... 6,175,000 1.13% .42% 3.15% 2.44% 2,544.13 1,969.57 Notes: I. Ra#osandparcapiteinfcrmatlonassetoutinapplicableOfficialStatemants. TheVillage'sBondAnticipat~bnBondswhichsoldan January 25, 1995 are net included in these ra~los (see Note 4). 2. Excluding the Village's self-suppo~7~g general obligetten bonded deb~ 3, Rnalissue amount was $8,040,000. 4 General Obligation Bond An~icipa~on Bonds, Series 1995 ('BABS") the proceeds of which were used ~o f~d interest ~ te ~ respective maturily dates of the BABS and to create a capital improvement fund for redeve!?l?m~nt costs of the Glan~ew Na~al Air Sta~on which officially dosed on September 9, 1995. The principal amount of the B~d An~c~pa~ten Bonds was net Incl_ud~d In the debt rab~s and per capita data -- if and when these meturittes are refinanced w~th long-term bonds (such as the Sanas 1998 Bonds), they will appear in the debt ratios and per capita debt. 5~ Proceeds used to refund the December 1, 1996 malurity of ~e BABS. The remaining BAB maturities are: December f, 1998 - $17,500,000 and December 1, 1999 - $20,000,000. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 1997 Percent of Village's Applicable Village's Share (Note I) 1996 Real of Gross Debt To Be Paid Property in Gross From Real Prooertv Taxes SCHOOL DISTRICTS: Taxino Body Bonded Debt Percent Amount Elementary Districts: Glenview School District No. 34 .................. 70.9% $ 7,735,000 85.778% $ 6,634,928 Northbrook School Distdct No. 30 ................ 10.1% 8,015,000 34.367% 2,754,515 West Northfiaid School District NO. 31 ............. 8.6% 8,750,000 21.700% 1,896,750 Wilmette School Distdct No. 39 .................. 3-2% 8~90,000 4.780% 396,262 East Maine School District No. 63 ................ 2.7°1o 22,725,000 4.108% 933,543 Goff School Disaict No. 67 ..................... 2.7% 1,325,000 15226% 201,745 Avoca School District No. 37 .................... 1.8% 5,240,000 7.159% 375,132 100.0% High Scbeo] Districts: ]'~orthfleld Township High School District No. 225 ...... 89.3O/o $ 7,675,000 34.333O/0 2,635,518 New Trier Township High School District No. 203. 5.0% 20,290,000 2.357% 478,235 Niles Township High School District No, 219 ......... 3.3% 12,475,000 1.381% 172,280 Maine Township H~gh School District No. 207 ... 2.7*/0 2,995,000 1.020% 30,549 100.0% Community College District: Oaktco CommunityCo~lege NO. 53E* ............... 100.0°/* - 0 - 9.178% - ~ - Total School Distdcts .......................................................... $16,511,457 OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve District ......... 100.3O/o $1,628,620,000(2) 1.442% $23,484,700 Metropolitan Water Reclamation District .............. 100.0% 1,056,505,000(2) 1.475% 15,583,449 Glenview Park District .......................... 99.0% 1,190,000(3) 81.959% 975,312 Northbrook Park District ......................... 5% 1,849,725(3) .404% 7,473 Northfield Woods Sanitary District .................. 8.5% 860,000 29.156'/o 250,741 North Maine Fire Protection Distdct.. .5% 3,920,000 2A08% 94,394 Glenview Special Service Areas ................... Vadous 1,182,538 100.000% 1,18~.538 Total Other Than School Districts .................................................. $41~,78,607 Notes: 1. Village's share based upon 1996 Real Prope~ v~ua~ons. - - · ' 2. Excludes General Obligate Notes issued m I~eu of tax antic{paten wan'ante an~ not..as. ~s~ued te provide interim cons~'ucbbn finanCtng. Also excludes IEPA loans to the Metropolitan Water Reclama~on Distnct. 3 Excludes the following "Alternate Bonds' issued pursuant ~o Public Act 85-1419, which are considered Io be self- suppori~hg since they are payable ? user fees or other pledged non-prapetty tax sources: Glanview park District - $17,190,000 and Ncrlhbrook Park District - $9,050,000. 166 EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1) Levy i ~= for Taxing Increase Over equalized valua~on. On May 19, 1986, the Counfy Boazd appmvad the reduction of the assessed valuation (that m~uet~al properties was 40~/0 and dropped 1% peryear untilit reached 36% in 19~g ~ fl~e 1985 assessment 1996), ~e Senior Citizens Tax Freeze Homestead Exemp#ee ($2.,542,814 in 1996), and ~3e General years 1991 ~3~ foliowigg, is a reduc~bn of $2.500 ($1,500 in levy years 1972-1983 and $2,0~0 in levy years 1984-1990) in ~he equeJ~,ed assessed vatuation o[ re~l prup?ty owned and occupied by a person 65 years of age or older. The General Homestead Exemption is available to owner-occupied residential property; ff3e year equalized assessed valuation, with a maximum of $1,500 in 1978, $3,0~0 between 1979 ~ 1982, $3,500 ~e value of subsequent improvements or (ii) the equalized assessed value in ~be year the senior citizen Township, and 4.8% is in New Trier Township. Includes $155,106 of Railroad Property now classified as Reel ProperO/. TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Glenview: 1992 1993 1994 1995 1996 Bonds and Interest ....................... $ .113 $ .171 $ .137 $ .119 $.125 Pensions (Police, Fire, IMRF & Social Security) ... .(~64 .120 .179 .191 .139 Corporate ............................... 400 .400 ,393 .353 .422 Total Viltage(l) ....................... .577 $ .691 $ .709 $ ~63 $ .687 Cook County (Incl. Forest Preserve) ................ 1239 1.043 1.066 1.066 1.063 Metropolitan Water Reclamation District ....... 470 .471 .495 .495 .492 Glenview S.D. Number 34 ....................... 2.703 2.89~ 3.179 2959 3.071 Northfield Township H.S.D. Number 225 .............. 1.718 1.826 2023 1.899 1.9G3 Oaklon Community College Dist. Number 535 .......... 239 .248 255 ~33 .208 Glenview Park District ........................... 443 .459 .48~ .478 .476 IJbrary(2) .................................. 282 .300 ..'~8 .301 .303 NorflT;ield Township and All Other ................... 081~ ,107 .091 ,117 ,0~0 Total(3) ............................ $'7.751 $8.038 $8.634 $8211 $8.293 Village as a Percent of Total ...................... 7.4% 8.6% 8.2% 8.1% 8.3% Notes: 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate limitations. 2 Begioninginlevyyear1985, ~e taxrate iorLibrarypu~poees is considered underState law ~o be a separate levy from the Village., 3, Tax rata appiicab~ t~ the ~argest tax eede whioh reprssented 46~8% ~f #1e Vi~age s f996 tax base and is iocated in No,'thfield Township. 167 TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) Total Taxes Collected as Levy Collection Total Taxes of March 31. 1998(11 Year Year Extended Amount (2} Percent 1992 ....................... 19<~ $5~o6~93 $5~39,875 99..50°/= 1993 ....................... 1994 6,530,369 6,505,962 99.63% 1994 ....................... 1995 6,604,682 6,592,002 99.81% 1995 ....................... 1996 6,868,809 6,888,883 100.29% 1996 ....................... 1997 7,2.15,621 7,182,998 99.55% Notes: I, Tax paymen~s, including late payments and proceeds from tex sales, are shown as collections in the year when due. The 'Amount Collected" is not the same as distributions to the Village as tax refunds (pursuant te court arders, first time homestead exemp#ons, other exemplfons, etc.) are deducted from "Amount Collected" of the year in which g~e refund is mede regardless of the tax year for which the reA~ed is applicable. 2. Conk County properly taxes are payable in ~wo installments: g~e first on March 1, ~3d the second on ~e latter of August I or 30 days after ~e mailing of the tax bills. The first installment is a~ estimated bill and is one-half of the prior years bill. The second instellrneqt is base~ on the current levy, assessment and equalization and reflects any changes from ~e prior Yea[' m ~ factors. The second installment date for levy year 1994 texas was November 1, 1995, which was unusually late -- pher to 1995, the latest second installment date was October 1, 19~1. The second thstefiment dates for levy years 1995 and 1996 were September 11, 1996 and September 19, 199~ 1991 AND 1996 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION Villaoe of Glenview Taxable Valuation percent of Total 1991 1996 1991 1996 Residential ......................... $500,370,650 $ 736,006,587 66.4% 70.1% Commercial*. ....................... 167,342,813 216,553,501 Po.2% 20.6% Industrial ........................... 85,572,576 97,478,454 11.4% 9.3% Railroad ........................... 27,677 155,106 NIL NIL Farm ............................. 109.475 115.075 NIL NIL Total ......................... $753,423,191 $1,050,308,723 100.0% 100.0°/o Percent Increase 1991-1996 ............................ +39.4% * The commercial classificab~n includes apa/tment buildings with over six units and any apartrnant/reteil mixed use buildings. TEN LARGEST TAXPAYERS Equalized Assessed Percent of Rank Taxoaver properties Valuation/'/) Village/'2t 1.. Kraft General Foods ............. Corporate Headquarters/Research C~3mpus... $ 34,468,650 3.~/o 2. Zenith Electrinics ......... Corpora/e Headquarters-Electronics ...... 16,793,080 1.6% 3.. Signode, Div. of ITW ............ Corporate Headquarters ................ 15,263,383 1.5% 4. Harper Collins Educ. Corporate Headquarters-Book Publishing(3)... 9,950,846 .9% 5.. RREEF MIDAMERICA .......... Plaza Del Prado Shopping Center .......... 7,705,276 .7% 6.. Glenview Hosp'~ality ............ Doubletree Hotel ..................... 6,012,886 .6% 7.. Avon Products ................ Cosmetics - Shipping Facility ............ 5,111,893 ,5% 8.. St. Andrews Prope~es ........... Carillon Square Shopping Center .......... 4,522,342 .4% 9.. Baxter Management Corp ......... Aparlrnente ......................... 4,492,451 .4% 10.. Wm. Seawall ................. Office Building ....................... 4.054.874 .4% Total Ten Largest Taxpayers ...................................... $108,375,681 10.3% Notes: 1. Valua~ons as of Ja[tuary 1, 1996 for1997 ~a~dng purposas. ~ Tote11996 Village vaJuation of $1,050,308,723. 3 Corporate headquarters of Scott Forasman/Addison Westey. 168 GENERAL FUND Summary Statement of Revenues, Expenditures and Changes in Fund Balance (Fiscal Years Ending December 31) AuditedfNote 11 1997 1998 Revenues/Transfers: 1993 1994 1995 1996 Budoet(2) Actual Budaet(2} Property Taxes(3) .................... $ 3,630,119 $ 3,748,378 $ 3,585,385 $ 3,567,602 $ 4,372,638 $ 5,098,741 $ 4,721,354 PropertyTaxes-FireProtec~JonDistdct(11) ... 1,119,035 1,781,710 124.3,933 1,857,583 1,802,701 2,094,527 Sales Taxes ........................ 4,188,116 4,438,992 4,843,071 4,661,985 4,759,432 4,794,830 4,779,492 Utility Tax ......................... 2,876,149 2,512,867 2,935,696 3,099,365 3,16~,152 3,184,812 3~,904 State income Tax/Photo and Use Tax ....... 1,966,124 2,157,707 2,2.66,279 2,656,744 2,716,572 2,900,650 2,93~955 State IncomeTax Surcharge ............. 596,601 161,140 - 0 - - 0 - - 0 - - 0 - - 0 - Franchise Taxes ..................... 250,806 '263,597 355;2.68 320,704 304,420 333,645 327,000 Hotel Room Tax(4) ................... 531,405 589~06 618,684 698,644 652,800 788,672 740,000 Motor Vehicle Licenses ................ 437,.943 434,946 403,655 487,784 470,000 459,412 - 0 Building Permits/Cert. Of Occup ........... 354,024 343,655 294,469 311,400 483~500 817,715 547,060 Other Licenses and Permits ............. 250,641 276,125 260,534 287,904 4Z~,200 409,987 236,560 Charges For Services ................. 798,448 718,494 722,408 674,151 565,246 652,035 710,100 Fines and Forfeits .................... 256,408 226,415 207,433 239,467 220,000 258,230 230,000 Interest ........................... 155,002 105,601 174,561 231,829 284,000 427,0G8 324,000 Transfers-in: Waterworks ...................... - 0 - - 0 - - 0 - - 0 - 47/,245 4712,45 452,814 WholasaleWater ................... - 0 - - 0 - - 0 - 115,810 98,275 9~,275 10~,700 GNAS RedevJCaret~ker .............. - 0 - - 0 - - 0 - 198,357 324,411 330,356 328,080 North Maine Utilities ................ - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 285,174 Escrow Deposit(5) .................. 124,735 142,414 249,522 157,544 90,000 245,864 90,000 Other ........................... - 0 - - 0 - - 0 - 90,516 112,731 112,731 173,768 All O~er Revenues ................... 329.633 535.551 468.835 687.950 461.100 542.126 526.600 Total RevenuesfTransfers ........... $17,865,189 $18,436,738 $18,629,733 $20,345,339 $21,754,423 $24,020,892 $22,638,441 Expenditures/Transfers: General Government .................. $ 3,088,463 $ 3,725,026 $ 3,808,518 $ 3,958,385 $ 4,670,070 $ 5,468,303 $ 5,128,069 PuUic Safe~ ....................... 9,323,267 9,641,425 10298,562 10,548,544 11,442,718 11,235,448 12,0E5,538 Highways and Streets ................. 3,296,632 3,348,927 3,573,406 3,475,887 4,078,251 3,944,604 4,173,825 Pensions .......................... --0- - 0 - - 0 - - 0 - - 0 ~ 617.344 Subtotal Expenditures ................ $15,708,3~2 $16,715,378 $17,680,486 $17,982,816 $~,191,039 $21,265,699 $21,367,432 Transfers-Out: Capital Equipment Replacement(6) ....... $ 710,198 $ 678,927 $ 765,685 $ 803,431 $ 901,114 $ 901,114 $ 965,013 CapitaJ Projects .................... 551,890 876,000 1,098,000 311,000 453,000 453,000 919,603 Other ........................... 66.621 140.304 73.044 75.773 4.554 4.554 - Totat ExpenditurealTransfere ......... $17,037,071 $18,412,609 $19,617,215 $19,173,020 $21,549,707 $22,624~67 S23~52,045 Revenue Over (Under Expenditures: Before Cap taifTransfers ................ $ 2,090;206 $ 1,581,056 $ 949,247 $ 2,362,523 $ 1,558,830 $ 2,750,639 $ 1,271,009 AfferCapital/Transfers ................. $ 828,118 $ 24,129 $ (9~7,482) $ 1,172,319 $ 204,716 $ 1,396,525 $ (613,604) Adjustments to Fund Balance .............. $ - 0 - $ - 0 - $ (97,749) $ - 0 * $ 19,385 Fund Balance at December 31(7) ............ $ 8,255,329 $ 8,279,458 $ 7,194~')' $ 8,366,546 $ 9,782,456 Balance Sheet at December 31 Assets: 19~) 1994 1995 1996 1997 Cash and Inves~nenta(8) ............... $ 5,470,725 $ 4,948,807 $ 4,064,532 $ 6,629,833 $ 9,195,386 Receivables: Property Taxec .................... 3,838,669 3,744,904 3,755,05? 4,507,613 5,216,129 Sales Tax ........................ 771,866 754,002 762,111 709,848 811 ,g56 Utility Tax ....................... 229,495 289,790 313,976 425,506 234,170 Other Receivables .................. 243,400 868,812 439,300 370,677 421,7~ Due From Other Funds ................ 1,681,131 1,555,178 2,869,707 689,150 644,566 All Other Aaseta(9) ................... 730.356 735.756 730.356 730.356 14.804 Total Assets .................... $12,965,642 $12,897,249 $12,935,019 $14,062,983 $16,538,719 Liabilities and Fund Balance: Accounts Payable .................... $ 87,908 $ 63,490 $ 116,910 $ 29,351 $ 378,726 Compensated Absences Payable .......... 475,581 440,101 660,186 586,321 743,645 Due To O~er Funds .................. 275,412 449,066 1,137,582 512,478 253,806 Deferred Revenues ................... 3,829,283 3,735,626 3,755,037 4,507,613 5,316,129 All Other Liabilities ................... 42,129 27,257 71,577 60,674 63,957 Fund Balance: Reserved(9) ...................... $ 730,356 $ 735,756 $ 730,356 $ 740,356 $ 22,283 Designated for Surcharge Receipts(lO) .... 2,662.,708 2,222,048 1,472,048 1,472,048 1,334,848 Undesignated ..................... 4.862.265 5.223.905 4.991.823 6.154.142 8.425.325 Total Fund Balance(12) ............. $ 8.255.329 $ 8.181.709 $ 7.194.227 $ 8.366.546 $ 9.782.456 TotaJLiabililJas&FundBalance ....... $12,965,642 $12,897249 $12,935,019 $14,062,983 $16,538,719 Notes: 1. These condensed financial statements for the General Fund for the years ending December 31, 1993-1997 have been prepared from ~ full Comprehensive Annual Financial Reports of the Village of Glenview and do not purport to be cerr~eta financial statements. The full financial statements, together with the report of the Vii/age's independent accoontenta, are available cpon requasL See Note I to "Combined Statement-All Funds~ 2. The Village Manager submits a proposed operating budget to ~e Board of Trustees which budget thdudes propnsed e~anditores and the means of financing them. Subsequent to budget hearings, ff~e budget is legally enacted flltough passage of an ordfi'~nse. The Iflllage Manager is authorized to transfer budgeted amounts between depadrnents within any fund; however, any revisions that alter the total e~oendituras of any fund must be approved by the Board of Trustees. Budgets are adopted on a basis consistent with generally accepted accoun~ng pdnciplas. 169 From 1929 to 1~8~ the ~!la~e's policy with regard to G~3era~ Fund prcperiy taxas was to levy a constant dollar .~..un~ of approximately $950,000. Beglontng with 1986, the Village changed this poticy to one of a constant tsx rate to ensure equal pat~cipabon tn ~ cost of government of new conetruc~n and annexations. 4. Effas~e May 6, 1985, the Village adopted a 5% hotel room tax. The Village has five ~p. erating hotals ~4t~ 856 r~oms. . Developers are required to deposit with the Village an ~neunt equal to the cost of all/reprov?ments being built a~d dedicated to the ~!lage which deposits are returned upon satisfactoo/ corepletion of the ~mprevereents. Interest eamtngs on the amounts tn the Escrow Deposit Fund are transferred to the General Fund. ThecapitalEquipmantRep~aoomant~und(cERF)wasas-tab-~-~i-shedby~rdinancein1979withti~e~statadp~urp~seofeven!n~uttheannoo~ expenditures for major capital expenditures. All of the Village s on-rood and off-rood equipment, tire, pubtic works, etc., s inc/uded. Each Department is charged wi~ the equivalent of a depreciation charge which i~ remitted iq cash to ~ Capital Equipment Replacement Fund (carded in the Capital Projects Fund). As of December 31, 1997, cash and ~nves~reents tn the Capital Equipment Replacement Fund totaled $6,153,619. For ~e fiscal year ended Dece~er 31, 19~.., the Village changed its p~oparty tax mvenoo recognition to conform to ~e prorations of Interpretation #3 issued by the National Councit on Govemmentat Accounting under ?h~h I?opedy ~x retinues are reasgn/zed to ~ e~ent of taxes due and collected within ff~e current year The current net tsx levy recetvable ~s recognized tn the balance sheet along with a corresponding amount of deferred revenue. 8. When the Village changed its policy regarding the level of properly taxes for the General Fund (Note ?), it also ~etermined to increase the cash reserve balance to 90 beys of woddng cash, which, given the 1997 ac~ expenditures ~f non cap~tsl expenditures, t~al~ approximately. $5,102,113. This reserve sen/es as insurance should the Vil~ge face tiuctuati~ns or delays tn tax payments, a moneta~ ludgment, a natural d~aster, orotherfiscal difficulties. The General Fund "Cash BaJasce" has nsen from $1,377,554 at December 31, 1985 to $9,195,386 at December 31, 1997 which represented a cash rese~/e balance of 164 days. Fund for the purpose of paying a short-term no~ for the p~]_~_ a,,se of propedy for redevelopment, p~s. On December 3 I, 1989, $725~310 of the ,fund balance was shown as Reserved for Land Hald for Resale, ~ a corresponding asse{ shown as ?nvasb'nant in Land Held for Resale. Other resen/alfons of fund balance included $1,724 for prepaid ~tems asd $271,140 for tncome tax surcharge atiocattan. The December 31, 1997 Resen, ed total of $22283 includes $10,000 for Pa~n Hcuse and $12,283 for prepaid items (there is no longer an amount reserved for ?and held for rest,al.e"). . . 10. These funds are asaltabie for any purpooe-tbe ~Des/gnated reference /s to the source of revenoas that were detas'n/ned by the Viltage Board as not to be used for operating expenses. 11. On September 1, 1992 the Glenbrnok F~re Protection District was men:Jed into the Glenview Firs Dapar~ment. As of that date~ ~e Viltage accepted responsibility for 47 additi~:~nal empl. o. yeas, 2 more tilr~ sts~ons an~ 17 pieces qf fire apparatus.. The Fire Prot~. ffon District continuas to levy property taxes on that parl of rts tax base outside the Vil~ge limits and remits those tax receipts to the Village rot sen//ces n the unincorporated area that new represents its tax base. 1~ The General Fund "Fund Balancre" at December 31, 1997 of $9,782,456 is equal to 43.9% of the $22,287'O32 Budgeted1998 General Fund expenditures excluding transfers for capital purposes. COMBINED STATEMENT--ALL FUNDS(Note 1) Fund Balances 1993-1996 and Summary 1997 Revenues, Excess Revenues and Fund Balance (Audited Fiscal Years Ending December 31) Fiscal year Ended Dec~mber 31.1997 Revenues E~ In~l. Transfers Revenues Property Over Fund Governmental Fund Types: 1993 1994 1995 1996 Tax General Fund ................ $ 8,255,329 $ 8,279,458 $ 7,194,227 $ 8,366,546 $ 7,193~68 $24,020,99~ $ 1,415,910 $ 9,782,456 Special Revenue Funds: IMRF ................... $(1,360,726) $(1,311,091) $ (1,068,125) $ (505,782)$ 859,292 $1,180,322 $ 410,546 $ (95,236) Motor Fuel Tax ............. 1,139,194 788~32. 813,085 790,881 - 0 - 943,793 (216,007 574,874 CableTV ................. 67,552 61,772 .54,460 39,403 - 0 - 62,614 (39,40~ (11) - 0 - Refuse and Recycling ........ (85,218) (71,856) 54,523 297,717 - 0 - 1296,883 346,148 643,865 911 Communications ......... 70,338 74,768 106,299 164,510 - 0 - 328,676 54,19G 218,703 GNAS Redevelopment(2) ...... 46 26,424 (102,240) (316,996) - 0 - 3,406,853 (1,397) (318,393 GNAS Caretaker .......... - 0 - - {~ - - ~) - - ~ - - 0 - 713.899 - ~ - - ~ - Total Special Revenue ...... $ (168,814) $ (431,751)$ (141,998) $ 469,733 $ 859,292 $ 7,932,740 $ 554,0~0 $ 1,023,813 Debt Service Funds ............ 1,263,306 1,490,110 9,944,060 7,493,693 1,296,051 17,70~,699 (3,0771227 4,416,466 Capital Project Funds .......... 15.608.972 14.627.948 63.069.629[91 62.982.681 - 0 - 7.053.166 (141952.901~ 48.029.780 Total Governmental Funds ... $24,958,793 $23,965,765 $ 80,065,918 $ 79,312,653 $ 9,348,611 $56,715,497 $(16,060,138) $ 63,252,515 Proprietary Fund Type(3~ Enterprise Funds: Waterworks(4) ............. $ 9,561,969 $10,395,827 $11,676,121 $11,7'-J9,689 $ - 0 - $ 5,908,100 $ 1,280,327 $13,0~0,016 Sewerage(4) .............. 2,645,544 2,833,480 3,054,108 3,116~.53 - 0 - 759,181 (137,858) 2,978,395 Wholesale Water(4) 139~1 507,789 623,416 794,012 - 0 - 1,336,007 408,954 1,2Q2,g66 North Malne Water and Sewer(4). - 0 - - 0 - - 0 - - 0 - - 0 - 1~562,397 (109,569) (109,569) Commuter Parking Lot ........ 358.537 251.494 2~.4.576 160.485 - (~ - 182_326 (1~.188) 97.297 Total Enterprise Funds ...... $12,705,371 $13,988,590 $ 15,578,221 $15,810,439 $ - 0 - $ 9,748,011 $ 1,378,666 $17,189,105 Internal Service Funds: Municipal Equipment Repair(5).. $ 184,076 $ 88,723 $ 88,264 $ 27,996 $ - 0 - $ 708,812 $ (22,953) $ 5,043 Insurance ................. 2.070.657 2.318.494 1.956.243 2.466.284 - 0 - 2.688.523 590.258 3.C256.542 Total Internal Service Funds .. ~ ~ 2.407.217 $ 2.044507 $ 2.494280 ~ - 0 - $ 3.397.335 $ 567.305 ~; ~.061.585 Total Proprietary Funds ..... $14,960,104 $16,395,807 $17,622,728 $18,304,719 $ - 0 - $13,145,346 $ 1,945,971 $ 20,250,690 Fiduciary Fund Types(6): EscrowDeposit(7) ............ $ - O- $ - 0 - $ - O- $ - O- $ - O- $ 245,864 $ - 0- $ - 0 Deposit .................... 19,096 19,g~1 20,897 22,900 - 0 - 3,810 3,636 26,536 Police Department SpecialAccount . 8,305 21,914 16,029 15,393 - 0 - 1,058 (10,160) 5~33 Police Pension ............... 13,625~50 14,823,582 16,078,498 17,597,082 39~,347 4,070,543 5,956,200(12) 23,553,2B2 Firefighters' Pension ........... 25.545.834 27.430.875 29.813.647 31.848.864 247.575 3.609.868 2,653.5161121 34..502.380 Total Fiduciary Funds ....... $39,198,485 $42,296292 $ 45,929,071 $ 49,484,239 $ 645,922 $ 7,931,143 $ 8,603,192 $ 58,087,431 Component Unit: Library Fund(8) .............. $ 982.679 $1.125.420 $ 1.323-801 $ 1.659.047 $ 3.175.197 $ 3.541.663 $ 319..594 $ 1.978.641 Total All Funds(MemeOnly) .. $80,100,061 $83,783,2.84 $144,941,518 $148,760,658 $13,169,730 $81,333,649 $ (5,191,381) $143,569,277 170 Cash and Investments at December 31: 1993 1994 1995 1996 1997 Genera~ Fund ................ $ 5,470,725 $ 4,948,807 $ 4,064,532 $ 6,629,833 $ 9,195,386 Special Revenue Funds ......... 1,306,321 1,095,963 1,507264 1,081,476 1,404,442 Debt Service Funds ...... 31,271 753,164 11,527,572 7,708,320 4,414,215 Capital Project Funds: Capital Equipment. Raplecemen~. 4,262,199 5,172,615 5,501,247 5,996,561 6,153,619 GNAS project .............. - 0 - - 0 - 49,404,077 52,723225 37,011,215 All Other Capital Projects ...... 13,2~5,863 11,420,648 6,970,704 6,030,685 6,843,348 Proprietary_Funds ............. 3,613,334 3,113,842 3,466,959 4,053,812 6,662,930 Fiduciary ~-unds(6) ........ ~... 43,738,337 46,063,661 49,647,671 52,779,240 62,850,801 Component Unit - IJbrary Fund(8).. 1.006.973 1.149.027 1.343.953 1.674.093 2.101.093 Total Cash and Investments(lO) $72,715,023 $73,717,457 $133,433,979 $138,677,245 $136,637,049 Notes: 1. These condensed financial statements for ~e years encing December 31, 1993-1997 have been prepared from the full Comprehensive Annual Financial Reports of the Village of Glenview and do not purport to be complete audi~s. The full financial statements, together with the report of ~e Vi!la~e's iedepa ..r..~,t accountants, are av~ta~le up~ request. The accountl~J l~licies of ~e VTl. lage conform to generally accepted accounting pnnc4pies as applicable to governmental units. The accounts of the Village are organized on the bas~s of funds and account groups, each of which is considered a separate accounting entlly. The venous funds are grouped into the three broad catagodas of Governmental Funds, Fiduciary Funds and Proprietary Funds. Within the Govemmentsl Funds am the Genera] Fund (the general operation fund) which is used to account for a# financial resources except theee required to be accounted for in another fund; Special Revenue Funds which ars used to account for ~. prsceeds of specific rsvenue sources that are legally restricted to expenditures for specified purposes; Debt Sen4ca Funds; and Capital Prsject Funds. All governmental funds ~ ~ab~e trust funds ars accounted for using a current financial resources measursment focus which has only current assets and current libbll~t~es on the balanca sheet and operatfog statements present incrsases and decreases in nat current assets. All prspdetary funds and pension trust funds ars acoc,Jnted for se a flow of economic rescurces measurement ~cus with ali assets and liabilities associated with ~e operstion o( these funds included on the balance sheets and fund equity segregated into contributed capital and retained eamings--operafing statements present increases and ~ec[eases in_.net.total assets. The modified acc.ru~, ba~ of accounting is toltowed for all Govemmentsl Fund Types and F_,,candabfe Tr~st Funds (in the F!duclary Fur]ds category). All remaining Fiduciary Funds (pens~n Trust Funds) ~cl Prsprietery Funds ,a~e accounted for using the accrual bes~s of acccuoffng. Forthe fiscal year ended December 31, 1982, the Village changed its properly tax recogn~#on to conform to the prot4sions of Intarprststion #3issued by ~e National Council on Governmental Acoounb'ng under which prsper~y tax rsvenues ars recognized to the extent of taxes due and collected within ~e current year. The "Report of thd~eedeet Auditors' in the Village's general purpese financial statemants for its fiscal year ended December 31, 1997 included the fciiowing language (comparable "clean" opinions were included in the Village's 1993-1996 audits shown in this table): "in our opinion, the general purpose financ~al statements referred to above present fairly, in afl metadal respects, the financial position of the Village of Glenview, illinois, es of December 31, 1997, and the resu~s of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with ganeraliy accepted accounting principles. Also, in our opin~n, ~e combining, individual and a~Jnt group financial statements refetrsd to above prsseet fairly, in all matedal respects, the finandal poallfon of each of the individualfundsandacccuntgrsupsofthe Village of Glanview, Illinois, es of December 31, 1997, and ~e results of operations of such funds and ~e cash flows of individual proprietary f~ds for the year ~ ended and ~e financial position of ~ General Fund as of December 31, 1997 and the results of its ogeraEons for the year then ended, in conformity with ganerafiy accepted accounting p#ncipies." 2, The Gfenview Naval Alr Station Redevelopment Fund was created to account for ~e resources and expenditorss incurred in the seamh for fotut~ use of the Naval Air Base ~ which was vacated by the Navy on September 9, 1995. The amounts shown as fund balances for ~e Prsprieta~y Funds are rstalned earnings (excludes conthbuted capital) ~d the amounts shown as "excees rsvenues" represent the change in rstained earnings. "Tctal rsvenues" reprseent operab)~g ravenues, 4. Pdor to fiscal year 1993, th? Village rnath~ned tw~ Waterworks Funds to provide acseucfing for ~ eestem pud~on of the Village (Waterwod~s East) and the western potion and the appi~cabfe un~ncorparated area adjacent to the wesfem border of the Village (Watervvarks West) that ~ served bythewatersystem(rstainedesmingsatDecamber31~1992wers$3~9~9~87f~rWaterw~rks Eastand$5~537~828f~rWatetw~rks West)~ The two accounting fz~ds were set up in 19 ~7 when the two private water companies serving ~e applicable western potion and unincoq~ra~ci areas were, at the request of the residents, acquired by the ~llage for ~le purpose of up-grading the water qualiiy in that area by replacing well water supply with Lake M~h!g~ water supply t~at had been a~ll~, le to east Glan~w since 1937. It was determined that the cost of amortizing the debt appfi~abfe to the acquisition of the two pnvats water companies and const.ru~., t~n~ ~e nacassf?~/ transmission main, storage and west system up- grsding would bo p~d for by. the customers of the west system. The use of diffeeng rates conttoued until 1992 when a unified rate structure was xn place and the use of a rn~)~irnum charge for water usage was alimfoated. The two funds were combined in fiscal year 1993 and,, for compadeen purposes, the two funds.ars con~btoed to this ta~fe far pdar yee~s. A separate Sewerage Fund was created in fiscal year 1986 to accost for the funds necaseery to provlde sanltary eewer sert,~ca to both the ~ncorparated and ontecoq:~orated areas served by the Village. Prior to 1986, ~unds wers accounted for in the two Waterworl(s Funds. The Wholesale Water Fund accounts forths sale of waler to Citizens Utility Compat),~ for ~ts service area outside the Village of Gtenview. The North Maine Water and Sewer Fund accounts for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of ~e Village (formerly served by the North Suburban Public Utilities Company). The Municipal Equipment Repair Fund is used to account for the costs of rspalring and maintaining all Village vehicles. Excludes the Vlllage~ Agency Funds. TheEscrswDepcaitFundisusedteaccountformcoies~ndepeeitwfihtheVfiiage-thecost~fpubficimpr~vementstobededk:atedtetheVi~age must be escrowed with ~e Village ~Td as payments are required for satisfactory work completed, monies a~ rateased to contractors. Interest earr~d, on ~e escrowed deposits is re..talnad by the Village and annually transferred to the General Fund. Begthn~n~ ~ fiscal year 1993, ~ Dbrary F~d is presented in ~e aud~'t as a component unit of the Village because the Library possesses the chatactesetica of a legally separate gevemment (separately elected 7-member board which annually determines its budget and tax levy). 9. thcfudes $49,450,750 from Band Anllcipetion Bond proceeds. 10. The Village's Cash Control and Investment Policy was originally edopted on February 21, 1~3 a~l was revised on March 15, 1985, January 16, 1990 and March 19, 1996. 11. thctudee a rssidual equity transfer of $19,385 to ciose the Cable TV Fund to the Genaral Fund. 12. ~ncfudesanstthcreaseinassets~f$3~394~442tothe~icaPansionFundar~d$2~871~44intheFire~ghters~PansfonFund~ Theremainingcha.'~ges wers due to restatements of the January 1, 1997 fund balances. 171 FIXED ASSETS AT DECEMBER 31, 1997 General FLxed Proprietary Fund Assets(I) Fixed Assete/2) Land and Improvements ........................ $ 5,085,095 $ 302,851 Leasehold Improvements ....................... - 0 - 203,309 Buildings and improvements ..................... 13,665,020 243,645 Water and Sewer Systems ...................... - 0 - 28,253,923 Equipment ................................. 8,848,786 6,302,649 Office Furniture and Equipment ................... 918.650 13.207 SubtotaJ ............................... $28~17~551 $35,319,584 Less: Accumulated Depredation .................. - 0 - 9.125.597 Total .............................. $28,517,551 $26,193,987 Notes: 1. Fixed assets used in govemmenta/fund ~ operations are accounted for in ~e Goner'~ ~.xed Assets Account Group raff3er ~ in governmental funds. All fixed assets are valued at h~stoncal cost or estiYnated historical cost if actual is not known. Contributed fixed assets are recorded at their fair market velueon ~le date donated Public domain (infrastructure) fixed assets including roads, bddges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems have not been capitalized. No deprecia§on is recorded on GenoraJ Fixed Assets. This table includes ~3e general fixed assets of ~e Glanview Pubfic Librao/. ~ Fixed Assets in file Proprietary Funds ara valued at historical cost or sstfmated historical cost. Depreciation on all exhaustible fixed assets ts charged as an e,~ense against operaEons. DepreciaEon is provided over the esllmated dseful lives using the straight-line method. t72