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Home My Public Portal About1996 Comprehensive Annual Financial ReportCOMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1996 Prepared by Finance Department Douglas R. Eilsworth Director of Finance Mary L. Reibel Assistant Director of Finance VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 INTRODUCTORY SECTION PAGE Principal Officials i Organization Chart ii Director of Finance's Letter of Transmittal iii ~ xiii Certificate of Achievement for Excellence in Financial Reporting xiv 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 Goverrtmental and Fiduciary (Expendable Trust) Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances 4 General, Special Revenue, and Debt Service Fund Types and Discretely Presented Component Unit Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 5 All Proprietary and Fiduciary (Pension Trust) Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances 6 All Proprietary Fund Types Combined Statement of Cash Flows 7 Notes to Financial Statements 8 - 48 VILLAGE OF GLENVIE!N, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 PAGE FINANCIAL SECTION (CONT.) COMBINING, INDMDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND Corporate Fund Balance Sheet 49 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 50 Schedule of Revenues - Budget and Actual 51 - 52 Schedule of Expenditures - Budget and Actual 53 - 66 SPECIAL REVENUE FUNDS All Funds Combining Balance Sheet 67 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 68 Illinois Municipal Ret/rement Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 69 Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 70 Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 71 Schedule of Expenditures - Budget and Actual 72 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 FINANCIAL SECTION (CONT.) PAGE GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 73 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 74 GNAS Redevelopment Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 75 Administration Department Schedule of Expenditures - Budget and Actual 76 GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Actual Only 77 Schedule of Expenditures - Actual only 78 DEBT SERVICE FUNDS All Funds Combining Balance Sheet 79 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 81 VILLAGE OF GLENVIE~V, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 PAGE FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) CAPITAL PROJECTS FUNDS All Funds Combining Balance Sheet 82 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 83 PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Combining Balance Sheet 84 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 85 Combining Schedule of Changes in Contributed Capital 86 Combining Statement of Cash Flows 87 Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 88 Schedule of Operating Expenses - Budget and Actual 89 - 91 Schedule of Fixed Assets and Depreciation 92 Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 93 Schedule of Operating Expenses - Budget and Actual 94 Schedule of Fixed Assets and Depreciation 95 Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 96 Schedule of Operating Expenses - Budget and Actual 97 Schedule of Fixed Assets and Depreciation 98 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Armual Financial Report Table of Contents December 31, 1996 FINANCIAL SECTION (CONT.) PAGE PROPRIETARY FUND TYPES (CONT.) ENTERPRISE FUNDS (CONT.) Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 99 Schedule of Operating Expenses - Budget and Actual 100 Schedule of Fixed Assets and Depreciation 101 INTERNAL SERVICE FUNDS Ail Funds Combining Balance Sheet 102 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 103 Combining Statement of Cash Flows 104 Municipal Equipment Repair Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget Actual 105 Schedule of Operating Expenses - Budget and Actual 106 Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 107 FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Combining Balance Sheet 108 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Expendable Trust Funds) 109 Combining Statement of Revenues, Expenses, and Changes in Fund Balances (Pension Trust Funds) 110 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 PAGE FINANCIAL SECTION (CONT.) FIDUCIARY FUND TYPES (CONT.) TRUST AND AGENCY FUNDS (CONT.) Pension Trust Funds Police Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 111 Firefighters' Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 112 Agency Funds Combining Statement of Changes in Assets and Liabilities 113 ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Schedule of General Fixed Assets - by Source 114 Schedule of General Fixed Assets - by Function and Activity 115 Schedule of Changes in General Fixed Assets - by Function and Activity 116 GENERAL LONG-TERM DEBT ACCOUNT GROUP Schedule of General Long-Term Debt 117 VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 FINANCIAL SECTION (CONT.) PAGE COMPONENT UNIT SCHEDULES Library Fund Combining Balance Sheet 118 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 119 Schedule of Operating Expenditures - Budget and Actual 120 Schedule of General Fixed Assets 121 SUPPLEMENTAL DATA Required Supplementary Information Analysis of Funding Progress Illinois Murticipal Retirement Fund 122 Police Pension Fund 123 Firefighters' Pension Fund 124 Revenues by Source Illinois Municipal Retirement Fund 125 Revenues by Source and Expenses by Type Police Pension Fund 126 Firefighters' Pension Fund 127 Combined Schedule of Cash and Investments 128 Schedule of Insurance in Force 129 Long-Term Debt Requirements Corporate Purpose Bond Series of 1977 130 Corporate Purpose Bond Series of 1990 131 Corporate Purpose Bond Series of 1991 132 Corporate Purpose Bond Series of 1992 133 Corporate Purpose Bond Series of 1993 134 Corporate Purpose Bond Series of 1994 135 Corporate Purpose Bond Series of 1995 136 General Obligation Bond Anticipation Bond Series of 1995 137 Corporate Purpose Bond Series of 1996 138 VILLAGE OF GLENVIEW, ILLINOIS I Comprehensive Annual Financial Report I Table of Contents December 31, 1996 I PAGE I STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years 139 ! GeneraIFiscal YearsG°vernmental Expenditures by Function - Last Ten 140 I Property Tax Assessed Valuations, Rates, Extensions, and I Collections - Last Ten Fiscal Years 141 AssessedLast TenandFiscalEStimatedyears Act-ual Value of Taxable Property - 142 I Property Tax Rates - Direct and Overlapping Govermnents - Last Ten Fiscal Years 143 I Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - I Last Ten Fiscal Years 144 Schedule of Legal Debt Margin 145 ! Ratio of Annual Debt Service Expenditures for General Obi/gat/on Debt to Total General Governmental Expenditures - I Last Ten Fiscal Years 146 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 147 Demographic Statistics - Last Ten Fiscal Years 148 I Construction, Building Permits, and Bank Deposits - Last Ten Fiscal years 149 I Miscellaneous Statistics 150 - 152 Ten Wealthiest Illinois Communities - 1990 Census 153 1 Major Corporate Fund Revenue Sources 154 1 I VILLAGE OF GLENVIEW, ILLINOIS Comprehensive Annual Financial Report Table of Contents December 31, 1996 PAGE STATISTICAL SECTION (CONT.) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 1996) 155 Retirement Schedule of Outstanding Village General Obhgation Debt 155 Debt Ratios and Per Capita Debt - Last Ten Bond Sales 156 Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 1996 156 Equalized Assessed Valuation for Taxing Purposes 157 Tax Rates Per $100 Equalized Assessed Valuation 157 Tax Extensions and Collections (Village Purposes Only) 158 1990 and 1994 Tax Base Distribution by Property Classification 158 Ten Largest Taxpayers 158 General Fund Summary Statement of Revenues, Expenditures and Changes in Fund Balance (1991-1995) and 1996 Budget 159 Balance Sheets (1991-1995) 159 Combined Statement - All Funds Fund Balances 1991-1994 and Summary 1995 Revenues, Excess Revenues, and Fund Balances 160 - 161 Fixed Assets at December 31, 1996 162 VILLAGE OF GLENVIEW, ILLINOIS Principal Officials December 31, 1996 LEGISLATIVE Village Board of Trustees Nancy L. Firfer, President Kent B. Fuller John W. Patton, Jr. Joyce E. Kustra William L. Stickney Robert J. McLennan Emil Ulstrup Paul T. McCarthy Village Clerk/Treasurer EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Douglas R. Ellsworth, Finance Director i VILLAGE OF GLENVIEW I ORGANIZATIONAL CHART I I 1 Village President 6 Trustees (4 Year Terms) ~ . I I ~ I PLAN COMMISSION I APPEARANCE COMMISSION SENIOR CITIZEN COMMISSION I BUILDING COMMISSION POLICE AND FIRE COMMISSION POLICE PENSION BOARD I FIRE PENSION BOARD ZONING BOARD OF APPEALS 1 ELECTRICAL COMMISSION FORESTRY COMMISSION I ' Gl h iew, June 16, 1997 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, 1996 is submitted herewith. This report represents a comprehensive picture o f the Village's financial activities during 1996 and the financial condition of its various funds at December 31, 1996. 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 fames s of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's fmancial affairs have been included. The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose f'mancial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the fmancial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-12. 1225 Waukegan Road 0 Glenview, Illinois 60025 O (847) 724-1700 ~ (847) 724-4232 TDD ±±i The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form of government. It is a home rule municipality as def'med by the Illinois Constitution. Located approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of approximately 13 square miles and has an estimated population of 38,437. The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, construction and maintenance of streets, code enforcement, planning and zoning, library services, and general administrative services. The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the primary government (i.e., the Village of Glenview as legally def'med) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Glenview Public Library is included as a discrete presentation since it is governed by a separately elected board of trustees. No other legally separate entity qualifies as a component unit of the Village. Economic Condition and Outlook There are several measures of economic health for local four of the governments. Perhaps more objective measures or indicators are local employment levels, retail sales activity, family income levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of Illinois as a whole. As of December 31, 1996 the Village's unemployment rate was 2.7%, compared to 5.2% for Cook County and 5.0% for the State of Illinois. Retail sales within the Village totaled $466 million for 1996. This represents a decrease of $17 million, or 3.7 % ,from 1995. Of the total drop in sales, $14 million can be attributed to decrease d automobile sales. There are two factors which we feel caused the drop in automobile sales. First, Cook County imposed an additional 3/4% sales tax in late 1995, causing some buyers to take their purchases to the collar counties. Secondly, the Village's Jeep dealership relocated to a neighboring community in 1996. 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 family was $67,412, compared to $38,664 for the State and $35,225 for the median income United States. This ranked Glenview as the fifth wealthiest community in the State of Illinois amongst communities with populations over 25,000. For the past few years, the Village has seen nominal new commercial or residential construction activity, as it had little vacant land available for development. However, construction activity is expected to increase dramatically over the next several years as the recently closed Glenview Naval Air Station develops. During 1996, there was one commercial development constructed, with a total value of $400,000. There were 218 new residential housing permits issued in 1996, an increase from the previous year's figure of 108. Major Initiatives For the Year A significant effort was put forth by all departments towards the future development of the recently closed Glenview Naval Air Station property. The Master Plan and Design Guidelines were prepared. Stein and Company was hired as a development advisor. The Village completed Phase I of the property conveyance process, resulting in the Navy golf course being turned over to the Glenview Park District. The Economic Development Conveyance application package was prepared and presented to the Navy, which would transfer the bulk of the base to the Village. Negotiations are continuing with the Navy. Engineers have begun to work on the infrastructure design. The Public Works, Police and Fire Departments are servicing the closed base under an executed caretaker agreement with the Navy. Customer service was a central theme of 1996. The Police Department initiated a school liaison position with a local junior high school. All Village supervisors participated in customer service training. The Fire Depaxtment added a third advanced life support ambulance. The Development Depa~iment was very active in the planning and approval of many new developments. The Heatherfield Project was approved, consisting of a 12 acre shopping center and 308 housing units. In all, plans were reviewed and approved for over 900 residential units, including single-family homes, town homes and a 92 room skilled nursing care facility. For the Future 1997 is expected to be an active year relative to the Glenview Naval Air Station redevelopment. The Economic Development Conveyance process with the Navy is expected to be concluded, allowing the 1,100 acres to be sold to the Village. The Village will also start on the various infrastructure improvements needed to make the property marketable, with funding coming from the $60 million bond issue sold in 1995. Finally, marketing strategies and related efforts are expected for 1997. The Village is also spearheading the creation of a new intergovernmental agency called the Northern Illinois Public Safety Training Agency. This agency will be located at the former Glenview Naval Air Station, and will provide on-site police and fire training opportunities to member municipalities. Financial Information Management of the Village is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the Village are protected from loss, theft or misuse, and to ensure that adequate accounting data is compiled to allow for the timely preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of the costs and benefits requires estimates and judgements by management. Budgetary_ Control The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual budget adopted by the Village's governing body. The budget covers activities of the general, special revenue, debt service, enterprise, internal service and certain fiduciary funds. All appropriations lapse at year end, but open purchase orders are usually re-budgeted for in the subsequent year. The level of budgetary control, that is, the level at which expenditures cannot exceed the budgeted amount, is established at the fund level. The Village maintains an encumbrance accounting system for the governmental and proprietary funds as one method of accomplishing budgetary controls. Encumbrances outstanding at year end, if any, are reported as a reservation of fund balance since they do not constitute expenditures or liabilities. General Government Functions The following table presems a summary of revenues available for general governmental functions (the general, special revenue, debt service funds and component unit - Library Fund) for the year ended December 1996 with to the 31, comparisons previous year. Increase Percent Percent (Decrease) Increase Revenues Amount of Total From 1995 (Decrease) Property Taxes $ 9,456,553 30.8% $ 574,617 6.5 % Other Taxes 11,753,547 38.2 437,943 3.9 Total Taxes 21,210,100 69.0 1,012,560 5.0 Licenses and Permits 1,087,088 3.5 128,430 13.4 Intergovernmental 3,931,579 12.8 682,401 21.0 Charges for Services 2,279,699 7.4 451,041 24.7 Fines and Forfeits 297,440 1.0 23,788 8.7 Imerest Earnings 791,238 2.6 (93,581) (i0.6) Miscellaneous 1,129,920 3.7 91,101 8.8 Total Revenues $30,727,064 100.0% $ 2,295,740 8.1% Total general governmental revenues for the year mounted to $30,727,064. This represents an increase of $2,295,740, (or 8.1%) over 1995. Property tax revenues for general governmental purposes are showing an increase of $574,617, or 6.5%. Almost half of this increase can be attributed to an increased tax levy for the IMRF Fund. The Village increased its annual contribution into the IMRF Fund to reduce an existing deficit fund balance. The existing deficit of $505,782 is expected to be eliminated by 1998. Other tax revenues totaled $11,753,547, representing an increase of 3.9 %. Sales tax revenues of $4,661,985 were down 3.7%. The Village's income tax receipts totaled $2,656,744, an increase of 17.2 %. Most of this increase can be attributed to the fact the State of Illinois began distributing a larger share of total income tax receipts to local governments. Utility tax receipts of $3,099,365 were up 5.6% over 1995. Revenues from the sale of licenses and permits increased $128,430, or 13.4%, over 1995. Of this amount, $84,000 is attributable to increased vehicle license sales following new enforcement efforts. Intergovernmental revenues of $3,931,579 are up $682,401 (21%) over 1995. This category is showing a large increase due to the fact revenue from the Glenbrook Fire Protection District increased $613,650 (49%) over last year. In reality, this returns the revenue from the Fire District to prior years' levels. Revenues reported from the District in 1995 were approximately $500,000 lower than usual. That was because over $500,000 of 1995 Fire District payments were recorded as a reduction of a receivable, and not as revenue. The receivable represented a short- term loan the Vilhge made to Fire District in 1993. Revenues for 1997 and future years are not expected to increase more than 4 % or 5 %. Charges for services are showing a 24.7% increase due to increased refuse charges related to the Village' s participation in the Solid Waste Agency of Northern Cook County. Interest earnings in those funds providing general governmental functions totaled $791,238, a decrease of $93,581, or 10.6%. The decrease can be attributed to the fact the Village reduced investments by $3 million in one of the debt service funds. The decrease represented the use of capitalized interest to make the 1996 interest payments on the 1995 Bond Anticipation Bonds. Excluding the debt service funds, interest income is $74,837, or 29%, higher than 1995. This increase can be attributed to both higher interest rates and improved cash management practices. vii I Following is a table showing expenditures by service area with comparisons to the previous year: I Increase Percent Percent (Decrease) Increase I Expenditures Amount of Total from 1995 (Decrease) General Government $ 7,942,608 19.7% $2,411,976 43.6 % Public Safety 10,757,521 26.6 254,884 2.4 I and Streets 3,475,887 8.6 (97,519) (2.7) Highways Pensions 2,364,293 5.8 158,239 7.2 Culture and Recreation 2,562,070 6.3 (68,403) (2.6) I Debt Service 13,329,666 33.0 8,264,757 63.2 Total Expenditures $40,432,045 1.00.0% $1.0,923,934 37.0 % I Total expenditures for general governmental functions in 1996 were $40,432,045, representing an increase of $10,923,934 (37%) over 1995. This extraordinarily large increase in spending is I attributable to three factors; increased refuse disposal charges, Glenview Naval Air Station redevelopment and caretaker activities, and debt service attributable to recent bond issues. I In the Refuse and Recycling Fund, the Village's expenditures increased to $978,895, from 1995's level of $633,925. The increase is mostly due to debt service costs passed along to members of the Solid Waste Agency of Northern Cook County. I The Glenview Naval Air Station (GNAS) Redevelopment Fund was created in late 1994 to account i for the "soft" costs associated with redeveloping the closed Navy base. 1996 was the first full year of redevelopment activity. Expenditures for 1996 totaled $2,195,172, compared to $707,568 for 1995. Most of the expenditures were funded through an operating transfer from the GNAS Bond i Fund Series 1995 (a capital project fund). The GNAS Caretaker Fund was created to account for the grant revenues and expenditures related I to our maintaining the grounds and buildings of the closed Navy base pending transfer of property. 1996 was the first full year for this activity as well. Expenditures for 1996 totaled $748,855, compared to $325,388 for a portion of 1995. I Debt service expenditures took a dramatic jump in 1996. The 1995 G.O. Debt Service Fund is showing expenditures of $121,425, compared to $1,638 in 1995. The 1995 Bond Anticipation I Bond Debt Service Fund is of $10,852,250, increase of $$8,022,306 reporting expenditures all over 1995. There was a $7,500,000 principal payment on the 1995 Bond Amicipation Bonds which came due in 1996. The Village issued its Series 1996 Bonds to "roll" this debt into future I years when proceeds from the sale of the former Navy base are expected to be available. Expenditures totaling $110,900 were recorded in the Series 1996 Debt Service Fund. I I I viii General Fund Balance The 1996 Budget projected an operating deficit of $33,635 for the General Fund. However, expenditures came in 5% under budget and revenues came in slightly ahead of projections, resulting in a positive operating surplus of $1,172,319. This brought fund balance at December 31, 1996 to $8,366,546, the equivalent of 47 % of actual expenditures for the year. Enterprise Operations The Village has four enterprise operations accounted for in its fmancial statements, those being the Waterworks Fund, the Wholesale Water Fund, the Sewerage Fund and the Commuter Parking Lot Fund. The Waterworks Fund recorded net income of $63,568 for the year ended December 31, 1996. The fmancial condition of the fund remains strong, with net working capital amounting to $2,542,096 and cash and investments totaling $261,588. The Wholesale Water Fund is showing net income of $170,596 for the year, resulting in retained earnings of $794,012. The Sewerage Fund also had a positive year, with net income totaling $62,145. Net working capital amounted to $286,941 at December 31, 1996, representing 61% of annual operating expenses. The Commuter Parking Lot Fund reported a net loss of $64,091 for the year. The loss can be attributable to reduced parking revenues and additional expenses incurred in maintaining the new train station. The Village has recently retained a consultant to prepare a cost of service study and will be modifying its parking fee structure to eliminate the operating deficit. Employee Pensions Police sworn personnel are covered by the Police Pension Fund and sworn firefighters 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 1996, the Village retained the services of Aon Consulting to perform an actuarial valuation on the police and firefighter pension plans as of December 31, 1995. Following is summary information for the two funds: Police Firefighters' Pension Fund Pension Fund Pension Benefit Obligation $16,386,562 $21,722,937 Net Assets Available - 12/31/95 $16,078,497 $29,813,648 Percent Funded - 12/31/95 98.1% 137.2% Net Income - Year Ended 12/31/96 $1,518,584 $2,035,217 Net Assets Available - 12/31/96 $17,597,082 $31,848,864 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 firefighter 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, 1996 the Village was 106.1% funded in IMRF. Debt Administration In 1996 Moody's Investors Service affirmed the Village's Aaa general obligation bond rating assigned in 1993. At December 31, 1996 the Village had $81,315,000 of general obligation bonds outstanding. Of this amount, $77,141,050 is reflected in the general long-term debt account group and $4,173,950 is recorded directly in two enterprise funds. The Village sold one general obligation bond issue in 1996. On October 154 the Village issued $8,435,000 of general obligation bonds to pay the $7,500,000 of principal which came due on th e Village's Series 1995 Bond Anticipation Bonds December I, to fund capitalized interest through December 1, 1998, and to pay costs of issuance. The Series 1996 bonds, as well as the Series 1995 Bond Anticipation Bonds, are expected to be repaid from proceeds received from the redevelopment of the Glenview Naval Air Station. At December 31, 1996 there was $7,706,052 available in the various debt service funds for the payment of principal and interest, resulting in a net bonded debt of $69,434,998. The ratio of net bonded debt to assessed value and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This data as of December 31, 1996 is as follows: Net General Obligation Debt $69,434,998 Ratio of Net Debt to Assessed Value 6.64 % Ratio of Net Debt to Actual Value 2.21% Net Debt Per Capita $1,806.46 Additional information about the Village's outstanding debt can be found in the notes to the financial statements and the statistical section of this report. Property Tax Information The county assessors' offices are responsible for determining the assessed value of real property market values and established assessment ratios in Illinois. The State of Illinois then utilizing assigns an equalization factor to each county in an attempt to get all properties in the state assessed at approximately 33% of market value. Property taxes are based upon the equalized assessed ! value (EAV) of all taxable properties. A government's tax rate is determined by dividing its tax i levy into its total EAV, adjusting for any rate limitations which might be applicable. At the time this report was prepared, information regarding the tax rates and assessed values for I the 1996 tax levy year were not yet available. The Village's 1995 total equalized assessed valuation was $1,036,019,507, an increase of 11.2% from the 1994 levy year. The relatively I large increase can be attributed to the tri-aunual reassessment of property within the Village. The increase in EAV allowed the Village's combined tax rate to go from $1.036 to $.963, a decrease of 7%. Following is a summary of the Village's tax rates for the past three years: Fund 1995 1994 1993 I General Fund $ .353 $ .392 $ .400 Special Revenue Funds .135 .122 .093 I Debt Service Funds .119 .137 .171 Pension Trust Funds .056 .058 .027 I Subtotal - Village .663 .709 .691 I Library .300 .327 .300 Total Combined Tax Rate $ .963 $1.036 $ .991 I Additional information regarding the Village's tax rates, assessed values and tax collections can be found in the statistical section of this report. ! Cash Mana_eement I Tt~e Village's policy regarding cash management is based upon the realization that there is a time value to money. A high priority is placed on procedures to ensure that monies due the Village are collected and deposited as promptly as possible. Disbursements are closely controlled. I Of equal importance is the emphasis on the management of the Village's investment portfolio. All idle cash is invested in accordance with an established investment policy. The investment I policy establishes safety of principle as the foremost objective. The policy provides for full collateralization of all deposits in excess of FDIC limits. The Village is not permitted to leverage its portfolio or invest in risky derivatives. In 1996 the Village began to prepare detailed cash flow I projections, allowing for more of the Village's funds to be invested for longer terms and higher yields, l ×i [I ! Total interest income earned in all funds of the Primary Government during 1996 was $8,467,684, compared to $8,071,800 for 1995. The increased interest earnings can be attributed to an improved cash position and higher interest rates. Following is a summary of total interest earnings and weighted average yields for each of the various fund types: Interest Income Year Ended Fund Type 12/31/96 Average Yield General Fund $ 231,829 5.34% Special Revenue Funds 42,906 4.07 Debt Service Funds 462,771 5.74 Capital Project Funds 3,931,403 6.25 Enterprise Funds 209,850 5.38 Internal Service Funds 57,194 3.20 Expendable Trust Funds 160,412 3.94 Pension Trust Funds 3,371,319 7.29 Totals $8,467,684 6.40% Risk Management The Village maintains a protected risk retention program for property, casualty, and workers compensation claims. Health insurance for employees and retirees is provided through a public entity risk pool. Aggregate umbrella liability coverage is provided through the Village's membership in the High-level Excess Liability Pool, another public entity risk pool. The Village's insurance activity is accounted for in an internal service fund. For the year ended December 31, 1996 the Insurance Fund reported net income of $510,041. Retained earnings at December 31, 1996 amounted to $2,466,284. Other Information Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firm of Crowe, Chizek and Company LLP performed the audit on the Village's 1996 Comprehensive Annual Financial Report. The independent auditors' report is included in the f'mancial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's fmancial position at December 31, 1996, and the results of operations for the year then ended. I The Village is required to undergo an annual single audit in conformity with the provisions of th e I Single Audit Act of 1984 and U.S. Office of Management and Budget Circular A-128, Audits of State and Local Governments. Information related to this single audit, including the schedule of 1 schedule of federal financial assistance, fmdings 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 Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded 1 a Certificate of Achievement for Excellence in Financial Reporting to the Village of Glenview for its comprehensive annual financial report for the year ended December 31, 1995. This marks the fourteenth straight year the Village has received this prestigious award. I In order to be awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards. The December 31, 1995 report satisfied both generally accepted accounting principles and applicable legal requirements. The Certificate of Achievement is the highest form · of recognition for excellence in state and local government fmancial reporting. A Certificate of Achievement is valid for only one year. The Village believes its comprehensive · annual financial report for the year ended December 31, 1996 continues to meet the Certificate of Achievement Program's requirements, and will be submitting it to GFOA to determine its eligibility for another certificate. I Acknowledgments The preparation of the comprehensive annual financial report on a timely basis was made possible I by the dedicated service of the entire staff of the Finance Department. Each member of the DeparUnent has my sincere appreciation for the contributions made in the preparation of this report. A special thank you is expressed to Mary Reibel, Assistant Finance Director, who served ! as Acting Finance Director for six months in 1996. In addition, appreciation is expressed to the Village President, The Village Trustees and the I Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village in a responsible and progressive manner. 1 Respectfully submitted, I Director of Finance i REPORT OF INDEPENDENT AUDITORS CROWE CHIZEK REPORT OF INDEPENDENT AUDITORS The Honorable Village President Members of the Board of Trustees Village of Glenview, Illinois We have audited the accompanying general purpose financial statements and the combining, individual fund, and account group financial statements of the Village of Glenview, Illinois, as of and for the year ended December 31, 1996, as accompanying listed the table of and the general fund balance sheet as of December 31, 1995 and related the statement of revenues, expenditures, and changes in fund balance for year ended December 31, 1995. These financial statements are the responsibility Village the Glenview, Illinois' Our responsibility is to express an opinion on these financial statements based on our audits. in accordance with accepted auditing standards. Those We generally 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 evidence the amounts and disclosures in the financial test basis, statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement We believe that audits provide a reasonable basis for our opinion. presentation. In our opinion, the general purpose financial statements referred to above present fairly, in all the financial of the Village of Glenview, Illinois, as of December 31, position 1996 and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. Also, in our individual fund, and account financial statements referred to the group 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, 1996 and the of 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, 1995 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. 1 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 fund, and account group I 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, I 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 I financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. I 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. I Crowe, Chizek and Company LLP Oak Brook, Illinois IMarch 21, 1997 ! GENERAL PURPOSE FINANCIAL STATEMENTS VILLAGE OF GLENVIEW, ILLINOIS All Fund Types and Account Groups and Discretely Presented Component Unit Combined Balance Sheet December 31, 1996 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Accounting: The Goverm-nent 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 finandal resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types". Governmental funds are used to account for all or most of a 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. Ail governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. (Continued) 10 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31,1996 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 transaction can be determined and "available" means collectible within the current period. The Government recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes, and fines collected and held by the state at year end on behalf of the Government also are recognized as revenue. Permit revenues are not susceptible to accrual because generally they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types, pension trust funds, and nonexpendable trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue 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) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets: Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue, and Debt Service Funds on the modified accrual basis and for the Enterprise, Internal Service, and Pension Trust Funds on the accrual basis. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations lapse at fiscal year end. During the current year, budgets were not adopted for the following funds: GNAS Caretaker Library Bond Series of 1984 The source of revenue and nature of expenditures for these funds are not subject to prediction and, therefore, budgets were not adopted. Budget and actual comparisons for the Special Revenue Funds exclude the aforementioned funds. The following is a reconciliation of the Special Revenue Funds presented on a budgetary basis to the GAAP basis presentation. Special Debt Revenue Service Fund Balances - Budgeted Funds, at December 31, 1996 Non-GAAPBasis $ 469,733 $ 7~112~725 Nonbudgeted Fund Balances GNAS Caretaker Library Bond Series of 1984 380~968 380,968 Fund Balances - at December 31, 1996 GAAP Basis $ 469.733 $ 7.493.693 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. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Cash and Investments: For purposes of the statement of cash flows, the Government's proprietary band types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments: Investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market), except for investments in the deferred compensation agency fund which are reported 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 interbred 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 fund-type inventories are recorded as expenditures when consumed rather than when purchased. Prepaid Items/Expenses: Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. Fixed Assets: General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account 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 hves are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets are immovable and of value only to the 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. (Continued) 13 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fixed Assets: (Continued) Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. Compensated Absences: Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental 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 recogr~ed 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. 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. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 1 - SUMMARY OF SIGNIEICANT ACCOUNTING POLICIES (Continued) Interfund Transactions (Continued) All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. 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, entitled "Accounting and Financial Reporting for Proprietary Funds and Other · " o a 1 G6vemmental Entities That Use Proprietary Fund Accounting, t pp y all applicable GASB pronouncements and all FASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY Budgets: All departments of the Government submit requests for appropriation to the Government's manager so that a budget may be prepared· The budget is prepared by fund and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. 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. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) Budgets (Continued) 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: Deficit Fund Balance Illinois Municipal Retirement $ (505,782) GNAS Redevelopment (316,996) Corporate Purpose Bond Series of 1991 (56,087) Corporate Purpose Bond Series of 1994 (156,272) 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 Illinois Municipal Retirement $ 74,769 Refuse and Recycling 29,852 Corporate Purpose Bond Series of 1994 671 Corporate Purpose Bond Series of 1996 52,900 Waterworks 45,045 Wholesale Water 42,013 Commuter Parking Lot 12,367 Municipal Equipment Repair 40,293 Firefighters' Pension 8,185 Transfers: Operating transfers were made from the GNAS Bond Fund Series 1995 (Capital Project Fund) to the Arbitrage Rebate Fund (Agency Fund), making operating transfers nonreciprocal by $1,251,800. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 3 - DEPOSITS AND INVESTMENTS The Government maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments". In addition, investments are separately held by several of the Government's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $3,175 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 municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts. Deposits: At year-end, the carrying amount of the Primary Government's deposits totaled $33,325,917 and the bank balances totaled $35,295,639. The carrying amount of the Component Unit's deposits totaled $1,673,793 and the bank balances totaled $1,720,955. Bank Balances Primary Component Government Unit Category ! Deposits covered by federal depository insurance, or by collateral held by the Government, or its agent, in the Government's name. $ 35,187,322 $ 1,720,955 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Government's name. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 3 o DEPOSITS AND INVESTMENTS (Continued) Deposits: (Continued) Bank Balances Primary Component Government Unit 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. $ 108,317 $ Total deposits $ 35.295.63~9 $ 1,720.955 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 Goverrurnent. Investments: The Government's investments are categorized to give an indication of the level of risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Government or its agent in the Government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the Government's name, and uninsured, unregistered investments. -- -- Carrying Amount Category ....... Market 1_ 2 3 Totals Value Securities $ 86,607,298 $ $ - $ 86,607,298 $ 89,626,475 U.S. Treasury Israel Bonds 14,716,991 14,716,991 14,009,274 U.S. Agency Security (FNMA's) 874,375 874,375 874,375 $ 102,198.664 $ $__ 102,198,664 104,510,124 * Deferred Compensation Plan Assets 13,825,213 13,825,213 * Insurance Contracts and Separate Accounts 1~483~87 1,483f587 Total Investments $ 117,507.464 * (Not subject to risk categorization) (Continued) VILLAGE OF GLEN-VIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 3 - DEPOSITS AND INVESTMENTS (Continued) Investments: (Continued) The pension trust funds own ~4 percent of the investments in Category 1. At year end, there were no investments held by the Component Unit. NOTE 4 - RECEIVABLES -TAXES Property taxes for 1996 attach as a~ enforceable lien on January 1, 1996 on property values assessed as of the same date. Taxes are levied by December of the fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 1997 and August 1, 1997 and are payable in two installments, on or about March 1, 1997 and September 1, 1997. The County collects such taxes and remits them periodically. The aliowance for uncollectible taxes has been stated at 2% of the tax les,),, to reflect actual collection experience. NOTE 5 - FIXED ASSETS General Fixed Assets Account Group: The following is a summary of changes in the general fixed assets account group during the fiscal year: Balances Balances Primary_ Government i'anuary 1 Additions Retirements December 31 Land $ 3,405,095 $ $ $ 3,405,095 Buildings and improvements 9,329,007 154,180 9,483,187 Equipment 7,624,588 632,400 497,219 7,759,769 Furniture 296,096 296,096 Office equipment 328,841 328,841 $ 20.983.627 $ 786.580 $ 497.219 $ 21.272.988 (Continued) 19 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 607,024 7,716 614,740 Furniture 277,388 277,388 $ 5.500.500 $ 7.716 $ $ 5.508.216 Proprietary Fixed Assets: The following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise Funds Land and improvements $ 67,851 Leasehold improvements 203,309 Water/sewer systems 21,426,255 Buildings 243,645 Equipment and vehicles 5,814,680 Office furniture and equipment 5,457 27,761,197 Less accumulated depreciation and amortization (8'536t582) 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) 20 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements I December 31, 1996 I NOTE 6 - RISK MANAGEMENT I The Government is exposed to various risks of loss related to torts; theft oL damage to, and destruction of assets; errors and omissions; iniuries to employees; illnesses of employees; and I 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 I 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. i 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 i 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 i 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 i as follows: Fiscal Year Ended December 31 I 1996 1995 i Unpaid claims - beginning $ 137,110 $ 193,783 Incurred claims (including IBNR) 583,615 414,481 Claim payments (570,134) (471,154) I Unpaid claims - ending $ 150.591 $ 137.110 ! I ! ! I (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 Government, 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-LevelExcess Liability Pool (the "Agency") was organized on April 1, 1987. The purpose of the Agency is to act as a joint serf-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 representationon the Board of Directors. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 January 1 Additions Reductions December 31 General ObligationBonds $ 77,711,20~0 $ 8.435,000 $ 9,005,150 $ 77,141,050 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 goverrrment 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 GLENVIEIA/, ILLINOIS m Notes to Financial Statements December 31, 1996 m ! NOTE $ - LONG-TERM DEBT General Obligation Bonds: (Continued) I General obligation bonds are direct obligations and pledge the full faith and credit of the · Government. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired By ~anuarv 1 Additions Reductions December 31 m $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 $ 725,000 $ $ 350,000 S 375,000 m $8,000,000 Corporate Purpose Bonds Series of 1989 dated July I 1, 1989, due in annual installments of $125,000 to $625,000 plus interest at 6.10% to 6.60% through December 1, Debt · 1996. Service 575,000 575,000 $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 800,000 375,000 425,000 $4,165,000 Corporate Purpose · Bonds Series of 1991 dated December 1, 1991, due in Water annual installments of $50,000 Works 1,753,800 564,850 1,188,950 to $60,000 plus interest at · 4.40% to 6.90% through Debt December 1, 1999. Service 466,200 150,150 316,050 $2,895,000 Corporate Purpose m 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 2,705,000 95,000 2,610,000 I (Continued) I I I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements I December 31, 1996 I NOTE 8 - LONG-TERM DEBT (Continued) I General Obligation Bonds: (Continued) Fund Debt Balances Balances I Issue Retired By ~anuary 1 Additions Reductions December 31 $7,635,000 Corporate Purpose Bonds Series of 1993 dated I May 1, 1993, due in annual installments of $205,000 to $1,345,000 plus interest at 4.60% to 4.70% through Debt I December 1, 2005. Service 7,430,000 $ 215,000 7,215,000 $8,040,000 Corporate Purpose Bond Series of 1994 dated I 1994, due in September 15, annual ~nstallments of $90,000 to $1,275,000 plus interest at I 4.00% to 5.10% through Debt December 1, 2004. Service 7,940,000 90,000 7,850,000 $500,000 Corporate Purpose I Bond Series of 1995 dated October 17, 1995, due in annual installments of $100,000 plus interest at 3.55% I to 4.20% through Decem- Debt her 31, 2000. Service 500,000 100,000 400,000 $60,000,000 General Obligation I Bond Anticipation Bonds of 1995 dated January 25, 1995, due in annual installments of $7,500,000 to $20,000,000 plus I interest at 7.0% through Debt December 1,1999. Service 60,000,000 7,500,000 52,500,000 $8,345,000 Corporate Purpose I Bond Series of 1996 dated November 1, 1996, due in annual installments of i $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 I $ 82.895.000 5 8.435.000 $10.015.000 $ 81.315.~ ! I (Continued) I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 LONG-TERM DEBT (Continued) Requirements to Maturity service requirements to maturity are as follows: General Obligation Fiscal Year General Bonds Carried Ending Obligation as Enterprise December 31 Bonds Fund Liabilities Totals 1997 $ 20,732,376 $ 1,247,676 $ 21,980,051 1998 22,584,568 653,411 23,237,978 1999 24,770,113 583,509 25,353,622 2000 3,565,138 267,524 3,832,662 2001 3,338,434 265 444 3,603,878 2002 3,350,093 262 944 3,613,037 2003 3,019,329 270 014 3,289,343 2004 3,024,419 266 024 3,290,443 2005 2,488,644 266 574 2,755,218 2006 1,088,362 266 334 1,354,696 2007 1,093,948 265 284 1,359,232 2008 1,101,188 268 490 1,369,678 2009 270 720 270,720 2010 266 860 266,860 2011 267 340 267,340 2012 271,830 271,830 principal and interest $ 90.156.612 $ 5.959.978 $ 96.116.590 portion $ 13.015.562 $ 1.786.028 ~ (Continued) 26 VILLAGE OF GLEN'VIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 8 - LONG-TERM DEBT (Continued) Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. Advance Refunding - General Obligation Bonds, Series 1991 On November 1991, the Government ordinance for the issuance of 19, passed an providing $4,165,000 General Obligation Bond Series of 1991 and the levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On December 1, 1991, the Government passed an ordinance directing the execution of an escrow agreement in order to partially refund $875,000 of Library Bond Series of 1984 issued by the Government and outstanding in the aggregate principal amount of $1,650,000. Proceeds in the amount of $946,182 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. Proceeds in the amount of $3,171,875 were used to call the entire amount of outstanding 1979 Corporate Purpose Bonds ($3,425,000) on January 2,1992. Although there has been no legal defeasance (satisfaction of debt) in this transaction, all conditions which normally satisfy defeasance of the $875,000 of the Library Bond Series of 1984 have been met. These provisions include: Proceeds of the debt have been in irrevocable trust with trustee new placed a reputable 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. (Continued) 27 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 8 - LONG-TERM DEBT (Continued) Advance Refunding - General Obligation Bonds, Series 1991 (Continued) 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 - Library Bond Series of 1984 to be paid from escrow: Fiscal Year Ending Interest December 31 Rates Principal 1997 10.00 $ 275,000 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 amount of $6,625,000 and $4,000,000, respectively. This advance refunding aggregate principal 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 of the refunded and refunding bonds) of $259,324. payments Proceeds in the amount of $7,988,866 from the refunding bonds were used to execute the The long-term debt is recorded in the General Long-Term Debt Account escrow agreement. Group. Current principal and interest requirements are accounted for in the Debt Service Fund. (Continued) VILLAGE OF ILLINOIS GLENVIEW, Notes to Financial Statements December 31, 1996 NOTE 8 - LONG-TERM DEBT (Conhnued) Advance Refunding - General Obligation Refunding Bonds, Series 1994 (Continued) Although there has been no legal defeasance (satisfaction of debt) in this t~ansaction, 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 su~ect 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 --- Bond Series of 1989 Bond Series of 1990 -- Year Ending Interest Interest December 31 Rate Principal Rate Principal 1997 6.30 $ 600,000 6.80 $ 425,000 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) 29 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 8 - LONG-TERM DEBT (Continued) Noncommitment Debt 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 agent for the property owners in levying and collecting the assessments and forwarding the collections to bondholders. NOTE 9 - CONTRA~d'I'UAL COMMITMENTS ~igh-Level Excess Liability Pool (HELP) The Government has committed 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 1997 $ 70,000 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 (Continued) 30 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 1996 31, NOTE 9 - CONTRACTUAL COMMITMENTS (Continued) 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 expects to be delivering refuse to the Agency beginning 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 armual cost of the system. The obligation of the Govemment to make all payments as required by this contact is tmconditional and irrevocable, without regard to performance or nonperformance by the Agency of its obligations under this contract. NOTE 10 - INTERFUND ASSETS/LIABILITIES Due From/To Other Funds Receivable Fund Payable Fund Amount General Illinois Mtmicipal Retirement $ 350,000 GNAS Redevelopment 316,285 GNAS Caretaker 22,865 689r150 Special Revenue Funds GNAS Redevelopment GNAS Bond Fund Series 1995 90,533 GNAS Caretaker 1,346 GNAS Caretaler General Obligation Bond Anticipation Bond Series of 1995 9,427 101,306 Debt Service Funds Library Bond Series of 1984 Corporate Purpose Bond Series of 1991 20,000 Corporate Purpose Bond Series of 1994 132,141 152,141 (Continued) 31 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 10 - INTER.FUND ASSETS/LIABILITIES (Continued) Due From/To Other Funds (Continued) Receivable Fund Payable Fund Amount Capital Projects Funds GNAS Capital Projects General 8,266 GNAS Redevelopment 96,516 GNAS Bond Fund Series 1995 General 129,870 GNAS Capital Project 102,943 General Obligation Bond Anticipation Bond Series of 1995 30t545 368,140 Enterprise Funds Waterworks Corporate Purpose Bond Series of 1991 43,715 Wholesale Water 186,094 Sewerage Waterworks 50f905 280f714 Trust and Agency Funds Escrow General 374,342 Service Areas Corporate Purpose Bond Series of 1996 9,799 Special Arbitrage Rebate GNAS Bond Fund Series 1995 1,251,800 1,635~941 Advances From/To Other Funds Receivable Fund Payable Fund Amount Capital Projects Capital Projects Sewerage $ 368,981 Enterprise Waterworks Capital Projects 572,074 Capital Equipment Replacement 495,758 Sewerage Capital Equipment Replacement 154,490 1,222,322 $ 1.591.303 (Continued) 32 I VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements I December 31, 1996 NOTE 11 - SEGMENT INFORMATION - ENTERPRISE FUNDS I 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 i as of the date of this report and for the fiscal year is as follows: Commuter Wholesale Parking I Waterworks Water Sewerage Lo__.!t Totals Operating revenues $ 5,841,524 $ 1,396,003 $ 796,554 $ 81,357 $ 8,115,438 I Depreciation and amortization expense 392,082 62,816 89,045 5,252 549,195 I Operating income (loss) 1,063,222 429,629 324,802 (36,324) 1,781,329 Operating transfers in I Operating transfers out (1,051,181) (115,810) (270,198) (30,000) (1,467,189) Net income (loss) 63,568 170,596 62,145 (64,091) 232,218 I Current capital contributions Current capital transfers I Plant, property, and equipment Additions 64,767 202,171 266,938 Delefion~ I Total assets 16,227,039 3,726,065 4,376,323 160,644 24,490,071 Net working capital 2,542,096 1,107,202 286,941 79,037 4,015,276 I Bonds and other long-term liabilities I Payable from operating revenues 1,563,950 2,588,259 4,152,209 Payable from other sources I Total equity 14,125,843 794,012 4,007,342 160,485 19,087,682 ! ! I (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 I NOTE 12 - CONTRIBUTED CAPITAL During the current year, contributed capital increased by the following amounts: 1 Waterworks Sewerage Total__s I Increases $ $ $ Decreases I Net Increases Contributed Capital January 1 2~386,154 891~089 3,277~243 1 December31 $ 2.386.154 $ 891.089 $ 3.277.243 NOTE 13 - CONTINGENT LIABILITIES Litigation: The Government is a defendant in various lawsuits. Although the outcome of these I 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. I 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. I High-Level Excess Liability Pool (HELP): The Government's agreement with the High-Level Excess Liability Pool provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. Solid Waste Agency of Northern Cook County (SWANCC): The Government's contract with I the Solid Waste Agency of Northern Cook County provides that each member is liable for its members.Pr°p°rti°nate share of any costs arising from defaults in payment obligations by other I (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 depa~h~xents. As of December 31, 1996, 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 Goverrument does not exercise any control over the activities of the Center beyond its representation on the Board of Directors. (Continued) VILLAGE OF GLEN-VIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 14 - JOINT VENTURES (Continued) Regional Emergency Dispatch Center (Continued) Summary Financial Inforrtmtion of Joint Venture The latest available financial statements of the Center, dated December 31, 1996, show the following: Government's Total Share (.3210) Total Assets $ 327,209 $ 105.034 Total Liabilities 119,598 38,391 Total Equity 207~611 66~643 Total Liabilities and Equity 327.209 105.034 Total Revenues 780.896 250.668 Total Expenditures 785,173 252.041 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 $190,268 for the year. Solid Waste Agency of Northern Cook County (SWANCC): Description of Joint Venture The Goverrrment 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 I1Enois 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, 1996 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 LincoInwood 1.87 Winnetka 3.80 Morton Grove 2.78 100.00% These percentage shares are based on waste estimates for the year 2003 and carmot 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) 37 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 ail 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 t. he bylaws. Summary of Financial Information of Joint Venture Sununary of Financial Position as of April 30, 1996: Assets Liabilities and Fund Equity Current assets Current liabilities Cash and investments $ 95,189 Accounts payable $ 1,219,873 Receivables and other 4f299r440 Accrued interest payable 1,694,574 4r394,629 Deferred revenue 1~601~245 4~515~692 Restricted assets Long-term liabilities Cash and investments 10,484,709 Bonds payable (net of Accrued interest receivable 4,112 discount) 62,820~852 10,488,821 Fixed assets 98,699,095 Accumulated depreciation (1,301,756) Total liabilities 67~336,544 47~397~289 Other assets Unamortized bond Fund equity issuance cost 1,834,857 Contributed capital 4,723,340 Retained earnings (7,944,288) Total fund equity (3,220,948) Total liabilities Total assets $ 64.1'15.596 and fund equity ~ (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 14 - IOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County {$1~/ANCC): (Continued) Summary of Financial Information of loint 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 $887,403 in payments to the Agency for the year ended 31, December 1996. NOTE 15 - DEFERRED COMPENSATION PLAN The Government offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Government employees, perm/ts them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan; all property and rights purchased with those amounts; and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Government subject only to the claims of the Government's general creditors. Participants' rights under the plan are equal to those of general creditors of the Government in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the Government's legal counsel that the Government has no 1/ability for losses under the plan but does have the duty of due care that would be required of an ordinary pmdant investor. The Government believes that il: is unlikely that it will use the assets to satisfy the claims of general creditors in the future. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 16 - POSTEMPLOYMENT BENEFITS In addition to providing 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. 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 Government contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Government's total payroll for the year ended December 31, 1996 was $14,478,567. Of this amount, $7,546,952 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. 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 compiled statute (entry age normal); for 1996 the rate was 9.78 percent. (Continued) 40 VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 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 lll~,~ois 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, 1996 was $3,733,271 out of a total payroll of $14,478,567. At December 31, 1996, 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 55 Nonvested 11 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 annual retirement benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2% of such salary for each additional year of service over 20 years up to 30 years and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% simple interest annually thereafter. (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Police Pension (Continued) Covered employees are required to contribute 9% 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. By the year 2033, the Government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits, as well as the employee and employer contributions levels, are mandated by Illinois Compiled Statutes (Chapter 40 - Article 5/4) and may be amended only by the Illinois legislature. The Government accounts for the plan as a pension trust fund. The Govermnent's payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31, 1996 was $4,508,905 out of a total payroll of $14,478,567. At December 31, 1996 the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 29 Current employees Vested 66 Nonvested 18 Total 113 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. (Continued) 42 VILLAGE OF ILLINOIS GLENVIEW, Notes to Financial Statements December 31, 1996 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Plan Descriptions and Provisions: (Continued) Eirefighters' Pension {Continued) The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaLrfing 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% of such monthly salary for each additional month over 20 years of service through 30 years of service and one-twelfth of 1% of such monthly service for each additional month over 30 years of service, to a maximum of 75% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may re,re 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% of the original pension and 3% annually thereafter. Covered employees are required to contribute 8 1/4 % 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. By the year 2033, the Government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded. 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 - Fixed-income securities are reported at amortized cost with discounts or premiums amortized using the effective interest rate method, subject to adjustment for market declines judged to be other than temporary (lower of cost or market). Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed- income securities are recognized on the transaction date. Equity securities are reported at cost subject to adjustment for market declines judged to be other than temporary (lower of cost or market). (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 17 -EMPLOYEE RETIREMENT SYSTEMS (Continued) Summary of Significant Accounting Policies and Plan Asset Mat~ers: (Continued) Significant Investments - There are no investments (other than U.S. goverranent and U.S. government-guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits. Funding Status and Progress: The amount shown below as the "pension benefit obligation" for the IMRF Plan is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary Increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of the system on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the Syster~ The amount shown below as the "pension benefit obligation" for the Police Pension Plan and the Firefighters' Pension Plan is a substitute disclosure measure (ent~ age normal), the actuarial accrued liabihty of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate l~enefits, estimated to be payable in the future as a result of employee service to date. This substitute disclosure measure is intended to help users assess the funding status of the system on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other employers using the substitute disclosure method. The substitute disclosure measure is independent of the funding method used to determine contributions to the System. Illinois Municipal Police Firefighters' Retirement Pension Pension Actuarial valuation date December 31, 1996 January 1, 1996 January 1, 1996 Significant actuarial assumptions a) Rate of return on investment 7.50% compounded 8.00% compounded 8.00% compounded of present and future assets annually annually annually b) Projected salary increases - 4.25% compounded ] 5.5% compounded 5.5% compounded a ~a~ibu table to inflation annually ] annually annually c) Additional projected ] salary increases - .6% to 6.8% ] (Note - separate ~l:ormation attributable to depending on age and ] for b) and c) not available) seniority/merit service attributable to ] seniority and merit ] d) Post-retirement benefit increases 3.00% compounded 3.00% compounded 3.00% compounded annually annually annually (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 1996 31, NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Status and Progress: (Continued) Illinois Fire- Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Only) Pension benefit obligation Retirees and beneficiaries currently receiving benefits and terminated (Note A) (Note B) (Note B) employees not yet receiving benefits $ 805,641 $ 6,200,679 $ 7,165,909 $ 14,172,229 Current employees Accumulated employee contributions including allocated investment earnings 3,755,848 2,710,044 3,139,960 9,605,852 Employer - financed vested 7,387,433 5,917,981 9,147,774 22,453,188 Employer - financed nonvested 703,234 1~557~858 2,269,294 4~530f386 Total pension benefit obligation 12,652,156 16,386,562 21,722,937 50,761,655 Net assets available for benefits at market - IMRE; at lower cost or market - Police and Firefighter's Pension 13~425,952 16,078,497 29,813r648 59,318~097 (Market values) (IMRF $ 13,425,952) (Police 20,465,581 ) (Firefighters' 30,698,062) (Totals $ 64.589.595] Unfunded (assets in excess of) pension benefit obligation $ (773.796) $ 308.065 $ (8.090.711) $ /8.556.442~ (Note A) The pension benefit obligation applicable to retirees and beneficiaries currently receiving benefits is not included in the above schedule due to the fact that this obligation was transferred from the Government to IMRF as a whole when the annuity became payable. (Note B) The "pension benefit obligation" applicable to the Plan is the actuarial accrued liability, a substitute disclosure measure. (Conffnued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Funding Status and Progress: (Continued) Effects on the Pension Benefit Obligation of Current-Year Changes Illinois Municipal Retirement: There were no current-year changes in the actuarial assumptions, benefit provisions, and methodology in the pension benefit obligation shown above from the previous year. Police Pension: There were no current-year changes in the actuarial assumptions, benefit provisions, and methodology in the pension benefit obligation shown above from the previous year. Firefighter's Pension: There were no current-year changes in the actuarial assumptions, benefit provisions, and methodology in the pension benefit obligation shown above from the previous year. Contributions Required and Contributions Made Illinois Municipal Retirement, Police Pension, and Firefighters' Pension The Systems' funding policy provides for actuarially determ~ed periodic contributions at rates that, for individual employees, accumulate assets gradually over time so that sufficient assets will be available to pay benefits when due. The rate for the Government's employee group as a whole has tended to remain level as a percentage of annual covered payroll. The contributions rate for normal cost is determined using the entry age normal actuarial banding method. The IMRF System used for level percentage of payroll method, while the Police Pension and Firefighters' Pension Systems used a level dollar amount method to amortize the unfunded liability over a 40-year period. The sigr~ificant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described above. (Continued) OF GLENVIEW, VILLAGE ILLINOIS Notes to Financial Statements December 31, 1996 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Contributions Required and Contributions Made (Continued) Illinois Fire- Totals Municipal Pohce fighters' (Memorandum Retirement Pension Pension Only) Actuarial valuation date December 31, January 1, January 1, 1996 1996 1996 Actuarially determined contribution requirement As a dollar amount Employer Normal cost $ 544,890 $ 336,254 $ 500,308 $ 1,381,452 Amortization of unfunded actuarial accrued liability 116,978 55,533 (319,925) (147,414) Death and disability cost 29,433 29,433 Supplemental retirement benefit 46f791 46~791 738,092 391,787 180,383 1,310,262 Employee - normal cost 339~613 311,447 344~663 995~723 $ 1.077.705 $ 703.234 $ 525.046 $ 2,305,985 As a % of current covered payroll Employer Normal cost 7.22% 9.80% 11.80% 8.75% Amortization of unfunded actuarial accrued liability 1.55 7.60 (7.50) (.93) Death and disability cost .39 .19 Supplemental retirement benefit .62 .30 9.78 17.40 4.30 8.31 Employee - normal cost 4.50 9.00 8.25 6.30 14.28% 26.40% 12.5~5% 14.61% Contribution made As a dollar amount Employer $ 738,092 $ 427,632 $ 256,205 $ 1,421,929 Employee 339~613 311~447 344~663 995,723 $ 1,077,705 $ 739.079 $ 600.868 $ 2,417,652 As a % of current covered payroll Employer 9.78% 11.45% 5.68% 9.00% Employee 4.50 9.00 8.25 6.30 14.28% 20.45% 13.93% 15.30% (Continued) VILLAGE OF GLENVIEW, ILLINOIS Notes to Financial Statements December 31, 1995 NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued) Contributions Required and Contributions Made (Continued) Effects on the Contribution Requirements of Current-Year Changes Illinois Municipal Retirement, Police Pension, Firefighters' Pension There were no current year changes in actuarial assumptions or benefit provisions. Trend Information: Trend information gives an indication of the progress made in accumulating suffident assets to pay benefits when due. Trend information may be found in the supplemental section of the Government's annual financial report. For Illinois Totals Fiscal Municipal Police Firefighters' Memorandum Year Retirement Pension Pension Only) Net assets available for benefits 1994 79.83 97.44 138.60 112.12 as a % of the pension benefit 1995 93.41 98.05 135.55 112.87 obligation (PBO) 1996 106.12 98.12 137.24 116.86 Unfunded (assets in excess o0 PBO 1994 30.83 11.87 (213.70) (39.70) as a % of annual covered payroll 1995 10.99 9.21 (174.03) (42.11) (expressing the unfunded pension 1996 (10.25) 8.25 (179.44) (54.19) benefit obligation as a percentage of annual covered payroll approx- imately adjusts for the effects of inflation for analysis purposes) Employer contributions As a % of annual covered payroll 1994 10.42 12.71 7.48 10.21 1995 9.92 12.35 6.60 9.52 1996 9.78 11.45 5.68 9.00 Required 1994 683,868 349,352 162,710 1,195,930 1995 692,205 366,516 198,584 1,257,305 1996 738,092 391,787 180,383 1,310,262 Made 1994 683,868 383,600 244,063 1,311,531 1995 692,205 396,439 267,750 1,356,394 1996 738,092 427,632 256,205 1,421,929 I I I I I I I GENERAL FUND 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, 1996 and 1995 1996 1995 ASSETS Cash and investments $ 6,629,833 $ 4,064,532 Receivables Taxes Property taxes 4,507,613 3,755,037 Sales tax 709,848 762,111 Income tax 213,566 317,413 Utility taxes 425,506 313,976 Accounts 108,287 118,722 Other 48,824 3,165 Due from other funds 689,150 2,869,707 Prepaid items 5,356 5,356 Investment in land held for resale 725,000 725,000 Totalassets $ 14,062,983 $ 12,935,019 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 29,351 $ 116,910 Accrued payroll 44,034 41,653 Compensated absences payable 586,321 660,186 Other payables 16,640 29,924 Due to other funds 512,478 1,137,082 Deferred revenues 4,507,613 3,755,037 Total liabilities 5,696,437 5,740,792 Fund balance Reserved for prepaid items 5,356 5,356 Reserved for Patton House 10,000 Reserved for land held for resale 725,000 725,000 Unreserved Designated for surcharge receipts 1,472,048 1,472,048 Undesignated 6,154,142 4,991,823 Total fund balance 8,366,546 7,194,227 Total liabilities and fund balance $ 14,062,983 $ 12,935,019 See accompanying notes to financial statements. 49 VILLAGE OF GLENVIEW, ILLINOIS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 and Actual Only for 1995 1996 1995 BudKet Actual Actual Revenues Taxes $ 15,587,382 $ 15,459,476 $ 14,831,136 Licenses and permits 1,134,300 1,087,088 958,658 Intergovernmental 1,855,826 2,031,933 1,441,503 Charges for services 679,678 674,151 557,700 Fines and forfeits 250,000 239,467 207,433 Interest 172,500 231,829 174,561 Miscellaneous 55,000 59,168 44,512 Total revenues 19,734,686 19,783,112 18,215,503 Expenditures General government 4,099,556 3,958,385 3,808,518 Public safety 11,048,930 10,548,544 10,298,562 Highways and streets 3,780,957 3,475,887 3,573A06 Total expenditures 18,929,443 17,982,816 17,680,486 Excess of revenues over expenditures 805,243 1,800,296 535,017 Other financing sources (uses) Operating transfers in Wholesale Water Fund 115,810 115,810 84,237 Sewer Fund 48,416 48,416 38,371 Commuter Parking Lot Fund 30,000 30,000 30,000 GNAS - Redevelopment Fund 198,357 - Escrow Deposit Fund 135,000 157,544 249,522 Component Unit Library Fund 12,100 12,100 12,100 Operating transfers (out) Capital Equipment Replacement Fund (803,431) (803,431) (765,685) Capital Projects Fund (301,000) (311,000) (1,098,000) Police Pension Fund (33,418) (33,418) (32,037) Firefighters' Pension Fund (42,355) (42,355) (41,007) (838,878) (627,977) (1,522,499) Excess (deficiency) of revenues and other finandng sources over expenditures and other financing uses $ (33,635~) 1,172,319 (987,482) Fund balance January 1 7,194,227 8,181,709 December 31 $ 8,366,546 $ 7,194,227 accompanying notes to See financial statements. 50 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1996 and Actual Only for 1995 1996 1995 ~ Actual Actual Taxes Property taxes - current $ 3,550,000 $ 3,567,602 $ 3,522,602 Property taxes - prior 65,000 189,307 62,783 Replacement taxes 74,882 101,048 89,502 Sales tax 5,000,000 4,661,985 4,843,071 Utility tax 3,205,000 3,099,365 2,935,696 Illinois income tax 2,660,000 2,656,744 2,266,279 Road and bridge 138,000 159,543 135,789 Franchise taxes 293,000 320,704 355,268 Road and bridge - prior 1,500 4,534 1,462 Hotel room tax 600,000 698,644 618,684 15,587t.382 15,459,476 14,831,136 Licenses and permits Motor vehicle 478,500 487,784 403,655 Business 80,000 58,681 53,042 Liquor 70,000 113,468 84,850 5,300 5,359 5,870 Pet Buildings 367,850 311,400 294,469 Electrical inspection 38,600 35,738 30,060 and sewer 38,500 29,581 27,805 Plumbing Plan review and elevator inspections 49,550 39,893 53,007 Driveway permits 6,000 5,184 5,900 1,134,300 1,087,088 958,658 Intergovernmental Glenbrook Fire Protection District 1,708,826 1,857,583 1,243,933 Federal and state grants 50,000 19,144 22,669 Other 97,000 155,206 174t901 1~855,826 2,031,933 1,441,503 Charges for services Administration 508,678 508,678 421,807 Engineering fees 85,000 80,128 49,380 Contractor's fees 45,000 43,760 4~,155 Unclassified public works service 15,000 12,977 10,957 Other current service charges 26,000 28,608 30,401 679,678 674,151 557,700 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1996 and Actual Only for 1995 1996 1995 Budget Actual Aqtual Fines and forfeits $ 250,000 $ 239,467 $ 207,433 Interest 172,500 231,829 174,561 Miscellaneous 55,000 59,168 44,512 Total revenues $ 19,734,686 $ 19,783,112 $ 18,215,503 VILLAGE OF GLENVIEW, ILLINOIS · General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual General government Board of Trustees $ 25,140 $ 11,155 Special board 159,095 148,109 Legal 333,600 304,319 Emergency- Service Disaster Agency 5,700 4,350 Village manager 459,583 435,400 Finance 678,925 624,391 Municipal building and grounds 253,430 244,258 Personnel and insurance 2,184,083 2,186,403 4,099,556 3,958,385 Public safety Police department 5,335,238 5,230,036 Fire department 5,660,892 5,272,092 Printing 52,800 46,416 11,048,930 10,548,544 Highways and streets Development and public services Administration 256,899 246,599 Planning and zoning 110,655 105,925 Engineering 434,523 413,594 Public health 173,938 152,622 Public works - administration 239,628 167,992 Public works - overhead 761,368 686,818 Public works - street maintenance 359,696 311,580 Public works - traffic 232,768 249,180 Public works - storm water management 107,704 100,164 Public works - snow and ice control 285,582 188,962 Public works - forestry 185,014 204,526 Public works - grounds 113,658 138,627 Building inspection 519,524 509,298 3,780,957 3,475,887 Total expenditures $ 18,929,443 $ 17,982,816 (Continued) VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual General government Board of Trustees Regular salaries $ 3,000 $ 3,000 Training 1,000 33 Trustee expense 16,640 2,890 Operational material and supplies 4,500 5,232 25,140 11,155 Special board Contractual services 158,095 148,090 Materials and supplies 1,000 19 159,095 148,109 Legal Contractual and professional ser~'ices 66,400 59,342 Books 3,000 2,166 Dues, subscriptions, and memberships 500 713 Village Attorney retainer 42,750 42,750 Prosecutor retainer 30,950 30,950 Outside litigation 190~000 168~398 333,600 304,319 Emergency Service Disaster Agency Telephone and telegraph 1,200 837 Maintenance of equipment 3,000 2,745 Office supplies 200 127 Books, pamphlets, and materials 50 Materials and supplies 12 Contingencies 1,000 193 Small tools 250 436 5,700 4,350 Village Manager Regular salaries 344,478 351,525 Temporary salaries 13,500 12,453 Longevity pay 2,204 1,589 Contractual professional services 1,500 Printing, binding, and publication 11,900 347 Postage 42,000 36,681 Dues, subscriptions, and memberships 21,865 18,128 54 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual General government (Continued) Village Manager (Continued) Maintenance of equipment $ 1,400 $ 364 Travel expense 8,130 6,448 Training expense 2,800 2,550 Books, pamphlets, and materials 300 199 Operational material and supplies 800 148 Computer supplies 1,100 952 Equipment repairs 3,106 2,058 Equipment replacement 6,000 6,000 Machinery or equipment 4,500 1,958 465,583 441,400 Less transfer to Capital Equipment Replacement Fund 6,000 6,000 459,583 435,400 Finance Regular salaries 447,355 392,285 Overtime salaries 750 478 Temporary salaries 30,000 30,217 Longevity pay 4,666 4,664 Contractual professional services 23,415 29,413 Printing, binding, and publication 33,500 28,053 Postage 8,000 3,629 Dues, subscriptions, and memberships 1,495 2,105 Car allowance 100 Maintenance of equipment 13,900 27,935 Rentals 39,000 36,639 Travel expense 4,844 3,450 Training expense 1,000 784 Office supplies 32,500 20,778 Books, pamphlets, and materials 300 205 Computer supplies 8,000 8,344 VILLAGE OF GLENVIEIN, ILLINOIS GeneraI Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual General government (Continued) Finance (Continued) Other operating expense $ 1,000 $ 1,520 Bank charges 800 1,521 P.C. expansion 18,300 19,849 Machinery and equipment 10,000 12,522 678,925 624,391 Municipal building grounds and Temporary salaries 6,024 Contractual prof services 279 Power and light 150 Heating 18,500 6,446 Postage 30,000 20,557 Telephone 30,000 43,574 Maintenance of equipment 22,900 29,005 Maintenance of buildings 38,200 34,338 Rentals 11,180 10,964 Cleaning and household supplies 5,000 3,577 Maintenance materials - buildings 9,200 4,975 Small tools and equipment 500 508 Employee welfare 5,000 3,689 Buildings and improvements 82~800 80f322 253,4,30 244,258 Personnel and insurance Contractual professional services 26,500 11,186 Public safety selection and promotion 14,000 3,820 Wellness program 2,500 1,622 Printing, binding, and publications 1,800 2,184 Dues, subscriptions, and memberships 590 795 Safety program 2,000 18 Travel 400 Training expense 31,000 20,310 Books, pamphlets and materials 1,000 Employee welfare 8,850 9,090 Insurance 2,095,443 2,137,378 2,I84,083 2,186,403 Total general government 4,099,556 3,958,385 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Public safety Police department Regular salaries $ 4,082,408 $ 4,085,797 Overtime salaries 74,700 88,539 Overtime hire back 91,300 113,209 Overtime court th-ne 91,300 85,257 Overtime training 4,000 4,568 Overtime extra detail - 8,394 Temporary salaries 146,360 114,500 Holiday pay 109,515 100,812 Longevity pay 50,650 49,046 Contractual professional services 104,500 89,771 Printing, binding and publication 7,600 7,137 Heating 7,000 1,856 Postage 4,000 3,757 Telephone 24,000 12,879 Dues and subscriptions 3,350 3,689 Maintenance of equipment 68,200 57,275 Maintenance of buildings 6,050 4,533 Rentals 20,000 18,114 Travel expenses 6,490 4,173 Office supplies 4,300 5,409 Books, pamphlets, and materials 7,000 8,005 Training 54,680 58,063 Uniform allowance 59,850 58,093 Cleaning and household supplies 3,800 3,922 Maintenance materials - buildings 4,000 3,973 Operating materials and supplies 31,250 26,848 P.C. expansion/training 10,000 8,583 welfare 7,500 8,732 Employee Equipment repairs 176,135 160,956 Machinery and equipment 60,600 23,017 Furniture and fixtures 14,700 11,129 57 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Public safety (Continued) Police (Continued) department Equipment replacement $ 296,720 $ 296,720 5,631,958 5,526,756 Less transfer to Capital Equipment Replacement Fund 296,720 296,720 5,335,238 5,230,036 Fire depaL tment Regular salaries 4,350, t70 4,205,306 Overtime administrative 1,556 3,359 Overtime acting company officer 12,000 8,377 Overtime call back 25,938 21,069 Overtime hire back 114,125 41,426 Overtime apparatus repair 21,269 6,040 Overtime fire prevention 1,038 11,021 Overtime public education 28,433 19,478 Overtime emergency medical service 43,575 21,561 Overtime hazardous material 9,338 7,364 Overtime FLSA 45,650 39,750 Overtime special rescue 8,300 7,564 Overtime dive team 12,917 8,324 Overtime training 25,938 25,449 Holiday pay 146,535 152,959 Longevity pay 54,955 53,300 Contractual professional services 244,950 195,263 Outside litigation 5,000 26,756 Fire selection and promotion 2,400 2,230 Printing, binding, and publication 1,000 938 Heating 13,000 4,310 Postage 1,200 1,112 Telephone 20,500 15,497 Dues, subscriptions, and memberships 3,563 2,972 Maintenance of equipment 26,020 22,858 Maintenance of buildings 24,500 21,173 58 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Public safety (Continued) Fire department (Continued) Rentals $ 6,900 $ 6,980 Travel expenses 8,830 5,565 Training 29,400 20,615 Uniform and turnouts 65,000 53,146 Office supplies 2,500 2,333 Texts and films 4,550 4,797 Motor vehicle supplies 6,000 9,085 Cleaning supplies 9,000 10,137 Maintenance materials - equipment 13,000 14,249 Maintenance materials - buildings 11,250 15,087 Small tools and equipment 28,155 25,716 Operating materials and supplies 21,900 13,238 Computer supplies 2,600 620 welfare 4,800 3,813 Employee Equipment replacement 207,079 207,079 Equipment repairs 104,327 86,425 22,500 14,638 Buildings / improvements to buildings Machinery and equipment 76,310 60,192 5,867,971 5,479,171 Less transfer to Capital Equipment Replacement Fund 207,079 207,079 5,660,892 5,272,092 Printing Maintenance of equipment 500 300 Rentals 34,000 25,049 Maintenance materials - equipment 200 Operating supplies 18,000 21,067 Small tools andequipment 52,800 46,416 Total public safety 11,048,930 10,548,544 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets Development and public service Administration Regular salaries $ 232,344 $ 228,985 Overtime Pay 1,234 Temporary salaries 18,000 9,835 Longevity pay 1,845 1,845 Contractual professional services 1,231 Computer supplies 150 272 Dues, subscriptions, and memberships 610 903 Maintenance of equipment 100 316 Rentals 100 Travel expense 1,500 462 Training 500 135 Office supplies 150 175 Books, pamphlets, and materials 200 259 Equipment replacement 3,700 3,700 Equipment repairs 1,400 947 260,599 250,299 Less transfer to Capital Equipment Replacement Fund 3,700 3,700 256,899 246,599 Planning and zoning Regular salaries 57,,192 57,741 Temporary salaries 3,000 3,318 Longevity 513 513 Contractual and professional services 30,000 26,193 Books, pamphlets, and materials 400 360 Printing, binding, and publication 10,000 8,714 Dues, subscriptions, and memberships 4,850 4,936 Travel expense 2,200 2,209 Training 1,000 975 Operational supplies 431 P.C. expansion 800 535 110,655 105,925 60 VILLAGE OF GLENVIEW. ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development and public service (Continued) Engineering Regular salaries $ 365,460 $ 350,187 Overtime salaries 5,000 10,883 Temporary salaries 10,500 8,872 Longevity' pay 1,897 1,896 Contractual and professional services 17,860 15,286 Printing, binding, and publication 350 352 Dues. subscriptions, and memberships 1,150 996 Maintenance of equipment 5,700 3,674 Travel expense 2,250 2,276 Rentals 400 340 Training 7,200 5,951 Uniform allowance 800 650 and materials 175 62 Books, pamphlets, Operational materials 4,800 5,179 Computer supplies 1,000 1,392 Equipment replacement 17,000 17,000 Equipment repairs 8,381 5,159 Machinery and equipment 1,600 439 451,523 430,594 Less transfer to Capital Equipment Replacement Fund 17,000 17,000 434,523 413,594 PubLic health Regular salaries 155,064 144,589 Overtime salaries 1,000 Longevity pay 923 923 Rentals 150 58 Con.actual professional services 1,000 1,152 Printing, binding, and publication 200 54 Dues. subscriptions, and memberships 1,114 1,148 Maintenance of equipment 535 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development public service (Continued) and Public health (Continued) Travel expense $ 2,700 $ 1,193 Training expense 2,360 1,069 Books, pamphlets, and materials 550 79 Small tools and equipment 700 317 Operating materials and supplies 3,000 Equipment replacement 6,200 6,200 Computer supplies 1,050 4 Other operational expense 225 109 Equipment repairs 3,367 1,927 180,138 158,822 Less transfer to Capital Equipment Fund 6,200 6,200 Replacement 173,938 152,622 Public works - administration Regular salaries 189,444 131,392 Overtime salaries 500 Temporary salaries 22,249 18,646 Longevity pay 1,795 1,794 Printing, binding, and publication 200 222 Dues, subscriptions, and memberships 800 700 Maintenance of equipment 1,450 558 Rentals 3,000 3,347 Travel expense 5,000 760 Training 9,500 6,817 Office 2,000 1,920 Books, pamphlets, and materials 90 52 Operational materials and supplies 1,800 709 Machinery and equipment 800 803 Computer supphes 1,000 272 239,628 167,992 62 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public works - overhead Regular salaries $ 379,094 $ 344,586 Overtime salaries 2,229 3,906 Temporary salaries 53,503 48,879 Longevity pay 12,611 11,685 Contractual professional services 2,000 715 Heating 21,000 25,550 Telephone 8,000 3,591 Dues, subscriptions, and memberships 80 48 Maintenance of equipment 8,000 3,670 Maintenance of building improvements 11,400 9,868 Rentals 17,150 11,773 Travel expense 250 113 Training 2,500 1,832 Uniform allowance 10,150 11,334 Office Supplies 50 Books, pamphlets, and materials 200 186 Cleaning supplies 4,500 5,075 Maintenance materials - buildings 10,000 11,547 Small tools and equipment 2,500 5,487 Employee welfare 3,000 3,127 Equipment replacement 252,732 252,732 Equipment repairs 201,251 175,788 Machinery and equipment 11,950 7,991 Automotive - 17 1,014,100 939,550 Less transfer to Capital Equipment Replacement Fund 252,732 252,732 761,368 686,818 Public works - street maintenance Regular salaries 232,597 179,864 Overtime salaries 13,893 13,959 Temporary salaries 23,106 9,520 Maintenance materials - buildings 24,000 43,590 63 VILLAGE OF GLENVIEW. ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public works - street improvements (Continued) Small tools and equipment $ 2,300 $ 1,658 Operating materials and supplies 12,000 12,192 Maintenance of buildings 50,000 48,997 Machinery and equipment 1,800 1,800 359,696 311,580 Public works - traffic Regular salaries 54,987 76,324 Overtime salaries 4,278 7,645 Temporary salaries 1,603 1.511 Power and light 85,000 73,968 Maintenance of equipment 46,500 54.741 Maintenance of buildings 9,500 13,368 Rentals 300 3,294 Sign supplies 26,100 16,555 Small tools and equipment 500 485 Operational Matls & Supplies 4,000 1,289 232,768 249,180 Public works - storm water management Regular salaries 68,745 72.090 Overtime salaries 3,462 5,498 Temporary salaries 6,397 4.147 Maintenance of buildings 4,000 2.054 Maintenance materials - equipment 2,000 1.443 Small tools and equipment 500 658 Rentals 1,200 1.234 Machinery & equipment 1,400 1,432 materials and 20.000 11,608 Operating supplies 107,704 100,164 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development and public service (Continued) Public works - snow and ice control Regular salaries $ 122,124 $ 53,493 Overtime salaries 57,727 44,288 Temporary salaries 1,206 1,053 Contractual professional services 525 600 Maintenance materials - equipment 15,000 19,422 Operating materials and supplies 87,000 70,106 Machinery and equipment 2,000 285,582 188,962 Public works - forestry Regular salaries 161,434 187,890 Overtime salaries 5,460 2,012 Temporary salaries 5,670 2,574 Contractual professional services 1,500 1,567 Dues, subscriptions, and memberships 350 215 Maintenance of equipment 1,000 371 Maintenance of building / improvements 3,000 78 Maintenance materials and equipment 500 272 Small tools and equipment 2,000 3,596 Machinery and equipment 700 Operating materials and supplies 3,400 5,951 185,014 204,526 Public works - grounds Regular salaries 60,711 69,943 Overtime salaries 782 16,018 Temporary salaries 3,115 7,462 Contractual professional services 40,000 34,216 Maintenance of building / improvements 1,000 347 Maintenance materials - equipment 600 136 Small tools and equipment 1,200 872 Machinery and equipment 1,250 1,053 Operating materials and supplies 5,000 8,580 113,658 138,627 VILLAGE OF ILLINOIS GLENVIEW, General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Highways and streets (Continued) Development and public service (Continued) Building inspection Regular salaries $ 445,192 $ 454,950 Overtime salaries 8,000 7,672 Longevity pay 4,869 4,869 Contractual professional services 25,000 20,505 Printing, binding, and publication 2,000 1,383 Dues, subscriptions, and memberships 1,300 1,076 Maintenance of equipment 2,500 2,078 Travel 4,000 4,339 Training 4,000 2,624 Uniform allowance 1,100 401 Books, pamphlets, and materials 2,500 2,771 Operating materials and supplies 13,100 5,182 Equipment replacement 14,000 14,000 Equipment repairs 5,963 1,448 533,524 523,298 Less transfer to Capital Equipment Replacement Fund 14,000 14,000 519,524 509,298 Total highways and streets $ 3,780,957 $ 3,475,887 -- 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 o 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 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 Naval Air Base. VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Statement of Revenues, Expenditures, and Changes in Fu~d Balance - Budget and Actual Year Ended December 31, 1996 Budget Actual Revenues Taxes Property taxes - current $ 1,356,500 $ 1,362,204 Replacement taxes 15,840 11,545 Intergovernmental 75,289 75,289 Interest 3,000 2,713 Miscellaneous Employee contributions 949,482 979,637 Total revenues 2,400,111 2,431,388 Expenditures Pension Retirement contributions 2,282,138 2,356,818 Other 7,476 7,475 Total expenditures 2,289,614 2,364,293 Excess of revenues over expenditures 110,497 67,095 Other financing sources Operating transfers in Cable TV Fund 5,673 5,673 911 Communications Fund 20,640 20,640 Waterworks Fund 113,063 113,063 GNAS Caretaker Fund 39,515 29,091 GNAS Redevelopment Fund 45,203 45,203 Sewerage Fund 18,820 18,820 Component unit Library Fund 262,758 262,758 505,672 495,248 Excess of revenues and other financing sources over expenditures $ 616,169 562,343 Fund balance January 1 (1,068,125) December 31 $ (505,782) 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, 1996 Budget Actual Revenues Intergovernmental Allotments $ 847,250 $ 889,362 Interest 18,800 21,923 Total revenues 866,050 911,285 Expenditures Excess of revenues over expenditures 866,050 911,285 Other financing sources(uses) Operating transfers in Capital Projects Fund 510,311 Operating transfers (out) Capital Projects Fund (1,573,800) (1,443,800.) (1.573,800) (933,489) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses $ (707,750) (22,204) Fund balance January 1 813,085 December 31 $ 790,881 See accompanying notes to financial statements. 70 VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 ! Budget Actual Revenues I Interest $ 1,500 $ 812 Miscellaneous I Cablenet programming agreement 50,700 50,000 Other 2,000 1,105 Total revenues 54,200 51,917 I Expenditures General government 76,254 61,301 I Excess (defidency) of revenues over expenditures (22,054) (9,384) I Other financing (uses) Operating transfers (out) I Illinois Municipal Retirement Fund (5,673) (5,673) Excess (deficiency) of revenues over I expenditures and other financing uses $ (27,727~) (15,057) Fund balance I January 1 54,460 December 31 $ 39,40~3 I I I ! See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Cable TV Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual General goverrunent Regular salaries $ 33,768 $ 34,268 Contractual professional services 5,000 4,803 Postage 100 226 Telephone 400 Dues, subscriptions, memberships 600 567 Insurance 7,452 7,452 Maintenance of equipment 3,500 1,225 Equipment repairs 1,234 985 Travel expense 1,000 Training 3,500 2,483 Books, pamphlets, materials 250 195 Operating materials and supplies 4,500 3,505 Computer supplies 4,700 177 Machinery and equipment 9,500 5,415 Furniture and fixtures 750 Total expenditures $ 76,254 $ 61,301 72 I VILLAGE OF GLENVIEW, ILLINOIS I Refuse and Recycling Fund I Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual · Year Ended December 31, 1996 1996 I Budget Actual Revenues I Charges for services License fee $ 2,600 $ 4,375 I Host corrtmunity revenue 60,000 96,968 Bin sales 2,000 2,455 Refuse bag sales 46,000 48,253 1 Yard waste sticker sales 30,000 18,346 Tipping fees 842,343 1,047,680 Interest 3,000 4,012 · Total revenues 985,943 1.222,089 Expenditures I General government Dumping costs 842,343 898,550 · Refuse baRe purchase 46,000 66,956 Yard waste sticker purchase 30,000 12,990 Operational materials and supplies 1,400 399 Printing Binding Publications 3,000 · Contractual professional service 300 TrainingRepayment of cash advance 25,0001,000 I Total expenditures 949,043 978,895 Excess of revenues over expenditures $ 36,900 243,194 I Fund balance I January 1 54,523 December 31 $ 297,717 I I I See accompanying notes to financial statements. I 73 VILLAGE OF GLENVIEW, ILLINOIS 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Budget Actual Revenues Charges for services $ 285,870 $ 316,391 Interest 1,000 1,722 Total revenues 286,870 318,113 Expenditures Public safety Regular employee salaries 113,664 113,580 Overtime salaries 1,000 Overtime hire back 5,000 4,635 Holiday pay 2,000 540 Longevity pay 923 922 Contractual professional services 3,600 1,800 Printing, binding, and publications 500 Telephone and telegraph 60,600 61,395 Maintenance of equipment 11,100 5,095 Uniform allowance 1,350 1 Materials and supplies 1,000 18 Machinery or equipment 3,700 325 Furniture & Fixtures 1,800 428 P.C. expansion/training 2,000 1,787 Insurance 17,102 17,102 expenditures 225,339. 208,977 Total Excess of revenues over expenditures 61,531 109,136 Other financing (uses) Operating transfers (out) Illinois Municipal Retirement Fund (20,640) (20,640) Capital Equipment Replacement Fund (30,285) (30,285) (50,925) (50,925) Excess of revenues over expenditures and other financing uses $ 10,606 58,211 Fund balance January 1 106,299 December 31 $ 164,510 See accompanying notes to financial statements. 74 VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Budget Actual Revenues Intergovernmental EDA grant $ 2,971,216 $ 106,278 OEA grant 372,280 232 Interest 1,427 Total revenues 3,343,496 107,937 Expenditures General government 4,834,360 2,195,172 Excess (deficiency) of revenues over expenditures (1,490,864) (2,087,235) Other finandng sources(uses) Operating transfers in GNAS Bond Fund, Series 1995 2,231,875 2,141,839 Operating transfers (out) General Fund (198,357) (198,357) Illinois Municipal Retirement Fund (69,726) (45,203) Capital Equipment Replacement Fund (25,800) (25,800) 1,937~992 1,872r479 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses $ 447,1 (214,756) Fund balance January 1 (102,240) December 31 $ (316,996) See accompanying notes to financial statements. 75 VILLAGE OF GLENVIEW, ILLINOIS GNAS Redevelopment Administration Department Schedule of Expenditures--Budget and Actual Year Ended December 31, 1996 Budget Actual Regular salaries $ 132,620 $ 161,046 Overtime salaries 3,200 3,185 Temporary salaries L000 239 Longevity pay 1,640 820 Insurance 18,750 18,750 Contractual professiona] services 1,333,500 1,319,574 VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Actual Only Year Ended December 31, 1996 Actual Revenues Intergovernmental Federal grant $ 767,649 Interest 10,297 Total revenues 77;',946 Expenditures General government 748,855 Excess of revenues over expenditures 29,091 Other financing (uses) Operating transfers (out) Illinois Municipal Retirement Fund (29,091) Excess of revenues over expenditures and other financing uses Fund balance January 1 December 31 $ See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS GNAS Caretaker Fund Schedule of Expenditures - Actual Only Year Ended December 31, 1996 General government Regular salaries $ 228,466 Temporary salaries 8,725 Overtime salaries 4,323 Insurance 18,275 Contractual professional services 203,149 Equipment repairs and replacement 21,061 Rentals 23,551 Heating 1,027 Training 1,399 Automotive 343 Telephone and telegraph 21,429 Maintenance of equipment 243 Maintenance materials 9,023 Building improvements 5,504 Operating materials and supplies 29,184 Employee welfare 3,640 Uniform allowance 3,877 Small tools and equipment 85 P/R transfer acct caretaker 147,576 Machinery and equipment 17,975 Total expenditures $ 748,855 78 DEBT SERVICE FUNDS Library Bond Series of 1984 - This issue in the amount of $3,100,000 was used to construct an addition to the Library. Corporate Purpose Bond Series of 1989 - This ~ssue m the amount of $8,000,000 was sold to finance various capital improvements including storm sewers, land acquisition, pavement improvements, and water related projects. Corporate Purpose Bond Series of 1990 - This issue m the amount of $4200,000 was sold to finance the Government's share of the Glenview Road reconstruction project. Moody's Investors Service has rated this general obligation bond issue AAA. Corporate Purpose Bond Series of 1991 - This issue m the amount of $4,165,000 was sold to finance the partial refunding of the Library Bond Series of 1984 and early retirement of the Corporate Purpose Bond Series of 1979. Corporate Purpose Bond Series of 1993 o This issue in the amount of $7,635,000 was sold to finance various capital projects throughout the Government including, but not limited to, the public works garage, various street projects, and capital purchases. Corporate Purpose Bond Series of 1994 - This ~ssue m the amount of $8,040,000 was sold to partially refund both the Corporate Purpose Bond Series of 1989 and the Corporate Purpose Bond Series of 1990. Corporate Purpose Bond Series of 1995 - This issue ~n the amount of $500,000 was sold to finance the construction of a Sewer Lift Station and other sewer system improvements. General Obligation Bond Anticipation Bond Series of 1995 - This issue in the amount of $60,000,000 was sold to finance the development of the Glenview Naval Air Base which was turned over to the Village in 1995. Corporate Purpose Bond Series of 1996 - This issue in the amount of $8,435,000 was sold to finance General Obligation Bond Anticipation Bonds that matured in 1996. 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 1989 - The Bond Fund Series 1989 is used to account for the proceeds received from the Corporate Purpose Bond Series of 1989. 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 f-rom 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. 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. 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 Combhnmg Balance Sheet December 31, 1996 (with comparative totals for 1995) Wholesale Commuter Totals Waterworks Water SeweraRe Parkin~ Lot 1~. ASSETS Cash and investments $ 26L588 $ 1,450,996 $ 274,641 $ 79,196 $ 2,066,421 S 1,712,794 Receivables- accounts (net) 1,451,031 175,769 1,626,800 1,820,733 Interest receivable 4,024 117 4,141 Advance to other funds 1,067,832 154,490 1,222,322 882,283 Due from other funds 229,809 50,905 280,714 1,216,863 Inventory 47,058 47,058 35,023 Prepaid expenses 18,000 18,000 3,079,342 1,450,996 655,922 79,196 5,265,456 5,667,696 Cost 19,875,710 2,512,633 5,156,262 216,592 27,761,197 27,494,259 Accumulated depr ec/ation (6,728,013) (237,564) (1,455.861) (135,144) (8,536,582) C7,987,387) 13,147,697 2,275,069 3,720,401 81,448 19,224,615 19,506,872 Total assets $ 16,227,039 $ 3,726,065 $ 4,576,323 $ 160,644 $ 24,490,071 $ 25,174,568 LIABILIT[ES AND FUND EQUITY Accounts payable $ 456,867 $ 143,960 $ $ 159 $ 600,986 $ 281,128 Interest payable 4,979 15,740 18,719 21,429 Compensated absences payable 24,495 24,495 42,898 Due to other funds 50,905 186,094 236,999 578,697 Advanc~ front other funds 368,981 368t981 233,728 537,246 343,794 368,981 159 1,250,180 1,157,880 G~nera] obligation bonds payable 1,563,950 2,610,000 4,173,950 5,183,800 Unamortized bond discount (21,741) (21,741) (22,576) 1,563,950 2,588,259 4,152,209 5,161,224 Total liabilities 2,101,196 2,932,053 368,981 159 5,402,389 6,319,104 Fund equity Contributed capital 2,586,154 891,089 3,277,243 3,277,243 ]~tained earnings 11,739,689 794,012 3,116,253 160,485 15,810,439 15,578,221 Total fund equity 14,125,843 794,012 4,007,342 160,485 19,087,682 18,855,464 Total liabilities and fund equity $ 16,227,039 $ 3,726,065 $ 4,376,323 $ 160,644 $ 24,490,071 $ 25,174,568 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, 1996 (with comparative totals for 1995) Wholesale Commuter Totals Waterworks Water Sewerage Parkin~ Lot 1996 1995 Operating revenues Charges for services Water and sewer charges $ 5,620,966 $ 1,396,003 $ 792,599 $ $ 7,809,568 $ 7,960,370 Water meter repair charges 1,194 1,194 87 Water and sewer connection charges 32,225 3,955 36,180 50,223 Water meters and remote readers 35,563 35,563 27,491 Parking decals and meter fees 79,957 79,957 95,396 Miscellaneous 151,576 1,400 152,976 180,981 Total operating revenues 5,841,524 1,396,003 796,554 81,357 8,115,438 8,314,548 Operating expenses Administration 655,105 32,688 687,793 668,292 Operations 3,731,115 903,558 350,019 112,429 5,097,121 4,806,712 Depreciation and amortization 392,082 62,816 89,045 5,252 549,195 513,774 Total operating expenses 4,778,302 966,374 471,752 117,681 6,334,109 5,988,778 Operating income (loss) 1,063,222 429,629 324,802 (36,324) 1,781,329 2,325,770 Nonoperating revenues (expenses) Interest income 173,150 26,926 7,541 2,233 209,850 73,283 Interest expense and fiscal charges (121,623) (170,149) (291,772) (339~066) 51,527 (143,223) 7,541 2,233 (81,922) (265,783) Income (loss) before operating transfers 1,114,749 286,406 332,343 (34,091) 1,699,407 2,059,987 Operating transfers (out) (1,051,181) (115,810) (270,198) (30,000) 11,467,189) (867,670) Net income (loss) 63,568 170,596 62,145 (64,091) 232,218 1,192,317 Retained earnings January 1 11,676,121 623,416 3,054,108 224,576 15,578,221 13,988,590 Prior period adjustment 397,314 Adjusted balances 11,676,121 623,416 3,054,108 224,576 15,578,221 14,385,904 December31 $ 11,739,689 5 794,012 $ 3,116,283 $ 160,485 $ 15,810,439 $ 15,578,221 See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Enterprise Funds Combining Schedule of Changes in ContTibuted Capital Year Ended December 31, 1996 (with comparative totals for 1994) Wholesale Totals Waterworks Water Sewerage 1996 1995 Increases $ $ $ $ $ Decreases Net increase Contributed capital 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 VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Budget Actual Charge~ for services Water charges $ 5,988,180 $ 5,620,966 Water conneCaon charges 32.225 II 18,679~ 51,527 11,924,914) {1,051,181) See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS · Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Administration Contractual professional services $ 2,000 $ 1,560 Printing, binding, and publication 200 107 Postage 16,000 11,819 Computer supplies 3,000 Other 580 3,051 Administrative charges - General Fund 482,373 482,373 Insurance 156,195 156,195 Total adminis~'ation 660,348 655,105 Operations Supply' and metering Regular salaries 75,243 79,824 Overtime salaries 2,164 3,150 Temporary salaries 571 106 Contractual professional services 46,000 61,446 Water 2,208,000 2,345,217 Maintenance of buildings 4,000 2,954 Macl'tinery & equipment - water meters 29,517 Operational materials and supplies 50,700 74,115 Total supply and metering 2,386,678 2,596,329 Pumping station-east Regular salaries 26,264 25,357 Overtime salaries 15,986 6,252 salaries 188 381 Temporary Con~ractual professional services 16,850 9,854 Power and light 75,000 105,295 Heating 5,000 2,998 Telephone 5,000 2,003 Maintenance of building 26,500 6,270 Rentals 2,400 Cleaning and household supplies 100 26 Maintenance materials - equipment 3,000 138 MaIntenance materials - building 1,000 804 Small tools & equipment 27 Operating materials and supplies 14,900 6,461 Machinery and equipment 7,000 12,032 Total pumping station-east 199,188 177,898 (Continued) VILLAGE OF GLENVIEW, ILLINOIS Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Pumping station-west Regular sa[aries 32,908 9,584 Overtime salaries 5,446 4,880 Temporary salaries 647 Contractual professional services 14,850 3,945 Power and light 100,000 74,534 Heating 1,000 1,274 Telephone 2,500 1,422 Maintenance of building 27,500 6,703 Cleaning and household supplies 100 9 Maintenance materials - equipment 5,000 1,888 Maintenance materials - building 750 219 Operating materials and supplies 8,500 2,641 Total pumping station-west 199,201 107,099 Distribution system Regular salaries 249,189 274,723 Overtime salaries 45,045 31,961 Temporary salaries 13,428 8,320 Contractual professional services 15,000 39,246 Maintenance of equipment 400 161 Maintenance of buildings 77,000 71,577 Rentals 300 Maintenance materials - equipment 1,500 776 Maintenance materials - buildings 69,200 98,958 Small tools & equipment 178 Operating materials and supplies 7,000 12,003 Machinery and equipment 26,000 26,000 Distribution system 81,593 504,062 645,496 (Continued) 90 VILLAGE OF ILLINOIS GLENVIEW, Waterworks Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Distribution system (Continued) Less nonoperating expenses Fixed assets capitalized $ 26,000 $ 64,767 Total distribution system 478,062 580,729 Overhead Regular salaries 177,580 145,223 1,116 76 Overtime Temporary salaries 1,756 5,207 Longevity pay 6,766 6,765 Postage 300 81 Telephone 1,000 911 Dues, subscriptions, and memberskips 2,720 2,483 Maintenance of equipment 1,230 1,280 Rentals 1,200 220 Travel expense 3,800 1,881 Training 9,600 1,633 Uniform allowance 7,250 5,951 Office supplies 700 356 Books, pamphlets, and materials 300 I09 Maint marls & supplies 627 Small tools and equipment 5,850 6,804 Operational materials and supplies 1,000 5,536 Computer supplies 1,800 52 Employee welfare 940 887 Equipment replacement 88,943 Equipment repairs 91,747 70,693 Bank charges 645 Machinery and equipment 12,100 11,640 417,698 269,060 Total operating expenses $ 4,341,175 $ 4,386,220 VILLAGE OF GLENVIET~, ILLINOIS Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Budget Actual Operating revenues Charges for services $ 1,265,000 $ 1,396,003 Operating expenses excluding depreciation Operations Supply and metering 818,190 836,648 Pumping station 37,855 66,412 Distribution system 5,500 498 Total operating expenses 861,545 903,558 Operating income before depreciation 403,455 492,445 Depreciation 62,816 Operating income 403,455 429,629 Nonoperating revenues (expenses) Interest income 3,000 26,926 Interest expense (169,314) (169,314) Amortization of bond discount (835) (166,314) (143,223) Income before operating transfers 237,141 286,406 Operating transfers (out) General Fund (115,810) (115,810.) Net income $ 121,331 170,596 Retained earnings January 1 623,416 December 31 $ 794,012 See notes to financial statements. accompanying VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Operations Supply and metering Water purchases $ 812,490 $ 831,948 Maintenance of buildings 1,000 Insurance 4,700 4,700 Total supply and metering 818,190 836,648 Pumping station Regular salaries 4,548 5,687 Overtime salaries 3,762 3,491 Temporary salaries 50 Contractual professional services 1,400 125 Power and light 22,995 52,680 Telephone 3,000 939 Maintenance of buildings 1,500 700 Equipment rentals 500 Paying agent fees 1,000 Operating materials and supplies 100 1,790 Total pumping station 37,855 66,412 Distribution system Regular salaries 500 262 Overtime salaries 1,000 28 Contractual professional service 1,000 200 Maintenance of buildings 1,000 8 Operating materials and supplies 2,000 Total distribution system 5,500 498 Total operating expenses $ 861,545 $ 903,55~8 VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Budget Actual Operating revenues Charges for services Sewer charges $ 800,061 $ 792,599 Sewer connection charges 3,955 Total operating revenues 800,061 796,554 Operating expenses excluding depreciation Administration 52,913 32,688 Operations Pumping station 11,902 11,149 Collection 377,764 338,852 Sump pump inspection 1~000 18 Total operating expenses 443,579 382,707 Operating income before depreciation 356,482 413,847 Depreciation 89,045 Operating income 356,482 324,802 Nonoperating revenue Interest income 1,000 7,541 Income before operating transfers 357,482 332,343 Operating transfers (out) General Fund (48,416) (48,416) Illinois Municipal Retirement Fund (18,820) (18,820) Debt Service Fund (211,058) (202,962) Capital Projects Fund (255,000) (533,294) (270,198) Netincome (loss) $ (175.812t 62,145 Retained earnings January 1 3,054,108 December 31 ~ See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Admirds~ration Contractual professional services $ 1,500 $ Printing, binding, and publications 100 74 Postage 300 43 Office supplies 150 Computer supplies 1,000 Equipment replacement 16,338 Equipment repairs and fuel 20,784 19,830 Insurance 12,741 12,741 Total administration 52,913 32,688 Opera~ions Pumping Station Regular salaries 6,233 7,383 Overtime salaries 1,881 939 Temporary salaries 188 205 Power and 2,000 1,899 light Telephone and telegraph 61 Maintenance of equipment 1,000 662 Operational materials and supplies 600 Total Pumping Station 11,902 11,149 Collection system Regular salaries 76,517 96,971 Overtime salaries 3,063 11,078 Temporary salaries 10,404 5,588 Contractual professional services 3,000 332 Maintenance of buildings 12,000 8,400 Rentals 380 Maintenance materials 3,000 2,021 Small tools & equip 359 Operational materials and supplies 11,500 18,195 and 2,900 7,826 Machinery equipment System improvements 457,171 390,253 579,935 541,023 Less nonoperating Fixed assets capitalized 202,171 202,171 Total collection system 377,764 338,852 Sump Pump Inspection Regular salaries 1,000 18 Total operating expenses $ 443,579 $ 382,707 VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Budget Actual Operating revenues Charges for services Meter fees $ 18,700 $ 20,818 Parking decals 77,000 59,139 Miscellaneous 12,084 1,400 Total operating revenues 107,784 81,357 Operating expenses Operations 100,062 112,429 Depreciation 5,252 Total operating expenses 100,062 117,681 Operating income (loss) 7,722 (36,324) Nonoperating revenue Interest income 5,000 2,233 Income (less) before operating transfers 12,722 (34,091) Operating transfers (out) General Fund (30,000) (30,000.) Net income (loss) (17,278) (64,091) Retained earnings January 1 224,576 December 31 $ 160,485 See accompanying notes to financial statements. VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Budget Actual Operations Regular employee salaries 10,500 12,716 Overtime salaries 1,000 814 Temporary salaries 19,612 5,232 Contractual professional services 10,000 32,200 Printing, binding, and publications 500 625 Power and light 10,000 18,245 Heating 2,000 2,123 Postage 700 550 Telephone and telegraph 500 339 Maintenance of buildings 8,250 1,975 Rentals 19,000 18,508 Cleaning/household supplies 1,500 Maintenance materials 2,000 96 Small tools and equipment 500 76 Operations materials 12,000 16,930 Insurance 2,000 2,000 Total operating expenses excluding depreciation $ 100,062 $ 112,42~9 100 INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the Government. These costs include labor, material, fuel, and fixed overhead of the Government's repair facility. Insurance Fund - The Insurance Fund is used to account for the financial activity of the Government's entire insurance program. In addition to conventional primary insurance, 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 in the Intergovernmental Personnel Benefit Cooperative (IPBC). VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Balance Sheet December 31, 1996 (with comparative totals for 1995) Municipal Equipment Totals Repair Insurance 1996 1995 ASSETS Current assets Cash and investments $ 47,316 $ 1,940,075 $ 1,987,391 $ 1,754,165 Receivables - accounts 5,331 2,060 7,391 216,393 Interest receivable 16,152 16,152 Due from other funds 19,853 Deposits 658,588 658,588 217,709 Total assets $ 52,647 $ 2,616,875 $ 2,669,522 $ 2,208,120 LIABILI'I IIzS AND RETAINED EARNINGS Current liabilities Accounts payable $ 24,651 $ $ 24,651 $ 26,503 Claims payable 150r591 150~591 137t110 Total liabilities 24,651 150,591 175,242 163,613 Retained earnings 27,996 2,466,284 2,494,280 2,044,507 Total liabilities and retained earnmgs $ 52,647 $ 2,616,875 $ 2,669,522 $ 2,208,120 See accompanying notes to financial statements. 102 VILLAGE OF GLENVIEW, ILLINOIS Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1996 (with comparative totals for 1995) Municipal Equipment Totals Repair Insurance 1996 1995 Operating revenues Charges for services $ 573,990 $ 2,425,773 $ 2,999,763 $ 3,085,223 Miscellaneous 55,861 200,985 256,846 195,673 Total operating revenues 629,851 2,626,758 3,256,609 3,280,896 Operating expenses Operations 686,265 2,171,365 2,857~630 3,128,408 Operating; income (loss) (56,414) 455,393 398,979 152,488 Nonoperating revenues Interest income 2,546 54,648 57,194 66,140 Net income (loss) before operating transfers (53,868) 510,041 456,173 218,628 Operating transfers (out) Capital Equipment Replacement Fund (6,400) (6,400) (5,500) Net income (loss) (60,268) 510,041 449,773 213,128 Retained earnings January 1 88,264 1,956,243 2,044t507 1,831,379 December31 $ 27,996 $ 2,466,284 $ 2,494,280 $ 2,044,507 See accompanying notes to financial statements. 103 TRUST AND AGENCY FUNDS Expendable Trust Escrow Deposit Fund - The Escrow Deposit Fund is used to account for the funds placed on deposit with the Government by building contractors working within the Government's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - The Deposit Fund is used to account for money on deposit with the Government being held on a temporary basis, such as security deposits for use of the Government's equipment. Police Depariment Special Account Fund - The Police Depa~[uient Special Account Fund is used to account for funds received from the Cook County Clerk of the Circuit Courts' office to be used in various types of investigations. Pension Trust Police Pension Fund - The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Depa~ [ment. Firefighters' Pension Fund - The Firefighters' Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Depa~ [~ent. Agency Deferred Compensation Plan Fund - The Deferred Compensation Fund is used to account for salary deductions held by the government employees. The deferred compensation is available to employees upon termination or retirement. Special Service Areas Fund This fund accounts for various service bond issues. special area Arbitrage Rebate Fund - This fund accounts for the recording and payment of any arbitrage rebates payable. VILLAGE OF GLENVIEW, ILLINOIS Expendable Trust Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Year Ended December 31, 1996 (with comparative totals for 1995) Police Department Escrow Special Totals Deposit Deposit Account 1996 1995 Revenues Fines and forfeits $ $ $ 1,100 $ 1,100 $ 8,514 Interest 157,544 2,479 389 160,412 251,820 Miscellaneous Other 4,303 4,303 3,747 Total revenues 157,544 6,782 1,489 165,815 264,081 Expenditures General government 4,779 4,779 4,639 Public safety 2,125 2,125 14,829 Total expenditures 4,779 2,125 6,904 19,468 Excess (deficiency) of revenues over expenditures 157,544 2,003 (636) 158,911 244,613 Other financing (uses) Operating transfers (out) General Fund (15Z544_) (157,544) (249,522) Excess (deficiency) of revenues over expenditures and other financing uses 2,003 (636) 1,367 (4,909) Fund balances January 1 20,897 16,029 36,926 41,835 December31 $ $ 22,900 $ 15,393 $ 38,293 $ 36,926 See accompanying notes to financial statements. 109 VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combmflng Statement of Revenues, Expenses, and Changes m Fund Balances Year Ended December 31, 1996 (with comparative totals for 1995) police Firefighters' Totals Pension Pension 1996 1995 Operating revenues Taxes 394,214 $ 211,545 $ 605,759 $ 591,145 Contributions - employees 311,447 344,663 656,110 623,526 Interest 1,299,942 2,071,377 3,371,319 3,040,812 Miscellaneous Gain on sale of investments 49,586 49,586 Other 2f305 2t305 lr014~659 Total operating revenues 2,055,189 2,629,890 4,685,079 5,270,142 Operating expenses Pensions and refunds 566,096 621,586 1,187,682 1,189,506 Miscellaneous Contractual professional services 3,927 15,442 19,369 6,658 Total operating expenses 570,023 637,028 1,207,051 1,196,164 Income before operating transfers 1,485,166 1,992,862 3,478,028 4,073,978 Operating transfers in General Fund 33,418 42,355 75,773 73,044 Net income 1,518,584 2,035,217 3,553,801 4,147,022 Fund balances January 1 16,078,498 29,813,647 45,892,145 41,745,123 December 31 $17,597,082 $ 31,848,864 $ 49,445,946 $ 45,892,145 See accompanying notes to financial statements. 110 VILLAGE OF GLENVIE-VV, ILLINOIS Police Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Budget Actual Operating revenues Taxes Property taxes - current $ 366,515 $ 394,214 Contributions - employees 307,000 311,447 Interest 1,142,500 1,299,942 Miscellaneous Gain on sale of investments 49,586 Total operating revenues 1,816,015 2,055,189 Operating expenses Pensions and refunds 567,075 566,096 Miscellaneous Contractual professional services 5,700 3,927 Total operating expenses 572,775 570,023 Income before operating transfers 1,243,240 1,485,166 Operating transfers in General Fund 33,418 33,418 Net income $ 1,276,65~8 1,518,584 Fund balance January 1 16,078,498 December 31 $ 17,597,082 See accompanying notes to financial statements. 111 VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 1996 Budget Actual Operating revenues Taxes Property taxes - current $ 198,584 $ 182,040 Foreign fire insurance tax 35,000 29,505 Contributions - employees 325,000 344,663 Interest 1,810,000 2,071,377 Miscellaneous Other - 2,305 Total operating revenues 2,368,584 2,629,890 Operating expenses Pensions and rebands 620,843 621,586 Miscellaneous Contractual professional services 8,000 15,442 Total operating expenses 628,843 637,028 Income before operating transfers 1,739,741 1,992,862 Operating transfers in General Fund 42,355 42,355 Net income $ 1,782,096 2,035,217 Fund balance January 1 29,813,647 December 31 $ 31,848,864 See accompanying notes to financial statements. 112 VILLAGE OF GLENVIEW, ILLINOIS Agency Funds Combining Statement of Changes in Assets and Liabilities Year Ended December 31, 1996 Babmces Balances lanuarv 1 Additions Deductions December 31 All Funds ASSETS Cash $ $ 8,191 $ $ 8,191 Assets held by agents for deferred compensation plan (market value) 11,656,790 2,498,315 329,892 13,825,213 Receivables - property tax~s 162,595 5,845 156,750 Due from other f~nds 1,482 1,260,117 1,261,599 Total assets $ 11,820,867 $ 3,766,623 $ 335,737 $ 15,251,753 LIABILITIES Due to participants $ 11,656,790 $ 2,498,315 $ 329,892 $ 13,825,213 Arbitrage payable 1,251,800 1,251,800 Due to bondholders 164,077 10,663 174,740 Total liabilities $ 11,820,867 $ 3,760,778 $ 329,892 $ 15,251,753 Deferred Compensation Plan Fund ASSETS Assets held by agents for deferred compensation plan (market value) $ 11,656,790 $ 2,498,315 $ 329,892 $ 13,825,213 LIABILITIES Due to participants $ 11,656,790 $ 2,498,315 $ 329,892 $ 13,825,213 Special Sexvice Areas Fund ASSL~rs Cash 8,191 8,191 Receivables- property taxes 162,595 5,845 156,750 Due from other funds 1,482 8,317 9,799 $ 164,077 $ 16,508 $ 5,845 $ 174,740 LIABILITIES Due to bondholders $ 164,077 $ 10,663 $ $ 174,740 Arbitrage Rebate Fund ASSETS Due from other funds $ $ 1,251,800 $ $ 1,251,800 LIABILITIES Arbitrage payable $ $ 1,251,800 $ $ 1~51,800 See accompanying notes to financial statements. 113 VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1996 (with compara~ve totals for 1995) .1996 1995 General fixed assets Land $ 3,405,095 $ 3,405,095 Buildings and improvements 9,483,187 9,329,007 Equipment 7,759,769 7,624,588 Furniture 296,096 296,096 Office equipment 328,841 328,841 $ 21,272,988 $ 20,983,627 Investment in general fixed assets General revenues $ 17,473,709 $ 17,184,348 Bond issues 3,799,279 3,799,279 $ 21,272,988 $ 20,983,627 114 VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function and Activity Year Ended December 31, 1996 Function and Balances Balances Activity ~anuary 1 Additions Retirements December 31 General government Executive $ 57,716 $ $ $ 57,716 Administrative 2,445,969 15,000 2,430,969 Finance 684,128 684,128 Building and grounds 320,343 320,343 Total general government 3,508,156 15,000 3,493,156 Public safety Police 3,741,630 118,768 178,014 3,682,384 Fire 2,774,987 275,513 3,050,500 Total public safety 6,516,617 394,281 178,014 6,732,884 Public works Administration 2,174,963 78,209 2,253,172 Building division 2,336,718 2,336,718 Engineering 348,125 348,125 Street division 5,181,471 291,680 304,205 5,168,946 Equipment and supplies division 893,402 22,410 915,812 Total public works 10,934,679 392,299 304,205 11,022,773 Economic development 24,175 24,175 $ 20,983,627 $ 786,580 $ 497,219 $ 21,272,988 116 COMPONENT UNIT Component Unit (Library Fund) o The Library Fund is used to account for the resources necessary to provide the educational, culh~ral, and recreational activities of the Glenview Public Libraxy. VILLAGE OF GLENVIEW, ILLINOIS I Component Unit - Library Fund I Combining Balance Sheet December 31, 1996 (with comparative totals for 1995) 1 General Fixed Assets Account Totals I General Fund Group 1996 1995 ASSETS Cash and investments $ 1,674,093 $ $ 1,674,093 $ 1,343,953 Receivables Property taxes 3,117,336 3,117,336 2,957,847 I Accrued interest 9,942 9,942 2,577 General fixed assets 5,508,216 5,508,216 5,500,500 I Total assets $ 4,801,3Z1 $ 5,508,216 $10,309,58~7 $ 9,804,877 LIABILITIES AND FUND EQUITY Liabilities I Accrued payroll $ 24,988 $ $ 24,988 $ 22,729 Deferred revenues 3,117,336 3,117,336 2,957,847 Total liabilities 3,142,324 3,142,324 2,980,576 I Fund equity Investment in general fixed assets 5,508,216 5,508,216 5,500,500 Fund balance I Unreserved 1,659,047 1,659,047 1,323,801 1,659,047 5,508,216 7,167,263 6,824,301 Total liabilities and I fund equity $ 4,801,371 $ 5,508,216 $10,309,587 $ 9,804,877 ! I See accompanying notes to financial statements. I 118 I VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 and Actual Only for 1995 1996 1995 Budget Actual Actual Revenues Taxes Property taxes-current $ 3,018,247 $ 3,132,886 $ 2,966,376 Replacement taxes 29,000 24,241 38,419 Intergovernmental Per capita grant 47,000 60,836 47,599 Charges for services 60,700 71,080 51,691 Fines and forfeits 67,000 57,973 66,219 Interest 27,000 53,732 42,258 Miscellaneous Donations 39,293 33,367 Other 717 4,463 Total revenues 3,248,947 3,440,758 3,250,392 Expenditures Culture and recreation 2,790,564 2,562,070 2,630,473 Excess of revenues over expenditures 458,383 878,688 619,919 Other financing (uses) Operating transfers (out) - primary government Corporate Purpose Bond Series of 1991 Fund (156,584) (156,584) (356,538) General Fund (12,100) (12,100) IMRF Fund (262,758) (262,758) Capital Projects Fund (65,000) (112,000) (65,000) (496,442) (543,442) (421,538) Excess (deficiency) of revenues over expenditures and other financing uses $ t38.059____.__.__1~ 335,246 198,381 Fund balance January I 1,323,801 1,125,420 December 31 $ 1.659.04~7 ~ See accompanying notes to financial statements. 119 VILLAGE OF GLENVIEA/V, ILLINOIS Component Unit- Library Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Budget Actual Culture and recreation Regular salaries $ 903,413 $ 858,595 Overtime salaries 2,000 1,197 Temporary salaries 684,926 650,356 Legal fees 1,500 163 Public information 12,714 11,514 Printing 5,900 4,753 Printing, binding, and publication 9,000 6,316 Power and lights 700 5~ Hea~g 5,~ 1,539 Postage 14,383 14,060 Telephone and telegraph 11,520 16,082 Dues and subscriptions 4,595 3,065 Maintenance of equipment 14,700 7,033 Maintenance of copiers 12,320 6,380 Maintenance of EDP equipment 31,900 26,891 On-line searching 9,550 8,979 Maintenance of buildings 43,648 48,103 Travel expense 16,750 12,598 Training 21,240 11,750 Trustee expense 2,500 2,186 Personnel recruitment 3,650 1,498 Director expenses 1,000 967 Library programs 20,150 23,318 Office supplies 21,378 14,126 Processing supplies 25,300 20,707 Circulation supplies 6,159 6,423 Audio visual supplies 8,550 4,766 Books, pamphlets, and materials 491,647 426,544 Periodicals 48,412 38,917 Audiovisual 42,150 45,848 Micro-form 29,570 25,549 Video tapes 27,100 27,484 Cataloging 38,500 37,257 Cleaning supplies 100 10 Contingencies 1,000 674 Other operating expenses 950 1,039 Machinery and equipment 64,650 42,843 Insurance 152,039 152,036 Total expenditures $ 2,790,564 $ 2,562,070 120 VILLAGE OF GLENVIEW, ILLINOIS Component Unit - Library Fund General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1996 (with comparative totals for 1995) 1996 1995 General fixed assets Land $ 500,000 $ 500,000 Buildings and improvements 4,116,088 4,116,088 Equipment 614,740 607,024 Furniture 277,388 277,388 $ 5,508,216 $ 5,500,500 Investment in general fixed assets General revenues $ 2,408,216 $ 2,400,500 Bond issues 3,100,000 3,100,000 $ 5,508,216 $ 5,500,500 121 VILLAGE OF GLENVIEW, ILLINOIS Ill/nois Municipal Retirement Fund Required Supplementary Information Analysis of Funding Progress December 31, 1996 (6) (1) Unfunded Net Pension Assets Benefit Available Obligation for (4) as a Benefits (2) (3) Unfunded (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payrofi Year Market) Obligation (1) + I2) Obligation Payroll 1988 $ 2,933,046 $ 5,050,499 58.07% $ 2,117,453 $ 4,005,547 52.86% 1989 3,527,092 5,869,171 60.10 2,342,079 4,426,475 52.91 1990 3,988,712 6,849,865 58.23 2,861,153 4,924,658 58.10 1991 5,079,052 7,308,562 69.49 2,229,510 5,362,109 41.58 1992 6,254,345 8,279,322 75.54 2,024,977 5,795,158 34.94 1993 7,161,743 9,128,558 78.45 1,966,815 6,142,697 32.02 1994 8,099,395 10,032,939 79.83 2,023,544 6,563,029 30.83 1995 10,863,388 11,630,135 93.41 766,747 6,977,866 10.99 1996 13,425,952 12,652,156 106.12 (773,796) 7~16,952 (10.25) (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PEGS. 122 VILLAGE OF GLEN'VIEW, ILLINOIS Police Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1996 (6) Unfunded (Assets in (1) Excess oO Net Pension Assets (4) Benefit Available Unfunded Obligation for (Assets in as a Benefits (2) (3) Excess of) (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payroll Year Market} Obligation (1) + (2) Obhgation Payroll (4) + (5) $ 7,920,498 113.00% $ (1,029,281) $ 2,089,055 (49.27)% 1988 $ 8,949,779 1989 10,095,845 8,550,352 118.08 (1,545,493) 2,282,311 (67.72) 1990 10,093,095 8,915,058 113.21 (1,178,037) 2,373,700 (49.63) 1991 10,791,415 9,883,148 109.19 (908,267) 2,868,564 (31.66) 1992 11,693,308 10,795,402 108.32 (897,906) 2,721,721 (32.99) 1993 12,603,771 12,780,370 98.62 176,599 2,890,155 6.11 1994 13,625,250 13,983,709 97.44 358,459 3,018,989 11.87 1995 14,823,582 15,119,055 98.05 295,473 3,209,144 9.21 1996 16,078,497 16,386,562 98.12 308,065 3,733,271 8.25 (During the implementation transition period, all information required is presented for as many years as are available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and urffunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stxonger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PEPS. VILLAGE OF GLENVIEW, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Analysis of Funding Progress December 31, 1996 (6) Unfunded (1) Excess o0 Net Pension Assets (4) Benefit Available Unfunded Obligation for (Assets in as a Benefits (2) (3) Excess of) (5) Percentage (Lower of Pension Percentage Pension Annual of Covered Fiscal Cost or Benefit Funded Benefit Covered Payroll Year Market) Obligation (1) + (2) Obligation Payroll (4) + (5) 1988 $ 7,770,501 $ 5,891,304 131.90% $ (1,879,197) $ 1,304,443 (144.06)% 1989 8,631,747 5,618,758 153.62 (3,012,989) 1,513,600 (199.06) 1990 8,628,996 6,154,764 140.20 1,638,158 (2,474,232) (151.04) 1991 9,403,703 6,882,157 136,64 (2,521,546) 2,001,064 (126,01) 1992 10,532,848 7,643,219 137.81 (2,889,629) 2,481,233 (116.46) 1993 20,918,004 15,890,316 131.64 (5,027,688) 3,733,309 (134.67) 1994 25,036,500 18,064,023 138.60 (6,972,477) 3,262,812 (213.70) 1995 26,921,541 19,861,135 135.55 (7,060,406) 4,057,006 (174.03) 1996 29,813,648 21,722,937 137.24 (8,090,711) 4,508,905 (179.44) (During the implementation transition period, all information required is presented for as many years as are available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PERS. 124 VILLAGE OF GLENVIEW, ILLINOIS Illinois Murficipal Retirement Fund I Required Supplementary Information Revenues by Source December 31,1996 I I Employer Contributions Revenues by Source Percentage Fiscal Employee Employer Investment of Covered I Year Contributions Contributions Income Totals Payroll 1987 $ 166,751 $ 259,384 N/A $ 426,135 7.00% I 1988 180,252 280,388 N/A 460,640 7.00 1989 199,196 399,710 N/A 598,906 9.03 I 1990 221,613 521,029 N/A 742,641 10.58 I 1991 241,298 613,961 N/A 855,259 11.45 1992 260,785 678,613 N/A 939,398 11.71 I 1993 276,421 640,070 N/A 916,491 14.92 I 1994 295,336 683,868 N/A 979,204 10.42 1995 314,004 692,205 N/A 1,006,209 9.92 I 1996 339,613 738,092 N/A 1,077,705 9.78 I I N/A - Not applicable I **** - Not available 1 I 125 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1996 Employer Contributions asa Percentage aS a Revenues by Source Percentage Fiscal Employee Employer Ertvestament of Covered Year Contributions Contributions Income Totals Payroll 1987 $ 173746 $ 474,199 $ 805,820 $ 1,453,765 23.24% 1988 188 015 471,902 651,546 1,311,463 22.59 1989 205 408 152,076 1,159,038 1,516,522 6.60 1990 213 633 952 868,525 1,082,158 0.04 1991 234 979 26,039 1,070,563 1,331,581 0.90 1992 244 982 26,938 1,096,400 1,368,320 0.99 1993 260 114 247,148 1,070,563 1,577,825 8.56 1994 271 709 383,600 1,076,036 1,731,345 12.71 1995 288 823 396,439 1,159,970 1,845,732 12.35 1996 311,447 427,632 1,349,527 2,088,606 11.45 Expenses by Type Fiscal Administrative Refunds Year Benefits Expenses and Other Totals 1987 $ 305,476 $ 4,384 $ 11,312 $ 321,172 1988 330,573 1,002 112,980 a.a.a.,555 1989 364,756 5,185 369,941 1990 404,054 5,402 409,456 1991 418,578 4,692 6,413 429,683 1992 453,894 3,963 457,857 1993 485,743 4,672 490,415 1994 528,080 4,933 533,013 1995 572,846 3,713 13,757 590,316 1996 566,096 3,927 - 570,023 126 VILLAGE OF GLEN-VIEW, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1996 Employer Contributions Percentage Revenues by Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income Totals Payroll 1987 $ 111,604 $ 290,435 $ 843,509 $ 1,245,548 22.59% 1988 120,661 288,177 532,880 941,718 22.09 1989 124,872 39,040 824,334 988,246 5.90 1990 135,148 28,441 742,209 905,798 1.75 1991 145,147 47,393 1,088,346 1,280,886 2.37 1992 204,701 63,262 1,453,667 1,721,630 2.55 1993 307,998 109,670 4,071,581 4,489,249 2.94' 1994 269,182 244,063 1,861,557 2,374,802 7.48 1995 334,703 267,750 2,895,501 3,497,954 6.60 1996 344,663 256,205 2,071,377 2,672,245 5.68 Expenses by Type Fiscal Administrative Refunds Year Benefits Expenses and Other Totals 1987 $ 94,748 $ 858 $ 32,813 $ 128419 1988 93,679 808 19,551 114 038 1989 142,093 2,900 144 993 1990 144,519 4,137 148 656 1991 146,210 5,532 151 742 1992 180,815 3,069 183 884 1993 349,510 21,243 370 753 1994 447,033 5,121 37,607 489 761 1995 602,903 2,945 605,848 1996 621,586 15,442 637,028 127 VILLAGE OF GLENVIEW, ILLINOIS Combined Schedule of Cash and Investments December 31, 1996 (See Following Page) VILLAGE OF GLENVIEW, ILLINOIS Schedule of Insurance in Force December 31, 1996 Expiration Insurance Insured Description of Coverage Date of Policy Company Village of Glenview London Package 12/31/97 United National Property $ 1,000,000 Auto Physical Damage 1,000,000 General Liability General Aggregate 1,000,000 Products/Completed Operations 1,000,000 Personal/Advertising Injury 1,000,000 Each Occurrence 1,000,000 Medical Expense 10,000 Employee Benefits 500,000 Police Professional 1,000,000 Errors and Omissions 1,000,000 Auto Liability 1,000,000 Medical Payments 10,000 Workers' Compensation Coverage A Statutory Coverage B 300,000 Crime Forgery/Alt. 100,000 Counterfeit Papers 100,000 Excess Workers' Compensation 12/31/97 Safety National Coverage A Statutory Coverage 13 500,000 Excess Property Excess of Lloyd's Property 36,171,519 12/31/97 Travelers Boiler & Machinery 30,000,000 12/31/97 Kemper Crime Primary Public Employee Dishonesty 250,000 12/31/97 Kemper Library Treasurers' Bond 1,000,000 04/13/97 Kemper Treasurers' 13ond 1,000,000 04/19/97 Kemper Drop Down 1,000,000 12/31/97 United National 4/30/98 Federal Insurance Co. Excess Liability 10,000,000 The Government provides certain health and medical benefits to its employees through membership IPBC 129 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1977 December 31, 1996 Date of Issue July 1,1977 Date of Maturity January 1,1998 Authorized Issue $4,525,000 Denomination of Bonds $5,000 Interest Rates Bonds 1 to 235 6.00% % Bonds 236 to 320 4.60% Bonds 321 to 365 4.80% Bonds 416 to 465 4.90% Bonds 466 to 905 5.00% Interest Dates January 1 and July 1 Principal Maturity Date January 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Bond Tax Levy - -- Interest Due on Year Numbers Principal Interest Totals July 1 Amount Tan. 1 Amount 1997 831-905 $ 375.000 $ 18.750 $ 393.750 1997 $ 9.375 1998 $ 9.375 Note: The principal and interest will be paid by Waterworks Fund. 130 VILLAGE OF GLENVIEW, ILLINOIS I Long-Term Debt Requirements Corporate Purpose Bond Series of 1990 December 31, 1996 1 Date of Issue May 1, 1990 I Date of Maturity December 1, 2002 Authorized Issue $4,500,000 * Denomination of Bonds $5,000 I Interest Rates 1991 6.10% 1992 6.25% 1993 6.40% I 1994 6.45% 1995 6.60% 1996 6.70% I 1997 6.80% 1998 6.85% * 1999-2002 6.90% * I Interest Dates June I and December 1 Principal Maturity Date December 1 1 Payable at American National Bank and Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS 1 Tax Fiscal Levy Bond Tax Levy .Interest Due on I Year Year .Numbers Principal Interest Totals lune 1 Amount Dec. 1 Amount 1997 1996 356-430 $ 425.000 $ 28.900 $ 453,900 1997 $ 14,450 1997 $ 14.450 I 1 I · Bond principal and interest payments for the period June 1, 1998 through December 1, 2002 were refunded by the Corporate Purpose Refunding Bond Series of 1994. I I 1 131 I VILLAGE OF GLENVIEW, ILLINOIS i Long-Term Debt Requirements Corporate Purpose Bond Series of 1991 i December 31, 1996 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% 1992-1993 4.50% I 1993-1994 4.70% 1994-1995 4.70% 1995-1996 4.90% I 1996-1997 5.00% 1997-1998 5.00% 1998-1999 5.10% I 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 INTEREST REQUIREMENTS I Tax Fiscal Levy Bond Tax Levy Interest Due on I Year Year Numbers Principal Interest Totals [une 1 Amount Dec. 1 Amount 1997 1996 533-666 $ 670,000 $ 75,635 $ 745,635 1997 $ 37,818 1997 $ 37,817 i 1998 1997 667-756 450,000 42,135 49Z135 1998 21,067 1998 21,068 1999 1998 757-833 385,000 19~635 404~635 1999 9,817 1999 9,818 $ 1~505.000 $ 137.405 $ 1.642.40__5 $ 68.702 $ 68.70~ 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: $1,188,950 by Waterworks Fund and $316,050 by the Corporate Purpose Bond Series of 1991 Fund. I I I 132 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1992 December 31, 1996 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 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 June 1 Amount Dec. 1 Amount 1997 1996 058-077 $ 100,003 $ 164,874 $ 264,874 1997 $ 82,437 1997 $ 82,437 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 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430 2011 2010 482-528 235,000 32,340 267,340 2011 16,170 2011 16,170 2012 2011 529-579 255,000 16r830 271~830 2012 8,415 2012 8,415 $ 2.610,000 $ 1.658.728 ~ ~ $ 829.364 Note: The above bond issue is to be retired annually by Wholesale Water Fund. 133 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1993 December 31, 1996 Date of Issue May 1, 1993 Date of Maturity December 1, 2005 Authorized 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 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 Lev~ Intere*t Due on Year Year Numbers Principal Interest Totals lune 1 Amount Dec. 1 Amount 1997 1996 085-142 $ 290,000 $ 333,236 $ 623,236 1997 $ 166,618 1997 $ 166,618 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 375-496 610,000 266,536 876,536 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 2005 31,608 31,608 $ 7.215.000 $ 2.009.434 $ 9.224.4~,4 $ 1.004.717 $ 1.004.717 134 VILLAGE oF GLEN'VIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1994 December 31, 1996 Date of Issue September 15, 1994 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 CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Tax Lev~ Interest Due on Year Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1997 1996 0037-0174 $ 690,000 $ 378,810 $ 1,068,810 1997 $ 189,405 1997 $ 189,405 1998 1997 0175-0406 1,160,000 348,450 1,508,450 1998 174,225 1998 174,225 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 $ 7.850.000 $ 1.646.012 ~; 9.496.013 135 VILLAGE OF GLENVIE~V, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1995 December 31, 1996 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 CURRENrI' AND FUTURE PRINCIPAL AND INTEREST REQUIREaMENrfS Tax Fiscal Levy Bond Tax Levy Interest Due on. Year Year Numbers Principal Interest Totals Tune 1 Amount Dec. 1 Amount 1997 1996 2t-40 $ 100,000 $ 16,100 $ 116,100 1997 $ 8,050 1997 $ 8,050 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 81-100 100~000 4~200 104r200 2000 2fl00 2000 2~100 $ 400.000 $ 40.900 $ 440.900 $ 20.450 $ 20,450 136 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements General Obligation Bond Anticipation Bond Series of 1995 December 31, 1996 Date of Issue January 27, 1995 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% Interest Dates June I 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 I Amount Dec. 1 Amount 1997 1996 1,5014,500 $ 15,0(]0,000 $ Z882,500 $ 17,882,500 1997 $ 1,441,250 1997 $ 1,441,250 1998 1997 4,501-8,000 17,500,000 2,072,500 19,572500 1998 1,036,250 1998 1,036,250 1999 1998 8,001-12,000 20,000~0~ 1~110,000 21,110,000 1999 555,000 1999 555,000 $ 52.500.000 $ 6.065.000 $ 58.565.000 $ 3.032.500 $ 3.032.500 137 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1996 December 31, 1996 Date of Issue November 1, 1996 Date of Maturity December 1, 2008 Authorized Issue $8,435,000 Denorrrinafion of Bonds $5,000 Interest Rates Bonds Rate 001-135 4.60% 136-276 4.625% 277-1278 4.70% 1279-1477 4.80% 1478-1687 4.875% Interest Dates June I and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND II',,rFEREST REQUIREMENTS Fiscal Bond Tax Levy -Intex~t Due on Year Numbers Principal Interest Totals ~une 1 Amount Dec. 1 Amount 1997 $ $ 431,247' $ 431,247 1997 $ 23Z210 1997 $ 199,037 1998 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 2000 136-276 705,000 367,024 1,072,024 2000 183,512 2000 183,512 2001 277-423 735,000 334,418 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 2005 911-1089 895,000 185,428 1,080,428 2005 92,714 2005 92,714 2006 1090-1278 945,000 143,362 1,088,362 2006 71,681 2006 71,681 2007 1279-1477 995,000 98,948 1,093,948 2007 49,474 2007 49,474 2008 1478-1687 1,050,000 51,188 1,101~188 2008 25,594 2008 25,594 S 8.435.000 $ 3.196.461 $ 11.631.461 $ 1.614.817 $ 1Z,81.644 * Interest payments to come from bond proceeds. 138 I VILLAGE OF GLENVIEW, ILLINOIS Property Tax Assessed Valuations, Rates, Extensions, and Collections I Last Ten Fiscal Years December 31, 1996 ! ! ! (See Following Page) ! ! ! ! ! ! ! VILLAGE OF GLENVIEW, ILLINOIS Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years December 31, 1996 (See Following Page) '~ ~'EEEE'E'EE'EE'E'~'EE'EE'EE'E'E ~ × : g VILLAGE OF GLENVIEW, ILLINOIS Schedule of Legal Debt Margin December 31, 1996 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendur~..shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. 145 I VILLAGE OF GLENVlEW, ILLINOIS Demographic Statistics Last Ten Fiscal Years I December 31, 1996 Education I Level in Per Per Years of (2) (3) Fiscal (1) Capita Median Formal School Unemployment Year Population Income Age Schooling Enrollment Percentage 1987 36,400 $ 19,490' 33.9 15.9 2,794 4.1% I 1988 36,400 21,429' 34.5 16.4 2,963 4.1 1989 36,400 22,350* 34.7 16.5 3,024 3.5 I 1990 38,437 22,791' 34.9 16.4 3,121 3.5 1 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 1 1994 38,437 33,022* 37.5 16.5 6,023 3.6 1995 38,437 34,343* 37.5 16.5 6,084 2.9 I 1996 38,437 35,716' 37.5 16.5 5,887 3.1 * Estimate I Data Sources (1) U.S. Department of Commerce, Bureau of the Census. 1 (2) Includes elementary and high school students. I (3) Illinois Department of Labor, Illinois Department of Employment Security. ! 148 · VILLAGE OF GLEN'VIEW, ILLINOIS Miscellaneous Statistics December 31, 1996 ! Date of Incorporation June 20, 1899 Form of Government Council-Manager · Geographic Location 20 Miles North of Chicago I Area 13 Square Miles Population 1950 (1) 6,142 · 1960 (1) 18,132 1970 (1) 24,880 1980 (1) 32,060 · 1990 (1) 38,437 1991 38,437 I 1992 38,437 1993 38,437 1994 38,437 I 1995 38,437 1996 38~437 Number of Total Housing Units (1993 Census) 11,399 Median Value Owner-Occupied Noncondominium Housing Units $ 252,640 1 Distribution of Owner-Occupied Noncondominium Houses by Value Unit Value by Range (1) Unit Distribution Number Percent Under $100,000 378 4 % 100,000 - 199,999 3,359 35 · 200,000 - 299,999 2,805 29 300,000 or More 3,000 31 9.542 99% I (1) The above information from the Bureau of the Census, other years estimated. I I 1 1 150 VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics December 31, 1996 Fire Protection Number of Firefighters 84 Number of Stations 3 Number of Fire Hydrants 2300 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 Number of Books 241392 Number of Records 3,153 Number of Audio Cassettes 7,465 Number of Slides (sets) 341 Number of Video Tapes 5,777 Number of Compact Discs 7,338 Number of Registered Borrowers 33,241 1996 Book Circulation 731,857 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 Fund Waterworks operations Number of sewer customers served during fiscal year 9,467 metered water customers at December 31, 1996 13,561 Number of Number of unmetered water customers at December 31, 1996 Gallons of water purchased during fiscal year 3,070,950,000 Gallons of water billed during fiscal year 2,825,274,000 Water Storage Capacity Ground Storage 8,500,000 gallons Elevated Storage 1,000,000 gallons 151 VILLAGE OF GLENVIEW, ILLINOIS I Miscellaneous Statistics December 31, 1996 I I Number of Full Time Employees (on December 31, 1995) 282 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 85 I Miles of storm sewers 74 Number of Village owned street hghts 306 I Building activity I Number of Permits issued in 1996 1,400 Value of Construction authorized in 1996 $ 48,871,393 ! ! ! ! 152 I VILLAGE OF GLENVIEW, ILLINOIS Major Corporate Fund Revenue Sources Non - Real Estate Tax December 31, 1996 % of % of % of Sales Total Utility Total Income Total Year Tax Revenue Tax Revenue Tax Revenue 1986 $ 2,815,209 28.7% $ 2,066,996 21.1% $ 804,896 8.2% 1987 3,178,578 30.3 2,119,255 20.2 900,124 8.6 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 Note: Includes General Fund only. 154 VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS Amount As Per Cent of Per Capita Applicable as of Assessed Estimated (1996 Est. Dec. 31.1996 Value True Value Poo. 38.120} Assessed Valuation of Taxable Real Property, 1995 ............ $I,03~019,507 I0~00% 3~33% $27,177.85 Estirnated True Value of Taxable Real ProperZy, 1995 .......... 3,10~05~,521 30~00% 10~00% 81,E33~1 Direct General Ob[igalJon Bonded Debt(l~ Payable from Property Taxes .......................... $ 12,905,800 12.4% .42% $ 338.56 Self-Supporting Debt(2) .............................. 15.909200 1.54% .51% 417~ Total Direct Bonded Debt .......................... $ 28,815,000 2.78% .93O/o $ 755.90 Overlapping Bonded Debt Payable from Propedy Taxes(3): Schools ........................................ $ 191124,140 1.84% .61% $ 501.68 Other Than Schools ................................ 43.777229 4.2:~3% 1.41% 1.148.41 Total Overlapping Bonded Debt ...................... $ 62.901,369 6,07% 2.02% $1.650.09 Total Direct and Overlapping Bonded Debt .................... $ 91,716.369 8.85% 2.95% $ 2.405.99 Total Direct and Overlapping Excluding Serf-Supporting ....... $ 75,807,169 7.31% Z44% $1,~8E~65 Notes: 1. The~Vitlage is a h~me ru~e u~t under the ~ 97~ ~"!~in~is C~nstitutl~n and as such has no debt lirnit n~r is mquired to seek referandurn approva~ for ~h.~ ;ssu,_~nce of general obllgabbn debt. See Retirement Schedu~e ~f Outstanding Vi~~aga Genarai Ob~iga#on Debt~ befow f~r a ~isting ~f the Village s non-general obligation debt and currently outste~ding general obligaEon debt 2. The Village has chosen in the,past to fund certain projects with general obligation bonds and abate the taxes thereon from other revenues. Fcr addit~nal detail on ine Villaga's self-suppor~ng general obligation debt see ~able below. 3 See "Detailed Ovetiapping Bonded Indebtedness Payable From Property Taxes at December 31, 1996" below. RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT(Note 1) (As of December 31, 1996) Debt Service Princioal Amourff~ Tax Lav~es Self Suooortina With Proiected Abatement From Of Bonds Water and Sewer Funde/2! Land Sales Projected Cai- Paid From Se~es Series Se~s Series Series Series at Base Total From endar Property 1977 19~0 1991 1992(4) 1994(5) 1~ Series 1996 Cumul. Levy Propetbj ~ Taxesf3) 1-1 12-1 12-1 12-1 12-1 1~-1 12-1 Amount Percent Year Taxes 1997 $ 1,111,300 $ - 0 - (6) $246,000 $ 529,300 $ 100,000 $ 188,400 $100,000 $ - 0 - $ 2,625,(~00 7.9% 1997 $1~62,574 1~ 1,410,400 375,000 - 0 - 355,500 105,0~0 414,100 100,000 - 0 - 2,760,000 17.5% 1998 1,940,996 1999 1,453,400 - 0 - 304,100 110,000 432,500 100,000 675,090 3,075,000 28.1% 1999 1,852,474 2000 1,432,400 - 0 - 120,000 452,600 100,000 705,000 2,810,000 37.9% 2000 1,748,509 2001 1,403,400 125,000 451,600 - 0 ~ 735,000 2,715,000 47.3% 2001 1,771,445 2002 1,493,000 130,000 457,000 775,~00 2,855,000 57_~/o 20~ 1,8(35277 2003 %587,600 145,000 127,400 810,0(X) 2,670,000 66.5% 20~ 1,811,6.96 2004 1,669,300 150,000 130,700 850,000 2,800,000 762% 2004 1,408216 L~)O6 1,345,000 160,000 - 0 - 895,000 2,4~0,0~0 84.5% - 0 - 170,000 945,000 1,115,000 88.4% 2007 180,009 ~5,000 1,175,000 92.5% 2006 195,000 1,050,000 1,245,000 96.8°1o 2009 210,009 - 0 - 210,000 97.5% 2010 220,8~0 220,000 98.3% 2011 235,0~0 235,000 99.1% 2012 255.000 255.000 100.0% $12,905,800 $375,000 $246,000 $1,188,900 $2,610,000 $2,654,300 $400,000 $8,4;35,000 $28,815,000 Notes: 1, Excludes the Village~ $52,500,000 General Obligation Bond Anticipation Bonds, Sedes 1995 due $16,000,000 on December 1, 1997, $17,500,000 on December 1, 1998 and $20,000,000 on December 1, 1999, Proceeds of the Bond Anticipation Bonds were used to capitalize interest to the respective rnafudty dates and provide funds to complete the thfras~ructere improvements to enable the redevelopment of the now dosed Glenwew Naval Air S~abbn. Among other souroes, proceeds from the sale of land at the Glern~ew Naval Air Station ~11 be used to pay the Bond An#cipatlon Bonds at thair final matod~y. If long-term bonds (such as the Sedes 1996) are used to pay a matu/~!y of the Bond Antlclpa~on Bonds, ~e new issue witiappearinthistable. The$1,194,428pdnclpalarnountofspecJalserviceareabonds, theproceedsofwhichhavebeenusedforvadous neighborhood tecai improvements and which are secured by propedy taxes to be levied in the applicable special sarwce areas, is shown as ovedepping debt in the table "Detailed Overlapping Bonded lndeb~clness Payable From Property Taxas~ 2. As a home rule u~it under the 197~ Illinois ConsEto#~n, the Village ha~ no debt limit and it ~3n issue generaJ obliga~n bonds v~thout referandurn. .The Village has chosen to fund vanous water/sewer/mprovernents wth general obtigation bonds and abate taxas from user cha~as. The Village nas annually abated taxes on its self-supporting bonds and paid the debt service from water and sewer charges. The V#tege s water systarn serves a popula~n of approximately 62,000 of which approximately 24,000 are outside the Vitiage limits (17, 000 in unincorpora~d areas and7,000 in the Citizens Utilities se~ice area). 3 Includes remaining rnatodtias for the Village's outstanding Sedes 1990, Se#es 1991, Sedes 1993 and Sedes 1994 issues. 4. These Bonds ara payable primarily from revenues of the service area of a private water company outside the Village limits. 155 E~ The Village sold $8,040,000 General Obtiga#on Refunding Bonds, Sedss 1994 on August 30, 1994. A portion of the issue is payable from property taxes and the remainder is serf-supporting from water/sewer revenues. E~ The January1, 1997 pdncipal paymant of $350, OOO was considered paid as of December 31, 1996 becauea funds had bean transferred to the paying agen~ DEBT RATIOS AND PER CAPITA DEBT--LAST TEN BOND SALES (Note 1) Ratio to Estimated Actual Value//) Per Caoita(l! Direct Debt Direct & Ovedaaaine Debt Direct & OverlaoDino Debt Including Excluding Including Excluding Including Excluding Villaae Issue Self- Self- Self- Self- Self- Self- $~leDate Amount Suoaortina Suaeortina(2~ Suooortina Suaaortina(2} Suoaortina Suaaortina[2) July2, 1984 ............ $ 3,100,000 1.30% .44% 2,60% 1.74% $ 806.33 $ 540.23 June 20, 19~9 ........... 8,000,000 1.34% .68% 2,87% 2.21% 1,043.87 801.69 May 1, 1990 ............ 4,500,000 1.53% .83% 32.3% 2,53% 1,229.81 964.91 November 19, 1991 ....... 4,165,000 .91% .50% 2.64% 2,23% 1,532.82 1,2952.4 April 7, 1992 ............ 2,895,000 1.03% .50% 2.78°1o 2.25% 1,614.07 1,304.18 May 18, 1993 ........... 7,635,000 1.23% .77% 3.31% 2.85% 1,962.19 1,690.~5 jAugust 3011994 .......... 8,025,000(3) .94% .60% 3.00% 2,66% 2,229.73 1,978.80 anuary 25, 1995 ....... 60,000,000(4) .87% .57% 2.9~/0 2.68% 2,219.67 1,995.53 October 17, 1995 ......... 500,000 .89% ~7% 3.17% 2.85Olo 2,360.61 2,123.34 Octdeer 15, 1996 ......... 8,435,000(5) 1.01% .45% 3.18% 2.62% 2,590.75 2,134.53 Notes: 1. Ratk)s and per capita information ss set outin abplk:~ble OfficiaIStatements. The Village's Bond Anticipation ~onds which sold on January 25, 1995 ara not included in these ratios (see Note 4). 2; Excluding the V#lage's serf-supporting generalobligation bonded deb~ ;[ Finat issea amoont was $8,040,O00. 4. General Obligation Bond Anticipation Bonds, Sedss 1995 ('BABS") the proceeds of which were used to fund interest up to the respective mafuriO/ dates of the BABS and to create a capital improvement fund for redevelopment costs of ~he Gtenwew Naval Air Station which officially closed on September 9, 1995. The principal amount of the Bond Anticipation Bonds was not incfuded in the debt ratios and per capita data - if and when these matudties are refinanced with tong-tarm bonds (such as the Sedes 1996 Bonds), they will appear in the debt ratios and per capita debt. 5.Prooseds osed to refund the Deosmber l, 1996 malurfiy of the BABS. The remathing BAB rnatudties are: December1, 1997- $15,000,000; December 1, 1998 -$17,500,000; and, December 1, 1999- $20,000,000. DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 1996 Percent of Village's Applicable 1995 ReaVillage'sl Share (Note 1) of Gross Debt To Be Paid Property in Gross From Real Property Taxes SCHOOL DISTRICTS: Taxino Body Bonded Debt Percent Amount Elementa~ Districts: Glenview School District No. 34 ................. 71.1% $ 9,485,000 85.739% $ 8,132,344 Norlhbrcok School District No. 30 ................ 10.2% 8,670,000 34.545% 2,995,052 West Northfield School District No. 31 ............. 8.4% 9,465,000 212.61% 2,012,354 Wilmette School Distdct No. 39 ................. 3.2% 8,890,000 4.762°/0 423~342. East Maine School District No. 63 ................ 2.7O/0 22,530,000 4.153% 935,671 Golf School District No. 67 .................... 2.7% 1,680,000 152.52% 256~4. Avoca School District No. 37 ................... 1,7°/9 5,690,000 7.154% 407,063 100.0% High School Districts: Northlield Township High School District No. 225 ..... 89.1% 9225,000 34.73-PYo 3,204,488 New Trier Township High Schoo~ District No. 203 ..... 4.9% 21,745,000 2.353% 511,660 Niles Township High School District No. 219 ........ 3.3% 14,440,000 1.395% 201,438 Maine Township High School District No. 207 ........ 2.7O/o 4,375,000 1.017% 44,494 Community College District: Oakton Community College No. 535 .............. 100.0% - 0 - 9~2/o - I;) - Total School Districts .......................................................... $19,124,140 OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve District ........ 100.0% $1,653,505,000(2) 1.471% $~4~,~23,059 Metropolitan Water Reclamation District ...... 1D0.0% 1,123,860,000(2) 1.504% 16,902,854 Glenview Park Distdct ......................... 99-0% 1,120,000(3) 81.787% 916,014 Northbrook Park Distdst ........................ .5% 2,177,350(3) .414% 9,014 Northtield Woods Sanitary Distdct ................. 8.4% 1,110,000 28.826=/0 319,969 North Maine Fire Protection Distdct ................. 5% 4,530,000 2.470% 111,891 Glenview Special Service Areas .................. Vadous 1,194,428 100.000% 1.194.428 Total Other Than School Districts .................................................. $43,777~29 Notes: 1. Village's share based upon 1995 Real ProperS/valua~:~ls. ~ Excludes General Obligation Notes issued in lieu of tax anticipation warrants and notes issued to provide interim construction financing. , . . 3 Excludes the fo lowing "PJternate Bonds issued pursuant to Pubbc Act 85-1419, wh ch are cons dered to be self- suppoflfng since they are payable from user fees or other pledged non-properly tax sources: Glenview Park District - $17,885,000; and Nodhbrosk Park District - $10,525,000. 156 EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1) Real Tax Net Percent Levy Less for Taxing Increase Over Year Gross Exemotions(21 Purocees Prior Year 1991 ............ $ 808,585,606 $55,162,415 $753,423,191 +7.4% 1992(3) .......... 969,052,192 56,349,750 912,702,442 +21.1% 1993 ............ 1,001,673,951 56,613;~50 945,060,701 +3.5% 1994 ............ 989,104,798 57,555,800 931,548,998 -1.4%(4) 1995(3) .......... 1,096,925,282. 60,905,775 1,036,819,507(5) +11.2% Notes: 1. Propertyin Cook County is separated into eight classifications for assessment purposes (ranging in 1985 from 16% for residential to 40% for commercial property). After ~he assessor establishes the fair market value of a parcel of/and, that value is multiplied by one of the classification percentages to ardva at the aasessod valualfon for that parcel. The lltinols Dapartment of Revanue famishes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. After the equalization factor is applied, the valua#on of the property for taxing purposes has been estabtished--tax rates are applied to the equalized valuation. On May 19, 1986, the County Board approved the rscluc~on of the assessed vaiua~oc (that amount determined before equalization) of commercial and industrial properiy--the 1985 assessment ratio for thdustdal properties was 40% and dropped I% per year until it reached 36% in 1989 and the 1985 assessment rat~b for commercial properties was 40% and dropped 1/2 of 1% per year until it reached 38% in 1989. 2 Includes three major categories of exemptions: the Senior Cib~ens' Homestead Exemption ($7,120,000 in 1995), the Senior Citizens Tax Freeze Homestead Exemption ~,$,2,,548,775 in 1995), and the General Homestead Exemption ($51,237,000 in1995). The Senlor Cifizens Homestead Exernptton, effective for tax years 1991 and following, is a reduction of $2,500 ($1,500 in levy years 1972-1983 and $2,000 in levy years 1984-1990) in the equalized assessed valuation of real property owned and occupied by a person 65 years of age or older. The General Homestead Exemption is available to owner-occupied realdential proparly; the amount of the exemptton is the increase in the currant yeaFs equalized assessed valuation above the 1977 tax year equalized assessed valuation, with a maximum of $1,500 in 1978, $3,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 thereaffer. Leto/year 1994 marked the firat year of the Senior Citizen Tax Freeze Homestead Exemption which provides that persons 65 or older with a household income of less than $35,000 may receive an exemption in the amount of the difference between the current equalized assessed value of each principal residence and the greater of (i) the 1993 equalized assessed value of the residence plus the value of subsequent improvements or (ii) the equalized assessed value in the year the senior citizen becomes eligible for the exemption plus the value of subsequent improvements. 3 Underthecurrenttriennialreassessmentsysteminc~kCoonty~nethird~ftheC~un~yisreassessedeach year. The Villagewasraassessedth 1992andagalnin 1995. 4. The decrease in equalized assessed valuation was primarily due to a 1.3% drop in the State-imposed equalization factor for Cook County (from 2.1407 in levy year 1993 to 2.1135 in levy year 1994). 5~ By valuation, 82.1% of the Village is in Northfield Township, 6.8% is in Niles Township, 6.3% is in Maine Township, and 4.8% is in New Trier Township. Includes $60,562 of Railroad ProperO/ now classified as Real Properly. TAX RATES PER $1O0 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Glenview: 1991 1992 1993 1994 1995 Bonds and Interest ....................... $ ~ $ .113 $ .171 $ .137 $ .119 Pensions (Police, Fire, IMRF & Social Security) .... 075 .064 .120 .179 .191 Corporate ............................... 463 .400 .~ .393 .353 Total Village(l) ....................... $ .747 ~ $ .691 $ .709 $ .663 Cook Coun[y (Ind. Forest Preserve) ................ 1.104 1239 1.043 1.066 1.066 Metropolitan Water Reclamation Distdct ............... 482 .470 .471 .4..q5 .495 Glenview S.D. Number 34 ....................... 3.123 2.703 2.893 3.179 2.959 Northfield Township H.S.D. Number 225 .............. 1.884 1.718 1.826 2.023 1.899 Oakton Community College Dist. Number 535 .......... 274 239 2.48 255 233 Glenview Park Distdct ........................... 477 .443 .469 .488 .478 Libra.~(2) ................................... 314 .282 .300 ~ .301 Nodhfield Township and Ail Other ................... 104 .080 .107 .091 .117 Total (3) ............................ $8.509 $7.751 $8.038 $8.634 $8.211 Village es a Percent of Total ...................... 8.8% 7.4% 8.6% 8.2% 8.1% Nota&- 1. As a h~me ru~e unit under the197~ #~inals Const~7uti~n~ the Vi~e has n~ statut~ry ~ax rate timita#~ns~ 2. Be9inalng in ~evy year1985~ the tax rate for Library purp~ses ~s considered under State ~aw to be a eaparate ~evy from the Village. 3 Tax rate applicable to the largest tax code which represented 46.9%0 of the Village's 1995 tax base and is located in Not. field Township. 157 I TAX EXTENSIONS AND COLLECTIONS · (Village Purposes Only) Total Taxes Collected as · Levy Collection Total Taxes of March 31.1997(11 Year Year Extended Amount [2} Percent 1991 ....................... 19~ $5,628,071 $5,620,857 99.87% 1992 ....................... 1 ~93 5266 293 5;239,816 99.49% 1993 ....................... 1994 6,530,369 6,505,891 99.62% · 1994 ....................... 1 ~95 6,604,682 6,591249 99.80% · 19o,5 ....................... 1996 6,868,809 6,886,896 100.26% Notes: 1. Tax payments, including late payments and proceeds from tax sales, are shown as collections in the year when due. The "Amount Collected"is not the same as disthbutions to the Village as tax ! refunds (pursuant to court orders, first time homestead exemptions, other exemptions, etc.) are deducted from "Amount Collected" of the year in which the refund is made regardless of the tax year for which the refund is applicable. 2 C~ok Countypropady taxes are payable in two installments: the first on March 1, and the second on the/after of August I or 30 days after the mailing of the tax bills. The first installment is an · estimatedblllandisone-hetfofthepheryear'sblll. Thesecondinstallmantisbasedonthecurrent · levy, assessment and equalization and reflects any changes from the phor year in those factors. The second installment date for levy year 1994 taxes was November 1, 1995, which was unusually late -- pdor to 1995, the latest second installment date was October 1, 1981. The second installment date for levy year 1995 was September 11, 1996. I 1991 AND 1995 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION I Villaoe of Glenview Taxable Valuation Percent of Total · 1991 1995 1991 1995 Residential ......................... $500,370,650 $ 716,562,602 66.4% 69.~'/o Commercial** ....................... 167,342,813 222,555,941 222% 21.5% [ndusthal ........................... 85,572,576 96,725,327 11 A% 9.3% Railroad ........................... 27,677 60,562 NIL NIL · Farm ............................. 109.475 115.075 NIl. NIL TotaJ ......................... $753,423,191 $1,036,019,507 100.0% 100.0% Percent Increase 1991-1995 ............................ +37.5% * The commercial classification includes apartment buildings with over six units and any apartment/retail mixed use I buildings. ! TEN LARGEST TAXPAYERS Equalized I Assessed Percent of Rank Taxcever Prooerties Valluation/l) Villaae (2) 1 .. Kraft General Foods ............. Corporate Headquariers/Research Campus . .. $ 37,657,338 3.6% 2.. Zenith ...................... Corporate Headquarters-Electronics ........ 16,579.235 1.6% · 3. Signode Corporation, Div. of ITW .... Corporate Headquarters ................ 14,941,852 1.4% 4. Harper Collins Educ ............. Corporate Headquarters-Book Publisher(3) ... 9,824,131 1.0% 5. RREEF MIDAMERICA .......... Plaza Del Prado Shopping Center .......... 7,607,157 .7% 6. Glenview Hospitality ............ Doubletree Hotel ..................... 5,741,046 .6~/o 7. Avon Products Inc ............... Cosmetics - Shipping Facility ............. 5,046,797 .5% · 8. Glencove .................... Apartments ......................... 4,848~77 .5% I 9. St. Andrews Prope~es ........... Carillon Square Shopping Center .......... 4,464,754 .4% 10. Baxter Management Corp .......... Apar~nents ......................... 4.435.243 .4% Total Ten Largest Taxpayers ...................................... $111,145,830 10.7% I Notes: 1. Valuations as of Januaq/1, 1995 for 1996 taxing purposes. Excludes $5,337,529 under the taxpayer name I "Glenview Gardens" which are apartments currency being converted to condom/n/mums. Z Total1995Villagevaluationof$1,036,019,507~ 3 Corporate headquarters of Scoft Forssman/Addison Wesley. I I I 158 I GENERAL FUND Summery Statement of Revenues, Expenditures and Changes in Fund Balance (Fiscal Years Ending December 31) AuditedfNct~ 1) l~v~ 1997 Revenues/Transfers: 1992 1993 1994 1995 Budaet (2) Actual Budaet (2) Property Taxes(3) ................. $ 3,451,772 $ 3,630,119 $ 3,748,378 $ 3,585,385 $ 3,550,000 $ 3,567,602 $ 4,304,638 Property Taxes-Fire Protection Disffict(11) 858,383 1,119,035 1,781,710 1,243,933 1,708,826 1,857,583 1,802,701 Sales Taxes ..................... 3,608,071 4,188316 4,438,932 4,843,071 5,000,000 4,661,985 4,759,4,?2. Utility Tax ....................... 2,744,525 2,876,149 2,512,867 2,935,696 3,205,000 3,099,365 3,163,152 State tncome Tax/Photo and Use Tax ..... 1,651 ,925 1,966,124 2,157,707 2,266,279 2,660,000 2,656,744 2,716,572 State income Tax Surcharge .......... 513,517 596,601 161,140 - 0 - - 0 - - 0 - - 0 - Franchise Taxes .................. 237,259 250,806 263,597 355~8 293,000 320,704 304,420 Hotel Room Tax(4) ................ 497,567 531,405 589~06 618,684 600,000 698,644 652,800 Motor Vehicle Licenses .............. 443,602 437,943 434,946 403,655 478,500 487,784 470,0(~0 Building Permits .................. 257,124 354,024 343,655 294,489 367,850 311,400 472,500 Other Licenses and Permits ........... 263,917 250,641 276,125 260,534 287,950 287,904 368,200 Charges For Services ............... 635,949 79~,448 718,494 72~,408 679,678 674,151 1,051~45 Fines and Forfeits ................. 343,925 256,408 226,415 207,433 250,000 239,467 Interest ......................... 154,277 155,002 105,601 174,561 172,500 231,829 284,000 Transfers-In: Escrow Depnsit(5) ............... 163,504 124,735 142,414 249,522 135,030 157,544 90,000 O~er ........................ 858,478 - 0 - - 0 - - 0 - 206,326 404,683 535,417 All Other Revenues ................ 229.658 329.633 535.551 468.835 48/.382 687.950 559.346 Total Revenues/Transfers ........ $16,913,453 $17,865,189 $18,436,738 $18,629,733 $20,076,012 $20,345,339 $21,754,423 Expenditures/Transfers: General Government ............... $ 2,968,999 $ 3,088,463 $ 3,725,026 $ 3,808,518 $ 4,099,E~6 $ 3,958,385 $ 4,852,454 Public Safety ..................... 8,463,915(11) 9,323~67 9,641,425 10,298,562 11,048,930 10,548,544 11,442,718 Highways and Streets ............... 3.118,970 3.296.632 3.348.927 3.573.40~ 3.780.~7 3.475.887 3895.867 SubtotalExpenditures ............. $14,551,884 $15,708,362 $16,715,378 $17,680,486 $18,929,443 $17,9~2,816 $~0,191,039 Transfers-Out: Capita] Equipment Replacement(6) .... $ 621,257 $ 710,19~ $ 678,927 $ 765,685 $ 803,431 $ 80G,431 $ 901,114 Capital Proiects ................. 671,000 551~0 878,000 1,098,000 301,000 311,0(~0 453,000 Other ........................ 4E,.0C~ 66.621 140.304 73.044 75.773 75.773 4..~54 Total Expenditures/Transfers ...... $15,889206 $17,037,071 $18,412,609 $19,6172,15 $20,109,647 $19,173,020 $21,549,707 Revenue Over (Under) Expenditures: BeforeCapitaJ/Transfers ............. $ 2,316,504 $ 2,090~06 $1,581,056 $ 949,247 $ 1,146,569 $ 2,362,523 $ 1,563,384 AfferCapital/Transfers .............. $1,024,247 $ 828,118 $ 24,129 $ (9~7,482) $ (33,635)$ 1,172,319 $ 20~,716 AdjusfmantstoFundBa[ance ............ $ 8,799 S - 0 - $ - 0 - $ (97,749) $ - 0 - Fund BatanceatDecernber31(7) ......... $ 7,427,211 S 8,255,329 $ 8~9,458 $ 7,194~7 $ 8,366,546 Balance Sheet at December 31 Assets: 1992 1~3 1994 1995 1996 Cash and Invesfments(8) ............. $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,5,32 $ 6,629,833 Receivables: Properiy Taxes .................. 3,576,692 3,838,669 3,744,904 3,755,037 4,507,613 Sales Tax ..................... 559,886 771,866 754,002 762,111 709,848 Utility Tax ..................... 301,549 229,495 289,790 313,976 425,506 Other Receivables ................ 203~84 243,400 868,812 439,300 370,677 Due From Other Funds .............. 1,308,315 1,681,131 1,555,178 2,869,707 689,150 All Other Assets ................... 730.356 730.35~ 735.756 730.35~ 730.356 Total Assets .................. $12,056,643 $12,965,642 $12,897249 $12,935,019 $14,062,~ Liabilities and Fund Balance: Accounts Payable .................. $ 106,566 $ 87,908 $ 63,490 $ 116,910 $ 29,351 Compensated Absences Payable ........ 488,695 475,581 440,101 660,186 586,321 Due To Other Funds ................ 425,413 275,412 449,066 1,137,082 512,478 Deferred Revenues ................. 3,576,692 3,829,283 3,735,626 3,755,037 4,507,613 All Other Liabiltitas ................. 32,066 42,129 27~57 71,577 60,674 Fund Balance: Reserved(9) .................... $ 730,356 $ 730,356 $ 735,756 $ 730,356 $ 740,356 Designated for Surcharge Reseipts(lO).. 2,166,107 2,662,708 2~22,048 1,472,048 1,472,048 Undesignsted ................... 4.530.748 4.86~.265 5.223.905 4.991.823 6.154.142 Total Fund Balance(12) ........... $ 7.427.211 $ 8255.32.9 $ 8.181.709 $ 7.194.227 $ 8.,366.546 Total Liabilities & Fund Balance ..... $12,056,643 $12,965,642 $12,897,249 $12,935,019 $14,062,983 Notes: 1. These condensed financial statements for the General Fund for the years ending December 31, 1992-1996 have been prepared from the full Comprehensive Annual FTnancial Reports of the Village of Glen~few and do not purport to be complete financial statements. The full financial s.?!ements, together with the report of the Village's independent accountants, are available upon request. See Note 1 to "Combined ~ratement-AII Funds". ~ The Vi#age Manager submits a proposed operating budget to the Board of Trustees which budget includes proposed expenditures and the means of financing them. Subsequent to budget hearings, the budget is legally enacted through passage of an ordinance. The Village Manager is authodzed to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expeedi~ures of any fund must be approved by the Board of Trustees. Budgets are adopted on a basis consistent with generatiy accepted accounting principles. 3 Fr~m1979t~1985theVi~age`sp~ywithregardtoGenera~Fundpr~per~ytaxeswast~evyac~nsta~3td~taram~unt~fappr~Ximata~y $950,000. Beginning with 1986, the Village changed this policy to one of a constant tax rate to ensure equal participation in the cost of which deposits, ar~, re~med u,p~_ n satisfactory completion of the ¢mprovements. Interest semings cn the amounts in the Escrow Deposit Fund 159 The Capital Equi~roent Replacement Fund (CERF) was established by ordinance in 1979 with the statedpurFose of evening out the annual expendituras for major capital expenditures. All of the Village's on-road and off-road equipment, fire, public works, etc., is included. Each Department is charged with the equivalent of a depreciation charge which is remitted in cash to the Capital Equipment Replacement Fund (carded in the Capital Projects Fund). As of December 31, 1996, cash and invesknents in the Capital Equipment Replacement Fund totaled $5,996,5~1. ForthefiscalyeerendedDecember31, 1982~the~ifiagechangeditapr~pedytaxrevenuerec~gnitiont~conf~rrntoth~pr~vial~ns~f Interpreta#on #3 issued by the National Council on Governmental Accounting under which property tax rareness are recognized to the extent of taxes due and collected within the current year. The current net tax levy receivable is recognized in the balance sheet along with a corresponding amount of deferred revenue. whenth~Vi~lagechangeditsp~li~yregardthgthe~evei~fpropertytaxesf~r~heGeneralFund(hiote$),itals~de~errninedtoincrea~ethe cash reserve balance to 90 days of wottdng cash, which, given the 1996 actual expenditures of non capital expenditures totals approximately $4,434,120. Thisreserveservesasthsurenceshould~th~,~ Villageface~,~u~ct_u__ationsordelaysintaxpayments, amonetaryjudgmen~anatural disaster, or other fiscal difficulties. The Genera/Fund Cash Balance has dsen from $1,377,554 at December 31, 1985 to $6,629,833 at Desember31, 1996 wh~h represented a cash reserve balance of 134 days. Dudng fiscalyear 1989, $725,000 in pondproceeds from the Sedes 1989 Bond Fund (Capital Prajects Fund) was transferred to the General Fund for the puq3oee of paythg a short-term note for the purchase of property for redevelopment purposes. On the balance sheet at December 31, 1989, $725,310 of the fund balance was shown as "Reset/ed for Land Held for Resale=, with a corresponding asset shown as "fevestmantin Land HaldforResale5 Otherreservations ~ffund ba~ance inc~uded$1~724 ferprepald iterasand$2-71~14~ f~rinc~me ~ax surchargeallcoation. TheDecember31, 1996Reservedtotal~f$74~~356thc~udes$725~~~~fer~andhaldf~rre~ale~$1~~~~~f~rPatfen House, and $5,356 for prepald items. 10. These funds are available for any purpose-the "Designated" reference is to the source of revenues that were determined by the Village Board 11. On September 1, 1992 the Glenbrcok Fire Protection District was merged into the Glanview Fire Department. As of that date, the Village accepted responeibifiJy for 47 additional employees, 2 more fire stations and 13 pieces of fire apparatus. The Fire Protection Dtsthct continues to levy properly taxes on that part of its tax base outside the Village limits and remits those tax receipts to the Village for sen4ces in the unincorporated area that now represents its tax base. 12. The General Fund "Fund Balance" at December 31, 1996 of $5,366,546 wes equal to 41.4% of the $20,191,039 Budgeteq1997 Geoaral Fund axpendituras excluding transfers for capital purposes. COMBINED STATEMENT--ALL FUNDS(Note 1) Fund Balances 1992-1995 and Summary 1996 Revenues, Excess Revenues and Fund Balance (Audited Fiscal Years Ending December 31) Fiscal Year Ended December 31.1996 Revenues Excess Incl. Transfers Revenues Property Over Fund Governmental Fund Types: 1992 1993 1~}4 1995 Tax Total Exoenditu~e.s Balance Genera] Fund ................ $ 7,427,211 $ 8~55,329 $ 8,279,458 $ 7,194~27 $6,567,602 $20,345,339 $1,172,319 $ 8,366,546 Spedal Revenue Funds: Library 915,247 $ - 0-(8) $ -0- $ -0- $ - O- $ -0- $ -0- $ -0- $(1,165,972) (1,360,726) (1,311,091) (1,068,125) 1 ~o04 2,926,636 (505,782)(9) IMRF .................... 562,343 Motor Fuel Tax ............. 944,542 1,139,194 788,232 813,(~5 - 0 - 1,421,596 (22,204) 790,881 CableTV ................. 80,054 67,552 61,772 54,460 - 0 - 51,917 (15,057) 39,403 Refuseend Recycling ......... (94,817) (85,218) (71,856) 54,523 - 0 - 1~22,0~9 243,194 297,717 911 Comrr~JnicatJuns ......... 3,534 70,338 74,768 106,299 - D - 318,113 58211 164,510 GNAS Grent(2) ............. - 0 - 46 26,424 (102,240) - 0 - 2,249,776 (214,756) (316,996) GNASCaretaker.. - Q - - 0 - - 0 - -0- - 0 - 777.946 - 0 - - {~ - Total Special Revenue ....... $ 682,588 $ (168,814) $ (431,751)$ (141,998) $1,362,204 $ 8,968,073 $ 611,731 $ 469,733 Debt Se~ice Funds ............ 922,565 1,263,306 1,4~0,110 9,944,060 1~204,554 10,879,299(14)$(2,450,367) 7,493,69~ Capital Project Funds ........... 7.810.351 15.608.972(10) 14.627.948 63.069.629(I'~ - 0 - 8.151.664 186.948) 62.982.681 TotaJ GovemmentaJ Funds .... $16,842,715 $24,958,793 $23,965,765 $ 80,065,918 $6,134,360 $48,344,375 $ (753,265) $ 79,312,653 Projorietary Fund Type(3~. Enteq)rise Funds: Waterworks(4) ............. $ 9,44~,915 $ 9,561,969 $10,395,827 $11,676,121 $ - 0 - $ 5,841,524 $ 63,568 $11,739,689 Sewerage(4) ...... 2,618,416 2,645,544 2,833,480 3,054,108 - 0 - 796,554 62,145 3,116~33 WholesaleWater(4). -O - 139,321 507,789 623,416 - 0 - 1,396,003 170,5~6 794,012 Commuter Parking Lot ........ 346.030 358.537 251.494 224.576 - Q - 81.357 (64.091~ 160.485 Total Enterprise Funds ....... $12,411,361 $12,705,371 $13,988,590 $15,578,221 $ - 0 - $ 8,115,438 $ 232,218 $15,810,439 Intemal Servk:e Funds: Municipal Equipment Repair(5)... $ 89,080 $ 184,076 $ 88,723 $ 88,264 $ - 0 - $ 629,851 $ (60,268) $ 27,996 Insurance ................. 1.588.536 2.070.657 2.318.494 1.956.243 - ~ - 2.626.758 510.041 2.466284 TotallntemaiServiceFunds... $1.677.616 $2254.733 $2.4072.17 $ 2.044.507 $ -O- $32.56.609 $ 449.773 $ 2.494280 Total PropdetaB/Funds ...... $14,088,977 $14,960,104 $16,,3.95,807 $17,622,728 $ - 0 - $11,372,047 $ 681,991 $ 18,304,719 Fiduciary Fund Types(6): EscrowDeposit(7) ............. $ - O- $ - O- $ ~ 0 - $ - O- $ - O- $ 157,544 $ - O- $ - O- Deposit .................... 17,821 19,096 19,921 20,897 - 0 - 6,782 2,DG3 22,9(X3 Police Depatl~nent SpeciaJ Account.. 7,071 8,305 21,914 16,029 - 0 - 1,489 (636) 15,393 Police Pension ................ 12,603,771 13,625,250 14,823,582 16,078,498 394214 2,088,607 1,518,584 17,597,082 Firefighters' Pension ............ 20.918.004(12)25.545.834 27.4.30.875 29.813.647 182.040 2.672.245 2.035.217 31.848.864 Total Fiduciary Funds ....... $33,546,667 $39,198,485 $42,296,292 $ 45,g~9,071 $ 576~54 $ 4,926,667 $ 3,555,168 $ 49,484~39 Component Unit: I.ibr~ry Fund(8) ............... ~; - ~ - $ 9B2.ffT0 $1.125.420 $ 1.~1.801 ~tB.132..88~ $ 3.440.?~8 $ ~:~.246 $ 1.6.~.047 Total ^11 Funds(Memo Only)... $C>4,478,350 $80,100,051 $1~,?~,284 $144,04~ ~818 $6,843,[,00 $~,0~,847 $ $,3~,140 $148,760,658 160 I Cash and Investments at December 31: 1992 1993 1~ 1995 1996 General Fund ................ $ 5,376,561 $ 5,470,725 $ 4,948,807 $ 4,064,532 $ 6,629,833 i Special Revenue Funds .......... 1,937,132 1,306,321 1,095,963 1,507~o4 1,081,476 Debt Service Funds ............ 223,309 31,271 753,164 11,527~572 7,708,320 Capital Project Funds: Capital Equipment. Replacement.. 3,619,591 4262,199 5,172,615 5,501,247 5,996,561 GNAS Project .............. -o- - 0 - - 0 - 49,404,077 52,723,225 i A~I Other Capital Projects ....... 6,751,814 13,285,863 11,420,648 6,970,704 6,030,685 Proprietary Funds ............. 2,822,126 3,613,334 3,113,842 3,466,959 4,053,812 Fiduciar~ Funds(6) ............. 3~,921,378 43,738,337 46,063,661 49,647,671 52,779,240 Component Unit - Ubrary Fund(8)... - O - 1.006.973 ~ 1.34-3.953 1.674.093 Total Cash and Inves~aenta(13) $57,651,911 $72,715,023 $73,717,457 $133,433,979 $138,677245 I Notes: 1. These condensed financial steternants for the years ending December 31, 1992-1996 have been prepared from the foil Comprehensive Annual Financ!~_ Reports of the Village of Glenview and do not purport to be cornplete audits. Tha full financial statemants, together with the report of the Villagesindepandantaccountants, areavailableuponrequest. Theaccountingpolicteaofthe Viflageconfarmtegenaratiyacceptedaccounflng principles as applicable to goveromental units. The accounts of the Viitage are organized on the bas~ of fonds and account groups, each of which is I conaldere~aseparateacco~nilngentity. Thevari~usfundsare~r~ppedintothethreabr~adca~g~ries~fG~vemmante~Funds~F~duciaryFunds and Propnetary Funds. Wflh!n the Govammental.Fur~ds are the (~eneral F~.n~_ (the general operation fond) which is used to account for all financial resources except those required to be accounted for in another fund; Special Revenue Funds which are used to account for the proceeds of specific revenue sources that are legally restricted to e~enditores for specified purposes; Debt Service Funds; and Capital Project Funds. All govarnmeataJ funds and expendable trust funds are accounted for using a current financial resources measurement focus which has only current assets and i current liabilities on the balance sheet and operatfog statements present increases and decraasss in net current assets. All proprietary fonds and pension trust funds are accounted for on a flow of economic resources measurement focus with all assets and tiabitities associated with the opera#on of these funds included on the balance sheets and fund equity segregated into cont~buted capital and retained earnings--operating staternentspreaectincreaseaanddecreasesionettotalassets. Themedifledaccr~aJbasisofaccoontingisfoliowedforaitGovernrneatalFund Types and Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and Propde~ary i Funds ~e accounted for using th~ a. ccrual basis of accoun#ng. For the fiscal year ended December 31, 1982, the Village changed its property tax recognition to conform to the prows~ons of foterpretatinn #3 issued by the National Council on Governmental Accounfing under which property tex revenues are recognized to the extent of taxes due and collected within the currant year. The ~Report of Independent Auditors"in the Vfllage's general purpose financial statements for its fiscal year ended December 31, t996 included the following language (comparable "clean" opinions were. included in the Village's 1992-1995 audits shown in this table): i in cur opinion, the ~ene~l p~rpose financial statements referred to above present fairly, in all matedal respects, the financialposi#on of the Village of Gleawew, Illinois, as of December 31, 1996, and the results of its operallons and the cash flows of its proprietary fund ~/laes for the year then ended in conformity with generally accepted accounting pdnciptes. Also, in our opinion, the cornbicing, indivfdual fund, ~n~ ~ccount group flnanciaJ statements referred to above present fairly, in all rnatedal respects, the financial position of each of the ~ndi~dusl funds and account groups of the Village of Glonvtew, Illinois, as of Decambar 31, 1996, and the results of pperati~ns of such i funds and the cash flows ofindividualproprietary funds for the year then ended, and the flnanclalposition of the General Fund as of December 31, 199~ and ~e results of its ppera#ons for the year then ended, in conformity with generally accepted accounflng principles." ~ The Gtent~sw NavalAlr Station Fund was created to accsunt for the resources and expenditures incurredin the search for future use of the Naval Air Base land which was vacated by the Navy on September 9, 1995. 3 T,_h.e amounts sho,w_n_ as fund balances f~r the ~rnpdeta~/Funds are retained earnings (excludes con~butsd capital) and the amounts shown as i e_~caes rsveauea represent ~ change !n r~ta~ned eamlnge. "Total revenues" represent opera~7~j revenues. 4. Prior to fiscalyear 1993, ~e Village rna]nt?~ned t~o Wats/works Fund~ to provide accounting forths eastern portion of the Village ~Vate~vorks EbavS~, and the wsstem ppriton and the applicable unincorporated area adjacent to the we. stern bon:lar of the Village (14/atonlvorks West) that is sec'ed y e water system (retained earnings at December 3 I, I992 were $3,909,087 for Wate~orks East and $3,537,828 for Watei~varks West). The two accounting funds were set up in 1977 when the two pdvate water companies serwng the applioabte weatem po~on and'unincorporated areas i were, at the request of the residents, acquired by the Village for the purpose of up-grading the water qualityin that area by replacing well water supply with Lake Michigan water supply that bed been avallabte to east Glers4ew since 193Z It was determined ~bat the cost of amo~zing ~3e debt appl!cable to the acc~uisition of the two private water companies and constructing the neaeseary transmission rnaln, storage and west systarn up- ¢radingwouldbepa~dforby. ~ecustemersofthewsstsystern. Theuseofdiffoshgratesconficusdunil11992whenaunifiedratsstructurawasput m place and the use ofa mmlrnum.cha{ge ¢?r water usag¢ was eilrnthated. The two funds wera cornbined th fiscal year1993 aed, for cornpsriean purposes, the two funds are cornbmed ~n th/s tsble for pcor years. A separate Sewerage Fund was created in fiscal year 1986 to account for the f, und. s necessary to pro~d~ sanitary sewer service to both the incorporated and unincorporated areas served by the Village. Prior to 1986, these runes were accounted for/n the two Waterworks Funds. The Wholesale Water Fund accounts for the sate of water to Citizens Utility Company for its se~fce area outside the Village of Glenview. ~Ti3e Municipal Equip,m_ent Repair Fund is used to account for the costs of rspeidng and maintaining ail Village vahicles. Excludes the Village s Agency Funds. I Z The Escrow Deposit Fundis used to account for monies on deposit with the Vitlage-the cost of public improvements to be dedicated to the Village must be escrowed with the Village and as payments are required for satisfactory work cornpteted, monies are released to contractors. Interest earned on the escrowed deposits is ratalned by the Village and annually translated to the General Fund. & Beginning in fiscal year 1993, the Library Fund is presented in the audit as a component unit of the Village because the Library possesses the 9. ____e oeficit in the Illinois Municipal Retiiemant Fund (IMRF) is e~ected to be eliminated by the end of the cu/rsnt year. 10. Includes proceeds from the Village's sale of $7,635,000 Genaral Obilga~n Bonds, Series 1993 (dated May 1, 1993). 11. Includea $49, 450, 750 frorn Bond An#c~)ailon Baed prcceeds. 12 Upon the merger of the Fire Prstecficn District operations into the Gten~few Fire Depar~ent, the Village assumed pension plan rasponsibiilfles for the new flrefighters and received the assets of the DistrlcYs pension plan which toteJed $8,847,410. I 13 The Village's Cash Control and Investment Policy was originally adopted on Febtuary 21, 1983 and was rewsed on March 15, 1985 and again on JanuaG' 16, 1990. 14. ~c!~d~s proceeds from the Village's sale of $8, 435,~00 General Obtigati~n ~onds, Series 1996. P~oceeds were used to pay the $7,500,000 Bond .~nticlpation Bond that matured on December I, 1996, capitalized interest through the December 1, 'I998 interest payment, and pay costs of ! I 161 FIXED ASSETS AT DECEMBER 31, 1996 General Fixed Proprietary Fund Assets(l; Fixed Assets[2) Land and Improvements ........................ $ 3,905,095 $ 67,851 Leashoid improvements ........................ - 0 - 203,309 Buildings and Improvements ..................... 13,5~9,275 243,645 Water and Sewer Systems ...................... - 0 - 21,426,255 Equipment ................................. 8,374,509 5,814,680 Furniture .................................. 573,484 - 0 - Office Equipment/Other ......................... 328.841 5.457 SubE~al ............................... $26,781~04 $27,761,197 Less: Accumulated Depreciation .................. - 0 - 8.536.582 Total .............................. $26,781,204 $19,224,615 Notes: I. Fixed assets used in governmental fund lype operations are accounted for in the General F"lxed Assets Account Group rather than in governmental funds. All fixed assets are valued at historical cost or estimated historical cost if actual is not known. Contributed fixed assets ara recorded at their fair market value on the date donated. Pubtic domain (infrastructure) fixed assets including roads, bridges, curbs and gu~ers, streets and sidewalks, drainage systems and light~hcj systems have not been capitaiize~ No depreciation is racorded on General Fixed Asset$. This table thcludes the general fixed assets of the Glanview Public Library. 2. Fixed Assets in the Proprietary Funds are valued at historical coet or estimated historical cost. Depracia#on on all exhaus#ble fixed assets is charged as an expense against opera,ohs. Deprecia#on is prowded over the estimated useful lives using the straight-line methcd. 162