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HomeMy Public PortalAbout1987 Comprehensive Annual Financial ReportI I I I I I I I I I I I I I I I I I I COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1987 PREPARED BY DENNIS M. LAUER DIRECTOR OF FINANCE VILLAGE OF GLENVIEW ILLINOIS i I I I I I I I I I I I I I ! i I I TABLE OF CONTENTS INTRODUCTORY SECTION Principal Officials Organization Chart Certificate of Achievement for Excellence in Financial Reporting Village Manager's Letter of Transmittal Director of Finance's Letter of Transmittal FINANCIAL SECTION AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - Ail Fund Types and Account Groups Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Ail Governmental and Fiduciary (Expendable Trust) Fund Types Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General, Special Revenue, Debt Service, and Capital Projects Fund Types Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary and Fiduciary (Pension Trust) Fund Types Combined Statement of Changes in Financial Position - All Proprietary and Fiduciary (Pension Trust) Fund Types Notes to the Financial Statements FINANCIAL STATEMENTS OF INDIVIDUAL FUNDS GOVERNMENTAL FUND TYPES GENERAL FUND CORPORATE FUND Financial Statements Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual PAGE i-ii 1-Z 6 7 8-41 42 43 TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) GENERAL FUND (CONT.) CORPORATE FUND (CONT.) Supplemental Schedules Schedule of Revenues - Budget and Actual Schedule of Expenditures - Budget and Actual SPECIAL REVENUE FUNDS Ail Funds Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Library Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Supplemental Schedules Schedule of Expenditures - Budget and Actual Federal Revenue Sharing Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Illinois Municipal Retirement Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual PAGE 44-45 46-56 57 58 59 6O 61 62 63 I i I i I I I I I ! I ! I I ! I I I I I I I I I I I I ! ! I I I ! I I I TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Cable TV Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Supplemental Schedules Schedule of Expenditures - Budget and Actual DEBT SERVICE FUNDS Ail Funds Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual CAPITAL PROJECTS FUNDS All Funds Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Public Works Garage Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Equipment Replacement Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual PAGE 64 65 66 67 68 69 7O 71 72 TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Combining Statement of Changes in Financial Position Waterworks - East Fund Financial Statements Statement of Changes in Contributed Capital Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Supplemental Schedules Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Waterworks - West Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Supplemental Schedules Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Sewerage Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Supplemental Schedules Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation Co~m~uter Parking Lot Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual PAGE 73 74 75 76 77 78-79 8O 81 82-83 84 85 86 87 88 I I I I I I I I I ! ! I I I ! I I I I I I I I I I I I I ! I I I I I I I TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT.) ENTERPRISE FUNDS (CONT.) Commuter Parking Lot Fund (Cont.) Supplemental Schedules Schedule of Operating Expenses - Budget and Actual Schedule of Fixed Assets and Depreciation INTERNAL SERVICE FUND Municipal Equipment Repair Fund Financial Statements Balance Sheet Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Statement of Changes in Financial Position Supplemental Schedules Schedule of Operating Expenses - Budget and Actual FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Financial Statements Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Expendable Trust Funds) Combining Statement of Revenues, Expenses, and Changes in Fund Balances (Pension Trust Funds) Combining Statement of Changes in Financial Position (Pension Trust Funds) Pension Trust Funds Police Pension Fund Financial Statements Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual PAGE 89 90 91 92 93 94 95 96 97 98 99 TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) FIDUCIARY FUND TYPES (CONT.) TRUST AND AGENCY FUNDS (CONT.) Pension Trust Funds (Cont.) Firemen's Pension Fund Financial Statements Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Agency Fund Deferred Compensation Plan Fund Financial Statements Statement of Changes in Assets and Liabilities ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP Supplemental Schedules Schedule of General Fixed Assets - By Source Schedule of General Fixed Assets - By Function and Activity Schedule of Changes in General Fixed Assets - By Function and Activity GENERAL LONG-TERM DEBT ACCOUNT GROUP Supplemental Schedules Schedule of General Long-Term Debt SUPPLEMENTARY DATA Required Supplementary Information Analysis of Funding Progress - Illinois Municipal Retirement - Police Pension - Firemen's Pension Revenues by Source - Illinois Municipal Retirement Revenues by Source and Expenses by Type - Police Pension - Firemen's Pension Combined Schedule of Cash and Investments Schedule of Insurance in Force PAGE 100 101 102 103 104 105 106 107 108 109 110 111 112 113 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I I TABLE OF CONTENTS (CONT.) FINANCIAL SECTION (CONT.) SUPPLEMENTARY DATA (CONT.) Long-TermDebt Requirements Police Administration Building Bond Series of 1972 Municipal Building Bond Series of 1979 General Obligation Library Bond Series of 1984 General Obligation Library Bond Series of 1985 Special Service Area #1 Bond Series of 1980 Special Service Area #2 Bond Series of 1981 Special Service Area #3 Bond Series of 1981 Special Service Area #4 Bond Series of 1982 Special Service Area #5 Bond Series of 1985 Corporate Purpose Bond Series of 1977 Corporate Purpose Bond Series of 1979 Corporate Purpose Bond Series of 1987 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years General Governmental Expenditures by Function - Last Ten Fiscal Years Property Tax Assessed Valuations, Rates, Extensions and Collections - Last Ten Fiscal Years Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years Property Tax Rates - Ail Overlapping Governments - Last Ten Fiscal Years Special Assessment Collections - Last Ten Fiscal Years Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - Last Ten Fiscal Years Schedule of Direct and Overlapping Debt Schedule of Legal Debt Margin Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Governmental Expenditures - Last Ten Fiscal Years PAGE 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 TABLE OF CONTENTS (CONT.) STATISTICAL SECTION (CONT.) Schedule of Revenue Bond Coverage - Last Ten Fiscal Years Demographic Statistics - Last Ten Fiscal Years Construction, Bank Deposits and Property Values - Last Ten Fiscal Years Principal Taxpayers Miscellaneous Statistics Municipal Services and Facilities Ten Wealthiest Illinois Communities - 1980 Census Salaries and Surety Bonds of Principal Officials PAGE 136 137 138 139 140-141 142 143 144 I i I I I i I I I i I I I I I I I I I I I I I I I I I I I I I I I I I I I I Scott J. Helton Ronald V. Norene Lowell Scott Weil VILLAGE OF GLENVIEW, ILLINOIS PRINCIPAL OFFICIALS DECEMBER 31, 1987 LEGISLATIVE VILLAGE BOARD OF TRUSTEES James W. Smirles, President Paul T. McCarthy, Clerk Nancy Firfer Charles K. Esler Robert E. Browne EXECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Dennis M. Lauer, Director of Finance Mary L. Reibel, Assistant Director of Finance I. e n v,~,e~o~ VILLAGE CLERK 4 YR. TERM 1 VILLAGE ATTORNEY BOARD OF TRUSTEES S MEMBERS 4 YR. TERM I DIRECTOR OF PERSONNEL I NORTRAN TRUSTEE I DIRECTOR OF PUBLIC WORKS BOARDS AND COMMISSIONS APPOINTED BY THE PRESIDENT AND BOARD OF TRUSTEES I PLAN COMMISSION APPEARANCE COMMISSION I SENIOR CITIZEN COMMISSION POLICE AND FIRE COMMISSION POLICE PENSION BOARD FIRE PENSION BOARD ZONING BOARD OF APPEALS ELECTRICAL COMMISSION FORESTRY COMMISSION I I I I I I I I I I I ! I I I I I I Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1986 ^ Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards. President Executive Director I L__E n VIE UJ I -- I 1225 WAUKEGAN ROAD GLENVIEW, ILLINOIS 60025-3071 I I I I I I I I I I I I I I April 15, 1988 Honorable President and Members of the Board of Trustees Village of Glenview Gentlemen: In accordance with state statutes and local regulation, ! hereby transmit the comprehensive annual financial report of the Village of Glenview as of December 31, 1987 and for the fiscal year then ended. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rest with the Village. Management believes that the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the Village as measured by the financial activity of the various funds. Disclosures necessary to enable the reader to gain maximum understanding of the Village's financial affairs have also been included. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are discussed by the Director of Finance in his accompanying letter of transmittal, and within that framework, I believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. This report has been prepared following the guidelines recommended by the Government Finance Officers Association of the United States and Canada. The Government Finance Officers Association awards Certificates of Achievement to those governments whose comprehensive annual financial reports are judged to conform substantially with high standards of public reporting including generally accepted accounting principles promulgated by the Governmental Accounting Standards Board. It is my belief that the accompanying financial report meets the program standards and it will be submitted to the Government Finance Officers Association for review. The Village of Glenview has held a certificate for the last five consecutive fiscal years. I 4 In ord nce with above mentioned guidelines, the th.e accompanying report consists of three parts: 1. Introductory section, a letter of transmittal from the Director of Finance. 2. Financial section, including the financial statements and supplemental data of the government accompanied by our independent auditor's opinion _ 3. Statistical section, including a number of tables of history of the unaudited data depicting the financial . Village for the past ten years, information on overlapping governments, and demographic and other miscellaneous information State law required that the financial state.ments of th.e Village of Glenview be audited by a certified public accountant selected by the Board. This requirement ha.s been complied with, and our auditor, s opinion is included in the financial section of this report. Of concern to the V.illage of Glenview, as well as all sectors of the economy, is the impact of inflation on our budget. Presently our revenues are strong in all areas with the possible exception of the water funds. A water rate study is planned for early 1988 to determine what action, if any, is necessary to strengthen the financial conditions of the water funds. Revenue projections must be monitored to the constantly provide Board advance notice in the event the revenue patterns change. The Director of Finance is entrusted with the responsibility of evaluation and reporting on the financial condition of the Village. The preparation of this annual financial report could not have been accomplished without the dedicated effort of Dennis Lauer and his entire staff. Their efforts over the past years maintaining the accounting and financial reporting systems of the Village of Glenview have continued to improve the quality of the information being reported to the Board of Trustees, state oversight boards and the citizens of Glenview. Respectfully submitted, Paul T. McCarthy ~ Village Manager I April 15, 1988 Mr. Paul T. McCarthy, Village Manager I Village of Glenview Glenview, Illinois 60025 I I I I I The Comprehensive Annual Financial Report of the Village of Glenview for the fiscal year ended December 31, 1987 is submitted herewith. This report was prepared by the Village's Finance Department. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Village. I believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the Village as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. I I ! I I I I Accounting System and Budgetary Control In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and the evaluation of costs and benefits requires estimates and judgments by management. Ail internal control evaluations occur within the above framework. I believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained at the department and/or subdepartment level by estimating purchase amounts prior to I iii the release of purchase orders to vendors. Purchase orders I which result in an overrun of account budgets are not released until appropriate budget transfers have been made. Open purchase orders, if any, are reported as reservations i of fund balance at December 31, 1987. The Reporting Entity and Its Services I of the funds and account groups of This report includes all the Village. It also includes all activities considered to be part of (controlled by or dependent on) the Village, as I determined by the application of the criteria set forth in "Defining the Governmental Reporting Entity - GASB Codification Section 2100". In accordance with GASB i Codification Section 2100 for financial reporting purposes the Village's financial statements include all funds, account groups, departments, agencies, boards, commissions and other organizations over which Village officials I exercise oversight responsibility. Oversight responsibility includes such aspects as I appointment of governing body members, budget approval, approval of property tax levies, outstanding debt secured by Village full faith and credit or revenues and responsibility for funding deficits. I The Village considered the following entities when imple- menting GASB Codification Section 2100: I Glenview Park District Glenbrook Fire Protection District I Although these entit~es may operate within the Village's Boundaries, and are similar in nomenclature and scope of i public service, the criteria in GASB Codification Section 2100 did not require inclusion of these entities in the Village's financial statements as component units because they have their own oversight boards, their expenditures are . I financed from sources other than the Village, and the Village has no obligation for their debts. I I I Intergovernmental Personal Benefit Cooperative (IPBC) IPBC is a cooperative established to administer personnel benefit programs for local governments. Management consists of a Board of Directors comprised of one representative from each member. The Village does not exercise any control over the activities of the Cooperative beyond its representation on the Board of Directors. IPBC is reported as a govern- mental joint venture. I iv .... LEnvI ? The Village provides the full range of municipal services I or This includes public contemplated by statute charter. safety (police and fire), highways and streets, sanitation, health and social services, culture-recreation, cable I television, public improvements, planning and zoning, and general administrative services. ! I I I I I I ! I I I I I I General Governmental Functions Revenues for General, Special Revenue and Debt Service Fund purposes totaled $14,565,435 in 1987, an increase of 8.8 percent over 1986. Taxes produced 72.8 percent of general revenues compared to 69.6 percent last year. The large increase in tax revenue is mainly real estate taxes. For the last several years the Village has maintained a tax rate (exclusive of the Public Library) as close to .60 as possible. Because of increases in the Villages assessed valuation and the tax rate held constant, the Village realized an increase in tax revenue. Miscellaneous revenue is down $381,093 from 1986. In the prior year the sale of a large parcel of land was included in miscellaneous revenue. The land transaction was the Village owned parcel which is now the Patton House, a senior citizens development. The amount of revenues from various sources and the change from last year are shown in the following tabulation: 1987 REVENUE Revenue Source Increase Percent (decrease) Amount of total from 1986 Taxes $10,605,747 72.8% Licenses & Permits 1,231,324 8.5 Intergovernmental 643,842 4.4 Charges for Service 773,509 5.3 Fines and Forfeits 266,382 1.8 Miscellaneous 1,044,631 7.2 $1,285,564 131,974 <23,868> 178,530 <12,447> <381,093> Total $14,565,435 100% $1,178,660 Expenditures for General, Special Revenue and Debt Service Fund purposes totalled $13,451,175, an increase of 17.4 percent over 1986. The large increase in General Government, Public Safety and Highways and Streets, .is all personnel related. The authorized strength for the police, fire and public works departments was increased for 1987. The related expenses such as recruitment, medical expenses and insurance are included in General Government. In 1987 the Public Library Fund was made responsible for the debt service on the new expansion project. As a result the expense area of Culture-Recreation shows a large increase over 1986. Increases in levels of expenditures for major functions of the Village over the preceding year are shown in the following tabulation: I LEIIVIEUJ 1987 E~PE~DITURES i Percent Amount of total General Government $2,568,734 19.1 I Public Safety 5,013,039 37.3 Highways and Streets 2,193,805 16.3 Welfare 1,036,634 7.7 Culture-Recreation 1,806,620 13.4 I Debt Service 832,343 6.2 Total $13,451,175 100% Increase (Decrease) from 1986 $510,707 420,972 240,974 83,165 778,934 <39,087> $1,995,665 I Tax Rate The 1987 assessed valuation estimate of $419 million i represents an decrease of .35 percent from the preceding year actual assessed valuation. The decrease in the estimated assessed value is a function of a decrease in the state equalization factor. The state has decreased the I equalization factor several times over the last I years. anticipate another decrease. I The Village collected 98.2% of the current year's (1986) tax levy. Property taxes which are delinquent more than one year have been written off; subsequent collections of such i taxes are reflected as "prior year tax revenue" in the year collected. Allocations of the property tax levy by purpose for 1987 and the preceding three levy years are as follows (amounts per $100/assessed value): I Purpose 1987' 1986 1985 1984 I I I General Fund .3526 .3282 .2626 .2362 Special Revenue Funds .0516 .0514 .9672 .0668 General Obligation Debt .0576 .0796 .2147 .1804 Pension Trust Funds .1734 .1818 .2051 .1945 Total Village Rate . 3~ .6410 ~ ~ Glenview Public Library .3928 .3620 .2420 .1711 Total Combined Rate $1.0280 $1.0030 $0.9916 $0.8490 * Estimated ! I I I The Glenview Public Library Fund is considered to be a special revenue fund. The Cook County Clerk now separates the Village and Library tax rates on the real estate tax bills. It is the desire of the Village Board to also make that distinction. For that reason the two are separated here also. I vi I I I I I I I I I I I I I I I I i I I to be $0.025 higher than the final rate for 1986. The general obligation debt rate decreased from $0.0796 to $0.0576. For the discussion in this section of the letter the "tax rate" refers to the combined rate. The Illinois Municipal Retirement Fund rate is included with other funds classified as Special Revenue Funds. Police Pension and Firemens Pension ~und tax rates are combined and are shown under the heading Pension Trust Funds. Debt Administration The ratio of net bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the Village's debt position to municipal management, citizens, and investors. This data for the Village of Glenview at the end of the 1987 fiscal year is as follows: Special Special Special Special Special Gross Bonded Debt Police Administration Building Bonds, 1972 Municipal Building Bonds, 1979 General Obligation Library Bonds, 1984 General Obligation Library Bonds, 1985 Service Area ~1 Bonds Service Area %2 Bonds Service Service Service Area #3 Bonds Area ~4 Bonds Area #5 Bonds Corporate Purpose Bonds, 1977 Corporate Purpose Bonds, 1979 Corporate Purpose Bonds, 1987 Gross Bonded Debt December 31, 1987 $ 200,000 400,000 2,700,000 50,000 21,000 27,025 17,781 63,090 45,590 2,925,000 4,225,000 273,800 $10,948,286 vii i Gross Ratio of debt to Amount assessed value * Bonded Debt $10,948,286 2.61% · Estimated 1987 assessed valuation $419,000,~00 · * Estimated 1987 Population 36,375 Debt per capita ** $300.98 I ! I I I Gross Bonded Debt at December 31, 1987 totaled $10,948,286 as shown above. However, $7,423,800 is the balance remaining on bonds issued for water system improvements. These issues are identified as Corporate Purpose Bonds, 1977,1979 and 1987. Because these bonds are being retired with water fund revenue, they are considered self-supporting. The five special service area bonds were issued in the name of the Village of Glenview and in theory, constitute a debt of the Village. Their outstanding balances total $174,486. These issues are being retired by a tax applied only to the special service area affected. Therefore, they are excluded, as are the water improvement bonds from the following calculation. Below is a recalculation of the ratio of debt to assessed value and debt per capita based on net bonded debt. Net bonded debt, is debt less monies available in the Debt Service Fund. I I ! I I I I I I Net Bonded Debt Ratio of debt to Debt per Amount assessed value * capita ** $2,754,042 .66% $75.71 *See Notes Above Moody's Investors Service The Village's General Obligation Bonds continue to have the Aa rating which they have carried for the past several years. It should be pointed out that the Village of Glenview has no outstanding revenue bonds as of December 31, 1987. On August 21, 1984 the Village Board adopted Ordinance #2582 defeasing the remaining revenue bonds. The . bond issue was scheduled to reach final maturity in 1988. Cash Management Cash temporarily idle during the year was invested in savings accounts, short term certificates of deposit, money market funds, U. S. treasury notes, bonds and Government National Mortgage Association bonds held mainly for the Police and Firemens Pension Funds. The average yield on short term investments held on December 31, 1987, was 7.29 percent. All of the investments held as of December 31, 1987 conform to all of the provisions of the Village's investment policy as it was adopted on February 21, 1983, and to GASB statement 3. I viii I I I I I I ! I I ! I I I I I Risk Management The Village of Glenview is involved with an internally managed safety and risk management program. A Safety Committee has been formed to review and discuss accident reports and keep management informed of possible improvements in safety practices. The Committee is comprised of members from each department and the Village's insurance company representative. Significent Activities Not Evident In The Financial Section The Zenith Electronics Corporation International Head- quarters is located in unincorporated Cook County adjacent to the Village of Glenview. In 1983 the Village and Zenith entered into a preannexation agreement which extended water to their property in exchange for annexation in 1988. When the Zenith land is annexed, the Zenith Corporation will become the Village's largest taxpayer. Significant Local. Economic Events The General Fund has several revenue sources, however, sales tax is the largest source. In 1986 automotive sales represented 39% of all sales tax collections. In 1987 automotive sales were 35% of all sales tax collected. Two new automotive dealerships were opened in late 1987. Their presence should have a significant impact on sales tax revenue in 1988. Capital Projects Funds Proceeds of general obligation bond issues are accounted for in Capital Projects Funds until improvement projects are completed. Completed projects and uncompleted construction in progress at year end are capitalized in the General Fixed Assets Account Group. The last bond issue was in 1985. The proceeds were used to complete the library expansion project. The next scheduled bond issue will be in early, 1989. Proceeds from that sale will be used for water improvements and improvements to Glenview Road East. General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of Enterprise and Internal Service Funds. As of December 31, 1987, the general fixed assets of the Village amounted to $19,412,107. I ix This amount represents the original cost of the assets and I is considerably less than their present value. Depreciation of general fixed assets is not recognized in the Village's accounting system. ! Waterworks Funds i The financial position of the Waterworks Fund-East weakened as a result of operation in fiscal year 1987. The fund experienced operating income exclusive of depreciation, of $509,255 down from $543,851 last year. A complete analysis I of this fund will be submitted to the Board with along a recommendation for a rate increase in early 1988. The last rate adjustments were approved and went into effect in 1986. I Waterworks Fund-West ended the year in a stable financial position. This fund ended the year with a net operating i income, exclusive of depreciation, of $1,223,169. The reserve balance as of December 31, 1987 is adequate to properly administer this fund. I I I I BOND COVERAGE East Fund West Fund 1987 1987 Operating revenue $2,116,411 $2,533,231 Operating expenses Operating i.ncome 1,607,156 $509,255 1,310,062 $1,223,169 I I I ! Annual Debt Service Coverage (income available for debt service divided by average annual debt service) $ 21,075 $915,017 24.16 1.34 I i The annual debt service for the East Fund represents 60% of the total due on the 1987 elevated tank repair bonds. The balance is paid by the West Fund. Independent Audit State Statutes require an annual audit of the books of account, financial records, and transactions of all administrative departments of the Village by independent certified public accountants selected by the Board of Trustees. This requirement has been complied with and the auditor's opinion has been included in this report. I I I I I I Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awards a Certificate of Achievement to units of Government for the comprehensiveness of its financial report. The Certificate of Achievement For Excellence In Financial Reporting program was formerly known as the Certificate of Conformance in Financial Reporting. In order to be awarded a Certificate of Achievement, a govern- mental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. I believe our current report conforms to the program requirements. I will submit this report to GFOA to determine its eligibility for a certificate. I I I I I I I I The Village of Glenview currently holds a Certificate of Achievement for its Comprehensive Annual Financial Report for the year ended December 31, 1986. The 1986 award represents the fifth consecutive year the Village has received the honor. Prospects for the Future The Village's five year capital improvement program continues to be a valuable planning tool. Not only is future planning more efficient, the ability to match. resources with future needs more accurate. Some of the major projects planned in the next few years are listed below: Burr Oak Drive and Mickey Lane are scheduled for storm sewer and road repairs in 1988. Prairie Street east of Lehigh is also listed for reconstruction. In 1989 Glenview Road from the center of town east to Edens Highway will be reconstructed. In addition, the storm and sanitary sewers water service below Glenview Road will be improved. The interconnection between the Village's water system and Citizens Utility Company is planned for 1990. Completion of that project will permit the Village to sell water to the utility company. ! I I ! I I Ac knowl edgement s The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department. I should like to express my appreciation to all members of the Department who assisted and contributed to its preparation. I should also like to thank the President and Board of Trustees for their interest and support in planning and conducting the financial operations of the Village in a professional and progressive manner. ~vely submitted, Dennis M. Lauer Director of Finance I xii I I I I I I I I I I I I I I I I I I I Financial Section ! ! The Honorable James W. Smirles, Village President Members of the Board of Trustees Village of Glenview 1225 Waukegan Road Glenview, Illinois 60025 We have examined the general purpose financial statements of the Village of Glenview, Illinois and the combining, individual fund, and account group financial statements of the Village as of and for the year ended December 31, 1987 as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circamstances. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the Village of Glenview, Illinois, at December 31, 1987, and the results of its operations and the changes in financial position of its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above, present fairly the financial position of the individual funds and account groups of the Village of Glenview, Illinois at December 31, 1987 and the results of operations of such funds and the changes in financial position of individual proprietary funds and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Bank of Wheaton Building · 21 ! Sou th Wheaton Avenue · Wheaton, Illinois 60 ! 87 · (312) 665 -4510 Village of Glenview, Illinois 2 Our examination ~as made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund, and account group financial statements. The accompanying financial information listed as supplemental in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Village of Glenview, Illinois. The information has been subjected to the auditing procedures applied in the examination of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The statistical information listed in the table of contents was not examined by us and, accordingly, we do not express an opinion thereon. Karrison & Byrne March 31, 1988 I i I I I ! ! ! I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET DECEMBER 31, 1987 (See Following Page) I I I I I I I I I I I I I i I I I ! I I i I I I I 1 I I I I I i i i i I I i I ! I I I 1 i i I I i i i i ! I I I I I I I I i I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS ALL PROPRIETARY AND FIDUCIARY (PENSION TRUST) FUND TYPES COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGE8 IN RETAINED EARNINGS/FUND BALANCES FOR THE YEAR ENDED DECEMBER 31, 1987 Operating R~venues Charges for Services Contributions Miscellaneous Total Operating R~venues Imcome (Loss) before Operating Transfers Operating Transfers In Operating Transfers (Out) Net Income (Loss) Retained Earnings/Fund Balances January 1 P~ior Period Adjustment Adjusted Balances Residual Equity Transfer In Residual Equity Transfer (Out) December 31 Fiduciary Proprietary Fund Types Fund Types Totals Internal Pension (Memorandum Only) Enterprise Service Trust 1987 1986 $ 764,634 $ 764,634 $ 817,853 $5,190,246 $369,880 5,560,126 5,040,999 285,350 285,950 254,708 114,282 11,229 1,971,944 2,097,455 1,783,638 5,304,528 381,109 3,021,928 8,707,565 7,897,192 615,737 615,737 54[,852 2,542,444 398,306 2,940,750 2,621,001 344,840 344,840 369,496 400,224 400,224 384,159 49,367 49,367 15,828 3,503,021 398,306 449,591 4,350,918 3,932,336 1,801,507 (17,197) 2,572,337 4,356~647 3,964,856 38,129 3,485 41,614 38,461 (459,892) (459,892) (477,055) 110,665 110,665 29,597 (90,I84) (311,098) 3,485 (307,613) (499,181) 1,490,409 (13,712) 2,572,337 4,049,034 3,465,675 128,445 128,445 75,000 (431,982) (431,982) (283,584) (303,537) (303,537) (208,584) 1,186,872 (13,712) 2,572,337 3,745,497 3,257,091 6,555,368 96,957 12,765,654 19,417,979 15,630,489 (89,850) (89,850) 530,399 6,465,518 96,957 12,765,654 19,328,129 16,160,888 1,550,739 (1,550,739) 6,465~518 96,957 12,765,654 19,328,129 16,160~888 $7,652,390 $ 83,245 $15,397,991 $23,073,626 $19,417,979 See accompanying Notes to the Financial Statements. I I I I i 1 I I I I I I I i I I I I ! i I I I I I I I i I I I I I I 7 V~]~gE OF GI~Yvq~W, ]~LINOIS ALL PItOPRI~TARY Ab~ FIDUCIARY (PENSION ~ST) FUb~ TYPES CC~MIB~D ~ OF CHANTS IN FII~NCIAL POSITION FOR THE YEAR ~t~) DE(~I~R 31, 1987 Cash Was Provided By Cperat ions Not Inccme Depreciation Decrease in Current Assets Fixed Assets %'~ansfered Cut Increase in Current Liabilities Prior Period ~djus~nts Residtml Equity Trm~sfer In Fixed Assets Botired Proceeds frcm Sale of C~neral Obligation Bonds Cash Was Used ~o Fund Net Loss Increase Carrent Assets Increase Fixed Assets Fixed Assets T~msfered In Increase Construction in Progress Decrease Current Liabilities Botire Bond Principal Decrease Contributed Capital Bosidual F~quity Tr~msfers CUt Prior Boried ~djtmt~ent NOt Increase (Decrease) Cash and Investments January 1 December 31 Fidnsia~y m~prietary mrna Types Fond Types ~btals Internal Pension (Mmmorand~n Only) Enterprise Service Trust 1987 1986 $1,186,872 $ 2,572,337 $ 3,759,209 $ 3,257,091 344,839 3~4,839 369,496 1,531,711 1,3~8 14,361 300,000 2,572,337 4,104,048 3,626,587 $ 1,100 78,976 80,076 114,778 1,425,901 745 2,093 93,891 530,399 1,550,739 14,361 1,847,420 1,845 2,651,313 4,500,578 7,342,295 13,712 13,712 734,524 114,732 849,256 81,496 81,496 172,497 172,497 476,200 476,200 89,850 89,850 696,284 322,203 1,425,901 92,890 287,106 425,000 134,494 1,550,739 1,554,567 13,712 114,732 1,683,011 4,934,617 292,853 (11,867) 2,536,581 2,817,567 2,407,678 394,130 90,397 11,749,777 12,2~4,304 9,826,626 $ 686,983 $ 78,530 $14,286,358 $15,051,871 $12,234,304 See accompanying Notes to the Fina~ial Statemmmts. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 1. S~ary of Significant Accounting Policies The accounting policies of the Village of Glenview, Illinois conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies. A. Reporting Entity and Its Services This report includes all of the funds and account groups of the Village. It also includes all activities considered to be part of (controlled by or dependent on) the Village, as determined by the application of the criteria set forth in "Defining the Governmental Reporting Entity - GASB Codifica- tion Section 2100". In accordance with GASB Codification Section 2100, for financial reporting purposes the Village's financial statements include all funds, account groups, departments, agencies, boards, conmnissions and organizations over which Village officials exercise oversight responsi- bility. For Joint Venture disclosures see Note 5. Oversight responsibility includes such aspects as appointment of governing body members, budget approval, approval of property tax levies, outstanding debt secured by Village full faith and credit or revenues, and responsi- bility for funding deficits. The Village considered the following entities when implementing GASB Codi- fication Section 2100: Glenview Park District Glenbrook Fire Protection District Although these entities may operate within the Village's boundaries, and are similar in nomenclature and scope of public service, the criteria in GASB Codification Section 2100 did not require inclusion of these entities in the Village's financial statements as component units because they have their own oversight boards, their expendi- tures are financed from sources other than the Village, and the Village has no obligation for their debts. Intergovernmental Personal Benefit Cooperative (IPBC) "IPBC is a cooperative established to administer personnel benefit programs for local governments. Management consists of a Board of Directors comprised of one representative from each member. The Village does not exercise any control over the activities of the Cooperative beyond its representation on the Board of Directors. IPBC is reported as a governmental joint venture (Note 5). The Village of Glenview, Illinois was incorporated in 1899. The Village operates under a Council-Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), highways and streets, sanitation, health and social services, culture-recreation, public improvements, planning and zoning, and general administrative services. I I ! i I I I I I I I i i 1 I I I I ! I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 1. Summary of Significant Accounting Policies (Cont.) B. Basis of Presentation - Fund Accounting The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into generic fund types and broad fund categories as follows: GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts, or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the accumu- lation of resources for, and the payment of, general long-term debt princi- pal, interest, and related costs. Capital Projects Funds - Capital Projects Funds are used to account for fi- nancial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds and Trust Funds). PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenoes earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 1. S~,~mary of Significant Accounting Policies (Cont.) B. Basis of Presentation - Fund Accounting (Cont.) PROPRIETARY FUNDS (CONT.) Internal Service Funds - Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the Village, or to other governments, on a cost-reimbursement basis. FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency Funds are used to account for assets held by the Village in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. These include Expendable Trust, Pension Trust Funds and Agency Funds. Pension Trust Funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. ACCOUNT GROUPS General Fixed Assets Account Group - The General Fixed Assets Account Group is used to account for all fixed assets which are not accounted for in Enterprise, Internal Service, or Trust Funds. General Long-Term Debt Account Group - The General Long-Term Debt Account Group is used to account for all long-term debt not accounted for in Enterprise, Internal Service, or Trust Funds. C. Basis of Accounting Basis of accounting refers to when revenues are recognized in the accounts and reported Basis of accounting relates to the timing regardless of the measurement focus applied. and expenditures or expenses in the financial statements. of the measurements made, All Governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. The Village's share of State-assessed income taxes, gross receipts, and sales taxes are considered "measurable" when in the hands of intermediary collecting governments and are recognized as revenue at that time. I ! I I I I I I I I I I I I I I I I I I I I I I I i I I I t I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 1! 1. Summary of Significant Accounting Policies (Cont.) C. Basis of Accounting (Cont.) Anticipated refunds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain. Revenues considered to be susceptible to accrual are: Property Sales Income Utility Intergovernmental Revenues Motor Fuel Tax Allotments Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Ail Proprietary Funds and Pension Trust Funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. Unbilled Waterworks and Sewerage Fund utility service receivables are recorded at year end. Agency Fund assets and liabilities are accounted for on the modified accrual basis. D. Budgets and Budgetary Accounting The Village follows these procedures in establishing the budgetary data reflected in the financial statements: The Village Manager submits to the Board of Trustees a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means ~f financing them. 2. Budget hearings are conducted. 3. The budget is legally adopted in total by the President and Board of Trustees. The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Su~mnary of Significant Accounting Policies (Cont.) D. Budgets and Budgetary Accounting (Cont.) 5. Budgets are adopted on a basis consistent accounting principles. with generally 12 The following funds adopt annual operating budgets: Fund accepted General Corporate Budgetary Basis of Accounting Special Revenae Library Federal Revenue Sharing Illinois Municipal Retirement Motor Fuel Tax Cable TV Modified Accrual Debt Service Waukegan Road Sanitary District Bond Series of 1968 Police Administration Building Bond Series of 1972 Public Library Parking Lot Bond Series of 1976 Municipal Building Bond Series of 1979 Library Bond Series of 1984 Library Bond Series of 1985 Special Service Area No. 1 of 1980 Special Service Area No. 2 of 1981 Special Service Area No. 3 of 1981 Special Service Area No. 4 of 1982 Special Service Area No. 5 of 1985 Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Capital Projects Public Works Garage Cap£tal Equipment Replacement Capital Projects Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Modified Accrual Enterprise Waterworks - East Waterworks - West Modified Accrual Modified Accrual Modified Accrual Accrual Accrual ! I I I I I I I t I I I i I 1 I I I I I I I I I I I I I I I I I I I I I 13 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 1. Summary of Significant Accounting Policies (Cont.) D. Budgets and Budgetary Accounting (Cont.) 5. ( Cont. ) Fund Enterprise (Cont.) Sewerage Commuter Parking Lot Budgetary Basis of Accounting Accrual Accrual Internal Service Municipal Equipment Repair Accrual Trust Police Pension Accrual Firemen's Pension Accrual The level of control (level at which expeditures may not exceed budget) is the Fund. Budgets lapse at year end. No supplemental budget was enacted. E. Assets, Liabilities, and Fund Equity Investments Investments are stated at cost or amortized cost, which approximates market except for Deferred Compensation Plan Fund investments, which are stated at market value. Inventory Inventory is valued at the lower of cost (first-in, first-out) or market. Inventory is recorded on a basis of a physical count. Fixed Assets and Long-Term Liabilities The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus. Ail Governmental Funds and Expendable Trust Funds are accounted for on a spending or "financial flo~' measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Summary of Significant Accounting Policies (Cont.) E. Assets, Liabilities, and Fund Equity (Cont.) Fixed Assets and Long-Term Liabilities (Cont.) uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Public domain ("infrastructure") general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, are not capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. Ail fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Long-term liabilities expected to be financed accounted for in the General Long-Term Debt governmental funds. from governmental funds are Account Group, not in the The two account groups are not "funds." They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the General Long-Term Debt Account Group. Ail Proprietary Funds and Pension Trust Funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into retained earnings components. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets. I I I I I I I I I I i I i I I I I I I I ! I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 15 1. Summary of Significant Accounting Policies (Cont.) E. Assets, Liabilities, and Fund Equity (Cont.) Fixed Assets and Long-Term Liabilities (Cont.) Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight line method. The estimated useful lives are as follows: System and Mains Buildings Improvements Equipment 50 years 25-50 years 10-20 years 3-10 years F. Revenues, Expenditures, and Expenses Property Tax Revenue Recognition 1987 property taxes attach as an enforceable lien on January 1, 1987. They are levied the subsequent September (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 1988 and August 1, 1988, and are payable in two installments, on or about March 1, 1988 and on or about September 1, 1988. The County collects such taxes and remits them periodically. Property tax revenues are recognized when they become both measurable and available, in accordance with GASB Codification Section P70. Property taxes receivable which are delinquent more than one year have been written off; subsequent collections of such taxes are reflected as "prior years' taxes" revenue in the period received. Accumulated Unpaid Compensated Absences Village employees are granted vacation pay in varying amounts. The Village has calculated accrued vacation pay of $197,821 at December 31. Acctunulated unpaid compensated absences are reflected in the financial statements in accordance with NCGA Statement 4 and SFAS 43 provisions. Such amounts are accrued when incurred in proprietary funds (using the accrual basis of accounting). Amounts (current portion) are accrued in governmental funds (using the modified accrual basis of accounting). The Village considers all accomulated unpaid compensated absences to be current. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 I. Summary of Significant Accounting Policies (Cont.) G. Financial Reporting Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the Village's financial position and operations. However, com- parative (i.e., presentation of prior year totals by fund type) data have not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read. Total Columns on General Purpose Financial Statements - Overview Total columns on the General Purpose Financial Statements - Overview are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Budgetary Data The Village operates under the Budget Act. Authoritative Sources - Financial Reporting The financial statements are presented in accordance with generally accepted accounting principles applicable to state and local governmental units. These basic principles have been promulgated by the Governmental Accounting Standards Board. The Governmental Accounting Standards Board has issued "GASB Codification of Governmental Accounting and Reporting Standards" which provides authori- tative guidance to state and local governmental entities, and has issued subsequent authoritative pronouncements. I I I i I I I I t i I I i I I I t I I I I I I I I I I I I I I I I i I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 17 2. Stewardship, Compliance, and Accountability A. Deficit Fund Balances/P~tained Earnings of Individual Funds The following funds had a deficit in fund balance at December 31: Fund Amount Special Service Area No. 1 of 1980 Special Service Area No. 5 of 1985 $ (3,941) (4,942) B. Excess of Actual Expenditures/Expenses over Budget in Individual Funds The following funds had an excess of actual expenditures/expenses (ex- clusive of depreciation and amortization) over budget for the year ended December 31: Fund Illinois Municipal Retirement Library Bond Series 1984 Special Service Area No. 4 of 1982 Waterworks - West Police Pension Firemen's Pension $(46,470) (400) (20) (65,233) (20,408) (33,649) 3. Detail Notes on All Funds and Account Groups A. Assets 1. Cash and Investments The Village adopted a cash control and investment policy in February of 1983. This policy specifies what financial instruments and institu- tions the Village will use for investment of idle funds. The policy is consistent with current state law. As of the date of this report all of the Village's investments were in accordance with this policy. The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments". In addition, investments are separately held by several of.the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand has been excluded from the amounts shown below. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups A. Assets 1. Cash and Investments (Cont.) 18 Permitted Deposits and Investments - Statutes authorize the Village to make deposits/invest in co~mmercial banks, savings and loan institu- tions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, cou~ercial 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, mortgages, veteran's loans, and life insurance company contracts. The Village has adopted an investment policy in conformity with state statutes. The policy sets forth the type of investments the Village will hold and defines specific collateral requirements. As of December 31, 1987 all investments were in conformity with the Investment Policy. Deposits At year-end the carrying amount of the Village's deposits totaled $13,908,830, and the bank balances totaled $14,775,190. Bank Balances $14,765,262 Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. Category 2 Deposits covered by collateral held by the pledging financial institation's trust department, or by its agent, in the Village's name. 9,928 $14,775,190 Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent bat not in the Village's name, and deposits which are uninsured and uncollateralized. Total Deposits The pension trust funds own approximately 20 percent of the deposits. I I I I I I I I i I i I i' I I I I I I I I I I I I I I I I I I I I I I I I NOIES TO 1}~ FI/~NCIAL ~ ~1 31, 1987 19 3. Detail Notes on Ail Funds and ~coont Groups (Cont.) A. Assets ((bnt.) 1. Cash and Investments ((]ont.) Deposits (Cont.) For pension trust funds the types of deposits authorized and the mix of credit risk categories do not differ significantly frcm the other funds of the Village. Inves~m%t s ~he Village'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 ~hich the securities are held by the Village or its agent in the Village's nane. Category 2 includes ~insured and ~x~registered investmeats for ~hich the securities are held by the broker's or dealer's trust depar~neat or ageat in the Village's nane. Category 3 includes aninsured and umregistered investments for ~hich the securities are held by the broker or dealer, or by its trust department or agent but not in the Village's nanm and uninsured, unregistered ~ ancollateralized investments. U.S. Govermn~t Securities Carrying knoont Category Mar~t I 2 3 Total Value $ 9,469,931 $ 9,469,931 $10,519,000 ~ortgages 1,864,845 1,864,845 1,892,000 $11,334,776 - - $11,334,776 12,411,000 Assets H~ld by Agents for Deferred Compensation Plan 2,806,643 $15,217,643 pension trust funds o~n 100 percent of the investmmnts. VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 22 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) a. Plan Descriptions (Cont.) Police Pension (Cont.) by the Police Pension Plan for the year ended December 31, 1987 was $1,930,511 out of a total payroll of $2,570,790. At December 31, 1987 the Police Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 22 Current Employees Vested ] Nonvested ] 55 Total 77 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. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 23 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) a. Plan Descriptions (Cont.) Police Pension (Cont.) 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 Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the Village's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. Firemen's Pension Fire sworn personnel are covered by the Firemen's 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 State Statutes (Chapter 108 1/2 - Pensions - Article 4) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Village's payroll for employees covered by the Firemen's Pension Plan for the year ended December 31, 1987 was $1,352,775 out of a total payroll of $1,619,807. At December 31, 1987 the Firemen's Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 4 Current Employees Vested ] Nonvested ] 40 Total 44 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) a. Plan Descriptions (Cont.) Firemen's Pension (Cont.) 24 The Firemen's Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by one-twelfth of 2% 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 retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3% annually thereafter. Covered employees are required to contribute 8 1/4% of their salary to the Firemen's Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without interest. The Village is required to contribute the remaining amounts (not less than 9 1/4%) necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the Village's contributions must accumulate to the point where the past service cost for the Firemen's Pension Plan is fully funded. I I I I I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 25 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) Retirement Fund Cormitments (Cont.) b. 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). c. 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 System. The amount shown below as the "pension benefit obligation" for the Police Pension Plan and the Firemen's Pension Plan is a substitute disclosure measure (entry age normal) 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 26 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) c. Funding Status and Progress (Cont.) 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 dis- closure method. The substitute disclosure measure is independent of the funding method used to determine contributions to the System. Illinois Municipal Police Firemen's Retirement Pension Pension Actuarial Valuation Date December 31, January 1, January 1, 1987 1987 1987 Significant Actuarial Assumptions a) Rate of Return on Invest- ment of Present and Future Assets 7.00% 7.00% 7.00% compounded compounded compounded annually annually annually b) c) Projected Salary Increases - Attributable to Inflation Additional Projected Salary Increases - Attributable to Seniority/Merit 3.75% compounded annually 1.00% 5.50% 5.50% compounded compounded annually annually (Note - separate information for b) and c) not available) d) Postretirement Benefit Increases 3.00% 3.00% 3.00% simple interest compounded annually annually I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 27 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Cormnitments (Cont.) c. Funding Status and Progress (Cont.) Pension Benefit Obligation Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees not yet Receiving Benefits Current Employees Accumulated Employee Contributions Including Allocated Investment Earnings Employer - Financed Vested Employer - Financed Nonvested Illinois Municipal Police Firemen's Retirement Pension Pension (Note A) $ 197,116 N/A N/A N/A 1,301,120 2,632,117 ] ] N/A N/A 504,881 ] (Note B) (Note B) Totals N/A Total Pension Benefit Obligation 4,635,234 $9,893,322 $6,057,751 $20,586,307 Net Assets Available for Benefits, at Lower of Cost or Market (Market Values) (IMRF - $ 2,930,393) (Police 7,510,757) (Firemen%s - 6,477,572) 2,930,393 6,939,963 5,825,693 15,696,049 (Totals $16,918,722) Unfunded (Assets in Excess of) Pension Benefit Obligation $1,704,841 $2,953,359 $ 232,058 $ 4,890,258 (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 Village to IMRF as a whole when the annuity became payable. (Note B) Separate information not available. 28 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) c. Funding Status and Progress (Cont.) Effects on the Pension Benefit Obligation of Current-Year Changes Illinois Municipal Retirement Current-year changes in the actuarial assumptions, benefit provisions, and methodology are reflected in the December 31, 1987 pension benefit obligation shown above. This amount has been calculated by the IMRF Actuary using the measure described above. The dollar effect of these changes on the pension benefit obligation was not economically determinable on an individual employer basis by IMRF. Since the December 31, 1987 valuation was the first time this measure was used, comparison with a previous year's pension benefit obligation is not available. d. Actuarially Determined Contribution Requirements and Contribution Made Illinois Municipal Retirement, Police Pension, and Firemen's Pension The Systems' funding policy provides for actuarlally determined 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 Village's employee group as a whole has tended to remain level as a percentage of annual covered payroll. The contribution rate for normal cost is determined using the entry age normal actuarial funding method. The Systems used the level percentage of payroll method to amortize the unfunded liability over a 40 year period. The significant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described in c. above. I I i I I i I I I I I I I' I I I I I I I I I I I ! I I I I I I I i I I I 29 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on All Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) d. Actuarially Determined Contribution Requirements and Contribution Made (Cont.) Illinois Municipal Police Firemen's Retirement Pension Pension Totals Actuarial Valuation Date December 31, January 1, January 1, 1985 1987 1987 Actuarially Determined Contribution Requirement - Employer As a Dollar Amount Normal Cost $ 96,713 Amortization of Unfunded Actuarial Accrued Liability 138,215 Death and Disability Cost 24,456 $221,684 $221,892 $ 540,289 219,427 17,241 374,883 24,456 $259,384 As a % of Current Covered Payroll Normal Cost Amortization of Unfunded 2.61% Actuarial Accrued Liability 3.73 Death and Disability Cost .66 $441,111 $239,133 $ 939,628 12.38% 17.33% 12.25 1.34 7.00% 24.63% 18.67% Contribution Made As a Dollar Amount Employer Employee $259,384 $474,199 $290,435 $1,024,018 166,751 173,746 111,604 452,101 $426,135 $647,945 $402,039 $1,476,119 As a % of Current Covered Payroll Employer Employee 7.0% 26.49% 18.67% 4.5 9.70 8.70 11.5% 36.19% 27.37% V~]AGE OF GL~NVIEW, ILLINOIS ~ 31, 1987 3O 3. Detail Netes on Ail Funds and ~cotmt Groups (Cont.) B. Liabilities (cont.) 1. Netir~nt Fund Commitments (Cont.) d. ~tuarially Determined Contribution Ne~air~te and Contribution Mmde (Oont.) Effects on thru Contribution Bequir~e~ts of Current-Year Oamges Illinois Municipal Petir~m~nt Current-y~ar changes in the actuarial assumptions, benefit provisions, m~J methodology, explained below, will be incorporated in the 1989 employer contribution rate. ~hese changes are estimated to increase the 1989 rate by approximately 2.04 percent of payroll over the 1988 rate. Separate dollar effects of each change were not economically determinable on ~ individual employer basis by 1MRF. Police Pension and Fir~nen's Pension There were en changes for fiscal 1987. e. Trend Information Trend infornmtion gives m~ indication of the progress m~de in accu~alating sufficient assets to pay benefits when due. ~k~a-year trend information may be found in the supplesental section of the Village's m~nual financial report. Net Assets ~Nailable for Bensfits As a % of the Pension Benefit (~oligation (PBO) Illinois Municipal Police Firmen' s Year P~tirement Pension Pension Totals 1987 65.57%. 70.15% 96.18% Unfu~ed (Assets in Excess of) PBO As a % of k~ual Covered Payroll (~essin~ the unfunded pension benefit obligation as a pereent- age of ammual covered payroll approximately adjusts for the effects of inflation for analysis purposes) 19B7 43.06% 65.03% Employer Contribetions As a % of kmual Covered Payroll 1987 7.00% 26.49% 18.67% t~qulred 1987 $259,384 $441,111 $239,133 $ 939,628 Made 1987 $259,384 $474,199 $2~0,435 $1,024,018 (During the impl~ntation transition period all information required is presented for as m~y years as is available.) I I I I I i ! I I I I I I I I I I I I I ! I I I I ! I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 31 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 1. Retirement Fund Commitments (Cont.) f. Deferred Compensation Plan Fund The Village offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to certain Village employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. Ail amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attribut- able 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 Village (without being restricted to the provisions of benefits under the plan), subject only to the claims of the Village's general creditors. Participants' rights under the plan are equal to those of general creditors of the Village in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the Village's legal counsel that the Village has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The Village believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. 32 ~ OF Glf14%q_M~, ILLINOIS NOTES %0 ~ FINANCIAL STAS~VMNSM BEC~fl~R 31, 1987 3. Detail Notes on Ail Funds and Accoumt Groups (Cont.) B. Liabilities (Cont.) 2. I~ng-Term Debt a. Om~nges in Long-Term Debt Fund Debt Balances Balances Retired By January 1 Issuances Retirements December 31 C{oeral Cbligation ~onds Police Administration Building Bund Series of 1972 D~nicipal Building Bund Series of 1979 Library Band Series of 1984 Library Bond Series of 1985 Debt Service $ 325,000 $125,000 $ 200,000 Debt Service 500,000 100,000 400,000 Debt Service 2,900,000 200,000 2,700,000 Debt Service 100,000 50,000 50,000 $3,825,000 - $475,000 $3,350,000 $ 28,000 $ 7,000 $ 21,000 29,123 2,098 27,025 19,161 1,380 17,781 70,730 7,640 63,090 47,233 1,643 45,590 $ 194,247 $ 19,761 $ 174,486 Special Service Area #1 Bund Series of 1980 #2 Band Series of 1981 #3 Bund Series of 1982 #4 Bund Series of 1982 #5 Bond Series of 1985 Debt Service Debt Service Debt Service Debt Service Debt Service Ceneral Ooligation ]beds Gorporate Purpose Boed Series of 1977 Corporate Purpose Band Series of 1979 Corporate Purpose Bund Series of 1987 Wes t $3,150,000 $225,000 $2,925,000 Water~rks - WeS t 4,450,000 225,000 4,225,000 Weter;~rks - East and West $300,000 26,200 273,800 $7,600,0~0 $300,000 $476,200 $7,423,800 I I I I I I ! I I I I I I I I I I I ! I I I I I I I I I I I i I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 2. Long-Term Debt (Cont.) b. Debt Service Requirements to Maturity ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS General Obligation Fiscal Year General Special Bonds Carried Ending Obligation Service as Enterprise December 31 Bonds Area Bonds Fund Liabilities 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 $ 761 362 775.875 639 500 457 600 433 125 408 100 382 662 356 538 329 725 302 500 $4,846,987 $ 35,396 34,976 34,554 27,345 27,344 27,345 13,508 13,507 9,753 5,998 5,998 5,998 5,998 2,998 $250,718 $ 968 388 989 062 956 436 975623 932~248 887.250 876125 888.025 897.025 902.725 505 500 503 500 $10,281,907 Total $ 1,765,146 1,799,913 1,630,490 1,460,568 1,392,717 1,322,695 1,272 295 1,258 070 1,236 503 1,211 223 511 498 509 498 5 998 2 998 $15,379,612 33 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 34 3. Detail Notes on All Funds and Account Groups (Cont.) B. Liabilities (Cont.) 2. Long-Term Debt (Cont.) c. Legal Debt Margin The Village is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property ...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.., shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. d. In-Substance Defeasance of Bonds Waterworks - East Fund In fiscal year ended December 31, 1984, $240,000 from the Water Fund East Bond P~serve Account was used for the purpose of defeasing the Waterworks and Sewerage Revenue Bond issue of 1964. Funds 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 the Exchange National Bank of Chicago, Illinois. I I I I I I I I I I I I I I I I I i ! I I I I I I I I I I I I I I I I 35 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 3. Detail Notes on Ail Funds and Account Groups (Cont.) B. Liabilities (Cont.) 2. Long-Term Debt (Cont.) d. Defeasance of Bonds (Cont.) Waterworks - East Fund (Cont.) The funds have been invested in direct U.S. Treasury obligations with maturities that approximate the Debt Service Requirements of the original issue. U.S. Government securities in the amount of $205,000 at various interest rates and dates of maturity ranging from 4/30/85 to 3/31/88 have been purchased for the escrow. 3. The proceeds in escrow are not subject to lien for any purpose other than in connection with the defeasance transaction. Since the requirements which 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 satisfy future Debt Service Requirements of the Issue. Schedule of Future Requirements - Waterworks and Sewerage Revenue Bond Issue to be paid from Escrow: Year Bond Number Principal $60,000 1988 209-220 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Detail Notes on Ail Fonds and Account Groups (Cont.) C. Interfund Receivables and Payables General Corporate Library Illinois Municipal Retirement Cable TV Debt Service Capital Equipment Replacement Capital Projects Waterworks - East Waterworks - West Escrow Police Pension Firemen's Pension Total General Special Revenue Library Corporate Capital Projects Illinois Municipal Retirement Corporate Cable TV Corporate Capital Projects Total Special Revenue Debt Service Debt Service Corporate Waterworks - East Waterworks - West Sewerage Total Debt Service Due Due From To $ 21,071 17,292 51,677 22,569 $ 5O,OOO 36,428 35,535 165,594 279,660 33,942 19,946 531,682 202,032 21,071 14,000 35,071 17,292 51,677 13,500 65,177 117,540 22,569 27,893 66,158 51,107 22,569 145,158 36 ! I I I I I I I I I I I I I I I I I ! I I I I I I ! I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Detail Notes on Ail Funds and Account Groups (Cont.) C. Interfund Receivables and Payables (Cont.) Capital Projects Capital Equipment Replacement Corporate Waterworks - East Capital Projects Corporate Library Cable TV Waterworks - East Waterworks - West Total Capital Projects Enterprise Waterworks - East Corporate Debt Service Capital Equipment Replacement Capital Projects Waterworks - West Escrow Waterworks - West Corporate Debt Service Capital Projects Waterworks - East Sewerage Debt Service Total Enterprise Due From $ 19,201 19,201 19,201 35,535 27,893 180,000 150,000 393,428 66,158 120,000 186,158 51,107 630,693 Due $ 50,000 50,000 36,428 14,000 13,500 180,000 120,000 363,928 413,928 19,201 150,000 169,201 165,594 150,000 315,594 484,795 37 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 Detail Notes on Ail Funds and Account Groups (Cont.) C. Interfund Receivables and Payables (Cont.) Trust and Agency Escrow Corporate Waterworks - East Police Pension Corporate Firemen's Pension Corporate Total Trust and Agency Due Due From To $ 279,660 $ 150,000 150,000 279,660 33,942 19,946 203,888 279,660 $1,525,573 $1,525,573 Do Fund Equity 1. Reservation of Fund Balance Reserves are used to segregate portions of fund either legally restricted for specific purposes spendable resources". 2. Unreserved Fund Equity - Designated Designations represent to indicate tentative future period. 38 3. Prior Period Adjustments balances which are or not "available portions of Unreserved Fund Balance plans for financial resource segregated utilization in a $ 89,850 $(89,850) Capital Projects Funds Capital Projects To correct prior years transfers Enterprise Funds Waterworks Fund - East To correct prior years transfers m l m i i m l i l I i i i l ! I I I I I I I I I I I I I I I I I I I I I NO~S TO ~ME FIItANCIAL STATE~I~S DE~ER 31, 1987 39 4. Se~nent Information for Certain Individual Enterprise Funds ~he Village maintains four Fmterprise Funds, which provide ~ter~orks, sewerage, and parking services. Segment information for the >~ar ended Dec~nher 31 is as follows: Waterworks Waterworks Parking - East - West Sewerage Lot Totals Operating Rmvemtms $2,116,411 $ 2,533,231 $ 579,878 $ 75,008 $ 5,304,528 Depreciation, Depletion, and Anor tization Expense 82,673 228,579 31,958 1,630 344,840 Operating Incc~m 426,582 994,590 370,371 9,964 1,801,507 Operating Rants, Entitle- merits, and ~ared Rmvenoes Operating Transfers In 48,445 80,000 - 128,445 Out (38,080) (130,852) (263,000) - (431,932) Net Incom~ 448,560 603,813 110,787 23,712 1,186,872 6hrrent Capital Contributions and Transfers Contributions Transfers Plant, Property andEquitm~nt Additions 168,602 9,974 5,784 1,630 185,990 Deletions 92,890 24,335 - - 117,225 Transfers In (~ut) .... Total Assets~ 3,748,361 10,125,957 1,855,176 402,654 16,132,148 Net Working Capital 711,584 1,013,953 480,112 398,934 2,604,583 Bonds and Other Long-Tern Liabilities Payable frc~ Operating P~venues Payable from Other Seurce 164,280 7,259,520 - 7,423,800 Total Equity 2,922,738 2,491,461 1,853,828 402,654 7,670,681 4O VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1987 5. R~lated Entities - Joint Ventures A. Intergovernmental Personnel Benefit Cooperative (IPBC) 1. Description of Joint Venture The Intergovernmental Personnel Benefit Cooperative is a governmental joint venture established by certain units of local government in Illinois to administer some or all of the personnel benefit programs offered by the members to their officers and employees and to the officers and employees of certain other governmental, quasi- governmental, and nonprofit public service entities. The Cooperative acts solely as an administrative agency to receive, process, and pay snch claims as may come within the benefit program of each member. The Cooperative utilizes "agency fund accounting". Management consists of a Board of Directors comprised of one representative from each member. In addition, there are two officers, a Benefit Administrator and a Treasurer. The Village does not exercise any control over the activities of the Cooperative beyond its representation on the Board of Directors. 2. Summary Financial Information of Joint Venture The latest available financial statements of the Cooperative, dated June 30, 1987, show the following: Total Assets $3,524,366 Total Liabilities - Current $1,228,262 - Long-Term 2,296,104 $3,524,366 6. Significant Contingencies A. Litigation There are no pending lawsuits in which the Village is involved. The Village Attorney estimated that the potential claims against the Village not covered by insurance resulting from any litigation would not materially affect the financial statements of the Village. I I I I I I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO THE FINANCIA3~ STATEMENTS DECEMBER 31, 1987 41 Insurance The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a governmental joint venture 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 these members to their officers and employees and to the officers and employees of certain other governmental, quasigovernmental, and nonprofit public service entities. IPBC pays each member's claims and purchases excess risk coverage. While IPBC does have some "pooling" attributes, it is essentially a "cooperative" in that each member maintains a positive or negative account balance. Thus the Village has reflected its "balance" with IPBC on its financial statements. The Village's payments to IPBC are displayed on the financial statements as expenditures/expenses in appropriate funds. Fund Description General Fund The General Fund, also referred to as the Corporate Fund, resources traditionally associated with governmental accounted for in another fund. is used to account for services not required to be VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND BALANCE SHEET DECEMBER 31, 1987 ASSETS Cash and Investments Receivables Taxes Property Taxes Sales Tax Income Tax Utility Replacement Taxes Accounts Other Due from Other Funds Total Assets LIABILITIES AND FUND BALANCE Liabilities Accounts Payable Compensated Absences Payable Due to Other Funds Deferred Revenues Total Liabilities Fund Balance Unreserved Designated - Improvements Designated - Senior Citizen Housing Undesignated Total Fund Balance Total Liabilities and Fund Balance See accompanying Notes to the Financial Statements. 1987 $2,069,241 1,447,885 768,851 136,391 172,143 11,759 30,870 31,920 531,682 $5,200,742 $ 81,108 187,680 202,033 1,447,885 1,918,706 25,729 373,600 2,882,707 3,282,036 $5,200,742 42 1986 $1,639,605 1,352,699 700,624 124,750 181,150 9,778 26,338 51,667 24,234 $4,110,845 $ 29,572 164,815 110,027 1,352,699 1,657,113 25,729 373,600 2,054,403 ..2,453,732 ~4,110,845 43 VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Revenues Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Miscellaneous Total Revenues Expenditures General Government Public Safety Highways and Streets Total Expenditures Excess of Revenues over Expenditures before Other Financing Sources (Uses) Other Financing Sources (Uses) Operating Transfers In (Out) Debt Service Fund Public Works Garage Fund Capital Projects Fund Escrow Deposit Fund Excess of Revenues and Other Sources over Expenditures and Other Uses Fund Balance_ January 1 Prior Period Adjustment Adjusted Balance December 31 1987 Budget Actual 1986 Actual $ 7,737,169 $ 7,909,796 $7,089,667 1,053,325 1,231,324 1,099,350 112,500 61,423 36,987 705,269 773,509 594,979 280,000 266,382 278,829 166,420 243,566 693,717 10,054,683 10,486,000 9,793,529 2,212,183 2,448,340 2,057,944 5,203,592 5,013,039 4,592,067 2,290,441 2,193,805 1,952,831 9,706,216 9,655,184 8,602,842 348,467 830,816 1,190,687 (1,680) (1,680) (2,100) (121,230) (136,770) (256,258) (91,000) 200,000 255,426 149,329 (59,680) (2,512) 56,229 $ 288,787 828,304 1,246,916 2,453,732 1,181,087 25,729 2,453,732 1,206,816 $ 3,282,036 $2,453,732 See accompanying Notes to the Financial Statements. I I I ! I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Property Taxes - Current Property Taxes - Prior Replacement Taxes Sales Tax Utility Tax Illinois Income Tax Road and Bridge Franchise Taxes Road and Bridge - Prior Licenses and Permits Motor Vehicle Business Liquor Dog Cat Heating and Air Conditioning Buildings Electrical Inspection Plumbing and Sewer Plan Review and Elevator Inspection Driveway Permits Intergovernmental Charges for Services Administration Engineering Fees Unclassified Public Works Service Other Current Service Charges Fines and Forfeits 1987 1986 Budget Actual Actual $1,434,402 $1,392,794 $1,054,605 6,232 21,132 30,442 66,373 42,842 2,847,000 3,178,578 2,815,209 2,290,150 2,119,255 2,066,996 846,680 900,124 804,896 86,400 57,763 77,957 202,095 188,148 204,096 529 1,934 7,737,169 7,909,796 7,089,667 418,000 399,155 395,889 97,000 81,792 77,877 62,000 58,093 52,194 4,000 5,283 4,007 325 3 441 800 1,225 945 380,000 536,928 409,226 29,600 55,080 46,534 20,000 34,576 33,451 38,600 52,839 72,286 3,000 6,350 6,500 1,053,325 1,231,324 1,099,350 112,500 61,423 36,987 623,269 623,269 513,965 30,000 99,233 27,327 32,000 19,980 28,105 20,000 31,027 25,582 705,269 773,509 594,979 280,000 266,382 278,829 44 VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 45 Miscellaneous Interest Insurance Refunds Damage to Village Property Public Benefit Fee Sale of Village Property Other Total Revenues 1987 1986 Budget Actual Actual 42,420 44,000 5,000 $ $ 115,442 $ 70,705 37,919 42,360 5,602 6,397 110,000 434,176 75,000 84,603 30,079 166,420 243,566 693,717 $10,054,683 $10,486,000 $9,793,529 I I I ! I I I ! I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 General Government Board of Trustees Special Board Village Clerk Legal Emergency Service Disaster Agency Village Manager Finance Municipal Building and Grounds Personnel Public Safety Police Department Fire Department Printing Highways and Streets Development and Public Services Administration Planning and Zoning Engineering Public Works - Administration Public Works - Overhead Public Works - Street Maintenance Public Works - Traffic Public Works - Storm Water Management Public Works - Snow and Ice Control Public Works - Forestry Public Works - Grounds Building Inspection Public Health Budget Actual $ 10,136 63,620 11,271 488,705 45,810 308,650 401,429 138,460 744,102 $ 219 191 62 634 11 553 553 777 70 949 278 213 383 788 112 627 755 608 $2,212,183 $2,448,340 $3,161,010 $3,064,333 2,016,532 1,927,685 26,050 21,021 $5,203,592 $5,013,039 84,408 63,921 228,876 111,170 590,355 116,614 230,444 84,004 176,029 146,319 72,112 300,141 86,048 $ 78,231 65,744 232,529 107,295 563,223 96,131 218~189 89,160 122 625 179,738 71,738 288,438 80,764 $2,290,441 $2,193,805 46 VILLAGE OF GLENVIEW~ ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 General Government Board of Trustees Regular Salaries Contractual Services Dues, Subscriptions and Memberships Travel Expense Materials and Supplies Other Operational Expense Special Board Contractual Services Materials and Supplies Other Operational Expenses Village Clerk Regular Salaries Temporary Salaries Dues, Subscriptions and Memberships Maintenance of Equipment Travel Expense Office Supplies Legal Contractual and Professional Services Insurance and Bonding Dues, Subscriptions and Memberships Materials and Supplies Emergency Service Disaster Agency Flood Emergency Power and Light Telephone and Telegraph Maintenance of Equipment Office Supplies Books, Pamphlets, and Materials Contingencies Machinery and Equipment Budget $ 3,000 I00 5,286 1,750 10,136 60,240 3,280 100 63,620 900 560 9,661 5O 5O 50 11,271 86,650 399,000 255 2,800 488~705 30,000 1,000 3,310 2,000 2OO 2OO 1,500 7,600 45,810 Actual $ 3,013 425 25 9,497 2,808 203,423 219,191 59,947 2,687 62,634 963 5OO 9,827 120 143 11,553 91,516 459,784 306 2,171 553,777 59,239 857 3,463 7,390 70~949 47 ! I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 General Government (Cont.) Village Manager Regular Salaries Temporary Salaries Longevity Pay Contractual Professional Services Printing, Binding and Publication Postage Dues, Subscriptions and Memberships Maintenance of Equipment Rentals Travel Expense Training Expense Books, Pamphlets and Materials Equipment Replacement Equipment Repairs Machinery and Equipment Finance Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Contractual Professional Services Printing, Binding and Publication Postage Dues, Subscriptions and Membership Maintenance of Equipment Rentals Travel Expense Training~ Office Supplies Books, Pamphlets and Materials Computer Supplies Other Operating Expense Machinery and Equipment Budget $237,024 11,682 500 12,000 450 17,000 1,624 270 5OO 5,114 75O 3OO 3,100 6,336 12,000 308,650 256,184 2,900 17,400 2,500 36,400 7,000 5,500 1,750 22,032 22,036 2,167 7OO 16,000 2OO 7,200 200 1,260 401,429 Actual $210,883 9,233 5OO 13,050 7,153 15,642 1,936 541 1,207 3,920 632 199 3,100 3,219 6,998 278,213 251,507 4,715 16,396 2,442 37,545 3,404 3,281 458 22,082 20,941 2,405 120 11,576 9O 6,394 62 370 383 , 788 48 VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 General Government (Cont.) Municipal Building and Grounds Regular Salaries Overtime Salaries Temporary Salaries Heating and Lighting Postage Telephone biaintenance of Equipment Maintenance of Buildings Rentals Uniform Allowance Cleaning and Household Supplies Maintenance Materials - Buildings Small Tools and Equipment Employee Welfare Equipment Replacement Equipment Repairs Buildings and Improvements Personnel Contractual Professional Services Printing, Binding and Publications Dues, Subscriptions and Memberships Insurance and Bonding Travel Training Expense Books, Pamphlets and Materials Employee Welfare Total General Government Budget $ 19,504 1,500 7,416 9,800 15,000 22,000 16,290 2,000 9,000 300 3,500 3,550 4OO 2,500 5,300 4OO 20,000 138,460 17,625 3,000 1,150 687,227 5OO 26,700 100 7,800 744,102 $2,212~183 Actual $ 17,702 5,375 6,572 10,598 23,489 15,953 1,278 8,796 349 2,755 3,144 318 1,801 5,300 196 9,001 112,627 15,968 2,385 1,181 715,044 761 11,622 63 8,584 755,608 $2,448,340 49 I I I I I I I I I I I I I' I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Public Safety Police Department Regular Salaries Overtime Salaries Overtime Court Time Overtime Training Overtime Extra Detail Temporary Salaries Holiday Pay Longevity Pay Contractual Professional Services Printing, Binding and Publication Heating Postage Telephone Dues and Subscriptions Maintenance of Equipment Maintenance of Buildings Rentals Travel Expenses Car Allowance Training Uniform Allowance Office Supplies Books, Pamphlets and Materials Cleaning and Household Supplies Maintenance Materials - Buildings Operating Materials and Supplies Computer Supplies Employee Welfare Equipment t~placement Equipment Repairs Machinery and Equipment Building and Improvements Furniture and Fixtures Other Budget $2,290,860 60,000 48,000 5,200 83,700 93,964 19,450 27,640 3,300 6,500 2,500 26,534 1,600 40,000 2,700 5,25O 2,947 300 36,000 27,250 3,200 5,500 2,000 9,400 18,000 1,500 4,100 114,399 123,764 48,981 25,500 1,750 19,221 3,161,010 Actual $2,272,121 91,758 44,330 2,145 321 76,166 64,951 18,998 35,298 2,848 3,870 2,878 23,606 1,410 32,097 378 4,813 3,180 26,747 25,927 2,394 6,938 1,617 8,207 19,291 2,106 3,518 114,399 105,875 45,535 1,390 19,221 3,064,333 5O VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Public Safety (Cont.) Fire Department Regular Salaries Overtime Salaries Longevity Pay Contractual Professional Services Printing and Publications Heating Postage Telephone Dues, Subscriptions and Memberships Maintenance of Equipment Maintenance of Buildings Rentals Travel Expense Training Uniform Allowances Office Supplies Books, Pamphlets and Materials Motor Vehicle Supplies Cleaning Supplies Maintenance Materials - Equipment Maintenance Materials - Buildings Small Tools and Equipment Operating Materials and Supplies Other Operating Expenses Equipment Replacement Equipment Repairs Machinery and Equipment Furniture and Fixtures Automotive Printing Overtime Salaries Printing and Binding Maintenance of Equipment Office Supplies Operating Supplies Machinery and Equipment Total Public Safety Budget $1,456,273 105,450 18,400 75,732 20O 3,800 400 11,071 819 19,725 6,100 2,361 17,550 11,150 6OO 2,400 2,500 2,600 3,55O 7,200 1,000 15,350 47,646 79,624 44,946 61,585 1,500 17,000 2,016,532 2,500 2,400 3,950 13,000 3,300 9OO 26,050 $5,203,592 Actual $1,416,398 114,517 18,150 70,742 188 2,637 357 8,852 577 11,337 2,259 364 1,123 5,699 9,350 1,348 2,241 1,069 3,091 5O6 6,035 1,268 21,518 47,646 79,624 30,920 54,054 15,815 1,927,685 722 4,168 2,077 9,497 3,508 1,049 21,021 $5,013,039 51 I I I I I I I I I I i i I I I I I I ! I I I I I I I ! I I I I I I ! i i VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Highways and Streets Development and Public Services Administration Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Contractual and Professional Services Printing, Binding and Publication Dues, Subscriptions and Memberships Maintenance of Equipment Travel Expense Training Materials and Supplies Equipment Replacement Equipment Repairs Planning and Zoning Regular Salaries Temporary Salaries Longevity Pay Contractual and Professional Services Printing, Binding and Publication Dues, Subscriptions and Memberships Travel Expense Training Operational Supplies Engineering Regula? Salaries Overtime Salaries Temporary Salaries Longevity Pay Contractual Professional Services Printing, Binding and Publications Dues, Subscriptions and Memberships Maintenance of Equipment Microfilming Travel Expense Training Uniform Allowance Budget $ 71,908 40O 4,500 500 80O 200 100 150 950 400 900 1,600 2,000 84,408 42,696 2,600 3OO 10,000 3,700 2,725 9OO 600 400 63,921 182,852 1,000 11,380 900 7,000 100 340 675 500 975 1,660 6OO 52 Actual $ 64,790 29 5,802 25O 1,539 28O 193 1,016 483 622 1,600 1,627 78,231 41,635 2,000 300 11,389 6,741 2,478 243 619 339 65,744 187,760 2,497 15,320 900 5,248 569 157 36 8O8 541 551 VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Highways and Streets (Cont.) Development and Public Services (Cont.) Engineering (Cont.) Books, Pamphlets and Materials Operational Materials Equipment Replacement Equipment Repairs Public Works - Administration Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Printing, Binding and Publications Dues, Subscriptions and Memberships Maintenance of Equipment Travel Expense Training Office Supplies Books, Pamphlets and Materials Computer Supplies Machinery and Equipment Public Works - Overhead Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Heat Telephone Dues, Subscriptions and Memberships Maintenance of Equipment Maintenance of Building Improvements Rentals Travel Expense Training Uniform Allowance Office Supplies Books, Pamphlets and Materials Cleaning Supplies Maintenance Materials - Buildings Budget $ 100 1,300 9,180 10,314 228,876 93,000 1,500 4,600 400 100 350 2,000 150 1,000 2OO 7O 8OO 7,000 111,170 223,604 220 22,000 7,800 12,000 4,000 40 450 6,450 15,600 200 1,500 5,500 100 2,000 2,700 Actual $ 10 1,733 9,180 7,219 232,529 92,999 853 3,540 61 368 1,193 119 1,006 114 2 537 6,503 107,295 209,389 1,112 22,230 7,500 7,625 2,101 47 1,131 12,385 18,519 202 841 5,391 54 13 2,883 3,467 53 ! I I I I I I I ! I I I I I I ! i I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Highways and Streets (Cont.) Development and Public Services (Cont.) Public Works - Overhead (Cont.) Small Tools and Equipment Employee Welfare Equipment Replacement Equipment Repairs Machinery and Equipment Public Works - Street Maintenance Regular Salaries Overtime Salaries Temporary Salaries Maintenance Materials - Buildings Small Tools and Equipment Operational Materials and Supplies Machinery and Equipment Public Works - Traffic Regular Salaries Overtime Salaries Temporary Salaries Power and Light Maintenance of Equipment Maintenance of Buildings Rentals Sign Supplies Small Tools and Equipment Operating Materials and Supplies Machinery and Equipment Automotive Public Works - Storm Water Management Regular Salaries Overtime Salaries Temporary Salaries Maintenance of Buildings Maintenance Materials - Equipment Maintenance Materials - Buildings Small Tools and Equipment Operating Materials and Supplies Budget $ 1,000 3,200 140,498 133,293 8,200 590,355 54,084 6,600 7,330 17,000 1,000 4,000 26,600 116,614 37,444 3,100 3,100 88,000 39,000 15,500 400 10,400 2OO 8OO 32,500 230,444 57,204 2,000 6,200 5,000 3,000 5,000 2OO 5,400 84,004 Actual $ 486 2,696 140,498 116,233 8,420 563,223 64,166 6,107 6,324 11,982 627 5,754 1,171 96,131 30,578 2,386 1,167 85,128 36,102 2,419 8,777 125 955 21,025 29,527 218,189 63,731 5,262 8,635 1,413 1,421 4,516 218 3,964 89,160 54 VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Highways and Streets (Cont.) Development and Public Services (Cont.) Public Works - Snow and Ice Control Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Maintenance Materials - Equipment Operating Materials and Supplies Machinery and Equipment Public Works - Forestry Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Dues, Subscriptions and Membership Maintenance of Equipment Maintenance of Buildings Books, Pamphlets and Materials Maintenance Materials - Equipment Small Tools and Equipment Operating Materials and Supplies Public Works - Grounds Regular Salaries Overtime Salaries Temporary Salaries Maintenance of Buildings Maintenance Materials - Equipment Small Tools and Equipment Operating Materials and Supplies Buildings/Improvements to Buildings Building Inspection Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Budget $ 59,904 24,100 3,600 525 9,500 68,400 10,000 176,029 89,004 3,345 14,800 1,000 100 1,000 31,000 7O 5OO 1,500 4,000 146,319 46,157 1,055 3,500 1,500 500 2,900 4,000 12,500 72,112 245,388 14,000 3,698 2,950 55 Actual $ 41,007 12,938 1,792 525 5,172 51,022 10,169 122,625 118,733 2,194 16,630 2,171 9O 202 31,865 1,263 1,666 4,924 179,738 54,311 850 116 20O 313 2,755 1,001 12,192 71,738 242,447 10,914 4,901 2,950 I I I I I I I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS CORPORATE FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Highways and Streets (Cont.) Development and Public Services (Cont.) Building Inspection (Cont.) Contractual and Professional Services Printing, Binding and Publication Dues, Subscriptions and Memberships Maintenance of Equipment Microfilming Travel Training Uniform Allowance Books, Pamphlets and Materials Operating Materials and Supplies Equipment Replacement Equipment Repairs Furniture and Fixtures Public Health Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Contractual Professional Services Printing, Binding and Publication Dues, Subscriptions and Memberships Maintenance of Equipment Travel Expense Training Books, Pamphlets and Materials Small Tools and Equipment Operating Materials and Supplies Other Operational Expense Equipment Replacement Equipment Repairs Machinery and Equipment Total Highways and Streets Budget $ 7,500 8OO 750 8OO 2,800 88O 2,650 6OO 100 8OO 6,400 9,425 6OO 300,141 65,784 1,500 1,964 45O 3OO 100 423 315 585 1,650 3OO 100 1,125 2OO 2,600 8,572 8O 86,048 $2,290,441 56 Actual $ 5,771 835 665 135 1,850 479 1,165 700 63 607 6,400 7,871 685 288,438 68,928 1,152 2,059 450 123 345 246 481 1,370 288 7O 482 118 2,600 1,966 86 80,764 $2,193,805 I i I I I I I ! I I I I I I I I I I Fund Descriptions Library Fund The Library Fund is used to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. Federal Revenue Sharing Fund The Federal Revenue Sharing Fund provides accountability for Federal Revenue Sharing monies received under Title I of the State and Local Fiscal Assistance Act of 1972. Illinois Municipal Retirement Fund The Illinois Municipal Retirement Fund is used to account for the revenue and expenditures associated with providing disability and pension benefits for Glenview employees. This fund also provides the employer with a portion of F.I.C.A. Contributions. Motor Fuel Tax Fund The Motor Fuel Tax Fund is used to account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of State gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Cable TV Fund The Cable Television Fund is used to account for the financial activity of the newly created public access cable system. Any governmental body or not-for-profit community organization will be permitted to broadcast public information or educational progranm~ing. The cable television management and staff is under the direct control of the Village of Glenview Board of Trustees. ! I ! I I ! I I I I I I I I I i ! I .57 ! I ! I I I I I I I I I !' I I i I I i ! I I I I I I i I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Taxes Property Taxes - Current Property Taxes - Prior Replacement Taxes Miscellaneous Interest Other Total Revenues Expenditures Culture and Recreation Excess (Deficiency) of Revenues over Expenditures before Other Financing (Uses) Other Financing (Uses) Operating Transfers (Out) Illinois Municipal Retirement Fund Excess (Deficiency) of Revenues over Expenditures and Other Financing Uses Budget $1,527,643 33,200 19,000 217,502 1,797,345 1,693,464 103,881 (62,078) $ 41,803 Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. 59 Actual $1,507,420 7,696 19,799 20,618 167,916 1,723,449 1,806,620 (83,171) (62,078) (145,249) 574,007 $ 428,758 VILLAGE OF GLENVIEW, ILLINOIS LIBRARY FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Culture and Recreation Regular Salaries Overtime Salaries Temporary Salaries Legal Fees Public Information Printing Printing, Binding and Publication Power and Lights Heating Water Postage Telephone and Telegraph Dues and Subscriptions Maintenance of Equipment Maintenance of Copiers Maintenance of EDP Equipment Maintenance of Data Base Cable TV Maintenance of Buildings Travel Expense Training Trustee Expense Library Programs Office Supplies Books, Pamphlets and Materials Periodicals Audiovisual Micro-Form Video Tapes Cataloging Cleaning Sqpplies Contingencies Other Operating Expenses Automationand Expansion Machinery and Equipment Gift Fund Administrative Support Debt Service Total Expenditures Budget $ 387,760 248,172 3,000 11,000 2,500 6,000 85O 13,000 1,600 6,500 8,500 1,000 5,700 12,000 23,650 3,500 6,000 19,275 3,700 2,700 1,500 4,700 13,650 177,000 12,000 21,800 12,000 13,000 6,000 3,000 5,000 7OO 31,140 97,742 527,825 $1,693,464 6O Actual $ 351,521 1,298 277,701 4,619 12,912 2,188 8,133 533 1,957 1,194 6,113 8,130 1,369 4,594 11,787 24,703 2,963 25,343 3,654 2,209 879 6,662 13,809 181,489 10,252 23,188 11,301 11,047 6,249 2,132 4,794 54O 115,737 26,791 13,262 97,742 527,825 $1,806,620 i ! I I I I I I I i I I I I I I I I I I I I I I I I I ! i i ! I I i I I VILLAGE OF GLENVIEW, ILLINOIS FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 61 Intergovernmental Entitlements Miscellaneous Interest Income Total Revenues Expenditures General Government Tree Planting Program Sidewalk Extension and Improvement Other Total Expenditures Excess (Deficiency) of Revenues over Expenditures before Other Financing (Uses) Other Financing (Uses) Operating Transfers (Out) Capital Projects Fund Excess (Deficiency) of Revenues over Expenditures and Other Uses Fund Balance January 1 December 31 Budget Actual $ 2,014 $ 500 959 500 2,973 35,615 35,615 35,615 35,615 1,500 17 72,730 71,247 (72,230) (68,274) (200,000) (200,000) $(272,230) (268,274) 275,300 $ 7,026 See accompanying Notes to the Financial Statements. VILLAGE OF GLENVIEW, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Budget Revenues Taxes Property Taxes - Current $ 209,812 Property Taxes - Prior Replacement Taxes 10,000 Miscellaneous Employee Contributions 444,526 Interest 24,000 Other Total Revenues 688,338 Expenditures Pension Retirement Contributions 990,164 Other Total Expenditures 990,164 Excess (Deficiency) of Revenues over Expenditures before Other Financing Sources (301,826) Other Financing Sources Operating Transfers In Waterworks - East Fund 38,080 Waterworks - West Fund 18,757 Sewerage Fund 13,050 Library Fund 62,078 131,965 Excess (Deficiency) of Revenues and Other Sourqes over Expenditures $(169,861) Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. 62 Actual $ 218,329 1,595 7,477 469,358 22,932 53,700 773,391 1,031,359 5,275 1,036,634 (263,243) 38,080 18,757 13,050 62,078 131,965 (131,278) 430,192 $ 298,914 I I I I i I I ! I ! i I I' I i I I I i I I I I I I ! I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MOTOR FUEL TAX FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Intergovernmental Allotments Miscellaneous Interest Other Total Revenues Budget $ 546,700 18,170 564,870 Expenditures 381,000 Excess of Revenues over Expenditures before Other Financing (Uses) Other Financing (Uses) Operating Transfers (Out) Capital Projects Fund 183,870 (774,000) $(590,130) Excess (Deficiency) of Revenues over Expemditures and Other Uses Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. Actual $ 580,405 24,531 584 605,520 605,520 63 (692,900) (87,380) 617,589 530,209 VILLAGE OF GLENVIEW, ILLINOIS CABLE TV FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Taxes Cable TV Franchise Tax Miscellaneous Interest Total Revenues Budget $80,000 80,000 Expenditures General Government 56,700. Excess of Revenues over Expenditures before Other Financing Sources Other Financing Sources Operating Transfers In Waterworks - West Fund 23,300 $23,300 Excess of Revenues and Other Sources over Expenditures Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. Actual $ 77,433 193 77,626 49,147 28,479 73,500 101,979 $101,979 64 I I I I I I I I I I ! I I I I I I I I ! I I I I I ! I I ! I I I I I I i VILLAGE OF GLENVIEW, ILLINOIS CABLE TV FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 General Government Regular Salaries Contractual Professional Services Postage Telephone Dues, Subscriptions, Memberships Maintenance of Equipment Travel Expense Uniform Allowance Office Supplies Books, Pamphlets, Materials Maintenance Materials - Buildings Operating Materials and Supplies Computer Supplies Reimbursable Expense Improvements to Building Machinery and Equipment Furniture and Fixtures Budget $12,000 32,000 100 100 100 2,500 1,500 2OO 100 100 5OO 2,500 1,000 1,000 1,000 1,000 1,000 $56,700 Actual $11,024 30,000 7O 34 23 2,109 1,161 234 2 55 231 1,148 424 536 803 986 307 $49,147 65 I ! I I ! I I I I I i I I I I I i I Fund Descriptions Waukegan Road Sanitary Service Bond Series of 1968 This issue in the amount of $38,000 was used to construct a sanitary sewer on Woodlawn Drive. Police Administration Building Bond Series of 1972 This issue in the amount of $1,400,000 was used to construct the Police Administration Building. Public Library Parkin~ Lot Bond Series of 1976 This issue in the amonnt of $200,000 was used to construct a library parking lot. Municipal Building Bond Series of 1979 This issue in the amount of $950,000 was used to construct the Village Hall. Library Bond Series of 1984 This issue in the amount of $3,100,000 was used to construct an addition to the library. Library Bond Series of 1985 This issue in the amount of $150,000 represents the Library Bonds of 1984. The total 1984 $3,250,000. the unissued portion of authorization was for Special Service Area Nnmber 1 Bond Series of 1980 This issue in the amount of $70,000 was used to install a lighting system in the Swainwood Subdivison. Special Service Area Number 2 Bond Ser~es of 1981 This issue in the amount of $38,000 was used to construct a sanitary sewer on Woodlawn Drive. I I I I I I I I I I I I I I i I I I i Fund Descriptions (Cont.) Special Service Area Number 3 Bond Series of 1981 This issue in the amount of $25,000 was used to construct a water main on Woodlawn Drive. Special Service Area Number 4 Bond Series of 1982 This issue in the amount of $90,000 was used to construct a sanitary sewer in the Northwest portion of the Village. Special Service Area Number 5 Bond Series of 1985 This issue in the amount of $48,000 was used to construct a sanitary sewer system and water main along Glenwood Avenue and Sunset Ridge Road. I I I I I I I I I I i I i I i I ! I I I I I I I i I I I I -I I i I i ! ! I I I i I I I I i I I i I I I ! ! I I o ~ I I I I I I I I I I I I I I I I I I I Fund Descriptions Public Works Garage Fund The Public Works Garage Fund is used to account for the revenues and expenditures associated with the construction of a new public works garage. Construction of the garage began in the fall of 1982. Capital Equipment Replacement Fund The Capital Equipment Replacement Fund is used to account for the funds annually set aside for the eventual replacement of certain capital equipment. Capital Projects Fund The Capital Projects Fund is used to account for revenues and expenditures involved with all other Capital Improvements throughout the Village. I I I ,1 68 V~*~ OF GLENVIEW, ILLINOIS CC~MINING ~ OF REVENUES, EXPE~I~ORES, AI~ ~t~N~S IN FUbD BALANCES FOR ~ YEAR EbI~D ~ 31, 1987 Iht ergoverm~nt al Miscellaneous Total P~venues Expenditures C~pit al Oat lay Excess (Deficiency) of l~venues over Expenditures before Other Financing Sources Other Firmncing Sources (Uses) Operating Transfers In Operating Transfers (Oat) Excess (Deficiency) of P~venues and Other Sources over Expenditures and Other Uses Fund Balances January 1 Prior Period Mjustnmnt ~djusted Balances Rasidual Equity Transfers In P~sidual Equity Transfers (Oat) December 31 P~blic Capital ~brks Equit~nent Capital Garage Raplac~nt Pro~ects Totals 1987 1986 $ 3,238 $ 3,238 $ 246,566 $ 3,598 $409,447 ~09,517 722,562 579,385 3,598 409,447 312,755 725,800 825,951 - 379,936 2,360,030 2,739,966 1,558,995 3,598 29,511 (2,047,275) (2,014,166) (733,0~4) 1,625,304 1,625,304 987,150 (89,850) (89,85O) - - 1,535,454 1,535,454 987,150 3,598 144,525 144,525 (148,123) (3,598) 29,511 (511,821) (478,712) 254,106 588,966 819,652 1,553,143 1,591,132 89,850 89,850 (65,522) 588,966 909,502 1,642,993 1,525,610 148,123 148,123 362,699 (148,123) 589,272) 588,966 1,057,625 1,642,993 1,299,037 $618,477 $ 545,804 $ 1,164,281 $1,553,143 See accon~nylnglq~tes to the Firmmcial State.htS. 69 I I I l I l l I I l l I I' l Ii i ! I I I I I I I I I I ! I I I I i i ! I VILLAGE OF GLENVIEW, ILLINOIS PUBLIC WORKS GARAGE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Miscellaneous Interest Budget $1,000 Expenditures Contractual Services Contractual Professional Services 1,000 Excess of Revenues over Expenditures Fund Balance January 1 Residual Equity Transfer Out - Capital Projects December 31 See accompanying Notes to the Financial Statements. Actual $ 3,598 3,598 144,525 (148,123) 7O VILLAGE OF GLENVIEW, ILLINOIS CAPITAL EQUIPMENT REPLACEMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Budget Revenues Miscellaneous Interest $ 56,000 Other 507,854 Total Revenues 563,854 Expenditures Capital Outlay Automotibles 540,100 Other 1,000 Total Expenditures 541,100 Excess of Revenues over Expenditures $ 22,754 Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. Actual $ 422 409,025 409,447 379,576 360 379,936 29,511 588,966 $618,477 71 I I I I I i I I I ! ! I I I il i I I I I I I t I I I I ! I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS CAPITAL PROJECTS FUND STATEMENT OF P~EVENUES, EXPENDITURES, AND CHANGES IN FUND BALkNCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECENDER 31, 1987 Miscellaneous Expenditures Capital Outlay Architects Fees ~ainage Engineering - Construction Engineering Design Engineering - Study Land ~quisition Parking Lots Sanitary Sawer Sidewalks Traffic Signals Water Distribution and Storage M~ters TU Inspections Total Expenditures Excess (Deficiency) of Revenues over Expenditures before Other Financing Sources Other Financing Sources Operating Transfers In (Out) Sewerage Fund Public Works Garage Fund Prior Period Adjustment Adjusted Balance R~sidual Equity Transfer In Public Works Garage Fund December 31 Budget $3,600,000 1,935,350 5,535,350 4,208,000 4,208,000 1,327,350 368,000 774,000 255,000 452,650 120,000 1,969,650 $3,297,000 72 Actual 3,238 108,866 200,651 312,755 11,160 1,488,273 12,187 13,636 3,738 51,688 48,800 22,122 13,826 43,106 276,262 64,095 11,933 47,686 45,868 65,435 3,548 54,242 14,565 67,860 2,360,030 (2,047,275) 256,258 200,000 692,900 250,000 (80,000) 226,146 (9,850) 11535,454 (511,821) 819,652 89,850 909,502 148,123 1,057,625 545,804 I I I I I I I I I I I i I I I I I I Fund Descriptions Waterworks - East Fund The Waterworks - East Fund is used to account for the provision of water and sewer service to the residents of east 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. Waterworks - West Fund The Waterworks - West Fund is used to account for the provision of water service to the residents of west Glenview and the unincorporated area adjacent to the western boarder of the Village. All activity necessary to provide such services is accounted for in this fund including, but not limited to, Administration (Dfrector of Public Works), Operations, Maintenance, Financing and related Debt Service, and Billing and Collection. Sewerage Fund The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Gleoview customers. Commuter Parking Lot Fund The Commuter Parking Lot Fund accounts for the activity involved with but not limited to the Administration (Finance Director), sale of permits and maintenance of the commuter parking facilities within the Village. I I I I I I I I i I I I I I I I 1 I i VILLAGE OF GLENVIEW, ILLINOIS ENTERPRISE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1987 (See Following Page) I I I I I I I I i I i I I' 1 I I I I I I I I I I I I t I l I I i I I I I 73 VILLAGE OF GLENVIEW, ILLINOIS ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, ERPENSES, AND CHANGES IN R~TAINED EARNINGS ' FOR THE YEAR ENDED DECEMBER 31, 1987 Waterworks Waterworks - East - West Sewerage 74 Meter Fees Parking Decals A~ministracive Support Charges Administration Operations Total Operating Expenses Gain om Sale of Property Loss on Disposal of Vehicles Net Income before Operating Transfers Operating Transfers In Operatlng Transfers (Out) Net Income Ret ained Earnings January 1 Prior Period Adjustment Adjusted Balances ~esidual Equity Trapsfer In Residual Equity Transfer (Out) December 3l Parking Lot Totals 1987 1986 $1,926,768 $2,367,767 $ 563,478 $4,858,013 $4,338,164 $ 11,109 li,[09 11,144 58,195 84,439 122,634 115,240 19,776 25,043 44,819 44,280 63,899 63,899 64,373 89,772 89,772 92,200 41,900 55,982 16,400 114,282 109,716 2,116,411 2,533,231 579,878 75,008 5,304,528 4,775,117 186,602 322,316 56,819 50,000 615,737 541,852 1,420,554 987,746 120,730 13,414 2,542,444 2,243,675 82,673 228,579 31,958 1,630 344,840 369,496 1,6891829 1~538,641 209,507 65,044 31503,021 3,155,023 426,582 994,590 370,371 9,964 1,801,507 1,620,094 16,968 3,947 3,466 13,748 38,129 35,365 (5,355) (454,537) (459,8921 (477,0551 110,665 110,665 29,597 (90,1841 11,613 (339,925) 3,466 13,748 (31i,0981 (502,277) 438,195 654,665 373,837 23,712 1,490,409 1,117,817 48,445 60,000 128,445 75,000 (38,080) (130,8521 (263,050) (431,9821 (283,584) 10,365 (50,852) (263,0501 (303,537) (208,584) 448,560 603,813 110,787 23,712 1,186,872 909,233 2,545,737 1,887,648 1,743,041 378,942 6,555,368 5,115,736 (89,850) (89,850} 530,399 2,455,887 1,887,648 1,743,041 378,942 6,465,518 5,646,135 1,550,739 (1,550,7391 2~455,887 1,887,648 1,743,041 378,942 6,465,518 5,646,135 $2,904,447 $2,491,461 $1,853,828 $402,654 $7,652,390 $6,555,368 I I I I I I I I I I I I I 1 I I I I I I I I i I I I I I I I I I I I I I 75 FOR T~YEARM~DMDDEC~I~R31, 1987 Cash Was Provided By Operations Net Inccme Add B~k Non-Cash ~xpense Depreciation Decregse in O~rrent Assets Fixed Assets Transfered Oat Fixed Assets Netired Increase in C~rrent Liabilities Residual Equity Transfer In Prior Period Adjustment Proceeds from Sale of General (~oligation ~onds Cash Was Used ~b Increase Oarre~t Assets Inerease Fixed Assets Fixed Assets Trm~sfered In Inerease Constrtmtion in Progress Decrease Gerrent Liabilities Retire ~ Prineipal Decrease Contributed Capital Residual Equity Transfers Oat P~inr Period Adjustment Cash and Invest~mnts January 1 December 31 Commuter Waterworks Water~rks Parking Totals - East - West Sewerage Lot 1987 1986 $ 448,560 $603,813 $110,787 $ 23,712 $1,186,872 $ 909,233 82,673 228,578 31,958 1,630 344,839 369,496 531,233 832,391 142,745 25,342 1,531,711 1,278,729 41,039 1,425,901 14,361 14,361 1,348 1,3~8 93,891 1,550,739 530,399 180,000 120,000 300,000 711,233 966,752 144,093 25,342 1,847,420 4,920,698 237,291 394,801 80,637 21,795 734,524 693,014 75,712 5,784 81,496 322,203 1,425,~01 92,890 77,504 91,741 3,252 172,497 270,945 15,720 460,480 476,200 425,000 134,494 1,550,739 89,850 89,850 496,077 947,022 86,421 25,047 1,554,567 4,915,186 215,156 19,730 57,672 295 292,853 5,512 (457,255) 473,833 75,708 301,844 394,130 388,618 $(242,099) $493,563 $133,380 $302,139 $ 686,983 $ 394,130 Sae accompanying Notes to thru Financial Statements. VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - EAST FUND STATEMENT OF CHANGES IN CONTRIBUTED CAPITAL FOR THE YEAR ENDED DECEMBER 31, 1987 Net Increase (Decrease) Account Balance January 1 December 31 See accompanying Notes to the Financial Statements. $18,291 $18,291 76 I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I I I I I i i I I VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - EAST FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN P~ETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Water Charges Water Meter Repair Charges Water Connection Charges Administrative Support Brass Fittings Operatimg Expenses Excluding Depreciation Administration Operations pumping Station Distribution System Overhead Total Operating Expenses Excluding Depreciation Operating Income before Depreciation Net Income before Operating Transfers Operating Transfers In (Out) Waterworks - West Fund Illinois Mumicipal Retirement Fund Public Works Garage Fund Capital Projects Fund Net Income R~tained Earnings January 1 Prior Period Adjustment Adjusted Balance December 31 Budget $1,836,000 200 25,000 8,000 89,772 13,000 2,500 3,000 5,000 1,982,472 192,901 871,450 126,300 184,078 257,010 1,631,739 350,733 350,733 14,000 14,000 364,733 (38,080) (30,000) (20,000) (88,080) $ 276,653 77 Actual $1,926,768 38,195 19,776 89,772 21,693 3,605 7,020 1,526 8,056 2,116,411 186,602 1,008,925 111,627 113,694 186,308 1,607,156 509,255 (82,673) 426,582 16,968 (5,355) 11,613 438,195 38,595 (38,080) 9~850 10,365 448,560 2,545,737 (89,850) 2,455,887 92,904,447 VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - EAST FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Administration Contractual Professional Services Printing, Binding and Publication Postage Computer Supplies Administrative Charges - General Fund Bank Charges Total Administration Budget $ 3,750 5O 5,000 3,500 180,601 $192,901 Operations Supply and Metering Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Water Maintenance of Buildings Operational Materials and Supplies Total Supply and Metering $ 36,720 2,040 1,330 20,000 798,000 4,000 9,360 $871,450 Pumping Station Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Power and Light Heating Telephon~ Maintenance of Building Cleaning and Household Supplies Maintenance Materials - Equipment Maintenance Materials - Building Operating Materials and Supplies Machinery and Equipment Less Nonoperating Expenses Fixed Assets Capitalized Total Pumping Station $ 16,125 14,750 2OO 8,325 66,000 6,000 4,700 5,500 50 3,000 600 1,050 55O 126,850 55O $126,300 Actual $ 1,051 11 4,536 38O 180,601 23 $ 186,602 $ 39,051 563 807 16,607 937,359 3,417 11,121 $1,008,925 $ 22,925 15,215 257 4,081 56,338 2,529 1,969 3,528 25 2,023 1,889 848 499 112,126 499 111,627 78 I I 1 I I I I I i I I I 1 I I I I I I I I I I I I I I I I I I I i I I I VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - EAST FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Operations (Cont.) Distribution System Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Maintenance of Equipment Maintenance of Buildings Rentals Sign Supplies Maintenance Materials - Buildings Operating Materials and Supplies Machinery and Equipment Less Nonoperating Expenses Fixed Assets Capitalized Total Distribution System Budget $ 91,368 27,500 7,410 5,000 500 17,000 300 500 30,500 4,000 8,000 192,078 8,000 $184,078 Overhead Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Dues, Subscriptions and Memberships Maintenance of Equipment Rentals Travel Expense Training Uniform Allowance Office Supplies Books, Pamphlets and Materials Small Tools and Equipment Operational Materials and Supplies Computer Supplies Equipment Replacement Equipment Repairs Machinery and Equipment Less Nonoperating Expenses Fixed Assets Capitalized Total Overhead $104,000 3OO 14,228 3,150 470 610 4,200 1,650 1,900 2,700 65O 3OO 4,600 6OO 2OO 52,028 65,424 7,125 264,135 7,125 $257,010 Actual $ 54,183 6,264 4,145 4,353 95 10,380 30,119 4,155 7,972 121,666 7,972 $113,694 $106,997 321 8,159 3,150 435 835 925 1,802 712 2,915 1,013 225 2,086 386 55,577 6,782 192,320 6,012 $186,308 79 I I I I I I I I I I I I I I I I I I I ! ! I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS WATERWOR/IS - WEST FUND STATEMENT OF ~LEVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operations Net Income before Operating Transfers Operating Transfers (Out) Illinois Municipal Retirement Fund Public Works Garage Fund Capital Projects Fund Waterworks - East Fund Cable TV Fund R~tained Earnings January 1 December 31 See accompanying Notes to the Financiai Statements. Budset $1,915,900 60,000 20,000 21,000 4,000 2,500 2,000 2,027,400 329,641 598,885 185,993 130,310 1,244,829 782,571 782,571 9,000 9,000 (18,757) (20,000) (32,000) (75,000) (145,757) $ 648,814 Actual 81 $2,367,767 84,438 25,043 24,921 2,411 6,208 1,935 20,507 2,533,231 322,316 701,417 153,321 133,008 1,310,062 1,223,169 (228,579) 994,590 3~947 (454,537) 110,665 (339,925) 654,665 (18,757) 80,000 (38,595) (73,500) (50,852) 603,813 1,887,648 $2,491,461 VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - WEST FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Administration Contractual Professional Services Printing, Binding and Publications Postage Computer Supplies Administrative Charges General Fund Waterworks Fund - East Sewerage Fund Other Operating Expenses Total Administration Budget $ 3,000 50 6,000 3,500 210,819 89,772 16,400 100 $329,641 Operations Supply and Metering Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Water Maintenance of Buildings Operating Materials and Supplies Total Supply and Metering $ 23,925 1,050 400 14,000 532,000 4,000 23,510 $598,885 Actual $ 465 4,760 210,819 89,772 16,400 100 $322,316 29,996 445 644 11,973 636,324 1,813 20,222 $701,417 82 I I I I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS WATERWORKS - WEST FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED DECEMBER 31, 1987 Operations (Cont.) Pumping Station Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Power and Light Heating Telephone Maintenance of Buildings Cleaning and Household Supplies Maintenance Materials - Equipment Maintenance Materials - Buildings Operating Materials and Supplies Machinery and Equipment Less Nonoperating Expenses Fixed Assets Capitalized Total Pumping Station Budget $ 17,168 10,550 100 7,275 115,000 2,000 4,200 25,500 5O 2,600 75O 8OO 1,200 187,193 1,200 $185,993 Distribution System Regular Salaries Overtime Salaries Temporary Salaries Contractual ~rofessional Service Maintenance of Equipment Maintenance of Buildings Sign Supplies Maintenance Materials - Building Operating Materials and Supplies Machinery and Equipment Less Nonoperating Expenses Fixed Assets Capitalized Total Distribution System $ 61,070 12,500 5,940 3,500 5OO 16,000 5OO 26,800 3,500 8,000 138,310 8,000 $130,310 Actual $ 20,112 15,274 312 5,308 104,079 764~ 2,798 1,873 22 1,759 163 604 1,438 154,506 1,185 $153,321 $ 81,642 4,131 6,429 3,638 95 7,723 486 24,505 4,359 7,972 140,980 7,972 $133,008 83 84 II ! ! ! I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SEWERAGE FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operating Revenues Charges for Services Sewer Charges Miscellaneous Other Total Operating Revenues Operating Expenses Excluding Depreciation Administration Operations Pumping St ation Collection Total Operating Expenses Operating Income before Depreciation Depreciation Operating Income Nonoperating Income (Expenses) Interest Income Net Income before Operating Transfers Operating Transfers (Out) Illinois Municipal Retirement Fund Public Works Garage Fund Capital Project Fund Net Income Retained Earnings January 1 December 31 Budget $ 459,000 16,400 475,400 69,937 20,492 102,752 193,181 282,219 282,219 1,500 283,719 (13,050) (2O,OOO) (230,000) (263,050) $ 20,669 See accompanying Notes to the Financial Statements. Actual 563,478 16,400 579,878 56,819 10,070 110,660 177,549 85 402,329 (31,958) 370,371 3,466 373,837 (13,050) (250,000) (263,050) 110,787 1,743,041 $1,853,828 VILLAGE OF GLENVIEW, ILLINOIS SEWERAGE FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Administration Contractual Professional Services Printing, Binding and Publications Postage Office Supplies Computer Supplies Administrative Charges - General Fund Equipment Replacement Equipment Repairs Total Administration Budget $ 2,000 100 2,000 150 1,500 46,980 8,900 8,307 $ 69,937 Operations Pumping Station Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Power and Light Maintenance of Equipment Operational Materials and Supplies Total Pumping Station $ 9,372 420 100 5,000 3,000 1,600 1,000 $ 20,492 Collection System Regular Salaries Overtime Salaries Temporary Salaries Contractual Professional Services Maintenance of Equipment Maintenance of Buildings Rentals Maintenance Materials Small Tools and Equipment Operational Materials and Supplies Machinery and Equipment Less Nonoperating Expenses Machinery and Equipment Total Collection System $ 66,572 2,620 5,000 6,000 5OO 5,000 60 3,000 14,000 5,650 108,402 5,650 $102,752 Actual $ 137 8 46,980 9,694 $ 56,819 $ 7,204 896 94 1,630 246 $ 10,070 $ 58,327 1,899 3,072 26,406 4,483 60 3,353 362 12,698 5,784 116,444 5,784 $110,660 86 I I I I I I I I I I I I I I I i I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMMUTER PARKING LOT FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operating P~venues Charges for Services Meter Fees Parking Decals Total Operating Revenues Budget $10,700 55,000 65,700 50,000 22,150 72,150 (6,450) 13,000 6,550 $ 6,550 Operating Expenses Administration Operations Depreciation Total Operating Expenses Operating Income (Loss) Nonoperating Income Interest Income Net Income Before Operating Transfers Operating Transfers (Out) Capital Projects Fund Net Income Retained Earnings January 1 December 31 See accompanying Notes to the Financial Statements. Actual $ 11,109 63,899 75,008 50,000 13,414 1,630 65,044 9,964 13,748 23,712 23,712 378,942 $4O2,654 88 I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMMUTER PARKING LOT FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Administration Administration - Corporate Fund Budget $50,000 Operations Contractual Professional Services Printing, Binding and Publications Power and Light Postage Rentals Maintenance Materials Operational Materials $ 7O0 5OO 1,400 25O 15,000 3OO 4,000 $22,150 Actual $50,000 $ 2,110 212 7,020 4,072 $13,414 89 ASSETS Leasehold Improvements Machinery and Equipment ACCUMULATED DEPRECIATION/ AMORTIZATION Leasehold Improvements Machinery and Equipment Net Asset Value VILLAGE OF GLENVIEW, ILLINOIS COMMUTER PARKING LOT FUND SCHEDULE OF FIXED ASSETS AND DEPRECIATION FOR THE YEAR ENDED DECEMBER 31, 1987 Balances January 1 Balances Additions Retirements December 31 $106,514 2,820 $109,334 $106,514 2,820 109,334 $103,561 423 $103,984 $1,348 104,909 282 705 $1,630 105,614 $ 3,720 9o I i I I I I I I I I I I I I I I I I I Fund Description Municipal Equipment Repair Fund The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the Village. These costs include labor, material, fuel, and fixed overhead of the Village's repair facility. VILLAGE OF GLENVIEW, ILLINOIS MUNICIPAL EQUIPMENT REPAIR FUND BALANCE SHEET DECEMBER 31, 1987 ASSETS Current Assets Cash and Investments Receivables - Accounts Total Assets LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable Fund Equity Retained Earnings Total Liabilities and Fund Equity See accompanying Notes to the Financial Statements. 1987 $78,530 5,719 $84,249 $ 1,004 83,245 $84,249 1986 $90,397 6,819 $97,216 $ 259 96,957 $97,216 91 VILLAGE OF GLENVIEW, ILLINOIS MUNICIPAL EQUIPMENT REPAIR FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operating Revenues Charges for Services Miscellaneous Total Operating Revenues Operating Expenses Operations Operating Income (Loss) Nonoperating Revenues Interest Income Net Income (Loss) Retained Earnings January 1 December 31 1987 1986 Budget Actual Actual $417,118 $369,880 $375,592 11,229 11,149 417,118 381,109 386,741 404,992 398,306 377,326 12,126 (17,197) 9,415 3,000 3,485 3,096 $ 15,126 (13,712) 12,511 96,957 84,446 $ 83,245 $ 96,957 See accompanying Notes to the Financial Statements. 92 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I i I I I VILLAGE OF GLENVIEW, ILLINOIS MUNICIPAL EQUIPMENT REPAIR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1987 Cash Was Provided By Operations Net Income Decrease in Current Assets Increase in Current Liabilities Cash Was Used To Fund Net Loss Increase Current Assets Decrease Current Liabilities 1987 $ 1,i00 745 1,845 13,712 13,712 Net (Decrease) (11,867) Cash and Investments January 1 December 31 90,397 $ 78,530 See accompanying Notes to the Financial Statements. 1986 $12,511 12,511 3,270 12,149 15,419 (2,908) 93,305 $90,397 93 VILLAGE OF GLENVIEW, ILLINOIS MUNICIPAL EQUIPMENT REPAIR FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operations Regular Salaries Overtime Salaries Temporary Salaries Longevity Pay Contractual Professional Services Maintenance of Equipment Maintenance of Buildings Uniform Allowance Fuel Motor Vehicle Supplies Cleaning and Household Supplies Maintenance Materials - Equipment Maintenance Materials - Buildings Small Tools and Equipment Equipment Replacement Other Maintenance Machinery and Equipment Total Less Nonoperating Expenses Fixed Assets Capitalized Total Operating Expenses Budget $124,415 4,690 6,200 900 5,000 25,200 2,500 3,100 115,000 25,500 2,500 75,000 2,500 2,500 5,650 4,337 24,800 429,792 24,800 $404,992 Actual $117,698 3,526 1,796 1,200 4,980 19,400 2,270 2,088 86,474 19,369 2,759 74,706 3,147 2,864 5,650 29,483 20,896 398,306 $398,306 94 I I I I I I I I I I I ! I I i I I I Fund Descriptions PENSION TRUST Police Pension Fund The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firemen's Pension Fund The Firemen's Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. EXPENDABLE TRUST Escrow Deposit Fund The Escrow Fund is used to account for the funds placed on deposit with the Village by building contractors working within the Village limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund The Deposit Fund is used to account for money on deposit with the Village being held on a temporary basis such as security deposits for use of Village equipment. AGENCY Deferred Compensation Plan Fund The Deferred Compensation Plan Fund is used to account for salary deductions held by the Village for certain Village employees. The Deferred Compensation is available to employees upon termination or retirement. I I I I I I I ! I VILLAGE OF GLENVIEW, ILLINOIS TRUST AND AGENCY FUNDS EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED DECEMBER 31, 1987 Revenues Miscellaneous Interest Income Other Total Revenues Expenditures General Government Contractual Services Escrow Totals Deposit Deposit 1987 1986 $ 255,426 $1,489 $ 256,915 $ 150,703 226,146 2,544 228,690 2,258 481,572 4,033 485,605 152,961 - 3,477 3,477 3,398 481,572 556 482,128 149,563 (255,426) (255,426) (149,329) (226,146) (226,146) (481,572) (481,572) (149,329) Excess of Revenues over Expenditures before Other Financing (Uses) Other Financing (Uses) Operating Transfers (Out) Corporate Fund Capital Projects Fund Excess of Rmvenues over Expenditures and Other Uses 556 556 234 Fund Balances January 1 December 31 2,278 2,278 2,044 $2,834 $ 2,834 ~ 2,278 See accompanying Notes to the Financial Statements. 96 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I I I I VILLAGE OF GLENVIEW, ILLINOIS TRUST AND AGENCY FUNDS PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED DECEMBER 31, 1987 Operating Revenues Taxes Property Taxes Replacement Taxes Contributions - Employees' Miscellaneous Interest Income Gain on Sale of Investments Other Total Operating Revenues Operating Expenses Pensions and Refunds Loss on Sale of Investments Other Total Operating Expenses Police Firemen's Totals Pension Pension 1987 1986 458,613 $ 280,877 $ 739,490 $ 779,564 15,586 9,558 25,144 38,289 173,746 111,604 285,350 254,708 834,506 715,554 1,550,060 1,608,018 98,223 253,964 352,187 24,178 45,519 69,697 54,755 1,604,852 1,417,076 3,021,928 2,735,334 305,476 94,748 400,224 384,159 11,312 32,813 44,125 4,384 858 5,242 15,828 321,172 128,419 449,591 Net Income 1,283,680 1,288,657 2,572,337 Fund Balances January 1 December 31 6,939,962 5,825,692 $8,223,642 $7,114,349 399,987 2,335,347 12,765,654 10,430,307 See accompanying Notes to the Financial Statements. 97 $15,337,991 $12,765,654 VILLAGE OF GLENVIEW, ILLINOIS TRUST AND AGENCY FUNDS PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1987 Cash Was Provided By Operations Net Income Decrease in Current Assets Police Firemen's Totals Pension Pension 1987 1986 $1,283,680 $1,288,657 $ 2,572,337 $ 2,335,347 78,976 78,976 73,739 1,362,656 1,288,657 2,651,313 2,409,086 114,732 114,732 4,012 114,732 114,732 4,012 Cash Was Used To Increase in Current Assets Decrease Current Liabilities 1,362,656 1,173,925 2,536,581 2,405,074 Cash and Investments January 1 December 31 6,331,943 $7,694,599 5,417,834 11,749,777 9,344,703 .$6,591,759 $14,286,358 $11,749,777 See accompanying Notes to the Financial Statements. 98 I I I I I I I I I I I I I I I I I I I I I I I I. I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS POLICE PENSION FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operating Revenues Taxes Property Taxes - Current Property Taxes - Prior Replacement Taxes Contributions - Employees' Miscellaneous Interest Income Gain on Sale of Investments Other Total Operating Revenues Operating Expenses Pensions and Refunds Loss on Sale of Investments Other Total Operating Expenses Budget $ 464,876 18,100 157,161 511,140 19,221 1,170,498 299,114 1,650 300,764 869,734 Net Income Fund Balance January 1 December 31 See accompanying Notes to the Financial Statements. Actual $ 441,462 17,151 15,586 173,746 834,506 98,223 24,178 1,604,852 305,476 11,312 4,384 321,172 1,283,680 6,939,962 $8,223,642 99 VILLAGE OF GLENVIEW, ILLINOIS FIREMEN'S PENSION FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1987 Operating Revenues Taxes Property Taxes - Current Property Taxes - Prior Replacement Taxes Foreign Fire Insurance Tax Contributions - Employees' Miscellaneous Interest Income Gain on Sale of Investments Other Total Operating Revenues Operating Expenses Pensions and Refunds Loss on Sale of Investments Other Total Operating Expenses Budget $277,190 10,200 22,000 102,797 421,360 13,671 847,218 93,920 85O 94,770 $752,448 Net Income Fund Balance January ! December 31 See accompanying Notes to the Financial Statements. 100 Actual $ 270,718 10,159 9,558 30,601 111,604 715,554 253,964 14,918 1,417,076 94,748 32,813 858 128,419 1,288,657 5,825,692 $7,114,349 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS DEFERRED COMPENSATION PLAN FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED DECEMBER 31, 1987 ASSETS Assets Held by Agents for Deferred Compensation Plan (Market Value) Balance January 1 $2,294,313 $2,294,313 Balance Additions Deletions December 31 $580,023 $67,693 $2,806,643 $580,023 $67,693 $2,806,643 LIABILITIES Due to Participants See accompanying Notes to the Financial Statements. 101 I I I I I I I ! I I I i I I I I ! i 102 VILLAGE OF GLENVIEW, ILLINOIS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE DECEMBER 31, 1987 GENERAL FIXED ASSETS Land Buildings and Improvements Construction in Progress Equipment Furniture Office Equipment 1987 1986 $ 1,981,758 $ 1,981,758 11,770,290 8,285,267 3,485,023 4,800,332 4,307,910 538,217 527,349 321,510 305,373 $19,412,107 $18,892,680 INVESTMENT IN GENERAL FIXED ASSETS General Revenues Bond Issues $13,958,215 5,453,892 $13,438,788 5,453,892 $19,412,107 $18,892,680 103 I I I I I I I I I I ! I I I I I I I I i I ! i I i ! I I I I I i I i I ! 104 VILLAGE OF GLENVIEW, ILLINOIS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY DECEMBER 31, 1987 Function and Activity General Government Executive Administrative Finance Building and Grounds Total General Government January 1 Additions Deletions December 31 64,166 $ 64,166 1,493,720 $ 7,390 1,501,110 657,213 370 657,583 139,799 139,799 2,354,898 7,760 - 2,362,658 2,634,707 120,207 $ 86,593 2,668,321 1,951,194 145,900 11,929 2,085,165 4,585,901 266,107 98,522 4,753,486 Public Safety Police Fire Total Public Safety Public Works Administration Building Division Engineering Street Division Equipment and Supplies Division Total Public Works 2,002,787 7,188 2,009,975 843,824 685 844,509 324,943 324,943 2,772,194 348,915 3,121,109 785,022 28,917 756,105 6,728,770 356,788 28,917 7,056,641 Culture and Recreation Administration Total Fixed Assets 5,223,111 3,501,234 3,485,023 5,239,322 $18,892,680 $4,131,889 $3,612,462 $19,412,107 VILLAGE OF GLENVIEW, ILLINOIS GENERAL LONG-TERMDEBT ACCOUNT GROUP SCHEDULE OF GENERAL LONG-TERMDEBT DECEMBER 31, 1987 (See Following Page) I I I I I I I I I I I I I I i I I I ! I I I I I I I I I I I I I I I I I 105 I I I I I I I I I I ! I I i I I I i 106 VILLAGE OF GLENVIEW, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS DECEMBER 31, 1987 (1) (4) Net Assets Unfunded Available (2) (3) Pension (5) for Benefits Pension Percentage Benefit Annual Fiscal (Lower of Cost Benefit Funded Obligation Covered Year or Market) Obligation (1) * (2) (2) - (1) Payroll (6) Unfunded Pension Benefit Obligation as a Percentage of Covered Payroll (4) * (5) 1987 $2,930,396 $4,635,234 63.2% $1,704,838 $3,705,506 46.0% (During the implementation transition period all information requ'ired 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 this percentage, the stronger the PERS. 107 VILLAGE OF GLENVIEW, ILLINOIS POLICE PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS DECEMBER 31, 1987 (1) (4) Net Assets Unfunded Available (2) (3) Pension (5) for Benefits Pension Percentage Benefit Annual Fiscal (Lower of Cost Benefit Funded Obligation Covered Year or Market) Obligation (1) * (2) (2) - (1) Payroll (6) Unfunded Pension Benefit Obligation as a Percentage of Covered Payroll (4) * (5) 1979 $1,255,003 $3,670,432 34.2% $2,415,429 $ 846,752 350.6% * 1979 1,401,099 2,629,018 53.3 1,227,919 624,764 196.5 1980 1,853,458 5,114,400 36.2 3,260,942 1,257,153 259.4 1981 2,232,582 5,482,956 40.7 3,250,374 1,269,927 255.9 1982 2,695,528 6,120,581 44.0 3,425,053 1,517 151 225.7 1983 2,930,685 7,065,367 41.5 4,134,682 1984 3,610,426 8,059,323 44.7 4,448,897 1985 4,789,889 8,398,321 57.0 3,608,432 1986 5,723,428 9,282,882 61.6 3,559,454 1987 6,939,963 9,893,322 70.1 2,953,359 1,618 1,686 606 1,806 170 1,888 303 1,930 511 230 255.5 263.7 199.7 188.5 152.9 (During the implementation transition period all information required is presented for as many years as is available.) * Fiscal Year 1979 reflects operations for eight months due to change in fiscal year from April 30 to December 31. 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 this percentage, the stronger the PERS. I I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I I I I I I I 108 VILLAGE OF GLENVIEW, ILLINOIS FIREMEN'S PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS DECEMBER 31, 1987 <1) <4) Net Assets Unfunded Available (2) (3) Pension (5) for Benefits Pension Percentage Benefit Annual Fiscal (Lower of Cost Benefit Funded Obligation Covered Year or Market) Obligation (1) * (2) (2) - (1) Payroll (6) Unfunded Pension Benefit Obligation as a Percentage of Covered Payroll (4) . (5) 1979 $ 611,768 $1,339,459 45.7% $ 727,691 $ 687,897 105.8% * 1979 990,085 2,098,445 47.1 1,108,360 471,510 235.0 1980 1,005,466 2,296,401 43.8 1,290,935 941,213 137.1 1981 1,531,988 3,161,060 48.4 1,629,072 987,432 164.9 1982 1,987,196 3,041,460 65.3 1,054 264 1,081,135 97.5 1983 2,297,281 3,648,777 62.9 1,351 1984 2,959,512 4,230,709 69.9 1,271 1985 3,524,611 4,646,789 75.8 1,122 1986 4,706,877 5,479,110 85.9 772 1987 5,825,693 6,057,751 96.1 232 496 1,155,110 117.0 197 1,188,723 106.9 178 1,235,342 90.8 233 1,276,426 60.5 058 1,352,775 17.1 (During the implementation transition period all information required is presented for as many years as is available.) * Fiscal Year 1979 reflects operations for eight months due to change in fiscal year from April 30 to December 31. 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 this percentage, the stronger the PERS. Fi s c al Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 VILLAGE OF GLENVIEW, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND REQUIRED SUPPLE~NTARY INFORMATION ILEVENUES BY SOURCE DECEMEER 31 , 1987 Revenues by Source Employee Employer Contributions Contributions $ 89,673 $129,328 94,817 136,747 99,298 143 107,398 154 112,057 161 117,483 168. 125,629 181. 141,537 204. 152,811 245. 166,751 259. Totals $219,001 231 564 209 414 113 914 184 127 516 374 242 507 261 812 273 170 286. 397 306.813 345. 664 371.327 426. 125 109 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Fiscal Year 1978 1979 1980 198i 1982 1983 1984 1985 1986 1987 Fiscal Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 VILLAGE OF GLENVIEW, ILLINOIS POLICE PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION REVENUES BY SOURCE AND EXPENSES BY TYPE DECEMBER 31, 1987 Employee Contributions Revenues by Source Employer Investment Contributions Income Totals $ 69,857 51,543 103,715 104,769 125,165 133,504 139,145 149,009 155,785 173,746 $ 98,136 178,667 250,310 329,621 334,404 441,505 495,023 577,336 530,381 474,199 $ 87,374 47,539 191 143 231 609 283 663 345 171 406 152 465 639 835 810 956 907 255,367 277,749 545,168 665,999 743,232 920,180 1,040,320 1,191,984 1,521,976 1,604,852 Benefits Expenses by Type Administrative Refunds Expenses and Other Totals $ 71,818 80,869 122 078 146 947 196 623 238965 264 787 257364 290240 305476 $ 27,101 5,726 15,284 2,105 1,475 8O5 1,083 15,203 4,384 $ 10,366 11,312 98,919 91,235 127 804 162 231 198 728 240 440 265 592 258 447 305 443 321 172 110 Fiscal Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Fiscal Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 VILLAGE OF GLENVIEW, ILLINOIS FIREMEN'S PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION REVENUES BY SOURCE AND EXPENSES BY TYPE DECEMBER 31, 1987 Employee Contributions Revenues by Source Employer Investment Contributions Income Totals $ 53,312 36,542 72,944 76,526 83,788 89,521 92,126 95,739 98,923 111,604 $ 83,821 144,429 196,431 250,401 254,649 327,516 336,739 338,605 342,227 290,435 46,346 29,727 131 956 184 253 220 930 276 688 347 834 418 232 772 208 1,015,037 $ 183 479 210,698 401,331 511,180 559.367 693,725 776,699 852,576 1,213,358 1,417,076 Benefits Expenses by Type Administrative Refunds Expenses and Other Totals 1,763 22,191 32,501 30,932 30,931 30,270 62,397 65,564 93,919 94,748 $ 762 966 7,221 25 680 1,225 625 2,236 625 858 13,285 32,813 2,525 36,442 39,722 30,957 31,611 31,495 63,022 67,800 94,544 128,419 111 I I I I I I I I I I I I I I I I I I II 112 VILLA(~ OF GLENVIEW, ILLINOIS (/~BI/~D SCt~]YJLE OF CASH ABD INVESIMENI~ DECM~ER 31, 1987 Fund Petty Cash Fiscal Agent Pemend Certificates Cash Deposits of Deposit Investments Totals 1987 1986 $ 2,069,241 $ 1,639,605 Ceneral Corporate $1,895 $ 739,900 $1,327,446 Special Revenue Library Federal Revenue Illinois Municipal Ret ire~ent Motor Fuel Tax Cable TV 3OO 3OO 423,725 7,026 318,887 251,528 219,850 60,063 1,061,229 219,850 424,025 574,638 7,026 275,300 318,887 419,269 471,378 565,036 60,063 1,281,379 1,834,243 654,945 361,862 144,525 793,121 729,494 1,465,105 1,178,084 2,258,226 2,052,103 Debt Service Debt Service $200,000 454,945 Capital Projects Public Works Garage Capital Equipment Replacement Capital Projects 22,709 770,412 834,435 630,670 857,144 1,401,082 Enterprise Waterworks - East Water%orks - Wast Sewerage Co, muter Parking lot (242,099) 493,563 133,380 302,139 686,983 78,530 (242,099) (457,255) 493,563 473,833 133,380 75,708 302,139 301,844 686,983 394,130 78,530 90,397 Internal Service Municipal Equipment Repair Trust and Agency Escrow Deposit Deposit Police Pension Fire~en's Pension (79,134) 3,972,068 3,892,934 3,135,627 35,010 35,010 26,842 151,294 1,439,808 $ 6,103,497 7,694,599 6,331,943 318,700 1,041,780 5,231,279 6,591,759 5,417,834 425,870 6,453,656 11,334,776 ..~8,214,302 14,912,246 $2,195 $200,000 $4,304,601 $9,402,034 $11,334,776 $25 243,606 $21,284,586 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF INSURANCE IN FORCE DECEMBER 31, 1987 Description of Coverage Workmen's Compensation Builder's Risk Glenview Public Library Fire Public Official Liability Umbrella Liability Excess Umbrella Liability Public Employees Blanket Bond of Coverage Statutory Coverage $ 100,000 $3,050,000 $ 82,000 $1,000,000 $5,000,000 $1,000,000 $ 250,000 113 Insuring Company Opt imum INA Continental National - Ben Franklin International Granite State Home Insurance Kemper I I I I I I I I I I I I I I I I I I I 114 VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS POLICE ADMINISTRATION BUILDING BOND SERIES OF 1972 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Actual Issue Denomination of Bonds Interest Rate Interest Dates Principal Maturity Date Payable at December 1, 1972 January 1, 1990 $1,400,000 $1,400,000 $5,000 Bonds 1-280 - 4-1/2% July 1 and January 1 January 1 Northern Trust CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Tax Levy Year Year Numbers Principal Interest Total July 1 1988 1987 241-260 $100,000 $ 9,650 $109,650 1988 1989 1988 261-280 100,000 4,900 104,900 1989 $200,000 $14,550 $214,550 Coupons Due on Amount Jan. 1 Amount $4,825 1989 $4,825 2,450 1990 2,450 $7,275 $7,275 115 , VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS MUNICIPAL BUILDING BOND SERIES OF 1979 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Actual Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at April 1, 1979 January 1, 1991 $950,000 $950,000 1 - 190 - $5,000 Bonds 1 - 70 - 5.30% Bonds 71 - 160 - 5.40% Bonds 161 - 190 - 5.50% July 1 and January 1 January 1 Amalgamated Trust and Savings Bank Chicago, Illinois CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Year Year Numbers 1988 1987 111-130 1989 1988 131-160 1990 1989 161-190 Tax Levy Principal Interest Total July 1 $100,000 $21,750 $121,750 1988 150~000 16,350 166,350 1989 150,000 8,250 158,250 1990 Coupons Due on Amount Jan. 1 Amount $10,875 1989 $10,875 8,175 1990 8,175 4,125 1991 4,125 $400,000 $46,350 $446,350 $23,175 $23,175 I I I I I I I I I I I I I I I I I I Date of Issue Date of Maturity Authorized Issue Denomination of ~onds Interest Rates Interest Dates Principal Maturity Date Payable at Fiscal Levy ~ond Year Year Numbers 1988 1987 81-125 1989 1988 126-180 1990 1989 181-235 1991 1990 236-290 1992 1991 291-345 1993 1992 346-400 1994 1993 401-455 1995 1994 456-510 1996 1995 511-565 1997 1996 566-620 116 VIIiA6E OF GLENVIEW, ILLINOIS LIBRARY B0~) SER]~S OF 1984 ~ 31, 1987 Deceuber 1, 1997 $3,100,000 $5,000 1986-1988 - 9.90% 1989 - 8.50% 1990 - 8.60% 1991 - 8.90% 1992 - 9.10% June 1 and December 1 December 1 Citibank 1993- 9.25% 1994- 9.50% 1995 - 9.75% 1996- 9.90 1997- 10.00% Principal Interest Total Juee 1 ~a~tmt Dec. 1 Amo~mt $2,700,000 $1,433,025 $4,133,025 $716,511 $716,514 225,000 $ 251,900 $ 476,900 1988 $125,950 1988 $125,950 275,000 229,625 504,625 1989 114,812 1989 114,813 275,000 206,250 481,250 1990 103,125 1990 103,125 275,000 182,600 457,600 1991 91,300 1991 91,300 275,000 158,125 433,125 1992 79,062 1992 79,063 275,000 133,100 408,100 1993 66,550 1993 66,550 275,000 107,662 382,662 1994 53,831 1994 53,831 275,000 81,538 356,538 1995 40,769 1995 40,769 275,000 54,725 329,725 1996 27,362 1996 27,363 275,000 27,500 302,500 1997 13,750 1997 13,750 117 VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS LIBRARY BOND SERIES OF 1985 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Actual Issue Denomination of Bonds Interest Rate Interest Dates Principal Maturity Date Payable at December 23, 1985 December 23, 1988 $150,000 $150,000 $ 50,000 6.125% June 23 and December 23 December 23 Village of Glenview, Illinois CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Year Year Number Tax Levy Principal Interest 1988 1987 3 Coupons Due on Total June 23 Amount Dec. 23 Amount $50,000 $3,062 $53,062 1988 $1,531 1988 $1,531 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #1 BOND SERIES OF 1980 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rate Interest Dates Principal Maturity Date Payable at July 31, 1980 July 31, 1990 $70,000 $7,000 6.00% January 31 and July 31 July 31 Glenview State Bank Tax Levy Year 1987 1988 1989 CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Bond Tax Levy Coupons Due on Number Principal Interest Total July 31 Amount 8 $ 7,000 $1,050 $ 8,050 1988 $ 630 9 7,000 630 7,630 1989 420 10 7,000 210 7,210 1990 210 $21,000 $1,890 $22,890 $1,260 118 Jan. 31 Amount 1989 $420 1990 210 $630 VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #2 BOND SERIES OF 1981 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Interest Rate Principal and Interest Dates Payable at February 20, 1981 February 20, 1996 $38,000 8.5% February 20 and August 20 Glenview State Bank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Levy Tax Levy Year Year Principal Interest Total 1988 1987 $ 2,280 $ 2,250 $ 4,530 1989 1988 2,478 2,052 4~530 1990 1989 2,692 1,837 4,529 1991 1990 2,926 1,603 4,529 1992 1991 3,180 1,349 4,529 1993 1992 3,457 1,072 4,529 1994 1993 3,757 773 4,530 1995 1994 4,083 446 4,529 1996 1995 2,172 93 2,265 $27,025 $11,475 $38,500 119 I I I I I I I I I I I I I ! I I I I I I I I I I I I I I I I I ! I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #3 BOND SERIES OF 1981 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Interest Rate Principal and Interest Dates Payable at February 20, 1981 February 20, 1996 $25,000 8.5% February 20 and August 20 Glenview State Bank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Tax Levy Year Year Principal Interest Total 1988 1987 $ 1,500 $1,480 $ 2,980 1989 1988 1,630 1,350 2,980 1990 1989 1,772 1,208 2,980 1991 1990 1,925 1,055 2,980 1992 1991 2,093 886 2,979 1993 1992 2,274 706 2,980 1994 1993 2,472 508 2,980 1995 1994 2,686 294 2,980 1996 1995 1,429 61 1,490 $17,781 $7,548 $25,329 120 VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #4 BOND SERIES OF 1982 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Interest Rate Principal and Interest Dates Payable at November 15, 1982 November 15, 1993 $90,000 9% May 15 and November 15 Glenview State Bank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Tax Levy Year Year Principal Interest Total 1988 1987 $ 8,343 $ 5,495 $13,838 1989 1988 9,111 4,727 13,838 1990 1989 9,949 3,888 13,837 1991 1990 10,865 2,973 13,838 1992 1991 11,865 1,973 13,838 1993 1992 12,957 881 13,838 $63,090 $19,937 $83,027 121 I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I ! I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #5 BOND SERIES OF 1985 DECEMBER 31, 1987 Date of Issue Date of Maturity Authorized Issue Interest Rate Principal and Interest Dates Payable at April 15, 1985 April 15, 2001 $48,000 9.3% April 15 and October 15 Glenview State Bank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Tax Levy Year Year Principal Interest Total 1988 1987 $ 1,799 $ 4,199 $ 5,998 1989 1988 1,970 4,028 5,998 1990 1989 2,158 3,840 5,998 1991 1990 2,363 3,635 5,998 1992 1991 2,588 3,410 5,998 1993 1992 2,834 3,164 5,998 1994 1993 3,104 2,894 5,998 1995 1994 3,399 2,599 5,998 1996 1995 3,723 2,275 5,998 1997 1996 4,077 1,921 5,998 1998 1997 4,465 1,533 5,998 1999 1998 4,890 1,108 5,998 2000 1999 5,355 643 5,998 2001 2000 2,865 133 2,998 $45,590 $35,382 $80,972 * Funds to be provided by sources other than a tax levy. 122 VILLA~ OF GLENVIZ~, ILLINOIS LONG-2~M ~BT RE(~iRM~NiM CORPORATE PURPOSE BO~) SERIES OF 1977 IECEI~ER 31, 1987 Bate of Issue Bate of Maturity Authorized Issue ~tual Issue Denomination of Bonds Interest Rates Interest Bates Payable at Principal Maturity Bate July 1, 1977 January 1, 1998 $4,525,000 $4,525,000 $5,000 Bonds I to 235-6.0% Bonds 236 to 32G-4.6% Bonds 321 to 365-4.7% Bonds 366 to 415-4.8% Bonds 416 to 465-4.9% Bonds 466 to 905-5.0% January 1 and July 1 kmrican National Bank & Trust Comply of (hicago January 1 Ended Bond Dec. 31 Numbers Coupons Due on Principal Interest Total July 1 Anount Jam. 1 A~ount 1988 321-365 $ 225 1989 366-415 250 1990 416-465 250 1991 466-520 275 1992 521-575 275 1993 576-635 300 1994 636-695 300 1995 696-760 325 1996 761-830 350 1997 831-~.5 375 000 $144,825 $ 369,825 1988 $ 72,412 1989 $ 72,413 000 134,250 384,250 1989 67,125 1990 67,125 000 122,250 372,250 1990 61,125 1991 61,125 000 110,000 385,000 1991 55,000 1992 55,000 000 96,250 371,250 1992 48,125 1993 48,125 000 82,500 382,500 1993 41,250 1994 41,250 000 67,500 367,500 1994 33,750 1995 33,750 000 52,500 377,500 1995 26,250 1996 26,250 000 36,250 386,250 1996 18,125 1997 18,125 000 18,750 393,750 1997 9,375 1998 9,375 $2,925,000 $865,075 $3,790,075 $432,537 $432,538 ~bte: ~e principal an~ interest will be paid by Water~rks Fand - West. 123 I I I I I I I I I I I I I ! I I I I I I I I I I I I I i I I I I I I I I 124 V"~A~M OF GI~2~VIEW, ILLINOIS LONG-'~ DEBT REQU~AV~NTS CORPORA~ PURI~SE I~ SEP~S OF 1979 ~ 31, 1987 Date of Issue Date of Maturity Authorized Issue ~tual Issue Denomination of Bonds Interest Rates Interest Dates Payable at Principal Maturity Date October 1, 1979 January 1, 2000 $5,700,000 $5,700,000 $5,000 Bonds 1 to 400-7.5% Bonds 401 to 455-6.75% Bonds 456 to 645-6.5% ~onds 646 to 790-6.6% Bonds 791 to 955-6.7% Bonds 956 to 1140-6.0% January 1 and July 1 Glenview State Bank January 1 Year Ended Bond Dec. 31 Numbers T~x Levy Coupons Ilm on Principal Interest Total July 1 A~ont Jan. 1988 296-345 1989 346-400 1990 401-455 1991 456-515 1992 516-580 1993 581-645 1994 646-715 1995 716-790 1996 791-870 1997 871-955 1998 956-1 ~O45 1999 1046-1140 $ 250 275 275 3OO 325 000 $ 278,313 000 259,563 000 238,938 000 220,375 000 200,875 325000 179,750 350 000 158,625 375 000 135,525 400 000 110,775 425,000 83,975 450,000 55,500 475,000 28,500 $ 528,313 1988 $139,157 1989 $139,156 534,563 1989 129,781 1990 129,782 513,938 1990 119,469 1991 119,469 520,375 1991 110,187 1992 110,188 525,875 1992 100,437 1993 100,438 504,750 1993 89,875 1994 89,875 508,625 1994 79,312 1995 79,313 510,525 1995 67,762 1996 67,763 510,775 1996 55,387 1997 55,388 508,975 1997 41,987 1998 41,988 505,500 1998 27,750 1999 27,750 503,500 1999 14,250 2000 14,250 $4,225,000 $1,950,714 $6,175,714 $975,354 $975,360 bbte: 2he principal and interest will be paid by Water~rks Fund -h~st. Date of Issue Date of Maturity Amount of Contract Interest Rates Interest Date Payable to VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BOND SERIES OF 1987 DECEMBER 31, 1987 June 15, 1987 June 15, 1992 $300,000 5.95% December 15 and June 15 Glenview State Bank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Year Ended December 31 Requirements Principal Interest Total 1988 $ 54,761 $15,489 $ 70,250 1989 58,067 12,182 70,249 1990 61,573 8,675 70,248 1991 65,291 4,957 70,248 1992 34,108 1,015 35,123 $273,800 $42,318 $316,118 125 I I I I I I I I I I I I I ! I I I I I I I I I I I I I I I I I I I I I I I 126 127 · ~' i I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, EXTENSIONS AND COLLECTIONS I I I I I I I I I I I I I I I I I LAST TEN FISCAL YEARS DECEMBER 31, 1987 (See Following Page) I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I 128 129 4.1 I I I I I I I I I I I I I ! I I I I I 130 VILLAGE OF GLENVIEW, ILLINOIS SPECIAL ASSESSMENT COLLECTIONS LAST TEN FISCAL YEARS DECEMBER 31, 1987 Fiscal Year 1979 * 1979 1980 1981 1982 1983 1984 1985 1986 1987 131 Current Total Assessments Outstand lng Collected Assessments $12,492 $19,494 3,649 15,845 2,924 12,921 3,649 9,272 9,272 * Fiscal Year i979 reflects operations for eight months due to change in fiscal year from April 30 to December 31. I I I ! I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 132 133 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I i I ! 134 VILLAGE OF GLENVIEW~ ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN DECEMBER 31, 1987 There is no legal debt limit for home rule municipalities in Illinois. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of of the Legal Debt Margin. "The General Assembly may limit by law the amount and require refer- endum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property... (2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent; ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum...shall not be included in the foregoing percentage amounts." To date the General Assembly has set no limits for home rule municipalities. 0 oO 135 0 I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I I I I I I I I I 136 VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUE BOND COVERAGE LAST TEN FISCAL YEARS DECEMBER 31, 1987 WATERWORKS FUND - EAST (1) Direct Net Rmvenue (2) Fiscal Operating Operating Available for Debt Service ReRuirements Year Revenues Expenses Debt Service Principal Interest Total Coverage 1979 $1,156,814 $1,043,266 $ 113,548 $ 90,000 $34,370 $124,370 .85 * 1979 776~744 798,449 (21,705) 40,000 58,722 98,722 1980 1,603,601 1,357,730 245,871 90,000 30,093 120,093 2.04 1981 1,123,909 1,023,462 100,447 95,000 26,590 121,590 .83 1982 1,272,393 1,523,555 (251,162) 105,000 22,735 127,735 1983 1,459,941 1,418,467 41,474 105,000 18,565 123,565 .33 1984 1,710,235 1,514,460 195,775 350,000 31,854 381,854 .52 1985 1,995,056 1,586,1~2 408,924 50,000 2,450 52,450 7.80 1986 1,965,257 1,421,406 543,851 1987 2,116,411 1,607,156 509,255 15,720 5,355 21,075 24.16 WATERWOP, KS FUND - WEST (1) Direct Net Revenue (3) (2) Fiscal Operating Operating Available for Debt Service Requirements Year Revenues Expenses Debt Service Principal Interest Total Coverage 1979 $I,273,405 $ 498,598 $ 774,807 $150~000 $234,875 $384,875 2.01 * 1979 961,991 597,372 364,619 150,000 225,875 375,875 .97 1980 1,790,601 927,772 862,829 250,000 614,812 864,812 1.00 1981 1,795,742 947,367 848,375 325,000 612,088 937,088 1.0I 1982 1,715,495 1,135,978 579,517 350,000 576,180 926,180 .63 1983 1,920,972 1,036,293 884,679 350,000 552,562 902,562 .98 1984 2,056,573 1,028,158 1,028,415 375,000 529,578 904,578 1.14 1985 2,207,923 1,032,363 1,175,560 400,000 504,068 904,068 1.30 1986 2,260,133 1,154,812 1,105,321 425,000 477,055 902,055 1.23 1987 2,533,231 1,310,062 1,223,169 460,480 454,537 915,017 1.34 (1) Operating revenues minus direct operating expenses. (2) Net revenue available for debt service divided by total debt requirements. (3) The Village has booked Gemeral Obligation Issues on the Waterworks Fund West Balance Sheet. These ~ond$ have been included in the schedule to illustrate coverage. * Fiscal Year 1979 reflects operations for eight months due to change in fiscal year from April 30 to December 31. VILLAGE OF GLENVIEW, ILLINOIS DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS DECEMBER 31, 1987 Education Level In Per Years of School Fiscal Capita Median Formal Enroll- Unemploy- Year Population Income Age Schooling ment ment 1979 31,455 $11,387 30.7 15.1 3,269 3.6% * 1979 31,756 12,298 31.5 15.2 3,144 3.3% 1980 32,060 13,832 33.5 15.3 3,003 2.5% 1981 32,200 14,113 33.5 15.3 2,916 5.5% 1982 33,131 14,785 33.1 15.1 2,797 4.9% 1983 33,131 15,450 33.3 15.3 2,762 5.1% 1984 34,996 15,856 33.8 15.6 2,751 6.0% 1985 35,525 18,632 33.8 15.6 2,666 5.4% 1986 36,240 18,741 33.6 15.7 2,701 5.3% 1987 36,375 19,490 33.9 15.9 2,794 4.7% (1) (1) (1) (1) (2) (3) Data Sources (1) U.S. Department of Commerce, Bureau of the Census, 1980 date based on the actual count; other years estimated by the Glenview Planning Department. (2) Glenview School District #34 actual count, as of April 1986. (3) Illinois Department of Labor, Rmsearch Division. Figures for 1975 to 1982 are actual; other years estimated from statewide averages. * Fiscal Year %979 reflects operations for eight months due to change in fiscal year from April 30 to December 31. 137 I I I I I I I I ! I I I I I I I I I I I I I I I I ! i ! i I I I I I I I I 0 0 0 0 0 I~- [th 138 I I I I I I ! i I I I I I I I I I I I I I I I I I I I I I I I I I I I i 140 VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS DECEMBER 31, 1987 Date of Incorporation June 20, 1899 Form of Government Council-Manager Geographical Location 20 Miles North of Chicago Area 10.9 Square Miles Population 1950 1960 1963 1970 1975 1980 1984 1985 1986 (1) 1987 (1) 6,142 18,132 22,364 24,880 30,552 32,060 34,996 35,525 36,240 36,375 Number of Total Housing Units (1980 Census) Number of Total Housing Units (1985 Planning Department Estimate) Median Value Owner occupied Noncondominium Housing Units 10,997 11,719 $111,900 Distribution of Owner - Occupied Noncondominium Housing Units by Value Unit Value by Range (2) Unit Distribution Number Percent Less than $ 10,000 $ 10,000 to $ 14,999 $ 15,000 to $ 19,999 $ 20,000 to $ 24,999 $ 25,000 to $ 29,999 $ 30,000 to $ 34,999 $ 35,000 to $ 39,999 $ 40,000 to $ 49,999 $ 50,000 to $ 79,999 $ 80,000 to $ 99,999 $100,000 to $149,000 $150,000 to $199,999 $200,000 or more 3 .04% 7 .10 4 .06 1 .01 7 .10 9 .12 14 .19 65 .90 1,232 16.96 1,686 23.24 2,525 34.80 1,149 15.84 554 7.64 7,256 100.00% (1) Estimated by Village of Glenview Planning Department (2) The above information from the 1980 census. VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS (CONT.) DECEMBER 31, 1987 Fire Protection Number of Firemen Number of Stations Number of Hydrants I. S. O. Rating Police Protection Number of Policemen Number of School Crossing Guards Number of Stations Library Services Number of Libraries Number of Books Number of Records Number of Audio Cassettes Number of Slides Number of Video Tapes Number of Compact Discs Number of Registered Borrowers 1987 Book Circulation Recreation Facilities Numbers of Parks and Playgrounds Park Area in Acres - Park District Owned Park Area in Acres - Park District Leased Municipal Parking Facilities Number of Parking Spaces Number of sewer customers served during fiscal year Total Number of metered water customers at December 31, 1987 Number of unmetered water customers at December 31, 1987 Gallons of water purchased during fiscal year Gallons of water billed during fiscal year Water Storage Cap~city Ground Storage Elevated Storage 40 1 1,320 Class 3 141 55 19 1 1 150,764 6,261 2,574 6,311 1,483 187 27,374 405,617 Waterworks Fund - East Waterworks Fund - West 24 34O 125 6,675 1,266 7,264 5,025 None 1,156,920,000 990,377,000 None 792,120,000 765,582,000 8,500,000 1,000,000 666 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MUNICIPAL SERVICES AND FACILITIES DECEMBER 31, 1987 Number of Full Time Employees (on December 31, 1987) Miles of Streets (Maintained by Glenview) Miles of Streets (Maintained by Cook Co. & State of Illinois) Miles of Alleys Miles of Sewers (Sanitary Sewer) Miles of Sewers (Storm Sewer) Number of Village owned Street Lights Building Activity Number of Permits Issued in 1987 Value of Construction Authorized in 1987 195 86 22 2.2 85 74 66 1,142 $89,112,033 142 143 4.1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SALARIES AND SURETY BONDS OF PRINCIPAL OFFICIALS DECEMBER 31, 1987 Village President Village Trustees Village Treasurer Village Manager Village Clerk Finance Director Purchasing Agent Assistant Finance Director Assistant Village Manager Assistant to the Village Manager Police Chief Deputy Police Chief Police Commander Fire Marshal Administrative Assistant to the Fire Marshal Fire Captain Director of Development Assistant to Director of Development Village Engineer Public Works Superintendent Director of Building and Zoning Water Distribution Superintendent Head Librarian Public Works Director Salary $ 1,200 300 76,541 90O 53,900 34,320 35,304 42,500 28,752 52,000 46,008 42,708 48,500 41,592 41,064 48,700 42,696 46,508 43,236 43,872 43,236 49,955 45,000 144 Amount of Surety Bond $250 000 250 000 250 000 250 000 250 000 250 000 250 000 25O 000 25OOOO 25OOOO 250000 250000 250.000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250 000 250.000 250 000 250 000