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HomeMy Public PortalAbout1992 Comprehensive Annual Financial Report COMPREHENSIV ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1992 PREPARED BY DENNIS M. LAUER DIRECTOR OF FINANCE VILLAGE OF GLENVIEW ILLINOIS VILLAGE OF GLENVIEW, ILLINOIS Table of Contents PAGE INTRODUCTORY SECTION Principal Officials i Organization Chart ii Village Manager's Letter of Transmittal iii-iv Director of Finance's Letter of Transmittal v-xii Certificate of Achievement for Excellence in Financial Reporting xiii INDEPENDENT AUDITOR'S REPORT 1-2 GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Rcvcnues, Expenditures, and Changes in Fund Balances - All Governmental and Fiduciary (Expcndable Trust) Fund Typcs 4 Combined Statement of Revenues, Expcnditures, and Changes in Fund Balances -Budgct and Actual - Gcneral, Special Revenue, and Debt Scrvicc Fund Types 5 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary and Fiduciary (Pension Trust) Fund Types 6 Combined Statement of Cash Flows - All Proprietary Fund Types 7 Notes to the Financial Statements 8-48 VILLagE OF ~LE~v~IE~ ILLINOIS Tnble of Contents PAGE FINANCIAL SECTION (CONT.] COMBINING. INDIVIDUAL FUND. AND ACCOUNT GROUP STATEMENTS AND SCHEDULES GOVERNMENTAL FUND GENERAL FUND Corporate Fund Financial Statements Balance Sheet 49 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 50 Supplemental Schedules Schedule of Rcvcnucs- Budget and Actual 51-$2 Schedule of Operating Expenses -Budgct and Actual 53-64 SPECIAL REVENUE FUNDS All Funds Financial Statements Combining Balance Sheet 65 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 66 Library Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 67 Supplemental Schedules Schedule of Expenditures - Budget and Actual 68 Federal Revenue Sharing Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 69 Illinois Municipal Retirement Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ?0 VILLAGE OF GLENVIEW, ILLINOIS I Table of Contents FINANCIAL SECTION (CONT.~ GOVERNMENTAL FUND TYPES (CONT.~ SPECIAL REVENUE FUNDS (CONT.) Motor Fuel Tax Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 71 Cable TV Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 72 Supplemental Schedules Schedule of Expenditures - Budget and Actual 73 Refuse and Recycling Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 74 911 Communications Fund Financial Statements Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 75 DEBT SERVICE FUNDS Ail Funds Financial Statements Combining Balance Sheet 76 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 77 CAPITAL PROSECTS FUNDS All Funds Financial Statements I Combining Balance Sheet 78 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 79 ! VILLAGE OF ~LE~IE~ ILLINOIS Table of Contents PAGE FINANCIAL SECTION (CONT.~ PROPRIETARY FUND TYPES ENTERPRISE FUNDS All Funds Financial Statements Combining Balance Sheet 80 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 81 Combining Schedule of Changes in Contributed Capital 82 Combining Statement of Cash Flows 83 Waterworks - East Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 84 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 85-86 Schedule of Fixed Assets and Dcprcciation 87 Watcrworks- West Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 88 Supplemental Schcdules Schedule of Operating Expenses - Budget and Actual 89-90 Schcdule of Fixed Assets and Depreciation 91 Wholesale Water Fund Financial Statements Statement of Revenues, Expenses, and Changes in Rctaincd Earnings -Budgct and Actual 92 Supplcmcntal Schedules Schedule of Fixed Assets and Depreciation 93 VILLAGE OF GLENVIEW, ILLINOIS Table of Contents FINANCIAL SECTION (CONT.) PROPRIETARY FUND TYPES (CONT,) ENTERPRISE FUNDS (CONT.) Sewerage Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 94 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 95 Schedule of Fixed Assets and Depreciation 96 Commuter Parking Lot Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 97 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 98 Schedule of Fixed Assets and Depreciation 99 INTERNAL SERVICE FUNDS All Funds Financial Statements Combining Balance Sheet 100 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 10! Combining Statement of Cash Flows 102 Municipal Equipment Repair Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 103 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 104 Insurance Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 105 ! VILLAGE OF GLENVIE~V, ILLINOIS Table of Contents FINANCIAL SECTION (CONT.~ FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS All Funds Financial Statements Combining Balance Sheet 106 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Expendable Trust Funds) 107 Combining Statement of Revenues, Expenses, and Changes in Fund Balances (Pension Trust Funds) 108 Police Pension Fund Financial Statements Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 109 Firefighters' Pension Fund Financial Statements Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 110 Combining Statement of Changes in Assets and Liabilities 111 GENERAL FIXED ASSETS ACCOUNT GROUP Supplemental Schedules Schedule of General Fixed Assets - by Source 3.12 Schedule of General Fixed Assets - by Function and Activity 113 Schedule of Changes in General Fixed Assets * by Function and Activity 114 GENERAL LONG-TERM DEBT ACCOUNT GROUP Supplemental Schedules Schedule of General Long-Term Debt 115 ! VILLAGE OF GLENVlEW, ILLINOIS Table of Contents FINANCIAL SECTION (CONT,) SUPPLEMENTAL DATA Required Supplementary Information Analysis of Funding Progress Illinois Municipal Retirement Fund 116 Police Pension Fund 117 Firefighters' Pension Fund 118 Revenues by Source Illinois Municipal Retirement Fund 119 Revenues by Source and Expenses by Type Police Pension Fund 120 Fircfightcrs' Pension Fund 121 Combined Schedule of Cash and Investments 122 Schedule of Insurance in Force 123 Long-Term Debt Requirements General Obligation Library Bond Series of 1984 124 Corporate Purpose Bond Series of 1977 125 Corporate Purpose Bond Series of 1989 126 Corporate Purpose Bond Series of 1990 127 Corporate Purpose Bond Series of 1991 128 Corporate Purpose Bond Series of 1992 129 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years 130 General Governmental Expenditures by Function - Last Ten Fiscal Years 131 Property Tax Assessed Valuations, Rates, Extensions, and Collections Last Ten Fiscal Years 132 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 133 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 134 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years 135 VILLAGE OF GLENVIEW, ILLINOIS Table of Contents PAGE STATISTICAL SECTION (CONT.~ Schedule of Direct and Overlapping Bonded Debt 136 Schedule of Legal Debt Margin 137 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures - Last Ten Fiscal Years 138 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 139 Demographic Statistics - Last Ten Fiscal Years 140 Construction, Building Permits, and Bank Deposits - Last Ten Fiscal Years 141 Principal Taxpayers 142 Miscellaneous Statistics 143-145 Ten Wealthiest Illinois Communities - 1980 Census 146 Salaries and Surety Bonds of Principal Officials 147 Major Corporate Revenue Sources 148 Introductory Section VILLAG~ 0~F GLENVIEW IL__LINOI~ PRINCIPAL OFFICIALS DECEMBER 31_L_ !.992 LEGISLATIVE VILLAGE DOARD O_~F TRUSTEEs James W. Smirles, President Ralph D. Lynch Kent B. Fuller Nancy Firfer Charles K. Esler William L. Stickney Joyce E. KUStra Paul T. MCCarthy Clerk/Treasurer ~XECUTIVE Paul T. McCarthy, Village Manager FINANCE DEPARTMENT Dennis M. Lauer, Director of Finance Mary L. Reibel, Assistant Director of Finance ! LEnVIEW TELEPHONE 1225 WAUKEGAN ROAD 708-724-1700 GLEN~E~ ILLINOIS 60025-3071 I FAXT08-724-091~ I May 3 1993 I Honorable President and Members of the Board of Trustees Village of Glenview I Gentlemen: In accordance with state statutes and local regulation, I hereby I transmit the comprehensive annual financial report of the Village of Glenview as of December 31, 1992 and for the fiscal year then ended. Responsibility for both the accuracy of the presented i data and the completeness and fairness of the presentation, in- cluding 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 I 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 maxi- I mum understanding of the Village's financial affairs have also been included. i 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, I 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 transac- I tions. This report has been prepared following the guidelines recom- i mended by the Government Finance Officers Association of the United States and Canada. The Government Finance Officers As- sociation awards Certificates of Achievement to those governments whose comprehensive annual financial reports are judged to con- I form substantially with high standards of public reporting in- cluding generally accepted accounting principles promulgated by the Government Accounting Standards Board. It is my belief that ithe accompanying financial report meets the program standards and it will be submitted to the Government Finance Officers Associa- tion for review. The Village of Glenview has held a certificate for the last ten consecutive fiscal years. ! LEnVI In accordance with the above mentioned guidelines, the accompany- ing report consists of three parts: 1. Introductory section, a letter of transmittal from the Direc- tor of Finance. 2. Financial section, including the financial statements and supplemental data of the government accompanied by our independ- ent auditor's opinion. 3. Statistical section, including a number of tables of un- audited data depicting the financial history of the Village for the past ten years, information on overlapping governments, and demographic and other miscellaneous information. State law required that the financial statements of the Village of Glenview be audited by a certified public accountant selected by the Board. This requirement has been complied with, and our auditor's opinion is included in the financial section of this report. Of concern to the Village of Glenview, as well as all sectors, is the impact of the sagging economy on our budget. Revenue projections must be monitored constantly to provide the 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 Vil- lage. 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 year maintain- ing the accounting .and financial reporting systems of the Village of Gtenview have continued to improve the quality of the informa- tion being reported to the Board of Trustees, state ove. rsight 'boards, and the citizens of Glenview. Respectfully submitted, Paul T. McCarthy / Village Manager ~/ iv LEnVIEW TELEPHONE ~? 1225 WAUKEGAN ROAD 708-724-1700 GLENVIE~ ILUNOIS 60025-3071 FAX 708-724-0916 May 3, 1993 Mr. Paul T. McCarthy, Village Manager Village of Glenview Glenview, Illinois 60025 Dear Mr. McCarthy~ The Comprehensive Annual Financial Report of the Village of Glenview for the fiscal year ended December 31, 1992 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Village. To the best of my knowledge and belief, the enclosed data is accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the Village. All disclosures necessary to enable the reader to gain an understanding of the Village's financial activities have been in- cluded. The Comprehensive Annual Financial Report is presented in three sec- tions: Introductory, Financial, and Statistical. The Introductory section includes the Village Manager's transmittal letter, this transmittal letter, the Village's organizational chart, and a list of principal officials. The Financial section includes the general pose financial statements, the combining individual fund and account pur- group financial statements and schedules, as well as, the independent auditors' report on the financial statements and schedules. The Statistical section includes selected financial and demographic in- formation, generally presented on a multi-year basis. report includes all funds and account groups of the Village of This Glenview. The Village provides a full range of services. These services include police and fire protection, public services, the construction and maintenance of streets, roads, and infrastructure, recreational activities, and cultural events. In addition to general Village activities, the Village Board exercises, or has the ability to exercise, oversight of the Police and Firefighters' Retirement Systems; therefore, these activities are included in the reporting entity. District, the Intergovernmental Personnel However the Glenview Park Benefit Cooperative (IPBC), the High-Level Excess Liability Pool (HELP), the Solid Waste Agency of Northern Cook County (SWANCC) and the Regional Emergency Dispatch Center (RED) have not met established criteria for inclusion in the reporting entity, and accordingly are excluded from this report. v It is of major importance to note the Village of Glenview took over I the management and operations of the Glenbrook Fire Protection Dis- trict as of September 1, 1992. Prior to that date the District was not included in this report as explained in the previous paragraph. I After September 1, 1992, and for all future reports the financial ac- tivity of the former District will be included in the Village's Com- prehensive Annual Financial Report. I required to undergo an annual single audit in confer- The Village is mity with the provisions of the Single Audit Act of 1954 and U.S. Of- fice of Management and Budget Circular A-128, Audits of State and Le- I cal Governments. Information related to this single audit, including the schedule of federal financial assistance, findings and recommen- dations, and auditor's reports on the internal control structure and i compliance with applicable laws and regulations, are included in a separately issued Single Audit Report. ECONOMIC CONDITION AND OUTLOOK I The Village has moved into a period of slow growth. A decline in new construction and a moratorium on annexations both contribute to a I slowly expanding tax base. In my opinion the Village should be able to continue with its policy of keeping the tax rate as level as pos- sible, while at the same time realize increases in the real estate tax collections. I Over the last several years the largest source of revenue to the Cor- porate Fund has been sales tax. During that period of time, I automobile sales have accounted for just over forty percent. The new Saturn dealership on Waukegan Road will open in early 1993. The new dealership should make a significant impact on the Village's sales i tax revenue. However, auto sales in the Village are generally in- creasing. The total collections for 1992 ended the year ap- proximately $250,000 above the sales tax collections for 1991. I Hotel room tax is the Village's newest source of revenue. Several years ago the Village Board imposed a five percent tax. At that time, there were only two small moderately priced hotels in the Vil- I lage and the revenue from this source was minor. However, in 1988 the Radisson Suite Hotel opened with two hundred fifty rooms. In mid 1989 the Marriott Courtyard Hotel opened. The Marriott Fairfield Inn Iopened in 1990. Hotel room tax is becoming a significant revenue source. During fiscal year 1993 I plan to make a recommendation that the Village Board authorize an audit of each hotel to insure com- pliance with the Village's room tax ordinance. I Subsequent to December 31, 1992 the Village was awarded, for the fourth time, a AAA bond rating by Moody's Investor Service. This I prestigious rating will not only make future bond issues more attrac- tive on the market, it will save the Village money in the long run because of lower interest rates. ! MAJOR INITIATIVES m For The Year m in April. 1992 the Village issued $2,895,000 of general obligation bonds. The proceeds from the sale were used to construct an inter- connection between the Village's water system and Citizen's Utilities m Company of Illinois. The interconnection consisting of a 24 inch transmission main, pump station and metering station. Construction was completed and the Village has begun selling water to Citizen's Utilities Company. This bond issue was rated Aaa by Moody's Investor m Service, Inc. In early 1992 the Village contracted for and received a new set of m aerial maps. The fly-over and photography was completed in May. Cost for the project was $180,000. The new maps replace ten year old maps that had become inaccurate. m Three more special service areas were established during 1992. SSA #31 was a watermain project on Brandon Road, SSA #32 was a sidewalk project .along the east side of the North Shore Country Club and SSA m #33 was a watermain project along the recently annexed Forest Drive. In the late 1970's the Village purchased a private water utility com- m pany that was adjacent to the Glenview corporate limits. The purpose for the purchase was to supply residents in the area with water from Lake Michigan. Lake water is a vast improvement over the hard Well water available in the area. Part of the purchase agreement was the m Village would pay the previous owner $350.00 for ~very water connec- tion made to the system. The agreement was for a period of fifteen years. In June of 1992 the agreement expired, thereby saving future m residents of the area the cost of the extra connection fee. For The Future m general obligation bonds in early 1993. The Village plans to sell $7.6 million is the estimated size of the issue. Proceeds from the sale will be used to complete Phase III of the Public Works Service m Center and acquire land for the proposed east side fire station. It is expected Moody's Investors Service, Inc. will also rate this bond issue Aaa. m Beginning in July 1993 the Illinois Department of Transportation will completely rebuild the Grove Street bridge over the west fork of the north branch of the Chicago River. The project is expected to last I I ten months. With the exception of a few small collateral projects the cost of the bridge reconstruction will be 80% financed by the State, the balance by the Village. I Plans are being drawn so that construction may begin on Phase III of the Public Works Service Center by the fall of 1993. The $3.5 mil- m lion project will provide a building for indoor parking of Village equipment and material storage. m vii I DEPARTMENT FOCUS The Finance Department has several large projects planned for 1993. i The most important and urgent is completion and publication of the Village's purchasing manual. It is anticipated the project will be completed around the end of the first quarter 1993. During 1993 the Finance Department plans to install, and make available to all I Departments, an optical character reader system. The O.C.R. system will be used for text storage, utility billing and engineering. i Glenview's investment policy was written and adopted in 1982. Subse- quent to that date the policy has undergone several revisions. In 1993 the management staff of the Finance Department will review the policy to insure it is current with state 'law and addresses new in- I vestment opportunities available in market. todays FINANCIAL INFORMATION I Management of the Village is responsible for establishing and main- taining an internal control structure designed to ensure that the as- i sets of the Village are protected from loss, theft or misuse, and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally ac- cepted accounting principles. The internal control structure is I designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recog- nizes that: (1) the cost of a control should not exceed the benefits i likely to be derived; and (2) the valuation of costs and benefits re- quires estimates and judgments by management. BUDGETING CONTROLS I In addition, the Village of Glenview maintains budgetary controls. The objective of these budgetary controls is to ensure compliance I with legal provisions embodied in the annual appropriated budget ap- proved by the Village's governing body. Activities of the Corporate (General) fund, Special Revenue funds, Debt Service funds, Enterprise i funds, and Pension Trust funds are included in the annual ap- propriated budget. Project-length financial plans are adopted for the Capital Projects funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the ap- l propriated amount) is established at the fund level. The Village also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year I end. However, encumbrances generally are reappropriated as a part of the following year's budget. i As demonstrated b~ the statements and schedules included in the financial section of this report, the Village continues to meet its responsibility for sound financial management. ! I viii LEnVlELU GENERAL GOVERNMENT FUNCTIONS I The following schedule presents a summary of Corporate (General) fund, Special Revenue funds, and Debt Service funds revenues for the I fiscal year ended December 31, 1992, and the amount and percentage of increases or decreases in relation to prior year revenues. I Increase Percent of Percent (Decrease) Increase Revenues Amount of Total from 1991 (Decrease) I Taxes $17,390,147 76.0% $2,011,496 13.1% Licenses and Permits 964,643 4.2 24,925 2 7 i Intergovernmental 1,731,578 7.6 813,649 88 6 Charges for Services 1,237,309 5.4 <38,126> <3 0> Fines and Forfeits 403,414 1.8 120,760 42 7 I Interest 240,456 1.1 <197,589> <45 Miscellaneous 903,232 3.9 47,938 5 6 Total $22,870,779 100.0% $2,783,053 I Intergovermental revenue increased greatly as a result of the merger between the Glenbrook Fire Protection District and the Village of i Glenview. Interest revenue declined because of a general reduction of interest rates available in the market during all of 1992. The following schedule presents a summary of Corporate (General) I fund, Special Revenue funds, and Debt Service funds expenditures for the fiscal year ended December 31, 1992, and the percentage of in- creases or decreases in relation to the prior year. I Increase Percent of Percent (Decrease) Increase ~ Amount o__f Total from 1991 (Decrease) I Current General Government $3,247,817 15.3% $ <33,428~ <1.0~% I Public Safety 8,794,874 41.4 2,050,686 30.4 Highways and Streets 3,118,970 14.8 167,794 5.7 Pension 1,908,420 9.0 30,385 1.7 i Culture and Recreation 1,878,035 8.8 63,291 3.5 Debt Service, Principal Retirement 1,209,000 5.7 534,000 79.1 I Interest & Fiscal Chges 1,065,888 5.0 29,888 2.9 Total $21,223,004 100.0% $2,842,616 I There are two areas of increase that warrant explanation. Public safety increased by 30.4% because of the merger of the Glenbrook Fire Protection District into the Glenview Fire Department. The i date of the merger was September 1, 1992. As of that date the Vil- lage accepted responsibility for 47 additional employees, 2 more fire stations and 13 pieces of fire apparatus. Debt service also n ~GC~.V,£~ ,C~, OS increased greatly. The 79.1% increase is attributable to the refinancing of two general obligation bond issues. The refinancing took place in very early 1992. CORPORATE FUND BALANCE The fund balance of the Corporate Fund increased by 16 in percent 1992. The $1,024,247 increase now provides the Village with a total fund balance that is the equivalent to 184 working days of expendi- tures. Village policy is to maintain a minimum of 90 days of work- ing cash in reserve. Included in the increase in the fund balance are funds collected for the income tax surcharge that have not been appropriated as of the end of the year. ENTERPRISE OPERATIONS The Village's enterprise operations are comprised of five separate and distinct activities: Water Fund East serving the incorporated areas of Glenview, Water Fund West mainly serving the unincor- porated areas and Wholesale Water Fund providing water to Citizens Utility Company. The other two enterprise activities are the Sewerage Fund and the Commuter Parking Fund. In late 1992 the Vil- lage Board took action to consolidate both water funds into one for future operations. The proposed 1993 budget will include this con- solidation, likewise the Villages CAFR will show a single enterprise , fund for water system activities. PENSION TRUST FUND OPERATIONS The operations of the Police Pension Fund remained relatively stable Fund shows a large increase in in 1992. The Fire f.ighters ' Pension the assets of the fund. That is a direct result of the merger be- tween the Glenbrook Fire Protection District and the Village. The annual actuarial valuation continues to reflect a positive trend in the Village's and employees' funding of the PERS. DEBT ADMINISTRATION At December 31, 1992, the Village had a number of debt issues out- standing. These issues are all general obligation bonds. Under current state statutes, the Village's general obligation bonded debt issuances are not subject to a legal limitation based on the Village's Home Rule powers. CASH MANAGEMENT Cash temporarily idle during the year was invested in demand deposits, certificates of deposit, and obligations of the U.S. Treasury. The Pension Trust Fund's investment portfolio includes mainly zero coupon bonds. The average yield on investments, includ- ing the Pension Trust Fund, was 3.969 percent. The Pension Trust Fund achieved a yield rate of 7.911 percent for this same period. x LEnVlEU] IThe Village's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Ac- cordingly, deposits were either insured by federal depository in~ Isurance or collateralized. All collateral on deposits is held by a financial institution acting as a third party trust agent. All in- vestments held by the Village during the year, and at December 31, i1992, are classified in the category 1 (lowest credit risk) as defined by the Governmental Accounting Standards Board. RISK MANAGEMENT I The Village of Glenview is involved in two self-insurance pools. The first pool, Intergovernmental Personnel Benefit Cooperative I(IPBC), is an organization of twenty-four communities. This or- ganization provides health coverage and life insurance for a portion of Village employees. Participation in the IPBC is optional; iemployees may also choose to participate in either of two HMO plans. The Village has been a member of this pool since its formation in 1980. IGlenview is also a member of the High-Level Excess Liability Pool (HELP). This pool is made up of fourteen villages. The purpose of the pool is to provide excess liability protection for its members. iPresently the pool provides five million dollars of insurance. The lower limit required insurance is one million dollars. Membership in HELP is an eleven year commitment. Beginning May 1, 1993 the pool will begin its seventh year of operation. I INDEPENDENT AUDIT IState statutes require an annual audit by independent certified public accountants. The accounting firm of Wolf and Company, CPA's was selected by the Village Board. In addition to meeting the re- iquirements set forth in state statutes, the audit also was designed to meet the requirements of the federal Single Audit Act of 1984 and related OMB Circular A-128. The auditor's reports related specifi- I c ally to the single audit are included in the separately issued Single Audit Report. AWARDS I The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in iFinancial Reporting to the Village of Glenview for its comprehensive annual financial report for the fiscal year ended December 31, 1991. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation Iof state and local government financial reports. In order to be awarded a Certificate of Achievement, a governmental I unit must publish an easily readable and efficiently organized com- prehensive annual financial report (CAFR), whose contents conform to program standards. Such CAFR must satisfy both generally accepted i accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Glenview has received a Certificate of Achievement Ifor the last ten consecutive years. We believe our current report continues to conform to the Certificate of Achievement program re- quirements, and we are submitting it to GFOA. I ACKNOWLEDGMENTS i The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the en- tire staff of the finance department. Each member of the department has my sincere appreciation for the contributions made in the I preparation of this report. In closing, without the leadership and support of the Village Board, i and the Village Manager preparation of this report would not have been possible. iRespectfully submitted, I Dennis M. Lauer Director of Finance 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, 1991 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. I I I i I I I I I Financial Section I I I I I I I I I I ] Wolf&Company j Certified Public Accountants ,7~x, ~74 7x~x~ t.~xx:, .~x~ ~ .4 INDEPENDENT AUDITOR'S REPORT Thc Honorable James W. Smirles, Village President Members of the Board of Trustees Village of Glenview, Illinois We have audited the general purpose financial statements and the combining, individual fund, and account group financial statements of the Village of Glenview, Illinois, as of and for the ended year December 31, 1992, as listed in the accompanying table of contents. These financial statements are the responsibility of tbe Village of GIcnview, Illinois' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, "Government Auditing Standards", issued by the Comptroller General of the United States, and the provisions of the Office of Management and Budget Circular A- 128, "Audits of State and Local Governments". Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 1992, and the results of its operations and cash flows of its proprietary fund for the then types year ended in conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, thc financial position of each of thc individual funds and account groups of the Village of Glenview, Illinois, as of December 31, 1992, and the results of operations of such funds and cash flows of individual proprietary funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements and on the combining, individual fund, and account group financial statements taken as a whole. The accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Village of Glenview, Illinois. Such ' information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The introductory and statistical information listed in the table of contents was not audited by us and, accordingly, we do not express an opinion thereon. I I I ! I I I I I I I i I I I I I I COMBINED STATEMENTS -- OVERVIEW I V~A~E OF GLENn.W, ILLD;OI~ · ~No~n~b~ T~t ~d P~on T~) ~d ~ m m m VHJAGE OF GIJZNVIEW, HJAN{'O]S I All Proprietary Fund Types I Combined Statement of Cash Flows Year Ended December 31, 1992 I P~mr/etarv Fund ~ To~l~ Interim] (Memorandum Onlv~ m cash Flow~ fr~ Opemting,Ad:tivities Operating Income $ 1.,~/,(]53 544,,104 2,141,4~ Adjustments to Rm:om~e Op~mtlng Ira:omc to Dep~,eciatiofl 373',187 377,187 410,511 A~o,~, ia.~ivable 339~5~ (4,099) ZZS,4S7 m d~nc~ to Other Funds (?3,470) (73,470) (29,432) Due from Other Fumls (1,536,294) (1,536,294) lnv~ntot~ (5,037) ($,0~ ~nv~mcnt in l-m~.~, (76,486) (76,48~) i Investment in IPBC 58,{~8 ~ (774) A~coun~ Payab{e (17,123) ~0,~65 ~3,842 68,697 Coml~mU~d Ab,~ P~q,able (1,934) (lp34) 1,262 Other Pa3mbk~ 20,000 20,{]00 i Duc to Other Funds 212.301 212.301 939.800 Cash Flo~s from Nonczpital Fmanc{ng Ac~vitks i Opcrating Tra~fer~ In 54~,116 ~4~,116 Opiating Tran~¢rs (Out) ¢~43.2~'} f6.000~ f949.29~ f~8.1'D~ f6.000~ (404.179~ (~56,467~ Cash F{ow~ f~om C~pit~l and {~{at~d I Frs:cd Assets Purchased (1,961,6.5'2) (1,961,~2) Proc~ from S~ o~ ~{~ 2,610 2,610 Proc~ f~omm C,e~er{l Obli~mtio~ Bo~ 6,032,444 6,032,444 I P~iucipa{ Paid on C~n~ra] Ob{igation i~ (4,U~0,108) (4,0~0,108) (340,292) ]ntc~,~ Paid ~ C~ncral (Yoli~a~ofl Bond~ (407.4~0] (407.450] (384.1~6'i {'384.{563 (906.801] I Cash Flow~ f~om lwn~fiug Y,~'tiviti~ intcr~t o~ ~ Equ{vai~n~ 9],488 32,236 {~3,?~4 Incon~ from Joint Vcntur~ 76.183 76.183 77,381 91.48~ 1GE,419 ]~9,907 162~450 m Net lacrea~ in Cash and Cash Equivnlent~ 221,392 6~5,261 g76,6~ ~77,469 I January ! 1.479.115 4~.~$8 1.~M$.47~ Dcccmbcr 31 L700.507 1.12L619 2.822~126 1~451473 ! Thc En~qurlze OVatetwod~-East, WatenroF~We~t, and Se,P/em{e) Fundm ~c~iv~t $1,969,441 in c~m~out{o~ of fu~l from o~her fund~ which w~ mcord~ a~ additions to ccottibuted capital, I See accompanying Note~ {o the l~nand~l Siatemcn~. ! VILLAGE OF GLEN'VIEW, ILLINOIS 1 Notes to the Financial Statements December 31, 1992 I 1. Summary of Significant Accounting Policies I The financial statements of the Village of Glenview, Illinois (government), have been · prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described · below. A. Reporting Entity 1 In evaluating how to define the government, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth in GAAP. The basic--but not the only--criterlon for including a potential component unit within the reporting entity is the governing body's ability to exercise oversight responsibility. The most significant manifestation of this ability is financial 1 interdependency. Other manifestations of the ability to exercise oversight · responsibility include, but are not limited to, the selection of governing authority, the designation of management, the ability to significantly influence operations, and · accountability for fiscal matters. A second criterion used in evaluating potential component units is the scope of public service. Application of this criterion involves considering whether the activity is conducted within the geographic boundaries of the government and is generally available to its citizens. A third criterion used to evaluate · potential component units for inclusion or exclusion from the reporting entity is the existence of special financing relationships, regardless of whether the government is able to exercise oversight responsibilities. Based upon the application of these criteria, · the following is a brief review of each potential component unit addressed in defining the government's reporting entity. Included within the Reporting Entity: I Police Pension Employees Retirement System The government's police employees participate in the Police Pension Employees I Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the · government's President, one elected pension beneficiary, and two elected police employees constitute the pension board. The government and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The state of Illinois is authorized to establish benefit levels and the government is authorized to · approve the actuarial assumptions used in the determination of contribution levels. ! I VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) A. Reporting Entity (Cont.) Included within the Reporting Entity: (Cont.) Firefighters' Pension Employees Retirement System The government's fireflghters participate in the Fireflghters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board. The government's President, Treasurer, Clerk, Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees constitute the pension board. The government and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The state of Illinois is authorized to establish benefit levels and the government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Excluded from the Reporting Entity: Glenvlew Park District This potential component unit has a separate elected board and provides services to residents, generally within the geographic boundaries of the government. This potential component unit is excluded from the reporting entity because the government does not have the ability to exercise influence over its daily operations, approve budgets, or provide funding. Intergovernmental Personnel 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 government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. IPBC is reported as a governmental joint venture. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) A. Reporting Entity (Cont.) Excluded from the Reporting Entity: (Cont.) Regional Emergency Dispatch Center (R.E.D.) R.E.D. is a joint venture used to account for thc resources involved in dispatching fire and medical emergency services to a six-community area. Management consists of a Board of Directors comprised of one elected trustee from each member jurisdiction. Day to day operations are administered by the Fire Chiefs of each member jurisdiction. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. R.E.D. is reported as a governmental joint venture. High-Level Excess Liability Pool (HELP) HELP is a proprietary venture established for the purpose of seeking the prevention or lessening of liability claims made against its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. HELP is reported as a proprietary joint venture. Solid Waste Agency of Northern Cook County (SWANCC) SWANCC is a municipal corporation empowered to plan, finance, construct, and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. Thc govcrnmcnt docs not exercise any control over the activities of thc Agency beyond its representation on the Board of Directors. SWANCC is reported as a proprietary joint venture. B. Fund Accounting The government uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) B. Fund Accounting (Cont.) A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is u financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types". Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private where the determination of net income is useful sound financial sector, necessary or to administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government. When these assets are held under the terms of a formal trust agreement, either a pension trust fund, a nonexpendable trust fund, or an expendable trust fund is used. The terms "nonexpendable" and 'expendable" refer to whether or not the government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the government holds on behalf of others as their agent. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. VILLAGE OF GLENVIEW, ILLINOIS Notes to thc Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) C. Basis of Accounting (Cont.) All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (c.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues arc recognized when susceptible to accrual (i.e., when they become both measurable and available). *Measurable* means the amount of the transaction can be determined and 'available* means collectible within the current period. Thc government recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to bc made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes collected and held by the state at year end on behalf of the government also are recognized as revenue. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until rccclved in cash. The accrual basis of accounting is utilized by proprietary fund types and pension trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable* and *available* criteria for recognition in the current period. Deferred revenues also arise when resources are received by the government before it has a legal claim to them, as when grant monies are received prior to the incurrcnce of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the government has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) D. Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted for the general, special revenue, and debt service funds on the modified accrual basis, and enterprise, internal service, and pension trust funds on the accrual basis. All annual appropriations lapse at fiscal year end. Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting--under which purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation--is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. E. Cash and Investments Cash and Cash Equivalents For purposes of the statement of cash flows, the government's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments Investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market) except for compensation agency are reported at market investments in the deferred fund value. F. Short-term Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as 'due from other funds' or 'due to other funds' on the balance sheet. Short-term interfund loans, if any, are classified as 'interfund receivables/payables~. G. Inventories Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type inventories are recorded as expenditures when consumed rather than when purchased. VILLAGE OF GLENV1EW, ILLINOIS Notes to the Financial Statements December 31, 1992 ~_. Summary of Significant Accounting Policies (Cont.) H. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. I. Fixed Assets General fixed assets arc not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction arc reflected as expenditures in governmental funds, and thc related assets arc reported in the general fixed assets account group. All purchased fixed assets arc valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on thc date received. Thc costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capltalizcd and depreciated over thc remaining useful lives of thc related fixed assets, as applicable. Public domain (*infrastructure') general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets arc immovable and of value only to the government. Assets in thc general fixed assets account group are not depreciated. Depreciation of buildings, equipment, watcr/scwcr systems, and vehicles in thc proprietary fund types is computed using the straight-linc method. Interest is capitalized on proprietary fund assets acqulrcd with tax-exempt debt. Thc amount of interest to bc capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. J. Compensated Absences Vested or accumulated vacation leave that is expected to bc liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vcstcd or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employccs. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1. Summary of Significant Accounting Policies (Cont.) K. Long-Term Obligations Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long-term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. L. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from dcvclopers, customers, or other funds. Reserves represent those portions of fund equity not appropriabln for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. M. Bond Costs Discounts/Issuance In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds-outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. N. Interfund Transactions Quasi-external transactions arc accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that arc properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other intcrfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity arc reported as residual equity transfers. All other intcrfund transfers arc reported as operating transfers.such data comparable to a consolidation. lntcrfund eliminations have not been made in the aggregation of this data. 1 VILLAGE OF GLEN-VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1 1. Summary of Significant Accounting Policies (Cont.) 1 O. Memorandum Only - Total Columns · Total columns on the general purpose financial statements are captioned 'memorandum only' to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Neither are · such data comparable to a consolidation, lnterfund eliminations have not been made in the aggregation of this data. · P. Comparative Data Comparative total data for the prior year have been presented in the accompanying 1 financial statements in order to provide an understanding of changes in the · government's financial position, operations, and cash flows. However, comparative data have not been presented in all statements because their inclusion would make · certain statements unduly complex and difficult to understand. 2. Legal Compliance and Accountability 1 A. Budgets All departments of the government submit requests for appropriation to the 1 government's manager so that a budget may be prepared. The budget is prepared by fund, function, and activity, and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. 1 · The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change appropriations, but may not change the form of the budget. 1 The manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be · approved by the governing body. · Expenditures may not legally exceed budgeted appropriations at the fund level. During · thc year no supplementary appropriations wcrc necessary. 1 I I 1 I VILLAGE OF GLENVIEW, ILLINOIS I Notes to the Financial Statements December 3]-, '1992 I I 2. Legal Compliance and Accountability (Cont.) B. Deficit Fund Balances/Retained Earnings of Individual Funds I The following funds had a deficit in fund balances/retained earnings as of the date of this report: I Deficit Fund B~l~n¢~ I Illinois Municipal Retirement $1,165,972 Refuse and Recycling 94,817 Library Bond Series of 1984 99,245 I C. Excess of Actual Expenditures/Expenses over Budget in Individual Funds The following funds had an excess of actual expenditures/expenses (exclusive of I depreciation and amortization) over budget for the fiscal year: Fund Ex¢~s~ I Illinois Municipal Retirement $235,490 Motor Fuel Tax 200,000 i Library Bond Series of 1984 234,915 Corporate Purpose Bond Series of 1989 1,049 Corporate Purpose Bond Series of 1990 370 Waterworks - East 202,020 I Waterworks - West 5,420 Sewerage 9,797 Commuter Parking Lot 19,756 I Municipal Equipment Repair 37,4]-2 Police Pension 22,131 Firefighters' Pension 18,676 I 3. Deposits and Investments The government maintains a cash and investment pool that is available for use by all funds, I except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments". In addition, investments are separately held by several of the government's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $2,715 has been I excluded from the amounts shown below. Permitted Deposits and Investments - Statutes authorize the government to make I deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements I to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, and the I 17 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1.992 3. Deposits and Investments (Cont.) Illinois Public Treasurer's Investment Pool. Pension funds may also invest in certain non- U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts. A. Deposits At year-end the carrying amount of the government's deposits totaled $24,325,81.8 and the bank balances totaled $25,855,310. Bank Balances Category 1 Deposits covered by federal depository insurance, or by collateral held by the government, or its agent, in the government's name. $25,855,310 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the government's name. Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the government's name, and deposits which are uninsured and uncollateralized. Total Deposits 25.855.310 For pension trust funds the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the government. B. Investments The government's investments are categorized to give an indication of the level of risk assumed by the entity at year-end. Category.1` includes investments that are insured or registered or for which the securities are held by the government or its agent in the government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the countcrparty's trust department or agent in the government's name. Category B includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the government's name, and uninsured, unregistered, and uncollateralized investments. 1 I VILLAGE OF GLENVlEW, ILLINOIS Notes to the Financial Statements December 31, 1992 ! I 3. Deposits and Investments (Cont.) i B. Investments (Cont.) Carrvin~ Amount CategoFy Market 1 2 3 Totals Value I U.S. Treasury Securities $31,123,367 31,123,367 32,028,547 GNMA's 2.000.011 2.000.011 2.167.8S~ I 33.123.378 - 33,123,378 34,196,403 * Deferred Compensation Plan Assets 7,333,399 7,333,399 I * Insurance Contracts and Separate Accounts 200.000 200,QO0 Total Investments 40.656.777 4~17~9180~ I * (Not Subject to Risk Catesorization) The pension trust funds own 100 percent of the invcstments in Category 1. I - Taxes 4. Receivables Property taxes for 1992 attach as an enforceable llen on January 1, 1992, on property values I assessed as of thc same date. Taxes arc levied by December of thc subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by thc County and issued on or about February 1, 1993 and August 1, 1993, and are payable in two installments, on or I about March 1, 1993, and September 1, 1993. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual collection experience. I 5. Fixed Assets A. General Fixed Assets Account Group I Thc following is a summary of changes in the general fixed assets account group during the fiscal year: I Balances Balances January I Additions Retirements December 1 I Land $ 3,905,095 $ 3,905,095 Building and Improvements 11,827,797 11,827,797 I Equipment 6,645,865 498,599 359,251 6,785,213 Furniture 567,396 567,396 Office Equipment 332.127 332.127 I $23.278.280 498.599 359.251 $23.417.628 VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 1 5. Fixed Assets (Cont.) I B. Proprietary Fixed Assets · Thc following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise I Fund5 Land and Improvements $ 67,851 I Systems 23,157,562 Buildings 243,645 Equipment and Vehicles 1,104,720 · Other 208.766 24,782,544 Less Accumulated Depreciation · and Amortization (6.431.316~ $18.351.228 I In proprietary funds, the following estimated useful lives are used to compute depreciation: Water/Sewer Systems 50 years l Buildings 40-50 years Improvements 10-20 years · Equipment and Vehicles 3-10 years 1 Other 3-10 years 6. Risk Management I The government has purchased insurance from private insurance companies. Risks covered include general liability, workers compensation, and other. Premiums have been displayed · as expenditures/expenses in appropriate funds. Thc government participates in thc Intergovernmental Personnel Benefit Cooperative · (IPBC). IPBC is a governmental joint venture established by certain units of local 1 government in Illinois to admlnistcr some or all of thc personnel benefit programs (primarily medical, dental, and life insurance coverage) offered by these members to their officers and employees and to thc officers and employees of certain other governmental, · quasigovernmental, and nonprofit public service entities. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 6. Risk Management (Cont.) 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 government has reflected its 'balance" with IPBC on its financial statements. The Cooperative acts solely as an administrative agency to receive, process, and pay such claims as may come within the benefit program of each member. The government's payments to IPBC are displayed on the financial statements as expenditures/expenses in appropriate funds. The government participates in the High-Level Excess Liability Pool (HELP). HELP is a proprietary joint venture established by certain municipalities in Illinois to provide excess liability coverage ($5,000,000 of coverage after a $1,000,000 self-insurance retention). The government's payments to HELP are displayed on the financial statements as expenditures/expenses in appropriate funds. 7. Lease Obligations No material capital or operating leases were in effect as of the date of this report. 8. Long-Term Debt A. Changes in Long-Term Liabilities During the fiscal year the following changes occurred in liabilities reported in the General Long-Term Debt Account Group: Balances Balanccs January 1 Additions Retiremcnts December 31 General Obligation Bonds $13,674,650 1,209,000 12,465,650 Pension Obligation Payable 175.325 14.267 189.592 $13.849.975 14.267 1.209.000 12.655.24~ B. General Obligation Bonds The government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary General obligation bonds are direct obligations and pledge the full faith and credit of the government. General obligation bonds currently outstanding are as follows: 1 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements · December 31, 1992 ! 8. Long-Term Debt (Cont.) 1 B. General Obligation Bonds (Cont.) Fund Debt Balances Balances 1 Issue Retired Bv January I Issuances Retirements December 31 $3,100,000 Library Building Bonds dated July 1, 1984 due · in annual installments of $225,000 to $27S,000 plus interest at 8.5% to 10.0% Debt through December 1, 1997. Service $ 825,000 550,000 275,000 1 I $4,525,000 Corporate Purpose Bonds dated July 1, 1977 due in annual installments of · $225,000 to $375,000 plus interest at 4.6% to 6.0% Waterworks through January 1, 1998. - West 1,925,000 275,000 1,650,000 m $5,700,000 Corporate Purpose 1 Bonds dated October 1, 1979 due in annual installments of $250,000 to $475,000 plus · interest at 6.0% to 7.5% Waterworks 1 through January 1, 2000. - West 3,425,000 3,425,000 $300,000 Corporate Purpose · Bonds dated June 15, 1987 Waterworks 1 duc in annual installments - West of $34,108 to $65,291 plus and interest at 5.95% through Waterworks · June 15, 1992. - East 34,108 34,108 1 $8,000,000 Corporate Purpose Bonds Series of 1989 dated I 1 July 1, 19S9 due in annual installments of $125,000 to $625,000 plus interest at 6.10% to 6.60% through Debt 1 December 1, 2004. Service 7,525,000 425,000 7,100,000 1 $4,500,000 Corporate Purpose Bonds Series of 1990 dated l 1 May 1, 1990 due in annual installments of $50,000 to $600,000 plus interest at 6.10% to 6.90% through Debt December 1, 2002. Service 4,450,000 150,000 4,300,000 1 $4,165,000 Corporate Purpose Bonds Series of 1991 dated Waterworks 1 December 1, 1991 duc in - West 3,290,350 316,000 2,974,350 · annual installments of $385,000 to $720,000 plus interest at 4.40% to 5.10% Debt through December 1, 1999. Service 874,650 84,000 790,650 I I I VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements i December 31, 1992 I8. Long-Term Debt (Cont.) B. General Obligation Bonds (Cont.) I Fund Debt Balances Balances Issue Retired By January 1 Issuances Retirements December 31 i $2,895,000 Corporate Purpose Bonds Series of 1992 dated April 1, 1992 due in annual installments of I $10,000 to $255,000 plus interest at 4.00% to 5.90% Wholesale through December l, 2012. Water 2,895,000 2,895,000 $22.349.108 2.895.000 5.259~108 19~985~000 I C. Debt Service Requirements to Maturity I Annual debt service requirements to maturity are as follows: General Obligation Fiscal Year General Bonds Carried I as Enterprise Ending Obligation December 31 Bonds Fund Liabilities TQti~l I 1993 $ 2,052,309 1,030,949 3,083,258 1994 1,647,030 1,096,079 2,743,109 1995 1,702,573 1,329,693 3,032,266 I 1996 1,713,504 1,303,247 3,016,751 1997 1,710,345 1,247,676 2,958,021 1998 1,640,410 653 411 2,293,821 1999 1,626,323 583 510 2,209,833 I 2000 1,540,500 267 524 1,808,024 2001 1,358,974 265 444 1,624,418 2002 1,308,550 262 944 1,571,494 I 2003 680,850 270 014 950,864 2004 666,250 266 024 932,274 2005 266,574 266,574 i 2006 266,334 266,334 2007 265,284 265,284 2008 268,490 268,490 2009 270,720 270,720 I 2010 266,860 266,860 2011 267,340 267,340 2012 271.830 271.830 I Total Principal and Interest 17.647.618 10.719,947 28.367.565 I Interest Portion 5.181.968 3.200.597 VILLAGE OF GLENVIEW, ILLINOIS Notes to thc Financial Statements December 31, 1992 8. Long-Term Debt (Cont.) D. Legal Debt Margin The government is a home rule municipality. Chapter 65, Section 5/8-5-1 Illinois Compiled Statutes 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. E. Advance Refunding - General Obligation Bonds On Novcmbcr 19, 1991 the government passed an ordinancc providing for the issuance of $4,165,000 General Obligation Bond Series of 1991 and thc levy and collection of a direct annual tax for the payment of principal and interest on the bonds. On December 1, 1991 the government passed an ordinance directing the execution of an escrow agreement in order to partially refund $875,000 of Library Bond Series of 1984 issued by the government and outstanding ia the aggregate principal amount of $1,650,000. This advance refunding was undertaken to reduce total debt service payments over the next six years by $70,871 and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $49,256. Proceeds in the amount of $946,182 from the refunding bonds were used to execute the escrow agreement. The long-term debt is recorded in the General Long-Term Debt Account Group. Current principal and iuterest requirements are accounted for in thc Debt Service Fund. Proceeds in the amount of $3,171,875 were used to call the entire amount of outstanding 1979 Corporate Purpose Bonds ($3,425,000) on January 2, 1992. Although there has been no legal defeasance (satisfaction of debt) in this transaction, all conditions which normally satisfy defeasance of thc $875,000 of thc Library Bond Series of 1984 have been met. VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 8. Long-Term Debt (Cont.) E. Advance Refunding - General Obligation Bonds (Cout.) These provisions include: Proceeds of the new debt have boon 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 bccn entered into with American National Bank and Trust Company of Chicago. The proceeds of the new debt are invested in direct U.S. Treasury obligations with maturities that approximate the Debt Service Requirements of the original issue. The proceeds in escrow arc not subject to lien for any purpose other than in connection with the advance refunding transaction. Since thc requirements which normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an amount computed to be adequate to meet the future Debt Service Requirements of thc Issue. Schedule of Future Requirements - Library Bond Series of 1984 to be paid from escrow: Fiscal Year Interest Endin~ Rate Princinal 1995 9.75 $275,000 1996 9.90 275,000 1997 10.00 275,000 F. Noncommitmcnt Debt Special Service Area Bonds Special service area bonds outstanding as of the date of this report totaled $1,206,633. arc an obligation government are secured by thc levy of These bonds not of the and special assessments on the real property within the special assessment area. The government is in no way liable for repayment but is only acting as agent for the property owners in levying and collecting the assessments and forwarding the collections to bondholders. VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 9. Contractual Commitments A. High-Level Excess Liability Pool (HELP) The government has committed to purchase excess liability insurance from the High- Level Excess Liability Pool (Agency), a joint venture of Illinois municipalities. The government expects to pay the following minimum amounts (these amounts represent the government's share of the principal and interest - "fixed costs' - of the Agency): Year Ending December 3] Amount 1993 $44,578 1994 44,279 1995 45,426 1996 46,334 1997 45,404 1998 45,921 These amounts have been calculated using the government's current allocation percentage of 6.38%. In future years this allocation percentage will be subject to change, because the Agency's Agreement provides that each ycar Members will be assessed based upon a formula which specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues B. Solid Waste Agency of Northern Cook County (SWANCC) The government has committed to make payments to the Solid Waste Agency of Northern Cook County. The government expects to pay approximately $72,000 per year for the years ending December 31, ]993 - 1998. I VILLAGE OF GLENVIEW, ILLINOIS I Notes to thc Financial Statements December 31, 1992 1 I 10. Interfund Assets/Liabilities A. Due From/To Other Funds I Receivable Fund Payable Fl~n~ Amount I General Illinois Municipal Retirement $ 805,819 Refuse and Recycling 175,000 Capital Equipment Replacement 166,836 Escrow Deposit 90,660 I Police Pension 70,000 Corporate Purpose Bond I Series of 1989 Waterworks - West 152,549 Special Service Areas 11,851 i Corporate Purpose Bond Series of 1990 Corporate 425,413 Waterworks - East 32,857 Sewer 58 I Illinois Municipal Retirement 70,827 Corporate Purpose Bond I Series of 1991 Library Bond Series of 1984 99,245 Bond Fund Series 1992 25,504 I Capital Projects Deposit 13,748 Waterworks - East Capital Equipment Replacement 6,471 Waterworks - West Illinois Municipal Retirement 18,483 Waterworks - East 1,054,238 I Wholesale Water Capital Projects 1,465,675 Sewer Insurance 32,830 I Escrow Deposit Illinois Municipal Retirement 200,000 Refuse and Recycling 60,000 Capital Equipment Replacement 75,000 I 911 Communications 75.01)0 5.128.064 I I I VILLAGE OF GLENVIEW, ILLINOIS I Notes to the Financial Statements December 31, 1992 ! 10. Interfund Assets/Liabilities B. Advances From/To Other Funds Receivable Fund Payable Fund Amount Waterworks - East Capital Equipment Replacement $315,394 · Sewer Capital Equipment Replacement 84.039 99.433 I 11. Segment Information - Enterprise Funds The government maintains thc following enterprise funds which are intended to be self- supporting through user fees charged for services to thc public. Financial segment information as of the date of this report and for the fiscal year is as follov~: Commuter i Waterworks Waterworks Wholesale Parking - East - West Water Sewerage Lot Totals Operating Revenues $2,888,839 2,749,340 479,536 101,494 6,219,209 I Depreciation and Amortization Expense 108,871 206,836 56,228 5,252 377,187 1 Operating Income 509,877 900,203 161,235 25,738 1,597,053 Ill Operating Transfers In 75,000 470,116 545,116 l Operating Transfers Out 469,132 377,862 96,301 943,295 · Net Income 189,520 589,660 74,232 32,110 885,522 Plant, Property, and Equipment I Additions 302,037 206,757 1,415,194 591,911 2,515,899 1 Deletions 1,321,218 25,850 1,347,068 Total Assets 6,486,540 11,407,900 2,880,869 3,332,176 353,354 24,460,839 · Net Working Capital 844,212 1,688,031 1,452,303 422,019 243,574 4,650,139 Bonds and Other Long-Term Liabilities I Payable from Operating Revenues 4,624,350 2,867,497 7,491,847 Total Equity 5,222,211 6,610,858 3,330,421 346,030 15,509,520 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 12. Contributed Capital During the current year, contributed capital increased by the following amounts: Waterworks Waterworks - East - West Sewerage Totals Increases Improvements - Capital Projects $ 29,336 103,000 421,911 554,247 Dccrcascs Elimination of Undcprcci- atcd Contributed Assets 1.311.823 25.850 - 1,337,673 Net Increases (Decreases) (1,282,487) 77,150 421,911 (783,426) Contributed Capital January ! 2.595.611 995.880 290.094 3.881.585 December 31 1.313.124 1.073.030 712.005 3.098.159 13. Fund Equity A. Prior Period Adjustments During the fiscal year prior period adjustments were made as follows: Amovnt Capital Equipment Replacement Fund To correct for prior year's error in recording advances from other funds $ 125.293 Waterworks - East Fund To correct for prior year's error in recording advances to other funds (192~92~) Sewerage Fund To correct for prior year's error in rccordlng advances to other funds 66,736 To correct for prior year's error in recording accounts receivable (100.000) (33.264~ Corporate Purpose Bond Series of 1991 To correct prior year's recording of bond proceeds which should have been recorded in thc Waterworks - West Fund (3.151.575) VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 13. Fund Equity (Cont.) B. Merger of Fire Protection District As of September 1, 1992, the Gienbrook Fire Protection District (District) was merged into the Village. Under the agreement, the District turned over all its assets and its employees became employees of the Village. The District will continue to levy property taxes for the unincorporated area outside thc Village limits for which the Village will now provide fire protection services. The tax receipts will then be turned over to thc Village as payment for those services. 14. Contingent Liabilities A. Litigation Thc government is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the government's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the government. B. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment bygrantor agencies, principally the federal government. Anydisallow~d claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which maybe disallowed bythe grantor cannot be determined at this time although the government expects such amounts, if any, to be immaterial. C. High-Level Excess Liability Pool (HELP) The government s agreement with the High-Level Excess Liability Pool provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. D. Solid Waste Agency of Northern Cook County (SWANCC) The government's contract with the Solid Waste Agency of Northern Cook County provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. VILLAGE OF GLENVIEW, ILLINOIS Notes tO the Financial Statements December 31, 1992 15. Joint Ventures A. Intergovernmental Personnel Benefit Cooperative (IPBC) 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 as an administrative agency to receive, process, and pay such 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 appointed representative from each member. In addition, there are two officers, a Benefit Administrator and a Treasurer. The government does not exercise any control over the activities of the Cooperative beyond its representation on the Board of Directors. Summary Financial Information of Joint Venture The latest available financial statements of the Cooperative, dated June 30, 1992, show the following: Total Total Assets $5.751.924 Total Liabilities 5.751.924 B. Regional Emergency Dispatch Center Description of Joint Venture The Regional Emergency Dispatch Center is a governmental joint venture used to account for the resources involved in dispatching fire and medical emergency services to a six community area. This fund is supported by contributions from the seven member departments. As of December 31, 1992 the Regional Emergency Dispatch Center served the fire departments of: Village of Glenview Village of Morton Grove Village of Niles Village of Northbrook Glenbrook Fire Protection District North Maine Fire Protection District Fire Protection District Prospect Heights I VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 ! 15. Joint Ventures (Cont.) I B. Regional Emergency Dispatch Center (Cont.) Description of Joint Venture (Cont.) l Management consists of a Board of Directors comprised of one appointed · representative from each member. In addition, day to day operations arc 1 administered by the Fire Chiefs of each member district. The government does not exercise any control over the activities of the Agency 1 beyond its representation on thc Board of Directors. 1 Summary Financial Information of Joint Venture 1 The latest available financial statements of the Agency, dated December 31, 1992, show the following: 1 Government's ~hare Total Assets $329.825 65.338 Total Liabilities 17,433 3,453 1 1 Total Equity 312.392 61.885 Total Liabilities and Equity ~2~,~12~ 65.338 I Total Revenues 627.168 124.242 Total Expenses ~il ~,4~} 121.924 Initial contributions are determined in advance of each membership year based on thc · population within each member's district. C. High-Level Excess Liability Pool (HELP) · Description of Joint Venture I The High-Level Exeess Liability Pool (thc "Agency") is a proprietary joint venture and II was organized on April 1, 1987. The purpose of the Agency is to act as a joint self- insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the Members and other parties included within the scope of coverage of the 1 Agency. ! 32 I I VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 ! I 15. Joint Ventnres (Cont.) C. High-Level Excess Liability Pool (HELP) (Cont.) I Description of Joint Venture (Cont.) I At the date of this report, the following municipalities were members of the Agency: % % i ~hi~ro Share, Village of Arlington Heights 11.82 Village of Mt. Prospect 7.59 Village of Chicago Ridge 2.30 Village of Oak Lawn 9.78 I Village of Deerfield 3.60 City of Park Ridge 5.71 City of Des Plaines 10.68 Village of Skokie 10.13 Village of Elk Grove Village 7.83 Village of Streamwood 4.29 i Village of Glenview 6.37 City of Wheaten 7.23 Village of Hoffman Estates 6.90 Village of Winnetka 4.38 Village of Lincolnshire 1.39 100.00 I These percentage shares are subject to change in future years based upon a formula specified in the Agency Agreement. I The Agency is governed by a Board of Directors which consists of one appointed representative from each member municipality. Each Director has an equal vote. i The officers of the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of debt by the Agency, adopts by-laws, rules, and regulations, and exercises such powers and I performs such duties as may be prescribed in the Agency Agreement or the by-laws. The government does not exercise any control over the activities of the Agency I beyond its representation on thc Board of Directors. ! ! ! I VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) C. High-Level Excess Liability Pool (HELP) (Cont.) Summary Financial Information of Joint Venture Summary of Financial Position as of April 30, 1992: Assets ~abili~i¢~; and Fuod ~quit¥ Current Assets Current Liabilities Cash and Investments Accounts Payable $ 6,638 Unrestricted $2,463,565 Due to Village of Escrow Agreement 6.910.376 Elk (}rove Village 475,000 9,373,941 Accrued Interest Payable 93,672 Receivables Deferred Revenues 4S2~500 Accounts 161~9~ L057.8~.0 Long-Term Liabilities Rebate Payable 97,459 Due to Village of Elk Grove Village 2.950.000 3~047~459 Total Liabilities 4,105,269 Fund Equity Retained Earnings 5.429.863 Total Liabilities Total Assets 915351132 and Fund Equity 9.535.132 Summary of Revenues, Expenses, and Changes in Retained Earnings for the year ended April 30, 1992: Operating Revenues $ 964,903 Operating Expenses 29.831 Operating Income 935.072 Nonoperating Revenues (Expenses) Interest Income 502,577 Interest Expense (230.314~ 272.263 Net Income 1,207,335 Retained Earnings May 1 4.222.528 April 30 ~429.863 VILLAGE OF GLENVlEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) C. High-Level Excess Liability Pool (HELP) (Cont.) Summary Financial Information of Joint Venture (Cont.) Government's Share of Assets, Liabilities, Fund Equity, and Changes for thc year ended April 30, 1992: Balances Increases Balances May 1 (Decreases) Anril 30 Total Assets $567.568 39.820 Total Liabilities 298,171 (36,665) 261,506 Fund Equity Retained Earnings 269.367 76.485 345.88?, Total Liabilities and Fund Equity 567.568 39.820 Government's Share of Net Income 77.381 (1.199) 7~187. Joint Venture Debt - Changes in Long-Term Debt Balances Balances May 1 Issuances Retirements Anril Due to Village of Elk Grove for Retire- ment of General Obligation Bonds $3.875.000 450.000 3.425.0~9 Joint Venture Debt - Security for the Debt The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of general obligation bonds in 1987 to provide initial funding for the Agency. Thc bond proceeds were put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement among the Agency, the Village of Elk Grove Village, and the Members provides that the Agency and its Members are obligated to the Village of Elk Grove Village for payment of principal and interest on thc bonds until such bonds have been retired. Additionally each Member is liable for its proportionate share of any default by other Members. The obligations of the Agency and its Members are unconditional. The principal balance at December 31, 1992 was $3,425,000. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) D. Solid Waste Agency of Northern Cook County (SWANCC) Description of $oint Venture The government is a member of the Solid Waste Agency of Northern Cook County (the "Agency'), which consists of twenty-six municipalities. The Agency is a municipal corporation and public body politic and corporate established pursuant to the Constitution Act of the State of Illinois and the Intergovernmental Cooperation Act of thc State of Illinois, as amended (thc 'Act'). The Agency is empowered under thc Act to plan, construct, finance, operate, and maintain a solid waste disposal system to serve its members. Thc members of thc Agency and their percentage shares based on formulae contained in the Agency agreement as of April 30, 1992 are: Share Arlington Heights 8.71 Mount Prospect 6.93 Barrington 1.19 Niles 4.00 Buffalo Grove 4.26 Northbrook 4.38 Des Plaines 7.30 Northfield .64 Elk Grove Village 4.37 Palatine 4.51 Evanston 9.71 Park Ridge $.10 Glencoe 1.21 Prospect Heights 1.75 Olenview 4.37 Rolling Meadows 2.88 Hoffman Estates 5.90 Skokie 7.94 Inverness .69 South Barrington .24 Kenilworth .36 Wheeling 3.46 Lincolnwood 1.$7 Wilmette 3.72 Morton Grove 3.13 Winnetka 1.68 100.00 These percentage shares are subject to change in future years based on the population of the municipalities. The members form a contiguous geographic service area which is located northwest of downtown Chicago. Under the Agency Agreement, additional members may join the Agency upon the approval of each member. VILLAGE OF GLEN'VIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) D. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Description of Joint Venture (Cont.) Thc Agency is governed by a Board of Directors which consists of one appointed Mayor or President from each member municipality. Each Director has an equal vote. The officers of the Agency are appointed by the Board of Directors. The Board of Directors determines thc general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions providing for thc issuance of Bonds or Notes by the Agency, adopts by-laws, rules, and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. Summary Financial Information of Joint Venture Summary of Financial Position as of April 30, 1992: Assets Liabilities and Fund En~itY Current Assets Current Liabilities Cash and Investments $ 106,664 Accounts Payable and Accrued Expenses $ 2.011.402 Restricted Assets Long-Term Liabilities Cash and Investments 44,096,852 Bonds Payable 61,900,000 Accrued Xnterest Unamortized Bond Discount (1.9~2.718'1 Receivable 48,576 59.967.282 Other Receivable 8,357 44,155,785 Total Liabilities 61.978.684 Other Assets Fund Equity Unamortized Bond Contributed Capital 2.350.000 Issuance Cost 1,339,865 Deferred Project Costs 14,182,773 Land 4~545,597 Total Liabilities Total Assets 64~3281684 and Fund Equity 64~3281684 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) D. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Summary Financial Information of Joint Venture (Cont.) endedSummary April of 30, Revenues, 1992: Expenses, and Changes in Retained Earnings for the year Total Revenues Total Expenses Net Income Retained Earnings May ! April 30 endedGovernment's April 30, Share 1992: of Assets, Liabilities, Fund Equity, and Changes for the year Balances Increases Balances M~¥ 1 (Dccrcascs~ A~ril 30 Total Assets ~79~t605 2.015.558 2.811.163 Total Liabilities 794,424 ~,~74.044 2.708.468 Fund Equity Contributed Capital 61.180 41.515 102.695 Total Fund Equity {1.180 41.515 102.695 Total Liabilities and Fund Equity 79~605 2.015.558 2.811.163 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) D. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Joint Venture Debt - Changes in Long-Term Debt Balances Balances May 1 Issuances Retirements April 30 Contract Revenue Note Series of 1990 $16,250,000 10,000,000 6,250,000 Contract Revenue and Bond Anticipation Note Series of 1992 ~,650~000 - $5~6~0~000 16.250.000 55.650.000 10.000.000 611900~000 Joint Venture Debt - Security for the Debt The 1990 and 1992 Notes are revenue obligations. They are limited obligations of the Agency with a claim for payment solely from and secured by a pledge of the Revenues of the System and amounts in various Funds and Accounts established by Agency resolutions. The 1990 and 1992 Notes are not a debt of any member. The Agency has no power to levy taxes. Revenues of the consist of all derived from system (a) receipts Solid Waste Disposal Contracts or any other contracts for the disposal of waste; (b) all income derived from the investment of moneys; and (c) all income, fees, service charges and all grants, rents, and receipts derived by thc Agency from the ownership and operation of the system. Thc Agency covenants to establish fees and charges sufficient to provide revenues to mcct all its requirements. Thc Agency has entered into Solid Waste Disposal Contracts with thc member municipalities. Thc Contracts arc irrevocable and not be terminated amended may or except as provided in thc Contract. Each member is obligated, on a "take or pay" basis, to purchase or in any event to pay for a minimum annual cost of thc system. Thc obligation of thc government to make all payments as required by this Contract is unconditional and irrevocable, without regard to performance or nonperformance by thc Agency of its obligations under this Contract. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 15. Joint Ventures (Cont.) D. Solid Waste Agency of Northern Cook County (SVffANCC) (Cont.) Joint Venture Debt - Security for the Debt (Cont.) The payments required to be made by the government under this Contract shall be required to be made solely from revenues to be derived by the government from the operation of the government's System. The government is not prohibited by the Contract from using any other available funds to make the payments required by thc Contract. The Contract shall not constitute an indebtedness of thc government within the meaning of any statutory or constitutional limitation. 16. Deferred Compensation Plan The government offers its employees a deferred compcnsatlon plan created in accordance with Internal Revenue Code Section 457. The plan, available to all government employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the government subject only to the claims of the government's general creditors. Participants' rights under thc plan arc equal to those of general creditors of thc government in an amount equal to thc fair market value of thc deferred account for each participant. It is the opinion of the government's legal counsel that thc government has no liability for losses under the plan but does have thc duty of duc care that would be required of an ordinary prudent investor. The government believes that it is unlikely that it will usc the assets to satisfy the claims of general creditors in the future. 17. Post-Employment Health Care Benefits In addition to providing pension benefits, the government provides certain health care and life insurance benefits for retired public safety employees. Substantially all of the government's public safety employees may become eligible for those benefits if they reach normal retirement age while working for the government. The cost of retiree health care and life insurance benefits is recognized as an expenditure as claims are paid. For the fiscal year those costs total $64,444. The retirees pay the entire annual premium which is equal to thc actuarially determined cost for each plan year. Accordingly no liability has been recorded for post-retirement health care benefits. VILLAGE OF GLENVIEW~ ILLINOIS Notes to the Financial Statements December 31, 1992 18. Employee Retirement Systems A. Plan Descriptions and Provisions Illinois Municipal Retirement The government contributes to the Illinois Municipal Retirement Fund (~IMRF'), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The government's total payroll for the year ended December 31, 1992, was $10,691,384. Of this amount, $5,795,158 in payroll earnings were reported to and covered by the IMRF system. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3 of their final rate of the 48 percent (average highest consecutive months' earnings during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The government is required to contribute the remaining amounts necessary to fund the coverage of its own employees in the System, using the actuarial basis specified by state statute (entry age normal); for 1992 the rate was 11.71 percent. Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 Article 5/3) and may be amended only by the Illinois legislature. The government accounts for the plan as a pension trust fund. The government's payroll for employees covered by the Police Pension Plan for the year ended December 31, 1992 was $2,721,721 out of a total payroll of $10,691,384. At December 31, 1992 the Police Pension Plan membership consisted of: VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 Employee Retirement Systems 18. A. Plan Descriptions and Provisions Police Pension (Cont.) Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 23 Current Employees Vested 48 Nonvested 14 Total 85 The following is a summary of the Police Pension Plan as provided for in Illinois Compiled Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one-half of thc 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. Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1_992 18. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 - Article :5/3) and may be amended only by the Illinois legislature. The government accounts for the plan as a pension trust fund. The government's payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31_, 1_992 was $2,481_,233 out of a total payroll of $10,691_,384. At December 3 I, 1992 the Firefighters' Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 1_1_ Current Employees Vested :58 Nonvested 2__~4 Total 93 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of :50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthlY salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by one-twelfth of 2% of such monthly salary for each additional month 20 of service over years through 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 ?:5% 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_, 1_977 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. VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 18. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Firefighters' Pension (Cont.) Covered employees are required to contribute 8 1/4% of their' salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without interest. The government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded. 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 arc 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). Significant Investments There are no investments (other than U.S. government and U.S. government- guaranteed obligations) in any one organization that represent $ percent or more of net assets available for benefits. - I VILLAGE OF GLENVIEW, ILLINOIS I Notes to the Financial Statements December 31, 1992 1 I 18. Employee Retirement Systems (Cont.) C. Funding Status and Progress I The amount shown below ns the "pension benefit obligation" for the IMRF Plan is a standardized disclosure measure oftbe present value of pension benefits, adjusted for I 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. Thc mensurc 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 I comparisons employers. The is the actuarial among measure present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. I The amount shown below as the "pension benefit obligation" for the Police Pension Plan and thc Fircfighters' Pension Plan is a substitute disclosure measure (entry age i normal), the actuarial accrued liability 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. This substitute disclosure measure is intended to help users assess the funding status of the system I on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other employers using the substitute disclosure method. The substitute disclosure measure is independent of I the funding method used to determine contributions to the System. Illinois Fire- Municipal Police fighters' i Retirement Pension Pension December 31, January 1, January 1, Actuarial Valuation Date 1992 1992 1992 I Significant Actuarial Assumptions I a) Rate of Return on Invest- 7.50% 8,50% 8.50% ment of Present and compounded compounded compounded Future Assets annually annually annually I b) Projected Salary 3.75% 4.0% 4.05b Increases - Attributable compounded compounded compounded to Inflation annually annually annually I e) Additional Projected Salary Increases - Attributable to Seniority/Merit 1.00% 2,00% 2.00% I d) Postretirement Benefit 3.00% 3.00% 3.00% Increases simple interest compounded annually annually I VILLAGE OF GLEN-VIEW, ILLINOIS Notes to the Financial Statements December 31., 1992 18. Employee Retirement Systems (Cont.) C. Funding Status and Progress (Cont.) Illinois Fire= Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Onlv'~ Pension Benefit Obligation Retirees and Beneficiaries Currently Receiving Benefits and Terminated (Note A) (Note B) (Note B) Employees not yet Receiving Benefits $ 667,900 4,342,682 1,828,030 6,838,612 Current Employees Accumulated Employee Contributions Including Allocated Investment Earnings 2,440,734 1,880,506 1,288,446 5,609,686 Employer - Financed Vested 4,492,668 3,473,310 3,515,516 11,481,494 Employer - Financed Nonvested 678.020 1.098.904 1.011.227 2.788.151 Total Pension Benefit Obligation 8,279,322 10,795,402 7,643,219 26,717,943 Net Assets Available for Benefits 6.254.345 11.693.308 10.532.848 28.480.501 (Market Values) (IMRF - $ 6,737,057) (Police - 11,862,342) (Firefighters' - 10.692.144} (Totals - 2912911543) Unfunded (Assets in Excess of) Pension Benefit Obligation ~024~977 (8971906) {2t889~629'1 fl.762.558'1 (Note A) Thc pension benefit obligation applicable to retirees and beneficiaries currently receiving benefits is not included in the above schedule due to the fact that this obligation was transferred from the government to IMRF as a whole when the annuity became payable. (Note B) The 'pension benefit obligation' applicable to the Plan is the actuarial accrued liability, a substitute disclosure measure. D. Contributions Required and Contributions Made Illinois Municipal Retirement, Police Pension, and Firefighters' Pension The Systems' funding policy provides for actuarially 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 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements December 31, 1992 18. Employee Retirement Systems (Cont.) D. Contributions Required and Contributions Made (Cont.) Illinois Municipal Retirement, Police Pension, and Fircfighters' Pension (Cont.) the government's employee group as a whole has tended to remain level as a percentage of annual covered payroll. Thc contributions rate for normal cost is determined using thc entry age normal actuarial funding method. Thc IMRF System used the level percentage of payroll method, while thc Police Pension and Firefightcrs' Pension Systems used a level dollar amount 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. Illinois Fire- Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Onlv'~ Actuarial Valuation Date 1992 1992 1992 Actuarially Determined Contri- bution Requirement As a Dollar Amount Employer Normal Cost $477,521 232,060 204,951 914,532 Amortization of Unfunded Actu- arial Accrued Liability 173,854 (15,530) (243,855) (85,$31) Death and Disability Cost 27.237 27~237 678,612 216,530 (38,904) 856,238 Employee - Normal Cost 260.785 244.955 210.905 716.645 939.397 461.485 172.001 1~572~883 As a % of Current Covered Payroll Employer Normal Cost 8.24% 7.96 7.53 8.32 Amortization of Unfunded Actu= arial Accrued Liability 3.00 (0.06) (9.83) (0.78) Death and Disability Cost .47 .25 11.71 7.90 (2.30) 7.79 Employee - Normal Cost 4.50 9.00 8.50 6.52 16.21 16.90 6.20 14.31 Contribution Made As a Dollar Amount Employer $678,613 26,938 63,262 768,813 Employee 260.785 244.982 204,701 710~468 939.398 271.920 267.963 1.479.281 As a % of Current Covered Payroll Employer 11.71% .99 2.55 6.99 Employee 4.50 9.00 8.25 6.46 16.21 9.99 10.80 13.45 47 1 VILLAGE OF GLENVIEW, ILLINOIS Notes to the Financial Statements 1 December 31, 1992 ! 18. Employee Retirement Systems (Cont.) · · D. Contributions Required and Contributions Made (Cont.) Effects on the Contribution Requirements of Current-Year Changes 1 Illinois Municipal Retirement The new actuarial assumptions adopted in 1990 have been incorporated into the 1992 1 contribution rates. Thc net effect of these changes is estimated to increase contributions by 1% or less of payroll. Separate dollar effects of each change were not economically determinable by IMRF. I E. Trend Information Trend information gives an indication of the progress made in accumulating sufficient I assets to pay benefits when duc. Ten-year trend information may be found in the supplemental section of the government's annual financial report. For Illinois Fire- Totals · Fiscal Municipal Police fighters' (Memorandum Year Retirement Pension Pension Onlv~ · Net Asseti Available for Bene- 1990 58.23 113,21 140.20 111.06 fits As a % of the Pension 1991 69,49 109.19 136.64 104.99 Benefit Obligation (PBO) 1992 75.54 108.32 137.81 106.60 · · Unfunded (Assets in Excess of) PBO As a % of Annual Covered Payroll (Expressing thc unfunded pension benefit obligation as a percentage of annual covered payroll approx- 1990 58.10 (49.63) (151.04) (26.96) imately adjusts for the effects 1991 41.58 (31.66) (126.01) (10.75) of inflation for analysis purposes) 1992 34.94 (32.99) (116.46) (16.03) · Employer Contributions 1990 10.58 +04 1.75 6.16 · As a % of Annual Covered 1991 11.45 ,90 2.37 6.72 Payroll 1992 11.71 .99 2.55 6.99 · Required 1990 521,028 157,522 678,550 l 1991 613,960 201,364 815,324 1992 678,612 216,530 856,238 · Made 1990 521,028 952 28,441 550,421 l 1991 613,961 26,039 47,393 687,393 1992 678,613 26,938 63,262 768,813 · 19. Subsequent Event On May 20, 1993 the government issued and sold the $7,635,000 General Obligation Bonds, · Series 1993 at an average interest rate of 4.7321% maturing in various amounts in the years · 1995 through 2005. Proceeds will be used to complete the Public Works Service Center; for infrastructure improvements including streets, bridges, sidewalks, and curb and gutter; · and to build an east side fire station. 1 I I I I I I I ! i ! I i ! I i I i ! (~OVERNMENTAL FUND TYPES I I I I I I I I I I I I I I ! I I I ! i GENERAL FUND The General Fund, also referred to us the Corporate Fund, is used to account for resources traditionally associated with governmental services uot required to be accounted for in another fund. VILLAGE OF GLENVIEW, ILLINOIS General Fund Balance Sheet December 31, 1992 1992 1991 ASSETS Cash and Investments $ 5,376,561 4,041,828 Receivables Taxes Property Taxes 3,576,692 3,418,768 Sales Tax 559,886 541,938 Income Tax 90,639 89,233 Utility Taxes 301,549 279,808 Replacement Taxes 10,679 3,543 Accounts 1,131 5,439 Other 100,835 109,940 Due from Other Funds 1,308,315 1,104,530 Prepaid Items 5,356 10,356 Investment in Land Held for Resale 725.000 725,000 Total Assets 12.056.643 10.330.383 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable 106,566 46,379 Compensated Absences Payable 488,695 322,051 Accrued Payroll 32,066 35,214 Due to Other Funds 425,413 113,806 Deferred Revenues 3.576.692 3.418.768 Total Liabilities 4.629.432 3.936.218 Fund Balance Reserved for Prepaid Items 5,356 10,356 Reserved for Land Held for Resale 725,000 725,000 Unreserved Designated for Surcharge Receipts 2,166,107 1,652,783 Undesignated 4.530.748 4.006.026 Total Fund Balance 7.427.211 6.394.165 Total Liabilities and Fund Balance 12.056.643 10.330.383 See accompanying Notes to the Financial Statements. 49 VILLAGE OF GLENVIEW, ILLINOIS General Fund Statement of Rcvcnucs, Expenditures, and Changcs in Fund Balance -Budgct and Actual Year Ended Decembcr 31, 1992 1992 1991 B~d~et Actual Actual Revcnucs Taxes $ 12,599,286 12,884,017 11,782,554 Licenses and Permits 887,1100 964,643 939,718 Intergovernmental 103,500 858,383 78,269 Charges for Services 641,615 635,949 691,365 Fines and Forfeits 200,000 343,925 222,904 Interest 287,400 154,277 270,930 Miscellaneous 20.000 50.277 87.362 Total Revenues 14.738.801 15.891.471 14.073.102 Expenditures General Government 2,768,598 2,968,999 2,961,689 Public Safety 8,725,527 8,463,915 6,516,962 Highways and Streets 3.278.203 3.118.970 2.951.176 Total Expenditures :[4.772.328 14.551.884 12.429.827 Excess (Deficiency) of Revenues over Expenditures (33.52T} 1.339.587 1.643.275 Other Financing Sources (Uses) Operating Transfers In (Out) Capital Equipment Replacement Fund (621,257) (621,257) (567,254) Capital Projects Fund (491,500) (671,000) (652,000) Capital Projects Fund 133,478 60,000 Bond Fund Series 1989 725,000 Police Pension Fund (26,938) (26,938) (26,039) Fircfighters' Pension Fund (24,294) (18,127) (17,306) Escrow Deposit Fund 82.400 163.504 305.410 (1.081.5891 (315.340/ (897.1895 Excess (Deficiency) of Revenues and Other Financing Sources over Expendi- tufts and Other Financing Uses (1.115.116/ :[,024.247 746.086 Fund Balance January i 6,394,165 5,688,014 Prior Period Adjustments (39.935] Adjusted Balance 6,394,165 5,648,079 Residual Equity Transfers In 8.799 6.402.964 5.648.079 December 31 7~427~211 6.394.165 See accompanying Notes to the Financial Statements. 50 [ VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual Year Ended December 31, 1992 Budget Actual Actual Taxes Property Taxes - Current $ 2,889,699 3,428,918 2,463,948 Property Taxes - Prior 22,854 36,755 Replacement Taxes 72,087 61,270 45,795 Sales Tax 3,750,000 3,608,071 3,358,151 Utility Tax 2,868,500 2,744,525 2,687,159 Illinois Income Tax 1,683,000 1,651,925 1,605,474 Road and Bridge 65,000 117,701 69,636 Franchise Taxes 245,000 237,259 218,421 Road and Bridge - Prior 411 989 Hotel Room Tax 606,000 497,567 503,775 Income Tax Surcharge 420.000 513.517 792.451 12.599.286 12.884.017 11.782.554 Licenses and Permits Motor Vehicle 423,000 443,602 427,249 Business 100,000 86,719 106,970 Liquor 67,000 55,336 77,663 Pet 5,700 5,708 5,539 Heating and Air Conditioning 1,000 35 Buildings 186,200 257,124 216,555 Electrical Inspection 26,000 37,085 27,951 Plumbing and Sewer 25,000 28,190 23,152 Plan Review and Elevator Inspection 47,100 44,608 50,129 Driveway Permits 6.000 6,~7~- 4,47~ 887.000 964.643 939.718 Intergovernmental 103.500 858.383 78.269 Charges for Services Administration 495,615 503,550 501,612 Engineering Fees 100,000 92,282 146,138 Unclassified Public Works Service 10,000 16,857 20,138 Other Current Service Charges 36.000 23.260 23.477 641.615 635.949 Fines and Forfeits 200.000 343.925 222.904 Interest 287.400 154.277 270.93Q VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Revenues - Budget and Actual (Cont.) Year Ended December 31, 1992 1992 1991 Budget Actual Actual Misccllancous Salc of Villagc Propcrty 30,477 Other $ 20.000 50.277 56.885 20.000 50.277 87.362 Total Revenues 14.738.801 15.891.471 14.073.102 52 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1992 Bud,,et Actual General Government Board of Trustees $ 2.5,740 24,648 Special Board 120,725 110,831 Legal and Insurance 1,453,818 1,696,090 Emergency Service Disaster Agency 9,400 5,922 Village Manager 338,014 328,377 Finance 577,411 593,587 Municipal Building and Grounds 152,150 140,720 Personnel 91.340 ~,~24 2.768.598 2,965,999 Public Safety Police Department 4,298,345 4,233,739 Fire Department 4,400,682 4,199,759 Printing 26.500 90,417 8.725.527 Highways and Streets Development and Public Services Administration 134,770 133,210 Planning and Zoning 107,440 118,794 Engineering 375,148 383,950 Public Health 144,508 141,237 Public Works - Administration 197,374 186,792 Public Works - Overhead 681,124 644,330 Public Works - Street Maintenance 237,813 248,354 Public Works - Traffic 284,793 217,051 Public Works - Storm Water Management 147,607 107,525 Public Works - Snow and Ice Control 190,490 141,892 Public Works - Forestry 169,754 202,477 Public Works - Grounds 94,651 87,723 Building Inspection 512.731 505.635 3.278.203 3.118.970 Total Expenditures 14.772.328 14~1~884 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budeet Actual Gcneral Government Board of Trustees Regular Salaries $ 3,000 2,988 Training 1,000 351 Materials and Supplies 3,800 3,254 Trustee Expense ~,7,940 18.055 25,740 24.648 Special Board Contractual Services 118,975 110,683 Materials and Supplies 1,000 148 Other Operational Expenses 120.725 110.831 Legal and Insurance Contractual and Professional Services 108,750 40,796 Books 2,775 2,764 Dues, Subscriptions, and Memberships 600 451 Village Attorney Retainer 39,900 39,900 Prosecutor Retainer 28,875 28,875 Outside Litigation 92,000 76,558 Insurance 1.180.918 1.506.746 1.453.818 1.696.090 Emergency Service Disaster Agency Power and Light 1,000 842 Telephone and Telegraph 1,000 971 Maintenance of Equipment 1,500 494 Office Supplies 200 Books, Pamphlets, and Materials 200 30 Materials and Supplies 1,000 55 Contingencies 1,000 Machinery and Equipment 3,000 3,521 Small Tools 300 9,400 5.922 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Bud~tet General Government (Cont.) Village Manager Regular Salaries $ 250,384 261,843 Temporary Salaries 12,500 6,277 Longevity Pay 1,050 1,050 Contractual Professional Services 1,500 Printing, Binding, and Publication 5,400 3,918 Postage 33,000 32,734 Dues, Subscriptions, and Memberships 19,000 11,546 Maintenance of Equipment 500 627 Travel Expense 5,780 2,039 Training Expense 800 756 Books, Pamphlets, and Materials 300 210 Operational Material and Supplies 600 107 Computer Supplies 1,000 1,113 Equipment Replacement 3,840 3,840 Equipment Repairs 5,200 5,351 Machinery or Equipment 1.000 ~0~ 341,854 332,217 Less Transfer to Capital Equipment Replacement Fund 3.840 ;~,~40 338.014 328.377 Finance Regular Salaries 380,336 383,581 Overtime Salaries 5,500 5,331 Temporary Salaries 25,200 24,751 Longevity Pay 3,350 3,350 Contractual Professional Services 39,400 43,217 Printing, Binding, and Publication 10,000 7,008 Postage 6,000 5,503 Dues, Subscriptions, and Memberships 1,015 937 Maintenance of Equipment 13,760 14,791 Rentals 30,400 28,344 Travel Expense 4,650 4,674 Training Expense 1,400 1,445 Office Supplies 24,500 24,873 Books, Pamphlets, and Materials 200 266 Computer Supplies 7,000 8,462 Other Operating Expense 3,000 3,609 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budget Actual Highways and Streets (Cont.) Development and Public Service (Cont.) Planning and Zoning Regular Salaries $ 49,620 50,757 Contractual and Professional Services 39,000 48,302 Printing, Binding, and Publication 10,000 12,675 Dues, Subscriptions, and Memberships 3,720 3,741 Travel Expense 1,400 1,422 Training 2,600 826 Operational Supplies 600 600 P.C. Expansion 500 471 107.440 ;[18.794 Engineering Regular Salaries 333,072 344,121 Overtime Salaries 2,000 3,101 Temporary Salaries 10,400 9,023 Longevity Pay 1,650 1,650 Contractual and Professional Services 6,000 6,598 Printing, Binding, and Publication 350 164 Dues, Subscriptions, and Memberships 830 1,106 Maintenance of Equipment 760 279 Travel Expense 2,100 1,593 Training 3,100 1,616 Uniform Allowance 1,175 658 Books, Pamphlets, and Materials 150 129 Operational Materials 1,600 1,695 Computer Supplies 750 661 Replacement 14,100 14,100 Equipment Equipment Repairs 9,961 9,414 Machinery and Equipment 1.250 ~.142 389,248 398,050 Less Transfer to Capital Equipment Replacement Fund 14.100 14.100 ;~75.148 383.950 Public Health Regular Salaries 126,012 129,133 Overtime Salaries 1,000 136 Longevity Pay 1,150 1,150 Rentals 80 65 Microfilming 500 Contractual Professional Services 750 623 Printing, Binding, and Publication 200 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budget Actual Highways and Streets (Cont.) Development and Public Service (Cont.) Public Health (Cont.) Telephone and Telegraph $ 1,000 192 Dues, Subscriptions, and Memberships 810 680 Maintenance of Equipment 455 203 Travel Expense 2,250 1,465 Training Expense 1,035 835 Books, Pamphlets, and Materials 550 375 Small Tools and Equipment 300 335 Operating Materials and Supplies 2,150 2,056 Equipment Replacement 5,300 5,300 Other Operational Expense 225 Machinery and Equipment 1,100 1,240 Equipment Repairs 4,!941 2,749 149,808 146,537 Less Transfer to Capital Equipment Replacement Fund 5.300 5.300 144.508 141,~7 Public Works - Administration Regular Salaries 164,240 157,697 Overtime Salaries 1,000 Temporary Salaries 16,739 16,660 Longevity Pay 950 950 Contractual and Professional Services 536 Printing, Binding, and Publication 200 86 Dues, Subscriptions, and Memberships 425 465 Maintenance of Equipment 1,450 143 Rentals 3,000 2,316 Travel Expense 3,200 2,813 Training 1,000 965 Office Supplies 2,500 1,336 Books, Pamphlets, and Materials 70 Operational Materials and Supplies 1,800 1,715 Computer Supplies 800 197.374 186.792 Public Works - Overhead Regular Salaries 291,654 277,605 Overtime Salaries 3,500 751 Temporary Salaries 43,940 47,904 Longevity Pay 9,150 8,550 Heating 14,000 9,600 VILLAGE OF GLEN'VIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budget Actual Highways and Streets (Cont.) Development and Public Service (Cont.) Public Works - Overhead (Cont.) Telephone $ 4,000 12,980 Dues, Subscriptions, and Memberships 7,055 33 Maintenance of Equipment 3,600 5,873 Maintenance of Building Improvements 7,750 6,182 Rentals 34,100 27,938 Travel Expense 250 138 Training 2,500 2,322 Uniform Allowance 9,200 9,237 Books, Pamphlets, and Materials 250 190 Cleaning Supplies 4,000 4,692 Maintenance Materials - Buildings 4,000 4,505 Small Tools and Equipment 500 572 Operational Materials and Supplies 1,000 933 Employee Welfare 3,000 1,659 Equipment Replacement 196,234 191,634 Equipment Repairs 190,225 182,317 Machinery and Equipment 1,300 1,239 Automotive 4(i.150 39.110 877,358 835,964 Less Transfer to Capital Equipment Replacement Fund 196.234 191.634 681.124 644.330 Public Works - Street Maintenance Regular Salaries 130,115 145,077 Overtime Salaries 13,976 7,089 Temporary Salaries 14,922 13,573 Maintenance Materials - Buildings 50,000 68,268 Small Tools and Equipment 1,800 2,317 Operating Materials and Supplies 10,000 10,731 Maintenance of Buildings 15,000 Machinery and Equipment 2,000 1.299 237.813 248.354 Public Works - Traffic Regular Salaries 75,623 75,554 Overtime Salaries 4,850 909 Temporary Salaries 4,820 3,973 Power and Light 92,000 69,672 Maintenance of Equipment 72,000 34,856 Maintenance of Buildings 8,500 7,858 VILLAGE OF GLEN'VIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budget Actual Highways and Streets (Cont.) Development and Public Service (Cont.) Public Works - Traffic (Cont.) Rentals $ 400 205 Sign Supplies 25,000 21,818 Small Tools and Equipment 400 323 Operating Materials and Supplies 1.200 284.793 217.051 Public Works - Storm Water Management Regular Salaries 99,219 77,672 Overtime Salaries 4,290 2,643 Temporary Salaries 16,298 6,675 Maintenance of Buildings 4,000 1,918 Maintenance Materials - Equipment 3,000 3,974 Small Tools and Equipment 800 705 Operating Materials and Supplies 20.000 13.938 147.607 107.525 Public Works - Snow and Ice Control Regular Salaries 73,893 41,292 Overtime Salaries 38,524 16,738 Temporary Salaries 3,373 1,954 Contractual Professional Services 1,500 525 Maintenance Materials - Equipment 11,000 13,503 Operating Materials and Supplies 60,500 66,182 Machinery and Equipment 1,700 1,698 Equipment Replacement 20.000 20,000 210,490 161,892 Less Transfer to Capital Equipment Replacement Fund 20.000 20,000 190.490 141.892 Public Works - Forestry Regular Salaries 143,733 161,371 Overtime Salaries 5,738 21,880 Temporary Salaries 9,333 12,670 Contractual Professional Services 1,500 595 Dues, Subscriptions, and Memberships 150 109 Maintenance of Equipment 1,000 155 Maintenance of Buildings 3,000 26 Small Tools and Equipment 2,300 1,589 Operating Materials and Supplies 3.000 4,082 169.754 202,477 VILLAGE OF GLENVIEW, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1992 Budget Actual Highways and Streets (Cont.) Development and Public Service (Cont.) Public Works - Grounds Regular Salaries $ 65,584 53,296 Overtime Salaries 1,399 426 Temporary Salaries 468 2,771 Contractual Professional Services 21,000 20,689 Maintenance Materials - Equipment 500 123 Small Tools and Equipment 1,700 1,339 Operating Materials and Supplies 4.000 94,~1 87.723 Building Inspection Regular Salaries 448,704 452,242 Overtime Salaries 9,000 4,857 Temporary Salaries 767 Longevity Pay 1,350 1,350 Contractual Professional Services 21,500 19,975 Printing, Binding, and Publication 1,500 48 Dues, Subscriptions, and Memberships 725 449 Maintenance of Equipment 2,200 1,650 Microfilming 9,000 8,626 Travel 3,880 4,880 Training 3,500 1,809 Uniform Allowance 1,100 720 Books, Pamphlets, and Materials 1,000 918 Operating Materials and Supplies 2,500 1,902 Equipment Replacement 10,500 15,100 Equipment Repairs 5,772 4,411 Furniture and Fixtures 1,009 1.031 523,231 520,735 Less Transfer to Capital Equipment Replacement Fund 10.500 15.100 512.731 505.635 Total Highways and Streets ~s27~L203 3.118.970 I I I I I I I I I I I I I I I I I I SPEGIAL ~EVENUE FUNDS I SPECIAL REVENUE FUNDS 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 government's share of State gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Cable TV Fund - The Cable Television Fund is used to account for the financial activity of the public access cable system. Any governmental body or not-for-profit community organization will be permitted to broadcast public information or educational programming. The cable television management and staff is under the direct control of the Village of Glenvlew Board of Trustees. Refuse and Recycling Fund - The Refuse and Recycling Fund is used to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the government. Their activities will mainly be Involved with the collection and disposition of recyclable items. 911 Communications Fund - The 911 Communications Fund is used to account for the activity of the 911 emergency service system. Financial activity began in 1990 and the government anticipates the system to be operational in 1992. VILLAGE OF GLEN'VIEW, ILLINOIS Library Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual Revenues Taxes Property Taxes - Current $ 1,863,029 1,907,432 Replacement Taxes 40,549 34,983 Intergovernmental 33,755 35,238 Charges for Services 76,400 79,607 Fines and Forfeits 66,:500 59,489 Interest 68,000 29,938 Miscellaneous Donations 61,703 Other 3.400 2.475 Total Revenues 2,151,633 2,210,865 Expenditures Culture and Recreation 1.986.561 1.878.035 Excess of Revenues over Expenditures 165.072 332.830 Other Financing Sources (Uses) Operating Transfers In (Out) Illinois Municipal Retirement Fund (147,475) (147,475) Capital Projects Fund (60,000) (120,000) Uncxpended Funds 62.025 (145.450~ (267.475) Excess of Revenues and Other Financing Sources over Expenditures and Other Financing Uses 19.622 65,355 Fund Balance January 849.892 1 December 31 915.247 See accompanying Notes to thc Financial Statements. VILLAGE OF GLENVIEW, ILLINOIS Library Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1~92 Budget Actual Culture and Recreation Regular Salaries $ 571,122 535,544 Overtime Salaries 3,708 1,701 Temporary Salaries 557,938 567,276 Legal Fees 1,500 736 Public Information 10,400 6,827 Printing 4,950 1,237 Printing, Binding, and Publication 13,500 8,504 Power and Lights 700 529 Heating 7,000 745 Water 1,400 Postage 12,000 12,008 Telephone and Telegraph 9,000 8,830 Dues and Subscriptions 1,805 1,520 Maintenance of Equipment 9,000 7,933 Maintenance of Copiers 9,300 12,813 Maintenance of EDP Equipment 30,000 29,204 On-line Searching 9,880 9,115 Maintenance of Buildings 35,832 40,226 Travel Expense 11,200 6,752 Training 16,200 10,823 Trustee Expense 3,000 2,193 Personnel Recruitment 1,500 593 Director Expenses 453 Library Programs 15,150 12,629 Office Supplies 9,500 8,524 Processing Supplies 15,500 13,230 Circulation Supplies 4,875 5,448 Audio Visual Supplies 2,800 2,644 Books, Pamphlets, and Materials 364,193 341,607 Periodicals 42,840 27,335 Audiovisual 41,460 40,547 Micro-Film 18,135 18,926 Video Tapes 15,500 14,094 Cataloging 7,100 4,595 Cleaning Supplies 2,500 385 Contingencies 3,114 629 Other Operating Expenses 700 812 Machinery and Equipment 12,800 11,609 Administrative Support 12,100 12,100 Insurance 97.359 97.359 Total Expenditures ]-.986.561 1.878.035 VILLAGE OF GLENVIEW, ILLINOIS Federal Revenue Sharing Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual Revenues Interest $ 218 Expenditures Excess of Revenues over Expenditures 218 Fund Balance January i 8,$81 Residual Equity Transfer (Out) General Fund (8.799) December 31 See accompanying Notes to thc Financial Statements. I VILLAGE OF GLENVIE~V, ILLINOIS Illinois Municipal Retirement Fund · Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual I Taxes Property Taxes - Current $ 570,000 553,340 Replacement Taxes 6,500 9,170 / Intergovernmental 71,382 71,382 Interest 3,000 4,136 Miscellaneous Employee Contributions 738.619 740.639 · Total Revenues 1.389.501 1.378.667 Expenditures Pension I Retirement Contributions 1,666,000 1,901,490 Other 6.930 6.930 ~l~ Total Expenditures 1.672.930 1.908.420 1 Excess (Deficiency) of Revenues over Expenditures (283.429~ (529.753~ Other Financing Sources Operating Transfers In . · Library Fund 147,475 147,475 Cable TV Fund 6,209 6,209 911 Communications Fund 16,710 16,710 Waterworks - East Fund 74,998 74,998 · Waterworks - West Fund 22,439 22,439 Sewerage Fund 16,;}~0 16.380 284.211 284.211 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures 782 (245,542) Fund Balance January i (~0.430~ December 31 {1.165.972~ · ! ! See accompanying Notes to the Financial Statements. i 70 I VILLAGE OF GLENVIEW, ILLINOIS Motor Fuel Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual Revenues Intergovernmental Allotments $ 680,000 766,$75 Interest 22.000 Total Revenues 702,000 785,641 Expenditures Excess of Revenues over Expenditures 702.000 Other Financing Sources (Uses) Operating Transfers In (Out) Capital Projects Fund 814,470 Capital Projects Fund (802.00ffi (1.002.000~ (802.000~ (187.530) Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Financing Uses (100.000~ 598,111 Fund Balance January 1 346.431 December 31 ~44~542 See accompanying Notes to the Financial Statements. 71 VILLAGE OF GLEN'VIEW, ILLINOIS Cable TV Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, ].992 Bud~ret Actual Revenues Interest $ 4,000 2,636 Miscellaneous OtherCablenct Programming Agreement 47,000 47,1381,0QQ Total Revcnucs 51,000 50,774 Expcnditurcs General Govcrnmcnt 65.154 57.647 Excess (Deficiency) of Revenues over Expenditures (14,154) (6,873) Othcr Financing (Uses) Operating Transfers (Out) Illinois Municipal Retirement Fund (6.209~ Excess (Dcficlcncy) of Revenucs over Expenditures and Other Financing Uses f20.363~ (13,082) Fund Balance January i 93.156 December 31 80.054 See accompanying Notes to the Financial Statements. 72 I VILLAGE OF GLENVIEW, ILLINOIS I Cable TV Fund I Schedule of Expenditures - Budget and Actual Year Ended December 31, 1992 I Budget Actual General Government I Regular Salaries $ 35,424 34,800 Postage 200 12 Telephone 430 I Dues, Subscriptions, Memberships 775 687 Insurance 10,92~ 10,92~ Maintenance of Equipment 3,000 2,129 Rentals 500 I Travel Expense 1,000 780 Training 800 1,277 Books, Pamphlets, Materials 200 80 I Operating Materials and Supplies 4,000 3,558 Computer Supplies 5,200 880 Machinery and Equipment 2,000 1,895 i Furniture and Fixtures 700 625 Total Expenditures 65.154 ~7,~7 I 1 I I I I I I I I 73 VILLAGE OF GLENVIEW, ILLINOIS Refuse and Recycling Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual Revenues Chargcs for Services $ 245,525 219,661 Interest 2.000 2.406 Total Revenues 247.525 222.067 Expenditures General Government Contractual Professional Services 212,800 177,522 Refuse Bag and Bin Purchase 37,500 43,649 SWANCC Equity Payments Total Expenditures 298.300 221.171 Excess (Deficiency) of Revenues over Expenditures (50.775] 896 Fund Balance January 1 Dcccmbcr 31 (94.81T~ See accompanying Notes to the Financial Statements. 74 VILLAGE OF GLENVIEW, ILLINOIS 911 Communications Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 Budget Actual Revenues Charges for Services $ 260,000 302,092 Interest 3.000 1.920 Total Revenues 263.000 304.012 Expenditures Public Safety Regular Employee Salaries 91,660 86,835 Longevity Pay 750 750 Contractual Professional Services 162,720 132,867 Materials and Supplies 1,550 989 Machinery or Equipment 53,497 77,513 Insurance 32.005 32.005 Total Expenditures 342.182 330.959 Excess (Deficiency) of Revenues over Expenditures (79,182) (26,947) Other Financing (Uses) Operating Transfers (Out) Illinois Municipal Retirement Fund (16.710~ (16.710) Excess (Deficiency) of Revenues over Expenditures and Other Financing Uses (95.892~ (43,657) Fund Balance January 1 47.191 December 31 3.534 See accompanying Notes to the Financial Statements. 75 I I I I I I I I I I I I I I I I I I DEBT SERVICE FUNDS I I I I I I I DEBT SERVICE FUNDS I Library Bond Series of 1984 - This issue in the amount of $3,100,000 was used to construct on addition to the Library. I Corporate Purpose Bond Series of 1989 - This issue in the amount of $8,000,000 was sold to finance various capital improvements including storm sewers, land acquisition, pavement i improvements, and water related projects. Corporate Purpose Bond Series of 1990 - This issue in the amount of $4,$00,000 was sold to finance the government's share of the Glenview Road reconstruction project. Moody's I Investors Service has rated this general obligation bond issue AAA. Corporate Purpose Bond Series of 1991 - This issue in the amount of $4,165,000 was sold to I finance the partial refunding of the Library Bond Series of 1984 and early retirement of the Corporate Purpose Bond Series of 1979. Corporate Purpose Bond Series of 1992 - This issue in the amount of $2,895,000 was sold to Ifinance the construction of a water main which will be used to distribute water to the Citizens Utility System which services certain areas within the government's limits. I I I I I I I I I I I I I I I ! I I I I I I I I I CAPITAL PROJECT FUNDS I I I I I I I CAPITAL PROJECTS FUNDS ! Capital Equipment Replacement Fund - The Capital Equipment Replacement Fund is used to I account for the funds annually set aside for the eventual replacement of certain capital equipment. i Capital Projects Fund - The Capital Projects Fund is used to account for revenues and expenditures involved with all other Capital Improvements throughout the government. Bond Fund Series 1989 - The Bond Fund Series 1989 is used to temporarily account for the I proceeds received from the Corporate Purpose Bond Series of 1989. Bond Fund Series 1990 - The Bond Fund Series 1990 is used to temporarily account for the Iproceeds received from the Corporate Purpose Bond Series of 1990. I I I I I I I I I i I I I I I ! I I I I I I I I I I I PROPRIETARY FUND TYPES I I I I I I I I I I I I i I I I I i ENTERPRISE FUNDS I ENTERPRISE FUNDS 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 border of the government. All activity necessary to provide such services is accounted for in this fund including, but not limited to, Administration (Director of Public Works), Operations, Maintenance, Financing and related Debt Service, and Billing and Collections. Wholesale Water Fund - The Wholesale Water Fund is used to account for the provision of water service to the Citizens Utility Co. enabling the utility to receive Lake Michigan water. Sewerage Fund - The Sewerage Fund is used to account for the funds necessary to provide sanitary sewer service to both Incorporated and unincorporated Glenview customers. Commuter Parking Lot Fund - The Commuter Parking Lot Fund accounts for the activity involved with, but not limited to, the Administration (Finance Director), sa[e of permits, and maintenance of the commuter parking facilities within the government. VILLA. GE OF GLEN~IEW, ILLINOIS Enterprise Funds Comblnln~ B~l~nc~ She~et December 31, 1992 (S~e Following Page) ! ~.IAGE OF GLENV1EW, ILLINOIS ffmterpri~ Fund~ ~n~ S~t~m~t of ~ ~ Y~ ~ D~m~ 3~ ~ I VILLAGE OF GLEN'VIEW, ILLINOIS Waterworks - East Fund I Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 Budeet Actual I Operating Revenues Charges for Services · Water Charges $ 2,550,000 2,622,889 · Water Meter Repair Chalzes 251 Water Connection Charges 25,000 38,900 Water Meters and Remote Readers 10,000 8,163 · Administrative Support 115,000 115,000 Miscellaneous Late Payment Fees 20,000 30,564 Brass Fittings 4,000 3,626 · Water for Construction 4,000 3,483 ! Turn On Charge 2,500 2,038 Recapture Agreements 7,000 5,865 Other 7.000 58.060 [] Total Operating Revenues 2.744.500 2,$g8,839 ! Operating Expenses Excluding Depreciation Administration 313,633 307,791 [] Operations ! Supply and Metering 1,101,049 1,309,223 Pumping Station 149,790 122,263 Distribution System 220,744 242,121 II Overhead 282.855 288,693 Total Operating Expenses Excluding Depreciation 2.068.071 2.270.091 Operating Income before Depreciation 676,429 618,748 · Depreciation ~08,~71 Operating Income 676,429 509,877 · Nonoperating Revenues (Expenses) Interest Income 50,000 71,750 Interest Expense and Fiscal Charges (609) (585) Gain on Disposal of Fixed Assets 2,610 · 49,3~1 7~,77~ Income before Operating Transfers 725.820 583.652 Operating Transfers In (Out) Waterworks - West Fund 75,000 75,000 Illinois Municipal Retirement Fund (74,998) (74,998) Debt Service Fund (415.$75~ (394.134~ 1415.573') (394.132'J Net Income 310.247 189.520 Retained Earnings ! January 1 3,911,596 Prior Period Adjustment (19~.029) Adjusted Balance 3'719'567 1 I December 31 31909~087 See accompanying Notes to thc Financial Statements. I VILLAGE OF GLENVIEW, ILLINOIS Waterworks - East Fund Schedule of Operating Expcnscs- Budget and Actual Year Ended December 31, 1992 Budget Actual Administration Contractual Professional Services $ 2,000 739 Printing, Binding, and Publication 300 51 Postage 8,000 6,668 Computer Supplies 3,000 Administrative Charges - Corporate Fund 208,569 208,569 Insurance 91.7(;4 91,764 Total Administration 313.633 ~07~791 Operations Supply and Metering Regular Salaries 68,792 54,015 Overtime Salaries 966 834 Temporary Salaries 991 303 Contractual Professional Services 26,000 20,827 Water 1,056,000 1,195,915 Maintenance of Buildings 4,000 3,510 Operational Materials and Supplies 22,300 33,819 Meters 42.000 42.000 1,221,049 1,351,223 Less Nonoperating Expenses Fixed Assets Capitalized 120,000 42,0QQ Total Supply and Metering 1.101.049 1.309.223 Pumping Station Regular Salaries 24,146 24,303 Overtime Salaries 15,859 8,862 Temporary Salaries 345 308 Contractual Professional Services 17,940 8,926 Power and Light 62,000 57,312 Heating 6,000 3,415 Telephone 6,000 6,135 Maintenance of Building 8,300 1,709 Cleaning and Household Supplies 200 46 Maintenance Materials - Equipment 3,000 2,975 Maintenance Materials - Building 600 338 Operating Materials and Supplies 5,400 3,729 Building Improvements 15,500 4,205 System Improvements 78.000 219,@00 243,290 335,263 Less Nonoperating Expenses Fixed Assets Capitalized 93.500 2~,000 Total Pumping Station 149.790 122~2~) I VILLAGE OF GLENVIEW, ILLINOIS Waterworks - East Fund I Schedule of Operating Expenses - Budget and Actual (Cont.) Year Ended December 31, 1992 Budeet Actual I Distribution System Regular Salaries 127,6~5 110,029 · Overtime Salaries 20,784 14,277 Tcmporary Salarics 5,795 5,155 Contractual Professional Services 5,000 4,003 ill Maintenance of Equipment 500 456 Maintenance of Buildings 21,300 70,139 Sign Supplies 700 Maintenance Materials - Buildings 35,000 22,675 · Operating Materials and Supplies 4,000 3,242 Machinery and Equipment 12.500 12.145 233,244 242,121 Less Nonoperating Expenses · Fixed Assets Capitalized 12.500 System 220.744 242.121 I Total Distribution Overhead Regular Salaries 159,630 152,348 I Overtime Salaries 274 1,669 Temporary Salaries 4,074 1,738 Longevity Pay 6,100 5,650 Dues, Subscriptions, and Memberships 1,570 1,525 Maintenance of Equipment 630 263 Rentals 13,000 6,463 Travel Expense 3,400 2,018 · Training 8,500 3,266 Uniform Allowance 5,225 6,469 Office Supplies 700 1,139 · Books, Pamphlets, and Materials 300 145 Small Tools and Equipment 4,600 2,276 Operational Materials and Supplies 600 1,818 Computer Supplies 800 85 Equipment Replacement 72,194 Equipment Repairs 73,152 74,722 Postage 300 I Machinery and Equipment 40.800 44.800 395,849 306,394 Less Nonoperating Expenses Fixed Assets Capitalized 11~,~94 17.701 Total Overhead 282.855 288.693 i 1 I VILL&GE OF GLENVIEW, ILLINOIS Waterworks - West Fund Statement of Revenues, Expenses, and i Chan~es in Retained Earnln~s - Budget and Actual Year Ended De.c~mb~r 31, 1992 ! Budget Actual Operating Revenues Charges for Serviee~ Water Charges $ 2;543,625 2,687,349 Water C. onne~tion ~ 2,100 Miseallaneou~ I New Water Meters 30~000 30,117 Late Payment Fo~ 30,000 18,419 Bra~ Pltting~ 1~000 705 Water for Construction 3,000 2,187 · Turn On Charg~ 3.500 2,613 Other Total Operating Revenues :~614~125 2,749~340 Operating Expenses Excluding Depreciation 1 AdmlniEtrat/on 436.586 431,696 Ol~ration~ Supply and Metering 888~700 916,114 · Pumping Station 189,543 143~76 Distribution System 122.0~2 150.~1~ Total Ot~rating Expenses P. xcluding Dcp~Safion ~[,(x36.881 1.642.301 Ol~rating Income b~forc D~l~cciatlon 977,244 1,107,0~ I Depreciation 20&836 Operating Income 977~t4 900,203 1 Interest ~nsc and Fiscal Charg~ (334.745~1 (406.86S) Income b~fore Oparafin~ Tranafers and F.,xtrsoxdinary Lo~ 649~496 497~406 Operating Transfers In (Out) Bond Fund Sefie~ 1~91 470,116 Illinoia Municipal RetL. ement Fund (22,439) (22,439) Waterworks - East Fund (75,000) (75,000) Debt Service Fund ~69~264~ (280.423~ {166,703~ 92,254 Net Inconm b~for~ Extraordinary Loss 482,793 589,660 Ex~raordina~, (Loss) on Eady Retirement of Debt (138.775'~ 1 Net ]n~ ~21~3 ~ ~min~ ~ I Janua~ 1 5,~.~3 D~m~r 31 5~37~8~ ~ a~m~n~ng Not~ to t~ ~n~ ~temenm I i VILLAGE OF GLEN'VIEW, ILLINOIS Waterworks - West Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1992 Budget Actual Administration Contractual Professional Services $ 2,000 774 Printing, Binding, and Publications 300 9 Postage 7,000 6,627 Computer Supplies 3,000 Administrative Charges Corporate Fund 210,593 210,593 Waterworks - East Fund 115,000 115,000 98,513 98,513 Insurance Other Operating Expenses ~0 1~0 Total Administration 436.586 431.696 Operations Supply and Metering Regular Salaries 28,062 30,036 Overtime Salaries 992 949 Temporary Salaries 846 273 Contractual Professional Services 21,000 16,322 Water 792,000 836,784 Maintenance of Buildings 4,000 3,106 Operating Materials and Supplies 41,800 28,644 Meters 42.000 42,000 930,700 958,114 Less Nonoperating Expenses Fixed Assets Capitalized 42.000 42.000 Total Supply and Metering 888.700 91~114 Pumping Station Regular Salaries 21,576 13,799 Overtime Salaries 13,422 6,655 Temporary Salaries 145 19 Contractual Professional Services 11,650 3,446 Power and Light 105,900 106,978 Telephone 8,500 4,165 Maintenance of Buildings 20,000 681 Cicaning and Household Supplies 200 8 Maintcnance Materials -Equipmcnt 3,100 670 Maintenance Matcrials- Buildings 750 257 Operating Materials and Supplies 4,300 2,575 Building Improvements 56.500 54,323 246,043 193,576 I VILLAGE OF GLENVIEW, ILLINOIS Waterworks - West Fund I YearSCheduleEnded°f OperatingDecember Expenses31, 1992 ' Budget and Actual (Cont.) I Budaet Actual I Operations (Cont.) Pumping Station (Cont.) I Less Nonoperating Expenses Fixed Assets Capitalized 56.500 50.000 I Total Pumping Station 189.543 143.576 Distribution System ! Regular Salaries 52,450 80,535 Overtime Salaries 11,998 9,084 Temporary Salaries 2,104 6,563 ! Contractual Professional Service 3,500 2,722 Maintenance of Equipment 500 456 Maintenance of Buildings 18,000 21,205 I Sign Supplies 700 Maintenance Materials - Building 29,300 27,008 Operating Materials and Supplies 3,500 2,955 Machinery and Equipment 12.500 12.144 I 134,552 162,672 Less Nonopcrating Expenses Fixed Assets Capitalized 12.500 11.757 I Total Distribution System 122~ 150.915 I I I I I I I ~ I I I ~.~. I II i~~. i ii.!: ! I VILLAGE OF GLENVIEW, ILLINOIS Wholesale Water Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 Budget Actual Operating Revenues Charges for Services $ Operating Expenses Administration Operations Supply and Metering 1,772 Pumping Station 941 Distribution System 4.470 Total Operating Expenses 7.183 Net Income (Loss) (7.183) Retained Earnings January 1 December 31 ~' Sec accompanying Notes to the Financial Statements. VILLAGE OF GLENVIEW, ILLINOIS Sewerage Fund Statement of Revenues, Expcnscs, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 Budget Actual Operating Revenues Charges for Services Sewer Charges $ 489,600 463,073 Sewer Connection Charges 5,000 4,300 Miscellaneous Other ~,0O0 12.163 Total Operating Revenues 4!~I~,690 479.536 Operating Expenses Excluding Depreciation Administration 117,521 108,318 Operations Pumping Station 21,826 15,023 Collection 112.929 138.732 Total Operating Expenses 252.276 262.073 Operating Income before Depreciation 247,324 217,463 Depreciation ~,2~ Operating Income 247,324 161,235 Nonoperating Revenue Interest Income (~,900 9.298 Income before Operating Transfers ~4,2~4 170.533 Operating Transfers (Out) Illinois Municipal Retirement Fund (16,380) (16,380) Debt Service Fund (79.921~ (79.921~ (96.301~ (96.301'~ Net Income 157.923 74.232 Retained Earnings January I 2,577,448 Prior Period Adjustment (33.264~ Adjusted Balance 2.544.184 December 31 2.618.416 See accompanying Notes to the Financial Statements. 94 I VILLAGE OF GLEN'VIEW, ILLINOIS I Sewerage Fund I Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1992 I Budoet Actual Administration I Contractual Professional Services $ 5,000 43 Printing, Binding, and Publications 100 Postage 1,000 35 I Office Supplies 150 6 Computer Supplies 1,500 Administrative Charges - Corporate Fund 42,288 42,288 Equipment Replacement 15,700 I Equipment Repairs and Fuel 20,983 19,446 Insurance 46.500 46.500 133,221 108,318 I Less Nonoperating Expenses Fixed Assets Capitalized 15.700 Total Administration 117.521 108.318 I Operations Pumping Station I Regular Salaries 10,888 6,287 Overtime Salaries 549 412 Temporary Salaries 189 235 I Contractual Professional Services 5,000 5,617 Power and Light 2,000 1,555 Maintenance of Equipment 2,000 917 Operational Materials and Supplies 1.200 I Total Pumping Station 21.826 15.023 I Collection System Regular Salaries 70,448 74,320 Overtime Salaries 8,902 10,518 i Temporary Salaries 2,549 3,512 Contractual Professional Services 10,000 543 Maintenance of Buildings 7,500 27,216 Rentals 180 180 I Maintenance Materials 2,500 3,359 Small Tools and Equipment 700 563 Operational Materials and Supplies 10,000 8,806 I Machinery and Equipment 10,200 9,490 System Improvements 170,000 170,000 Training 150 225 293,129 308,732 I Nonoperating Expenses Less Fixed Assets Capitalized 180.200 170,000 I Total Collection System 112.929 138.732 VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 Bud~ret Actual Operating Revenues Charges for Services Meter Fees $ 12,000 17,273 Parking Decals 60.000 ~4,~21 Total Operating Revenues 72.000 101.494 Operating Expenses Administration 30,000 30,000 Operations 26,000 40,504 Depreciation and Amortization $.25~ Total Operating Expenses $6.000 75.756 Operating Income 16,000 25,738 Nonoperating Revenues Interest Income 4.500 6.372 Net Income 20.$00 32, i10 Retained Earnings January 1 313.920 December 31 346.030 See accompanying Notes to the Financial Statements. VILLAGE OF GLENVIEW, ILLINOIS Commuter Parking Lot Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1992 Bud~ Actual Administration Administration - Corporate Fund $ 30.000 30.000 Operations Contractual Professional Services 700 Printing, Binding, and Publications 500 Power and Light 2,000 2,491 Postage 500 668 Rentals 18,000 16,754 Maintenance Materials 300 Operations Materials 4.000 20.591 Total Operations 26.000 40.504 I I I I I I I I I I i I I I I I I I INTERNAL SERVICE FUNDS I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all vehicles of the government. These costs include labor, material, fuel, and fixed overhead of the government's repair facility. Insurance Fund - The Insurance Fund is used to account for the financial activity of the government's entire insurance program. In addition to conventional primary insurance, the government is involved in self-insurance. Glenview is a member of the High-Level Excess Liability Pool (HELP) which provides excess liability coverage. Also, the government provides health and life insurance by participating in the (IPBC) Intergovernmental Personnel Benefit Cooperative. VILIAGE OF GLENVIEW, H~L!NOIS Internal Service Funds Comblnlng B~lance Sheet December 3~1, 1992 Municipal Equi1~m~t Total~ Re~air Insurance 1992 1991 Cur~nt As~ts Cash and Investments $ 91,~93 L029,7'26 1,121,619 Receivables - Accounts 3,423 1,224 4,647 548 Investment in HELP 345,883 345,883 269,3~7 Total A~ets 95.316 1.684~07g 1~7~t394 1~101~606 FUND EQUITY Current Liabilitie~ .&.ccounts Payable 6~36 62,712 68~94g 37,~83 Due to Other Funds 32~0 32~0 32,830 Total Liabilities 6,236 95,542 101,7'78 70,813 Fund Equity To~l Liabilities ~d Fungi ~qui~y 9S~1~ S~e accompanying Notes to the irmancial Statements. I VII.IAGE OF GLENVIEW, IIJ.~OIS Imcmal Sen, icc Funds I Combining Statcmcnt of Revenues, l~.?en~, I and Changes in Retah~ed Ear-;-~ Yea~ F_~ded Deember 31, 1992 M~aicip~l 1 Hqu/pment Total~ ll~evair Inzur~ce 1992 1991 ~ for Se~ice. z $ 487,8[]8 1,926JM8 2,414~x~6 2,259,894 Total Operating P,~venu~ $19,6~8 1,~80,217 2,4~9,91~ 2,345~40 I Opemtion~ ~45,849 ~,409~6~ 1.9~$.511 2.~0.915 Nonoper~ti~g i~v~nuc~ NetInt¢~t Income Income. HELP 3,017 29,219 ~2,236 22~10 1 Joint Venture 76.183 76.183 T'/381 3.017 10~.402 1~8.419 99.891 Net Income (Lo~) before Operating Tr~m~fe~ (2~,1~4) 675,9~7 6~2,82~ 184,$16 I Ol~r~ting Tr~n~f¢~ (Out) Capital Equipment Replacement Fund (6,000) (6,000) (4.100) I Net Income (Lo~) (29,134) 675,957 646,fl~ 180,416 January 1 118~.14 912379 1.030.'/93 850.377 December 31 891080 lrSflgr536 11677~616 110301793 1 1 1 1 1 I Sec ,~mpanying Note~ to the Financial Staten~nt$. I 101 I VH,L&GE OF GLENVIEW, ILLINOIS I Internal Service Funds i Comblnln~ Statement of Cash Flows Year Ended December 31, 1992 Equipment Totals Re~air Insurance 1992 1991 I Cash Flo~ from Operating Activities Operating Income (L~:~) $ (26,151) $70,~5 ~14,404 Adjur, tments to Reconcile Opening Income to Net ~ p~ovidefl by Operating Activitie~ Accounts R~ceivable (3,423) (676) (4,099) 1,23~ Investment in HELP (76,4~) (76,486) (~,0~4) Deposit in IPBC ~,0$g 5g,0~ (774) i Advance~ to Other Funds 4,100 ~-ccounts Payable (7,974) 3~,~9 30,~fi~ Due to Other Funds 32~830 (37.548~ 5~0390 552.842 28.119 I Ca~ Flow~ from Noneapital F'maneing Activitie~ Operating Trarmfers (Out) f6.000~ - (6,000) C.a~h Fina~ ft'om Investing Activities I Interest cn Cash Equivalents 3,017 29,219 32,236 22,510 Income ft~om Joint Venture 76~183 76~183 3.017 105.402 108.419 99.891 I Net Increase (IInerease) in Cash and Cash Equh~tinnts (40,531) 695,792 6552.61 123,910 I Cash and Cash Equivalents Januarg 1 132.424 333.934 4(~a~58 342~448 Deeember 31 91.893 1.029.726 11121~619 466~58 I See accompanying Notes to ~e Financial Statements. I VILLAGE OF GLEN"VIEW, ILLINOIS Municipal Equipment Repair Fund I Statement of Revenues, Expenses, I and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 1 1~)~ 1991 Budge t Actual Actual Operating Revenues 1 Charges for Services $ 515,919 487,808 504,784 Miscellaneous 31.890 ~,~49 I Total Operating Revenues 515,919 519,698 513,333 Operating Expenses Ope ratio ns 508,437 ~45. 849 ~25,162 l Operating Income (Loss) 7,482 (26,151) (11,829) Nonoperating Revenues I Interest Income 2.000 3.017 3.298 Income (Loss) Before Operating 1 Traus fe rs 9,482 ( 23,134) ( 8,531 ) Operating Transfers (Out) I Capital Equipment Replacement Fund (6.000) (6.000) (4.100~ Net Income (Loss) ~482 (29,134) (12,631) I Retained Earnings January I 118.214 130.845 I December 31 89.080 118.214 I 1 I I I See accompanying Notes to Financial Statements. I 103 m VILLAGE OF GLENVIEW, ILLINOIS Municipal Equipment Repair Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1992 Budget Actual Operations Regular Salaries $ 146,837 169,443 Overtime Salaries 5,112 3,341 Temporary Salaries 3,135 3,543 Longevity Pay 1,750 1,750 Contractual Professional Services 8,600 8,343 Maintenance of Equipment 40,000 47,465 Maintenance of Buildings 5,000 2,821 Uniform Allowance 3,000 2,400 Fuel 150,000 155,542 Motor Vehicle Supplies 40,000 46,000 Cleaning and Household Supplies 3,000 2,052 Maintenance Materials - Equipment 85,000 82,500 Maintenance Materials - Buildings 5,000 5,009 Small Tools and Equipment 4,000 3,208 Equipment Repairs 3,253 8,249 Machinery and Equipment 4.750 4,11~3 Total Operations ~08,4~7 545~849 104 1 VILLAGE OF GLEN'VIEW, ILLINOIS Insurance Fund I Statement of Revenues, Expenses, I and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1992 ! 1992 1991 Bud£ct Actual Actual Operating Revenues I Charges for Services $ 1,601,020 1,926,848 1,755,110 Miscellaneous I Returned Premiums 68.655 53.369 77,Q97 Total Operating Revenues 1,669,675 1,980,217 1,832,207 Operating Expenses I Operations Insurance Premiums 1.559.821 1.409.662 1,7~5.753 Operating Income 109.854 570.555 96.454 I Nonoperating Revenues l Interest Income 14,000 29,219 19,212 Net Income - HELP Joint Venture 76.183 77.381 14.000 10~,402 96.593 I Net Income 123.854 675,957 193,047 Retained Earnings I January 1 912.579 719.532 December 31 1.588.536 912~}7~ I I 1 1 1 I See accompanying Notes to Financial Statements. 1 105 I I I I I I I I I I I I I I I I I I I I FIDUCIARY FUND TYPES I I I I I I I I I I I I I I I I I I i TRUST AND AGENCY FUNDS I I I I TRUST AND AGENCY FUNDS I EXPENDABLE TRUST Escrow Deposit Fund - The Escrow Fund is used to occount for the funds placed on deposit with i the government by building contractors working within the government's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - The Deposit Fund is used to account for money on deposit with the government I being held on a temporary basis such as security deposits for use of the government's equipment. IPolice Department Special Account Fund - The Police Department Special Account Fund is used to account for funds received from the Cook County Clerk of the Circuit Courts' office to be used in various types of investigations. I PENSION TRUST I Police Pension Fund - The Police Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. I Fireflghters' Pension Fund - The Fireflghters' Pension Fund is used to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. I I AGENCY Deferred Compensation Plan Fund - The Deferred Compensation Fund is used to uccouut for salary deductioas held by the government employees. The Deferred Compensatiou is available I to employees upon termination or retirement. Special Service Areas Fund - This fund accounts for various special service area bond issues. I I I I I VILLAGE OF GLENVlEW, ILL.lOIS ~i~ B~ Sh~t (~ Fon~ 1 VILLAGE OF GLENVIEW, ILLINOIS Expendable Trust Funds 1 Combining Statement of Revenues, Expenditures, Ill and Changes in Fund Balances · Year Ended December 31, 1992 Police I Department Escrow Special Totals Deoosit Deposit Account 1992 1991 I Fines and Forfeits $ 1,319 1,319 18,272 Interest 163,504 1,844 182 165,530 308,049 Miscellaneous Other 6~699 962 7,661 7~502 Total Revenues 163~504 8,543 2~463 174~510 333.823 Expenditures I General Government 7,093 7,093 5,507 Public Safety 9.061 9.061 6.464 Total Expenditures ?.093 9.061 16.154 11.971 · · Excess (Deficiency) of Revenues over Expenditures 163,504 1,450 (6,598) 158,356 321,852 Other Financing (Uses) 1 Operating Transfers (Out) I General Fund (1611,504) - (163.504') (305.410'~ Excess (Deficiency) of Revenues over Expenditures and Other 1 Financing Uses 1,450 (6,598) (5,148) 16,442 Fund Balances l January I 16.371 13.669 30.040 13.598 December 31 - 17~821 7~071 24~892 30~040 I I I I I I See accompanying Notes to the Financial Statements. I 107 I VILLAGE OF GLENVIEW, ILLINOIS Pension Trust Funds Combining Statement of Revenues, Expenses, and in Fund Balances Changes Year Ended December 31, 1992 Police Pirefighters' Totals Pension Pension 1992 1991 Operating Revenues Taxes Foreign Fire Insurance Tax $ 35,761 35,761 30,087 Property Taxes - Prior 9,374 9,374 Contributions = Employees 244,982 204,701 449,683 380,126 Interest 1,027,054 1,191,960 2,219,014 1,611,781 Miscellaneous Gain on Sale of Investments 69,346 261,707 331,053 547,013 Other Total Operating Rnvenu¢$ 1.341.382 1.703.503 3.044.885 Operating Expenses Pensions and Refunds 453,894 180,815 634,709 571,201 Miscellaneous Other 3.963 3.069 7.032 10.224 Total Operating Expenses 457.857 183.884 641.741 581.425 Operating 883,525 1,519,619 2,403,144 1,987,697 Income Nonoperating Revenues Merged Pension Plan 8tlM7,410 $,847,4~0 Income before Operating Transfers 883,525 10,367,029 11,250,554 1,987,697 Operating Transfers In - General Fund 26.938 18.127 45.065 43.345 Net Income 910,463 10,385,156 11,295,619 2,031,042 Fund Balances January 1 11,693.308 10.532.848 22.226.156 20.195.114 December 31 12,603.771 20.918.004 3315211775 22~2261156 See accompanying Notes to the Financial Statements. log 1 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund I Statcmcnt of Revenues, Expenses, I and Changes in Fund Balance - Budget and Actual Year Ended Dcccmbcr 31, 1992 Budget Actual I Operating Revenues 1 Contributions - Employees $ 235,885 244,982 lntcrcst 195,000 1,027,054 Miscellaneous I Gain on Sale of Investments 6~,~4(~ Total Operating Revenues 4~Q,{~{~ 1.341.382 Operating Expenses I Pensions and Refunds 430,026 453,894 Miscellaneous Contractual Professional Services $.?00 3.963 I Total Operating Expenses 435.726 457.857 Income (Loss) before Operating Transfers (4,841) 883,525 Operating Transfers In - General Fund 26.938 26.938 I Net Income 22.097 910,463 I Fund Balance January I 11.693.308 I December 31 12~03.771 I I I 1 I I See accompanying Notes to the Financial Statements. I 109 1 I VILLAGE OF GLENVIEW, ILLINOIS I Firefighters' Pension Fund I Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1992 I Budget Actual I Operating Rcvcnucs Taxes Foreign Fire Insurance Tax $ 30,000 35,761 i Property Taxes - Prior 9,374 Contributions - Employees 149,505 204,701 Interest 197,000 1,191,960 Miscellaneous I Gain on Sale of Investments ;~6L707 Total Operating Revenues 376.505 1.703.503 I Operating Expenses Pensions and Refunds 147,711 180,815 Miscellaneous Contractual Professional Services 5.000 ~,069 I Total Operating Expenses 152.711 183.884 Operating Income 223,794 1,519,619 I Nonopcrating Revenues Merged Pension Plan 8.847,4~0 I Income before Operating Transfers 223,794 10,367,029 Operating Transfers In - General Fund 18.127 18.127 I Net Income 241.921 10,385,156 I Fund Balance January ! 10.532.848 i December 31 20.918.004 ! ! ! I See accompanying Notes to the Financial Statements. 110 ! I VIrLI*&GE OF GLENVIEW, Combining Statement of Changes in Assets and Liabilities Year Endexi December 31, 1992 Balan~s Balance~ I Januar~ 1 Additions i~ductlom December 31 All Funds A~l~ I A~ets held byA~nts for Deferred Compensa~on I Plan (Ma_~et Value) $ $,9~,754 1,494,..~7 139,942 7,333,399 R~eivnble~ - Pxx~.ny Tax~ 134_~90 150.725 134.390 150.725 Total As~ 6.113.144 1.645-312 274.332 7.484.124 · LIABII~t'~.S Duc to Participant~ 5,~/~,754 1~494,587 139,~42 7~33~99 1 Dee to Other Funds 4~63 11,851 4,363 ~1,851 1 To~l Liabilitie~ 6~1~3~144 ~1645~31:~ 274.332 7A84.124 l Defened Compcn~tion Plan Fund AS~iS I ~ts held by ~nts for De fen-ed Compensation I LIP~ · Doc to Participants 5.978.754 1.494-q87 139.942 7.333.399 spe~a s~e~ I i R~.i~bl~ - eml~l'y T~ 13~t.~Jo ~0,~ ~ ~0.~ l Due to Other Funds 4,363 11,851 4~.~3 11,851 Due to Bondholdel*s I:~,0,Q'~/ 1,38,874 130.027 138.874 an See a~ompanying Notes to the l~nam'ial Star. me. ts. I 11! I I I I I I I I I I I I I I I I I I ACCOUNT GROUPS I I I I I I I ! I I I I ! I GENERAL FIXED ASSETS ACCOUNT GROUP VILLAGE OF GLEN'VIEW, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source December 31, 1992 1992 1991 GENERAL FIXED ASSETS Land $ 3,905,095 3,905,095 Buildings and Improvements 11,827,797 11,827,797 Equipment 6,785,213 6,645,865 Furniture 567,396 567,396 Officc Equipment 332.127 332.127 23.417.628 23.278.280 INVESTMENT IN GENERAL FIXED ASSETS General Revenues 16,518,349 16,379,001 Bond Issues 6.899.279 6.899.279 23.417.628 23.278.280 112 VILLAGE OF GLENVIEW, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - by Function and Activity Year Ended December 31, 1992 Function and Balances Balances Activity Januarv 1 Additions Retir~m~nt~ D~q~ml?~r 91 General Government Executive $ 57,716 57,716 Administrative 2,351,120 19,888 12,890 2,358,118 Finance 684,128 684,128 Building and Grounds 234.331 2~4,~1 Total General Government 3.327.295 19.888 12.890 3.334.293 Public Safety Police 3,243,035 162,654 74,516 3,331,173 Fire 2.502.574 130.909 183.794 2.449.689 Total Public Safety 5.745.609 293.563 258.310 5.780.862 Public Works Administration 2,033,820 14,367 46,972 2,001,215 Building Division 830,519 830,519 Engineering 354,965 29,961 25,611 359,315 Street Division 4,834,115 140,820 15,468 4,959,467 Equipment and Supplies Division 839.502 839.502 Total Public Works 8.892.921 185.148 88.051 8.990.018 Culture and Recreation Administration 5.312.455 - 5.312.455 23.278.280 498.599 359.251 23.417.628 114 I I I I I I I I I I I I GENERAL LONG TERM DEBT ACCOUNT GROUP i I I I I I i I I I I I I I I I I I I SUPPLEMENTARY DATA VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Analysis of Funding Progress December 31, 1992 (6) Unfunded (Assets in (1) Excess of) Net (4) Pension Assets Unfunded Benefit Available (Assets in Obligation for Excess of) as a Benefits (2) (3) Pension (5) Percentage (Lower of Pension Percentage Benefit Annual of Covered Fiscal Cost or Bcnefit Fundcd Obligation Covered Payroll Year Market~ Oblioation (1~ + (2~ (2) - (il Payroll (4) + (5) 1987 $ 2,930,396 4,635,234 63.22 % 1,704,838 3,705,506 46.01 % 1988 2,933,046 5,050,499 58.07 2,117,453 4,005,547 52.86 1989 3,527,092 5,869,171 60.10 2,342,079 4,426,475 52.91 1990 3,988,712 6,849,865 58.23 2,861,153 4,924,658 58.10 1991 5,079,052 7,308,562 69.49 2,229,510 5,362,109 41.58 1992 6,254,345 8,279,322 75.54 2,024,977 5,795,158 34.94 (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfundcd pension bcnefit obligation in isolation can be mislcadlng. Expressing thc net assets available for benefits as a percentage of thc 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, thc stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Exprcssing the unfundcd pension benefit obligation as a perccntagc of annual covcrcd payroll approxlmatcly adjusts for thc effects of inflation and aids analysis of progress made in accumulating sufficicnt assets to pay bcncfits when due. Generally, the smaller thc percentage, thc strongcr the PERS. 116 I VILLAGE OF GLEl~IE~ ILLINOIS Po·icc Pension Fund · Required Supplementary Information Analysis of Funding Progress · December 31, 1992 ! (6) Unfunded (Assets in (1) Excess of) Net (4) Pension Assets Unfunded Benefit Available (Assets in Obligation for Excess of) as a Benefits (2) (3) Pension (5) Percentage (l ower of Pension Percentage Benefit Annual of Covered · Fiscal Cost or Benefit Funded Obligation Covered Payroll Year Market~ Obligation (1~ + (2~ f2~ - fl~ Payroll f41 + 1983 $ 2,930,685 7,065,367 41.48 % 4,134,682 1,618,230 255.51 % 1984 3,610,426 8,059,323 44.80 4,448,897 1,686,606 263.78 1985 4,789,889 8,398,321 57.03 3,608,432 1,806,170 199.78 1986 5,723,428 9,282,882 61.66 3,559,454 1,888,303 188.50 I 1987 8,223,642 7,999,650 102.80 (223,992) 2,040,100 (10.98) 1988 8,949,779 7,920,498 113.00 (1,029,281) 2,089,055 (49.27) 1 1989 10,095,845 8,550,352 118.08 (1,545,493) 2,282,311 (67.72) · · 1990 10,093,095 8,915,058 113.21 (1,178,037) 2,373,700 (49.63) 1991 10,791,415 9,883,148 109.19 (908,267) 2,868,564 (31.66) I 1992 11,693,308 10,795,402 108.32 (897,906) 2,721,721 (32.99) ! Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and I 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 aa both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller the percentage, the stronger the PERS. 1 117 I I VILLAGE OF GLENVIEW, ILLINOIS I Firefighters' Pension Fund I Required Supplementary Information Analysis of Funding Progress December 31, 1992 I (6) Unfunded I (Assets in (1) Excess o0 Net (4) Pension I Assets Unfunded Benefit Available (Assets in Obligation for Excess of) as a i Bcncfits (2) (3) Pension (5) Pcrccntagc (Lower of Pension Percentage Benefit Annual of Covered Fiscal Cost or Benefit Funded Obligation Covered Payroll Year Market~ Obli~,ation (1~ + (2~ (2~ - (1~ Pavr911 (4) + I 1983 $ 2,297,281 3,648,777 62.96 % 1,351,496 1,155,110 117.00 % I 1984 2,959,512 4,230,709 69.95 1,271,197 1,188,723 106.94 1985 3,524,611 4,646,789 75.85 ' 1,122,178 1,235,342 90.84 I 1986 4,706,877 5,479,110 85.91 772,233 1,276,426 60.50 1987 7,114,349 5,993,554 118.70 (1,120,795) 1,285,510 (87.19) I 1988 7,770,501 5,891,304 131.90 (1,879,197) 1,304,443 (144.06) I 1989 8,631,747 5,618,758 153.62 (3,012,989) 1,513,600 (199.06) 1990 8,628,996 6,154,764 140.20 (2,474,232) 1,638,158 (151.04) I 1991 9,403,703 6,882,157 136.64 (2,521,546) 2,001,064 (126.01) 1992 10,532,848 7,643,219 137.81 (2,889,629) 2,481,233 (116.46) I I Analysis of the dollar amounts of nct assets available for bcncfits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets I available for benefits as a percentage of thc 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 i 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 whea due. Generally, the smaller I the percentage, the stronger the PERS. i 118 VILLAGE OF GLENVIEW, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Revenues by Source December 31, 1992 Employer Contributions Revenues bv Source Percentage Fiscal Employee Employer Investment of Covered Year C0n~rilplltigns Contributions Income Totals Payroll 1983 $ 117 483 168,914 N/A 286,397 *** 1984 125 629 181,184 N/A 306,813 *** 1985 141 537 204,127 N/A 345,664 *** 1986 152 811 245,516 N/A 398,327 *** 1987 166 751 259,384 N/A 426,135 7.00 1988 180 252 280,388 N/A 460,640 7.00 1989 199 196 399,710 N/A 598,906 9.03 1990 221 613 521,028 N/A 742,641 10.58 1991 241 298 613,961 N/A 855,259 11.45 1992 260 785 678,613 N/A 939,398 11.71 *** Not available 119 VILLAGE OF GLENVIEW, ILLINOIS Police Pension Fund Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1992 Employer Contributions as fl Revenues bv Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income TOl~I~ Pi~yrgll 1983 $ 133,504 441 505 345,171 920,180 27.28 % 1984 139,145 495 023 406,152 1,040,320 29.35 1985 149,009 577 336 465,639 1,191,984 31.96 1986 155,785 530 381 835,810 1,521,976 28.09 1987 173,746 474 199 805,820 1,453,765 23.24 1988 188,015 471 902 651,546 1,311,463 22.59 1989 205,408 152 076 1,159,038 1,516,522 6.60 1990 213,633 952 868,525 1,083,110 0.04 1991 234,979 26,039 1,070,563 1,331,581 0.90 1992 244,982 26,938 1,096,400 1,368,320 0.99 Exoenses bv Tvoe Fiscal Administrative Refunds Year Benefits Exnenses and Other Totals 1983 $ 238,965 1,475 240,440 1984 264,787 805 265 592 1985 257,364 1,083 258 447 1986 290,240 15,203 305 443 1987 305,476 4,384 11,312 321 172 1988 330,573 1,002 112,980 444 555 1989 364,756 5,185 369 941 1990 404,054 5,402 409 456 1991 418,578 4,692 6,413 429 683 1992 453,894 3,963 457 857 120 I VILLAGE OF GLENVIEW, ILLINOIS Fircfightcrs' Pension Fund · Required Supplementary Information Revenues by Source and Expenses by Type December 31, 1992 I Employer Contributions as a I Revenues bv Source Percentage Fiscal Employee Employer Investment of Covered Year Contributions Contributions Income Totals Payroll 1983 $ 89,521 327,516 276 688 693,725 28.54 % 1984 92,126 336,739 347 834 776,699 28.33 1985 95,739 338,605 418 232 852,576 27.41 · 1986 98,923 342,227 772 208 1,213,358 26.81 1987 111,604 290,435 843 509 1,245,548 22.59 1988 120,661 288,177 532 880 941,718 22.09 · 1989 124,872 39,040 824 334 988,246 5.90 1990 135,148 28,441 742 209 905,798 1.75 1991 145,147 47,393 1,088,346 1,280,886 2.37 il 1992 204,701 63,262 1,453,667 1,721,630 2.55 1 Ex'nenses by Tyne I Fiscal Administrative Refunds Year Benefits Expenses and Other Totals 1 1983 $ 30,270 1,225 31,495 1984 62,397 625 63,022 1985 65,564 2,~ 67,8~ · 1986 93,919 625 94,5~ 1987 94,748 858 32,813 1~,419 1988 93,679 808 19,551 114,038 1989 142,093 2,900 144,993 1990 144,519 4,137 148,656 1991 146,210 5,532 151,742 · 1992 180,815 3,069 183,884 I I ! I 121 I Comb/ned Schedule of Cash and Investments December 31, 1992 (s~ Fono~s Page) VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements General Obligation Library Bond Series of 1984 December 31, 1992 Date of Issue July 1, 1984 Date of Maturity December 1, 1997 Authorized Issue $3,100,000 Denomination of Bonds $5,000 Interest Rates 1986-1988 9.90% 1989 8.50% 1990 8.60% 1991 8.90% 1992 9.50% 1993 9.25% 1994 9.50% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Payable at Citibank CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Fiscal Levy Bond Tax Lew Interest Due on Year Year Numbers Principal Interest Totals June 1 Amount Dec. 1 Amount 1993 1992 :M6-400 $ 275.000 133.100 408.100 1993 66~550 1993 66~550 124 I VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requiroments I DecemberC°rp°rate 31,Purpose1992 Bond Series of 1977 I Date of Issue July 1, 1977 i Date of Maturity January 1, 1998 Authorized Issuc $4,525,000 I Denomination of Bonds $5,000 Intcrcst Ratcs Bonds 1 to 235 6.00% Bonds 236 to 320 4.60% I Bonds 321 to 365 4.80% Bonds 416 to 465 4.90% Bonds 466 to 905 5.00% Interest Dates January i and July i 1 Principal Maturity Date January 1 Payable at American National Bank & Trust Company of Chicago i CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I Fiscal Bond Tax Lcw Interest Due on I Y~i~r Numbers Princioal Interest Totals Sulv 1 Amount Jan. I Amount 1993 576-635 $ 300,000 82,500 382,500 1993 41,250 1994 41,250 i 1994 636-695 300,000 67,500 367,500 1994 33,750 1995 33,750 1995 696-760 325,000 52,500 377,500 1995 26,250 1996 26,250 1996 761-830 350,000 36,250 386,250 1996 18,125 1997 18,125 1997 831-905 ~7~.000 18.750 393.750 1997 9.375 1998 9.375 l 1~650.000 257.500 1.907.500 128.750 128.750 I I I I I Note: Thc principal and interest will bc paid by Waterworks Fund - West. I VILLAGE OF GLEN'VIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1989 31, 1992 December Date of Issue July 1, 1989 Date of Maturity December 1, 2004 Authorized Issue $8,000,000 Denomination of Bonds S5,000 Interest Rates 1989-1991 6.10% 1992-1993 6.20% 1994-1995 6.25% 1996-1997 6.30% 1998-1999 6.40% 2000-2001 6.50% 2002-2004 6.60% Interest Dates June 1 and December 1 Principal Maturity Date December 1, 2004 Payable at American National Bank & Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS CURRENT AND Tax Fiscal Levy Bond Tax L~vy Interest Due on Year Year Numbers Principal Interest Totals June I Amount Dec. 1 Amount 1993 1992 0181-0275 $ 475,000 455,587 930,587 1993 227,793 1993 227,794 1994 1993 0276-0375 500,000 426,138 926,138 1994 213,069 1994 213,069 1995 1994 0376.0480 525,000 394,888 919,888 1995 197,444 1995 197,444 1996 1995 0481.0595 575,000 362,076 937,076 1996 181,038 1996 181,038 1997 1996 0596-0715 600,000 325,850 925,850 1997 162,925 1997 162,925 1998 1997 0716.0845 650,000 288,050 938,050 1998 144,025 1998 144,025 1999 1998 0846-0985 700,000 246,450 946,450 1999 123,225 1999 123,225 2000 1999 0986-1135 750,000 201,650 951,650 2000 100,825 2000 100,825 2001 2000 1136-1245 550,000 152,900 702,900 2001 76,450 2001 76,450 2002 2001 1246-1355 550,000 117,150 667,150 2002 58,575 2002 58,575 2003 2002 1356-1475 600,000 80,850 680,850 2003 40,425 2003 40,425 2004 2003 1476-1600 625.000 41~250 666,250 2004 20.625 2004 20.625 7~100,000 310921839 1011921839 1.546.420 11546t419 126 VILLAGE OF GLENVIEW, ILLINOIS Long-Term Debt Requirements · Corporate Purpose Bond Series of 1990 I December 31, 1992 Date of Issue May 1, 1990 I Date of Maturity December 1, 2002 Authorized Issue $4,500,000 Denomination of Bonds $5,~ · Interest Rates 1991 6.10% 1992 6.25% 1993 6.40% I 1994 6.45% 1995 6.60% 19~ 6.70% I 1997 6.80% 1998 6.85% 1999-2002 6.90% Interest Dates June I and December i · Principal Maturity Date December 1, 2002 Payable at American National Bank & Trust Company of Chicago I CURRENT AND FUTURE PRINCIPAL AND INTEREST REOUIREMENTS Fiscal Levy Bond Tax Levy Interest Due on Year Year Number~ Principal Interest Totals June 1 Amount Dec. 1 Amount 1 1993 1992 131-160 $ ~0,000 291,~0 591,300 1993 145,~0 1993 145,650 1994 1993 161-220 325,000 272,100 597,100 1994 1~6,050 1994 1~6,050 1995 1994 221-285 350,000 251,138 601,138 1995 125,569 1995 125,569 · 1996 1995 2~355 375,000 ~8,037 ~3,037 1996 114,019 1996 114,018 1997 1996 356-~30 425,000 202,912 627,912 1997 101,456 1997 101,456 1998 1997 431-515 425,000 174,012 599,012 1998 87,006 1998 87,006 1999 1998 516-600 450,000 144,900 594,900 1999 72,450 1999 72,450 · 2000 1999 601-690 475,000 113,850 588,850 2000 56,925 2000 56,925 2001 2000 691-785 575,000 81,074 656,074 2001 40,537 2001 40,537 2002 2001 786-900 600.000 41.400 641.400 2002 20.700 2002 20.700 4~300~000 1~800.723 6.100.723 900.362 900.361 I 127 I VILLAGE OF GLEN-VIEW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1991 December 31, 1992 Date of Issue December 1, 1991 Date of Maturity December 1, 1999 Authorized Issue $4,165,000 Denomination of Bonds $5,000 Interest Rates 1991-1992 4.40% 1992-1993 4.50% 1993-1994 4.70% 1994-1995 4.70% 1995-1996 4.90% 1996-1997 5.00% 1997-1998 5.00% 1998-1999 5.10% Interest Dates December 1 Principal Maturity Date December 1, 1999 Payable at American National Bank & Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REOUIREMENTS Tax Fiscal Lcuy Bond Tax Lew Interest Due on Year Year Numbers Principal Interest Totals June 1 Amount De~:. ~ Ar~oun~ 1993 1992 081-160 $ 400,000 182,485 582,485 1993 91,242 1993 91,243 1994 1993 161-245 425,000 164,485 589,485 1994 82,243 1994 82,242 1995 1994 246-389 720,000 144,510 864,510 1995 72,255 1995 72,255 1996 1995 390-532 715,000 110,670 825,670 1996 55,335 1996 55,335 1997 1996 533-666 670,000 75,635 745,635 1997 37,818 1997 37,817 1998 1997 667-756 450,000 42,135 492,135 1998 21,067 1998 21,068 1999 1998 757-833 385.000 19~635 404t635 1999 9.817 1999 9t$15 3~765~000 739~555 4~504t555 369~777 3691778 Note: The above bond issue is to be retired anually by the Waterworks - West Fund (79%) and thn Corporate Pur- pose Bond Series of 1991 (21%). The bonds payable are: $2,974,350 by Waterworks - West Fund and $790,650 by the Corporate Purpose Bond Series of 1991. 128 ~LLAGE OF GLEN~EW, ILLINOIS Long-Term Debt Requirements Corporate Purpose Bond Series of 1992 December 31, 1992 Date of Issue April 1, 1992 Date of Maturity December 1, 2012 Authorized Issue $2,895,000 Denomination of Bonds $5,000 Intcrcst Ratcs 1993 4.00% 2001 6.00% 1994 4.30% 2002 6.10% 1995 4.75% 20003 6.20% 1996 5.10% 2oo4 6.30% 1997 5.25% 2005 6.40% 1998 5.50% 2oo6 6.50% 1999 5.75% 2007-2008 6,55% 2000 5.90% 2009-2012 6.60% Interest Dates June 1 and December 1 Principal Maturity Date December 1, 2012 Payable at American National Bank & Trust Company of Chicago CURRENT AND FUTURE PRINCIPAL AND INTEREST REOUIREMENTS Tax Fiscal Levy Bond ~ Interest Due on Year Year Numbers Principal Interest Totals June I Amount Dec. 1 Amount 1993 1992 001~03 $ 10,000 1~,2~ 188,96 1993 89,143 1993 89,143 1994 1993 003-017 85,000 177,886 262,886 1994 88,943 1994 88,943 1995 1994 018-038 95,000 174,230 269,230 1995 87,115 1995 87,115 1996 1995 039-057 95,~0 169,718 264,718 1~6 ~,859 1996 84,~9 1997 1996 058~77 100,000 164,874 264,874 1997 82,437 1997 82,437 1998 1997 0~98 105,000 159,624 264,624 1998 79,812 1998 79,812 1999 1998 099-120 110,000 153,848 263,848 1999 76,924 1999 76,924 2000 1999 121-144 120,~0 147~24 267~24 2~0 73,762 2~0 73,762 2001 2000 145-169 125,000 140,444 265,444 2001 70,222 2001 70,222 2002 2001 170-195 130,000 132,944 262,944 2002 66,472 2002 66,472 2003 2002 196-224 145,000 125,014 270,014 2003 62,507 2003 62,507 2004 2003 225-254 150,000 116,024 266,024 2004 $8,012 2004 58,012 2005 20~ 255-286 160,~0 106,574 2~74 2005 53,287 2~5 53,287 2006 2005 287-320 170,000 96,334 266,324 2006 48,167 2006 48,167 2007 2006 321-366 180,000 ~,2~ 2~,284 2007 42,642 2~7 42,642 2008 2~7 367-395 195,~0 73,4~ ~8,4~ 2008 36,745 2~ 36,745 2009 2008 396-437 210,000 60,720 270,720 2009 30,360 2009 30,360 2010 2009 438-481 220,000 46,860 266,860 2010 23,430 2010 23,430 2011 2010 482-528 235,000 32,340 367,340 2011 16,170 2011 16,170 2012 2011 529-579 ]~,900 16.830 271.830 2012 8.415 2012 8.415 2.895.000 2.358.848 5.253.848 1.179.424 1.179.424 The government plans to abate property taxes on the above bonds and use revenues generated by the Wholesale Water Fund to retire this debt, 129 I I i I I I I I I I Statistical Section I I I I I I I I I ! V1LI~,GE OF GLEN~IEW, ILLINOIS ~o~ T~ ~ V~fio~ Rat~ ~c~o~ ~d ~ ~t Tcn ~ Y~  ~m~r 3~ 1~  (S~ Fo~o~ P~) VIIIAGE OF GLENVIEW, ILLINOIS Property Tax Rates - Direct and Ov~rlapplng C-owrnmcn~s Last Ten F~cal Years December 31, 1992 (s~ Followiag P~) VILLAGE OF GLENVIEW, ILLINOIS Schedule of Direct and Overlapping Bonded Debt December 31, 1992 Village's Percent of Village's Applicable Shares 1991 Real (Note 1) of Gro~s Property Or~ Debt to be Paid from in Taxing Bonded Real Property Taxc~ Body Debt Percent Amount SCHOOL DISTRICTS: Elementary Districts: Glcnvicw School Dist. No. 34 72.6 ~, $ 4,535,000 84.558 3,834,705 Northbrook School Dist. No. 30 9.9 4,150,000 32.355 1,342,733 West Northficld School Dist. No. 31 7.5 6,485,000 17.001 1,102,515 Wilmette School Dist. No. 39 3.1 4,315,000 4.750 204,963 Golf School Dist. No. 67 3.2 1,500,000 16.384 245,760 ~ast Maine School Dist. No. 63 2.0 15,510,000 2.871 445,292 Avoca School Dist. No. 37 L7 6,605,000 7.496 495,111 100.0 High School Districts: Northficld Township High School Dist. No. 225 89.4 3,900,000 32.492 1,267,188 New Trier Township High School Dist. No. 203 4.9 7,825,000 2.422 189,522 Niles Township High School Dist. No. 219 3.7 6,850,000 1.479 101,312 Maine Township High School Dist. No. 207 2.0 0.696 Community Collcga District: Oakton Comm. College No. 535 100.0 10,125,000 8.747 885.634 Total School Districts 10.114.735 OTHER THAN SCHOOL DXSTRICTS: Cook County, Incl. Forest Preserve Dist. 100.0 1,224,375,000 (2) 1.256 15,378,150 Metropolitan Water Reclamation Dist. 100.0 1,112,985,000 (2) (3) 1.283 14,279,598 Glcnvicw Park Dist. 98.7 7,010,000 78.956 3,534,816 Northbrook Park District 0.2 3,705,000 (4) 0.142 5,261 Northfield Woods Sanitary Dist. 6.9 1,850,000 21.345 394,883 Glenview Special Service Areas Various 1,196,295 100.000 1.196.29~ Total Other Than School Districts 36,789,003 Villaga of Glenview 100.0 19,985,000 100.000 19.985~00o 56.774.003 Total Direct and Overlapping Bonded Debt 66~888~738 Notes: 1. Village's share ba~d ~pon 1991 Real Property ,.mluations. 2. Excludes General Obligation Notes issued in lieu of tax anticipation warrants and notes issued to provide interim construction financing. 3. Includes the $477,600,000 issue which sold on April 15, 1993: $253,240,000 General Obligation Capital Improvement Bonds, Series 1993 and $224,360,000 General Obligation Refunding bonds, Series 1993. 4. Excludes $14,375,000 'Alternate Bonds' issued pursuant to Public Act 85-1419, which are considered to be self-supporting since they are payable from user fees or other pledged non-property tax sources. 136 VILLAGE OF GLENVIEW, ILLINOIS Schedule of Legal Debt Margin December 31, 1992 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 the legal debt mar~4n. 'Thc (~eneral Assembly may limit by law thc amount and rcqulrc rcfercndum approval of debt to be incurred by home rulc municipalities, payable from ad valorcm property tax receipts, only in excess of thc following percentages of thc 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 rcfcrendum...shall not bc includcd in thc foregoing percentage amounts.' To date thc (~encral Assembly has sct no limits for home rule municipalities. I VILLAGE OF GLENVIEW, ILLINOIS Demographic Statistics I Last Ten Fiscal Years December 31, 1992 I Education I Level in (2) (3) Per Years of School Uncmploy- I Fiscal (1) Capita Median Formal Enroll- ment Year Pooulation Income A~e Schoolin~ mellt Perccnlag© 1983 33,986 $ 15,450 33.3 15.3 2,762 5.1 % I 1984 34,225 15,856 33.8 15.6 2,751 6.0 1 1985 34,500 18,632 33.8 15.6 2,666 5.4 1986 36,375 18,741 33.6 15.7 2,701 5.3 I 1987 36,400 19,490 33.9 15.9 2,794 4.7 1988 36,400 21,429 34.5 16.4 2,963 4.3 I 1989 36,400 22,350 34.7 16.5 3,024 4.5 1990 37,093 22,791 34.9 16.4 3,121 3.9 I 1991 38,079 24,838 35.5 16.6 3,015 3.6 l 1992 38,079 30,531 37.5 16.4 5,887 4.8 I 1 I I Data Sources I (1) U.S. Department of Commerce, Bureau of the Census, 1991 Secial Census. (2) Includes elementary and high school students. I (3) Illinois Department of Labor, Illinois Department of Employment Security. I I VILLAGE OF GLENVIEW, ILLINOIS I Miscellaneous Statistics December 31, 1992 ! I Date of Incorporation June 20, 1899 Form of Government Council-Manager I Geographic Location 20 Miles North of Chicago Area 13 Square Miles I Population 1950 (1) 6,142 1960 (i) 18,132 I 1963 22,364 1970 (1) 24,880 1975 30,552 I 1980 (1) 32,060 1984 34,225 1985 34,500 i 1986 36,375 1987 36,400 1988 36,400 1989 36,400 I 1990 (1) 37,093 1991 (1) 38,079 I Number of Total Housing Units (1992 Census) 14,165 Median Value Owner-Occupied Noncondominium Housing Units $ 235,600 ! Distribution of Owner-Occupied INoncondominium Houses by Value Unit Value bv Ranee (1) Unit Distribution I Number Percent Under $100,000 305 3.2 % 100,000 - 199,999 3,303 34.7 I 200,000 - 299,999 2,895 30.4 300,000 Or More 3.017 31.7 I 9 520 00.0 I I (1) The above information from the Bureau of the Census, other years estimated. i 143 1 VILLAGE OF GLENVIEW~ ILLINOIS Miscellaneous Statistics (Cont.) 1 December 31, 1992 ! Fire Protection I Number of Firefighters 82 Number of Stations 3 Number of Fire Hydrants 2,005 I.S.O. Rating Class 3 I Police Protection Number of Police Officers 62 · Number of School Crossing Guards 18 Number of Stations ! Library Services 1 Number of Libraries ! Number of Books 217,152 Number of Records 5,882 · Number of Audio Cassettes 6,004 · Number of Slides 186 Number of Video Tapes 3,647 · Number of Compact Discs 3,058 1 Number of Registered Borrowers 39,285 1992 Book Circulation 685,707 Recreation Facilities I Number of Parks and Playgrounds 24 Park Area in Acres - Park District Owned 340 · Park Arcs in Acres - Park District Leased 125 i Municipal Parking Facilities Number of Parking Spaces 666 Waterworks Waterworks Fund - East Fund - West Number of sewer custmers served during fiscal year 6,867 1,716 Number of metered water customers at December 31, 1992 7,484 5,598 Number of unmetcred water customers at December 31, 1992 None None Gallons of water purchased during fiscal year 1,054,000,000 1,144,000,000 Gallons of water billed during fiscal year 958,000,000 1,040,000,000 1 · Water Storage Capacity Ground Storage 8,500,000 Elevated Storage 1,000,000 1 · VILLAGE OF GLENVIEW, ILLINOIS Miscellaneous Statistics (Cont.) December 31, 1992 Number of Full Time Employees (on December 31, 1992) 198 Miles of Streets Maintained by Gleuview Identified by Functional Classification: Arterial 7 Collector 5 Residential 84 Cul-De-Sacs J,Z Total 108 Miles of Streets Maintained by Glenview Identified by Surface Type: Asphalt 91 Concrete 17 Total 108 Miles of Alleys Maintained by Glenview 2.2 Miles of Streets within the Village of Glenview Maintained by Cook County or the State of Illinois 22 Miles of Sanitary Sewers 85 Miles of Storm Sewers 74 Number of Village owned Street Lights 66 Building Activity Number of Permits issued in 1992 620 Value of Construction Authorized in 1992 $ 17,191,189 145 ! i VILLAGE OF GLENVIEW, ILLINOIS Salaries and Surety Bonds of Principal Offieisl~ I December 31, 1992 I Aunu~l Amoum of Salary Surety B01~I I Village President $ 1,200 250,000 V'dlag¢ Trustees 300 250,000 V'fllage Treasurer, Manager, and Clerk 9~,P-Jt0 500,000 I Finance Director 75,460 250,000 Purchasing Agent 46,716 250,000 Assistant F'mance Director 51,216 250,000 i Assistant V'fllage Manager 51,700 250,000 Police Chief 70,700 250,000 Deputy Police Chief 58,620 250,000 Fire Marshall 69,330 250,000 I Deputy Fh'e Marshall 58,620 250,000 Fire Commander 5.Z,236 250,000 Director of Development 70,700 250,1100 I Village Engineer 59,556 250,000 Public Works Superintendent 55,320 250,000 Director of Building and Zoning 59,556 250,000 Water Diatn'bution Superintendent 55,320 250,000 I Head Librarian 63,000 250,1100 Public Works Director 70,700 250,000 I I I I I ! I I I ~47 VILLAGE OF GLlgNVlEW, ILLINOIS Major Corporate Fund Revenue Sources Non - Real Estate Tax December 31, 1992 % of % of % of Sales Total Utility Total Income Total Year Tax Revenue Tax Revenue Tax Revenue 1983 $ 2,09_3,939 28.4 $ 1,918,899 26.9 $ 685,991 9.6 1984 1,974,783 27.0 1,991,104 27.2 766,168 10.5 1985 2,462,183 30.2 1,999,838 24.5 723,008 8.8 1986 2,815,209 28.7 2,066,996 21.1 804,896 8.2 1987 3,178,578 30.3 2,119,255 20.2 900,124 8.6 1988 3,132,518 30.3 2,202,445 21.3 952,708 9.2 1989 3,425,477 28.8 2,414,772 20.3 1,406,056 11.8 1990 3,287,825 25.6 2,419,761 18.9 1,345,428 10.4 1991 3,358,151 28.5 2,687,159 22.8 1,605,474 13.6 1992 3,608,071 26.7 2,744~525 20.3 1,651,925 12.2