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HomeMy Public PortalAboutFY 2013 - Annual Financial Report VILLAGE OF PLAINFIELD, ILLINOIS ANNUAL FINANCIAL REPORT For the Year Ended April 30, 201 3 VILLAGE OF PLAINFIELD , ILLINOIS TABLE OF CONTENTS Page(s) FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT ....................................................................... 1 -3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis ..................................................................... MD&A 1 -12 Basic Financial Statements Government -W ide Financial Statements Statement of Net Position ................................................................................... 4 -5 Statement of Activities ....................................................................................... 6 -7 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................ 8 -9 Reconciliation of Fund Balances of Governmental Funds to the Governmental Ac tivitie s in the Statement of Net Position .................. 10 Statement of Revenues, Expenditures , and Changes in Fund Balances ...... 11 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures , and Changes in Fund Balances to the Government al Activities in the Statement of Activities ..................................................... 12 Proprietary Fund Statement of Net Position .............................................................................. 13 -14 Statement of Revenues, Expenses , and Changes in Fund Net Position ....... 15 Statement of Cash Flows ............................................................................... 16 -17 VILLAGE OF PLAINFIELD, ILLIN OIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Fiduciary Funds Statement of F iduciary Net Position ............................................................. 18 Statement of Changes in Fiduciary Net Position .......................................... 19 Notes to Financial Statements ............................................................................. 20 -49 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Gene ral Fund .............................................. 50 Schedule of Funding Progress and Employer Contributions Illinois Municipal Retirement Fund ................................................................... 51 Police Pension Fund ........................................................................................... 52 Other Postemployment Benefit Plan .............................................................. 53 Notes to Required Supplementary Information ................................................... 5 4 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues - Budget and Actual - General Fund .................................. 55 -56 Schedule of Expenditures - Budget and Actual - General Fund ............................ 57 -58 Schedule of Detailed Expenditures - Budget and Ac tual - General Fund .............. 59 -68 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund ......................................................................................... 6 9 Debt Service Fund .......................................................................................... 70 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 71 -72 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................................. 73 -74 S chedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 7 5 Audit Fund .......................................................................................................... 7 6 Alcohol Enforcement Fund ................................................................................ 7 7 Motor Fuel Tax Fund ......................................................................................... 7 8 D.A.R.E. Fund .................................................................................................... 7 9 Tax Increment Financing Fund .......................................................................... 80 MAJOR ENTERPRISE FUND Combining Schedule of Net Position - Water and Sewer Department Accounts ............................................................................................ 81 -82 Combining Schedule of Revenues, Expenses, and Changes in Net Position - Water and Sewer Department Accounts ....................................... 83 Combining Schedule of Cas h Flows - Water and Sewer Department Accounts ............................................................... 84 -85 Schedule of Operating Expenses - Budget and Actual - Water and Sewer Operations Account .................................................................. 86 -88 FIDUCIARY FUND S S chedule of Changes in Fiduciary Net Position - Budget and Actual - Polic e Pension Fund ............................................................ 89 Schedule of Changes in Assets and Liabilities - Agency Fund s ........................................................................................................ 90 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) SUPPLEMENTAL SCHEDULES Long -Term Debt Requirements Corpo rate Purpose General Obligation Bond Series of 2004A .............................. 91 Corporate Purpose General Obligation Bond Series of 2004B .............................. 92 Corporate Purpose General Obligation Bond Series of 2005A .............................. 93 Corporate Purpose General Obligation Bond Series of 2005B .............................. 9 4 Corpo rate Purpose General Obligation Bond Series of 2007 ................................. 9 5 Water and Sewer Revenue Bond Series of 2008 .................................................... 9 6 Corporate Purpose General Obligation Refunding Bond Series of 2009 .............. 9 7 Corporate Purpose General Obligation Refunding Bond Series of 2010 .............. 9 8 Il linois Environmental Protection Agency Loan of 2010 ....................................... 9 9 Corporate Purpose General Obligation Refunding Bond Series of 2012 .............. 100 INDEPENDENT ACCOUNTANT ’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 101 SUPPLEMENTAL INFORMATION Government -Wide I nformation Government -Wide Revenues .................................................................................. 102 Government -Wide Expenses by Function .............................................................. 10 3 Net Position by Component ......................................................................................... 104 Change in Net Position ................................................................................................. 105 -108 Fund Bal ances of Governmental Funds ....................................................................... 109 Changes in Fund Bal ances of Governmental Funds .................................................... 110 -111 Prop erty Tax Assessed Valuations, Rates, and Tax Extensions - Last Ten Levy Years ................................................................................................... 112 -113 Assessed Value and Actual Value of Taxable Property .............................................. 1 14 Property Tax Rates - Direct and Overlapping Governments ....................................... 115 P rincipal Property Taxpayers ....................................................................................... 116 Property T ax Levie s and Collections ........................................................................... 117 Sales Tax by Category .................................................................................................. 118 Direct and Overlapping Sales Tax Rates ..................................................................... 119 Principal Employers ..................................................................................................... 120 Ful l -Time Equivalent Employees ................................................................................ 121 - 2 - We believe that th e audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of t he governmental activities, the business -type activities , each major fund , and the aggregate remaining fund information of the Village of Plainfield, Illinois , as of April 30, 2013, and the respective changes in financial position and, where applicable, ca sh flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter The Village adopted GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Def erred Inflows of Resources, and Net Position , and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities , during the year ended April 30, 2013. GASB Statement No. 63 added new classifications on the statements of net position and chang ed net assets to net position. GASB Statement No. 65 changed the classifications of certain items on the statement of net position to the new classifications contained in GASB Statement No 63 . The adoption of these statements had no effect on the Village ’s net position as of and for the year ended April 30, 2013 except as disclosed in Note 14. Our opinion is not modified with respect to this matter. Other Matters Accounting principles generally accepted in the United States of America require that the required supplementary information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an es sential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic f inancial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s financial statements as a whole . The combining and individual fund financial sta tements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures app lied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial state ments themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements a s a whole. - 2 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditor's report) MD&A 1 VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS APRIL 30, 201 3 _____________________________________________________________________________________________ The Village of Plainfield’s (the "Village") Management Discussion and Analysis (MD&A) is designed to provide an overview of the Village’s financial position and activity at and for the year ended April 30, 2013 . As the Village presents its financial state ments in conformity with the G overnmental Accounting Standards Board Statement No. 34 reporting requirements, prior year comparative information has been included in the Village’s MD&A. As with other sections of this financial report, the information cont ained within this MD&A should be considered as a part of a greater whole. Readers of this report should read and evaluate all sections of this report, including the Notes to the Financial Statements and the other Required Supplemental Information that is provided in addition to the MD&A, in order to form an opinion on the financial position and activities of the Village. Financial Highlights  The Village’s net position as of April 30, 201 3 equaled $37 1,239,714 , a de crease of $2,178,502 , or 0.6 % over the April 30, 2012 net position . Of which, t he Village’s governmental net position de creased by $5,841,978 , or 2 .1 %, and the Village’s business -type activities net position in creased by $3,663,476 , or 3.9 %.  T otal revenues of all governmental activit ies in creased by $1,194,286, or 3.9%. Total expenses de creased by $1,033,409, or 2.7 % as compared to fiscal year 20 1 2 .  T otal revenues of all bu siness -type activity programs in creased by $6,546,374, or 55.6%, while the tota l expenses in creased by $1,432,819, or 10.8 % as compared to fiscal year 20 12 . o Water and sewer sales revenue increased 23.4%, or $2,397,113 over the prior fiscal year. In addition, h ome r ule s ales t ax represented $1,415,261 in new revenue. o The purchase of Lake Michigan water increased expenses by $1,241,646 in fiscal year 2013, or 22.3%  G overnmental F und s reported combined ending fund balance s of $11,204,180 , an in crease of $6,452,028 over the prior fiscal year . o T otal fund balance for the G eneral F und was $12,657,566 , an increase of $2,750,761 over fiscal year 20 1 2 . This represents 67.2 % of General Fund expenditures. $9,658,183 of the General Fund balance is considered un assigned . This un assigned fund balance represents 51.3 % of G eneral F und expenditures , an increase of $2,843,759 from fiscal year 20 1 2 . o Total fund balance for the Capital Projects Fund was ($4,328,519), an increase of $3,085,893 over fiscal year 2012. USING THE FINANCIAL SECTION OF THIS ANNUAL REPORT The F inancial S tatements ' focus is on both the Village as a whole (g overnment -w ide) and on the major individual funds. Both perspectives (g overnment -w ide and m ajor f und) allow the user to address relevant questions, broaden a basis for comparison (year to year o r government to go vernment), and enhance the Village's accountability. The Village’s basic financial statements are comprised of three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report c ontains other supplementary information in addition to the basic financial statements. Government -Wide Financial Statements The G overnment -W ide F inancial S t atements are designed to emulate the corporate sector in that all g overnmental and b usiness -t ype ac tivities are consolidated into columns that add to a total for the Primary Government. The Statement of Net Position presents information on all of the Village’s assets , deferred outflows of resources, liabilities, and deferred inflows of resources wit h the difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources reported as the net position. T he "Unrestricted Net Position " is designed to be similar to bottom line results for the Village ’s governmental and business -ty pe activities. This statement combines and consolidates governmental funds' current financial resources (short -term spendable resources) with capital assets and long -term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether or not the financial position of the Village is improving. VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 2 The Statement of Activities presents information showing how the V illage’s net position changed during the most recent fiscal year . This is intended to summarize and simplify the user's analysis of the cost of various government services and/or subsidy to various business -type activities. The Governmental Activities reflect the Village's basi c services, including police, highways and streets, planning , building, and administ ration. Property taxes, sales taxes, local utility taxes, and shared S tate income taxes finance the majority of these activities. The Business -T ype Activities reflect private sector -type operations (Water and Sewer Fund), where the fee for service typically covers all or most of the cost of operation, including depreciation. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. T he Fund Financial Statement s allow the demonstration of sources and uses of funds and/or the related budgeting compliance . Traditional users of governmental financial statements will find the Fund Financial Statements presentati on more familiar. The focus is on m ajor f unds, rather than fund types. All of the funds of the Village can be divided into three categories: governmental funds, propriet ary funds , and fiduciary funds. Governmental Funds Governmental funds (see pages 8 -12 ) are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, governmental fund finan cial statements focus on near -term inflows and outflows of resources available for spending, as well as on balances of resources available for spending at the end of the fiscal year. Such information may be useful in evaluating the Village’s near -term fin ancing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, it i s useful to compare the informatio n presented for governmental funds with similar information presented for governmental ac tivities in the government -wide financial statements. By doing so, readers may better understand the long -term impact of the g overnment ’s near -term financing decisions. The governmental fund’s Balan c e Sheet and Statement of Revenues, Expenditures, and Cha nges in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains 9 individual governmental funds. Information is presented separately in the G overnmental F und B alance S heet and in the G overnmental F und S tatement of R evenues, E xpenditures, and C hanges in F und B alances for the General Fund , the Capital Projects Fund, and the Debt Service Fund which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non -major governmental funds is provided in the form of combining statements elsewhere in this report. Proprietary Funds Proprietary fund f inancial s tatements (see pages 1 3 -17 ) provide the same type of information as the g overnment -w ide f inancial s tatements, only in more detail. Proprietary funds account for services that are generally fully supported by user fees charged to customers. The Water and Sewer Fund is considered a maj or fund of the Village and is presented in a separate column in the F und F inancial S tatements. A more detailed analysis of Water and Sewer Fund activities can be found on pages 81 -88 of this report. Fiduciary Funds Fiduciar y funds are used to account for resources held for the benefit of parties outside Village government (Police Pension Fund and Agency Fund s , see pages 1 8 -19 ). While these f unds represent trust responsibilities of the government, these assets are restricted in purpose and do not represent discretionary assets of the government. Therefore, these assets are not presented as part of the Government -Wide Statements. Notes to the Financial Statements The notes provide additional information that is essential t o obtaining a full understanding of the data provided in the g overnment -w ide and f und f inancial s tatements. N otes to the F inancial S tatements can be found on pages 20 -49 of this report. VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 3 Other Information Required Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information including the general fund budgetary schedules and data concerning the Village’s progress in funding its obligation t o provide pension and other postemployment benefits to its employees. Required supp lementary information can be found on pages 5 0 -54 of this report. Other Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents combining and individual fund financial statements for each of the Village’s funds, as well as supplemental statistical information, which are presented on pages 5 5 -121 of this report. GOVERNMENT -WIDE STATEMENT Statement of N et Position Net position may serve over time as a useful indicator of a government's financial position. In the case of the Village of Plainfield , assets exceeded liabilities by $371,239,714 as of April 30, 2013 and $37 3 ,418 ,216 as of April 30, 20 1 2 . This amount reflects a decrease of $2,178,502 in total net position as compared to the year ended April 30, 2012. For more detailed information see the Statement of Net Position (page s 4 -5 ). The following table reflects the condensed Statement of Net Posi tion : The largest portion of the Villag e’s total net position (93%) reflects its investment in capital assets (land and improvements, building, machinery, vehicles, equipment and infrastructure), less any related debt still outstanding. Although the Village’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A small portion of the Village’s total net position (0 .94 %) represents resources that are subject to restrictions on how they may be used. The remaining balance of unrestricted net position of $20,769,174 may be used to meet the Village’s ongoing obligations. Of this amount, $8,503,651 represents the governmen tal activities portion and $12,265,523 is available for the Village’s business -type activities (water and sewer operations). 2013 2012 2013 2012 2013 2012 Assets Current Assets 22,575,984 $ 14,231,972 $ 14,954,776 $ 11,863,423 $ 37,530,760 $ 26,095,395 $ Noncurrent Assets 291,322,072 $ 305,579,125 $ 114,761,199 $ 115,483,370 $ 406,083,271 $ 421,062,495 $ Total Assets 313,898,056 $ 319,811,097 $ 129,715,975 $ 127,346,793 $ 443,614,031 $ 447,157,890 $ Deferred Outflows of Resources Unamortized loss on refundings 1,202,191 $ 1,254,034 $ 948,253 $ 1,062,913 $ 2,150,444 $ 2,316,947 $ Total Assets and Deferred Outflows of Resources 315,100,247 $ 321,065,131 $ 130,664,228 $ 128,409,706 $ 445,764,475 $ 449,474,837 $ Liabilities Current Liabilities 3,916,433 $ 3,473,556 $ 1,825,195 $ 2,303,206 $ 5,741,628 $ 5,776,762 $ Long-Term Liabilities 32,270,328 $ 32,928,047 $ 30,224,366 $ 31,155,309 $ 62,494,694 $ 64,083,356 $ Total Liabilities 36,186,761 $ 36,401,603 $ 32,049,561 $ 33,458,515 $ 68,236,322 $ 69,860,118 $ Deferred Inflows of Resources Unavailable property tax 6,288,439 $ 6,196,503 $ -$ -$ 6,288,439 $ 6,196,503 $ Total Liabilities and Deferred Inflows of Resources 42,475,200 $ 42,598,106 $ 32,049,561 $ 33,458,515 $ 74,524,761 $ 76,056,621 $ Net Position: Net Investmant in Capital Assets 261,247,144 $ 273,198,292 $ 85,745,939 $ 83,929,122 $ 346,993,083 $ 357,127,414 $ Restricted 2,874,252 $ 2,258,412 $ 603,205 $ 601,161 $ 3,477,457 $ 2,859,573 $ Unrestricted 8,503,651 $ 3,010,321 $ 12,265,523 $ 10,420,908 $ 20,769,174 $ 13,431,229 $ Total Net Position 272,625,047 $ 278,467,025 $ 98,614,667 $ 94,951,191 $ 371,239,714 $ 373,418,216 $ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2013 and April 30, 2012* (restated) VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 4 Current Year Impacts The Village of Plainfield’s April 30 , 20 1 3 General Fund reflects a positive fund balance of $12,657,566 , reflecting a n in crease of fund bal ance of $2,750,761 from the 20 1 2 fiscal year. Th e 201 3 total combined General Fund balance represents 67.2 % of General Fund expenditures. Total General Fund un assign ed fund balance represents 51 .3 % of General Fund expendit ures or $9,658,183 . The Village ’s Capital Projects fund balance reduced its fund balance deficit by $3,085,893 resulting in a negative fund balance of $4,328,519 as of April 30, 201 3 . The Village’s overall combined fund balance is $11,204,180 , an increase of $6,452,028 from fiscal year 20 1 2 . Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2013 compared to the year ended April 30, 2012. Governmental activities decreased the Village’s net position by $5,841,978 and business -type activities increased the Village’s net position by $3,663,476 . Depreciation was a primary factor of the decrease in net position for the governmental activities . Highway and Streets e xpenses of $21,995,249 include depreciation expenses of $14,805,581 . The increase of net position in business -type a ctivities was primarily due to revenue from a new home rule sales tax of $1,415,262. In addition, the Village experienced the second highest demand for water since 2006, which is reflected in both of the business -type activities 2013 program revenues and expenses. A final key factor contributing to the increase of the business -type net position were capital asset contributions of $2,145,000. 2013 2012 2013 2012 2013 2012 Revenues Program Revenues Charges for Services 6,925,086 $ 6,546,755 $ 14,066,990 $ 11,482,986 $ 20,992,076 $ 18,029,741 $ Operating Grants & Contributions 1,372,279 $ 2,239,921 $ -$ -$ 1,372,279 $ 2,239,921 $ Capital Grants & Contributions 1,009,182 $ 257,817 $ 2,145,000 $ 90,791 $ 3,154,182 $ 348,608 $ General Revenues Property Taxes 6,300,458 $ 6,306,567 $ -$ -$ 6,300,458 $ 6,306,567 $ Other Taxes 15,882,209 $ 14,903,324 $ 1,415,262 $ -$ 17,297,471 $ 14,903,324 $ Other Revenues and Transfers 593,366 $ 633,910 $ 684,993 $ 192,094 $ 1,278,359 $ 826,004 $ Total Revenues 32,082,580 $ 30,888,294 $ 18,312,245 $ 11,765,871 $ 50,394,825 $ 42,654,165 $ Expenses General Government 3,442,249 $ 3,802,800 $ -$ -$ 3,442,249 $ 3,802,800 $ Public Safety 11,273,628 $ 11,247,015 $ -$ -$ 11,273,628 $ 11,247,015 $ Highways and Streets 21,995,249 $ 22,554,164 $ -$ -$ 21,995,249 $ 22,554,164 $ Interest 1,213,432 $ 1,347,798 $ -$ -$ 1,213,432 $ 1,347,798 $ Water and Sewer -$ -$ 14,648,769 $ 13,189,716 $ 14,648,769 $ 13,189,716 $ Total Expenses 37,924,558 $ 38,951,777 $ 14,648,769 $ 13,189,716 $ 52,573,327 $ 52,141,493 $ Change in Net Position (5,841,978)$ (8,063,483)$ 3,663,476 $ (1,423,845)$ (2,178,502)$ (9,487,328)$ Prior Period Adjustment -$ (396,801)$ -$ (1,012,578)$ -$ (1,409,379)$ Ending Net Position 272,625,047 $ 278,467,025 $ 98,614,667 $ 94,951,191 $ 371,239,714 $ 373,418,216 $ Governmental Activities Business-Type Activities Total Primary Government Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2013 and April 30, 2012 VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 5 Normal Impacts – There are eight basic impacts on revenues and expenses as reflected below: Revenues: Economic Condition - can reflect a declining, stable, or growing economic environment and can have an impact on state income, sales, and utility tax revenue as well as public spending habits for consumers and builders/developers. Increase/Decrease in Village -Approved Rates - while certain tax rates are set by statute, the Village Board has authority to impose and increase/decrease rates (w ater, sewer, impact fees, connection fees, building permit fe es, home rule sales tax, utility tax e tc.) Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) – certain recurring revenues (S tate -shared revenues : sales , income, use etc.) may experience changes periodically , while nonrecurring (or one -time) grants are less predictable and often distort their impact on year -to -year comparisons. Market Impacts on Investment Income - the Village's investment portfolio is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: Introduction /Modifications of New /Existing Programs - within the functional expense categories (General Government, Public Safety, and Highways and Streets , etc.), individual programs may be added , modified or deleted to meet changing community needs. Changes in Authorized Personnel - changes in service demand s may cause the Village Board to increase/decrease authorized staffing. Staffing costs (salary and related benefits) represent 6 7 % of the Village's General Fund and 17 % of the Water and Sewer Fund operating costs. Changes in Salary and/or benefits (annual adjustments and merit) - the ability to attract and retain human and intellectual resources requires the Village to strive to position themselves with competitive salary and benefits in the marketplace. In addition, reductions or freezes in salary and changes to benefits can also impact overall expenses. Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts , particularly in years of significant construction activity . Some functions may experience unusual commodity -specific increases. C urrent Year Impacts – Governmental Activities Revenues VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 6 Fo r the fiscal year ended April 30, 20 1 3 , revenues from G overnment al A ctivities totaled $3 2,082,580 , a n in crease of $1,194,286, or 3.9% from fiscal year 20 1 2 . Sales and Use Tax were the Village's largest revenue source at $8,495,268 , representing 26 % of the total G overnmental A ctivity revenue. Charges for Services were the Village's second largest revenue source at $6,925,086 , representing 22 %. The primary Charges for S ervices revenues include refuse fees ($3,263,353 ), licenses and permit revenue s ($735,755 ), franchise fees ($622,783 ), and police fines and reimbursements ($1,737,665 ). Property and Replacement Taxes represent $6,30 0,458 or 20 % of the total G overnmental A ctivity revenue. D evelopment activity has shown a slight increase in 201 3 . During the fiscal year , 1 13 single family building permits were issued for new construction within the Village. During fiscal year 20 1 2 , 100 single family building permits were issued and 62 in 20 1 1 . Compared to fiscal year s 200 8 and 2007 , 298 and 797 single family building permits were issued respectively . The Village ’s property tax revenues remained relatively flat from $6,306,567 in f iscal y ear 201 2 to $6,30 0,458 in fiscal year 201 3. The Equalized Assessed Valuation (EAV) of the Village de creased from $1,318,896,845 in calendar year 20 10 to $1,244,892,885 in calendar year 2011, representing $74,003,960 or 5.6 %. The Village’s s tate -shared revenues of sales , income , and use tax in creased this fiscal year by $664,302 . Details of the Village’s portion of State -Shared Taxes are as follows: State-Shared Tax Fiscal Year 2012 Fiscal Year 2013 Increase / (Decrease)Sales Tax 4,506,163 4,749,179 243,016 State Income Tax 3,203,518 3,567,060 363,542 Use Tax 577,452 635,196 57,744 Total 8,287,133 8,951,435 664,302 VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 7 C urrent Year Impacts – Governmental Activities Expenses For the fiscal year ended April 30, 20 13 , expenses from G overnmental A ctivities totaled $37,924,558, a decrease of $1,033,409 or 2.7% over fiscal year 2012 . In comparison, expenses from Governmental Activities in fiscal year 2012 increased by 6.4% or 2,333,792, 2011 expenses decreased by 1.7% or $635,054, 2010 expenses decreased by 6.1% or $2,429,998, and 2009 expenses decreased by 6.2% or $2,619,385. For the fiscal year ended April 30, 20 1 3 , Highways and Streets represented 58% of expenditures or $21,995,249. Included in this figure is depreciation expense of $14,805,581. S ome of the Village ’s capital expenditures include $889,129 for the Lockport Street pedestrian bridge construction , $287,745 for roadway improvements , and $193,177 for tree removal due to the emerald ash borer. 0 5 10 15 20 25 General Government Public Safety Highways and Streets Interest Millions Governmental Activities Expenses by Function 2011 -2012 2012 -2013 VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 8 C urrent Year Impacts – Business Type Activities Revenues The Village’s business -type activities are those that the Village charges a fee to customers to help cover all or most of the cost of the services it provides. The Village’s net position for its business -type activities in creased in the amount of $3,663,4 76 to $9 8,614,667 (see Table 2 – MD&A page 4 ). T otal revenue for the Village’s business -type activities in creased by $6,546,374 ; from $1 1,765,871 in fiscal year 20 1 2 to $18,312,245 . Charges for Services revenues for fiscal year end 201 3 totaled $14,066,990 , an increase of $2,584,004 . The Village has contracted with Illinois American Water to supply drinking water from the City of Chicago to the Village via Illinois American’s pipeline. In fiscal year 2009, the Village implemented a three year uti lity rate increase schedule due to a 44% rate increase from the City of Chicago over the prior 3 years. In addition to the rate increase at the end of the 2012 fiscal year , the Village experienced the second highest demand for water since 2006. C apital G rants and C ontributions revenue in creased by $2,054,209 . Total fiscal year 201 3 contributions of $2,145,000 represent contributions of capital assets to the Village’s water and sewer system . C urrent Year Impacts – Business Type Activities Expenses Operating e xpenses from all Business -Type Activities in creased by $1,432,819 or 10.8 %. Lake Michigan water purchase accounted for $1,241,646 in additional expenses. Depreciation expense s for th e water and sewer system also de creased slightly by $72,069 to $3,0 02,239 for fiscal year 20 1 3 . Developer contributions to the water and sewer system totaled $2,145,000 for fiscal year 20 1 3 . These assets will be depreciated beginning in fiscal 20 1 4 . FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS Governmental Funds The focus of the Village’s governmental funds is to provide information on near -term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. In particular, unassigned fund balan ce may serve as the useful measure of a government’s net resources available for spending at the end of the fiscal year. At April 30, 20 1 3 the G overnmental F unds (as presented on page 11 ) reported a combined fund balance of $11,204,180 which is a n in c rease from the beginning of the year of $6,452,028 . Of the total fund balance, ($4,328,519 ), an improvement of $3,085,893 , is related to capital projects incurred such as land acquisition and roadway improvements; $9,658,183 is un assign ed within the Villa ge’s General Fund, indicating availability of use for continuing Village services. Non -spendable , restricted or assigned fund balance of $5,874,516 includes $1,153,506 for advances, $1,509,744 for street maintenance, $133,497 for prepaid items, $1,006,427 for healthcare , $705,953 for long -term receivables as required by generally accepted accounting principles , $991,275 for economic development, $219,288 for liability insurance, $108,000 for land held for resale , and smaller statutory restrictions for audi t, public safety , and debt service . VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 9 The General Fund is the Village’s primary operating fund and the largest source of day -to -day service delivery. The total fund balan ce of the General Fund in creased by $2,750,761 or 27.8 %, from f iscal y ear 20 1 2 . Total General Fund r evenues in creas ed $1,185,629 in f iscal year 201 3 . General Fund e xpenditures remained generally flat, with an in crease of only $76,701 from the prior year. Fiscal year 201 2 reflected a n in crease of General Fund expenditures of $1,313,511 or 7.5 %. One reason for the in creased expenses in fiscal year 2012 was due to the General Fund not realizing a credit from the Water and Sewer Fund in the amount of $500,760. This credit to the General Fund expenses is budgeted on an annual basi s to help offset water and sewer administrative costs that are incurred. Fiscal year 2013 realized a Water and Sewer Fund credit of $250,000. GENERAL FUND BUDGETARY HIGHLIGHTS General Fund actual revenues were $2,661,786 more tha n the b udgeted amount . This amount is primarily related to higher income tax revenues of $907,060 th en what was budgeted . In addition, a ctual license and permit revenues were also $357,105 higher than anticipated . In addition, the Village authorized an increase to the local motor fuel tax of $0.0 2 per gallon , making it a total of $0.04 per gallon effective February 1, 201 2 . Actual revenues for the local motor fuel ta x were $1 2 8,419 over the budgeted amount. Other financing sources listed in the above table include a transfer in from the Village’s Tax Increment Financing fund of $50,000 and Alcohol Enforcement Fund of $8,000 offset with a transfer out to the Village’s Capital Fund of $20,000 . Proprietary Funds At April 30, 20 1 3 the Proprietary Funds total net positio n in creased by $3,663,476. Before water and sewer contributions, net position increased by $1,518,476 . In fiscal year s 20 1 2 and 201 1 , t h e Village reflected a net loss of $1.54 million and $3.55 million respectively before contributions of water and sewer infrastructure. Cont ributions of infrastructure totaled $2,145,000 in fiscal year 20 13, compared to $37 2,147 in fiscal year 2011 and $90,791 in fiscal year 2012. The Village’s Water and Sewer Accounts recorde d an operating income of $845,598 in fis cal year 2013 (page 8 3 ). Fiscal year 20 1 2 reported an operating loss of $326,963 . This loss was directly attributable to water and sewer infrastructure depreciation expenses. Original Budget Final Budget Actual Revenues 18,885,153 $ 18,885,153 $ 21,546,939 $ Expenditures 19,355,153 $ 19,355,153 $ 18,834,178 $ Excess of Revenues over Expenditures (470,000)$ (470,000)$ 2,712,761 $ Other Financing Sources (Uses)470,000 $ 470,000 $ 38,000 $ Net Changes in Fund Balance -$ -$ 2,750,761 $ Table 3: General Fund Budgetary Highlights VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 10 CAPITAL ASSETS The Village’s investment in capital assets for its G overnmental and B usiness -T ype A ctivities as of April 30, 20 1 3 , amounts to $4 06,083,281 . The investment in capital assets includes land, buildings, equipment, improvements other than buildings, underground sewer and water systems, infrastructure , and const ruction in progress. This amount represents a net de crease (including additions and deductions) of $14,979,224 . The Governmental Activities net capital assets decreased by $14,257,053 . The Business -Type Activities net capital assets decreased by $722,171 . Detailed information regarding the change in capital assets for G overnmental and B usiness -T ype A ctivities is included in the N otes to the F inancial S tatements on pages 32 -33 . DEBT OUTSTANDING As of April 30, 20 1 3 , the Village has eight general obligation bond series , one Illinois EPA low interest loan , and one revenue bond series o utstanding. At April 30, 20 1 3 , $4 1.505 million in general obligation bonds , $3.093 million in Illinois EPA loans , and $1 5.285 million in revenue bonds are out standing . State statute to limit the amount of general obligation debt a government entity has outstanding does not apply to home rule municipalities. The Village of Plainfield was certified a home rule unit in fiscal year 2006. In June 2007 , the Village ’s bond rating was upgraded from A1 to A a3 by Moody's Investors Service . I n April 2010, Municipal debt rankings by Moody’s Investors Service shifted to a global rating system which placed the 70,000 state and local bonds it assesses on a scale that ’s comparable with corporate securities. In lieu of Moody’s new Global Scale, the Village received an updated rating of Aa2. Moody’s notes that the move to a global scale for muni cipalitie s does not reflect any improvement in credit quality, but represent s adjustments to denote a comparable level of credit risk to other types of bonds, such as corporate debt. Additionall y, the Village’s bond rating from Standard & Poor’s rating service was upgraded in 2007 from AA - to AA . In February of 201 2 , the Village refunded the 2005 bond series for net present value cash flow savings of over $5 23,000 . Both Moody’s and Standard & Poor’s affirmed their ratings of Aa2 and AA respectively. Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to meet its ongoing obligations. During the recent refunding of the Village's Series 2005 Bonds in January of 2012, both S&P and Moody's maintained the Village's AA an d Aa2 debt ratings. S&P noted, "the Village will continue to make the necessary budgetary adjustments to keep its expenditures in line with its revenues. The Village will use its good financial management practices to maint ain at least strong reserves. The Village's access to employment in the deep and diverse Chicago metropolitan area economy provides further stabilit y to the rating." In addition, Moody's noted that, "the Village's financial profile will likely remain stabl e as a result of recent revenue enhancements and cost containment measures which have assisted in the development of reserves." 2013 2012*2013 2012*2013 2012*Land and Right of Way 99,620,465 $ 99,620,465 $ 3,043,544 $ 3,043,544 $ 102,664,009 $ 102,664,009 $ Buildings 23,998,553 $ 24,848,389 $ 13,440,769 $ 13,789,730 $ 37,439,322 $ 38,638,119 $ Machinery and Equipment 740,340 $ 745,902 $ 55,040 $ 30,198 $ 795,380 $ 776,100 $ Water & Sewer System -$ -$ 98,036,898 $ 98,434,950 $ 98,036,898 $ 98,434,950 $ Infrastructure 161,715,918 $ 176,220,220 $ -$ -$ 161,715,918 $ 176,220,220 $ Construction in progress 5,246,796 $ 4,144,149 $ 184,948 $ 184,948 $ 5,431,744 $ 4,329,097 $ Total Capital Assets 291,322,072 $ 305,579,125 $ 114,761,199 $ 115,483,370 $ 406,083,271 $ 421,062,495 $ *restated Governmental Activities Business-Type Activities Total Primary Government Table 4: Total Capital Assets (Net of Depreciation) VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 11 The following chart s depict a comparison of the debt ratings used and issued by Moody’s and Standard and Poor’s (S&P) for both the Village’s General Obligation and Water and Sewer Revenue Bonds: Additional information of the Village’s long -term debt can be found in the N otes to the F inancial S tatements (p ages 3 4 -39 ). ECONOMIC FACTORS According to the Metropolitan Mayors Caucus, “Plainfield is an upscale southwest suburban community that has reached a key transition point in its history. Formerly a small farming community as late as 1990, it has seen its population skyrocke t from about 4,500 in 1990 to 3 9 ,581 in 20 10 as n umerous family farms were converted into large housing subdivisions. Thanks to careful planning, the Village’s infrastructure has, to a large degree, been able to keep up with the growth.” Although currently growing at a slower pace, t he population of the Village of Plainfield has increased rapidly over the past 20 years bringing an influx of new residents and consumers to the Village. The challenge now before the Village, given the current economic situation, is to be able to position itself to provide a sustainable community that promotes a quality of life that attracts residents , commercial developments and visitors alike. Moody's S&P Aaa AAA Aa1 AA+Aa2 AA Aa3 *AA-A1 **A+A2 A A3 A-Baa1 BBB+Baa2 BBB Baa3 BBB-*1st lien revenue bond **2nd lien revenue bond Comparison of Ratings Used by Moody's and Standard and Poor's (S&P)The Village holds both General Obligation Bonds and Water & Sewer System Revenue Bonds Village of Plainfield's Debt Rating is Highlighted Data sources:  1990 - U.S. Census  2000 - U.S. Census  2003 - Village of Plainfield Special Census  2005 - Village of Plainfield Special Census  2007 - Village of Plainfield Special Census  2010 - U.S. Census  2012 – ESTIMATE - U.S. Census  VILLAGE OF PLAINFIELD , ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 12 Based on information from the Illinois Department of Employment Security, the 2 0 1 2 average unemployment for the Village of Plainfiel d was 7.4 %, which favorably compares to Will County’s rate of 9.0 % and the State of Illinois rate of 8.9 %. As of July 20 1 2 , the average unemployment for the Village was 7.7 %, which still favorably compares to Will County’s rate of 9.1 % and the State of Illinois rate of 9.3 %. The national average unemployment rate for July 201 2 was 8.6 %. Information from t he US Census Bureau via the 2000 Census and the 200 7 -20 1 1 American Community Survey lists the following comparable data for the Vil lage of Plainfield, Will County, Illinois and the United States: Plainfield Will County Illinois USA 2000 200 7 -2011 2000 2007 -201 1 2000 2007 -201 1 2000 200 7 -201 1 Median value of owner -occupied housing units $198,300 $309,800 $154,300 $2 36,300 $130,800 $198,500 $119,600 $186,200 Plainfield Will County Illinois USA 2000 200 7 -201 1 2000 200 7 -201 1 2000 200 7 -201 1 2000 200 7 -201 1 Median household income $80,799 $108,239 $62,238 $76,453 $46,590 $56,576 $41,994 $52,762 Per the data above, the median value of owner -occupied housing units increased an estimated 56 % f or the Village within approximately the past 10 years. In addition, the median household income increased by 3 4 % during the same timeframe. Although the Village experienced stability in its revenues last year , the Village continues to experience uncertainty across multiple revenue sources such as income tax, use tax, sales and property taxes. Based on these uncertainties, t he 201 4 budget was again develop ed on a conservative basis. Continued cost containments across all departments enabled the Village to approve a balanced 201 4 budget, with the main principle of providing quality services in an efficient and cost -effective manner. The 201 4 budget anticip ates the continuation of a slow housing market, and continues to be conservative in regards to revenue projections , reflecting constant state shared revenues, property taxes and stable permit fees . The capital fund includes minimal capital improvements ag ain for fiscal year 201 4 , of which many consist of only engineering design work as opposed to actual construction . Consistent with the past 3 fiscal year budgets, t he capital fund budget also includes funding for the Village’s deficit elimination plan. Th e goal has been to budget a minimum of $1 million dollars to address the Capital Fund deficit. Through this plan, the Village has eliminated over $7,939,980 in deficit position within the past 3 fiscal years. S tate revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues at 38 %. Fiscal year 2013 reflected a n in crease in sales tax revenue of 5.4 %, while fiscal year 201 2 increased by 6.4 %. The Village continues to experience delays in the payme nt of revenues from the State, as well as the uncertainty of the State reducing the local government’s share of income tax revenues. State revenues will continue to be monitored closely in the 201 4 fiscal year. Property tax revenues represent approximatel y 2 0 % of the overall General Fund revenues. The Village's composition is primarily residential with s maller commercial and industrial component s . Given ongoing uncertainty of home values and the housing market, this is another closely monitored area for the current year budget and future fiscal year budget projections. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's financ es and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham , Director of Management Services , Village of Plainfield , 2 44 0 1 West L ockport Street, Plainfield , Illinois 60 544 . Governmental Business-Type Activities Activities Total ASSETS Cash and investments 11,817,531 $ 8,960,158 $ 20,777,689 $ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 6,288,439 - 6,288,439 Sales tax 2,036,636 378,076 2,414,712 Income tax 576,177 - 576,177 Utility/telecommunications taxes 430,283 - 430,283 Allotments 68,069 - 68,069 Grants 45,685 - 45,685 Other 2,093,312 1,609,439 3,702,751 Prepaid expenses 133,497 18,030 151,527 Deposits 1,004,670 180,185 1,184,855 Land held for resale 108,000 - 108,000 Advance to (from) other funds (3,639,952) 3,639,952 - Deferred charges - 168,936 168,936 Net pension asset 1,613,637 - 1,613,637 Capital assets Nondepreciable 104,867,261 3,228,492 108,095,753 Depreciable, net of accumulated depreciation 186,454,811 111,532,707 297,987,518 Total assets 313,898,056 129,715,975 443,614,031 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 1,202,191 948,253 2,150,444 Total deferred outflows of resources 1,202,191 948,253 2,150,444 Total assets and deferred outflows of resources 315,100,247 130,664,228 445,764,475 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2013 (This statement is continued on the following page.)- 4 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 2,447,517 $ 1,190,849 $ 3,638,366 $ Accrued payroll 228,790 32,587 261,377 Deposits payable 19,743 3,601 23,344 Accrued interest payable 446,705 598,158 1,044,863 Other accrued liabilities 33,483 - 33,483 Unearned Revenue 740,195 - 740,195 Noncurrent liabilities Due within one year 2,656,526 2,062,150 4,718,676 Due in more than one year 29,613,802 28,162,216 57,776,018 Total liabilities 36,186,761 32,049,561 68,236,322 DEFERRED INFLOWS OF RESOURCES Unavailable property tax 6,288,439 - 6,288,439 Total deferred inflows of resources 6,288,439 - 6,288,439 Total liabilities and deferred inflows of resources 42,475,200 32,049,561 74,524,761 NET POSITION Net investment in capital assets 261,247,144 85,745,939 346,993,083 Restricted for Street maintenance 1,509,744 - 1,509,744 Public safety 40,585 - 40,585 Debt service - 603,205 603,205 Audit 5,360 - 5,360 Liability insurance 219,288 - 219,288 Economic development 1,099,275 - 1,099,275 Unrestricted 8,503,651 12,265,523 20,769,174 TOTAL NET POSITION 272,625,047 $ 98,614,667 $ 371,239,714 $ April 30, 2013 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued)See accompanying notes to financial statements.- 5 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 3,442,249 $ 4,989,871 $ 62,082 $ -$ Public safety 11,273,628 1,756,994 63,160 31,079 Highways and streets 21,995,249 178,221 1,247,037 978,103 Interest 1,213,432 - - - Total governmental activities 37,924,558 6,925,086 1,372,279 1,009,182 Business-Type Activities Water and sewer 14,648,769 14,066,990 - 2,145,000 Total business-type activities 14,648,769 14,066,990 - 2,145,000 TOTAL PRIMARY GOVERNMENT 52,573,327 $ 20,992,076 $ 1,372,279 $ 3,154,182 $ Transfers CHANGE IN NET POSITION NET POSITION, MAY 1 NET POSITION, MAY 1, RESTATED NET POSITION, APRIL 30 Program Revenues VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended April 30, 2013 - 6 - Governmental Business-Type Activities Activities Total 1,609,704 $ -$ 1,609,704 $ (9,422,395) - (9,422,395) (19,591,888) - (19,591,888) (1,213,432) - (1,213,432) (28,618,011) - (28,618,011) - 1,563,221 1,563,221 - 1,563,221 1,563,221 (28,618,011) 1,563,221 (27,054,790) General Revenues Taxes Property and replacement 6,300,458 - 6,300,458 Sales and use 8,495,268 1,415,262 9,910,530 Utility/telecommunications 2,981,462 - 2,981,462 Income 3,567,060 - 3,567,060 Local motor fuel 838,419 - 838,419 Other 5,804 - 5,804 Investment income 20,956 9,010 29,966 Miscellaneous 72,956 1,169,633 1,242,589 Transfers 493,650 (493,650) - Total 22,776,033 2,100,255 24,876,288 CHANGE IN NET POSITION (5,841,978) 3,663,476 (2,178,502) NET POSITION, MAY 1 278,857,636 95,937,535 374,795,171 Prior period adjustment (390,611) (986,344) (1,376,955) NET POSITION, MAY 1, RESTATED 278,467,025 94,951,191 373,418,216 NET POSITION, APRIL 30 272,625,047 $ 98,614,667 $ 371,239,714 $ Primary Government Net (Expense) Revenue and Change in Net Position See accompanying notes to financial statements.- 7 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds ASSETS Cash and investments 9,101,025 $ -$ 881 $ 2,715,625 $ 11,817,531 $ Receivables (net, where applicable, of allowances for uncollectibles)Property taxes 5,090,530 - 113,160 1,084,749 6,288,439 Sales tax 1,280,371 756,265 - - 2,036,636 Income tax 576,177 - - - 576,177 Utility tax - 430,283 - - 430,283 Allotments - - - 68,069 68,069 Grants 45,685 - - - 45,685 Other 1,297,147 795,365 - 800 2,093,312 Prepaid items 133,497 - - - 133,497 Deposits 1,004,670 - - - 1,004,670 Land held for resale - - - 108,000 108,000 Advance to other funds 1,153,506 - - - 1,153,506 Total assets 19,682,608 1,981,913 114,041 3,977,243 25,755,805 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 19,682,608 $ 1,981,913 $ 114,041 $ 3,977,243 $ 25,755,805 $ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2013 OF RESOURCES ASSETS AND DEFERRED OUTFLOWS (This statement is continued on the following page.)- 8 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 1,653,656 $ 775,619 $ -$ 18,242 $ 2,447,517 $ Accrued payroll 228,790 - - - 228,790 Impact fee 16,900 - - - 16,900 Recapture fee - 16,583 - - 16,583 Unearned revenue 15,423 724,772 - - 740,195 Developer deposit 19,743 - - - 19,743 Advances from other funds - 4,793,458 - - 4,793,458 Total liabilities 1,934,512 6,310,432 - 18,242 8,263,186 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 5,090,530 - 113,160 1,084,749 6,288,439 Total deferred inflows of resources 5,090,530 - 113,160 1,084,749 6,288,439 Total liabilities and deferred inflows of resources 7,025,042 6,310,432 113,160 1,102,991 14,551,625 FUND BALANCES Nonspendable Advances 1,153,506 - - - 1,153,506 Long-term receivables 705,953 - - - 705,953 Prepaid items 133,497 - - - 133,497 Land held for resale - - - 108,000 108,000 Restricted Street maintenance - - - 1,509,744 1,509,744 Public safety - - - 40,585 40,585 Audit - - - 5,360 5,360 Liability insurance - - - 219,288 219,288 Economic development - - - 991,275 991,275 Unrestricted Assigned Debt service - - 881 - 881 Insurance 1,006,427 - - - 1,006,427 Unassigned 9,658,183 (4,328,519) - - 5,329,664 Total fund balances (deficit)12,657,566 (4,328,519) 881 2,874,252 11,204,180 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 19,682,608 $ 1,981,913 $ 114,041 $ 3,977,243 $ 25,755,805 $ LIABILITIES, DEFERRED INFLOWS OF VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued)GOVERNMENTAL FUNDS April 30, 2013 RESOURCES, AND FUND BALANCES See accompanying notes to financial statements.- 9 - FUND BALANCES OF GOVERNMENTAL FUNDS 11,204,180 $ Amounts reported for governmental activities in the statement of net position are different because:Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds 291,322,072 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (1,347,119) Unamortized loss on refunding 1,202,191 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (446,705) Net pension benefit assets are not recorded in governmental funds but are recorded on the statement of net position 1,613,637 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds (30,923,209) NET POSITION OF GOVERNMENTAL ACTIVITIES 272,625,047 $ April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION See accompanying notes to financial statements.- 10 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended April 30, 2013 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 14,957,575 $ 3,110,893 $ 111,034 $ 1,027,507 $ 19,207,009 $ Licenses and permits 735,905 - - - 735,905 Intergovernmental 89,531 3,969,022 - 1,240,080 5,298,633 Charges for services 4,670,306 152,286 - - 4,822,592 Fines and forfeits 826,514 334,037 - 8,950 1,169,501 Investment income 18,614 267 24 2,051 20,956 Miscellaneous 248,494 73,486 - 12,354 334,334 Total revenues 21,546,939 7,639,991 111,058 2,290,942 31,588,930 EXPENDITURES Current General government 2,791,893 - - 349,292 3,141,185 Public safety 10,333,869 - - 352,578 10,686,447 Highways and streets 5,708,416 - - 915,232 6,623,648 Capital outlay - 2,042,968 - - 2,042,968 Debt service Principal retirement - - 1,915,000 - 1,915,000 Interest and fiscal charges - - 1,221,304 - 1,221,304 Total expenditures 18,834,178 2,042,968 3,136,304 1,617,102 25,630,552 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,712,761 5,597,023 (3,025,246) 673,840 5,958,378 OTHER FINANCING SOURCES (USES)Transfers in 58,000 20,000 3,024,780 - 3,102,780 Transfers (out)(20,000) (2,531,130) - (58,000) (2,609,130) Total other financing sources (uses)38,000 (2,511,130) 3,024,780 (58,000) 493,650 NET CHANGE IN FUND BALANCES 2,750,761 3,085,893 (466) 615,840 6,452,028 FUND BALANCES (DEFICIT), MAY 1 9,906,805 (7,414,412) 1,347 2,258,412 4,752,152 FUND BALANCES (DEFICIT), APRIL 30 12,657,566 $ (4,328,519)$ 881 $ 2,874,252 $ 11,204,180 $ See accompanying notes to financial statements.- 11 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 6,452,028 $ Amounts reported for governmental activities in the statement of activities are different because:Governmental funds report capital outlay as expenditures; however, they are capitalized and depreciated in the statement of activities 1,389,428 The repayment of the principal portion long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities:Principal on bonds 1,915,000 Governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities 10,386 Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds:Depreciation (15,638,274) Loss on disposal of capital assets (8,207) Change in net pension asset 105,651 Change in net other postemployment benefit obligation (31,597) Change in compensated absences (33,879) Change in accrued interest payable (2,514) CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (5,841,978)$ For the Year Ended April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE See accompanying notes to financial statements.- 12 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUND April 30, 2013 Water and Sewer CURRENT ASSETS Cash and investments 8,960,158 $ Receivables Accounts 1,609,439 Sales tax 378,076 Prepaid expenses 18,030 Total current assets 10,965,703 CAPITAL ASSETS Nondepreciable 3,228,492 Depreciable, net of accumulated depreciation 111,532,707 Net capital assets 114,761,199 OTHER ASSETS Deposits 180,185 Advance to other funds 3,639,952 Deferred charges 168,936 Total other assets 3,989,073 DEFERRED OUTFLOW OF RESOURCES Unamortized loss on refundings 948,253 Total deferred outflow of resources 948,253 Total assets and deferred outflow of resources 130,664,228 (This statement is continued on the following page.)- 13 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued)PROPRIETARY FUND April 30, 2013 Water and Sewer CURRENT LIABILITIES Accounts payable 1,190,849 $ Accrued payroll 32,587 Accrued interest 598,158 Compensated absences payable 83,238 Illinois EPA loan 143,912 Bonds payable 1,835,000 Developer deposit 3,601 Total current liabilities 3,887,345 LONG-TERM LIABILITIES Compensated absences payable 8,679 Illinois EPA loan 2,949,473 Bonds payable 25,025,000 Unamortized bond premium 179,064 Total long-term liabilities 28,162,216 Total liabilities 32,049,561 DEFERRED INFLOWS OF RESOURCES None - Total liabilities and deferred inflows of resources 32,049,561 NET POSITION Net investment in capital assets 85,745,939 Restricted for debt service 603,205 Unrestricted 12,265,523 TOTAL NET POSITION 98,614,667 $ See accompanying notes to financial statements.- 14 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUND For the Year Ended April 30, 2013 Water and Sewer OPERATING REVENUES Charges for services 14,066,990 $ Total operating revenues 14,066,990 OPERATING EXPENSES Water operations 8,257,942 Sewer operations 1,961,211 Depreciation 3,002,239 Total operating expenses 13,221,392 OPERATING INCOME 845,598 NONOPERATING REVENUES (EXPENSES)Home rule sales tax 1,415,262 Miscellaneous revenue 1,169,633 Investment income 9,010 Interest expense (1,427,377) Total nonoperating revenues (expenses)1,166,528 INCOME BEFORE TRANSFERS AND CONTRIBUTIONS 2,012,126 TRANSFERS (OUT)(493,650) CONTRIBUTIONS 2,145,000 CHANGE IN NET POSITION 3,663,476 NET POSITION, MAY 1 95,937,535 Prior period adjustment (986,344) NET POSITION, MAY 1, RESTATED 94,951,191 NET POSITION, APRIL 30 98,614,667 $ See accompanying notes to financial statements.- 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2013 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 14,070,259 $ Payments for interfund services (250,000) Payments to suppliers (9,210,684) Payments to employees (1,216,532) Net cash from operating activities 3,393,043 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Advance to other funds 3,000,000 Transfers (out) (493,650)Nonoperating revenues 2,206,819 Net cash from noncapital financing activities 4,713,169 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (135,068) Proceeds from long-term debt 156,013 Principal payments on long-term debt (1,930,403) Interest paid (1,389,901) Net cash from capital and related financing activities (3,299,359) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 9,010 Net cash from investing activities 9,010 NET INCREASE IN CASH AND CASH EQUIVALENTS 4,815,863 CASH AND CASH EQUIVALENTS, MAY 1 4,144,295 CASH AND CASH EQUIVALENTS, APRIL 30 8,960,158 $ (This statement is continued on the following page.)- 16 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS (Continued)PROPRIETARY FUND For the Year Ended April 30, 2013 Water and Sewer RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 845,598 $ Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 3,002,239 Changes in assets and liabilities Accounts receivable 32,629 Prepaid fees 1,364 Deposits (28,460) Accounts payable (453,663) Accrued expenses (6,664) NET CASH FROM OPERATING ACTIVITIES 3,393,043 $ NONCASH TRANSACTIONS Contributions of capital assets 2,145,000 $ See accompanying notes to financial statements.- 17 - Police Pension Cash and short-term investments 126,920 $ Investments U.S. Government and agency obligations 7,565,966 Municipal bonds 315,587 Mutual funds 10,740,843 Receivables Accrued interest receivable 65,019 Total assets 18,814,335 None - Total liabilities - NET POSITION HELD IN TRUST FOR PENSION BENEFITS 18,814,335 $ VILLAGE OF PLAINFIELD, ILLINOIS ASSETS April 30, 2013 STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS LIABILITIES See accompanying notes to financial statements.- 18 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION POLICE PENSION TRUST FUND For the Year Ended April 30, 2013 ADDITIONS Contributions Employer 888,578 $ Employee 546,037 Total contributions 1,434,615 Investment income Net appreciation in fair value of investments 1,059,474 Interest 455,711 Total investment income 1,515,185 Less investment expense (37,500) Net investment income 1,477,685 Total additions 2,912,300 DEDUCTIONS Benefits and refunds 311,904 Administration 27,126 Total deductions 339,030 NET INCREASE 2,573,270 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 16,241,065 April 30 $ 18,814,335 VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements.- 19 - - 16 - VILLAGE OF PLAINFIELD , ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 20 1 3 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial s tatements of the Village of Plainfield, Illinois (the Village ) have been prepared in conformity with accounting principles generally accepted in the United States of America, (hereinafter referred to as generally accepted accounting principles (GAAP)), as applied to government units . The Governmental Accounting Standards Board (GASB) is the accepted standard -setti ng body for establishing governmental accounting and financial reporting principles. The more significant of the Village ’s accounting policies are described below. A. Reporting Entity The Village wa s incorporated June 1, 1877. The Village operates u nder a President -Board of Trustees form of government and provides the following services as authorized by its charter: public safety (police), highways and streets, water distribution, waste -water treatment, public improvements, planning and zoning, and g eneral administrative services . As required by generally accepted accounting principles, these finan cial statements present the Village (the primary government). In evaluating how to define the reporting entity, management has considered all potential co mponent units. The decision to include a potential component unit in the reporting entity was based upon the significance of its operational or financial relationship with the primary government. There are no component units that are required to be inclu ded in the Village’s basic financial statements. B. Fund Accounting The Village uses funds to report on its financial position and the changes in financial position . Fund accounting is designed to demonstrate legal compliance and to aid financial man agement by segregating tran sactions related to certain v illage functions or activities. A fund is a separate accounting entity with a self -balancing set of accounts. Funds are classified into the following categories: governmental, proprietary , and f iduciary. Governmental funds are used to account for all or most of the Village’s general activities, including the collection and disbursement of restricted or committed monies (special revenue funds), the funds restricted, committed , or assigned for the acquisition or construc tion of major capital assets (capital projects funds), and the funds restricted, committed , or assigned for 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. - 20 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 17 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Fund Accounting (Continued) Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to soun d financial administration. Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behal f of other funds within the Village . The Village utilizes a pension trust fund and an agency fund, which are generally used to ac count for assets that the Village holds in a fiduciary capacity. C. Government -Wide and Fund Financial Statements The government -wide financial statements (i.e., the statement of net position and the statement of activities ) report information on all of the non -fiduciary activities of the Village. The effect of material interfund activity has been eliminated from these statements. Governmental activities, w hich normally are supported by taxes and intergovernmental revenues, are reported separately from business -type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to whic h the direct expenses of a given function, segment , or program are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants wh o purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. T axes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded fr om the government -wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. - 21 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 18 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Gove rnment -Wide and Fund Financial Statements (Continued) The Village reports the following major governmental funds: The General Fund is the general operating fund of the Village. It is used to account for all financial r esources not accounted for in another fund. The C apital P rojects F und is used to account for financial resources to be used for the acquisition o r construc tion of major capital assets (other than those financed by proprietary funds). The D ebt S ervice F und is used to account for th e accumulation of resources for, and the payment of bond principal, interest , and related costs (other than those repaid by proprietary funds). The Village reports the following major proprietary fund: The W ater and S ewer F und is used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primaril y through user charges. The Village reports a pension trust fund as a fiduciary fund to account for the Police Pension Fund. Furthermore, the Village reports the following agency fund as a fiduciary fund : Richard A. Rock Memorial Fund . D . Measurement F ocus, Basis of Accounting , and Financial Statement Presentation The government -wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund fi nancial statements. Revenues and additions are recorded when earned and expenses and deductions are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). Grant s and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues and expenses are directly attributable to the operation of the proprietary funds. Nonoperating revenue/expense s are incidental to the operations of these funds. - 22 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 19 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Governmental fund financial statements are re ported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and av ailable). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period, generally 60 days except for certain re venues collected by the State (e.g., sales and telecom taxes) which use a 90 to 120 day period. The Village recognizes property taxes when they become both measurable and available in the year intended to finance. Expenditures are recorded when the re lated fund liability is incurred. Principal and interest on general long -term debt are recorded as expenditures when due. Those revenues susceptible to accrual are property taxes, franchise fees, licenses, interest revenue, and charges for services. S ales and telecommunication taxes owed to the state at year end on behalf of the Village also are recognized as revenue. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. In apply ing the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidelines. Monies that are virtually unrestricted as to purpose of expenditure, which are usually revocable only for failure to comply with prescribed compliance requirements, are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. The Village reports unavailable revenue and unearned revenue on its financial statements. Unavailable revenues arise when a potential revenue does not meet the measurable and available criteria for recognition in the current period. Unearned revenues arise when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the Village has a legal claim to the resources, the deferred inflow for una vailable revenue or the liability for unearned revenue is removed from the financial statements and revenue is recognized. - 23 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 20 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E . Cash and Investments Cash and Cash Equivalents For purposes of the s tatement of cash flows, the Village ’s proprietary funds consider their equity in pooled cash and all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments Investments with a maturity of less than one year when purchased and non negotiable certificates of deposit are stated at cost or amortized cost. Investments with a maturity greater than one year when purchased and all investments of the pension trust funds are stated at fair value. Fair value is based on prices listed on national exchanges as of April 30, 20 1 3 , for debt and equity securities. Mutual funds, investment funds , and insurance separate accounts are valued at contract value as of April 30, 20 1 3 . F . 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 to/from other funds” on the financial statements . Long -term interfund loans are classified as “advances to/from other funds.” G . 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 . H . Capital Assets Capital assets, which include property, plant, equipment , infrastructure assets (e.g., roads, bridges, storm water), and intangibles (easements and software), are reported in the applicable governmental or business -type activities columns in the government -wide financial statements. Capital assets are defined by the Village as assets with an initi al, individual cost of $5,000 for machinery and equipment, $20,000 for building and improvements, and $50,000 for infrastructure and an estimated usefu l life in excess of one year. All land and land improvements are capitalized, regardless of cost. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. - 24 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 21 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. Capital Assets (Continued) The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business -type activities is included as part of the capitalized value of the assets constructed. Property, plant , and equipment is depreciated using the straight -line method over the following estimated useful lives: Assets Years Building and improvements 5 -50 Vehicles , equipment and software 3 -20 Infrastructu re 15 -50 I . Compensated Absences Vested or accumulated vacation leave that is due to employees who have retired or terminated by the end of the year is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vest ed or accumulated vacation leave of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. J . Fund Balance/Net Position In the fund financial statements, governmental fun ds report nonspendable fund balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts constrained by legal restrictions from outside partie s for use for a specific purpose, or externally imposed by outside entities. Committed fund balance is constrained by formal actions of the Village Board, which is considered the Village’s highest level of decision making authority. Formal actions includ e resolutions and ordinances approved by the Board. Assigned fund balance represents amounts constrained by the Village’s intent to use them for a specific purpose. The authority to assign fund balance has been delegated to the Village’s Directo r of Mana gement Services, consistent with the intentions of the Village Board . Any Residual Fund balance of the General Fund is reported as unassigned. - 25 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 22 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) J. Fund Balance/Net Position (Continued) The Vi llage has adopted targeted fund balances for two of its funds. The General Fund has a targeted unassigned fund balance of at least 20% of the total General Fund annual expenditures. The Water and Sewer Fund has targeted unrestricted net position s of 20% of the total Water and Sewer Fund annual expenditures. The Village ’s flow of funds assumption prescribes that the funds with the highest level of constraint are expended first. If restricted or unrestricted funds are available for spending, the restricte d funds are spent first. Additionally, if different levels of unrestricted funds are available for spending the Village considers committed funds to be expended first followed by assigned and then unassigned funds. In the government -wide financial statem ents, restricted net position is legally restricted by outside parties for a specific purpose. Net investment in capital assets represents the Village ’s investment in the book value of capital assets, less any outstanding debt that was issued to construct or acquire the capital asset. K . Long -Term Obligations In the government -wide financial statements and proprietary funds in the fund financial statements, long -term debt , and other long -term obligations are reported as liabilities in the applicable g overnmental activities, business -type activities , or proprietary fund financial statements. Bond premiums and disc ounts, as well as gains and losses on refundings , are deferred and amortized over the life of the bonds. Bonds payable are reported net of th e applicable bond premium or discount. Bond issuance costs are expensed as incurred. In the fund financia l statements, governmental fund s recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are repo rted as other financing uses. Bond i ssuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. - 26 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 23 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) L . Interfund Transactions Interfund service transactions are accounted for as revenues, expenditures, or expenses. Transaction s that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund t hat is reimbursed. All other interfund transactions, except interfund service transactions and reimbursements, are reported as transfers. M. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will so metimes report a separate section for deferred outflows of resources . This separate financial statement element represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/exp enditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources . This separate financial statement element represents an acquisition of net assets that applie s to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. 2. LEGAL COMPLIANCE AND ACCOUNTABILITY Deficit Fund Balances of Individual Funds The following individual fund had a deficit fund balance as of the date of this report: Fund Deficit Balance Capital Projects $ 4,328,519 3. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds , except the pension trust fund . Each fund type’s po rtion of this pool is displayed as “cash and investments .” In addition, deposits and investments are separa tely held by several of the Village ’s funds. - 27 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 24 - 3. DEPOSITS AND INVESTMENTS (Continued) Permitted Deposits and Investmen ts - the Village’s investm ent policy authorize s the Village to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. a gencies, insured credit union shares, money market mutual funds with portfolios of securities i ssued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short -term commercial paper rated within the three highest classifications by at least two standard rating services, and Illinois Funds (a m oney market fund created by the State of Illinois under the State Treasurer that maintains a $1 per share value). Pension funds may also invest in certain non -U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans, ob ligations of the State of Illinois and its political subdivisions, and Illinois insurance compan y g eneral and separate accounts, mu tual funds and equities . Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, wh ich allows governments within the s tate to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Inve stments in Illinois Funds are valued at Illinois Fund s ’ share price, the price for which the investment could be sold. A . Village Deposits and Investments It is the policy of the Village to invest its funds in a manner which will provide the highest inve stment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the “prudent person” standard for managing the overall portfolio . The primary objectives of the policy are, in order of priorit y, safety, liquidity, and yield. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the Vi llage’s deposits may not be returned to it. The Village’s investment policy requires bank balances to be secured by some form of collateral, witnessed by a written agreement, and held at an independent third party institution in the name of the municipali ty. - 28 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 25 - 3. DEPOSITS AND INVESTMENTS (Continued) A. Village Deposits and Investments (Continued) Investments The following table presents the investments and maturities of the Village’s debt securities as of April 30, 20 1 3 : Investment Maturities in Years Investment Type Fair Value Less than 1 1 -5 6 -10 Greater than 10 IMET $ 2,349,974 $ - $ 2,349,974 $ - $ - TOTAL $ 2,349,974 $ - $ 2,349,974 $ - $ - Interest rate risk is the risk that changes in interest rates will adversely affe ct the fair value of an investment. In accordance with its investment policy, the Village limits its exposure to interest rate risk by matching its investments with anticipated cash flow requirements . Unless matched t o a specific cash flow, the Village d oes not directly invest in se curities maturing more than two year s from the date of purchase. Reserved funds and other funds with longer term investment horizons may be invested in securities exceeding two years if the maturities of such investments are m ade to coincide as nearly as practicable with the expected use of funds. Credit risk is the risk that the issuer of a debt security will not pay its par value upon maturity. The Village limits its exposure to credit risk by limiting investments to the type s of securities listed above and divers ifying the investment portfolio to the best of its abilities based on the type of funds invested and the cash flow needs of those funds . Illinois Funds and Illinois Metropolitan Investment Fund (IMET ) are rated A AA. Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the Village will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Village’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by an independent third party custodian an d evidenced by safekeeping receipts and a written custodial agreement . Illinois Funds and IMET are not subject to custodial credit risk. Concentration of credit risk is the risk that the Village has a high percentage of its investments invested in on e type of investment. The Village ’s investment policy requires diversification of investments to avoid unreasonable risk. The investments shall be diversified by type of investment, number of institutions invested in , and length of maturity. In addition , a portion of the Village’s portfolio should continuously be invested in readily available funds such as Local Government Investment Pools (LGIPS ), money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained t o meet ongoing obligations. - 29 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 26 - 3. DEPOSITS AND INVESTMENTS (Continued) B . Police Pension Fund Deposits and Investments The primary investment goal of the Police Pension Fund is to maximize portfolio return within reasonable risk levels. This is accomplish ed by diversifying the portfolio among various asset classes, with the goal of reducing volatility of return, and among various issuers of securities to reduce principal risk. Deposits with Financial Institutions Custodial credit risk for deposits wi th financial institutions is the risk that in the event of bank failure, the Police Pension Fund’s deposits may not be returned to it. The Police Pension Fund’s investment policy does not require pledging of collateral for all bank balances in excess of f ederal depository insurance, since flow -through FDIC insurance is available for the Police Pension Fund’s deposits with financial institutions. Investments The following table presents the investments and maturities of the Police Pension Fund’s debt securities as of April 30, 20 1 3 : Investment Maturities in Years Investment Type Fair Value Less than 1 1 -5 6 -10 Greater than 10 U.S. T reasury o bligations $ 2,537,030 $ - $ 1,812,736 $ 724,294 $ - U.S. agency obligations 5,028,936 228,383 2,545,824 1,764,613 490,116 Municipal bonds 315,587 - - 170,84 3 144,744 TOTAL $ 7,881,55 3 $ 228,383 $ 4,358,560 $ 2,659,7 50 $ 634,860 Interest rate risk is the risk that changes in interest rates will adversely affect the fair va lue of an investment. In accordance with its investment policy, the Police Pension Fund limits its exposure to interest rate risk through the proper diversifications of maturities and sectors while maintaining cash flow adequate to meet anticipated disbur sements for at least six months by utilizing short -term money market investments. There are no constraints on any of the fixed income portfolio’s average maturity. The average duration of any fixed income portfolio shall not exceed 12 years at any given time unless deemed otherwise by the B oard. Credit risk is the risk that the issuer of a debt security will not pay its par value upon maturity. The Police Pension Fund limits its exposure to credit risk by primarily investing in U.S. T reasury or U.S. a gency obligations. The U.S. a g ency o bligations and money market mutual funds are rated AAA. - 30 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 27 - 3. DEPOSITS AND INVESTMENTS (Continued) B. Police Pension Fund Deposits and Investments (Continued) Investments (Continued) Custodial credit risk for investm ents is the risk that, in the event of the failure of the counterparty to the investment, the Police Pension Fund will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Police Pensio n Fund’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a DVP basis with the underlying investments held by a third party custodian . The money market mutual funds are not subject to custod ial credit risk. Concentration of credit risk is the risk that the Police Pension Fund has a high percentage of its investments invested in one type of investment. The Police Pension Fund’s investment policy limits the amount of the debt portfolio that can be investe d in any one debt security as follows: Diversification by Instrument Minimum Target Maximum Cash equivalents 0% 0 % 30 % Government bonds 40 % 45 % 7 0% U.S. stocks 35 % 40 % 45 % Non -U.S. stocks 0% 15 % 2 0% At April 30, 20 1 3 , Federal Home Loan Bank , Federal Home Loan Mortgage Corporation and Federal National Mortgage Association obligations exceeded 5% of the Police Pension Fund’s total investments (approximately 11.99 %, 5.41%, and 5.85 %, respectively). 4. RECEIVABLES - P ROPERTY TAXES Property taxes for the 20 12 levy year attach as an enforceable lien on January 1, 20 12 , on property value assessed as of the same date. Taxes are levied by December 31 of the subsequent fiscal year end by passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or about May 1, 20 1 3 and August 1, 20 1 3 , and are payable in two installments, on or about June 1, 20 1 3 and September 1, 20 1 3 . The County collects such taxes and remits them periodically. The allowance f or uncollectible taxes has been stated at 1 -2 % of the tax levy, to reflect actual collection experience. The 20 12 taxes are intended to finance the 201 4 fiscal year and are not considered available for current operations and a re, therefore, shown as unava ilable revenue. The 20 1 3 tax levy has not been recorded as a receivable at April 30, 20 1 3 , as the tax attached as a lien on property as of January 1, 20 1 3 ; however, the tax will not be levied until December 20 1 3 and, accordingly, is not measurable at Apri l 30, 20 1 3 . - 31 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 28 - 5 . CAPITAL ASSETS A. Capital Assets Capital asset activity f or the year ended Apri l 30, 20 1 3 was as follows: Beginning Balance , restated Increases Decreases Ending Balance GOVERNMENTAL ACTIVITIES Capital assets not bei ng depreciated Land $ 9,429,279 $ - $ - $ 9,429,279 Land right of way 90,1 91 ,186 - - 90,191,186 Construction in progress 4,144,149 1,102,647 - 5,246,796 Total capital assets not being depreciated 10 3,764 ,614 1,102,647 - 104,867 ,261 Capital assets being depreciated Buildings and improvements 3 0,926,945 - - 30,926,945 Vehicles and equipment 4,973,2 68 286,781 109,844 5,150,20 5 Infrastructure 316,790,957 - - 316,790,957 T otal capital assets being depreciated 352,691,17 0 286,781 109,844 352,868,1 07 Less accumulated depreciation for Buildings 6,078,556 849,836 - 6,928,39 2 Vehicles and equipment 4,227,366 284,136 101,637 4 ,409,865 Infrastructure 140,570,737 14,504,302 - 155,075,039 Total accumulated depreciation 150,876,659 15,638,27 4 101,637 166,413,29 6 Total capital assets being depreciated, net 201,814,51 1 (15,351,493 ) 8,207 186,454,81 1 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 305,579,12 5 $ (14,248,846) $ 8,207 $ 291,322,07 2 Beginning Balance , restated Increases Decreases Ending Balance BUSINESS -TYPE ACTIVITIES Capital a ssets not b eing d epreciated Land $ 3,043,544 $ - $ - $ 3,043,544 Construction in progress 1 84,94 8 - - 184,94 8 Total capital assets not being depreciated 3,228,49 2 - - 3,228,49 2 Capital assets being depreciated Buildings 17,448,092 - - 17,448,092 Vehicles and equipment 1,010 ,037 35,48 4 - 1,045,52 1 Water transmission system 6 5,353,019 2,244,58 4 - 6 7,597,60 3 Sewer collection system 54,368 ,452 - - 54,368,452 Total capital assets being depreciated 13 8,179,60 0 2,280,06 8 - 140,459 ,66 8 - 32 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 29 - 5. CAPITAL ASSETS (Continued) A. Capital Assets (Continued) Beginning Balance , restated Increases Decreases Ending Balance BUSINESS -TYPE ACTIVITIES (Continued) Less accumulated depreciation for Buildings $ 3,658,362 $ 348 ,961 $ - $ 4,007 ,3 2 3 Vehicles and equipment 979,839 1 0,642 - 990,48 1 Water transmission system 1 1,643,718 1,539 ,19 3 - 1 3,182,9 11 Sewer collection system 9,642,803 1,103,443 - 10,746 ,246 Total accumulated depreciation 2 5,924,72 2 3,002,23 9 - 2 8,926,96 1 Total capital assets being depreciated, net 112,254,878 (722,171 ) - 111,532,70 7 BUSINESS -TYPE ACTIVITIES CAPITAL ASSETS, NET $ 115,483,3 70 $ (722 ,171 ) $ - $ 114,761,19 9 Depreciation expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General g overnment $ 31 4,154 Public s afety 5 18,539 Highways and s treets 14,8 05,58 1 TOTAL DEPREC IATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 15,6 38,27 4 B. Construction Contracts The Village has entered into contracts for the construction or renovation of various facilities as follows: Project Authorizations Expended to Date Commitment Pe destrian Bridge $ 1,073,238 $ 637,615 $ 435,623 TOTAL $ 1,073,238 $ 637,615 $ 435,623 - 33 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 30 - 6 . RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; inj uries to employees; and net income losses. To insure against the losses, the Village participates in the Southwest Agency for Risk Management (SWARM), a public entity risk pool with transfers of risk. The Village pays an annual premium to SWARM for prope rty, general liability, public officials ’ liability, employment practices liability, automobile liability, crime , and workers’ compensation coverage. The following table is a summary of coverage in e ffect for the peri od May 1, 20 1 2 through April 30, 20 1 3 : Coverage SWARM Self -Insured Retention/ Deductible Limits General l iability $ 5 0,000 $ 5,000,000/occurrence Public e ntity l iability 5 0 ,000 5 ,000,000/occurrence Commercial u mbrella 10,000 15 ,000,000/occurrence Employee d ishonesty 5 ,000 5 00,000/occurrence Theft and d estruction 5 ,000 5 0 0,000/occurrence Auto l iability 50 ,000 1 ,000,000/occurrence Workers’ c ompensation 600 ,000 / 1,000 ,000/occurrence occurrence Business p olicy Buildings 50,000 200,0 00,000/occ urrence Personal p roperty 50 ,000 200 ,000,000/occurrence Flood 5 0 0,000 200,0 00,000/occurrence Earthquake 5 0 0,000 200,0 00,000/occurrence Employment p ractices 50,000 200,000,000/member The Village is not aware of any additional pre miums owed to SWARM as of April 30, 2 0 1 3 for the current or prior claim years. 7 . LONG -TERM DEBT A. General Obligation Bonds General obligation bonds are direct obligations and pledge the f ull faith and credit of the Village . General obligation bo nds currently outstanding are as follows: - 34 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 31 - 7. LONG -TERM DEBT (Continued) A. General Obligation Bonds (Continued) Issue Fund Debt Retired by Balances April 30, 2012 Issuances Refundings/ Retirements Balances April 30, 2013 Current Portion $5,790,000 General Obligation Refunding Bonds of 2004A, annual installments of $35,000 to $1,455,000 through December 15, 2019, interest at 3.00% to 4.10% payable each June 15 and December 15. Water and Sewer $ 5,530 ,000 $ - $ 40,000 $ 5,490 ,000 $ 45 ,000 $4,060,000 General Obligation Refunding Bonds of 2004B, annual installments of $30,000 to $430,000 through December 15, 2019, interest at 3.00% to 4.10% payable each June 15 and December 15. Water and Sewer 2,985 ,000 - 32 0,000 2,66 5 ,000 335 ,000 $10,755,000 General Obligation Bonds of 2005A, annual installments of $380,000 to $835,000 through December 15, 2024, interest at 3.25% to 5.00% payable each June 15 and December 15. Debt Service 2,030 ,000 - 470 ,000 1,560 ,000 495 ,000 $5,610,000 General Obligation Refunding Bonds of 2005B, annual installments of $15,000 to $1,160,000 through December 15, 2016, interest at 3.25% to 5.00% payable each June 15 and December 15. Water and Sewer 4,430 ,000 - 1,010 ,000 3,42 0 ,000 1,055 ,000 $15,135,000 General Obligation Bonds of 2007, annual installments of $515,000 to $1,175,000 through December 15, 2026, interest at 4.00% to 5.00% payable each June 15 and December 15. Debt Service 12,940 ,000 - 610 ,000 1 2,33 0 ,000 635 ,000 $865,000 General Obligation Refunding Bonds of 2009, annual installments of $5,000 to $110,000 through December 15, 2019, interest at 2.00% to 4.00% payable each June 15 and December 15. Debt Service 775 ,000 - 8 5,000 690 ,000 90 ,000 - 35 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 32 - 7. LONG -TERM DEBT (Continued) A. General Obligation Bonds (Continued) Issue Fund Debt Retired by Balances April 30, 2012 Issuances Refundings/ Retirements Balances April 30, 201 3 Current Portion $9,28 0,000 General Obligation Refunding Bonds of 2010, annual installment s of $640,000 to $960,000 through December 15, 2023, interest at 2.00% to 4.00% payable each June 15 and December 15. Debt Service $ 9,280,000 $ - $ 640,000 $ 8,640 ,000 $ 65 0,000 $6,820,000 General Obligation Ref unding Bonds of 2012, annual installments of $75,000 to $805,000 through December 15, 2024, interest at 2.00% to 3.00% payable each June 15 and December 15. Debt Service 6,820,00 - 110,000 6,710 ,000 75 ,000 TOTAL GENERAL OBLIGATION BONDS $ 44,790 ,000 $ - $ 3,285 ,000 $ 41,505 ,000 $ 3,380 ,000 B . Revenue Bonds Payable Issue Fund Debt Retired by Balances April 30, 20 1 2 Issuances Refundings/ Retirements Balances April 30, 20 1 3 Current Portion $16,385,000 Water and Sewer System Revenue Bonds of 2008, annual installments of $355,000 to $1,140,000 through May 1, 2034, interest at 4.185% to 5.625% payable each May 1 and November 1. Water and Sewer $ 15,665,000 $ - $ 380 ,000 $ 15,285 ,000 $ 40 0,000 TOTAL REVENUE BONDS $ 15,665,000 $ - $ 380 ,000 $ 15,285 ,000 $ 40 0,000 C . Illinois EPA Loans Issue Fund Debt Retired by Balances April 30, 201 2 Issuances Refundings/ Retirements Balances A pril 30, 201 3 Current Portion $3,309,451 Illinois EPA low interest loan, semiannual installments through June 1, 2031, interest at 1.25% payable each June 1 and December 1. Water and Sewer $ 3,273,202 $ 586 $ 180,403 $ 3,093,38 5 $ 143,912 TOTAL REVENUE BONDS $ 3,273,202 $ 586 $ 180,403 $ 3,093,385 $ 143,912 - 36 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 33 - 7. LONG -TERM DEBT (Continued) D . Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Governmen tal Activities Fiscal General Obligation Bonds Year Principal Interest 2014 $ 1,945 ,000 $ 1,191,212 2015 2,015 ,000 1,123,163 2016 2,090 ,000 1 ,046,925 2017 2,190 ,000 964,700 2018 2,265 ,000 894,075 2019 2,345 ,000 813,800 2020 2,445 ,000 718,900 2021 2,430 ,000 6 19,700 202 2 2,560 ,000 520,900 2023 2,685 ,000 416,350 2024 2,795 ,000 3 06,600 2025 1,870 ,000 192,150 2026 1,120,000 114,750 2027 1,175,0 00 58,750 TOTAL $ 29,930 ,000 $ 8,981,975 Business -Type Activities Fiscal General Obligation Bonds Revenue Bonds Year Principal Interest Principal Interest 2014 $ 1,435,000 $ 482,679 $ 400,000 $ 797,785 2015 1,500,000 420 ,513 415,000 780,085 2016 1,570,000 356,128 430,000 761,201 2017 1,650,000 282,548 450,000 740,985 2018 1,730,000 218,428 475,000 719,147 2019 1,805,000 149,895 500,000 695,216 2020 1,885,000 77,285 520,0 00 669,716 2021 - - 550,000 642,794 2022 - - 575,000 613,889 2023 - - 610,000 582,817 2024 - - 640,000 549,848 2025 - - 670,000 515,297 2026 - - 710,000 478,988 2027 - - 740,000 440,92 5 2028 - - 780,000 401,025 2029 - - 820,000 359,025 2030 - - 870,000 313,031 - 37 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 34 - 7. LONG -TERM DEBT (Continued) D . Debt Service Requirements to Maturity (Continued) Business -Type Activities Fiscal General Obligation Bonds Revenue Bonds Year Principal Interest Principal Interest 2031 $ - $ - $ 920,000 $ 262,687 2032 - - 970,000 209,531 2033 - - 1,020,000 153,562 2034 - - 1,080,000 94,500 2035 - - 1,140,000 32,062 TOT AL $ 11,575 ,000 $ 1,987,476 $ 15,285 ,000 $ 1 0,814,116 Business -Type Activities Fiscal Illinois EPA Bonds Year Principal Interest 2014 $ 143,912 $ 36,747 2015 145,71 7 34,942 2016 147,544 33,116 2017 149,394 31 ,265 2018 151,267 29,393 2019 153,164 27,495 2020 155,085 25,575 2021 157,029 23,631 2022 158,998 21,661 2023 160,992 19,668 2024 163,01 1 17,649 2025 165,05 5 15,605 2026 167,124 13,535 2027 169,2 20 11,439 2028 171,342 9,318 2029 173,490 7,169 2030 175,66 4 4,994 2031 177,868 2,792 2032 2 07,509 562 TOTAL $ 3,093,385 $ 366,556 - 38 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 35 - 7. LONG -TERM DEBT (Continued) E . Changes in Long -T erm Liabilities The following is a summary of changes in bonds, installment notes payable, debt certificates , and other long -term lia bilities during f iscal year 20 1 3 : May 1 Additions Reductions April 3 0 Current Portion GOVERNMENTAL ACTIVI TIES General obligation bonds $ 31,845,000 $ - $ 1,915,000 $ 29,930,000 $ 1,945,000 Compensated absences payable 896,104 73 1,9 39 6 98,060 929,983 711,526 Net other postemployment benefit obligation 31,629 31,597 - 63,226 - Unamortized bond premium 1,409,348 - 62,229 1,347,119 - TOTAL GOVERNMENTAL ACTIVITIES $ 3 4,182,081 $ 7 63,53 6 $ 2,6 75,289 $ 3 2,270,328 $ 2,656,526 BUSINESS -TYPE ACTIVITIES General obligation bonds $ 12,945,0 00 $ - $ 1,370,000 $ 11,575,000 $ 1,435,000 Revenue bonds 15,665,000 - 380,000 15,285,000 400,000 Illinois EPA Loan 3,273,202 586 180,403 3,093,385 143,912 Compensated absences payable 103,075 81,610 92,768 91,917 83,238 Unamortized bond premium 231,945 - 52,881 179,064 - TOTAL BUSINESS -TYPE ACTIVITIES $ 32,218,222 $ 82,196 $ 2,076,052 $ 30,224,366 $ 2,062,150 F . Advance Refunding On February 23, 2012, the Village issued $6,820 ,000 genera l obligation bonds, the proceeds of which were placed in an irrevocabl e escr ow, to advance refund $6,235,000 of the outstanding 2005 A General Obligation Bonds . The refunded bonds will b e called and retired on June 15, 2015 . 8. INTERFUND ASSETS/LIABILITIE S Advances from/to other funds at April 30, 20 1 3 is as follows: Receivable Payable Amount General Capital Projects $ 1,153,506 Water and Sewer Capital Projects 3 ,639,952 TOTAL $ 4,793,458 - 39 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 36 - 8. INTERFUND ASSETS/LIABILITIES (Continued) Th e purpose of the advance s from/to is as follows: • $4,793,458 to provide funds for land acquisition and the purchase and construction of capital improvements. Individual fund transfers are as follows: Fund Transfers In Transfers Out General $ 5 8,000 $ 20,000 Capital Projects 20,000 2,5 31,130 Debt Service 3,0 24,780 - Nonmajor Governmental - 5 8,000 Water and Sewer - 493,650 TOTAL $ 3,102,780 $ 3,102,780 The purposes of significant transfers are as follows: • $3 ,024,780 transfer from the Capital Projects Fund and the Water and Sewer Fund to the Debt Service Fund to prov ide funds for a portion of various debt service payment s. 9 . CONTINGENT LIABILITIES A. Litigation The Village is a defendant in various laws uits. Although the outcome of these lawsuits is not presently determin able, in the opinion of the Village ’s attorneys, the resolution of these matters will not have a material adverse effect on the financial condition of the Village . B. Grants Amount s received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. Th e amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. - 40 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 37 - 10 . COMMITMENTS A. The Village is a member of the Southwest Agency for Healt h Management (SWAHM), an agency comprised of nine communities formed to be a single member in an Intergovernmental Personnel Benefits Cooperative (IPBC) which administers the personnel benefits according to its members. Premiums are paid monthly to anothe r member of SWAHM which is responsible for collecting all monies and remitting them to IPBC. B. The Village is a member of the Western Will County Communications Center (WESCOM), an agency comprised of five communities and eight fire protection districts formed to jointly establish, maintain , and operate a centralized public safety communication system. The expenses of WESCOM are funded by monthly charges to the participating agencies. 1 1 . DEVELOPMENT ASSISTANCE The Village has entered into various ag reements with private organizations to encourage economic development in the Village. These agreements provide for rebating a portion of sales taxes to the private organizations if certain benchmarks of development are achieved. During the fiscal year end ed April 3 0, 20 1 3 , approximately $308,530 in sales tax rebates were incurred under these agreements. Future contingent reb ates of approximately $4,680 ,669 in sales taxes may be rebated if certain criteria are met in future years. 1 2 . DEFINED BENEFIT PENS ION PLANS The Village contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent multiple -employer public employee retirement system; and the Police Pension Plan which is a single -employer pension plan. The benefits, benefit levels, employee contributions , and employer contributions for the two plans are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly . The pension plan does not issue a separate report. However, IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. - 41 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 38 - 12. DEFINED BENEFIT PENSION PLANS (Continued) A . Plan Descriptions Illinois Municipal Retirement Fund All employees (other than those covered by the Police Pension Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of ear nings, for each year of credited service up to 15 years, and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute. The employer contribution for the calendar yea r ended Dec ember 31, 20 12 was 11.56 % of covered payroll. Police Pension Plan Police sworn personnel are covered by the Police Pension Plan. Although this is a single -employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Co mpiled Statutes (40 ILCS 5/3 -1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pensio n trust fund. At April 30, 20 1 2 (the latest information available), the Police Pension Plan membership consisted of: Retire es and b eneficiaries c urrently r eceiving b enefits and t erminated e mployees e ntitled to b enefits but not yet r eceiving t hem 7 Current e mployees Vested 34 Nonvested 1 7 TOTAL 5 8 - 42 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 39 - 12. DEFINED BENEFIT PENSION PLANS (Continued) A. Pl an Descriptions (Continued) Police Pension Plan (Continued) The Police Pension Plan provides retirement benefits through two tiers of benefits as well as death and disability benefits. Tier 1 employee s (those hired prior to January 1, 2011) attainin g the age of 50 or older with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one -half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75.00% of such salary. Employees with at least eight years but less than 20 years of credited serv ice may retire at or after age 60 and receive a reduced benefit. The monthly benefit 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 3.00% of the original pension and 3.00% compounded annually thereafter. Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or older with ten or more years of credita ble service are entitled to receive an annual retirement benefit equal to the average monthly salary obtained by dividing the total salary of the police officer during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of months of service in that period. Police officers’ salary for pension purposes is capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index or 3.00% compounded. The annual bene fit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75.00% of such salary. Employees with at least ten years may retire at or after age 50 and receive a reduced benefit (i.e., ½% for each month under 55). The monthly benefit of a Tier 2 police officer shall be increased annually at age 60 on the January 1 st after the police officer retires, or the first anniversary of the pension starting date, whichever is later. Non compounding increases occur annually, each January thereafter. The increase is the lesser of 3.00% or ½ of the change in the Consumer Price Index for the proceeding calendar year. Employees are required by ILCS to contribute 9.91% of their base salary to the Polic e Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective January 1, 2011 , the Village has until the year 2040 to fund 90% of the past service cost for the Police Pension Plan. F or the year ended April 30, 20 1 2 , the Village’s contribution was 20.51 % of covered payroll. - 43 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 40 - 12. DEFINED BENEFIT PENSION PLANS (Continued) B . Significant Investments There are no significant investments (other than U.S. Government guaranteed obligations) in any one organization that represent 5.00% or more of plan net position s for the Police Pension Plan. Information for the IMRF is not available. C . Annual Pension Costs Employer contributions have been determined as follows: Illinois Municipal Retirement Police Pension Actuarial v aluation d ate Decem ber 31, 20 10 April 30, 20 1 2 Actuarial c ost m ethod Entry -age Normal Entry -age Normal Asset v aluation m ethod 5 Year Smoothed Market Market Amortization m ethod Level Percentage of Payroll Level Percentage of Payroll Amortization p eriod 30 Years, Open 2 1 Years, Closed Significant a ctuarial a ssumptions a) Rate of r eturn on 7.50% 7.50 % p resent and f uture a ssets Compounded Compounded Annually Annually b) Projected s alary i ncrease - 4.00 % 5.50 % attributable to i nfl ation Compounded Compounded Annually Annually c) Additional p rojected .40 % to 10 % Not Available s alary i ncreases - s eniority/m erit - 44 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 41 - 12. DEFINED BENEFIT PENSION PLANS (Continued) C. Annual Pension Costs (Continued) Employer a n nual pension costs (AP C), actual contributions , and the net pension obligation (NPO) are as follows. The NPO is the cumu lative difference between the AP C and the contributions actually made. Fiscal Year Illinois Municipal Retire ment Fiscal Year Polic e Pension Annual pension cost 20 1 1 $ 556,927 201 1 $ 814,250 (APC) 2012 563,101 2012 780,348 2013 599,939 2013 782,927 Actual contribution 2011 $ 556,927 2011 $ 704,076 2012 563,101 2012 897,431 2013 599,939 2013 888 ,578 Percentage of APC contributed 2011 100.00% 2011 86.47 % 2012 100.00% 2012 115.00 % 2013 100.00% 2013 113.49 % NPO 2011 $ - 2011 $ (1,390,903 ) 2012 - 2012 (1,507,986 ) 2013 - 2013 (1,613,637 ) The annual pension cost NPO f or the P olice P ension F und has been calculated as follows: Annual r equired c ontribution $ 80 8,308 Interest on n et p ension o bligation (113,099 ) Adjustment to annual required contribution 87,718 Annual pension cost 78 2,927 Contributions made 888,578 Increase in net pension obligation (105,651 ) Net pension obligation (asset), beginning of year (1,507,986 ) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (1,613,637 ) - 45 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 42 - 12. DEFINED BENEFIT PENSION PLANS (Continued) D. Funded Status an d Funding Progress Illinois Municipal Retirement Police Pension Actuarial valuation date December 31, 20 1 2 April 30, 20 1 2 Actuarial accrued liability (AAL) $ 1 1,795,699 $ 20,838,159 Actuarial value of plan assets 8,783,472 16,241,065 Un funded actuarial accrued liability (UAAL) 3,012,227 4,597,094 Funded ratio (actuarial value of plan assets/AAL) 74.46 % 77.94 % Covered payroll (active plan members) $ 5,056,107 $ 4,375,606 UAAL as a percentage of covered payroll 59.58 % 105.0 6 % The schedule of funding progress, presented in the required supplementary information following the notes to financial statements, presents multi -year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the AAL for benefits. 13. OTHER POSTEMPLOYMENT BENEFITS Plan Description In addition to providing the pension benefits described, the Village provides postemployment health care (OPEB) benefits for retirees and disabled employees thr ough a single -employer defined benefit plan (the Plan). The benefits, benefit levels, employee contributions and any employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. Th e Plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the Plan. The Plan does not issue a separate report. The activity of the Plan is reported in the Village’s Self -Insurance Fund. - 46 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 43 - 1 3 . OTHER POSTEM PLOYMENT BENEFITS (Continued) Benefits Provided The Village provides postemployment health care benefits to its retirees and certain disabled employees. To be eligible for benefits, an employee must qualify for retirement under one of the Village’s re tirement plans or meet COBRA requirements. For certain disabled employees who qualify for health insurance benefits under the Public Safety Employee Benefits Act (PSEBA), the Village is required to pay 100% of the cost of basic health insurance for the em ployee and their dependents for their lifetime. As of April 30, 201 3 , the Village ha d one disabled retiree receiving benefits under this statute. All health care benefits are provided through the Village’s insured health plan. The benefit levels are th e same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental, nervous and substance abuse care; vision care; dental care; and prescriptions. Eligibility in village sponsored health care plans is discontinued upon eligibility for federally sponsored health care benefits. Membership At April 30, 201 2 (latest information available), membership consisted of: Retirees and beneficiaries currently receiving benefits 3 Terminated employees entitl ed to benefits but not yet receiving them Current employees Vested - 69 Nonvested 52 TOTAL 1 24 Participating employers 1 Funding Policy All retirees contribute 10 0% of the premium to the Plan to cover the cost of providing th e benefits to t he retirees via the health insurance plan (pay as you go), which results in an implicit subsidy to the Village as defined by the GASB Statement No. 45. The Village pays 100% of the premium for certain disabled employees. For the fis cal yea r ended April 30, 201 3 , retirees contributed $15,253 and the Village contributed $32,784 . The Village is not required to and currently does not advance fund the cost of benefits that will become due and payable in the future. Active employees do not cont ribute to the Plan until retirement. - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 44 - 1 3 . OTHER POSTEMPLOYMENT BENEFITS (Continued) Annual OPEB Costs and Net OPEB Obligation The Village’s annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan and the net OPEB obligation was as follows: Fiscal Year Ended Annual OPEB Cost Employer Contributions Percentage of Annual OPEB Cost Contributed Net OPEB Obligation April 30 , 20 1 3 $ 64,380 $ 3 2,784 50.92 % $ 63,226 April 30, 2012 63,506 31,877 50.20% 31,629 The net OP EB ob ligation (NOPEBO) as of April 30 , 201 3 was calculated as follows: Annual required contribution $ 63,853 Interest on net OPEB obligation 1,58 2 Adjustment to annual required contribution (1,054) Annual OPEB cost 6 4,38 1 Contributions made 3 2,784 Increase in net OPEB obligation 31,597 Net OPEB obligation, beginning of year 31,629 NET OPEB OBLIGATION, END OF YEAR $ 63,226 Funded Status and Funding Progress The funded status of the P lan as of April 30, 201 2 (latest informati on available) was as follows: Actuarial accrued liability (AAL) $ 1,192,919 Actuarial value of plan assets - Unfunded actuarial accrued liability (UAAL) 1,192,919 Funded ratio (actuarial value of plan assets/AAL) -% Covered payroll (active plan members) $ 8,222,184 UAAL as a percentage of covered payroll 14.51 % - 48 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 45 - 1 3 . OTHER POSTEMPLOYMENT BENEFITS (Continued) Funded Status and Funding Progress (Continued) Actuarial valuations of an ongoing plan involve estimates of the value of reported am ounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the ann ual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary informati on following the notes to financial statements, presents multi -year trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Actuarial Method s and Assumptions Projections of benefits for financial reporting purposes are based on the substantive plan (the Plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the histor ical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce short -term volatility in actuarial accrued liabilities and the actuaria l value of assets, consistent with the long -term perspective of the calculations. In the April 30, 201 2 actuarial valuation, the entry -age actuarial cost method was used. The actuarial assumptions included a 5.00% investment rate of return (net of admin istrative expenses) and an initial annual healthcare cost trend rate of 8.00% and an ultimate healthcare cost trend rate of 6.00%. These rates include a 3.00% inflation assumption. The actuarial value of assets was not determined as the Village has not a dvance funded its obligation. The Plan’s unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis over 30 years. 14. PRIOR PERIOD ADJUSTMENT The n et position of the governmental activities , bus iness -type activities and the Water and Sewer Fund ha s been restated by $(380,519 ), $(502,014 ) and $(502,014), respectively, due to the write off of previous bond issuance costs which were being amortized over the life of the bonds. With the implementatio n of GAS B Statement No. 65, the Village is required to expense these amounts as the bonds are issued and to apply this change retroactively . In addition, t he net position of the governmental activities, business -type activities and the Water and Sewer F u nd has been restated by $(10,092), $(484,330) and $(484,330) to adjust for capital assets below the Village’s capitalization threshold that were previously capitalized. - 49 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual REVENUES Taxes 13,432,276 $ 13,432,276 $ 14,957,575 $ Licenses and permits 378,800 378,800 735,905 Intergovernmental 10,630 10,630 89,531 Charges for services 4,187,947 4,187,947 4,670,306 Fines and forfeits 712,500 712,500 826,514 Investment income 5,000 5,000 18,614 Miscellaneous 158,000 158,000 248,494 Total revenues 18,885,153 18,885,153 21,546,939 EXPENDITURES Current General government 2,539,738 2,539,738 2,791,893 Public safety 11,049,635 11,049,635 10,333,869 Highways and streets 5,765,780 5,765,780 5,708,416 Total expenditures 19,355,153 19,355,153 18,834,178 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (470,000) (470,000) 2,712,761 OTHER FINANCING SOURCES (USES) Transfers in 470,000 470,000 58,000 Transfers (out)- - (20,000) Total other financing sources (uses)470,000 470,000 38,000 NET CHANGE IN FUND BALANCE -$ -$ 2,750,761 FUND BALANCE, MAY 1 9,906,805 FUND BALANCE, APRIL 30 12,657,566 $ (See independent auditor's report.)- 50 - Schedule of Funding Progress (2)UAAL Actuarial (4)as a Actuarial (1)Accrued (3)Unfunded Percentage Valuation Actuarial Liability Funded AAL (5)of Covered Date Value of (AAL)Ratio (UAAL)Covered Payroll December 31,Assets Entry-Age (1)/(2) (2) - (1)Payroll (4)/(5)2007 5,347,503 $ 7,370,530 $ 72.55%2,023,027 $ 6,084,927 $ 33.25% 2008 5,776,968 8,561,033 67.48%2,784,065 6,430,897 43.29% 2009 5,912,942 8,765,602 67.46%2,852,660 6,030,709 47.30% 2010 6,661,020 9,673,911 68.86%3,012,891 5,095,403 59.13% 2011 7,558,970 10,726,681 70.47%3,167,711 4,882,548 64.88% 2012 8,783,472 11,795,699 74.46%3,012,227 5,056,107 59.58% Schedule of Employer Contributions Annual Required Fiscal Employer Contribution Percentage Year Contributions (ARC)Contributed 2008 620,662 $ 620,662 $ 100.00%2009 652,736 652,736 100.00%2010 601,890 601,890 100.00%2011 556,927 556,927 100.00%2012 563,101 563,101 100.00%2013 599,939 599,939 100.00%April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION ILLINOIS MUNICIPAL RETIREMENT FUND (See independent auditor's report.)- 51 - Schedule of Funding Progress (2)UAAL Actuarial (4)as a Actuarial (1)Accrued (3)Unfunded Percentage Valuation Actuarial Liability Funded AAL (5)of Covered Date Value of (AAL)Ratio (UAAL)Covered Payroll April 30,Assets Entry-Age (1)/(2) (2) - (1)Payroll (4)/(5)2007 7,522,591 $ 11,083,597 $ 67.87%3,561,006 $ 3,474,293 $ 102.50%2008 8,887,346 12,930,713 68.73%4,043,367 3,782,262 106.90%2009 9,318,211 15,057,411 61.88%5,739,200 4,183,893 137.17%2010 12,555,554 17,605,405 71.32%5,049,851 4,005,605 126.07%2011 14,818,305 19,498,674 76.00%4,680,369 4,173,528 112.14%2012 16,241,065 20,838,159 77.94%4,597,094 4,375,606 105.06%Annual Fiscal Employer Required Year Contributions Contribution Percentage 2008 899,220 $ 570,772 $ 157.54%2009 984,517 629,085 156.50%2010 998,365 682,956 146.18%2011 704,076 845,701 83.25%2012 897,431 806,757 111.24%2013 888,578 808,308 109.93%Schedule of Employer Contributions April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION POLICE PENSION FUND (See independent auditor's report.)- 52 - Schedule of Funding Progress (2)UAAL Actuarial (4)as a Actuarial (1)Accrued (3)Unfunded Percentage Valuation Actuarial Liability Funded AAL (5)of Covered Date Value of (AAL)Ratio (UAAL)Covered Payroll April 30,Assets Entry-Age (1)/(2) (2) - (1)Payroll (4)/(5)2012 -$ 1,192,919 $ 0.00%1,192,919 $ 8,222,184 $ 14.51%2013 N/A N/A N/A N/A N/A N/A Schedule of Employer Contributions Annual Fiscal Employer Required Year Contributions Contribution Percentage 2012 31,877 $ 63,506 $ 50.20%2013 32,784 63,853 51.34%N/A -Actuarial valuation not performed The Village implemented GASB Statement No. 45 for the fiscal year ending April 30, 2012.Information for prior years is not available.VILLAGE OF PLAINFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION OTHER POSTEMPLOYMENT BENEFIT PLAN April 30, 2013 (See independent auditor's report.)- 53 - - 47 - VILLAGE OF PLAINFIELD , ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 201 3 1. BUDGETS Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund leve l) for the General, Special Revenue , Debt Service, Capital Projects, Enterprise, and Police Pension Trust funds. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations laps e at fiscal year end. The Village follows these procedures in establishing the budgetary data reflected in the financial statements. A . Prior to May 1, the Budget Officer submits to the Village Board a proposed operating budget for the fiscal year comm encing the following May 1. The operating budget includes proposed expenditures and the means of financing them. B . Public hearings are conducted to obtain taxpayer comment. C . Prior to May 1, the budget is legally enacted through passage of a budget ordinance. D . The Budget Officer is authorized to transfer budgeted amounts between departments within any fund; however, the Village Board approves any revisions that alter the total expenditures of any fund. The budgetary information presented in the accompanying financial statements is the legally enacted budget ordinance adjusted for the approved revisions. 2 . EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS The following fund had expenditures that exceeded budget: Fund Budget Expenditures M otor Fuel Tax Fund $ 780,700 $ 847,395 - 54 - MAJOR GOVERNMENTAL FUND S VILLAGE OF PLAINFIELD, ILLINOIS GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual TAXES Property taxes 3,275,925 $ 3,275,925 $ 3,293,743 $ Property tax - police pension 900,000 900,000 888,578 Property taxes - road and bridge 288,928 288,928 362,146 Property taxes - IMRF 575,000 575,000 568,002 Sales tax 4,023,203 4,023,203 4,749,179 Home rule sales tax 445,220 445,220 - Income tax 2,660,000 2,660,000 3,567,060 Personal property replacement tax 50,000 50,000 49,448 Use tax 500,000 500,000 635,196 Amusement tax 4,000 4,000 5,804 Local motor fuel tax 710,000 710,000 838,419 Total taxes 13,432,276 13,432,276 14,957,575 LICENSES AND PERMITS Licenses Liquor 75,000 75,000 91,815 Contractors 70,000 70,000 35,900 Cigarette 2,500 2,500 2,750 Scavenger 200 200 150 Business 18,000 18,000 33,078 Total licenses 165,700 165,700 163,693 Permits Building 200,000 200,000 561,591 Sign 5,000 5,000 6,232 Special movement 7,000 7,000 3,189 Solicitors 1,000 1,000 1,050 Child safety seats 100 100 150 Total permits 213,100 213,100 572,212 Total licenses and permits 378,800 378,800 735,905 INTERGOVERNMENTAL Grant revenue 10,630 10,630 89,531 Total intergovernmental 10,630 10,630 89,531 CHARGES FOR SERVICES Rental income 25,000 25,000 92,983 Zoning applications 10,000 10,000 22,635 Accident report copies 4,000 4,000 3,675 Maps and ordinances copies 3,000 3,000 3,118 SCHEDULE OF REVENUES - BUDGET AND ACTUAL (This schedule is continued on the following page.)- 55 - VILLAGE OF PLAINFIELD, ILLINOIS GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued)Garbage fees 3,035,000 $ 3,035,000 $ 3,263,353 $ Engineering services - - 25,935 Special detail reimbursement 35,000 35,000 37,141 Sprint rent 42,672 42,672 42,738 Telephone franchise fee 175,000 175,000 210,478 Cable franchise fee 290,000 290,000 412,305 Amphitheater rent - - 350 School liaison reimbursement 372,906 372,906 384,146 HIDTA/organized crime reimbursement 22,369 22,369 4,997 Kitchen rental - community room 1,000 1,000 4,463 Security - community room 500 500 - Sex offenders registration - - 650 Parking lot revenues - - 4,050 Impound fees 100,000 100,000 115,200 Park officer reimbursement 71,000 71,000 41,684 Miscellaneous 500 500 405 Total charges for services 4,187,947 4,187,947 4,670,306 FINES AND FORFEITS Will County circuit court fines 400,000 400,000 447,769 Kendall County circuit court fines 1,000 1,000 545 Alcohol fines 500 500 - Traffic and ordinance fines 225,000 225,000 231,711 Drug forfeiture 76,000 76,000 138,950 False alarm fees 10,000 10,000 6,860 Court fines - drug account - - 679 Total fines and forfeits 712,500 712,500 826,514 INVESTMENT INCOME 5,000 5,000 18,614 MISCELLANEOUS Other reimbursements 100,000 100,000 197,089 Other receipts 50,000 50,000 17,845 PEMA donation - - 3,508 Miscellaneous donations - - 17,559 Event sponsorship program - - 6,068 Mobile field force 3,000 3,000 - Restitution program - - 125 Sale of fixed assets 5,000 5,000 6,300 Total miscellaneous 158,000 158,000 248,494 TOTAL REVENUES 18,885,153 $ 18,885,153 $ 21,546,939 $ SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)(See independent auditor's report.)- 56 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual CURRENT General government Legislative support 309,050 $ 309,050 $ 418,000 $ Administration 588,230 588,230 800,001 Marketing and promotion 161,011 161,011 135,421 Custodial 102,895 102,895 49,089 Human resources 258,070 258,070 247,631 Information technology 182,527 182,527 209,744 Planning 457,593 457,593 465,869 Building 480,362 480,362 496,106 Subtotal 2,539,738 2,539,738 2,821,861 Less insurance surplus allocation - - (29,968) Total general government 2,539,738 2,539,738 2,791,893 Public safety Police department Executive offices 753,729 753,729 662,663 Patrol 6,039,444 6,039,444 5,715,062 Administration 1,715,679 1,715,679 1,673,573 Investigation/juvenile 552,887 552,887 541,121 Seizure/forfeiture 150,000 150,000 192,423 Security reimbursements 38,000 38,000 29,462 Community services 1,044,870 1,044,870 981,549 Legal 429,371 429,371 367,759 Nondivisional 44,940 44,940 38,250 Total police department 10,768,920 10,768,920 10,201,862 Police commission 14,906 14,906 10,327 Emergency services disaster agency 265,809 265,809 227,189 Subtotal 11,049,635 11,049,635 10,439,378 Less insurance surplus allocation - - (105,509) Total public safety 11,049,635 11,049,635 10,333,869 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.)- 57 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual CURRENT (Continued)Highways and streets Waste hauler 2,715,868 $ 2,715,868 $ 2,915,209 $ Administration 393,816 393,816 402,292 Street maintenance 2,237,410 2,237,410 2,000,970 Vehicle maintenance 315,973 315,973 306,522 Tree service 102,713 102,713 109,218 Subtotal 5,765,780 5,765,780 5,734,211 Less insurance surplus allocation - - (25,795) Total highways and streets 5,765,780 5,765,780 5,708,416 TOTAL EXPENDITURES 19,355,153 $ 19,355,153 $ 18,834,178 $ (See independent auditor's report.)- 58 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative support Salaries - President 12,000 $ 12,000 $ 12,000 $ Salaries - Trustees 26,000 26,000 21,900 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 2,600 2,600 2,152 Medicare 600 600 503 IMRF 200 200 - Employee insurance 150 150 118 Training and conference 6,000 6,000 6,116 Cable television equipment 4,000 4,000 1,320 Dues and subscriptions 30,000 30,000 29,949 Public relations 60,000 60,000 31,412 Cable TV 2,000 2,000 - Property tax refund 1,500 1,500 - Economic incentive rebate 160,000 160,000 308,530 Total legislative support 309,050 309,050 418,000 Administration Salaries - full-time 477,039 477,039 503,754 Salaries - part-time 50,000 50,000 29,177 Salaries - overtime 1,000 1,000 1,131 FICA 32,738 32,738 29,777 Medicare 7,657 7,657 7,629 IMRF 61,517 61,517 63,055 Hospital/life insurance 62,282 62,282 62,697 Deferred compensation contribution 6,000 6,000 10,606 Travel/conventions/training 15,000 15,000 8,578 Unemployment insurance 60,000 60,000 50,972 Telephone 7,000 7,000 5,066 Cellular phones/pagers 2,000 2,000 1,323 Dues and subscriptions 5,000 5,000 4,166 Printing/office supplies/postage 30,000 30,000 29,051 Other equipment 500 500 - Gas, oil, wash, and mileage 9,000 9,000 8,945 Equipment repair 500 500 - Software 45,000 45,000 34,696 Copy machine 10,000 10,000 4,470 Recording fees 2,500 2,500 107 Legal notices 2,500 2,500 2,456 Attorney legal fees 70,000 70,000 78,864 Fingerprints 500 500 - Other contractual services 65,000 65,000 75,608 Engineer fees 25,000 25,000 5,255 Office equipment 1,000 1,000 1,083 Contingencies 40,257 40,257 31,535 Subtotal administration 1,088,990 1,088,990 1,050,001 Less Water and Sewer reimbursement (500,760) (500,760) (250,000) Total administration 588,230 588,230 800,001 (This schedule is continued on the following pages.)- 59 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued)Marketing and promotion Salaries - full-time 87,680 $ 87,680 $ 88,041 $ FICA 5,436 5,436 4,939 Medicare 1,271 1,271 1,155 IMRF 10,213 10,213 10,236 Health insurance 19,261 19,261 17,028 Deferred compensation contribution 1,500 1,500 650 Travel/conventions/training 1,000 1,000 368 Telephone 700 700 328 Software 1,700 1,700 - Public relations 15,500 15,500 6,650 Printing/office supplies/postage 1,200 1,200 68 Dues and subscriptions 650 650 85 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 3,800 3,800 - Settler's Park 7,500 7,500 5,636 Contractual services - other 3,500 3,500 237 Total marketing and promotion 161,011 161,011 135,421 Custodial Salaries - overtime 2,000 2,000 - FICA 125 125 - Medicare 30 30 - IMRF 240 240 - Building maintenance supplies 5,500 5,500 6,802 Contractual services - other 45,000 45,000 34,701 Building improvements 50,000 50,000 7,586 Total custodial 102,895 102,895 49,089 Human resources Salaries - full-time 157,745 157,745 159,438 Salaries - over-time 500 500 237 FICA 9,811 9,811 9,649 Medicare 2,295 2,295 2,257 IMRF 18,436 18,436 18,921 Health insurance 38,503 38,503 33,975 Deferred compensation contribution 3,800 3,800 4,084 Travel/conventions/training 3,450 3,450 3,343 Telephone 800 800 386 Cellular telephone/pager 360 360 428 Printing/office supplies/postage 650 650 552 Dues and subscriptions 2,770 2,770 1,933 Gas and oil 1,100 1,100 921 Public relations 12,050 12,050 7,260 Marketing and promotion 300 300 274 Other contractual services 5,500 5,500 3,973 Total human resources 258,070 258,070 247,631 (This schedule is continued on the following pages.)- 60 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued)Information technology Salaries - full-time 87,720 $ 87,720 $ 92,063 $ Salaries - part-time - - 19,579 FICA 5,440 5,440 6,667 Medicare 1,270 1,270 1,559 IMRF 10,100 10,100 12,843 Health insurance 18,685 18,685 17,199 Deferred compensation 2,000 2,000 2,087 Travel/conventions/training 2,500 2,500 4,499 Telephone 500 500 241 Cellular telephone 1,200 1,200 1,711 Printing/office supplies/postage 700 700 971 Dues and subscriptions 200 200 200 Gas and oil 400 400 605 Software licensing/renewals 21,512 21,512 19,021 Software/hardware 15,300 15,300 15,731 Contractual services 3,000 3,000 2,550 Computers 12,000 12,000 12,068 Office furniture/equipment - - 150 Total information technology 182,527 182,527 209,744 Planning Salaries - full-time 241,000 241,000 246,331 Compensation - Plan Commission 4,000 4,000 1,965 Salaries - overtime 2,500 2,500 2,458 FICA 15,345 15,345 15,304 Medicare 3,589 3,589 3,579 IMRF 28,834 28,834 29,476 Hospital/life insurance 56,725 56,725 51,423 Deferred compensation contribution 3,500 3,500 6,684 Travel/training 6,000 6,000 3,148 Unemployment insurance 5,000 5,000 5,000 Telephone 5,000 5,000 4,235 Cellular phones/pagers 1,500 1,500 553 Printing/office supplies/postage 10,000 10,000 9,561 Replacement supplies 600 600 - Dues and subscriptions 2,500 2,500 1,898 Gas and oil 1,000 1,000 133 Software 500 500 - Software licensing/renewals 5,000 5,000 4,500 Maintenance contract/lease 8,000 8,000 3,520 Vehicle maintenance 1,000 1,000 - Legal fees 5,000 5,000 2,541 Special projects/programs 11,000 11,000 15,742 Contractual services 25,000 25,000 51,412 Engineer fees 15,000 15,000 6,406 Total planning 457,593 457,593 465,869 (This schedule is continued on the following pages.)- 61 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued)Building Salaries - full-time 310,600 $ 310,600 $ 315,920 $ Salaries - part-time 5,000 5,000 25,000 Salaries - overtime 500 500 - FICA 19,600 19,600 20,525 Medicare 4,585 4,585 4,800 IMRF 36,825 36,825 36,860 Hospital/life insurance 62,152 62,152 58,857 Deferred compensation contribution 3,000 3,000 2,352 Travel/training 4,500 4,500 1,885 Unemployment insurance 5,000 5,000 5,000 Telephone 2,000 2,000 2,341 Cellular phones/pagers 2,200 2,200 2,713 Printing/office supplies/postage 5,000 5,000 4,742 Replacement supplies 200 200 8 Dues and subscriptions 500 500 452 Gas and oil 1,500 1,500 312 Uniforms/clothing 450 450 300 Software licensing/renewals 15,000 15,000 14,000 Legal fees 500 500 - Special projects 250 250 39 Ordinance maintenance 1,000 1,000 - Total building 480,362 480,362 496,106 Total general government 2,539,738 2,539,738 2,821,861 PUBLIC SAFETY Police department Executive offices Salaries - full-time 348,349 348,349 351,811 Salaries - part-time 23,140 23,140 25,359 Salaries - overtime 3,000 3,000 61 FICA 23,218 23,218 22,471 Medicare 5,430 5,430 5,381 IMRF 44,939 44,939 30,083 Hospital/life insurance 78,846 78,846 61,505 Deferred compensation contribution 5,090 5,090 7,422 Travel/training 12,000 12,000 3,382 Education/school 12,000 12,000 2,682 Unemployment insurance 23,000 23,000 23,000 Telephone 8,418 8,418 1,497 Cellular phones/pagers 1,920 1,920 1,581 Printing/office supplies/postage 11,000 11,000 6,335 Replacement supplies 500 500 220 Dues and subscriptions 1,910 1,910 1,326 Software 15,213 15,213 8,248 Computer hardware supplies 19,720 19,720 21,658 Uniforms/clothing 1,500 1,500 1,653 Maintenance contract/lease 43,456 43,456 31,329 Custodian 61,280 61,280 47,434 (This schedule is continued on the following pages.)- 62 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual PUBLIC SAFETY (Continued)Police department (Continued)Executive offices (Continued)Vehicle equipment maintenance 1,800 $ 1,800 $ 3,341 $ Contractual services - other 8,000 8,000 4,454 Sex offenders registration fee - - 430 Total executive offices 753,729 753,729 662,663 Patrol Salaries - patrol officers 2,787,122 2,787,122 2,595,716 Salaries - full-time 165,450 165,450 201,845 Salaries - overtime 372,500 372,500 334,032 FICA 206,154 206,154 187,796 Medicare 48,214 48,214 44,251 IMRF 6,728 6,728 6,709 Police pension contribution 900,000 900,000 888,578 Hospital/life insurance 571,747 571,747 509,996 Deferred compensation contribution 37,980 37,980 36,395 Travel/training 32,000 32,000 30,664 Telephone 70,398 70,398 53,022 Cellular phones/pagers 5,160 5,160 5,597 Printing/office supplies/postage 17,500 17,500 8,751 Other equipment 11,200 11,200 9,037 Dues and subscriptions 1,750 1,750 894 Gas, oil, wash, and mileage 93,700 93,700 114,259 Uniforms/clothing 21,200 21,200 21,362 Traffic programs 16,560 16,560 12,821 Ammunition/weapons 21,400 21,400 20,707 Radio maintenance 22,845 22,845 16,365 Maintenance contracts - office 1,836 1,836 1,836 Legal fees - - 315 Bike unit 4,000 4,000 1,317 Patrol vehicle maintenance 40,000 40,000 34,238 K-9 maintenance 4,000 4,000 3,634 Contractual services - WESCOM 580,000 580,000 574,925 Total patrol 6,039,444 6,039,444 5,715,062 Administration Salaries - school officer 342,521 342,521 310,434 Salaries - investigation 732,505 732,505 722,105 Salaries - full time 109,385 109,385 127,330 Salaries - overtime 80,000 80,000 128,973 FICA 78,207 78,207 78,882 Medicare 18,290 18,290 18,462 Hospital/life insurance 220,798 220,798 174,429 Deferred compensation contribution 14,465 14,465 18,510 Travel/training 12,600 12,600 6,725 Telephone 1,918 1,918 625 Cellular phones/pagers 9,420 9,420 8,638 Office supplies 10,800 10,800 4,282 Replacement equipment 7,000 7,000 1,958 (This schedule is continued on the following pages.)- 63 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual PUBLIC SAFETY (Continued)Police department (Continued)Administration (Continued)Dues and subscriptions 5,970 $ 5,970 $ 5,735 $ Gas, oil, wash, and mileage 29,000 29,000 29,977 Uniforms/clothing 11,580 11,580 9,475 Crime scene/evidence tech support 4,100 4,100 3,571 Radio maintenance 3,200 3,200 1,452 Maintenance contract/lease 2,420 2,420 3,155 Vehicle maintenance 12,000 12,000 13,810 G.R.E.A.T. program 2,500 2,500 980 Accreditation 7,000 7,000 4,065 Total administration 1,715,679 1,715,679 1,673,573 Technical support Salaries - full-time 367,131 367,131 372,806 Salaries - overtime 6,000 6,000 2,518 FICA 23,134 23,134 22,726 Medicare 5,410 5,410 5,315 IMRF 33,373 33,373 32,098 Hospital/life insurance 87,402 87,402 83,065 Deferred compensation contribution 5,324 5,324 4,796 Travel/training 2,100 2,100 1,358 Telephone 1,918 1,918 601 Printing/office supplies/postage 13,250 13,250 8,524 Dues and subscriptions 425 425 - Uniforms/clothing 2,400 2,400 2,004 Maintenance contracts lease 5,020 5,020 5,310 Total technical support 552,887 552,887 541,121 Seizure/Forfeiture Seizure/forfeiture expenditures 150,000 150,000 192,423 Security reimbursements FICA 2,016 2,016 1,664 Medicare 471 471 389 Mobile field force 3,000 3,000 - Special activities 32,513 32,513 27,409 Total security reimbursements 38,000 38,000 29,462 Community services Salaries - community service full-time 730,713 730,713 678,073 Salaries - overtime 20,000 20,000 29,183 FICA 35,006 35,006 43,164 Medicare 8,187 8,187 10,095 IMRF 37,401 37,401 44,844 Hospital/life insurance 98,471 98,471 77,353 Deferred compensation contribution 1,910 1,910 2,956 Travel/training 8,370 8,370 5,370 Telephone 1,918 1,918 - Cellular phones/pagers 3,900 3,900 2,822 (This schedule is continued on the following pages.)- 64 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual PUBLIC SAFETY (Continued)Police department (Continued)Community services (Continued)Printing/office supplies/postage 2,000 $ 2,000 $ 3,075 $ Replacement supplies 4,200 4,200 1,555 Dues and subscriptions 4,150 4,150 1,832 Gas, oil, wash, and mileage 25,000 25,000 27,566 Uniform/clothing 6,160 6,160 7,086 Radio maintenance 4,284 4,284 3,265 Maintenance contracts/lease 10,000 10,000 2,970 Vehicle maintenance 12,000 12,000 9,588 D.A.R.E program 1,500 1,500 1,394 Shop with a cop 4,000 4,000 11,371 Chaplaincy program 2,500 2,500 2,367 Animal control 14,000 14,000 9,550 Community programs 6,100 6,100 3,522 Community programs - alcohol/tobacco 3,100 3,100 2,548 Total community services 1,044,870 1,044,870 981,549 Legal Salaries - full-time 206,902 206,902 207,753 Salaries - part-time 41,903 41,903 33,266 Salaries - overtime 500 500 317 FICA 15,457 15,457 14,639 Medicare 3,615 3,615 3,424 IMRF 29,917 29,917 28,261 Hospital/life insurance 38,244 38,244 37,293 Deferred compensation contribution 2,467 2,467 2,310 Training/legal division 2,000 2,000 382 Telephone 1,918 1,918 480 Cellular phones/pagers 1,220 1,220 713 Printing/office supplies/postage 10,600 10,600 10,030 Dues and subscriptions 7,692 7,692 6,568 Gas, wash, oil, mileage 3,000 3,000 1,521 Uniforms 900 900 755 Maintenance contract/lease 3,036 3,036 3,036 Legal services 60,000 60,000 17,011 Total legal 429,371 429,371 367,759 Nondivisional Furniture and office equipment 3,000 3,000 520 Capital equipment 32,640 32,640 28,342 Contingencies 9,300 9,300 8,880 PEMA fundraising - - 508 Total nondivisional 44,940 44,940 38,250 Total police department 10,768,920 10,768,920 10,201,862 (This schedule is continued on the following pages.)- 65 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual PUBLIC SAFETY (Continued)Police commission Salaries - part-time 4,000 $ 4,000 $ 3,599 $ FICA 248 248 200 Medicare 58 58 47 Travel/training 1,000 1,000 755 Office supplies 2,000 2,000 176 Dues and subscriptions 600 600 690 Legal fees 1,000 1,000 - Police test/hiring 3,000 3,000 330 Physicians/psychologicals 3,000 3,000 4,530 Total police commission 14,906 14,906 10,327 Emergency services disaster agency Salaries 109,385 109,385 113,445 FICA 6,782 6,782 6,740 Medicare 1,586 1,586 1,628 Insurance 21,036 21,036 17,107 Deferred compensation contribution 1,700 1,700 3,104 Travel and meetings 2,000 2,000 574 Telephone 5,500 5,500 7,941 Postage/office supplies 1,250 1,250 1,868 Cellular phones/pager 5,820 5,820 5,236 Replacement supplies 6,500 6,500 3,923 Dues and subscriptions 750 750 622 Gas, oil, wash, and mileage 17,000 17,000 9,740 Supplies and hardware 2,000 2,000 24 Uniforms 5,000 5,000 3,243 Emergency operation center 750 750 - Public relations program 1,000 1,000 249 PEMA radio 3,000 3,000 - Radio maintenance 4,000 4,000 233 Vehicle maintenance 17,500 17,500 11,471 Maintenance contract/lease 3,000 3,000 3,000 Bike unit 500 500 - Siren maintenance 14,000 14,000 15,298 Vaccines 5,250 5,250 675 Cadet program 4,000 4,000 3,207 Search and rescue 6,000 6,000 4,389 Furniture/equipment 2,000 2,000 869 Supplies and hardware - ESDA 500 500 - Machinery and equipment 15,000 15,000 10,627 Contingencies 3,000 3,000 1,976 Total emergency services disaster agency 265,809 265,809 227,189 Total public safety 11,049,635 11,049,635 10,439,378 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 2,715,868 2,715,868 2,915,209 Total waste hauler 2,715,868 2,715,868 2,915,209 (This schedule is continued on the following pages.)- 66 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued)Administration Salaries - full-time 247,128 $ 247,128 $ 248,172 $ FICA 15,322 15,322 15,286 Medicare 3,584 3,584 3,642 IMRF 28,790 28,790 30,542 Hospital/life insurance 52,092 52,092 52,438 Deferred compensation contribution 5,000 5,000 4,097 Travel/convention/training 6,000 6,000 12,533 Unemployment insurance 10,000 10,000 10,000 Telephone 3,000 3,000 4,150 Cellular phones/pagers 2,500 2,500 4,914 Office supplies 2,500 2,500 2,609 Dues and subscriptions 1,000 1,000 3,971 Supplies/hardware 500 500 17 Gas, oil, wash, and mileage 300 300 83 Radio maintenance 100 100 37 Building maintenance 15,000 15,000 9,214 Legal notices 1,000 1,000 587 Total administration 393,816 393,816 402,292 Street maintenance Salaries - full-time 620,360 620,360 639,286 Salaries - part-time 60,000 60,000 59,881 Salaries - overtime 80,000 80,000 65,143 FICA 47,136 47,136 46,119 Medicare 11,024 11,024 10,813 IMRF 88,569 88,569 83,613 Hospital/life insurance 147,821 147,821 153,535 Deferred compensation contribution 10,000 10,000 9,837 Telephone - - 3,859 Electricity 260,000 260,000 255,099 Replacement supplies - - 383 Gas and oil 80,000 80,000 78,450 Supplies/hardware 12,000 12,000 17,911 Street signs 15,000 15,000 18,271 Aggregate materials 4,000 4,000 1,761 Uniforms 4,000 4,000 9,489 Radio maintenance 500 500 - Vehicle maintenance 22,000 22,000 26,535 Street light maintenance 50,000 50,000 114,359 Street maintenance 130,000 130,000 79,230 Storm sewer improvements 10,000 10,000 5,978 Other contractual services 50,000 50,000 41,980 Sidewalk maintenance 5,000 5,000 525 Equipment maintenance 70,000 70,000 78,586 Supplies/hardware-salt purchase 100,000 100,000 106,139 Snow removal 340,000 340,000 94,188 Bridge cleaning/inspect 20,000 20,000 - Total street maintenance 2,237,410 2,237,410 2,000,970 (This schedule is continued on the following page.)- 67 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)GENERAL FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued)Vehicle maintenance Salaries - full-time 212,960 $ 212,960 $ 203,697 $ Salaries - overtime 8,000 8,000 8,876 FICA 13,700 13,700 12,723 Medicare 3,204 3,204 2,975 IMRF 25,742 25,742 25,268 Hospital/life insurance 49,367 49,367 51,720 Deferred compensation contribution 3,000 3,000 1,263 Total vehicle maintenance 315,973 315,973 306,522 Tree service Salaries - full-time 42,356 42,356 44,424 Salaries - part-time 2,000 2,000 2,025 FICA 2,750 2,750 2,706 Medicare 643 643 639 IMRF 5,168 5,168 5,302 Hospital/life insurance 7,546 7,546 8,236 Deferred compensation contribution 750 750 653 Supplies/hardware 6,000 6,000 3,311 Contractual services 5,000 5,000 6,290 Tree removal 30,000 30,000 35,632 Uniforms 500 500 - Total tree service 102,713 102,713 109,218 Total highways and streets 5,765,780 5,765,780 5,734,211 TOTAL EXPENDITURES 19,355,153 $ 19,355,153 $ 18,995,450 $ (See independent auditor's report.)- 68 - Original Final Budget Budget Actual REVENUES Home rule sales tax 2,454,780 $ 2,454,780 $ 3,110,893 $ Intergovernmental 3,950,000 3,950,000 3,969,022 Charges for services Impact fee - - 152,286 Fines and forfeits 308,000 308,000 334,037 Investment income 500 500 267 Miscellaneous - - 73,486 Total revenues 6,713,280 6,713,280 7,639,991 EXPENDITURES Capital outlay Contractual services 125,000 125,000 163,048 Engineering 50,000 50,000 16,950 Building improvements 25,000 25,000 - Sidewalk and curb replacement 390,000 390,000 98,091 Machinery and equipment 182,000 182,000 234,590 Bridge repairs and reconstructions 800,000 800,000 889,129 Roadway improvements 865,000 865,000 287,745 Storm and drainage improvements 50,000 50,000 3,170 I-55 interchange design 110,000 110,000 17,519 Emerald ash borer 200,000 200,000 193,177 127th Street-Plainfield/Naperville Rd 100,000 100,000 24,804 Lockport and Van Dyke pedestrian crossing 225,000 225,000 - Transportation plan 120,000 120,000 114,745 Total expenditures 3,242,000 3,242,000 2,042,968 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 3,471,280 3,471,280 5,597,023 OTHER FINANCING SOURCES (USES)Transfers in 60,000 60,000 20,000 Transfers (out)(2,531,130) (2,531,130) (2,531,130) Total other financing sources (uses)(2,471,130) (2,471,130) (2,511,130) NET CHANGE IN FUND BALANCE 1,000,150 $ 1,000,150 $ 3,085,893 FUND BALANCE (DEFICIT), MAY 1 (7,414,412) FUND BALANCE (DEFICIT), APRIL 30 (4,328,519)$ For the Year Ended April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECTS FUND (See independent auditor's report.)- 69 - Original Final Budget Budget Actual REVENUES Taxes Property tax 111,525 $ 111,525 $ 111,034 $ Investment income - - 24 Total revenues 111,525 111,525 111,058 EXPENDITURES Debt service Principal 1,915,000 1,915,000 1,915,000 Interest 1,221,305 1,221,305 1,221,304 Other - - - Total expenditures 3,136,305 3,136,305 3,136,304 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,024,780) (3,024,780) (3,025,246) OTHER FINANCING SOURCES (USES)Transfers in 3,024,780 3,024,780 3,024,780 Total other financing sources (uses)3,024,780 3,024,780 3,024,780 NET CHANGE IN FUND BALANCE -$ -$ (466) FUND BALANCE, MAY 1 1,347 FUND BALANCE, APRIL 30 881 $ For the Year Ended April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.)- 70 - NONMAJOR GOVERNMENTAL FUNDS Special Revenue Fund s are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes . Liability Ins urance Fund - accounts for the restricted revenue and expenditures of property tax levied for the payment of premiums of public liability insurance carried by the Village. Audit Fund - accounts for the restricted revenue and expenditures of taxes levied for payment of the cost of the annual audit of the Village’s financial statements. Alcohol Enforcement Fund - accounts for restricted revenue collected on DUI arrests and expenditures for the purchase of video cameras to combat drunk driving. Motor Fue l Tax Fund - accounts for expenditures related to approved motor fuel tax projects and restricted revenue from the s tate gasoline tax as collected and distributed by the State of Illinois. D.A.R.E. Fund - accounts for the revenue and expend itures of rest ricted contributions made to the Drug Awareness, Resistance, Education (D.A.R.E.) program. Tax Increment Financing Fund - accounts for restricted revenue generated by the TIF District and expenditures budg et ed to be paid with TIF revenue. VILLAGE OF PLAINFIELD, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS April 30, 2013 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 219,288 $ 5,360 $ 26,333 $ Receivables Property tax 394,850 34,631 - Allotments - - - Other - - 800 Land held for resale - - - Total assets 614,138 39,991 27,133 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 614,138 $ 39,991 $ 27,133 $ LIABILITIES Accounts payable -$ -$ -$ DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 394,850 34,631 - Total liabilities and deferred inflows of resources 394,850 34,631 - FUND BALANCES Nonspendable Land held for resale - - - Restricted Street maintenance - - - Public safety - - 27,133 Audit - 5,360 - Liability insurance 219,288 - - Economic development - - - Total fund balances 219,288 5,360 27,133 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 614,138 $ 39,991 $ 27,133 $ Special Revenue RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS OF - 71 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total 1,457,452 $ 14,088 $ 993,104 $ 2,715,625 $ - - 655,268 1,084,749 68,069 - - 68,069 - - - 800 - - 108,000 108,000 1,525,521 14,088 1,756,372 3,977,243 - - - - 1,525,521 $ 14,088 $ 1,756,372 $ 3,977,243 $ 15,777 $ 636 $ 1,829 $ 18,242 $ - - 655,268 1,084,749 15,777 636 657,097 1,102,991 - - 108,000 108,000 1,509,744 - - 1,509,744 - 13,452 - 40,585 - - - 5,360 - - - 219,288 - - 991,275 991,275 1,509,744 13,452 1,099,275 2,874,252 1,525,521 $ 14,088 $ 1,756,372 $ 3,977,243 $ Special Revenue See accompanying notes to financial statements.- 72 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2013 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 395,265 $ 38,329 $ -$ Intergovernmental - - - Fines and forfeits - - 8,950 Investment income 126 8 18 Miscellaneous - - - Total revenues 395,391 38,337 8,968 EXPENDITURES Current General government 81,355 37,083 - Public safety 337,644 - - Highways and streets 67,837 - - Total expenditures 486,836 37,083 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (91,445) 1,254 8,968 OTHER FINANCING SOURCES (USES)Transfers (out)- - (8,000) Total other financing sources (uses)- - (8,000) NET CHANGE IN FUND BALANCES (91,445) 1,254 968 FUND BALANCES, MAY 1 310,733 4,106 26,165 FUND BALANCES, APRIL 30 219,288 $ 5,360 $ 27,133 $ Special Revenue - 73 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total -$ -$ 593,913 $ 1,027,507 $ 1,240,080 - - 1,240,080 - - - 8,950 1,249 18 632 2,051 210 12,144 - 12,354 1,241,539 12,162 594,545 2,290,942 - - 230,854 349,292 - 14,934 - 352,578 847,395 - - 915,232 847,395 14,934 230,854 1,617,102 394,144 (2,772) 363,691 673,840 - - (50,000) (58,000) - - (50,000) (58,000) 394,144 (2,772) 313,691 615,840 1,115,600 16,224 785,584 2,258,412 1,509,744 $ 13,452 $ 1,099,275 $ 2,874,252 $ Special Revenue See accompanying notes to financial statements.- 74 - Original Final Budget Budget Actual REVENUES Taxes Property tax 400,000 $ 400,000 $ 395,265 $ Investment income 100 100 126 Total revenues 400,100 400,100 395,391 EXPENDITURES General government Treasurer bond 500 500 336 Commercial umbrella liability insurance 62,450 62,450 39,140 Workman's compensation insurance 54,123 54,123 41,879 Public safety Commercial umbrella liability insurance 260,260 260,260 163,112 Workman's compensation insurance 225,559 225,559 174,532 Highways and streets Commercial umbrella liability insurance 52,290 52,290 32,771 Workman's compensation insurance 45,318 45,318 35,066 Total expenditures 700,500 700,500 486,836 NET CHANGE IN FUND BALANCE (300,400)$ (300,400)$ (91,445) FUND BALANCE, MAY 1 310,733 FUND BALANCE, APRIL 30 219,288 $ For the Year Ended April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.)- 75 - Original Final Budget Budget Actual REVENUES Taxes Property tax 38,000 $ 38,000 $ 38,329 $ Investment income - - 8 Total revenues 38,000 38,000 38,337 EXPENDITURES General government Audit 38,000 38,000 37,083 Total expenditures 38,000 38,000 37,083 NET CHANGE IN FUND BALANCE -$ -$ 1,254 FUND BALANCE, MAY 1 4,106 FUND BALANCE, APRIL 30 5,360 $ For the Year Ended April 30, 2013 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.)- 76 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ALCOHOL ENFORCEMENT FUND For the Year Ended April 30, 2013 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 10,000 $ 10,000 $ 8,950 $ Investment income 50 50 18 Total revenues 10,050 10,050 8,968 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 10,050 10,050 8,968 OTHER FINANCING SOURCES (USES)Transfers (out)(10,000) (10,000) (8,000) NET CHANGE IN FUND BALANCE 50 $ 50 $ 968 FUND BALANCE, MAY 1 26,165 FUND BALANCE, APRIL 30 27,133 $ (See independent auditor's report.)- 77 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,100,000 $ 1,100,000 $ 1,240,080 $ Investment income 700 700 1,249 Miscellaneous - - 210 Total revenues 1,100,700 1,100,700 1,241,539 EXPENDITURES Highways and streets Contractual services 80,000 80,000 81,706 Street maintenance 700,700 700,700 765,689 Total expenditures 780,700 780,700 847,395 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 320,000 320,000 394,144 OTHER FINANCING SOURCES (USES)Transfers (out)(320,000) (320,000) - NET CHANGE IN FUND BALANCE -$ -$ 394,144 FUND BALANCE, MAY 1 1,115,600 FUND BALANCE, APRIL 30 1,509,744 $ (See independent auditor's report.)- 78 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL D.A.R.E. FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual REVENUES Investment income 20 $ 20 $ 18 $ Miscellaneous 15,000 15,000 12,144 Total revenues 15,020 15,020 12,162 EXPENDITURES Public safety Program expenditures 15,020 15,020 14,934 Total expenditures 15,020 15,020 14,934 NET CHANGE IN FUND BALANCE -$ -$ (2,772) FUND BALANCE, MAY 1 16,224 FUND BALANCE, APRIL 30 13,452 $ (See independent auditor's report.)- 79 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL TAX INCREMENT FINANCING FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual REVENUES Taxes Property taxes 520,000 $ 520,000 $ 593,913 $ Investment income 500 500 632 Total revenues 520,500 520,500 594,545 EXPENDITURES General government Contractual services 40,000 40,000 142,228 Facade improvements 280,500 280,500 76,204 Property Acquisition - - 12,422 Total expenditures 320,500 320,500 230,854 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 200,000 200,000 363,691 OTHER FINANCING SOURCES (USES)Transfers (out)(200,000) (200,000) (50,000) NET CHANGE IN FUND BALANCE -$ -$ 313,691 FUND BALANCE, MAY 1 785,584 FUND BALANCE, APRIL 30 1,099,275 $ (See independent auditor's report.)- 80 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2013 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 5,749,631 $ 3,210,527 $ 8,960,158 $ Receivables Accounts 1,609,439 - 1,609,439 Sales tax 378,076 - 378,076 Grants - - - Prepaid expenses 18,030 - 18,030 Total current assets 7,755,176 3,210,527 10,965,703 CAPITAL ASSETS Nondepreciable 3,228,492 - 3,228,492 Depreciable, net of accumulated depreciation 111,532,707 - 111,532,707 Net capital assets 114,761,199 - 114,761,199 OTHER ASSETS Deposits 180,185 - 180,185 Advance to other funds 3,639,952 - 3,639,952 Deferred charges 168,936 - 168,936 Total other assets 3,989,073 - 3,989,073 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 948,253 - 948,253 Total assets and deferred outflows of resources 127,453,701 3,210,527 130,664,228 (This schedule is continued on the following page.)- 81 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued)WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2013 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 1,190,849 $ -$ 1,190,849 $ Accrued payroll 32,587 - 32,587 Accrued interest 598,158 - 598,158 Compensated absences payable - current 83,238 - 83,238 Illinois EPA loan payable - current 143,912 - 143,912 Bonds payable - current 1,835,000 - 1,835,000 Developer deposit 3,601 - 3,601 Total current liabilities 3,887,345 - 3,887,345 LONG-TERM LIABILITIES Compensated absences payable - long-term 8,679 - 8,679 Illinois EPA loan payable - long-term 2,949,473 - 2,949,473 Bonds payable - long-term 25,025,000 - 25,025,000 Unamortized bond premium 179,064 - 179,064 Total long-term liabilities 28,162,216 - 28,162,216 DEFERRED INFLOWS OF RESOURCES None - - - Total liabilities and deferred inflows of resources 32,049,561 - 32,049,561 NET POSITION Net investment in capital assets 85,745,939 - 85,745,939 Restricted for debt service 603,205 - 603,205 Unrestricted 9,054,996 3,210,527 12,265,523 TOTAL NET POSITION 95,404,140 $ 3,210,527 $ 98,614,667 $ (See independent auditor's report.)- 82 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2013 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 14,042,146 $ -$ -$ 14,042,146 $ Meter sales 24,844 - - 24,844 Total operating revenues 14,066,990 - - 14,066,990 OPERATING EXPENSES Water operations 8,257,942 - - 8,257,942 Sewer operations 1,961,211 - - 1,961,211 Depreciation 3,002,239 - - 3,002,239 Total operating expenses 13,221,392 - - 13,221,392 OPERATING INCOME (LOSS)845,598 - - 845,598 NONOPERATING REVENUES (EXPENSES)Home rule sales tax 1,415,262 - - 1,415,262 Miscellaneous income 1,169,633 - - 1,169,633 Investment income 7,011 1,999 - 9,010 Interest expense (1,427,377) - - (1,427,377) Total nonoperating revenues (expenses)1,164,529 1,999 - 1,166,528 INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS 2,010,127 1,999 - 2,012,126 TRANSFERS Transfers (out)(493,650) - - (493,650) Total transfers (493,650) - - (493,650) CONTRIBUTIONS 2,145,000 - - 2,145,000 CHANGE IN NET POSITION 3,661,477 1,999 - 3,663,476 NET POSITION, MAY 1 92,729,007 3,208,528 - 95,937,535 Prior period adjustment (986,344) - - (986,344) NET POSITION, MAY 1, RESTATED 91,742,663 3,208,528 - 94,951,191 NET POSITION, APRIL 30 95,404,140 $ 3,210,527 $ -$ 98,614,667 $ (See independent auditor's report.)- 83 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2013 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 14,070,259 $ -$ -$ 14,070,259 $ Payments for interfund services (250,000) - - (250,000) Payments to suppliers (9,210,684) - - (9,210,684) Payments to employees (1,216,532) - - (1,216,532) Net cash from operating activities 3,393,043 - - 3,393,043 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Due from/advance to other funds - 3,000,000 - 3,000,000 Transfers in (out)(493,650) - - (493,650) Nonoperating revenues 2,206,819 - - 2,206,819 Net cash from noncapital financing activities 1,713,169 3,000,000 - 4,713,169 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (135,068) - - (135,068) Proceeds from long-term debt 156,013 - - 156,013 Payment on long-term debt (1,930,403) - - (1,930,403) Interest paid (1,389,901) - - (1,389,901) Net cash from capital and related financing activities (3,299,359) - - (3,299,359) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 7,011 1,999 - 9,010 Net cash from investing activities 7,011 1,999 - 9,010 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,813,864 3,001,999 - 4,815,863 CASH AND CASH EQUIVALENTS, MAY 1 3,935,767 208,528 - 4,144,295 CASH AND CASH EQUIVALENTS, APRIL 30 5,749,631 $ 3,210,527 $ -$ 8,960,158 $ (This schedule is continued on the following page.)- 84 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued)WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2013 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 845,598 $ -$ -$ 845,598 $ Adjustments to reconcile operating income to net cash from operating activities Depreciation 3,002,239 - - 3,002,239 (Increase) decrease in Accounts receivable 32,629 - - 32,629 Prepaid items 1,364 - - 1,364 Deposits (28,460) - - (28,460) Increase (decrease) in Accounts payable (453,663) - - (453,663) Accrued expenses (6,664) - - (6,664) Total adjustments 2,547,445 - - 2,547,445 NET CASH FROM OPERATING ACTIVITIES 3,393,043 $ -$ -$ 3,393,043 $ NONCASH TRANSACTIONS Contributions of capital assets 2,145,000 $ -$ -$ 2,145,000 $ (See independent auditor's report.)- 85 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2013 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries 212,869 $ 212,869 $ 230,796 $ FICA 13,198 13,198 13,810 Medicare 3,087 3,087 3,303 IMRF 24,601 24,601 27,561 Hospital/life insurance 47,985 47,985 48,292 Deferred compensation contribution 4,500 4,500 4,891 Travel/conventions/training 5,000 5,000 4,715 Unemployment insurance 8,000 8,000 8,000 Telephone 2,700 2,700 3,128 Cellular phones/pagers 1,000 1,000 1,325 Printing/office supplies/postage 23,000 23,000 27,744 Dues and subscriptions 1,200 1,200 1,488 Gas, oil, wash, and mileage 500 500 1,478 EDP software 2,000 2,000 1,733 Sand and gravel 500 500 - Supplies/hardware 500 500 447 Water meters 70,000 70,000 131,202 Building maintenance 15,000 15,000 4,997 Software licensing renewals 8,500 8,500 8,000 Legal notices 500 500 - Attorney legal fees 1,000 1,000 368 Other contractual services 73,000 73,000 47,704 Equipment maintenance 200 200 339 Engineer fees 8,000 8,000 - Insurance surplus allocation - - (28,460) Administrative service charge 250,380 250,380 125,000 Total administration 777,220 777,220 667,861 Water provision Salaries - full-time 353,365 353,365 349,982 Salaries - part-time 10,200 10,200 9,263 Salaries - overtime 15,300 15,300 17,783 FICA 23,490 23,490 22,469 Medicare 5,494 5,494 5,285 IMRF 44,435 44,435 43,614 Hospital/life insurance 74,176 74,176 61,943 Deferred compensation contribution 7,000 7,000 8,147 Telephone 4,300 4,300 4,704 Cellular phones/pagers 2,400 2,400 2,128 Electricity 150,000 150,000 127,851 (This schedule is continued on the following pages.)- 86 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2013 Original Final Budget Budget Actual WATER OPERATIONS (Continued)Water provision (Continued)Other equipment 5,000 $ 5,000 $ 307 $ Replacement supplies 2,000 2,000 2,288 Gas and oil 20,000 20,000 22,963 Chemicals 5,000 5,000 4,050 Supplies/hardware 5,000 5,000 3,949 Uniforms 750 750 2,709 Building maintenance 750 750 755 Vehicle maintenance 3,000 3,000 5,740 Other contractual services 60,000 60,000 36,328 Water purchase 5,950,000 5,950,000 6,800,739 Equipment maintenance 5,000 5,000 1,068 Distribution system repair and maintenance 60,000 60,000 32,025 Water/fire hydrant 10,000 10,000 9,474 EPA analytical 12,000 12,000 14,517 Total water provision 6,828,660 6,828,660 7,590,081 Total water operations 7,605,880 7,605,880 8,257,942 SEWER OPERATIONS Administration Salaries 212,005 212,005 221,375 FICA 13,144 13,144 13,235 Medicare 3,074 3,074 3,168 IMRF 24,700 24,700 26,494 Hospital/life insurance 49,272 49,272 47,475 Deferred compensation contribution 4,000 4,000 4,801 Travel/conventions/training 5,000 5,000 4,921 Unemployment insurance 8,000 8,000 8,000 Telephone 6,000 6,000 6,032 Cellular phones/pagers 1,000 1,000 1,389 Energy - electricity 1,000 1,000 - Printing/office supplies/postage 25,000 25,000 25,818 Dues and subscriptions 37,000 37,000 37,171 Gas and oil 500 500 772 Supplies/hardware 4,000 4,000 2,679 EDP software 1,000 1,000 - Building maintenance 5,500 5,500 7,740 Software licensing renewals 8,500 8,500 8,000 Attorney legal fees 2,000 2,000 368 Other contractual services 15,000 15,000 18,847 Equipment maintenance 2,000 2,000 217 (This schedule is continued on the following page.)- 87 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2013 Original Final Budget Budget Actual SEWER OPERATIONS (Continued)Administration (Continued)Engineer fees 10,000 $ 10,000 $ 8,898 $ Administrative service charge 250,380 250,380 125,000 Total administration 688,075 688,075 572,400 Sewer treatment Salaries - full-time 364,279 364,279 348,858 Salaries - part-time 10,200 10,200 9,263 Salaries - overtime 20,000 20,000 23,448 FICA 24,166 24,166 22,565 Medicare 5,652 5,652 5,305 IMRF 45,409 45,409 44,160 Hospital/life insurance 89,179 89,179 70,392 Deferred compensation contribution 7,000 7,000 7,514 Travel/training - - 50 Telephone 10,000 10,000 13,358 Cellular phones/pagers 4,000 4,000 2,735 Electricity 425,000 425,000 464,873 Replacement supplies 7,000 7,000 2,217 Gas and oil 10,000 10,000 10,604 Supplies/hardware 4,000 4,000 6,491 Chemicals/supplies 150,000 150,000 106,959 Sand and gravel 500 500 392 Industrial flow monitor 20,000 20,000 46,168 Uniforms 3,000 3,000 6,213 Vehicle maintenance 7,000 7,000 3,823 Other contractual services 125,000 125,000 105,084 Equipment maintenance 10,000 10,000 11,256 System maintenance 50,000 50,000 43,960 Maintenance - James Street 55,000 55,000 35 Total sewer treatment 1,446,385 1,446,385 1,355,723 Capital outlay Other 230,000 230,000 168,156 Less amounts capitalized - - (135,068) Total capital outlay 230,000 230,000 33,088 Total sewer operations 2,364,460 2,364,460 1,961,211 TOTAL WATER AND SEWER OPERATIONS 9,970,340 $ 9,970,340 $ 10,219,153 $ (See independent auditor's report.)- 88 - FIDUCIARY FUNDS SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2013 Original Final Budget Budget Actual ADDITIONS Contributions Employer 900,000 $ 900,000 $ 888,578 $ Employee 425,000 425,000 546,037 Total contributions 1,325,000 1,325,000 1,434,615 Investment income Net appreciation in fair value of investments 40,000 40,000 1,059,474 Interest 325,000 325,000 455,711 Total investment income 365,000 365,000 1,515,185 Less investment expense (38,000) (38,000) (37,500)Net investment income 327,000 327,000 1,477,685 Total additions 1,652,000 1,652,000 2,912,300 DEDUCTIONS Pension benefits 400,000 400,000 311,904 Administrative expenses 20,100 20,100 27,126 Total deductions 420,100 420,100 339,030 NET INCREASE 1,231,900 $ 1,231,900 $ 2,573,270 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 16,241,065 April 30 18,814,335 $ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.)- 89 - Balances Balances May 1 Additions Deductions April 30 Cash and investments 3,588 $ 1 $ 3,589 $ -$ TOTAL ASSETS 3,588 $ 1 $ 3,589 $ -$ Due to others 3,588 $ 1 $ 3,589 $ -$ TOTAL LIABILITIES 3,588 $ 1 $ 3,589 $ -$ RICHARD A. ROCK MEMORIAL ASSETS LIABILITIES VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended April 30, 2013 (See independent auditor's report.)- 90 - SUPPLEMENTAL SCHEDULES Date of Issue Date of Maturity Authorized Issue 5,790,000 $ Actual Issue 5,790,000 $ Interest Rates 3.00% - 4.10%Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 45,000 $ 218,363 $ 263,363 $ 2013 109,182 $ 2013 109,181 $ 2015 45,000 216,653 261,653 2014 108,327 2014 108,326 2016 45,000 214,943 259,943 2015 107,472 2015 107,471 2017 1,170,000 213,233 1,383,233 2016 106,617 2016 106,616 2018 1,335,000 168,187 1,503,187 2017 84,094 2017 84,093 2019 1,395,000 115,455 1,510,455 2018 57,728 2018 57,727 2020 1,455,000 59,656 1,514,656 2019 29,828 2019 29,828 5,490,000 $ 1,206,490 $ 6,696,490 $ 603,248 $ 603,242 $ VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2004A June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2013 December 15, 2004 December 15, 2019 December 15 (See independent auditor's report.)- 91 - Date of Issue Date of Maturity Authorized Issue 4,060,000 $ Actual Issue 4,060,000 $ Interest Rates 3.00% - 4.10%Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 335,000 $ 105,241 $ 440,241 $ 2013 52,621 $ 2013 52,620 $ 2015 350,000 92,260 442,260 2014 46,130 2014 46,130 2016 365,000 79,310 444,310 2015 39,655 2015 39,655 2017 380,000 65,440 445,440 2016 32,720 2016 32,720 2018 395,000 50,240 445,240 2017 25,120 2017 25,120 2019 410,000 34,440 444,440 2018 17,220 2018 17,220 2020 430,000 17,630 447,630 2019 8,815 2019 8,815 2,665,000 $ 444,561 $ 3,109,561 $ 222,281 $ 222,280 $ VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2004B June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2013 December 15, 2004 December 15, 2019 December 15 (See independent auditor's report.)- 92 - Date of Issue Date of Maturity Authorized Issue 10,755,000 $ Actual Issue 10,755,000 $ Interest Rates 3.25% - 5.00%Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 495,000 $ 70,238 $ 565,238 $ 2013 35,119 $ 2013 35,119 $ 2015 525,000 47,962 572,962 2014 23,981 2014 23,981 2016 540,000 25,650 565,650 2015 12,825 2015 12,825 1,560,000 $ 143,850 $ 1,703,850 $ 71,925 $ 71,925 $ VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2005A June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2013 May 16, 2005 December 15, 2024 December 15 (See independent auditor's report.)- 93 - Date of Issue Date of Maturity Authorized Issue 5,610,000 $ Actual Issue 5,610,000 $ Interest Rates 3.25% - 5.00%Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 1,055,000 $ 159,075 $ 1,214,075 $ 2013 79,538 $ 2013 79,537 $ 2015 1,105,000 111,600 1,216,600 2014 55,800 2014 55,800 2016 1,160,000 61,875 1,221,875 2015 30,938 2015 30,937 2017 100,000 3,875 103,875 2016 1,938 2016 1,937 3,420,000 $ 336,425 $ 3,756,425 $ 168,214 $ 168,211 $ VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2005B June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2013 May 16, 2005 December 15, 2024 December 15 (See independent auditor's report.)- 94 - Date of Issue Date of Maturity Authorized Issue 15,135,000 $ Actual Issue 15,135,000 $ Interest Rates 4.00% - 5.00%Principal Maturity Date Interest Dates Payable at The Bank of New York Trust Company, NA Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 635,000 $ 599,150 $ 1,234,150 $ 2013 299,575 $ 2013 299,575 $ 2015 665,000 570,574 1,235,574 2014 285,287 2014 285,287 2016 690,000 540,650 1,230,650 2015 270,325 2015 270,325 2017 725,000 509,600 1,234,600 2016 254,800 2016 254,800 2018 755,000 476,974 1,231,974 2017 238,487 2017 238,487 2019 790,000 443,000 1,233,000 2018 221,500 2018 221,500 2020 835,000 403,500 1,238,500 2019 201,750 2019 201,750 2021 875,000 361,750 1,236,750 2020 180,875 2020 180,875 2022 950,000 318,000 1,268,000 2021 159,000 2021 159,000 2023 1,000,000 270,500 1,270,500 2022 135,250 2022 135,250 2024 1,050,000 220,500 1,270,500 2023 110,250 2023 110,250 2025 1,065,000 168,000 1,233,000 2024 84,000 2024 84,000 2026 1,120,000 114,750 1,234,750 2025 57,375 2025 57,375 2027 1,175,000 58,750 1,233,750 2026 29,375 2026 29,375 12,330,000 $ 5,055,698 $ 17,385,698 $ 2,527,849 $ 2,527,849 $ VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2007 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2013 July 6, 2007 December 15, 2026 December 15 (See independent auditor's report.)- 95 - Date of Issue Date of Maturity Authorized Issue 16,385,000 $ Actual Issue 16,385,000 $ Interest Rates 4.185% - 5.625%Principal Maturity Date Interest Dates Payable at The Bank of New York Mellon Trust Company, NA Fiscal Year Principal Interest Total May 1,Amount November 1,Amount 2014 400,000 $ 797,785 $ 1,197,785 $ 2013 403,205 $ 2013 394,580 $ 2015 415,000 780,085 1,195,085 2014 394,580 2014 385,505 2016 430,000 761,201 1,191,201 2015 385,505 2015 375,696 2017 450,000 740,985 1,190,985 2016 375,696 2016 365,289 2018 475,000 719,147 1,194,147 2017 365,289 2017 353,858 2019 500,000 695,216 1,195,216 2018 353,858 2018 341,358 2020 520,000 669,716 1,189,716 2019 341,358 2019 328,358 2021 550,000 642,794 1,192,794 2020 328,358 2020 314,436 2022 575,000 613,889 1,188,889 2021 314,436 2021 299,453 2023 610,000 582,817 1,192,817 2022 299,453 2022 283,364 2024 640,000 549,848 1,189,848 2023 283,364 2023 266,484 2025 670,000 515,296 1,185,296 2024 266,484 2024 248,812 2026 710,000 478,987 1,188,987 2025 248,812 2025 230,175 2027 740,000 440,925 1,180,925 2026 230,175 2026 210,750 2028 780,000 401,025 1,181,025 2027 210,750 2027 190,275 2029 820,000 359,025 1,179,025 2028 190,275 2028 168,750 2030 870,000 313,031 1,183,031 2029 168,750 2029 144,281 2031 920,000 262,687 1,182,687 2030 144,281 2030 118,406 2032 970,000 209,531 1,179,531 2031 118,406 2031 91,125 2033 1,020,000 153,563 1,173,563 2032 91,125 2032 62,438 2034 1,080,000 94,501 1,174,501 2033 62,438 2033 32,063 2035 1,140,000 32,063 1,172,063 2034 32,063 2034 - 15,285,000 $ 10,814,117 $ 26,099,117 $ 5,608,661 $ 5,205,456 $ May 1, 2034 May 1 May 1 and November 1 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS WATER AND SEWER REVENUE BOND SERIES OF 2008 April 30, 2013 November 18, 2008 (See independent auditor's report.)- 96 - Date of Issue Date of Maturity Authorized Issue 950,000 $ Actual Issue 865,000 $ Interest Rates 2.000% - 4.000%Principal Maturity Date Interest Dates Payable at The Bank of New York Mellon Trust Company, NA Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 90,000 $ 24,825 $ 114,825 $ 2013 12,413 $ 2013 12,412 $ 2015 90,000 22,125 112,125 2014 11,063 2014 11,062 2016 95,000 19,425 114,425 2015 9,713 2015 9,712 2017 100,000 16,100 116,100 2016 8,050 2016 8,050 2018 100,000 12,600 112,600 2017 6,300 2017 6,300 2019 105,000 8,600 113,600 2018 4,300 2018 4,300 2020 110,000 4,400 114,400 2019 2,200 2019 2,200 690,000 $ 108,075 $ 798,075 $ 54,039 $ 54,036 $ December 15, 2019 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2009 April 30, 2013 December 15, 2009 (See independent auditor's report.)- 97 - Date of Issue Date of Maturity Authorized Issue 10,090,000 $ Actual Issue 9,280,000 $ Interest Rates 2.000% - 4.000%Principal Maturity Date Interest Dates Payable at The Bank of New York Mellon Trust Company, NA Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 650,000 $ 304,400 $ 954,400 $ 2013 152,200 $ 2013 152,200 $ 2015 660,000 291,400 951,400 2014 145,700 2014 145,700 2016 690,000 271,600 961,600 2015 135,800 2015 135,800 2017 720,000 250,900 970,900 2016 125,450 2016 125,450 2018 750,000 229,300 979,300 2017 114,650 2017 114,650 2019 770,000 206,800 976,800 2018 103,400 2018 103,400 2020 805,000 176,000 981,000 2019 88,000 2019 88,000 2021 840,000 143,800 983,800 2020 71,900 2020 71,900 2022 875,000 110,200 985,200 2021 55,100 2021 55,100 2023 920,000 75,200 995,200 2022 37,600 2022 37,600 2024 960,000 38,400 998,400 2023 19,200 2023 19,200 8,640,000 $ 2,098,000 $ 10,738,000 $ 1,049,000 $ 1,049,000 $ December 15, 2023 December 15 June 15 and December 1 5 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2010 April 30, 2013 October 28, 2010 (See independent auditors' report.)- 98 - Date of Issue Date of Maturity Authorized Issue 3,309,451 $ Actual Issue 3,235,695 $ Interest Rates 1.25%Principal Maturity Dates Interest Dates Fiscal Year Principal Interest Total June 15,Principal Interest December 15,Principal Interest 2014 143,912 $ 36,747 $ 180,659 $ 2013 71,732 $ 18,598 $ 2013 72,180 $ 18,149 $ 2015 145,716 34,942 180,658 2014 72,631 17,698 2014 73,085 17,244 2016 147,544 33,116 180,660 2015 73,542 16,788 2015 74,002 16,328 2017 149,394 31,265 180,659 2016 74,464 15,865 2016 74,930 15,400 2018 151,267 29,393 180,660 2017 75,398 14,932 2017 75,869 14,461 2019 153,164 27,495 180,659 2018 76,343 13,986 2018 76,821 13,509 2020 155,085 25,575 180,660 2019 77,301 13,029 2019 77,784 12,546 2021 157,029 23,631 180,660 2020 78,270 12,060 2020 78,759 11,571 2022 158,998 21,661 180,659 2021 79,251 11,078 2021 79,747 10,583 2023 160,992 19,668 180,660 2022 80,245 10,085 2022 80,747 9,583 2024 163,010 17,649 180,659 2023 81,251 9,078 2023 81,759 8,571 2025 165,054 15,605 180,659 2024 82,270 8,060 2024 82,784 7,545 2026 167,124 13,535 180,659 2025 83,302 7,028 2025 83,822 6,507 2027 169,219 11,439 180,658 2026 84,346 5,983 2026 84,873 5,456 2028 171,342 9,318 180,660 2027 85,404 4,926 2027 85,938 4,392 2029 173,490 7,169 180,659 2028 86,475 3,855 2028 87,015 3,314 2030 175,665 4,994 180,659 2029 87,559 2,771 2029 88,106 2,223 2031 177,868 2,792 180,660 2030 88,657 1,673 2030 89,211 1,119 2032 207,512 562 208,074 2031 89,772 281 2031 117,740 281 3,093,385 $ 366,556 $ 3,459,941 $ 1,528,213 $ 187,774 $ 1,565,172 $ 178,782 $ June 15, 2031 June 15 and December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS ILLINOIS ENVIRONMENTAL PROTECTION AGENCY LOAN OF 2010 April 30, 2013 August 1, 2010 (See independent auditor's report.)- 99 - Date of Issue Date of Maturity Authorized Issue 6,820,000 $ Actual Issue 6,820,000 $ Interest Rates 2.000% - 3.000%Principal Maturity Date Interest Dates Payable at The Bank of New York Mellon Trust Company, NA Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2014 75,000 $ 192,600 $ 267,600 $ 2013 96,300 $ 2013 96,300 $ 2015 75,000 191,100 266,100 2014 95,550 2014 95,550 2016 75,000 189,600 264,600 2015 94,800 2015 94,800 2017 645,000 188,100 833,100 2016 94,050 2016 94,050 2018 660,000 175,200 835,200 2017 87,600 2017 87,600 2019 680,000 155,400 835,400 2018 77,700 2018 77,700 2020 695,000 135,000 830,000 2019 67,500 2019 67,500 2021 715,000 114,150 829,150 2020 57,075 2020 57,075 2022 735,000 92,700 827,700 2021 46,350 2021 46,350 2023 765,000 70,650 835,650 2022 35,325 2022 35,325 2024 785,000 47,700 832,700 2023 23,850 2023 23,850 2025 805,000 24,150 829,150 2024 12,075 2024 12,075 6,710,000 $ 1,576,350 $ 8,286,350 $ 788,175 $ 788,175 $ December 15, 2024 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2012 April 30, 2013 February 23, 2012 (See independent auditor's report.)- 100 - SUPPLEMENTAL INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS GOVERNMENT-WIDE REVENUES Last Ten Fiscal Years 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 PROGRAM REVENUES Charges for services 14,934,945 $ 18,728,196 $ 22,391,338 $ 18,417,536 $ 17,564,727 $ 15,331,203 $ 15,161,370 $ 16,310,546 $ 18,029,741 $ 20,992,076 $ Operating grants and contributions 7,264,867 1,643,438 8,241,295 3,689,332 3,122,783 1,839,130 1,651,320 1,508,358 2,239,921 1,372,279 Capital grants and contributions 50,884,103 30,905,563 29,399,853 44,859,217 37,631,629 17,754,384 9,369,526 2,701,006 348,608 3,154,182 GENERAL REVENUES Taxes 7,952,712 9,589,566 11,381,217 13,853,668 16,564,236 19,451,041 19,047,903 20,513,365 21,216,960 23,603,733 Investment income 337,196 692,411 1,814,932 1,852,980 1,452,025 469,528 108,749 35,096 15,250 29,966 Miscellaneous 106,786 25,277 72,738 78,695 215,732 118,722 117,510 446,596 803,685 1,242,589 Gain on sale of capital assets 17,497 - - - - - - - - - TOTAL PRIMARY GOVERNMENT 81,498,106 $ 61,584,451 $ 73,301,373 $ 82,751,428 $ 76,551,132 $ 54,964,008 $ 45,456,378 $ 41,514,967 $ 42,654,165 $ 50,394,825 $ Data Source Village Records - 102 - VILLAGE OF PLAINFIELD, ILLINOIS GOVERNMENT-WIDE EXPENSES BY FUNCTION Last Ten Fiscal Years 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 GOVERNMENTAL ACTIVITIES General government 4,124,080 $ 4,859,871 $ 4,907,255 $ 4,772,237 $ 3,773,026 $ 5,373,883 $ 3,634,146 $ 2,754,319 $ 3,808,990 $ 3,442,249 $ Public safety 6,104,623 7,262,694 8,055,904 9,130,771 11,233,703 11,030,984 10,192,710 10,703,278 11,247,015 11,273,628 Highways and streets 5,874,352 8,678,772 10,801,486 12,432,091 25,732,583 21,634,555 21,864,844 21,833,556 22,554,164 21,995,249 Interest 401,987 589,430 1,014,412 1,017,142 1,569,300 1,649,805 1,567,529 1,333,022 1,347,798 1,213,432 Total governmental activities 16,505,042 21,390,767 24,779,057 27,352,241 42,308,612 39,689,227 37,259,229 36,624,175 38,957,967 37,924,558 BUSINESS-TYPE ACTIVITIES Water and sewer 5,898,359 9,301,639 10,277,835 10,977,398 12,356,353 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 Total business-type activities 5,898,359 9,301,639 10,277,835 10,977,398 12,356,353 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 TOTAL PRIMARY GOVERNMENT 22,403,401 $ 30,692,406 $ 35,056,892 $ 38,329,639 $ 54,664,965 $ 52,242,375 $ 50,279,641 $ 50,187,582 $ 52,173,917 $ 52,573,327 $ Data Source Village Records - 103 - Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 GOVERNMENTAL ACTIVITIES Net investment in capital assets 42,100,914 $ 73,204,744 $ 101,194,845 $ 278,466,008 $ 299,531,676 $ 311,018,741 $ 298,048,879 $ 287,247,440 $ 273,588,903 $ 261,247,144 $ Restricted 1,801,382 2,223,968 3,945,852 2,237,578 2,362,609 663,770 646,481 679,852 2,258,412 2,874,252 Unrestricted 12,682,680 7,932,058 4,902,541 6,723,816 487,060 (7,355,406) (6,273,817) (999,983) 3,010,321 8,503,651 TOTAL GOVERNMENTAL ACTIVITIES 56,584,976 $ 83,360,770 $ 110,043,238 $ 287,427,402 $ 302,381,345 $ 304,327,105 $ 292,421,543 $ 286,927,309 $ 278,857,636 $ 272,625,047 $ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 45,763,189 $ 54,702,054 $ 63,507,121 $ 70,926,825 $ 75,033,891 $ 81,625,000 $ 85,624,259 $ 86,260,116 $ 84,915,466 $ 85,745,939 $ Restricted - - - - - 857,545 603,727 601,299 601,161 603,205 Unrestricted 23,949,161 28,126,547 30,883,493 27,763,237 26,227,506 19,554,725 14,338,009 10,526,199 10,420,908 12,265,523 TOTAL BUSINESS-TYPE ACTIVITIES 69,712,350 $ 82,828,601 $ 94,390,614 $ 98,690,062 $ 101,261,397 $ 102,037,270 $ 100,565,995 $ 97,387,614 $ 95,937,535 $ 98,614,667 $ PRIMARY GOVERNMENT Net investment in capital assets 87,864,103 $ 127,906,798 $ 164,701,966 $ 349,392,833 $ 374,565,567 $ 392,643,741 $ 383,673,138 $ 373,507,556 $ 358,504,369 $ 346,993,083 $ Restricted 1,801,382 2,223,968 3,945,852 2,237,578 2,362,609 1,521,315 1,250,208 1,281,151 2,859,573 3,477,457 Unrestricted 36,631,841 36,058,605 35,786,034 34,487,053 26,714,566 12,199,319 8,064,192 9,526,216 13,431,229 20,769,174 TOTAL PRIMARY GOVERNMENT 126,297,326 $ 166,189,371 $ 204,433,852 $ 386,117,464 $ 403,642,742 $ 406,364,375 $ 392,987,538 $ 384,314,923 $ 374,795,171 $ 371,239,714 $ Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 104 - Fiscal Year 2004 2005 2006 2007 EXPENSES Governmental activities General government 4,124,080 $ 4,859,871 $ 4,907,255 $ 4,772,237 $ Public safety 6,104,623 7,262,694 8,055,904 9,130,771 Highways and streets 5,874,352 8,678,772 10,801,486 12,432,091 Interest 401,987 589,430 1,014,412 1,017,142 Total governmental activities expenses 16,505,042 21,390,767 24,779,057 27,352,241 BUSINESS-TYPE ACTIVITIES Water and sewer 5,898,359 9,301,639 10,277,835 10,977,398 Total business-type activities expenses 5,898,359 9,301,639 10,277,835 10,977,398 TOTAL PRIMARY GOVERNMENT EXPENSES 22,403,401 $ 30,692,406 $ 35,056,892 $ 38,329,639 $ PROGRAM REVENUES Governmental activities Charges for services General government 7,826,344 $ 7,762,669 $ 9,591,646 $ 6,577,406 $ Public safety 711,622 757,855 914,977 915,690 Highways and streets 941,066 2,980,328 2,166,848 1,591,218 Operating grants and contributions 505,205 660,204 706,973 980,360 Capital grants and contributions 68,307 236,943 2,270,715 3,600 Total governmental activities program revenues 10,052,544 12,397,999 15,651,159 10,068,274 Business-type activities Charges for services Water/sewer 5,455,913 7,227,344 9,717,867 9,333,222 Operating grants and contributions - - - 2,708,972 Capital grants and contributions - - - - Total business-type activities program revenues 5,455,913 7,227,344 9,717,867 12,042,194 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 15,508,457 $ 19,625,343 $ 25,369,026 $ 22,110,468 $ NET (EXPENSE) REVENUE Governmental activities (6,452,498)$ (8,992,768)$ (9,127,898)$ (17,283,967)$ Business-type activities (442,446) (2,074,295) (559,968) 1,064,796 TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (6,894,944)$ (11,067,063)$ (9,687,866)$ (16,219,171)$ VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 105 - 2008 2009 2010 2011 2012 2013 3,773,026 $ 5,373,883 $ 3,634,146 $ 2,754,319 $ 3,808,990 $ 3,442,249 $ 11,233,703 11,030,984 10,192,710 10,703,278 11,247,015 11,273,628 25,732,583 21,634,555 21,864,844 21,833,556 22,554,164 21,995,249 1,569,300 1,649,805 1,567,529 1,333,022 1,347,798 1,213,432 42,308,612 39,689,227 37,259,229 36,624,175 38,957,967 37,924,558 12,356,353 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 12,356,353 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 54,664,965 $ 52,242,375 $ 50,279,641 $ 50,187,582 $ 52,173,917 $ 52,573,327 $ 4,917,022 $ 4,179,546 $ 3,914,078 $ 4,257,608 $ 4,595,180 $ 4,989,871 $ 995,843 1,473,661 1,702,528 1,913,421 1,937,666 1,756,994 1,292,403 360,625 34,238 3,783 13,909 178,221 976,606 1,265,919 1,155,527 1,508,358 2,239,921 1,372,279 34,768,719 14,123,044 7,426,001 2,328,859 257,817 1,009,182 42,950,593 21,402,795 14,232,372 10,012,029 9,044,493 9,306,547 10,359,459 9,317,371 9,510,526 10,135,734 11,482,986 14,066,990 2,146,177 573,211 495,793 - - - 2,862,910 3,631,340 1,943,525 372,147 90,791 2,145,000 15,368,546 13,521,922 11,949,844 10,507,881 11,573,777 16,211,990 58,319,139 $ 34,924,717 $ 26,182,216 $ 20,519,910 $ 20,618,270 $ 25,518,537 $ 641,981 $ (18,286,432)$ (23,026,857)$ (26,612,146)$ (29,913,474)$ (28,618,011)$ 3,012,193 968,774 (1,070,568) (3,055,526) (1,642,173) 1,563,221 3,654,174 $ (17,317,658)$ (24,097,425)$ (29,667,672)$ (31,555,647)$ (27,054,790)$ - 106 - Fiscal Year 2004 2005 2006 2007 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and Replacement 2,496,035 $ 2,919,867 $ 3,541,068 $ 4,344,099 $ Sales and Use 2,848,208 3,422,415 3,948,711 4,736,740 Utility/Telecommunications 1,648,221 1,836,624 2,230,188 2,202,961 Income 949,085 1,399,555 1,651,731 2,554,968 Local Motor Fuel - - - - Other 11,163 11,105 9,519 14,900 Investment income 185,563 307,804 836,473 860,745 Miscellaneous 45,271 20,157 66,256 62,045 Gain (loss) on sale of capital assets 17,497 - - - Contributions 47,221,336 25,308,504 23,526,420 40,429,579 Transfers - 542,531 - 2,200,271 Total governmental activities 55,422,379 35,768,562 35,810,366 57,406,308 Business-type activities Taxes Sales and use - - - - Investment income 151,633 384,607 978,459 992,235 Miscellaneous 61,515 5,120 6,482 16,650 Connection fees 6,759,662 9,983,234 7,534,322 - Contributions 3,594,460 5,360,116 3,602,718 4,426,038 Transfers - (542,531) - (2,200,271) Total business-type activities 10,567,270 15,190,546 12,121,981 3,234,652 TOTAL PRIMARY GOVERNMENT 65,989,649 $ 50,959,108 $ 47,932,347 $ 60,640,960 $ CHANGE IN NET POSITION Governmental activities 48,969,881 $ 26,775,794 $ 26,682,468 $ 40,122,341 $ Business-type activities 10,124,824 13,116,251 11,562,013 4,299,448 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 59,094,705 $ 39,892,045 $ 38,244,481 $ 44,421,789 $ Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION (Continued)Last Ten Fiscal Years - 107 - 2008 2009 2010 2011 2012 2013 5,272,831 $ 6,038,464 $ 6,428,427 $ 6,651,509 $ 6,306,567 $ 6,300,458 $ 5,916,893 7,478,502 7,377,482 7,670,219 8,143,910 8,495,268 2,473,926 2,526,924 2,271,926 2,980,148 3,066,185 2,981,462 2,892,500 3,401,680 2,965,208 2,910,807 3,203,518 3,567,060 - - - 296,235 489,711 838,419 8,086 5,471 4,860 4,447 7,069 5,804 706,248 138,961 15,166 8,190 6,770 20,956 174,853 115,945 87,030 68,237 103,695 72,956 - - - - - - - - - - - - 1,227,514 526,245 524,770 528,120 516,376 493,650 18,672,851 20,232,192 19,674,869 21,117,912 21,843,801 22,776,033 - - - - - 1,415,262 745,777 330,567 93,583 26,906 8,480 9,010 40,879 2,777 30,480 378,359 699,990 1,169,633 - - - - - - - - - - - - (1,227,514) (526,245) (524,770) (528,120) (516,376) (493,650) (440,858) (192,901) (400,707) (122,855) 192,094 2,100,255 18,231,993 $ 20,039,291 $ 19,274,162 $ 20,995,057 $ 22,035,895 $ 24,876,288 $ 19,314,832 $ 1,945,760 $ (3,351,988)$ (5,494,234)$ (8,069,673)$ (5,841,978)$ 2,571,335 775,873 (1,471,275) (3,178,381) (1,450,079) 3,663,476 21,886,167 $ 2,721,633 $ (4,823,263)$ (8,672,615)$ (9,519,752)$ (2,178,502)$ - 108 - Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 GENERAL FUND Reserved 2,223,390 $ 2,329,541 $ 2,472,838 $ 2,295,307 $ 1,871,440 $ 1,245,401 $ 1,259,966 $ 3,393,753 $ -$ -$ Unreserved - designated - 20,000 20,000 20,000 20,000 20,000 638,341 750,040 - - Unreserved - undesignated 6,078,847 7,504,420 10,300,723 8,254,465 6,464,292 2,646,908 2,964,485 4,151,179 - - Nonspendable for Advances - - - - - - - - 1,193,937 1,153,506 Long-term receivables - - - - - - - - 909,968 705,953 Prepaid items - - - - - - - - 123,321 133,497 Unrestricted Assigned for bridge construction - - - - - - - - 20,000 - Assigned for insurance - - - - - - - - 845,155 1,006,427 Unassigned - - - - - - - - 6,814,424 9,658,183 TOTAL GENERAL FUND 8,302,237 $ 9,853,961 $ 12,793,561 $ 10,569,772 $ 8,355,732 $ 3,912,309 $ 4,862,792 $ 8,294,972 $ 9,906,805 $ 12,657,566 $ ALL OTHER GOVERNMENTAL FUNDS Reserved 916,921 $ 1,240,981 $ 2,779,602 $ 1,184,780 $ 1,673,756 $ 663,770 $ 646,481 $ 679,852 $ -$ -$ Unreserved, reported in Capital Projects Fund 6,210,574 569,082 - (12,391,564) (6,651,613) (11,422,543) (12,268,499) (10,889,373) - - Special Revenue Fund (507,405) (856,118) (612,802) (244,644) (33,699) 375,736 713,258 1,174,378 - - Nonspendable for land for resale - - - - - - - - 108,000 108,000 Restricted for Street maintenance - - - - - - - - 1,115,600 1,509,744 Public safety - - - - - - - - 42,389 40,585 Audit - - - - - - - - 4,106 5,360 Liability insurance - - - - - - - - 310,733 219,288 Economic development - - - - - - - - 677,584 991,275 Unrestricted Assigned for debt service - - - - - - - - 1,347 881 Unassigned - - - - - - - - (7,414,412) (4,328,519) TOTAL ALL OTHER GOVERNMENTAL FUNDS 6,620,090 $ 953,945 $ 2,166,800 $ (11,451,428)$ (5,011,556)$ (10,383,037)$ (10,908,760)$ (9,035,143)$ (5,154,653)$ (1,453,386)$ TOTAL FUND BALANCES 14,922,327 $ 10,807,906 $ 14,960,361 $ (881,656)$ 3,344,176 $ (6,470,728)$ (6,045,968)$ (740,171)$ 4,752,152 $ 11,204,180 $ Note: The Village implemented GASB S-54 for the fiscal year ended April 30, 2012.Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 109 - Fiscal Year 2004 2005 2006 2007 REVENUES Taxes 7,952,712 $ 9,483,499 $ 9,151,029 $ 11,650,706 $ Licenses and permits 6,039,274 5,818,085 7,166,645 3,907,256 Intergovernmental 573,512 983,172 4,583,577 3,168,367 Charges for services 2,796,358 4,989,533 5,381,233 4,415,913 Fines and forfeits 519,611 549,888 694,476 689,983 Investment income 185,563 307,804 836,473 860,745 Miscellaneous 190,816 197,400 121,672 151,762 Total revenues 18,257,846 22,329,381 27,935,105 24,844,732 EXPENDITURES General government 3,555,826 4,201,158 4,607,435 4,385,921 Public safety 5,644,310 6,827,572 7,826,474 8,732,808 Highways and streets 2,963,910 3,921,177 4,801,761 5,786,313 Capital outlay 5,448,253 10,692,916 16,725,901 22,101,363 Debt service Principal 293,250 929,500 575,000 960,000 Interest and fiscal charges 327,259 575,629 835,859 1,046,139 Total expenditures 18,232,808 27,147,952 35,372,430 43,012,544 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 25,038 (4,818,571) (7,437,325) (18,167,812) OTHER FINANCING SOURCES (USES)Transfers in 1,795,194 3,704,967 825,964 5,610,371 Transfers (out)(1,795,194) (3,162,436) (825,964) (3,410,100) Refunding bonds issued 4,615,000 - - - Premium (discount) on refunding bonds 68,901 - - - Bonds issued 9,150,000 - 10,755,000 - Premium (discount) on bonds issued 24,722 - 579,530 - Payment to escrow agent (4,536,500) - - - Installment notes issued 139,417 133,905 247,659 111,541 Sale of capital assets 17,497 950,000 7,591 13,983 Total other financing sources (uses)9,479,037 1,626,436 11,589,780 2,325,795 NET CHANGE IN FUND BALANCES 9,504,075 $ (3,192,135)$ 4,152,455 $ (15,842,017)$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 4.85%9.15%7.57%9.59%Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 110 - 2008 2009 2010 2011 2012 2013 14,090,310 $ 16,924,117 $ 16,775,978 $ 17,533,217 $ 18,150,775 $ 19,207,009 $ 1,925,273 806,101 495,063 497,966 611,529 735,905 5,706,300 6,562,532 3,359,417 5,507,812 5,340,409 5,298,633 3,859,980 3,920,150 4,712,486 4,152,165 4,380,366 4,822,592 660,012 1,031,539 1,103,323 1,329,951 1,325,854 1,169,501 706,248 138,961 15,166 8,190 6,770 20,956 2,401,330 623,400 356,964 385,686 479,606 334,334 29,349,453 30,006,800 26,818,397 29,414,987 30,295,309 31,588,930 4,828,113 4,643,073 3,133,119 2,401,600 3,477,890 3,141,185 10,157,951 10,725,530 10,303,037 10,100,410 10,654,797 10,686,447 7,140,202 6,180,682 6,432,461 6,388,974 6,431,829 6,623,648 17,410,044 15,730,443 3,947,891 2,786,336 1,950,478 2,042,968 995,000 1,525,000 1,580,000 1,580,000 1,720,000 1,915,000 1,330,115 1,694,045 1,655,506 1,485,744 1,581,506 1,221,304 41,861,425 40,498,773 27,052,014 24,743,064 25,816,500 25,630,552 (12,511,972) (10,491,973) (233,617) 4,671,923 4,478,809 5,958,378 2,579,858 4,918,446 3,659,728 3,610,948 3,096,035 3,102,780 (1,352,344) (4,392,201) (3,134,958) (3,082,828) (2,579,659) (2,609,130) - - 865,000 9,280,000 6,820,000 - - - 37,806 564,424 532,928 - 15,135,000 - - - - - 364,920 - - - - - - - (883,953) (9,913,670) (7,251,451) - - 150,824 114,754 - - - 10,370 - - 175,000 395,661 - 16,737,804 677,069 658,377 633,874 1,013,514 493,650 4,225,832 $ (9,814,904)$ 424,760 $ 5,305,797 $ 5,492,323 $ 6,452,028 $ 9.51%13.00%14.00%13.96%13.03%12.94%- 111 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2003 2004 2005 2006 2007 ASSESSED VALUATION 564,712,673 $ 711,020,361 $ 896,383,944 $ 1,116,953,966 $ 1,299,841,515 $ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount Tax Extensions General 0.2042 1,152,766 $ 0.1788 1,268,504 $ 0.1698 1,522,040 $ 0.1780 1,988,272 $ 0.1690 2,196,847 $ Debt service 0.0206 116,293 0.0168 119,188 0.0129 115,633 0.0106 118,398 0.0094 122,069 Police pension 0.0655 369,766 0.0780 553,374 0.0852 763,719 0.0805 899,180 0.0761 989,005 Illinois municipal retirement 0.0345 194,762 0.0272 192,971 0.0257 230,361 0.0336 375,296 0.0375 487,382 Police protection 0.0294 165,971 0.0244 173,107 0.0227 203,479 0.0257 287,057 0.0383 497,723 Audit 0.0042 23,710 0.0034 24,122 0.0034 30,466 0.0032 35,743 0.0004 31,196 Liability insurance 0.0863 487,188 0.1009 715,839 0.0927 830,938 0.0760 848,916 0.0768 998,162 0.4447 2,510,456 $ 0.4295 3,047,105 $ 0.4124 3,696,636 $ 0.4076 4,552,862 $ 0.4075 5,322,384 $ - 112 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued)Last Ten Levy Years Tax Levy Year 2008 2009 2010 2011 2012 ASSESSED VALUATION 1,381,388,040 $ 1,401,098,375 $ 1,318,896,845 $ 1,244,982,885 $ 1,178,610,057 $ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount Tax Extensions General 0.1663 2,297,916 $ 0.2067 2,877,525 $ 0.2012 2,643,631 $ 0.2032 2,529,533 $ 0.2158 2,543,386 $ Debt service 0.0084 116,037 0.0024 33,611 0.0086 113,418 0.0090 112,021 0.0098 115,469 Police pension 0.0724 999,924 0.0500 704,504 0.0682 899,517 0.0721 897,766 0.0767 903,769 Illinois municipal retirement 0.0419 578,668 0.0410 578,458 0.0436 573,793 0.0461 574,000 0.0490 577,376 Police protection 0.0449 620,110 0.0571 805,330 0.0607 799,295 0.0641 798,146 0.0682 803,595 Audit 0.0016 22,102 0.0007 11,148 0.0029 38,241 0.0031 38,567 0.0030 35,338 Liability insurance 0.0724 999,924 0.0500 704,504 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.4079 5,634,681 $ 0.4079 5,715,080 $ 0.4079 5,367,321 $ 0.4297 5,349,693 $ 0.4567 5,381,842 $ - 113 - Total Taxable Total Estimated Estimated Levy Residential Commercial Industrial Farm Railroad Equalized Direct Tax Actual Taxable Actual Taxable Year Property Property Property Property Property Assessed Value Rate Value Value 2003 489,012,540 $ 57,261,840 $ 15,944,490 $ 2,475,988 $ 17,815 $ 564,712,673 $ 0.4447 1,694,138,019 $ 33.333%2004 620,096,988 70,444,709 17,944,487 2,515,891 18,286 711,020,361 0.4295 2,133,061,083 33.333%2005 789,653,411 85,730,817 18,747,176 2,233,584 18,956 896,383,944 0.4124 2,689,151,832 33.333%2006 1,000,246,941 92,344,265 22,733,905 1,608,459 20,396 1,116,953,966 0.4076 3,350,861,898 33.333%2007 1,160,519,642 110,300,216 23,447,686 5,546,255 27,716 1,299,841,515 0.4075 3,899,524,545 33.333%2008 1,223,281,087 129,411,871 25,514,981 3,143,177 36,924 1,381,388,040 0.4079 4,144,164,120 33.333%2009 1,229,229,102 140,306,598 27,907,094 3,613,294 42,287 1,401,098,375 0.4079 4,203,295,125 33.333%2010 1,152,059,670 143,199,078 20,391,687 3,034,973 211,437 1,318,896,845 0.4079 3,956,690,535 33.333%2011 1,074,299,342 147,453,901 20,061,439 2,975,154 193,049 1,244,982,885 0.4297 3,734,948,655 33.333%2012 1,018,036,579 136,459,597 20,522,201 3,436,478 155,202 1,178,610,057 0.4567 3,535,830,171 33.333%Note: Property in the Village is reassessed each year. Property is assessed at 33% of estimated actual value.Data Source Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years - 114 - Levy Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 DIRECT TAX RATES General Fund 0.2042 0.1788 0.1698 0.1780 0.1690 0.1663 0.2053 0.2012 0.2032 0.2158 Debt Service Fund 0.0206 0.0168 0.0129 0.0106 0.0094 0.0084 0.0024 0.0086 0.0090 0.0098 Police Pension 0.0655 0.0781 0.0852 0.0805 0.0761 0.0724 0.0503 0.0682 0.0721 0.0767 IMRF 0.0345 0.0272 0.0257 0.0336 0.0375 0.0419 0.0413 0.0436 0.0461 0.0490 Police Protection 0.0294 0.0244 0.0227 0.0257 0.0383 0.0449 0.0575 0.0607 0.0641 0.0682 Audit 0.0042 0.0034 0.0034 0.0032 0.0024 0.0016 0.0008 0.0029 0.0031 0.0030 Liability Insurance 0.0864 0.1009 0.0927 0.0760 0.0768 0.0724 0.0503 0.0227 0.0321 0.0342 Total direct rate 0.4448 0.4296 0.4124 0.4076 0.4095 0.4079 0.4079 0.4079 0.4297 0.4567 OVERLAPPING TAX RATES Will County Incl. Forest Preserve 0.7080 0.6943 0.6861 0.6523 0.6367 0.6387 0.6543 0.6841 0.7244 0.7244 School District 202 4.8968 4.8626 4.5731 4.5950 4.5134 4.5270 4.5876 4.8618 5.2705 5.8323 Joliet Jr. College No. 525 0.2108 0.2142 0.2088 0.1936 0.1901 0.1896 0.2144 0.2270 0.2463 0.2768 Plainfield Township Park District 0.1855 0.2129 0.1873 0.1788 0.1742 0.1761 0.1740 0.1959 0.2126 0.2433 Plainfield Public Library District 0.2118 0.2051 0.1816 0.1770 0.1687 0.1676 0.1421 0.1573 0.1720 0.1894 Plainfield Fire Protection District 0.3360 0.4262 0.6037 0.7431 0.7787 0.8323 0.8419 0.8656 0.8872 0.9216 Township and All Other 0.1623 0.1604 0.1538 0.1502 0.1471 0.1469 0.1483 0.1653 0.1804 0.1960 Total overlapping rate 6.7112 6.7757 6.5944 6.6900 6.6089 6.6782 6.7626 7.1570 7.6934 8.3838 TOTAL TAX RATES 7.1560 7.2053 7.0068 7.0976 7.0184 7.0861 7.1705 7.5649 8.1231 8.8405 Property tax rates are per $100 of assessed valuation Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years - 115 - Percentage Percentage of Total of Total Taxable Village Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation Edward Health Ventures Healthcare 10,789,039 $ 1 0.86%Wal-Mart Stores Inc.Discount department store 8,652,818 2 0.69%Diageo North America, Inc.Manufacturer of liquors 5,099,313 3 0.41%Meijer Discount department store 4,989,457 4 0.40%Menards Inc.Home improvement center 4,403,313 5 0.35%Target Discount department store 4,119,856 6 0.33%Plainfield 1031 LLC Land development 3,582,239 7 0.29%Dayfield Properties Developer 3,360,286 8 0.27%Plainfield Care Group LLP Senior Care Facility 2,577,165 9 0.21%Coilplus Illinois Inc.Flat rolled steel processing 2,542,870 10 0.20%Guiness UDV North America, Inc. (Diageo)Manufacturer of liquors 8,370,554 $ 1 1.87%Target Discount department store 3,202,527 2 0.72%American Stores Jewel strip mall 2,692,167 3 0.60%Engineering and Chicago Bridge & Iron Co technical center 2,517,833 4 0.56%American Publishing Co. Arkansas Newspaper publisher 2,078,051 5 0.47%Coilplus Illinois Inc.Flat rolled steel processing 1,949,165 6 0.44%Centerpoint Properties Trust Warehouse and manufacturing 1,648,119 7 0.37%Tool and die maker, PMI Venture LLC injection molding 1,585,233 8 0.35%MP-1 Devel LLC & MPI-4 Prairie Ponds Inc.Farm land 1,541,998 9 0.35%Ryan Co. US Inc.Commercial Property 1,358,694 10 0.30% 50,116,356 $ 4.01%26,944,341 $ 6.03%Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PRINCIPAL PROPERTY TAX PAYERS Current Year and Nine Years Ago 2011 2002 - 116 - Levy Collection Fiscal Percentage Year Year Year Tax Levied Amount of Levy 2002 2003 2004 2,146,166 $ 2,144,610 $ 99.93%2003 2004 2005 2,510,465 2,505,594 99.81%2004 2005 2006 3,045,672 3,035,335 99.66%2005 2006 2007 3,654,262 3,649,864 99.88%2006 2007 2008 4,423,287 4,418,221 99.89%2007 2008 2009 5,084,818 5,058,460 99.48%2008 2009 2010 5,361,674 5,352,303 99.83%2009 2010 2011 5,407,741 5,399,892 99.85%2010 2011 2012 5,069,976 5,054,072 99.69%2011 2012 2013 5,366,861 5,294,951 98.66%Data Source Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Levy Years Total Collections to Date - 117 - SALES TAX BY CATEGORY Calendar Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 General merchandise 378,798 $ 558,042 $ 786,643 $ 881,784 $ 1,098,039 $ 1,727,764 $ 1,619,652 $ 1,704,879 $ 1,422,877 $ 1,888,789 $ Food 365,159 394,781 438,426 468,080 451,667 552,145 530,171 469,346 447,894 377,464 Drinking and eating places 199,965 273,520 338,411 415,507 471,211 888,391 904,118 942,498 1,038,892 1,259,374 Apparel 18,021 18,661 21,675 33,456 54,211 93,359 104,996 120,139 347,612 127,335 Furniture and H.H. and radio 43,809 68,360 84,127 93,920 94,275 180,611 142,158 145,517 141,098 157,320 Lumber, building hardware 120,527 319,186 347,747 366,378 346,983 508,908 547,665 535,803 552,466 675,008 Automobile and filling stations 774,888 722,191 865,241 1,230,365 1,229,324 1,571,228 1,355,716 1,443,543 1,867,893 2,364,926 Drugs and miscellaneous retail 300,829 328,809 354,762 395,533 403,483 850,917 889,549 959,238 1,036,231 1,384,198 Agriculture and all others 260,739 262,329 177,264 194,701 258,183 442,817 480,942 465,556 468,099 291,404 Manufacturers 14,855 68,857 81,835 103,018 188,803 265,863 208,888 184,640 64,035 82,726 TOTAL 2,477,590 $ 3,014,736 $ 3,496,131 $ 4,182,742 $ 4,596,179 $ 7,082,003 $ 6,783,855 $ 6,971,159 $ 7,387,097 $ 8,608,544 $ Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%Village home rule sales tax rate*0.00%0.00%0.00%0.00%0.00%1.00%1.00%1.00%1.00%1.50%* 1% effective January 1, 2008; 1.5% effective July 1, 2012 Data Source Illinois Department of Revenue Last Ten Calendar Years VILLAGE OF PLAINFIELD, ILLINOIS - 118 - Village Village Calendar Direct Home Rule Will County RTA State Total Year Rate Rate Rate Rate Rate Rate 2004 1.00%0.00%0.25%0.25%5.00%6.50%2005 1.00%0.00%0.25%0.25%5.00%6.50%2006 1.00%0.00%0.25%0.25%5.00%6.50%2007 1.00%0.00%0.25%0.25%5.00%6.50%2008 1.00%1.00%0.25%0.75%5.00%8.00%2009 1.00%1.00%0.25%0.75%5.00%8.00%2010 1.00%1.00%0.25%0.75%5.00%8.00%2011 1.00%1.00%0.25%0.75%5.00%8.00%2012 1.00%1.50%0.25%0.75%5.00%8.50%2013 1.00%1.50%0.25%0.75%5.00%8.50%Data Source Village and Illinois Department of Revenue Note:The home rule sales tax rate increases for the Village of Plainfield were effective January 1, 2008 and July 1, 2012.The tax rate for the Regional Transit Authority increased effective April 1, 2008.VILLAGE OF PLAINFIELD, ILLINOIS DIRECT AND OVERLAPPING SALES TAX RATES Last Ten Calendar Years - 119 - Percent Percent of Total of Total No. of Village No. of Village Employer Rank Employees Population Employer Rank Employees Population Plainfield CUSD #202 1 3,395 8.58%Plainfield CUSD #202 1 2,300 11.13%Chicago Bridge & Iron Co.2 400 1.01%Chicago Bridge & Iron Co.2 450 2.18%Wal-Mart 3 318 0.80%Guinness UDV North America (Diageo) 3 200 0.97%Jewel-Osco 4 310 0.78%Suburban Chicago Newspapers 4 180 0.87%Diageo North America, Inc.5 300 0.76%Village of Plainfield 5 134 0.65%Meijer 6 250 0.63%Plainfield Molding 6 99 0.48%Plainfield Precision 7 205 0.52%US Filter HPD Systems (Veolia)7 94 0.45%Target 8 150 0.38%Plainfield Stamping-Illinois, Inc.8 89 0.43%Village of Plainfield 9 142 0.36%Coilplus-Illinois, Inc.9 65 0.31%HPD, A Veolia Water Solutions & Tech Co.10 120 0.30%Sovereign Specialty Chemicals 10 45 0.22%Population Population 39,581 20,673 Data Source From a canvass of employers, IL Services and Manufacturers Directory VILLAGE OF PLAINFIELD, ILLINOIS PRINCIPAL EMPLOYERS Current Year and Nine Years Ago 2012 2003 - 120 - Function/Program 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Administration/Finance 13.50 15.50 16.00 16.00 17.50 15.50 14.50 14.50 14.50 16.00 Police Department 53.75 61.05 70.50 79.00 83.00 85.00 77.00 73.50 75.50 75.00 Streets Department 12.20 17.05 19.50 20.50 23.50 23.50 19.50 17.00 17.50 19.00 Community Development 18.50 21.00 24.10 25.00 25.00 13.50 7.00 7.50 7.50 8.00 Water and Sewer Department 15.00 18.05 18.30 19.30 15.00 14.50 12.00 11.50 12.50 11.50 Public Works Engineering 4.00 4.00 4.00 4.00 4.00 4.00 3.00 2.00 3.00 3.00 TOTAL 116.95 136.65 152.40 163.80 168.00 156.00 133.00 126.00 130.50 132.50 Data Source Village Human Resource Department VILLAGE OF PLAINFIELD, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 121 -