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Home My Public Portal AboutFY 2014 - Comprehensive Annual Financial ReportVillage of Plainfield Comprehensive Annual Financial Report For the Fiscal Year Ended April 30, 2014 24401 West Lockport Street | Plainfield, Illinois 60544 VILLAGE OF PLAINFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2014 Prepared by the Management Services Department Traci Pleckham, Director Colleen Thornton, Accounting Services Supervisor VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Principal Officials ............................................................................................................. i Organization Chart ............................................................................................................ ii Letter of Transmittal ......................................................................................................... iii-vi FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT ....................................................................... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis ..................................................................... MD&A 1-12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ................................................................................... 3-4 Statement of Activities ....................................................................................... 5-6 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................ 7-8 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position .................. 9 Statement of Revenues, Expenditures, and Changes in Fund Balances ...... 10 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ..................................................... 11 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Fund Statement of Net Position .............................................................................. 12-13 Statement of Revenues, Expenses, and Changes in Fund Net Position ....... 14 Statement of Cash Flows ............................................................................... 15-16 Fiduciary Funds Statement of Fiduciary Net Position ............................................................. 17 Statement of Changes in Fiduciary Net Position .......................................... 18 Notes to Financial Statements ............................................................................. 19-47 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund .............................................. 48 Schedule of Funding Progress and Employer Contributions Illinois Municipal Retirement Fund ................................................................... 49 Police Pension Fund ........................................................................................... 50 Other Postemployment Benefit Plan .............................................................. 51 Notes to Required Supplementary Information ................................................... 52 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues - Budget and Actual - General Fund .................................. 53-54 Schedule of Expenditures - Budget and Actual - General Fund ............................ 55-56 Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 57-66 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) MAJOR GOVERNMENTAL FUNDS (Continued) Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund ......................................................................................... 67 Debt Service Fund .......................................................................................... 68 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 69-70 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances................................................................................. 71-72 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 73 Audit Fund .......................................................................................................... 74 Alcohol Enforcement Fund ................................................................................ 75 Motor Fuel Tax Fund ......................................................................................... 76 D.A.R.E. Fund .................................................................................................... 77 Tax Increment Financing Fund .......................................................................... 78 MAJOR ENTERPRISE FUND Combining Schedule of Net Position - Water and Sewer Department Accounts ............................................................................................ 79-80 Combining Schedule of Revenues, Expenses, and Changes in Net Position - Water and Sewer Department Accounts ....................................... 81 Combining Schedule of Cash Flows - Water and Sewer Department Accounts ............................................................... 82-83 Schedule of Operating Expenses - Budget and Actual - Water and Sewer Operations Account .................................................................. 84-86 FIDUCIARY FUNDS Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Fund ............................................................ 87 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) SUPPLEMENTAL SCHEDULES Long-Term Debt Requirements Corporate Purpose General Obligation Bond Series of 2005A .............................. 88 Corporate Purpose General Obligation Bond Series of 2005B .............................. 89 Corporate Purpose General Obligation Bond Series of 2007 ................................. 90 Water and Sewer Revenue Bond Series of 2008 .................................................... 91 Corporate Purpose General Obligation Refunding Bond Series of 2009 .............. 92 Corporate Purpose General Obligation Refunding Bond Series of 2010 .............. 93 Illinois Environmental Protection Agency Loan of 2010 ....................................... 94 Corporate Purpose General Obligation Refunding Bond Series of 2012 .............. 95 Corporate Purpose General Obligation Refunding Bond Series of 2013 .............. 96 INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 97 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 98-99 Change in Net Position ................................................................................................. 100-103 Fund Balances of Governmental Funds ....................................................................... 104-105 Changes in Fund Balances of Governmental Funds .................................................... 106-107 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 108 Property Tax Rates - Direct and Overlapping Governments ....................................... 109 Principal Property Taxpayers ....................................................................................... 110 Property Tax Levies and Collections ........................................................................... 111 Property Tax Assessed Valuations, Rates, and Tax Extensions.................................. 112-113 Sales Tax by Category .................................................................................................. 114 Direct and Overlapping Sales Tax Rates ..................................................................... 115 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 116 Ratios of General Bonded Debt Outstanding .............................................................. 117 Direct and Overlapping Governmental Activities Debt .............................................. 118 Pledged-Revenue Coverage ......................................................................................... 119 Demographic and Economic Information Demographic and Economic Information .................................................................... 120 Principal Employers ..................................................................................................... 121 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION (Continued) Operating Information Full-Time Equivalent Employees ................................................................................ 122 Operating Indicators ..................................................................................................... 123-124 Capital Asset Statistics ................................................................................................. 125 - i - VILLAGE OFFICIALS PRESIDENT Michael P. Collins TRUSTEES Margie Bonuchi Paul Fay Bill Lamb Garrett M. Peck Jim Racich Dan Rippy Brian P. Murphy Village Administrator John Konopek Police Chief Dean Marquez Building Official Michael Garrigan Planning Director Allen Persons Public Works Director Traci Pleckham Management Services Director Michelle Gibas Village Clerk Citizens of the Village Mayor and Board of Trustees Village Administrator Management Services Department Police Department Public Works Department Planning Department Building Department IT Community Relations Village Clerk Village of Plainfield Organizational Chart - ii - - iv - The Village operates under the Trustee/Administrator form of government by Village ordinance. Policymaking and legislative authority are vested with the Village Board which consists of a Village President and six Trustees elected at large on a nonpartisan basis. The Village President is elected to a four-year term. The Board members are elected to four-year staggered terms, with three Board members elected every two years. The Administrator is responsible for the daily affairs of the organization and for carrying out the policies and ordinances of the Village Board. The Village is served by approximately 132 full-time equivalent employees, providing public/municipal/ enterprise services, including: police protection, community development, building and zoning services, public works operations, road & bridge maintenance, potable water distribution services, sanitary sewer services, and storm water services. The Village residents are also provided a variety of services, at the local level, by three school districts, two park districts, four townships, two fire protection districts, and two library districts. The annual budget serves as the spending authority for the Village. Budgetary control is maintained at the fund level for all budgeted funds. An annual budget is prepared for the General Fund, Water/Sewer & Expansion Fund, Capital Fund, and other miscellaneous funds. The budget process begins in the fall with an update to the Village’s long-term financial forecast and capital project demands. The annual budget must be adopted by the Village Board before the start of the fiscal year which begins on May 1st. Economic Condition and Outlook Local Economy The Village saw improvement in some of our economic indicators last year, especially in retail sales. Overall retail sales improved by 3% in comparison to the previous fiscal year. Automotive related sales tax remains our largest category/source representing a third of our overall retail sales tax revenue. General merchandise and drinking/eating establishments continued to show gains while grocery sales stayed flat. Village Staff assisted existing businesses in expanding their operations and helped new businesses find their home in our community, including: Kuusakoski purchased the vacant Fox Valley Press building at 135th Street and Route 30 to create a state-of-the-art electronics recycling facility. This new company is now using over 150,000 square feet of this previously vacant facility and employs over 100 employees at this location. Coil Plus Steel doubled the size of their steel facility at 143rd Street and Coil Plus Drive. Coil Plus added over 70,000 square feet of new space to their growing campus and their facility is now almost 150,000 square feet. - v - Allways Precision started construction on a large new addition to their facility on Van Dyke Road, north of 143rd Street. This 15,000 square foot addition to their existing facility will allow them to continue to do precision work for industrial machinery for their national and international clients. Five Star Tennis Club opened their indoor tennis facility on Normantown Road. The private tennis club facility contains four indoor courts in addition to a pro shop, locker rooms, and spectator area. The long-term plan is to have eight indoor courts and a new platform tennis facility. Long-term Financial Planning The Village reached a milestone at the close of the fiscal year that ended on April 30, 2014, when the deficit position in the Capital Projects Fund was eliminated. As the 2014 fiscal year provided the elimination of the Capital Fund deficit balance, the 2015 budget includes a fund balance replacement plan which will help the Village position itself for future capital infrastructure needs consistent with the five-year Capital Improvement and Transportation Plan. Major Initiatives During the summer of 2013, over 60 residents joined Dr. Lew Bender and the Village Board to discuss our shared vision for the community. Overwhelmingly, the community expressed interest across four key areas: Transportation/Community Connections; Community Life/Identity; Business and Retail Development; and Village Infrastructure. Following the community meeting, a five-year vision was created and specific one-year tasks were mapped out. The Village Board is scheduled to meet with Dr. Bender again in November 2014 to review the progress and to develop goals and objectives for the upcoming year. In concert with the Strategic Plan, the Village Board:  Approved an update to the Comprehensive Plan;  Adopted a multi-year Transportation Plan;  Directed Staff to develop a Complete Streets Initiative; and  Partnered with the Riverfront Foundation and Plainfield Park District on pathway improvements along the riverfront. Awards and Acknowledgements The Government Finance Officers Association (GFOA) awards a Certificate of Achievement for Excellence in Financial Reporting on an annual basis. In order to be awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized CAFR. The report must satisfy both generally accepted accounting principles and applicable legal requirements. We believe that our CAFR meets the Certificate of Achievement Program’s requirements and we will submit the document to the GFOA for consideration. - vi - This report would not have come together without the dedicated support and involvement of the entire Management Services Staff. I especially want to thank Traci Pleckham, Colleen Thornton, and DeAnn Snodgrass for their involvement in preparing this report. I also want to thank the Village President and Board of Trustees for their support in maintaining the highest standards of professionalism in the management of the Village’s finances. Respectfully submitted, Brian Murphy Village Administrator INTRODUCTORY SECTION GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditor's report) MD&A 1 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS APRIL 30, 2014 _____________________________________________________________________________________________ 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, 2014. As the Village presents its financial statements in conformity with the Governmental 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 contained 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, 2014 equaled $362,301,201, a decrease of $8,938,513, or 2.4% over the April 30, 2013 net position. Of which, the Village’s governmental net position decreased by $8,771,742, or 3.2%, and the Village’s business-type activities net position decreased by $166,771, or .2%.  Total revenues of all governmental activities increased by $36,113, or .11%. Total expenses increased by $2,965,877, or 7.8% as compared to fiscal year 2013.  Total revenues of all business-type activity programs decreased by $3,245,536, or 17.7%, while the total expenses increased by $584,711, or 3.8% as compared to fiscal year 2013. o Water and sewer charges for services decreased 5%, or $705,448 over the prior fiscal year. In addition, home rule sales tax represented $1,630,710 in revenue. o The purchase of Lake Michigan water increased expenses by $344,224 in fiscal year 2014, or 5.1%  Governmental Funds reported combined ending fund balances of $15,140,667, an increase of $3,936,487 over the prior fiscal year. o Total fund balance for the General Fund was $11,727,964, a decrease of $929,602 over fiscal year 2013. This represents 58.6% of General Fund expenditures. $9,841,030 of the General Fund balance is considered unassigned. This unassigned fund balance represents 49.1% of General Fund expenditures, a decrease of $182,847 from fiscal year 2013. o Total fund balance for the Capital Projects Fund was $405,138, an increase of $4,733,657 over fiscal year 2013. The past 4 fiscal year budgets included funding for the Village’s deficit elimination plan. Through this plan, the Village has eliminated over $10,943,005 in deficit position within the past 4 fiscal years. In March of 2014, the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund. This fiscal year, a $3,003,025 transfer from the Village’s General Fund to the Capital Fund eliminated this deficit balance. USING THE FINANCIAL SECTION OF THIS ANNUAL REPORT The Financial Statements' focus is on both the Village as a whole (government-wide) and on the major individual funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year to year or government to government), 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 contains other supplementary information in addition to the basic financial statements. Government-Wide Financial Statements The Government-Wide Financial Statements are designed to emulate the corporate sector in that all governmental and business-type activities 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 with the difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources reported as the net position. The "Unrestricted Net Position" is designed to be similar to bottom line results for the Village’s governmental and business-type activities. This statement combines and VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 2 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. The Statement of Activities presents information showing how the Village’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 basic services, including police, highways and streets, planning, building, and administration. Property taxes, sales taxes, local utility taxes, and shared State income taxes finance the majority of these activities. The Business-Type 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. The Fund Financial Statements 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 presentation more familiar. The focus is on major funds, rather than fund types. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds (see pages 7-11) are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial 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 financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. The governmental fund’s Balance Sheet and Statement of Revenues, Expenditures, and Changes 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 Governmental Fund Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances 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 financial statements (see pages 12-16) provide the same type of information as the government-wide financial statements, 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 major fund of the Village and is presented in a separate column in the Fund Financial Statements. A more detailed analysis of Water and Sewer Fund activities can be found on pages 79-86 of this report. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside Village government (Police Pension Fund, see pages 17-18). While these funds 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 to obtaining a full understanding of the data provided in the government-wide and fund financial statements. Notes to the Financial Statements can be found on pages 19-47 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 to provide pension and other postemployment benefits to its employees. Required supplementary information can be found on pages 48-52 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 schedules, which are presented on pages 53-96 of this report. GOVERNMENT-WIDE STATEMENT Statement of Net 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 $362,301,201 as of April 30, 2014 and $371,239,714 as of April 30, 2013. This amount reflects a decrease of $8,938,513 in total net position as compared to the year ended April 30, 2013. For more detailed information see the Statement of Net Position (pages 3-4). The following table reflects the condensed Statement of Net Position: 2014 2013 2014 2013 2014 2013 Assets Current Assets 26,499,070$ 22,575,984$ 15,167,007$ 14,954,776$ 41,666,077$ 37,530,760$ Noncurrent Assets 276,574,529$ 291,322,072$ 112,366,723$ 114,761,199$ 388,941,252$ 406,083,271$ Total Assets 303,073,599$ 313,898,056$ 127,533,730$ 129,715,975$ 430,607,329$ 443,614,031$ Deferred Outflows of Resources Unamortized loss on refundings 1,153,068$ 1,202,191$ 852,645$ 948,253$ 2,005,713$ 2,150,444$ Total Assets and Deferred Outflows of Resources 304,226,667$ 315,100,247$ 128,386,375$ 130,664,228$ 432,613,042$ 445,764,475$ Liabilities Current Liabilities 3,677,201$ 3,916,433$ 1,821,400$ 1,825,195$ 5,498,601$ 5,741,628$ Long-Term Liabilities 30,309,145$ 32,270,328$ 28,117,079$ 30,224,366$ 58,426,224$ 62,494,694$ Total Liabilities 33,986,346$ 36,186,761$ 29,938,479$ 32,049,561$ 63,924,825$ 68,236,322$ Deferred Inflows of Resources Unavailable property tax 6,387,016$ 6,288,439$ -$ -$ 6,387,016$ 6,288,439$ Total Liabilities and Deferred Inflows of Resources 40,373,362$ 42,475,200$ 29,938,479$ 32,049,561$ 70,311,841$ 74,524,761$ Net Position: Net Investmant in Capital Assets 248,456,183$ 261,247,144$ 85,192,902$ 85,745,939$ 333,649,085$ 346,993,083$ Restricted 3,006,647$ 2,874,252$ 602,080$ 603,205$ 3,608,727$ 3,477,457$ Unrestricted 12,390,475$ 8,503,651$ 12,652,914$ 12,265,523$ 25,043,389$ 20,769,174$ Total Net Position 263,853,305$ 272,625,047$ 98,447,896$ 98,614,667$ 362,301,201$ 371,239,714$ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2014 and April 30, 2013 The largest portion of the Village’s total net position (92%) 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 (1.0%) represents resources that are subject to restrictions on how they may be used. The remaining balance of unrestricted net position of $25,043,389 may be used to meet the Village’s ongoing obligations. Of this amount, $12,390,475 represents the governmental activities portion and $12,652,914 is available for the Village’s business-type activities (water and sewer operations). 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, 2014 General Fund reflects a positive fund balance of $11,727,964, reflecting a decrease of fund balance of $929,602 from the 2013 fiscal year. The 2014 total combined General Fund balance represents 58.6% of General Fund expenditures. Total General Fund unassigned fund balance represents 49.1% of General Fund expenditures or $9,841,030. The Village’s Capital Projects fund balance reduced its fund balance deficit by $4,733,657 resulting in a positive fund balance of $405,138 as of April 30, 2014. The Village’s overall combined fund balance is $15,140,667, an increase of $3,936,487 from fiscal year 2013. Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2014 compared to the year ended April 30, 2013. 2014 Governmental activities decreased the Village’s net position by $8,771,742 and business-type activities decreased the Village’s net position by $166,771. 2014 2013 2014 2013 2014 2012 Revenues Program Revenues Charges for Services 6,979,352$ 6,925,086$ 13,361,542$ 14,066,990$ 20,340,894$ 20,992,076$ Operating Grants & Contributions 1,386,766$ 1,372,279$ -$ -$ 1,386,766$ 1,372,279$ Capital Grants & Contributions 118,359$ 1,009,182$ -$ 2,145,000$ 118,359$ 3,154,182$ General Revenues Property Taxes 6,352,505$ 6,300,458$ -$ -$ 6,352,505$ 6,300,458$ Other Taxes 16,694,559$ 15,882,209$ 1,630,710$ 1,415,262$ 18,325,269$ 17,297,471$ Other Revenues and Transfers 587,152$ 593,366$ 74,457$ 684,993$ 661,609$ 1,278,359$ Total Revenues 32,118,693$ 32,082,580$ 15,066,709$ 18,312,245$ 47,185,402$ 50,394,825$ Expenses General Government 4,437,507$ 3,442,249$ -$ -$ 4,437,507$ 3,442,249$ Public Safety 11,321,562$ 11,273,628$ -$ -$ 11,321,562$ 11,273,628$ Highways and Streets 23,977,254$ 21,995,249$ -$ -$ 23,977,254$ 21,995,249$ Interest 1,154,112$ 1,213,432$ -$ -$ 1,154,112$ 1,213,432$ Water and Sewer -$ -$ 15,233,480$ 14,648,769$ 15,233,480$ 14,648,769$ Total Expenses 40,890,435$ 37,924,558$ 15,233,480$ 14,648,769$ 56,123,915$ 52,573,327$ Change in Net Position (8,771,742)$ (5,841,978)$ (166,771)$ 3,663,476$ (8,938,513)$ (2,178,502)$ Ending Net Position 263,853,305$ 272,625,047$ 98,447,896$ 98,614,667$ 362,301,201$ 371,239,714$ Governmental Activities Business-Type Activities Total Primary Government Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2014 and April 30, 2013 Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets expenses of $23,977,254 include depreciation expenses of $14,853,104. 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 (water, sewer, impact fees, connection fees, building permit fees, home rule sales tax, utility tax etc.) Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) – certain recurring revenues (State-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 demands may cause the Village Board to increase/decrease authorized staffing. Staffing costs (salary and related benefits) represent 66% of the Village's General Fund and 16.4% 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. Current Year Impacts – Governmental Activities Revenues VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 6 For the fiscal year ended April 30, 2014, revenues from Governmental Activities totaled $32,118,693, an increase of $36,113, or .11% from fiscal year 2013. Sales and Use Tax were the Village's largest revenue source at $8,848,545, representing 28% of the total Governmental Activity revenue. Charges for Services were the Village's second largest revenue source at $6,979,352, representing 22%. The primary Charges for Services revenues include refuse fees ($3,399,321), licenses and permit revenues ($862,916), franchise fees ($638,698), and police fines and reimbursements ($1,650,700.21). Property and Replacement Taxes represent $6,352,505 or 19.8% of the total Governmental Activity revenue. Development activity has shown a slight increase in 2014. During the fiscal year, 146 single family building permits were issued for new construction within the Village. During fiscal year 2013, 112 single family building permits were issued and 100 in 2012. Compared to fiscal years 2008 and 2007, 298 and 797 single family building permits were issued respectively. The Village’s property tax revenues remained relatively flat from $6,300,458 in fiscal year 2013 to $6,352,505 in fiscal year 2014. The Equalized Assessed Valuation (EAV) of the Village decreased from $1,244,892,885 in calendar year 2011 to $1,178,610,057 in calendar year 2012, representing $66,282,828 or 5.3%. The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $492,216. Details of the Village’s portion of State-Shared Taxes are as follows: State-Shared Tax Fiscal Year 2013 Fiscal Year 2014 Increase / (Decrease) Sales Tax 4,749,179 4,892,203 143,024 State Income Tax 3,567,060 3,857,016 289,956 Use Tax 635,196 694,432 59,236 Total 8,951,435 9,443,651 492,216 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 7 Current Year Impacts – Governmental Activities Expenses For the fiscal year ended April 30, 2014, expenses from Governmental Activities totaled $40,890,435, an increase of $2,965,877 or 7.8% over fiscal year 2013. In comparison, expenses from Governmental Activities in fiscal year 2013 decreased by 2.7% or $1,033,409. 2012 expenses 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. For the fiscal year ended April 30, 2014, Highways and Streets represented 58% of expenditures or $23,977,254. Included in this figure is depreciation expense of $14,853,104. Some of the Village’s capital expenditures include $674,518 for roadway improvements, $781,179 for sidewalk, curb replacement and pedestrian crossings, $511,936 for the completion of the Lockport Street pedestrian bridge construction, and $194,709 for tree removal due to the emerald ash borer. Current 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 decreased in the amount of $166,771 to $98,447,896 (see Table 2 – MD&A page 4). VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 8 Total revenue for the Village’s business-type activities decreased by $3,245,536; from $18,312,245 in fiscal year 2013 to $15,066,709. Charges for Services revenues for fiscal year end 2014 totaled $13,361,542, a decrease of $705,448. The decrease primarily relates to slightly lower water demand. 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 utility rate increase schedule due to a 44% rate increase from the City of Chicago passed along to the Village in 2009. In addition to the 2009 increase, the City of Chicago also increased rates in 2012 by 25%. Current Year Impacts – Business Type Activities Expenses Operating expenses from all Business-Type Activities increased by $584,711 or 3.9%. Lake Michigan water purchase accounted for $344,224 in additional expenses. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $25,018 to $3,027,257 for fiscal year 2014. 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 balance 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, 2014 the Governmental Funds (as presented on page 10) reported a combined fund balance of $15,140,667 which is an increase from the beginning of the year balance of $11,204,180. Of the total fund balance, $9,841,030 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $5,299,637 includes $1,915,321 for street maintenance, $1,065,860 for healthcare, $687,538 for long-term receivables as required by generally accepted accounting principles, $851,200 for economic development, $405,138 for capital projects, and smaller statutory restrictions for prepaid items, land held for resale, audit, public safety, liability insurance, and debt service. The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. Total General Fund balance decreased by $929,602 from fiscal year 2013. Total General Fund revenues increased $540,273 in fiscal year 2014. General Fund expenditures increased by $1,188,611 from the prior year. Fiscal year 2013 reflected an increase of General Fund expenditures of $76,701. The primary reason for the increased expenses in 2014 relates to the manpower and salt costs due to the additional snow events VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 9 GENERAL FUND BUDGETARY HIGHLIGHTS Original Budget Final Budget Actual Revenues 20,119,090$ 20,119,090$ 22,087,212$ Expenditures 20,479,090$ 20,479,090$ 20,022,789$ Excess of Revenues over Expenditures (360,000)$ (360,000)$ 2,064,423$ Other Financing Sources (Uses)360,000$ 360,000$ (2,994,025)$ Net Changes in Fund Balance -$ -$ (929,602)$ Table 3: General Fund Budgetary Highlights General Fund actual revenues were $1,968,122 more than the budgeted amount. This amount is primarily related to higher income tax revenues of $1,057,016 then what was budgeted. In addition, actual license and permit revenues were $312,116 higher than anticipated. Charges for Services also exceeded budget by $465,098. Other financing sources listed in the above table include a transfer out to the Village’s Capital Fund of $3,003,025 for deficit reduction purposes. In March of 2014, the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund. Proprietary Funds At April 30, 2014 the Proprietary Funds total net position decreased by $166,771. In fiscal years 2013 and 2012, the Village reflected an increase of $1.52 million and a net loss of $1.54 million respectively before contributions of water and sewer infrastructure. There were no contributions of infrastructure in fiscal year 2014. Contributions of infrastructure totaled $2,145,000 in fiscal year 2013, compared to $372,147 in fiscal year 2011 and $90,791 in fiscal year 2012. The Village’s Water and Sewer Accounts recorded an operating loss of $570,977 in fiscal year 2014 (page 81). Fiscal year 2013 reported operating income of $845,598. The 2014 loss was directly attributable to water and sewer infrastructure depreciation expenses. CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2014, amounts to $388,941,252. The investment in capital assets includes land, buildings, equipment, improvements other than buildings, underground sewer and water systems, infrastructure, and construction in progress. This amount represents a net decrease (including additions and deductions) of $17,142,029. The Governmental Activities net capital assets decreased by $14,747,543. The Business-Type Activities net capital assets decreased by $2,394,476. Detailed information regarding the change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements on pages 30-31. 2014 2013 2014 2013 2014 2013 Land and Right of Way 99,620,465$ 99,620,465$ 3,043,544$ 3,043,544$ 102,664,009$ 102,664,009$ Buildings 23,139,349$ 23,998,553$ 13,091,806$ 13,440,769$ 36,231,155$ 37,439,322$ Machinery and Equipment 756,631$ 740,340$ 102,709$ 55,040$ 859,340$ 795,380$ Water & Sewer System -$ -$ 95,943,716$ 98,036,898$ 95,943,716$ 98,036,898$ Infrastructure 149,046,788$ 161,715,918$ -$ -$ 149,046,788$ 161,715,918$ Construction in progress 4,011,296$ 5,246,796$ 184,948$ 184,948$ 4,196,244$ 5,431,744$ Total Capital Assets 276,574,529$ 291,322,072$ 112,366,723$ 114,761,199$ 388,941,252$ 406,083,271$ 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 10 DEBT OUTSTANDING As of April 30, 2014, the Village has seven general obligation bond series, one Illinois EPA low interest loan, and one revenue bond series outstanding. At April 30, 2014, $37.720 million in general obligation bonds, $2.947 million in Illinois EPA loans, and $14.885 million in revenue bonds are outstanding. In addition, by continuing to monitor bond market conditions, the Village has been able to achieve cost savings in excess of $2.6 million the past 10 years through refunding/refinancing existing debt. Maturity dates and par amounts continue to remain the same on these refunding issues. 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. Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to meet its ongoing obligations. The Village’s bond rating from Standard & Poor’s rating service was upgraded in 2007 from AA- to AA. In February of 2012, the Village refunded the Series 2005 bonds for net present value cash flow savings of over $523,000. Both Moody’s and Standard & Poor’s affirmed their ratings of Aa2 and AA respectively. 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 maintain at least strong reserves. The Village's access to employment in the deep and diverse Chicago metropolitan area economy provides further stability to the rating." In addition, Moody's noted that, "the Village's financial profile will likely remain stable as a result of recent revenue enhancements and cost containment measures which have assisted in the development of reserves." In December of 2013, the Village refunded the Series 2004 bonds for net present value cash flow savings of approximately $754,000. Upon their review of the refunding, S&P also upgraded the Village's AA debt rating to AA+. S&P noted very strong budgetary flexibility and performance, strong management with good financial policies and practices as key factors of the upgrade. S & P also noted, "The stable outlook reflects our view of the Village's strong economy and our anticipation that the Village will maintain very strong budgetary flexibility and liquidity." The following charts 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: 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 The Village holds both General Obligation Bonds and Water & Sewer System Revenue Bonds Village of Plainfield's Debt Rating is Highlighted. Comparison of Ratings Used by Moody's and Standard and Poor's (S&P) Additional information of the Village’s long-term debt can be found in the Notes to the Financial Statements (pages 32-37). VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 11 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 skyrocket from about 4,500 in 1990 to 39,581 in 2010 as numerous 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, the 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. 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   2013 – ESTIMATE - U.S. Census  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. Based on information from the Illinois Department of Employment Security, the 2013 average unemployment for the Village of Plainfield was 7.8%, which favorably compares to Will County’s rate of 9.4% and the State of Illinois rate of 9.2%. As of August 2014, the average unemployment for the Village was 5.2%, which still favorably compares to Will County’s rate of 6.1% and the State of Illinois rate of 6.7%. The national average unemployment rate for August 2014 was 6.3%. Information from the US Census Bureau via the 2000 Census and the 2008-2012 American Community Survey lists the following comparable data for the Village of Plainfield, Will County, Illinois and the United States: Plainfield Will County Illinois USA 2000 2008-2012 2000 2008-2012 2000 2008-2012 2000 2008-2012 Median value of owner- occupied housing units $198,300 $299,500 $154,300 $228,900 $130,800 $190,800 $119,600 $181,400 Plainfield Will County Illinois USA 2000 2008-2012 2000 2008-2012 2000 2008-2012 2000 2008-2012 Median household income $80,799 $111,637 $62,238 $76,352 $46,590 $56,853 $41,994 $53,046 Per the data above, the median value of owner-occupied housing units increased an estimated 51% for the Village within approximately the past 12 years. In addition, the median household income increased by 38% during the same timeframe. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 12 Although the Village experienced stability in its revenues last fiscal year, the Village continues to remain cautious in revenue sources such as income tax, use tax, sales and property taxes. Based on these uncertainties, the 2015 budget was again developed on a conservative basis. Continued cost containments across all departments enabled the Village to approve a balanced 2015 budget, with the main principle of providing quality services in an efficient and cost-effective manner. The 2015 budget anticipates a steady 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 again in fiscal year 2015, including $1 million for the Village’s roadway maintenance program, engineering design work, improving pedestrian access through bike paths and sidewalks, and continued funding for the Village-wide emerald ash borer issue. The past 4 fiscal year budgets included funding for the Village’s deficit elimination plan. Through this plan, the Village has eliminated over $10,943,005 in deficit position within the past 4 fiscal years. As the 2014 fiscal year provided the elimination of the Capital Fund deficit balance, the 2015 budget includes a fund balance replacement plan of $588,192, which will help the Village position itself for future capital infrastructure needs. State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues at 43%. Fiscal year 2014 reflected an increase in sales tax revenue of 3%, while fiscal year 2013 increased by 5.4%. The Village continues to remain uncertain regarding the State’s proposal to reduce the local government’s share of income tax revenues. State revenues will continue to be monitored closely in the 2015 fiscal year. Property tax revenues represent approximately 21% of the overall General Fund revenues. The Village's composition is primarily residential with smaller commercial and industrial components. Although home values seem to be stabilizing, the housing market continues to remain uncertain and continues to be closely monitored for the current year budget and future fiscal year budget projections. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham, Director of Management Services, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544. Governmental Business-Type Activities Activities Total ASSETS Cash and investments 12,330,733$ 12,877,585$ 25,208,318$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 6,387,016 - 6,387,016 Sales tax 2,112,429 380,265 2,492,694 Income tax 605,905 - 605,905 Utility/telecommunications taxes 463,519 - 463,519 Allotments 72,969 - 72,969 Grants 275,835 - 275,835 Interest 3,344 4,315 7,659 Other 1,226,309 1,696,339 2,922,648 Prepaid expenses 133,536 17,830 151,366 Deposits 1,064,103 190,673 1,254,776 Land held for resale 108,000 - 108,000 Net pension asset 1,715,372 - 1,715,372 Capital assets Nondepreciable 103,631,761 3,228,492 106,860,253 Depreciable, net of accumulated depreciation 172,942,768 109,138,231 282,080,999 Total assets 303,073,599 127,533,730 430,607,329 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 1,153,068 852,645 2,005,713 Total deferred outflows of resources 1,153,068 852,645 2,005,713 Total assets and deferred outflows of resources 304,226,667 128,386,375 432,613,042 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2014 - 3 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 2,407,637$ 1,246,302$ 3,653,939$ Accrued payroll 257,254 38,474 295,728 Deposits payable 19,962 900 20,862 Accrued interest payable 421,186 535,724 956,910 Other accrued liabilities 54,571 - 54,571 Unearned revenue 516,591 - 516,591 Noncurrent liabilities Due within one year 2,724,712 2,107,615 4,832,327 Due in more than one year 27,584,433 26,009,464 53,593,897 Total liabilities 33,986,346 29,938,479 63,924,825 DEFERRED INFLOWS OF RESOURCES Deferred property tax 6,387,016 - 6,387,016 Total deferred inflows of resources 6,387,016 - 6,387,016 Total liabilities and deferred inflows of resources 40,373,362 29,938,479 70,311,841 NET POSITION Net investment in capital assets 248,456,183 85,192,902 333,649,085 Restricted for Street maintenance 1,915,321 - 1,915,321 Public safety 42,443 - 42,443 Debt service - 602,080 602,080 Audit 3,511 - 3,511 Liability insurance 86,172 - 86,172 Economic development 959,200 - 959,200 Unrestricted 12,390,475 12,652,914 25,043,389 TOTAL NET POSITION 263,853,305$ 98,447,896$ 362,301,201$ April 30, 2014 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 4 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 4,437,507$ 5,178,547$ 69,885$ -$ Public safety 11,321,562 1,658,959 75,505 9,428 Highways and streets 23,977,254 141,846 1,241,376 108,931 Interest 1,154,112 - - - Total governmental activities 40,890,435 6,979,352 1,386,766 118,359 Business-Type Activities Water and sewer 15,233,480 13,361,542 - - Total business-type activities 15,233,480 13,361,542 - - TOTAL PRIMARY GOVERNMENT 56,123,915$ 20,340,894$ 1,386,766$ 118,359$ Transfers CHANGE IN NET POSITION NET POSITION, MAY 1 NET POSITION, APRIL 30 Program Revenues VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended April 30, 2014 - 5 - Governmental Business-Type Activities Activities Total 810,925$ -$ 810,925$ (9,577,670) - (9,577,670) (22,485,101) - (22,485,101) (1,154,112) - (1,154,112) (32,405,958) - (32,405,958) - (1,871,938) (1,871,938) - (1,871,938) (1,871,938) (32,405,958) (1,871,938) (34,277,896) General Revenues Taxes Property and replacement 6,352,505 - 6,352,505 Sales and use 8,848,545 1,630,710 10,479,255 Utility/telecommunications 3,198,840 - 3,198,840 Income 3,857,016 - 3,857,016 Local motor fuel 790,158 - 790,158 Other 4,966 - 4,966 Investment income 27,857 14,986 42,843 Miscellaneous 63,581 550,219 613,800 Transfers 490,748 (490,748) - Total 23,634,216 1,705,167 25,339,383 CHANGE IN NET POSITION (8,771,742) (166,771) (8,938,513) NET POSITION, MAY 1 272,625,047 98,614,667 371,239,714 NET POSITION, APRIL 30 263,853,305$ 98,447,896$ 362,301,201$ Primary Government Net (Expense) Revenue and Change in Net Position See accompanying notes to financial statements. - 6 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds ASSETS Cash and investments 9,280,926$ 175,037$ 918$ 2,873,852$ 12,330,733$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 5,100,330 - 110,395 1,176,291 6,387,016 Sales tax 1,351,785 760,644 - - 2,112,429 Income tax 605,905 - - - 605,905 Utility tax - 463,519 - - 463,519 Allotments - - - 72,969 72,969 Grants 5,568 270,267 - - 275,835 Interest 3,344 - - - 3,344 Other 1,223,459 1,925 - 925 1,226,309 Prepaid items 133,536 - - - 133,536 Deposits 1,064,103 - - - 1,064,103 Land held for resale - - - 108,000 108,000 Total assets 18,768,956 1,671,392 111,313 4,232,037 24,783,698 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 18,768,956$ 1,671,392$ 111,313$ 4,232,037$ 24,783,698$ OF RESOURCES ASSETS AND DEFERRED OUTFLOWS VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2014 (This statement is continued on the following page.) - 7 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 1,608,828$ 749,710$ -$ 49,099$ 2,407,637$ Accrued payroll 257,254 - - - 257,254 Impact fee 39,300 - - - 39,300 Recapture fee - 15,271 - - 15,271 Unearned revenue 15,318 501,273 - - 516,591 Developer deposit 19,962 - - - 19,962 Total liabilities 1,940,662 1,266,254 - 49,099 3,256,015 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 5,100,330 - 110,395 1,176,291 6,387,016 Total deferred inflows of resources 5,100,330 - 110,395 1,176,291 6,387,016 Total liabilities and deferred inflows of resources 7,040,992 1,266,254 110,395 1,225,390 9,643,031 FUND BALANCES Nonspendable Long-term receivables 687,538 - - - 687,538 Prepaid items 133,536 - - - 133,536 Land held for resale - - - 108,000 108,000 Restricted Street maintenance - - - 1,915,321 1,915,321 Public safety - - - 42,443 42,443 Audit - - - 3,511 3,511 Liability insurance - - - 86,172 86,172 Economic development - - - 851,200 851,200 Unrestricted Assigned Capital projects - 405,138 - - 405,138 Debt service - - 918 - 918 Insurance 1,065,860 - - - 1,065,860 Unassigned 9,841,030 - - - 9,841,030 Total fund balances 11,727,964 405,138 918 3,006,647 15,140,667 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 18,768,956$ 1,671,392$ 111,313$ 4,232,037$ 24,783,698$ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS April 30, 2014 RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS OF See accompanying notes to financial statements. - 8 - FUND BALANCES OF GOVERNMENTAL FUNDS 15,140,667$ 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 276,574,529 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (1,286,414) Unamortized loss on refunding 1,153,068 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (421,186) Net pension assets are not recorded in governmental funds but are recorded on the statement of net position 1,715,372 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds (29,022,731) NET POSITION OF GOVERNMENTAL ACTIVITIES 263,853,305$ April 30, 2014 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. - 9 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended April 30, 2014 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 15,400,525$ 3,261,910$ 113,327$ 1,077,429$ 19,853,191$ Licenses and permits 862,916 - - - 862,916 Intergovernmental 112,612 3,307,771 - 1,241,376 4,661,759 Charges for services 4,762,676 125,262 - - 4,887,938 Fines and forfeits 780,895 331,286 - 10,088 1,122,269 Investment income 26,137 115 37 1,568 27,857 Miscellaneous 141,451 42,247 - 28,317 212,015 Total revenues 22,087,212 7,068,591 113,364 2,358,778 31,627,945 EXPENDITURES Current General government 3,091,281 - - 938,358 4,029,639 Public safety 10,383,318 - - 363,112 10,746,430 Highways and streets 6,548,190 - - 855,913 7,404,103 Capital outlay - 2,870,609 - - 2,870,609 Debt service Principal retirement - - 1,945,000 - 1,945,000 Interest and fiscal charges - - 1,191,213 - 1,191,213 Total expenditures 20,022,789 2,870,609 3,136,213 2,157,383 28,186,994 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,064,423 4,197,982 (3,022,849) 201,395 3,440,951 OTHER FINANCING SOURCES (USES) Proceeds from the sale of fixed assets - 4,788 - - 4,788 Transfers in 9,000 3,063,025 3,022,886 - 6,094,911 Transfers (out)(3,003,025) (2,532,138) - (69,000) (5,604,163) Total other financing sources (uses)(2,994,025) 535,675 3,022,886 (69,000) 495,536 NET CHANGE IN FUND BALANCES (929,602) 4,733,657 37 132,395 3,936,487 FUND BALANCES (DEFICIT), MAY 1 12,657,566 (4,328,519) 881 2,874,252 11,204,180 FUND BALANCES, APRIL 30 11,727,964$ 405,138$ 918$ 3,006,647$ 15,140,667$ See accompanying notes to financial statements. - 10 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 3,936,487$ 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 981,654 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 1,945,000 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 11,582 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 (15,707,870) Net book value of assets retired (21,327) Change in net pension asset 101,735 Change in net other postemployment benefit obligation (32,122) Change in compensated absences (12,400) Change in accrued interest payable 25,519 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (8,771,742)$ For the Year Ended April 30, 2014 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. - 11 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUND April 30, 2014 Water and Sewer CURRENT ASSETS Cash and investments 12,877,585$ Receivables Accounts 1,696,339 Sales tax 380,265 Interest 4,315 Prepaid expenses 17,830 Total current assets 14,976,334 CAPITAL ASSETS Nondepreciable 3,228,492 Depreciable, net of accumulated depreciation 109,138,231 Net capital assets 112,366,723 OTHER ASSETS Deposits 190,673 Total other assets 190,673 DEFERRED OUTFLOW OF RESOURCES Unamortized loss on refundings 852,645 Total deferred outflow of resources 852,645 Total assets and deferred outflow of resources 128,386,375 (This statement is continued on the following page.) - 12 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) PROPRIETARY FUND April 30, 2014 Water and Sewer CURRENT LIABILITIES Accounts payable 1,246,302$ Accrued payroll 38,474 Accrued interest 535,724 Compensated absences payable 80,972 Illinois EPA loan 151,643 Bonds payable 1,875,000 Developer deposit 900 Total current liabilities 3,929,015 LONG-TERM LIABILITIES Compensated absences payable 9,641 Illinois EPA loan 2,795,259 Bonds payable 23,204,564 Total long-term liabilities 26,009,464 Total liabilities 29,938,479 DEFERRED INFLOWS OF RESOURCES None - Total liabilities and deferred inflows of resources 29,938,479 NET POSITION Net investment in capital assets 85,192,902 Restricted for debt service 602,080 Unrestricted 12,652,914 TOTAL NET POSITION 98,447,896$ See accompanying notes to financial statements. - 13 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUND For the Year Ended April 30, 2014 Water and Sewer OPERATING REVENUES Charges for services 13,361,542$ Total operating revenues 13,361,542 OPERATING EXPENSES Water operations 8,842,372 Sewer operations 2,062,890 Depreciation 3,027,257 Total operating expenses 13,932,519 OPERATING INCOME (LOSS)(570,977) NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,630,710 Miscellaneous revenue 550,219 Investment income 14,986 Interest expense (1,300,961) Total non-operating revenues (expenses)894,954 INCOME BEFORE TRANSFERS 323,977 TRANSFERS (OUT)(490,748) CHANGE IN NET POSITION (166,771) NET POSITION, MAY 1 98,614,667 NET POSITION, APRIL 30 98,447,896$ See accompanying notes to financial statements. - 14 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2014 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 13,274,642$ Payments to suppliers (9,593,418) Payments to employees (1,264,797) Net cash from operating activities 2,416,427 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers in (out) (490,748) Payments received on advances to other funds 3,639,952 Nonoperating revenues 2,178,740 Net cash from noncapital financing activities 5,327,944 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (632,781) Proceeds from the issuance of long-term debt 7,370,000 Principal payments on long-term debt (9,756,483) Interest paid (818,351) Net cash from capital and related financing activities (3,837,615) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 10,671 Net cash from investing activities 10,671 NET INCREASE IN CASH AND CASH EQUIVALENTS 3,917,427 CASH AND CASH EQUIVALENTS, MAY 1 8,960,158 CASH AND CASH EQUIVALENTS, APRIL 30 12,877,585$ (This statement is continued on the following page.) - 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUND For the Year Ended April 30, 2014 Water and Sewer RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(570,977)$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization 3,027,257 Changes in assets and liabilities Accounts receivable (86,900) Prepaid fees 200 Deposits (10,488) Accounts payable 55,453 Accrued expenses 1,882 NET CASH FROM OPERATING ACTIVITIES 2,416,427$ NONCASH TRANSACTIONS None -$ See accompanying notes to financial statements. - 16 - STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS April 30, 2014 Police Pension ASSETS Cash and short-term investments 281,614$ Investments U.S. Government and agency obligations 8,413,037 Municipal bonds 311,108 Mutual funds 12,326,878 Receivables Accrued interest receivable 58,323 Total assets 21,390,960 LIABILITIES Accounts payable 4,645 Total liabilities 4,645 NET POSITION HELD IN TRUST FOR PENSION BENEFITS 21,386,315$ VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 17 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION POLICE PENSION TRUST FUND For the Year Ended April 30, 2014 ADDITIONS Contributions Employer 886,519$ Employee 497,544 Total contributions 1,384,063 Investment income Net appreciation in fair value of investments 1,240,609 Interest 474,607 Total investment income 1,715,216 Less investment expense (37,500) Net investment income 1,677,716 Total additions 3,061,779 DEDUCTIONS Benefits and refunds 439,598 Administration 50,201 Total deductions 489,799 NET INCREASE 2,571,980 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 18,814,335 April 30 $ 21,386,315 VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 18 - - 16 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements 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-setting 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 was incorporated June 1, 1877. The Village operates under 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 general administrative services. As required by generally accepted accounting principles, these financial statements present the Village (the primary government). In evaluating how to define the reporting entity, management has considered all potential component 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 included 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 management by segregating transactions related to certain village 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 fiduciary. 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 construction 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. - 19 - 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 sound financial administration. Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Village. The Village utilizes a pension trust fund and an agency fund, which are generally used to account 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, which 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 which 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 who 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. Taxes 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 from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. 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 resources not accounted for in another fund. The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of major capital assets (other than those financed by proprietary funds). - 20 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 18 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) The Debt Service Fund is used to account for the 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 Water and Sewer Fund 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 primarily through user charges. The Village reports a pension trust fund as a fiduciary fund to account for the Police Pension Fund. d. Measurement Focus, 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 financial 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). Grants 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/expenses are incidental to the operations of these funds. Governmental fund financial statements are reported 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 available). “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 revenues 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 related fund liability is incurred. Principal and interest on general long-term debt are recorded as expenditures when due. - 21 - 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) Those revenues susceptible to accrual are property taxes, franchise fees, licenses, interest revenue, and charges for services. Sales 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 applying 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 is met. The Village reports unavailable/deferred revenue and unearned revenue on its financial statements. Unavailable revenues arise when a potential revenue does not meet the measurable and available or earned 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 unavailable/deferred revenue or the liability for unearned revenue is removed from the financial statements and revenue is recognized. e. Cash and Investments Cash and Cash Equivalents For purposes of the statement 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, 2014 for debt and equity securities. Mutual funds, investment funds, and insurance separate accounts are valued at contract value as of April 30, 2014. - 22 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 20 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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, stormwater systems), 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 initial, individual cost of $5,000 for machinery and equipment, $20,000 for building and improvements, and $50,000 for infrastructure and an estimated useful 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. 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 Infrastructure 15-50 - 23 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 21 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. Vested 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 funds 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 parties 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 include resolutions and ordinances (equally binding) approved by the Board. Assigned fund balance represents amounts constrained by the Village’s intent to use them for a specific purpose. In accordance with the Village’s financial policies, the authority to assign fund balance has been delegated to the Village’s Director of Management Services, consistent with the intentions of the Village Board. Any Residual Fund balance of the General Fund is reported as unassigned. The Village has adopted targeted fund balances for two of its funds. The General Fund has a targeted unassigned fund balance of at least 25% of the total General Fund annual expenditures. General Fund unassigned fund balance in excess of 40% may be transferred to the Capital Improvement Fund. The Water and Sewer Fund has a targeted unrestricted net position of 25% of the total Water and Sewer Fund annual expenditures. If the balances exceed 40%, the overage may be used to offset rate increases or be transferred to the Village’s Capital Improvement Fund, or a combination thereof. 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 restricted 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 statements, 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. - 24 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 22 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 governmental activities or business-type activities columns, or proprietary fund financial statements. Bond premiums and discounts, as well as gains and losses on refundings, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premiums or discounts. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as an other financing source. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Bond issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. l. Interfund Transactions Interfund service transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except 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 sometimes 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/expenditure) 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 applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. - 25 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 23 - 2. 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 portion of this pool is displayed as “cash and investments.” In addition, deposits and investments are separately held by several of the Village’s funds. Permitted Deposits and Investments - the Village’s investment policy authorizes the Village to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States Government 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 money 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, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts, mutual funds, and equities. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the state 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. Investments in Illinois Funds are valued at Illinois Funds’ 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 investment 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 priority, 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 Village’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 municipality. - 26 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 24 - 2. 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, 2014: Investment Maturities in Years Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 IMET $ 3,358,442 $ - $ 3,358,442 $ - $ - Negotiable certificates of deposit 1,494,380 746,600 747,780 - - Municipal bonds 404,089 - 404,089 - - TOTAL $ 5,256,911 $ 746,600 $ 4,510,311 $ - $ - Interest rate risk is the risk that changes in interest rates will adversely affect 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 to a specific cash flow, the Village does not directly invest in securities maturing more than two years 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 made 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 types of securities listed above and diversifying 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 AAA. 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 and evidenced by safekeeping receipts and a written custodial agreement. Illinois Funds and IMET are not subject to custodial credit risk. - 27 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 25 - 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Deposits and Investments (Continued) Investments (Continued) Concentration of credit risk is the risk that the Village has a high percentage of its investments invested in one 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 to meet ongoing obligations. 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 accomplished 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 with 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 federal 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, 2014: Investment Maturities in Years Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 2,617,537 $ - $ 2,536,397 $ 81,140 $ - U.S. agency obligations 5,795,500 326,344 3,416,966 1,713,078 339,112 Municipal bonds 311,108 25,424 107,480 109,148 69,056 TOTAL $ 8,724,145 $ 351,768 $ 6,060,843 $ 1,903,366 $ 408,168 - 28 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 26 - 2. DEPOSITS AND INVESTMENTS (Continued) b. Police Pension Fund Deposits and Investments (Continued) Investments (Continued) Interest rate risk is the risk that changes in interest rates will adversely affect the fair value 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 disbursements 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 Board. 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. Treasury or U.S. agency obligations. The U.S. agency obligations and money market mutual funds are rated AAA. Custodial credit risk for investments 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 Pension 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 custodial 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 invested in any one debt security as follows: Diversification by Instrument Minimum Target Maximum Cash equivalents 0% 0% 30% Government bonds 40% 45% 70% U.S. stocks 35% 40% 45% Non-U.S. stocks 0% 15% 20% At April 30, 2014, Federal Home Loan Bank and Federal National Mortgage Association obligations exceeded 5% of the Police Pension Fund’s total investments (approximately 11.72% and 5.86%, respectively). - 29 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 27 - 3. RECEIVABLES - PROPERTY TAXES Property taxes for the 2013 levy year attach as an enforceable lien on January 1, 2013, 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, 2014 and August 1, 2014, and are payable in two installments, on or about June 1, 2014 and September 1, 2014. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 1-2% of the tax levy, to reflect actual collection experience. The 2013 taxes are intended to finance the 2015 fiscal year and are not considered available for current operations and are, therefore, shown as unavailable revenue. The 2014 tax levy has not been recorded as a receivable at April 30, 2014, as the tax attached as a lien on property as of January 1, 2014; however, the tax will not be levied until December 2014 and, accordingly, is not measurable at April 30, 2014. 4. CAPITAL ASSETS a. Capital Assets Capital asset activity for the year ended April 30, 2014 was as follows: Beginning Balance Increases Decreases Ending Balance GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 9,429,279 $ - $ - $ 9,429,279 Land right of way 90,191,186 - - 90,191,186 Construction in progress 5,246,796 119,663 1,355,163 4,011,296 Total capital assets not being depreciated 104,867,261 119,663 1,355,163 103,631,761 Capital assets being depreciated Buildings and improvements 30,926,945 - - 30,926,945 Vehicles and equipment 5,150,205 331,538 111,570 5,370,173 Infrastructure 316,790,957 1,885,616 - 318,676,573 Total capital assets being depreciated 352,868,107 2,217,154 111,570 354,973,691 Less accumulated depreciation for Buildings 6,928,392 859,204 - 7,787,596 Vehicles and equipment 4,409,865 293,920 90,243 4,613,542 Infrastructure 155,075,039 14,554,746 - 169,629,785 Total accumulated depreciation 166,413,296 15,707,870 90,243 182,030,923 Total capital assets being depreciated, net 186,454,811 (13,490,716) (21,327) 172,942,768 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 291,322,072 $ (13,371,053) $ 1,376,490 $ 276,574,529 - 30 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 28 - 4. CAPITAL ASSETS (Continued) a. Capital Assets (Continued) Beginning Balance Increases Decreases Ending Balance BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 3,043,544 $ - $ - $ 3,043,544 Construction in progress 184,948 - - 184,948 Total capital assets not being depreciated 3,228,492 - - 3,228,492 Capital assets being depreciated Buildings 17,448,092 - - 17,448,092 Vehicles and equipment 1,045,521 69,241 - 1,114,762 Water transmission system 67,597,603 563,540 - 68,161,143 Sewer collection system 54,368,452 - - 54,368,452 Total capital assets being depreciated 140,459,668 632,781 - 141,092,449 Less accumulated depreciation for Buildings 4,007,323 348,963 - 4,356,286 Vehicles and equipment 990,481 21,572 - 1,012,053 Water transmission system 13,182,911 1,553,279 - 14,736,190 Sewer collection system 10,746,246 1,103,443 - 11,849,689 Total accumulated depreciation 28,926,961 3,027,257 - 31,954,218 Total capital assets being depreciated, net 111,532,707 (2,394,476) - 109,138,231 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 114,761,199 $ (2,394,476) $ - $ 112,366,723 Depreciation expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General government $ 301,624 Public safety 553,142 Highways and streets 14,853,104 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 15,707,870 b. Construction Contracts The Village had no significant construction commitments at April 30, 2014. - 31 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 29 - 5. 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; injuries 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 property, general liability, public officials’ liability, employment practices liability, automobile liability, crime, and workers’ compensation coverage. The following table is a summary of coverage in effect for the period May 1, 2013 through April 30, 2014: Coverage SWARM Self-Insured Retention/ Deductible Limits General liability $ 100,000 $ 4,000,000/member Public entity liability 100,000 2,000,000/occurrence Commercial umbrella 231,674 8,000,000/occurrence Employee dishonesty 5,000 500,000/occurrence Theft and destruction 5,000 500,000/occurrence Auto liability 100,000 2,000,000/occurrence Workers’ compensation 600,000/ 1,000,000/occurrence occurrence Business policy Buildings 50,000 200,000,000/occurrence Personal property 50,000 200,000,000/occurrence Flood 500,000 200,000,000/occurrence Earthquake 50,000 200,000,000/occurrence Employment practices 100,000 2,000,000/member The Village is not aware of any additional premiums owed to SWARM as of April 30, 2014 for the current or prior claim years. 6. LONG-TERM DEBT a. General Obligation Bonds General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: - 32 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 30 - 6. LONG-TERM DEBT (Continued) a. General Obligation Bonds (Continued) Issue Fund Debt Retired by Balances April 30, 2013 Issuances Refundings/ Retirements Balances April 30, 2014 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 3.0% to 4.1% payable each June 15 and December 15. Water and Sewer $ 5,490,000 $ - $ 5,490,000 $ - $ - $4,060,000 General Obligation Refunding Bonds of 2004B, annual installments of $30,000 to $430,000 through December 15, 2019, interest at 3.0% to 4.1% payable each June 15 and December 15. Water and Sewer 2,665,000 - 2,665,000 - - $10,755,000 General Obligation Bonds of 2005A, annual installments of $380,000 to $835,000 through December 15, 20154, interest at 3.25% to 5.00% payable each June 15 and December 15. Debt Service 1,560,000 - 495,000 1,065,000 525,000 $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 3,420,000 - 1,055,000 2,365,000 1,105,000 $15,135,000 General Obligation Bonds of 2007, annual installments of $515,000 to $1,175,000 through December 15, 2026, interest at 4% to 5% payable each June 15 and December 15. Debt Service 12,330,000 - 635,000 11,695,000 665,000 $865,000 General Obligation Refunding Bonds of 2009, annual installments of $5,000 to $110,000 through December 15, 2019, interest at 2% to 4% payable each June 15 and December 15. Debt Service 690,000 - 90,000 600,000 90,000 - 33 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 31 - 6. LONG-TERM DEBT (Continued) a. General Obligation Bonds (Continued) Issue Fund Debt Retired by Balances April 30, 2013 Issuances Refundings/ Retirements Balances April 30, 2014 Current Portion $9,280,000 General Obligation Refunding Bonds of 2010, annual installments of $640,000 to $960,000 through December 15, 2023, interest at 2% to 4% payable each June 15 and December 15. Debt Service $ 8,640,000 $ - $ 650,000 $ 7,990,000 $ 660,000 $6,820,000 General Obligation Refunding Bonds of 2012, annual installments of $75,000 to $805,000 through December 15, 2024, interest at 2% to 3% payable each June 15 and December 15. Debt Service 6,710,000 - 75,000 6,635,000 75,000 $7,370,000 General Obligation Refunding Bonds of 2013, annual installments of $355,000 to $1,780,000 through December 15, 2019, interest at 2% to 4% payable each June 15 and December 15. Water and Sewer - 7,370,000 - 7,370,000 355,000 TOTAL GENERAL OBLIGATION BONDS $ 41,505,000 $ 7,370,000 $ 11,155,000 $ 37,720,000 $ 3,475,000 b. Revenue Bonds Payable Issue Fund Debt Retired by Balances April 30, 2013 Issuances Refundings/ Retirements Balances April 30, 2014 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 $ 15,285,000 $ - $ 400,000 $ 14,885,000 $ 415,000 TOTAL REVENUE BONDS $ 15,285,000 $ - $ 400,000 $ 14,885,000 $ 415,000 - 34 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 32 - 6. LONG-TERM DEBT (Continued) c. Illinois EPA Loans Issue Fund Debt Retired by Balances April 30, 2013 Issuances Refundings/ Retirements Balances April 30, 2014 Current Portion $3,309,451 Illinois EPA low interest loan, semiannual installments through June 15, 2031, interest at 1.25% payable each June 15 and December 15. Water and Sewer $ 3,093,385 $ - $ 146,483 $ 2,946,902 $ 151,643 TOTAL ILLINOIS EPA LOANS $ 3,093,385 $ - $ 146,483 $ 2,946,902 $ 151,643 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Governmental Activities Fiscal General Obligation Bonds Year Principal Interest 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 2,430,000 619,700 2022 2,560,000 520,900 2023 2,685,000 416,350 2024 2,795,000 306,600 2025 1,870,000 192,150 2026 1,120,000 114,750 2027 1,175,000 58,750 TOTAL $ 27,985,000 $ 7,790,763 Business-Type Activities Fiscal General Obligation Bonds Revenue Bonds Year Principal Interest Principal Interest 2015 $ 1,460,000 $ 333,549 $ 415,000 $ 780,085 2016 1,530,000 270,725 430,000 761,201 2017 1,600,000 205,325 450,000 740,985 2018 1,655,000 171,450 475,000 719,147 2019 1,710,000 121,800 500,000 695,216 2020 1,780,000 53,400 520,000 669,716 2021 - - 550,000 642,794 - 35 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 33 - 6. 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 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 - - 740,000 440,925 2028 - - 780,000 401,025 2029 - - 820,000 359,025 2030 - - 870,000 313,031 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 TOTAL $ 9,735,000 $ 1,156,249 $ 14,885,000 $ 10,016,331 Business-Type Activities Fiscal Illinois EPA Loans Year Principal Interest 2015 $ 151,643 $ 36,364 2016 153,545 34,462 2017 155,470 32,537 2018 157,419 30,588 2019 159,393 28,614 2020 161,392 26,615 2021 163,416 24,591 2022 165,465 22,542 2023 167,540 20,467 2024 169,640 18,367 2025 171,767 16,240 2026 173,921 14,086 2027 176,102 11,905 2028 178,310 9,697 2029 180,546 7,461 2030 182,810 5,197 2031 185,102 2,905 2032 93,421 584 TOTAL $ 2,946,902 $ 343,222 - 36 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 34 - 6. LONG-TERM DEBT (Continued) e. Changes in Long-Term Liabilities The following is a summary of changes in bonds, installment notes payable, debt certificates, and other long-term liabilities during fiscal year 2014: May 1 Additions Reductions April 30 Current Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 29,930,000 $ - $ 1,945,000 $ 27,985,000 $ 2,015,000 Compensated absences payable 929,983 723,926 711,526 942,383 709,712 Net other postemployment benefit obligation 63,226 32,122 - 95,348 - Unamortized bond premium 1,347,119 - 60,705 1,286,414 - TOTAL GOVERNMENTAL ACTIVITIES $ 32,270,328 $ 756,048 $ 2,717,231 $ 30,309,145 $ 2,724,712 BUSINESS-TYPE ACTIVITIES General obligation bonds $ 11,575,000 $ 7,370,000 $ 9,210,000 $ 9,735,000 $ 1,460,000 Revenue bonds 15,285,000 - 400,000 14,885,000 415,000 Illinois EPA Loan 3,093,385 - 146,483 2,946,902 151,643 Compensated absences payable 91,917 81,934 83,238 90,613 80,972 Unamortized bond premium 179,064 499,964 55,238 623,790 - Unamortized bond discount (168,936) - (4,710) (164,226) - TOTAL BUSINESS-TYPE ACTIVITIES $ 30,055,430 $ 7,951,898 $ 9,890,249 $ 28,117,079 $ 2,107,615 f. Advance Refunding On December 5, 2013, the Village issued $7,370,000 general obligation bonds, the proceeds of which were placed in an irrevocable escrow, to advance refund $5,445,000 of the outstanding 2004A General Obligation Bonds and $2,330,000 of the outstanding 2004B General Obligation Bonds. As a result of the refunding, the Village realized a cash flow savings of $753,546 and an economic gain of $719,574. The refunded bonds were called and retired on December 15, 2013. On February 23, 2012, the Village issued $6,820,000 general obligation bonds, the proceeds of which were placed in an irrevocable escrow, to advance refund $6,235,000 of the outstanding 2005A General Obligation Bonds. The refunded bonds will be called and retired on June 15, 2015. - 37 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 35 - 7. INTERFUND ASSETS/LIABILITIES Individual fund transfers were as follows: Fund Transfers In Transfers Out General $ 9,000 $ 3,003,025 Capital Projects 3,063,025 2,532,138 Debt Service 3,022,886 - Nonmajor Governmental - 69,000 Water and Sewer - 490,748 TOTAL $ 6,094,911 $ 6,094,911 The purposes of significant transfers are as follows: • $3,022,886 transferred from the Capital Projects Fund and the Water and Sewer Fund to the Debt Service Fund to provide funds for a portion of various debt service payments. • $3,003,025 transferred from the General Fund to the Capital Projects Fund for debt reduction purposes. 8. CONTINGENT LIABILITIES a. Litigation The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, 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 Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. - 38 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 36 - 9. COMMITMENTS The Village is a member of the Southwest Agency for Health 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 another member of SWAHM which is responsible for collecting all monies and remitting them to IPBC. 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. 10. DEVELOPMENT ASSISTANCE The Village has entered into various agreements 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 ended April 30, 2014, approximately $337,630 in sales tax rebates were incurred under these agreements. Future contingent rebates of approximately $2,133,038 in sales taxes may be rebated if certain criteria are met in future years. 11. DEFINED BENEFIT PENSION 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. - 39 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 37 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions Illinois Municipal Retirement Fund (IMRF) 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 earnings, 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 year ended December 31, 2013 was 11.93% 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 Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At April 30, 2013 (the latest information available), the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 9 Current employees Vested 35 Nonvested 16 TOTAL 60 - 40 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 38 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan 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 employees (those hired prior to January 1, 2011) attaining 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 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least eight years but less than 20 years of credited service 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% of the original pension and 3% 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 creditable 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% compounded. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% 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 1st after the police officer retires, or the first anniversary of the pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase is the lesser of 3% 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 Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past service cost for the Police Pension Plan. For the year ended April 30, 2013, the Village’s contribution was 19.47% of covered payroll. - 41 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 39 - 11. 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 positions 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 valuation date December 31, 2011 April 30, 2012 Actuarial cost method Entry-age Normal Entry-age Normal Asset valuation method 5 Year Smoothed Market 5 Year Smoothed Market Amortization method Level Percentage of Payroll Level Percentage of Payroll Amortization period 30 Years, Open 21 Years, Closed Significant actuarial assumptions a) Rate of return on 7.50% 7.50% present and future assets Compounded Compounded Annually Annually b) Projected salary increase - 4.00% 5.50% attributable to inflation Compounded Compounded Annually Annually c) Additional projected .40% to 10% Not Available salary increases - seniority/merit - 42 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 40 - 11. DEFINED BENEFIT PENSION PLANS (Continued) c. Annual Pension Costs (Continued) Employer annual pension costs (APC), actual contributions, and the net pension obligation (NPO) are as follows. The NPO is the cumulative difference between the APC and the contributions actually made. Fiscal Year Illinois Municipal Retirement Fiscal Year Police Pension Annual pension cost 2012 $ 563,101 2012 $ 780,348 (APC) 2013 599,939 2013 782,927 2014 650,890 2014 784,784 Actual contribution 2012 $ 563,101 2012 $ 897,431 2013 599,939 2013 888,578 2014 650,890 2014 886,519 Percentage of APC contributed 2012 100.00% 2012 115.00% 2013 100.00% 2013 113.49% 2014 100.00% 2014 112.96% NPO 2012 $ - 2012 $ (1,507,986) 2013 - 2013 (1,613,637) 2014 - 2014 (1,715,372) The annual pension cost NPO for the Police Pension Fund has been calculated as follows: Annual required contribution $ 808,112 Interest on net pension obligation (121,023) Adjustment to annual required contribution 97,695 Annual pension cost 784,784 Contributions made 886,519 Increase in net pension obligation (101,735) Net pension obligation (asset), beginning of year (1,613,637) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (1,715,372) - 43 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 41 - 11. DEFINED BENEFIT PENSION PLANS (Continued) d. Funded Status and Funding Progress Illinois Municipal Retirement Police Pension Actuarial valuation date December 31, 2013 April 30, 2013 Actuarial accrued liability (AAL) $ 12,980,873 $ 24,162,940 Actuarial value of plan assets 10,224,471 18,981,855 Unfunded actuarial accrued liability (UAAL) 2,756,402 5,181,085 Funded ratio (actuarial value of plan assets/AAL) 78.77% 78.56% Covered payroll (active plan members) $ 5,299,570 $ 4,563,700 UAAL as a percentage of covered payroll 52.01% 113.53% 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. 12. OTHER POSTEMPLOYMENT BENEFITS a. Plan Description In addition to providing the pension benefits described, the Village provides postemployment health care (OPEB) benefits for retirees and disabled employees through 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. The 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 General Fund. b. 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 retirement 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 employee and their dependents for their lifetime. As of April 30, 2014, the Village had one disabled retiree receiving benefits under this statute. - 44 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 42 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) b. Benefits Provided (Continued) All health care benefits are provided through the Village’s insured health plan. The benefit levels are the 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. c. Membership At April 30, 2012 (latest information available), membership consisted of: Retirees and beneficiaries currently receiving benefits 3 Terminated employees entitled to benefits but not yet receiving them - Current employees Vested 69 Nonvested 52 TOTAL 124 Participating employers 1 d. Funding Policy All retirees contribute 100% of the premium to the Plan to cover the cost of providing the benefits to the 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 fiscal year ended April 30, 2014, retirees contributed $20,015 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 contribute to the Plan until retirement. - 45 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 43 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) e. 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, 2014 $ 64,906 $ 32,784 50.51% $ 95,348 April 30, 2013 64,380 32,784 50.92% 63,226 April 30, 2012 63,506 31,877 50.20% 31,629 The net OPEB obligation (NOPEBO) as of April 30, 2014 was calculated as follows: Annual required contribution $ 63,853 Interest on net OPEB obligation 3,161 Adjustment to annual required contribution (2,108) Annual OPEB cost 64,906 Contributions made 32,784 Increase in net OPEB obligation 32,122 Net OPEB obligation, beginning of year 63,226 NET OPEB OBLIGATION, END OF YEAR $ 95,348 f. Funded Status and Funding Progress The funded status of the Plan as of April 30, 2012 (latest information 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) 0% Covered payroll (active plan members) $ 8,222,184 UAAL as a percentage of covered payroll 14.51% - 46 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 44 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Funded Status and Funding Progress (Continued) Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts 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 annual 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 information 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. g. Actuarial Methods 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 historical 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 actuarial value of assets, consistent with the long-term perspective of the calculations. In the April 30, 2012 actuarial valuation, the entry-age actuarial cost method was used. The actuarial assumptions included a 5% investment rate of return (net of administrative expenses) and an initial annual healthcare cost trend rate of 8% and an ultimate healthcare cost trend rate of 6%. These rates include a 3% inflation assumption. The actuarial value of assets was not determined as the Village has not advance 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. 13. SUBSEQUENT EVENT On July 16, 2014, the Village issued $9,665,000 General Obligation Refunding Bonds, Series 2014. The proceeds of the bonds will be used to advance refund a portion of the Village’s General Obligation Bonds, Series 2007 and pay certain expenses relating to the issuance of the Bonds. - 47 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual REVENUES Taxes 14,234,925$ 14,234,925$ 15,400,525$ Licenses and permits 550,800 550,800 862,916 Intergovernmental 10,600 10,600 112,612 Charges for services 4,297,578 4,297,578 4,762,676 Fines and forfeits 823,187 823,187 780,895 Investment income 5,000 5,000 26,137 Miscellaneous 197,000 197,000 141,451 Total revenues 20,119,090 20,119,090 22,087,212 EXPENDITURES Current General government 3,064,767 3,064,767 3,091,281 Public safety 11,138,889 11,138,889 10,383,318 Highways and streets 6,275,434 6,275,434 6,548,190 Total expenditures 20,479,090 20,479,090 20,022,789 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (360,000) (360,000) 2,064,423 OTHER FINANCING SOURCES (USES) Transfers in 360,000 360,000 9,000 Transfers (out)- - (3,003,025) Total other financing sources (uses)360,000 360,000 (2,994,025) NET CHANGE IN FUND BALANCE -$ -$ (929,602) FUND BALANCE, MAY 1 12,657,566 FUND BALANCE, APRIL 30 11,727,964$ (See independent auditor's report.) - 48 - REQUIRED SUPPLEMENTARY INFORMATION ILLINOIS MUNICIPAL RETIREMENT FUND 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) 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% 2013 10,224,471 12,980,873 78.77%2,756,402 5,299,570 52.01% Schedule of Employer Contributions Annual Required Fiscal Employer Contribution Percentage Year Contributions (ARC)Contributed 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% 2014 650,890 650,890 100.00% April 30, 2014 VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 49 - REQUIRED SUPPLEMENTARY INFORMATION POLICE PENSION FUND April 30, 2014 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) 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% 2013 18,981,855 24,162,940 78.56%5,181,085 4,563,700 113.53% Annual Fiscal Employer Required Year Contributions Contribution Percentage 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% 2014 886,519 808,112 109.70% Schedule of Employer Contributions VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 50 - REQUIRED SUPPLEMENTARY INFORMATION OTHER POSTEMPLOYMENT BENEFIT PLAN 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 2014 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% 2014 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 April 30, 2014 (See independent auditor's report.) - 51 - - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 2014 1. BUDGETS Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue, 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 lapse 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 commencing 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 funds had expenditures that exceeded budget: Fund Budget Expenditures D.A.R.E. $ 15,020 $ 17,370 Tax Increment Financing 550,000 798,220 Police Pension 468,850 527,299 - 52 - MAJOR GOVERNMENTAL FUNDS VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual TAXES Property taxes 3,275,925$ 3,275,925$ 3,283,050$ Property tax - police pension 900,000 900,000 886,519 Property taxes - road and bridge 350,000 350,000 371,366 Property taxes - IMRF 575,000 575,000 566,202 Sales tax 4,500,000 4,500,000 4,892,203 Home rule sales tax 500,000 500,000 - Income tax 2,800,000 2,800,000 3,857,016 Personal property replacement tax 50,000 50,000 54,612 Use tax 500,000 500,000 694,432 Amusement tax 4,000 4,000 4,966 Local motor fuel tax 780,000 780,000 790,159 Total taxes 14,234,925 14,234,925 15,400,525 LICENSES AND PERMITS Licenses Liquor 80,000 80,000 94,518 Contractors 35,000 35,000 38,200 Cigarette 2,500 2,500 6,750 Scavenger 200 200 100 Business 22,000 22,000 34,356 Total licenses 139,700 139,700 173,924 Permits Building 400,000 400,000 677,305 Sign 5,000 5,000 4,624 Special movement 5,000 5,000 5,803 Solicitors 1,000 1,000 1,260 Child safety seats 100 100 - Total permits 411,100 411,100 688,992 Total licenses and permits 550,800 550,800 862,916 INTERGOVERNMENTAL Grant revenue 10,600 10,600 112,612 Total intergovernmental 10,600 10,600 112,612 CHARGES FOR SERVICES Rental income 25,000 25,000 92,983 Zoning applications 10,000 10,000 14,462 Accident report copies 4,000 4,000 4,470 Maps and ordinances copies 3,000 3,000 3,551 (This schedule is continued on the following page.) - 53 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued) Garbage fees 3,156,000$ 3,156,000$ 3,399,321$ Engineering services 5,000 5,000 16,584 Special detail reimbursement 35,000 35,000 42,524 Sprint rent 42,672 42,672 49,586 Telephone franchise fee 190,000 190,000 218,607 Cable franchise fee 300,000 300,000 420,091 Amphitheater rent - - 725 School liaison reimbursement 372,906 372,906 374,577 HIDTA/organized crime reimbursement 10,000 10,000 15,362 Kitchen rental - community room 2,000 2,000 4,651 Security - community room 500 500 - Sex offenders registration - - 810 Parking lot revenues 1,000 1,000 5,200 Impound fees 100,000 100,000 98,948 Park officer reimbursement 40,000 40,000 - Miscellaneous 500 500 224 Total charges for services 4,297,578 4,297,578 4,762,676 FINES AND FORFEITS Will County circuit court fines 400,000 400,000 354,042 Kendall County circuit court fines 1,000 1,000 1,158 Alcohol fines 500 500 20 Traffic and ordinance fines 240,000 240,000 201,643 Drug forfeiture 177,687 177,687 193,043 False alarm fees 4,000 4,000 13,100 Administrative fines - late fees - - 10,460 Court fines - drug account - - 7,429 Total fines and forfeits 823,187 823,187 780,895 INVESTMENT INCOME 5,000 5,000 26,137 MISCELLANEOUS Other reimbursements 150,000 150,000 106,231 Other receipts 35,000 35,000 13,848 PEMA donation - - 3,000 Miscellaneous donations - - 11,684 Event sponsorship program 4,000 4,000 5,499 Mobile field force 3,000 3,000 - Sale of fixed assets 5,000 5,000 1,189 Total miscellaneous 197,000 197,000 141,451 TOTAL REVENUES 20,119,090$ 20,119,090$ 22,087,212$ (See independent auditor's report.) - 54 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual CURRENT General government Legislative support 432,050$ 432,050$ 511,972$ Administration 591,513 591,513 727,935 Marketing and promotion 163,819 163,819 146,080 Custodial 124,395 124,395 44,813 Human resources 267,807 267,807 261,529 Information technology 530,955 530,955 515,497 Planning 454,848 454,848 403,028 Building 499,380 499,380 491,731 Subtotal 3,064,767 3,064,767 3,102,585 Less insurance surplus allocation - - (11,304) Total general government 3,064,767 3,064,767 3,091,281 Public safety Police department Executive offices 570,390 570,390 527,972 Patrol 6,102,421 6,102,421 5,860,079 Administration 1,739,115 1,739,115 1,711,470 Technical support 576,868 576,868 548,082 Seizure/forfeiture 177,687 177,687 113,323 Security reimbursements 38,000 38,000 34,627 Community services 1,142,576 1,142,576 1,014,453 Legal 450,376 450,376 368,451 Nondivisional 59,320 59,320 19,420 Total police department 10,856,753 10,856,753 10,197,877 Police commission 27,347 27,347 16,821 Emergency services disaster agency 254,789 254,789 207,580 Subtotal 11,138,889 11,138,889 10,422,278 Less insurance surplus allocation - - (38,960) Total public safety 11,138,889 11,138,889 10,383,318 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.) - 55 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual CURRENT (Continued) Highways and streets Waste hauler 3,016,320$ 3,016,320$ 3,044,893$ Administration 384,100 384,100 395,994 Street maintenance 2,443,323 2,443,323 2,716,064 Vehicle maintenance 263,917 263,917 245,417 Tree service 167,774 167,774 154,991 Subtotal 6,275,434 6,275,434 6,557,359 Less insurance surplus allocation - - (9,169) Total highways and streets 6,275,434 6,275,434 6,548,190 TOTAL EXPENDITURES 20,479,090$ 20,479,090$ 20,022,789$ (See independent auditor's report.) - 56 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative support Salaries - President 20,000$ 20,000$ 19,333$ Salaries - Trustees 25,000 25,000 22,900 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 2,600 2,600 2,698 Medicare 600 600 631 IMRF 200 200 119 Employee insurance 150 150 99 Training and conference 10,000 10,000 7,017 Cable television equipment 4,000 4,000 3,574 Dues and subscriptions 32,000 32,000 33,465 Public relations 60,000 60,000 80,333 Cable TV 2,000 2,000 173 Property tax refund 1,500 1,500 - Economic incentive rebate 270,000 270,000 337,630 Total legislative support 432,050 432,050 511,972 Administration Salaries - full-time 528,891 528,891 508,460 Salaries - part-time 25,000 25,000 57,430 Salaries - overtime 1,500 1,500 20 FICA 34,403 34,403 31,608 Medicare 8,008 8,008 8,117 IMRF 67,575 67,575 68,115 Hospital/life insurance 90,200 90,200 67,999 Deferred compensation contribution 12,000 12,000 10,814 Travel/conventions/training 15,000 15,000 8,482 Unemployment insurance 10,000 10,000 4,654 Telephone 6,000 6,000 3,598 Cellular phones/pagers 2,000 2,000 1,274 Dues and subscriptions 5,000 5,000 3,109 Printing/office supplies/postage 30,000 30,000 26,964 Gas, oil, wash, and mileage 9,500 9,500 9,150 Copy machine 8,500 8,500 4,395 Recording fees 2,500 2,500 464 Legal notices 2,500 2,500 1,274 Attorney legal fees 70,000 70,000 45,220 Fingerprints 500 500 - Other contractual services 65,000 65,000 46,427 Engineer fees 25,000 25,000 4,927 Office equipment 2,000 2,000 - Contingencies 71,196 71,196 65,814 Subtotal administration 1,092,273 1,092,273 978,315 Less Water and Sewer reimbursement (500,760) (500,760) (250,380) Total administration 591,513 591,513 727,935 (This schedule is continued on the following pages.) - 57 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Marketing and promotion Salaries - full-time 89,872$ 89,872$ 90,217$ FICA 5,572 5,572 5,179 Medicare 1,297 1,297 1,211 IMRF 10,965 10,965 10,946 Health insurance 19,913 19,913 17,870 Deferred compensation contribution 1,000 1,000 2,378 Travel/conventions/training 1,700 1,700 246 Telephone 500 500 335 Software 1,700 1,700 - Public relations 15,750 15,750 10,453 Printing/office supplies/postage 1,000 1,000 52 Dues and subscriptions 700 700 98 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 3,000 3,000 - Settler's Park 7,750 7,750 6,858 Contractual services - other 3,000 3,000 237 Total marketing and promotion 163,819 163,819 146,080 Custodial Salaries - overtime 2,000 2,000 - FICA 125 125 - Medicare 30 30 - IMRF 240 240 - Building maintenance supplies 7,000 7,000 5,874 Contractual services - other 50,000 50,000 37,393 Building improvements 65,000 65,000 1,546 Total custodial 124,395 124,395 44,813 Human resources Salaries - full-time 161,688 161,688 166,920 Salaries - over-time 500 500 304 FICA 10,013 10,013 10,092 Medicare 2,342 2,342 2,360 IMRF 19,703 19,703 20,134 Health insurance 37,801 37,801 31,978 Deferred compensation contribution 4,000 4,000 4,448 Travel/conventions/training 7,500 7,500 4,143 Telephone 800 800 620 Cellular telephone/pager 360 360 390 Printing/office supplies/postage 650 650 935 Dues and subscriptions 3,200 3,200 1,652 Gas and oil 1,400 1,400 686 Software - - 161 Public relations 12,050 12,050 12,358 Marketing and promotion 300 300 229 Other contractual services 5,500 5,500 4,119 Total human resources 267,807 267,807 261,529 (This schedule is continued on the following pages.) - 58 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Information technology Salaries - full-time 176,401$ 176,401$ 181,707$ Salaries - part-time 38,220 38,220 30,515 FICA 13,307 13,307 13,020 Medicare 3,112 3,112 3,045 IMRF 26,184 26,184 25,609 Health insurance 37,908 37,908 34,150 Deferred compensation 4,000 4,000 4,252 Travel/conventions/training 8,450 8,450 5,122 Telephone 500 500 335 Cellular telephone 2,350 2,350 2,214 Printing/office supplies/postage 900 900 1,456 Dues and subscriptions 200 200 284 Gas and oil 400 400 378 Uniforms/clothing 300 300 87 Software licensing/renewals 148,123 148,123 145,130 Software/hardware 29,600 29,600 27,808 Contractual services 6,750 6,750 6,034 Computers 34,250 34,250 34,351 Total information technology 530,955 530,955 515,497 Planning Salaries - full-time 246,982 246,982 251,089 Compensation - Plan Commission 4,000 4,000 2,630 Salaries - overtime 2,500 2,500 2,346 FICA 15,641 15,641 15,625 Medicare 3,658 3,658 3,654 IMRF 30,778 30,778 30,669 Hospital/life insurance 57,089 57,089 53,818 Deferred compensation contribution 6,700 6,700 6,825 Travel/training 5,000 5,000 2,222 Unemployment insurance 1,000 1,000 1,020 Telephone 5,000 5,000 2,296 Cellular phones/pagers 1,000 1,000 519 Printing/office supplies/postage 10,000 10,000 8,892 Dues and subscriptions 3,000 3,000 2,010 Gas and oil 1,000 1,000 - Software 500 500 - Maintenance contract/lease 5,000 5,000 3,444 Vehicle maintenance 1,000 1,000 - Legal fees 5,000 5,000 3,023 Special projects/programs 15,000 15,000 10,587 Contractual services 25,000 25,000 186 Engineer fees 10,000 10,000 2,173 Total planning 454,848 454,848 403,028 Building Salaries - full-time 321,174 321,174 330,100 Salaries - part-time 21,000 21,000 11,814 Salaries - overtime 500 500 - (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, 2014 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Building (Continued) FICA 21,246$ 21,246$ 20,894$ Medicare 4,925 4,925 4,887 IMRF 41,745 41,745 39,810 Hospital/life insurance 65,690 65,690 59,850 Deferred compensation contribution 4,000 4,000 6,233 Travel/training 4,500 4,500 4,147 Unemployment insurance 1,050 1,050 1,050 Telephone 2,000 2,000 1,369 Cellular phones/pagers 2,200 2,200 2,607 Printing/office supplies/postage 5,200 5,200 7,855 Dues and subscriptions 700 700 523 Gas and oil 1,500 1,500 242 Uniforms/clothing 450 450 350 Special projects 500 500 - Ordinance maintenance 1,000 1,000 - Total building 499,380 499,380 491,731 Total general government 3,064,767 3,064,767 3,102,585 PUBLIC SAFETY Police department Executive offices Salaries - full-time 270,571 270,571 271,994 Salaries - part-time 30,358 30,358 29,671 Salaries - overtime 3,000 3,000 - FICA 18,844 18,844 17,951 Medicare 4,407 4,407 4,240 IMRF 21,755 21,755 21,641 Hospital/life insurance 50,660 50,660 53,498 Deferred compensation contribution 7,300 7,300 5,484 Travel/training 9,000 9,000 3,120 Education/school 12,000 12,000 4,802 Unemployment insurance 23,000 23,000 23,000 Telephone 7,200 7,200 1,725 Cellular phones/pagers 3,030 3,030 1,130 Printing/office supplies/postage 11,450 11,450 9,902 Replacement supplies 1,500 1,500 1,084 Dues and subscriptions 3,100 3,100 2,315 Gas, oil, wash, and mileage 3,325 3,325 1,815 Uniforms/clothing 1,500 1,500 1,573 Maintenance contract/lease 8,390 8,390 8,027 Custodian 69,500 69,500 58,279 Vehicle equipment maintenance 2,500 2,500 1,788 Contractual services - other 8,000 8,000 4,538 Sex offenders registration fee - - 395 Total executive offices 570,390 570,390 527,972 (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, 2014 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Patrol Salaries - patrol officers 2,872,584$ 2,872,584$ 2,718,030$ Salaries - full-time 169,587 169,587 198,361 Salaries - overtime 372,500 372,500 286,232 FICA 211,710 211,710 191,626 Medicare 49,513 49,513 45,257 IMRF 6,896 6,896 7,122 Police pension contribution 900,000 900,000 886,519 Hospital/life insurance 574,671 574,671 566,086 Deferred compensation contribution 40,780 40,780 35,686 Travel/training 35,000 35,000 22,002 Telephone 28,580 28,580 32,178 Cellular phones/pagers 8,825 8,825 6,619 Printing/office supplies/postage 17,500 17,500 16,720 Other equipment 12,825 12,825 12,317 Dues and subscriptions 1,850 1,850 938 Gas, oil, wash, and mileage 93,700 93,700 114,517 Uniforms/clothing 24,300 24,300 22,268 Traffic programs 23,200 23,200 17,672 Ammunition/weapons 21,400 21,400 18,792 Radio maintenance 7,164 7,164 11,939 Maintenance contracts - office 1,836 1,836 1,989 Legal fees - - 236 Bike unit 4,000 4,000 1,507 Patrol vehicle maintenance 40,000 40,000 47,139 K-9 maintenance 4,000 4,000 6,135 Contractual services - WESCOM 580,000 580,000 592,192 Total patrol 6,102,421 6,102,421 5,860,079 Administration Salaries - school officer 362,013 362,013 341,344 Salaries - investigation 758,869 758,869 718,401 Salaries - full time 112,119 112,119 130,706 Salaries - overtime 80,000 80,000 119,700 FICA 81,406 81,406 80,283 Medicare 19,039 19,039 18,876 Hospital/life insurance 186,745 186,745 174,720 Deferred compensation contribution 16,500 16,500 22,983 Travel/training 10,900 10,900 11,738 Telephone 1,700 1,700 495 Cellular phones/pagers 15,480 15,480 7,393 Office supplies 10,800 10,800 2,599 Replacement equipment 5,000 5,000 807 Dues and subscriptions 6,570 6,570 5,090 Gas, oil, wash, and mileage 29,000 29,000 30,956 Uniforms/clothing 8,500 8,500 9,222 Crime scene/evidence tech support 5,700 5,700 4,812 Radio maintenance 1,984 1,984 2,176 (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, 2014 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Administration (Continued) Maintenance contract/lease 3,220$ 3,220$ 3,025$ Vehicle maintenance 12,000 12,000 17,471 G.R.E.A.T. program 2,500 2,500 1,273 Accreditation 9,070 9,070 7,400 Total administration 1,739,115 1,739,115 1,711,470 Technical support Salaries - full-time 380,897 380,897 371,741 Salaries - overtime 6,000 6,000 5,703 FICA 23,988 23,988 22,665 Medicare 5,610 5,610 5,301 IMRF 34,190 34,190 32,734 Hospital/life insurance 94,788 94,788 89,312 Deferred compensation contribution 5,700 5,700 4,397 Travel/training 2,100 2,100 670 Telephone 1,700 1,700 495 Printing/office supplies/postage 13,450 13,450 8,635 Dues and subscriptions 425 425 - Uniforms/clothing 2,400 2,400 1,299 Maintenance contracts lease 5,620 5,620 5,130 Total technical support 576,868 576,868 548,082 Seizure/Forfeiture Seizure/forfeiture expenditures 177,687 177,687 113,323 Security reimbursements FICA 2,016 2,016 1,931 Medicare 471 471 455 Mobile field force 3,000 3,000 - Special activities 32,513 32,513 32,241 Total security reimbursements 38,000 38,000 34,627 Community services Salaries - community service full-time 757,483 757,483 681,913 Salaries - overtime 20,000 20,000 20,839 FICA 48,638 48,638 43,269 Medicare 11,375 11,375 10,119 IMRF 58,692 58,692 45,563 Hospital/life insurance 90,646 90,646 81,604 Deferred compensation contribution 1,910 1,910 2,997 Travel/training 2,280 2,280 3,011 Telephone 1,700 1,700 433 Cellular phones/pagers 5,655 5,655 3,005 Printing/office supplies/postage 2,250 2,250 3,359 Replacement supplies 2,700 2,700 403 Dues and subscriptions 2,650 2,650 1,352 (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, 2014 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Community services (Continued) Gas, oil, wash, and mileage 25,000$ 25,000$ 25,710$ Uniform/clothing 9,250 9,250 10,414 Radio maintenance 45,496 45,496 32,379 Maintenance contracts/lease 10,000 10,000 2,981 Vehicle maintenance 12,000 12,000 13,472 D.A.R.E program 3,100 3,100 2,996 Shop with a cop 4,000 4,000 9,431 Chaplaincy program 3,951 3,951 2,999 Animal control 14,000 14,000 10,348 Community programs 6,700 6,700 5,761 Community programs - alcohol/tobacco 3,100 3,100 95 Total community services 1,142,576 1,142,576 1,014,453 Legal Salaries - full-time 212,075 212,075 209,739 Salaries - part-time 42,951 42,951 36,871 Salaries - overtime 1,000 1,000 - FICA 15,874 15,874 15,041 Medicare 3,712 3,712 3,518 IMRF 30,723 30,723 30,524 Hospital/life insurance 41,340 41,340 42,884 Deferred compensation contribution 2,650 2,650 2,358 Training/legal division 3,000 3,000 1,533 Telephone 1,700 1,700 471 Cellular phones/pagers 2,050 2,050 695 Printing/office supplies/postage 11,125 11,125 8,827 Dues and subscriptions 8,240 8,240 7,552 Uniforms 900 900 400 Maintenance contract/lease 3,036 3,036 3,036 Legal services 70,000 70,000 5,002 Total legal 450,376 450,376 368,451 Nondivisional Furniture and office equipment 8,500 8,500 6,861 Capital equipment 40,520 40,520 6,727 Contingencies 10,300 10,300 5,832 Total nondivisional 59,320 59,320 19,420 Total police department 10,856,753 10,856,753 10,197,877 Police commission Salaries - part-time 4,410 4,410 3,411 FICA 273 273 234 Medicare 64 64 55 Travel/training 1,000 1,000 - Office supplies 2,000 2,000 288 (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, 2014 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police commission (Continued) Dues and subscriptions 600$ 600$ 375$ Legal fees 1,000 1,000 - Police test/hiring 15,000 15,000 11,988 Physicians/psychologicals 3,000 3,000 470 Total police commission 27,347 27,347 16,821 Emergency services disaster agency Salaries 112,119 112,119 114,705 FICA 6,951 6,951 7,021 Medicare 1,626 1,626 1,642 Insurance 21,708 21,708 17,741 Deferred compensation contribution 2,100 2,100 3,156 Travel and meetings 2,000 2,000 1,543 Telephone - - 7,454 Postage/office supplies 1,300 1,300 317 Cellular phones/pager 2,700 2,700 5,261 Replacement supplies 7,000 7,000 6,975 Dues and subscriptions 750 750 855 Gas, oil, wash, and mileage 20,000 20,000 10,162 Supplies and hardware 2,000 2,000 2,370 Uniforms 5,000 5,000 3,023 Emergency operation center 750 750 - Public relations program 1,000 1,000 - PEMA radio 3,000 3,000 200 Radio maintenance 4,000 4,000 1,975 Vehicle maintenance 17,500 17,500 7,266 Maintenance contract/lease 2,035 2,035 3,250 Bike unit 500 500 63 Siren maintenance 15,000 15,000 3,988 Vaccines 5,250 5,250 165 Cadet program 4,000 4,000 191 Search and rescue 6,000 6,000 5,218 Furniture/equipment 2,000 2,000 - Supplies and hardware - ESDA 500 500 - Machinery and equipment 5,000 5,000 2,470 Contingencies 3,000 3,000 569 Total emergency services disaster agency 254,789 254,789 207,580 Total public safety 11,138,889 11,138,889 10,422,278 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 3,016,320 3,016,320 3,044,893 Total waste hauler 3,016,320 3,016,320 3,044,893 (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, 2014 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Administration Salaries - full-time 254,994$ 254,994$ 247,416$ FICA 15,810 15,810 15,223 Medicare 3,699 3,699 3,633 IMRF 31,109 31,109 31,111 Hospital/life insurance 34,088 34,088 40,342 Deferred compensation contribution 5,500 5,500 4,779 Travel/convention/training 9,000 9,000 13,444 Unemployment insurance 4,000 4,000 4,000 Telephone 3,000 3,000 11,988 Cellular phones/pagers 2,500 2,500 5,056 Office supplies 2,500 2,500 2,344 Dues and subscriptions 1,000 1,000 2,626 Supplies/hardware 500 500 - Gas, oil, wash, and mileage 300 300 192 Radio maintenance 100 100 - Building maintenance 15,000 15,000 13,840 Legal notices 1,000 1,000 - Total administration 384,100 384,100 395,994 Street maintenance Salaries - full-time 688,444 688,444 722,182 Salaries - part-time 60,000 60,000 59,418 Salaries - overtime 80,000 80,000 165,926 FICA 51,364 51,364 54,812 Medicare 12,012 12,012 12,846 IMRF 101,070 101,070 102,007 Hospital/life insurance 182,933 182,933 184,296 Deferred compensation contribution 10,000 10,000 10,657 Electricity 250,000 250,000 273,683 Gas and oil 80,000 80,000 103,065 Supplies/hardware 12,000 12,000 17,225 Street signs 15,000 15,000 12,498 Aggregate materials 4,000 4,000 5,612 Uniforms 4,000 4,000 6,638 Radio maintenance 500 500 - Vehicle maintenance 22,000 22,000 32,576 Street light maintenance 75,000 75,000 88,213 Street maintenance 130,000 130,000 162,347 Storm sewer improvements 10,000 10,000 11,803 Other contractual services 30,000 30,000 39,348 Sidewalk maintenance 5,000 5,000 2,079 Equipment maintenance 70,000 70,000 102,722 Supplies/hardware-salt purchase 210,000 210,000 192,308 Snow removal 340,000 340,000 353,803 Total street maintenance 2,443,323 2,443,323 2,716,064 (This schedule is continued on the following page.) - 65 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Vehicle maintenance Salaries - full-time 165,050$ 165,050$ 161,003$ Salaries - overtime 8,000 8,000 8,054 FICA 10,679 10,679 10,533 Medicare 2,498 2,498 2,463 IMRF 21,014 21,014 21,361 Hospital/life insurance 53,676 53,676 40,062 Deferred compensation contribution 3,000 3,000 1,941 Total vehicle maintenance 263,917 263,917 245,417 Tree service Salaries - full-time 67,359 67,359 65,647 Salaries - part-time 4,000 4,000 3,932 FICA 4,404 4,404 4,686 Medicare 1,030 1,030 1,096 IMRF 8,666 8,666 9,054 Hospital/life insurance 19,615 19,615 17,744 Deferred compensation contribution 1,200 1,200 1,112 Supplies/hardware 6,000 6,000 6,429 Engineer fees 5,000 5,000 - Tree removal 50,000 50,000 45,291 Uniforms 500 500 - Total tree service 167,774 167,774 154,991 Total highways and streets 6,275,434 6,275,434 6,557,359 TOTAL EXPENDITURES 20,479,090$ 20,479,090$ 20,082,222$ (See independent auditor's report.) - 66 - CAPITAL PROJECTS FUND Original Final Budget Budget Actual REVENUES Home rule sales tax 2,454,780$ 2,454,780$ 3,261,910$ Intergovernmental 3,320,000 3,320,000 3,307,771 Charges for services Impact fee - - 125,262 Fines and forfeits 308,000 308,000 331,286 Investment income 500 500 115 Miscellaneous 14,000 14,000 42,247 Total revenues 6,097,280 6,097,280 7,068,591 EXPENDITURES Capital outlay IDOR telecom recovery - - 103,940 Contractual services 128,000 128,000 148,016 Engineering 50,000 50,000 58,774 Building improvements 50,000 50,000 - Sidewalk and curb replacement 750,000 750,000 437,966 Machinery and equipment - vehicle replacement - - 29,974 Machinery and equipment - police 225,000 225,000 239,466 Machinery and equipment - public works 50,000 50,000 55,761 Bridge repairs and reconstructions 200,000 200,000 511,936 Roadway improvements 980,000 980,000 674,518 Storm and drainage improvements 50,000 50,000 6,876 I-55 interchange design 110,000 110,000 10,164 Emerald ash borer 200,000 200,000 194,709 127th Street-Plainfield/Naperville Rd 100,000 100,000 50,041 Lockport and Van Dyke pedestrian crossing 250,000 250,000 343,213 School beacon upgrades 30,000 30,000 - Transportation plan 20,000 20,000 5,255 Total expenditures 3,193,000 3,193,000 2,870,609 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,904,280 2,904,280 4,197,982 OTHER FINANCING SOURCES (USES) Proceeds from the sale of fixed assets - - 4,788 Transfers in 60,000 60,000 3,063,025 Transfers (out)(2,532,138) (2,532,138) (2,532,138) Total other financing sources (uses)(2,472,138) (2,472,138) 535,675 NET CHANGE IN FUND BALANCE 432,142$ 432,142$ 4,733,657 FUND BALANCE (DEFICIT), MAY 1 (4,328,519) FUND BALANCE, APRIL 30 405,138$ For the Year Ended April 30, 2014 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (See independent auditor's report.) - 67 - Original Final Budget Budget Actual REVENUES Taxes Property tax 114,823$ 114,823$ 113,327$ Investment income - - 37 Total revenues 114,823 114,823 113,364 EXPENDITURES Debt service Principal 1,945,000 1,945,000 1,945,000 Interest 1,191,213 1,191,213 1,191,213 Total expenditures 3,136,213 3,136,213 3,136,213 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,021,390) (3,021,390) (3,022,849) OTHER FINANCING SOURCES (USES) Transfers in 3,021,390 3,021,390 3,022,886 Total other financing sources (uses)3,021,390 3,021,390 3,022,886 NET CHANGE IN FUND BALANCE -$ -$ 37 FUND BALANCE, MAY 1 881 FUND BALANCE, APRIL 30 918$ For the Year Ended April 30, 2014 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.) - 68 - NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Liability Insurance 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 Fuel Tax Fund - accounts for expenditures related to approved motor fuel tax projects and restricted revenue from the state gasoline tax as collected and distributed by the State of Illinois. D.A.R.E. Fund - accounts for the revenue and expenditures of restricted 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 budgeted to be paid with TIF revenue. VILLAGE OF PLAINFIELD, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS April 30, 2014 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 97,242$ 3,511$ 27,325$ Receivables Property tax 392,103 38,250 - Allotments - - - Other - - 925 Land held for resale - - - Total assets 489,345 41,761 28,250 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 489,345$ 41,761$ 28,250$ LIABILITIES Accounts payable 11,070$ -$ -$ DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 392,103 38,250 - Total liabilities and deferred inflows of resources 403,173 38,250 - FUND BALANCES Nonspendable Land held for resale - - - Restricted Street maintenance - - - Public safety - - 28,250 Audit - 3,511 - Liability insurance 86,172 - - Economic development - - - Total fund balances 86,172 3,511 28,250 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 489,345$ 41,761$ 28,250$ Special Revenue RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS OF - 69 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total 1,845,891$ 17,100$ 882,783$ 2,873,852$ - - 745,938 1,176,291 72,969 - - 72,969 - - - 925 - - 108,000 108,000 1,918,860 17,100 1,736,721 4,232,037 - - - - 1,918,860$ 17,100$ 1,736,721$ 4,232,037$ 3,539$ 2,907$ 31,583$ 49,099$ - - 745,938 1,176,291 3,539 2,907 777,521 1,225,390 - - 108,000 108,000 1,915,321 - - 1,915,321 - 14,193 - 42,443 - - - 3,511 - - - 86,172 - - 851,200 851,200 1,915,321 14,193 959,200 3,006,647 1,918,860$ 17,100$ 1,736,721$ 4,232,037$ Special Revenue (See independent auditor's report.) - 70 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2014 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 395,325$ 34,699$ -$ Intergovernmental - - - Fines and forfeits - - 10,088 Investment income 66 10 29 Miscellaneous - - - Total revenues 395,391 34,709 10,117 EXPENDITURES Current General government 103,580 36,558 - Public safety 345,742 - - Highways and streets 79,185 - - Total expenditures 528,507 36,558 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (133,116) (1,849) 10,117 OTHER FINANCING SOURCES (USES) Transfers (out)- - (9,000) Total other financing sources (uses)- - (9,000) NET CHANGE IN FUND BALANCES (133,116) (1,849) 1,117 FUND BALANCES, MAY 1 219,288 5,360 27,133 FUND BALANCES, APRIL 30 86,172$ 3,511$ 28,250$ Special Revenue - 71 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total -$ -$ 647,405$ 1,077,429$ 1,241,376 - - 1,241,376 - - - 10,088 300 17 1,146 1,568 629 18,094 9,594 28,317 1,242,305 18,111 658,145 2,358,778 - - 798,220 938,358 - 17,370 - 363,112 776,728 - - 855,913 776,728 17,370 798,220 2,157,383 465,577 741 (140,075) 201,395 (60,000) - - (69,000) (60,000) - - (69,000) 405,577 741 (140,075) 132,395 1,509,744 13,452 1,099,275 2,874,252 1,915,321$ 14,193$ 959,200$ 3,006,647$ Special Revenue (See independent auditor's report.) - 72 - Original Final Budget Budget Actual REVENUES Taxes Property tax 400,000$ 400,000$ 395,325$ Investment income 100 100 66 Total revenues 400,100 400,100 395,391 EXPENDITURES General government Treasurer bond 500 500 - Contractual Services - - 11,070 Commercial umbrella liability insurance 49,166 49,166 37,179 Workman's compensation insurance 49,166 49,166 55,331 Public safety Commercial umbrella liability insurance 183,750 183,750 138,952 Workman's compensation insurance 183,750 183,750 206,790 Highways and streets Commercial umbrella liability insurance 42,084 42,084 31,824 Workman's compensation insurance 42,084 42,084 47,361 Total expenditures 550,500 550,500 528,507 NET CHANGE IN FUND BALANCE (150,400)$ (150,400)$ (133,116) FUND BALANCE, MAY 1 219,288 FUND BALANCE, APRIL 30 86,172$ For the Year Ended April 30, 2014 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.) - 73 - Original Final Budget Budget Actual REVENUES Taxes Property tax 35,000$ 35,000$ 34,699$ Investment income - - 10 Total revenues 35,000 35,000 34,709 EXPENDITURES General government Audit 38,000 38,000 36,558 Total expenditures 38,000 38,000 36,558 NET CHANGE IN FUND BALANCE (3,000)$ (3,000)$ (1,849) FUND BALANCE, MAY 1 5,360 FUND BALANCE, APRIL 30 3,511$ For the Year Ended April 30, 2014 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.) - 74 - 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, 2014 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 10,000$ 10,000$ 10,088$ Investment income 50 50 29 Total revenues 10,050 10,050 10,117 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 10,050 10,050 10,117 OTHER FINANCING SOURCES (USES) Transfers (out)(10,000) (10,000) (9,000) NET CHANGE IN FUND BALANCE 50$ 50$ 1,117 FUND BALANCE, MAY 1 27,133 FUND BALANCE, APRIL 30 28,250$ (See independent auditor's report.) - 75 - 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, 2014 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,100,000$ 1,100,000$ 1,241,376$ Investment income 1,000 1,000 300 Miscellaneous - - 629 Total revenues 1,101,000 1,101,000 1,242,305 EXPENDITURES Highways and streets Contractual services 70,000 70,000 - Street maintenance 771,000 771,000 776,728 Total expenditures 841,000 841,000 776,728 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 260,000 260,000 465,577 OTHER FINANCING SOURCES (USES) Transfers (out)(260,000) (260,000) (60,000) NET CHANGE IN FUND BALANCE -$ -$ 405,577 FUND BALANCE, MAY 1 1,509,744 FUND BALANCE, APRIL 30 1,915,321$ (See independent auditor's report.) - 76 - 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, 2014 Original Final Budget Budget Actual REVENUES Investment income 20$ 20$ 17$ Miscellaneous 15,000 15,000 18,094 Total revenues 15,020 15,020 18,111 EXPENDITURES Public safety Program expenditures 15,020 15,020 17,370 Total expenditures 15,020 15,020 17,370 NET CHANGE IN FUND BALANCE -$ -$ 741 FUND BALANCE, MAY 1 13,452 FUND BALANCE, APRIL 30 14,193$ (See independent auditor's report.) - 77 - 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, 2014 Original Final Budget Budget Actual REVENUES Taxes Property taxes 575,000$ 575,000$ 647,405$ Investment income 500 500 1,146 Miscellaneous - - 9,594 Total revenues 575,500 575,500 658,145 EXPENDITURES General government Contractual services 500,000 500,000 779,924 Facade improvements 50,000 50,000 18,296 Total expenditures 550,000 550,000 798,220 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 25,500 25,500 (140,075) OTHER FINANCING SOURCES (USES) Transfers (out)(150,000) (150,000) - NET CHANGE IN FUND BALANCE (124,500)$ (124,500)$ (140,075) FUND BALANCE, MAY 1 1,099,275 FUND BALANCE, APRIL 30 959,200$ (See independent auditor's report.) - 78 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2014 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 9,666,723$ 3,210,862$ 12,877,585$ Receivables Accounts 1,696,339 - 1,696,339 Sales tax 380,265 - 380,265 Interest - 4,315 4,315 Prepaid expenses 17,830 - 17,830 Total current assets 11,761,157 3,215,177 14,976,334 CAPITAL ASSETS Nondepreciable 3,228,492 - 3,228,492 Depreciable, net of accumulated depreciation 109,138,231 - 109,138,231 Net capital assets 112,366,723 - 112,366,723 OTHER ASSETS Deposits 190,673 - 190,673 Total other assets 190,673 - 190,673 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 852,645 - 852,645 Total assets and deferred outflows of resources 125,171,198 3,215,177 128,386,375 (This schedule is continued on the following page.) - 79 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2014 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 1,246,302$ -$ 1,246,302$ Accrued payroll 38,474 - 38,474 Accrued interest 535,724 - 535,724 Compensated absences payable - current 80,972 - 80,972 Illinois EPA loan payable - current 151,643 - 151,643 Bonds payable - current 1,875,000 - 1,875,000 Developer deposit 900 - 900 Total current liabilities 3,929,015 - 3,929,015 LONG-TERM LIABILITIES Compensated absences payable - long-term 9,641 - 9,641 Illinois EPA loan payable - long-term 2,795,259 - 2,795,259 Bonds payable - long-term 23,204,564 - 23,204,564 Total long-term liabilities 26,009,464 - 26,009,464 DEFERRED INFLOWS OF RESOURCES None - - - Total liabilities and deferred inflows of resources 29,938,479 - 29,938,479 NET POSITION Net investment in capital assets 85,192,902 - 85,192,902 Restricted for debt service 602,080 - 602,080 Unrestricted 9,437,737 3,215,177 12,652,914 TOTAL NET POSITION 95,232,719$ 3,215,177$ 98,447,896$ (See independent auditor's report.) - 80 - 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, 2014 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 13,319,897$ -$ -$ 13,319,897$ Meter sales 41,645 - - 41,645 Total operating revenues 13,361,542 - - 13,361,542 OPERATING EXPENSES Water operations 8,842,372 - - 8,842,372 Sewer operations 2,062,890 - - 2,062,890 Depreciation 3,027,257 - - 3,027,257 Total operating expenses 13,932,519 - - 13,932,519 OPERATING INCOME (LOSS)(570,977) - - (570,977) NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,630,710 - - 1,630,710 Miscellaneous income 550,219 - - 550,219 Investment income 10,336 4,650 - 14,986 Interest expense (1,300,961) - - (1,300,961) Total non-operating revenues (expenses)890,304 4,650 - 894,954 INCOME (LOSS) BEFORE TRANSFERS 319,327 4,650 - 323,977 TRANSFERS Transfers (out)(490,748) - - (490,748) Total transfers (490,748) - - (490,748) CHANGE IN NET POSITION (171,421) 4,650 - (166,771) NET POSITION, MAY 1 95,404,140 3,210,527 - 98,614,667 NET POSITION, APRIL 30 95,232,719$ 3,215,177$ -$ 98,447,896$ (See independent auditor's report.) - 81 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2014 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 13,274,642$ -$ -$ 13,274,642$ Payments to suppliers (9,593,418) - - (9,593,418) Payments to employees (1,264,797) - - (1,264,797) Net cash from operating activities 2,416,427 - - 2,416,427 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers in (out)(490,748) - - (490,748) Payments received on advances to other funds 3,639,952 - - 3,639,952 Nonoperating revenues 2,178,740 - - 2,178,740 Net cash from noncapital financing activities 5,327,944 - - 5,327,944 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (632,781) - - (632,781) Proceeds from long-term debt 7,370,000 - - 7,370,000 Principal payments on long-term debt (9,756,483) - - (9,756,483) Interest paid (818,351) - - (818,351) Net cash from capital and related financing activities (3,837,615) - - (3,837,615) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 10,336 335 - 10,671 Net cash from investing activities 10,336 335 - 10,671 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,917,092 335 - 3,917,427 CASH AND CASH EQUIVALENTS, MAY 1 5,749,631 3,210,527 - 8,960,158 CASH AND CASH EQUIVALENTS, APRIL 30 9,666,723$ 3,210,862$ -$ 12,877,585$ (This schedule is continued on the following page.) - 82 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2014 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(570,977)$ -$ -$ (570,977)$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation 3,027,257 - - 3,027,257 (Increase) decrease in Accounts receivable (86,900) - - (86,900) Prepaid items 200 - - 200 Deposits (10,488) - - (10,488) Increase (decrease) in Accounts payable 55,453 - - 55,453 Accrued expenses 1,882 - - 1,882 Total adjustments 2,987,404 - - 2,987,404 NET CASH FROM OPERATING ACTIVITIES 2,416,427$ -$ -$ 2,416,427$ NONCASH TRANSACTIONS None -$ -$ -$ -$ (See independent auditor's report.) - 83 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2014 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries 228,122$ 228,122$ 238,403$ FICA 14,144 14,144 14,574 Medicare 3,308 3,308 3,481 IMRF 27,831 27,831 29,675 Hospital/life insurance 54,653 54,653 50,109 Deferred compensation contribution 5,500 5,500 5,811 Travel/conventions/training 5,000 5,000 2,522 Unemployment insurance 3,000 3,000 2,370 Telephone 2,700 2,700 3,705 Cellular phones/pagers 1,100 1,100 2,762 Printing/office supplies/postage 25,000 25,000 25,120 Dues and subscriptions 1,200 1,200 1,483 Gas, oil, wash, and mileage 300 300 58 EDP software 1,500 1,500 1,733 Sand and gravel 500 500 919 Supplies/hardware 200 200 165 Water meters 120,000 120,000 180,057 Building maintenance 15,000 15,000 9,437 Software licensing renewals 8,500 8,500 - Legal notices 500 500 - Attorney legal fees 1,000 1,000 1,607 Other contractual services 45,000 45,000 16,349 Equipment maintenance 500 500 492 Engineer fees 8,000 8,000 400 Insurance surplus allocation - - (10,488) Bond issuance costs - - 92,674 Administrative service charge 250,380 250,380 125,190 Total administration 822,938 822,938 798,608 Water provision Salaries - full-time 361,769 361,769 363,053 Salaries - part-time 18,000 18,000 4,692 Salaries - overtime 20,000 20,000 33,017 FICA 24,790 24,790 24,527 Medicare 5,800 5,800 5,766 IMRF 47,247 47,247 48,967 Hospital/life insurance 84,142 84,142 62,845 Deferred compensation contribution 8,500 8,500 9,768 Telephone 4,200 4,200 5,764 Cellular phones/pagers 3,000 3,000 456 Electricity 145,000 145,000 151,591 (This schedule is continued on the following pages.) - 84 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2014 Original Final Budget Budget Actual WATER OPERATIONS (Continued) Water provision (Continued) Other equipment 5,000$ 5,000$ 3,677$ Replacement supplies 5,000 5,000 5,164 Gas and oil 25,000 25,000 14,626 Chemicals 5,000 5,000 4,050 Supplies/hardware 5,000 5,000 4,435 Uniforms 1,800 1,800 1,836 Building maintenance 1,000 1,000 616 Vehicle maintenance 8,000 8,000 3,777 Other contractual services 60,000 60,000 51,012 Water purchase 6,235,171 6,235,171 7,144,963 Equipment maintenance 4,000 4,000 12,033 Distribution system repair and maintenance 65,000 65,000 64,895 Water/fire hydrant 15,000 15,000 9,418 EPA analytical 15,000 15,000 12,816 Total water provision 7,172,419 7,172,419 8,043,764 Total water operations 7,995,357 7,995,357 8,842,372 SEWER OPERATIONS Administration Salaries 228,120 228,120 228,798 FICA 14,143 14,143 13,815 Medicare 3,308 3,308 3,303 IMRF 27,831 27,831 28,234 Hospital/life insurance 53,950 53,950 49,558 Deferred compensation contribution 5,000 5,000 5,504 Travel/conventions/training 5,000 5,000 6,875 Unemployment insurance 3,000 3,000 2,370 Telephone 6,000 6,000 8,234 Cellular phones/pagers 1,000 1,000 3,028 Energy - electricity 1,000 1,000 - Printing/office supplies/postage 25,000 25,000 24,440 Dues and subscriptions 66,200 66,200 58,911 Gas and oil 800 800 1,049 Supplies/hardware 4,000 4,000 193 EDP software 1,000 1,000 - Uniforms/clothing - - 193 Building maintenance 8,000 8,000 9,975 Software licensing renewals 8,500 8,500 - Attorney legal fees 2,000 2,000 1,607 Other contractual services 15,000 15,000 15,279 Equipment maintenance 2,000 2,000 1 (This schedule is continued on the following page.) - 85 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2014 Original Final Budget Budget Actual SEWER OPERATIONS (Continued) Administration (Continued) Engineer fees 10,000$ 10,000$ 6,410$ Administrative service charge 250,380 250,380 125,190 Total administration 741,232 741,232 592,967 Sewer treatment Salaries - full-time 361,751 361,751 365,490 Salaries - part-time 10,200 10,200 4,692 Salaries - overtime 22,000 22,000 31,235 FICA 24,450 24,450 23,834 Medicare 5,725 5,725 5,602 IMRF 45,380 45,380 47,494 Hospital/life insurance 77,813 77,813 72,646 Deferred compensation contribution 8,000 8,000 8,167 Travel/training - - 974 Telephone 10,500 10,500 14,410 Cellular phones/pagers 4,000 4,000 615 Electricity 410,000 410,000 553,558 Replacement supplies 7,000 7,000 4,947 Gas and oil 10,000 10,000 16,066 Supplies/hardware 7,000 7,000 6,753 Chemicals/supplies 125,000 125,000 118,256 Sand and gravel 500 500 - Industrial flow monitor 25,000 25,000 18,420 Uniforms 4,000 4,000 4,445 Vehicle maintenance 8,000 8,000 3,455 Other contractual services 125,000 125,000 149,351 Equipment maintenance 20,000 20,000 17,030 System maintenance 70,000 70,000 37,754 Maintenance - James Street 5,000 5,000 - Total sewer treatment 1,386,319 1,386,319 1,505,194 Capital outlay Other 156,000 156,000 597,510 Less amounts capitalized - - (632,781) Total capital outlay 156,000 156,000 (35,271) Total sewer operations 2,283,551 2,283,551 2,062,890 TOTAL WATER AND SEWER OPERATIONS 10,278,908$ 10,278,908$ 10,905,262$ (See independent auditor's report.) - 86 - FIDUCIARY FUNDS SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2014 Original Final Budget Budget Actual ADDITIONS Contributions Employer 900,000$ 900,000$ 886,519$ Employee 425,000 425,000 497,544 Total contributions 1,325,000 1,325,000 1,384,063 Investment income Net appreciation in fair value of investments 50,000 50,000 1,240,609 Interest 350,000 350,000 474,607 Total investment income 400,000 400,000 1,715,216 Less investment expense (38,000) (38,000) (37,500) Net investment income 362,000 362,000 1,677,716 Total additions 1,687,000 1,687,000 3,061,779 DEDUCTIONS Pension benefits 400,000 400,000 439,598 Administrative expenses 30,850 30,850 50,201 Total deductions 430,850 430,850 489,799 NET INCREASE 1,256,150$ 1,256,150$ 2,571,980 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 18,814,335 April 30 21,386,315$ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 87 - SUPPLEMENTAL SCHEDULES LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2005A 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 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 1,065,000$ 73,612$ 1,138,612$ 36,806$ 36,806$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2014 May 16, 2005 December 15, 2015 December 15 (See independent auditor's report.) - 88 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2005B Date of Issue May 16, 2005 Date of Maturity December 15, 2016 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 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 2,365,000$ 177,350$ 2,542,350$ 88,676$ 88,674$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2014 December 15 (See independent auditor's report.) - 89 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION BOND SERIES OF 2007 Date of Issue July 6, 2007 Date of Maturity December 15, 2026 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 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 11,695,000$ 4,456,548$ 16,151,548$ 2,228,274$ 2,228,274$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2014 December 15 (See independent auditor's report.) - 90 - LONG-TERM DEBT REQUIREMENTS WATER AND SEWER REVENUE BOND SERIES OF 2008 Date of Issue November 18, 2008 Date of Maturity May 1, 2034 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 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 - 14,885,000$ 10,016,332$ 24,901,332$ 5,205,456$ 4,810,876$ May 1 May 1 and November 1 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 (See independent auditor's report.) - 91 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2009 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 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 2,200 600,000$ 83,250$ 683,250$ 41,626$ 41,624$ December 15, 2019 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 December 15, 2009 (See independent auditor's report.) - 92 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2010 Date of Issue October 28, 2010 Date of Maturity December 15, 2023 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 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 7,990,000$ 1,793,600$ 9,783,600$ 896,800$ 896,800$ December 15 June 15 and December 1 5 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 (See independent auditor's report.) - 93 - Date of Issue Date of Maturity Authorized Issue Actual Issue Interest Rates 1.25% Principal Maturity Dates Interest Dates Fiscal Year Principal Interest Total June 15,Principal Interest December 15,Principal Interest 2015 151,643$ 36,364$ 188,007$ 2014 75,585$ 18,418$ 2014 76,058$ 17,946$ 2016 153,545 34,462 188,007 2015 76,533 17,470 2015 77,012 16,992 2017 155,470 32,537 188,007 2016 77,493 16,511 2016 77,977 16,026 2018 157,419 30,588 188,007 2017 78,464 15,539 2017 78,955 15,049 2019 159,393 28,614 188,007 2018 79,448 14,555 2018 79,945 14,059 2020 161,392 26,615 188,007 2019 80,445 13,559 2019 80,947 13,056 2021 163,416 24,591 188,007 2020 81,454 12,550 2020 81,962 12,041 2022 165,465 22,542 188,007 2021 82,475 11,529 2021 82,990 11,013 2023 167,540 20,467 188,007 2022 83,509 10,495 2022 84,031 9,972 2024 169,640 18,367 188,007 2023 84,556 9,448 2023 85,084 8,919 2025 171,767 16,240 188,007 2024 85,616 8,388 2024 86,151 7,852 2026 173,921 14,086 188,007 2025 86,690 7,314 2025 87,231 6,772 2027 176,102 11,905 188,007 2026 87,777 6,227 2026 88,325 5,678 2028 178,310 9,697 188,007 2027 88,877 5,126 2027 89,433 4,571 2029 180,546 7,461 188,007 2028 89,992 4,012 2028 90,554 3,449 2030 182,810 5,197 188,007 2029 91,120 2,883 2029 91,690 2,314 2031 185,102 2,905 188,007 2030 92,263 1,741 2030 92,839 1,164 2032 93,421 584 94,005 2031 93,421 584 2031 - - 2,946,902$ 343,222$ 3,290,124$ 1,515,718$ 176,349$ 1,431,184$ 166,873$ June 15 and December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 August 1, 2010 3,309,451$ 3,235,880$ LONG-TERM DEBT REQUIREMENTS ILLINOIS ENVIRONMENTAL PROTECTION AGENCY June 15, 2031 LOAN OF 2010 (See independent auditor's report.) - 94 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2012 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 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 6,635,000$ 1,383,750$ 8,018,750$ 691,875$ 691,875$ December 15, 2024 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 February 23, 2012 (See independent auditor's report.) - 95 - LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2013 Date of Issue Date of Maturity Authorized Issue 8,100,000$ Actual Issue 7,370,000$ 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 2015 355,000$ 221,949$ 576,949$ 2014 113,974$ 2014 107,975$ 2016 370,000 208,850 578,850 2015 104,425 2015 104,425 2017 1,500,000 201,450 1,701,450 2016 100,725 2016 100,725 2018 1,655,000 171,450 1,826,450 2017 85,725 2017 85,725 2019 1,710,000 121,800 1,831,800 2018 60,900 2018 60,900 2020 1,780,000 53,400 1,833,400 2019 26,700 2019 26,700 7,370,000$ 978,899$ 8,348,899$ 492,449$ 486,450$ December 15, 2019 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 December 5, 2013 (See independent auditor's report.) - 96 - STATISTICAL SECTION This part of the Village of Plainfield, Illinois’ comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures and required supplementary information displays about the Village’s overall financial health. Contents Page(s) Financial Trends These schedules contain trend information to help the reader understand how the Village’s financial performance and well-being have been changed over time. 98-107 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the property tax. 108-115 Debt Capacity The schedules present information to help the reader assess the affordability of the Village’s current levels of outstanding debt and the Village’s ability to issue additional debt in the future. 116-120 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village’s financial activities take place. 121-122 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the Village’s financial report relates to the services the Village provides and the activities it performs. 123-125 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Fiscal Year 2005 2006 2007 2008 GOVERNMENTAL ACTIVITIES Net investment in capital assets 73,204,744$ 101,194,845$ 278,466,008$ 299,531,676$ Restricted 2,223,968 3,945,852 2,237,578 2,362,609 Unrestricted 7,932,058 4,902,541 6,723,816 487,060 TOTAL GOVERNMENTAL ACTIVITIES 83,360,770$ 110,043,238$ 287,427,402$ 302,381,345$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 54,702,054$ 63,507,121$ 70,926,825$ 75,033,891$ Restricted - - - - Unrestricted 28,126,547 30,883,493 27,763,237 26,227,506 TOTAL BUSINESS-TYPE ACTIVITIES 82,828,601$ 94,390,614$ 98,690,062$ 101,261,397$ PRIMARY GOVERNMENT Net investment in capital assets 127,906,798$ 164,701,966$ 349,392,833$ 374,565,567$ Restricted 2,223,968 3,945,852 2,237,578 2,362,609 Unrestricted 36,058,605 35,786,034 34,487,053 26,714,566 TOTAL PRIMARY GOVERNMENT 166,189,371$ 204,433,852$ 386,117,464$ 403,642,742$ Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 98 - 2009 2010 2011 2012 2013 2014 311,018,741$ 298,048,879$ 287,247,440$ 273,588,903$ 261,247,144$ 248,456,183$ 663,770 646,481 679,852 2,258,412 2,874,252 3,006,647 (7,355,406) (6,273,817) (999,983) 3,010,321 8,503,651 12,390,475 304,327,105$ 292,421,543$ 286,927,309$ 278,857,636$ 272,625,047$ 263,853,305$ 81,625,000$ 85,624,259$ 86,260,116$ 84,915,466$ 85,745,939$ 85,192,902$ 857,545 603,727 601,299 601,161 603,205 602,080 19,554,725 14,338,009 10,526,199 10,420,908 12,265,523 12,652,914 102,037,270$ 100,565,995$ 97,387,614$ 95,937,535$ 98,614,667$ 98,447,896$ 392,643,741$ 383,673,138$ 373,507,556$ 358,504,369$ 346,993,083$ 333,649,085$ 1,521,315 1,250,208 1,281,151 2,859,573 3,477,457 3,608,727 12,199,319 8,064,192 9,526,216 13,431,229 20,769,174 25,043,389 406,364,375$ 392,987,538$ 384,314,923$ 374,795,171$ 371,239,714$ 362,301,201$ - 99 - Fiscal Year 2005 2006 2007 2008 EXPENSES Governmental activities General government 4,859,871$ 4,907,255$ 4,772,237$ 3,773,026$ Public safety 7,262,694 8,055,904 9,130,771 11,233,703 Highways and streets 8,678,772 10,801,486 12,432,091 25,732,583 Interest 589,430 1,014,412 1,017,142 1,569,300 Total governmental activities expenses 21,390,767 24,779,057 27,352,241 42,308,612 BUSINESS-TYPE ACTIVITIES Water and sewer 9,301,639 10,277,835 10,977,398 12,356,353 Total business-type activities expenses 9,301,639 10,277,835 10,977,398 12,356,353 TOTAL PRIMARY GOVERNMENT EXPENSES 30,692,406$ 35,056,892$ 38,329,639$ 54,664,965$ PROGRAM REVENUES Governmental activities Charges for services General government 7,762,669$ 9,591,646$ 6,577,406$ 4,917,022$ Public safety 757,855 914,977 915,690 995,843 Highways and streets 2,980,328 2,166,848 1,591,218 1,292,403 Operating grants and contributions 660,204 706,973 980,360 976,606 Capital grants and contributions 236,943 2,270,715 3,600 34,768,719 Total governmental activities program revenues 12,397,999 15,651,159 10,068,274 42,950,593 Business-type activities Charges for services Water/sewer 7,227,344 9,717,867 9,333,222 10,359,459 Operating grants and contributions - - 2,708,972 2,146,177 Capital grants and contributions - - - 2,862,910 Total business-type activities program revenues 7,227,344 9,717,867 12,042,194 15,368,546 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 19,625,343$ 25,369,026$ 22,110,468$ 58,319,139$ NET (EXPENSE) REVENUE Governmental activities (8,992,768)$ (9,127,898)$ (17,283,967)$ 641,981$ Business-type activities (2,074,295) (559,968) 1,064,796 3,012,193 TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (11,067,063)$ (9,687,866)$ (16,219,171)$ 3,654,174$ VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 100 - 2009 2010 2011 2012 2013 2014 5,373,883$ 3,634,146$ 2,754,319$ 3,808,990$ 3,442,249$ 4,437,507$ 11,030,984 10,192,710 10,703,278 11,247,015 11,273,628 11,321,562 21,634,555 21,864,844 21,833,556 22,554,164 21,995,249 23,977,254 1,649,805 1,567,529 1,333,022 1,347,798 1,213,432 1,154,112 39,689,227 37,259,229 36,624,175 38,957,967 37,924,558 40,890,435 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 12,553,148 13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 52,242,375$ 50,279,641$ 50,187,582$ 52,173,917$ 52,573,327$ 56,123,915$ 4,179,546$ 3,914,078$ 4,257,608$ 4,595,180$ 4,989,871$ 5,178,547$ 1,473,661 1,702,528 1,913,421 1,937,666 1,756,994 1,658,959 360,625 34,238 3,783 13,909 178,221 141,846 1,265,919 1,155,527 1,508,358 2,239,921 1,372,279 1,386,766 14,123,044 7,426,001 2,328,859 257,817 1,009,182 118,359 21,402,795 14,232,372 10,012,029 9,044,493 9,306,547 8,484,477 9,317,371 9,510,526 10,135,734 11,482,986 14,066,990 13,361,542 573,211 495,793 - - - - 3,631,340 1,943,525 372,147 90,791 2,145,000 - 13,521,922 11,949,844 10,507,881 11,573,777 16,211,990 13,361,542 34,924,717$ 26,182,216$ 20,519,910$ 20,618,270$ 25,518,537$ 21,846,019$ (18,286,432)$ (23,026,857)$ (26,612,146)$ (29,913,474)$ (28,618,011)$ (32,405,958)$ 968,774 (1,070,568) (3,055,526) (1,642,173) 1,563,221 (1,871,938) (17,317,658)$ (24,097,425)$ (29,667,672)$ (31,555,647)$ (27,054,790)$ (34,277,896)$ - 101 - Fiscal Year 2005 2006 2007 2008 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and replacement 2,919,867$ 3,541,068$ 4,344,099$ 5,272,831$ Sales and use 3,422,415 3,948,711 4,736,740 5,916,893 Utility/telecommunications 1,836,624 2,230,188 2,202,961 2,473,926 Income 1,399,555 1,651,731 2,554,968 2,892,500 Local motor fuel - - - - Other 11,105 9,519 14,900 8,086 Investment income 307,804 836,473 860,745 706,248 Miscellaneous 20,157 66,256 62,045 174,853 Contributions 25,308,504 23,526,420 40,429,579 - Transfers 542,531 - 2,200,271 1,227,514 Total governmental activities 35,768,562 35,810,366 57,406,308 18,672,851 Business-type activities Taxes Sales and use - - - - Investment income 384,607 978,459 992,235 745,777 Miscellaneous 5,120 6,482 16,650 40,879 Connection fees 9,983,234 7,534,322 - - Contributions 5,360,116 3,602,718 4,426,038 - Transfers (542,531) - (2,200,271) (1,227,514) Total business-type activities 15,190,546 12,121,981 3,234,652 (440,858) TOTAL PRIMARY GOVERNMENT 50,959,108$ 47,932,347$ 60,640,960$ 18,231,993$ CHANGE IN NET POSITION Governmental activities 26,775,794$ 26,682,468$ 40,122,341$ 19,314,832$ Business-type activities 13,116,251 11,562,013 4,299,448 2,571,335 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 39,892,045$ 38,244,481$ 44,421,789$ 21,886,167$ Data Source Audited Financial Statements CHANGE IN NET POSITION (Continued) Last Ten Fiscal Years VILLAGE OF PLAINFIELD, ILLINOIS - 102 - 2009 2010 2011 2012 2013 2014 6,038,464$ 6,428,427$ 6,651,509$ 6,306,567$ 6,300,458$ 6,352,505$ 7,478,502 7,377,482 7,670,219 8,143,910 8,495,268 8,848,545 2,526,924 2,271,926 2,980,148 3,066,185 2,981,462 3,198,840 3,401,680 2,965,208 2,910,807 3,203,518 3,567,060 3,857,016 - - 296,235 489,711 838,419 790,158 5,471 4,860 4,447 7,069 5,804 4,966 138,961 15,166 8,190 6,770 20,956 27,857 115,945 87,030 68,237 103,695 72,956 63,581 - - - - - - 526,245 524,770 528,120 516,376 493,650 490,748 20,232,192 19,674,869 21,117,912 21,843,801 22,776,033 23,634,216 - - - - 1,415,262 1,630,710 330,567 93,583 26,906 8,480 9,010 14,986 2,777 30,480 378,359 699,990 1,169,633 550,219 - - - - - - - - - - - - (526,245) (524,770) (528,120) (516,376) (493,650) (490,748) (192,901) (400,707) (122,855) 192,094 2,100,255 1,705,167 20,039,291$ 19,274,162$ 20,995,057$ 22,035,895$ 24,876,288$ 25,339,383$ 1,945,760$ (3,351,988)$ (5,494,234)$ (8,069,673)$ (5,841,978)$ (8,771,742)$ 775,873 (1,471,275) (3,178,381) (1,450,079) 3,663,476 (166,771) 2,721,633$ (4,823,263)$ (8,672,615)$ (9,519,752)$ (2,178,502)$ (8,938,513)$ - 103 - Fiscal Year 2005 2006 2007 2008 GENERAL FUND Reserved 2,329,541$ 2,472,838$ 2,295,307$ 1,871,440$ Unreserved - designated 20,000 20,000 20,000 20,000 Unreserved - undesignated 7,504,420 10,300,723 8,254,465 6,464,292 Nonspendable for Advances - - - - Long-term receivables - - - - Prepaid items - - - - Unrestricted Assigned for bridge construction - - - - Assigned for insurance - - - - Unassigned - - - - TOTAL GENERAL FUND 9,853,961$ 12,793,561$ 10,569,772$ 8,355,732$ ALL OTHER GOVERNMENTAL FUNDS Reserved 1,240,981$ 2,779,602$ 1,184,780$ 1,673,756$ Unreserved, reported in Capital Projects Fund 569,082 - (12,391,564) (6,651,613) Special Revenue Fund (856,118) (612,802) (244,644) (33,699) Nonspendable for land for resale - - - - Restricted for Street maintenance - - - - Public safety - - - - Audit - - - - Liability insurance - - - - Economic development - - - - Unrestricted Assigned for debt service - - - - Assigned for capital projects - - - - Unassigned - - - - TOTAL ALL OTHER GOVERNMENTAL FUNDS 953,945$ 2,166,800$ (11,451,428)$ (5,011,556)$ TOTAL FUND BALANCES 10,807,906$ 14,960,361$ (881,656)$ 3,344,176$ 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 - 104 - 2009 2010 2011 2012 2013 2014 1,245,401$ 1,259,966$ 3,393,753$ -$ -$ -$ 20,000 638,341 750,040 - - - 2,646,908 2,964,485 4,151,179 - - - - - - 1,193,937 1,153,506 - - - - 909,968 705,953 687,538 - - - 123,321 133,497 133,536 - - - 20,000 - - - - - 845,155 1,006,427 1,065,860 - - - 6,814,424 9,658,183 9,841,030 3,912,309$ 4,862,792$ 8,294,972$ 9,906,805$ 12,657,566$ 11,727,964$ 663,770$ 646,481$ 679,852$ -$ -$ -$ (11,422,543) (12,268,499) (10,889,373) - - - 375,736 713,258 1,174,378 - - - - - - 108,000 108,000 108,000 - - - 1,115,600 1,509,744 1,915,321 - - - 42,389 40,585 42,443 - - - 4,106 5,360 3,511 - - - 310,733 219,288 86,172 - - - 677,584 991,275 851,200 - - - 1,347 881 918 - - - - - 405,138 - - - (7,414,412) (4,328,519) - (10,383,037)$ (10,908,760)$ (9,035,143)$ (5,154,653)$ (1,453,386)$ 3,412,703$ (6,470,728)$ (6,045,968)$ (740,171)$ 4,752,152$ 11,204,180$ 15,140,667$ - 105 - Fiscal Year 2005 2006 2007 2008 REVENUES Taxes 9,483,499$ 9,151,029$ 11,650,706$ 14,090,310$ Licenses and permits 5,818,085 7,166,645 3,907,256 1,925,273 Intergovernmental 983,172 4,583,577 3,168,367 5,706,300 Charges for services 4,989,533 5,381,233 4,415,913 3,859,980 Fines and forfeits 549,888 694,476 689,983 660,012 Investment income 307,804 836,473 860,745 706,248 Miscellaneous 197,400 121,672 151,762 2,401,330 Total revenues 22,329,381 27,935,105 24,844,732 29,349,453 EXPENDITURES General government 4,201,158 4,607,435 4,385,921 4,828,113 Public safety 6,827,572 7,826,474 8,732,808 10,157,951 Highways and streets 3,921,177 4,801,761 5,786,313 7,140,202 Capital outlay 10,692,916 16,725,901 22,101,363 17,410,044 Debt service Principal 929,500 575,000 960,000 995,000 Interest and fiscal charges 575,629 835,859 1,046,139 1,330,115 Total expenditures 27,147,952 35,372,430 43,012,544 41,861,425 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (4,818,571) (7,437,325) (18,167,812) (12,511,972) OTHER FINANCING SOURCES (USES) Transfers in 3,704,967 825,964 5,610,371 2,579,858 Transfers (out)(3,162,436) (825,964) (3,410,100) (1,352,344) Refunding bonds issued - - - - Premium (discount) on refunding bonds - - - - Bonds issued - 10,755,000 - 15,135,000 Premium (discount) on bonds issued - 579,530 - 364,920 Payment to escrow agent - - - - Installment notes issued 133,905 247,659 111,541 - Sale of capital assets 950,000 7,591 13,983 10,370 Total other financing sources (uses)1,626,436 11,589,780 2,325,795 16,737,804 NET CHANGE IN FUND BALANCES (3,192,135)$ 4,152,455$ (15,842,017)$ 4,225,832$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 9.15%7.57%9.59%9.51% Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 106 - 2009 2010 2011 2012 2013 2014 16,924,117$ 16,775,978$ 17,533,217$ 18,150,775$ 19,207,009$ 19,853,191$ 806,101 495,063 497,966 611,529 735,905 862,916 6,562,532 3,359,417 5,507,812 5,340,409 5,298,633 4,661,759 3,920,150 4,712,486 4,152,165 4,380,366 4,822,592 4,887,938 1,031,539 1,103,323 1,329,951 1,325,854 1,169,501 1,122,269 138,961 15,166 8,190 6,770 20,956 27,857 623,400 356,964 385,686 479,606 334,334 212,015 30,006,800 26,818,397 29,414,987 30,295,309 31,588,930 31,627,945 4,643,073 3,133,119 2,401,600 3,477,890 3,141,185 4,029,639 10,725,530 10,303,037 10,100,410 10,654,797 10,686,447 10,746,430 6,180,682 6,432,461 6,388,974 6,431,829 6,623,648 7,404,103 15,730,443 3,947,891 2,786,336 1,950,478 2,042,968 2,870,609 1,525,000 1,580,000 1,580,000 1,720,000 1,915,000 1,945,000 1,694,045 1,655,506 1,485,744 1,581,506 1,221,304 1,191,213 40,498,773 27,052,014 24,743,064 25,816,500 25,630,552 28,186,994 (10,491,973) (233,617) 4,671,923 4,478,809 5,958,378 3,440,951 4,918,446 3,659,728 3,610,948 3,096,035 3,102,780 6,094,911 (4,392,201) (3,134,958) (3,082,828) (2,579,659) (2,609,130) (5,604,163) - 865,000 9,280,000 6,820,000 - - - 37,806 564,424 532,928 - - - - - - - - - - - - - - - (883,953) (9,913,670) (7,251,451) - - 150,824 114,754 - - - - - - 175,000 395,661 - 4,788 677,069 658,377 633,874 1,013,514 493,650 495,536 (9,814,904)$ 424,760$ 5,305,797$ 5,492,323$ 6,452,028$ 3,936,487$ 13.00%14.00%13.96%13.03%12.94%11.53% - 107 - ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years 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 2004 620,096,988$ 70,444,709$ 17,944,487$ 2,515,891$ 18,286$ 711,020,361$ 0.4296 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 0.4096 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% 2013 992,808,661 133,086,233 20,156,072 3,351,502 344,192 1,149,746,660 0.4669 3,449,239,980 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 - 108 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years Levy Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 DIRECT TAX RATES General Fund 0.1788 0.1698 0.1780 0.1690 0.1663 0.2053 0.2012 0.2032 0.2158 0.2210 Debt Service Fund 0.0168 0.0129 0.0106 0.0094 0.0084 0.0024 0.0086 0.0090 0.0098 0.0098 Police Pension 0.0781 0.0852 0.0805 0.0761 0.0724 0.0503 0.0682 0.0721 0.0767 0.0783 IMRF 0.0272 0.0257 0.0336 0.0375 0.0419 0.0413 0.0436 0.0461 0.0490 0.0500 Police Protection 0.0244 0.0227 0.0257 0.0383 0.0449 0.0575 0.0607 0.0641 0.0682 0.0696 Audit 0.0034 0.0034 0.0032 0.0024 0.0016 0.0008 0.0029 0.0031 0.0030 0.0034 Liability Insurance 0.1009 0.0927 0.0760 0.0768 0.0724 0.0503 0.0227 0.0321 0.0342 0.0348 Total direct rates 0.4296 0.4124 0.4076 0.4095 0.4079 0.4079 0.4079 0.4297 0.4567 0.4669 OVERLAPPING TAX RATES Will County Incl. Forest Preserve 0.6943 0.6861 0.6523 0.6367 0.6387 0.6543 0.6841 0.7244 0.7244 0.8186 School District 202 4.8626 4.5731 4.5950 4.5134 4.5270 4.5876 4.8618 5.2705 5.8323 6.2265 Joliet Jr. College No. 525 0.2142 0.2088 0.1936 0.1901 0.1896 0.2144 0.2270 0.2463 0.2768 0.2955 Plainfield Township Park District 0.2129 0.1873 0.1788 0.1742 0.1761 0.1740 0.1959 0.2126 0.2433 0.2535 Plainfield Public Library District 0.2051 0.1816 0.1770 0.1687 0.1676 0.1421 0.1573 0.1720 0.1894 0.2013 Plainfield Fire Protection District 0.4262 0.6037 0.7431 0.7787 0.8323 0.8419 0.8656 0.8872 0.9216 0.9970 Township and All Other 0.1604 0.1538 0.1502 0.1471 0.1469 0.1483 0.1653 0.1804 0.1960 0.2106 Total overlapping rates 6.7757 6.5944 6.6900 6.6089 6.6782 6.7626 7.1570 7.6934 8.3838 9.0030 TOTAL TAX RATES 7.2053 7.0068 7.0976 7.0184 7.0861 7.1705 7.5649 8.1231 8.8405 9.4699 Property tax rates are per $100 of assessed valuation Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS - 109 - PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago Percentage Percentage of Total of Total Taxable Village Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation Edward Health Ventures Healthcare 10,789,039$ 1 0.94% Wal-Mart Stores Inc.Discount department store 8,652,818 2 0.75% Diageo North America, Inc.Manufacturer of liquors 5,099,313 3 0.44% Meijer Discount department store 4,989,457 4 0.43% Menards Inc.Home improvement center 4,403,313 5 0.38% Target Discount department store 4,119,856 6 0.36% Plainfield 1031 LLC Land development 3,582,239 7 0.31% Dayfield Properties Developer 3,360,286 8 0.29% Plainfield Care Group LLP Senior care facility 2,577,165 9 0.22% Coilplus Illinois Inc.Flat rolled steel processing 2,542,870 10 0.22% Guiness UDV North America, Inc. (Diageo)Manufacturer of liquors 8,370,554$ 1 1.18% Target Discount department store 3,202,527 2 0.45% American Stores Jewel strip mall 2,692,167 3 0.38% Engineering and Chicago Bridge & Iron Co technical center 2,517,833 4 0.35% American Publishing Co. Arkansas Newspaper publisher 2,078,051 5 0.29% Coilplus Illinois Inc.Flat rolled steel processing 1,949,165 6 0.27% Centerpoint Properties Trust Warehouse and manufacturing 1,648,119 7 0.23% Tool and die maker, PMI Venture LLC injection molding 1,585,233 8 0.22% MP-1 Devel LLC & MPI-4 Prairie Ponds Inc.Farm land 1,541,998 9 0.22% Ryan Co. US Inc.Commercial Property 1,358,694 10 0.19% TOTAL 50,116,356$ 4.34%26,944,341$ 3.78% Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS 2014 2005 - 110 - PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Levy Years Levy Collection Fiscal Percentage Year Year Year Tax Levied Amount of Levy 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% 2012 2013 2014 5,370,957 5,279,123 98.29% Note: Levies and collections for tax levy years 2003 - 2010 include Will County only. Data Source Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS Total Collections to Date - 111 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2004 2005 2006 2007 2008 ASSESSED VALUATION 711,020,361$ 896,383,944$ 1,116,953,966$ 1,299,841,515$ 1,381,388,040$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.1788 1,268,504$ 0.1698 1,522,040$ 0.1780 1,988,272$ 0.1690 2,196,847$ 0.1663 2,297,916$ Debt service 0.0168 119,188 0.0129 115,633 0.0106 118,398 0.0094 122,069 0.0084 116,037 Police pension 0.0780 553,374 0.0852 763,719 0.0805 899,180 0.0761 989,005 0.0724 999,924 Illinois municipal retirement 0.0272 192,971 0.0257 230,361 0.0336 375,296 0.0375 487,382 0.0419 578,668 Police protection 0.0244 173,107 0.0227 203,479 0.0257 287,057 0.0383 497,723 0.0449 620,110 Audit 0.0034 24,122 0.0034 30,466 0.0032 35,743 0.0004 31,196 0.0016 22,102 Liability insurance 0.1009 715,839 0.0927 830,938 0.0760 848,916 0.0768 998,162 0.0724 999,924 TOTAL TAX EXTENSIONS 0.4295 3,047,105$ 0.4124 3,696,636$ 0.4076 4,552,862$ 0.4075 5,322,384$ 0.4079 5,634,681$ - 112 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued) Last Ten Levy Years Tax Levy Year 2009 2010 2011 2012 2013 ASSESSED VALUATION 1,401,098,375$ 1,318,896,845$ 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2067 2,877,525$ 0.2012 2,643,631$ 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ Debt service 0.0024 33,611 0.0086 113,418 0.0090 112,021 0.0098 115,469 0.0098 112,648 Police pension 0.0500 704,504 0.0682 899,517 0.0721 897,766 0.0767 903,769 0.0783 900,238 Illinois municipal retirement 0.0410 578,458 0.0436 573,793 0.0461 574,000 0.0490 577,376 0.0500 574,887 Police protection 0.0571 805,330 0.0607 799,295 0.0641 798,146 0.0682 803,595 0.0696 800,217 Audit 0.0007 11,148 0.0029 38,241 0.0031 38,567 0.0030 35,338 0.0034 39,030 Liability insurance 0.0500 704,504 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.0348 400,106 TOTAL TAX EXTENSIONS 0.4079 5,715,080$ 0.4079 5,367,321$ 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ - 113 - SALES TAX BY CATEGORY Last Ten Calendar Years Calendar Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 General merchandise 558,042$ 786,643$ 881,784$ 1,098,039$ 1,727,764$ 1,619,652$ 1,704,879$ 1,422,877$ 1,888,789$ 2,014,318$ Food 394,781 438,426 468,080 451,667 552,145 530,171 469,346 447,894 377,464 405,981 Drinking and eating places 273,520 338,411 415,507 471,211 888,391 904,118 942,498 1,038,892 1,259,374 1,481,747 Apparel 18,661 21,675 33,456 54,211 93,359 104,996 120,139 347,612 127,335 121,980 Furniture and H.H. and radio 68,360 84,127 93,920 94,275 180,611 142,158 145,517 141,098 157,320 125,553 Lumber, building hardware 319,186 347,747 366,378 346,983 508,908 547,665 535,803 552,466 675,008 812,648 Automobile and filling stations 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 2,738,000 Drugs and miscellaneous retail 328,809 354,762 395,533 403,483 850,917 889,549 959,238 1,036,231 1,384,198 1,564,115 Agriculture and all others 262,329 177,264 194,701 258,183 442,817 480,942 465,556 468,099 291,404 300,709 Manufacturers 68,857 81,835 103,018 188,803 265,863 208,888 184,640 64,035 82,726 125,084 TOTAL 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$ 9,690,135$ 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%1.00%1.00%1.00%1.00%1.50%1.50% * 1% effective January 1, 2008; 1.5% effective July 1, 2012 Data Source Illinois Department of Revenue - Will County only VILLAGE OF PLAINFIELD, ILLINOIS - 114 - DIRECT AND OVERLAPPING SALES TAX RATES Last Ten Calendar Years 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% 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. Data Source Village and Illinois Department of Revenue VILLAGE OF PLAINFIELD, ILLINOIS - 115 - RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years Percentage Fiscal General Installment General Illinois Total of Year Obligation Notes Obligation Revenue EPA Primary Personal Per Ended Bonds Payable Bonds Bonds Loan Government Income*Capita* 2005 14,415,000$ 133,701$ 20,930,000$ -$ -$ 35,478,701$ 0.0414 1,170$ 2006 24,595,000 204,990 20,030,000 - - 44,829,990 0.0524 1,479 2007 23,635,000 154,494 18,980,000 - - 42,769,494 0.0347 1,146 2008 37,775,000 37,133 17,885,000 - - 55,697,133 0.046 1,492 2009 36,250,000 97,859 16,740,000 16,385,000 - 69,472,859 0.0578 1,861 2010 34,655,000 12,398 15,530,000 16,385,000 - 66,582,398 0.0508 1,682 2011 32,980,000 -14,265,000 16,030,000 1,710,999 64,985,999 0.0477 1,642 2012 31,845,000 -12,945,000 15,665,000 3,273,202 63,728,202 0.0456 1,610 2013 29,930,000 -11,575,000 15,285,000 3,093,385 59,883,385 N/A N/A 2014 27,985,000 -9,735,000 14,885,000 2,946,902 55,551,902 N/A N/A Notes Details of the Village's outstanding debt can be found in the notes to financial statements. * See the schedule of Demographic and Economic Statistics for personal income and population data. N/A - information not available Data Source Audited Financial Statements Activities Business-Type Activities VILLAGE OF PLAINFIELD, ILLINOIS Governmental - 116 - RATIOS OF GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Percentage of Less Amounts Equalized General Available Assessed Fiscal Obligation In Debt Value of Per Year Bonds Service Fund Total Property*Capita 2005 14,415,000$ 875,408$ 16,445,658$ 1.83%543$ 2006 24,595,000 377,129 24,217,871 2.17%799 2007 23,635,000 278,330 23,356,670 1.80%626 2008 37,775,000 973,679 36,801,321 2.66%986 2009 36,250,000 113 36,249,887 2.59%971 2010 34,655,000 113 34,654,887 2.63%876 2011 32,980,000 118 32,979,882 2.65%833 2012 31,845,000 1,347 31,843,653 2.70%805 2013 29,930,000 881 29,929,119 2.60%756 2014*27,985,000 918 27,984,082 2.43%707 * 2013 EAV used as it is the most recent data available VILLAGE OF PLAINFIELD, ILLINOIS - 117 - DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Percentage Village's Gross Debt Applicable Share Governmental Unit Debt to the Village*of Debt Village of Plainfield 27,985,000$ 100.000%27,985,000$ Will County, Including Forest Preserve District 297,672,604 0.05986 17,818,682 Kendall County, including Forest Preserve District 87,644,762 0.02545 2,230,559 Plainfield Fire Protection District 17,370,000 0.77257 13,419,541 Oswegoland Park District 5,420,000 0.072 390,240 Plainfield Park District 5,285,000 0.45269 2,392,467 Oswego Public Library District 8,410,000 0.06661 560,190 Plainfield Unit School District #202 312,540,000 0.35975 112,436,265 Indian Prairie Unit School District #204 283,230,000 0.00549 1,554,933 Oswego Unit School District #308 373,978,040 0.05926 22,161,939 DuPage Community College #502 322,425,000 0.00063 203,128 Waubonsee Community College #516 80,361,775 0.01216 977,199 Joliet Community College #525 201,685,000 0.05657 11,409,320 Total Overlapping Debt 1,996,022,181 185,554,463 2,024,007,181$ 213,539,463$ Note: Data Source The Village, Will and Kendall County Clerk's Offices * The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the Village's taxable assessed value that is within the government's boundaries and dividing it by the Village's total taxable assessed value. VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2014 - 118 - PLEDGED-REVENUE COVERAGE WATER REVENUE BONDS Last Ten Fiscal Years Water Fiscal Charges Debt Service Year and Other Principal Interest Coverage 2005 7,227,344$ -$ -$ - 2006 9,717,867 - - - 2007 9,333,222 - - - 2008 10,359,459 - - - 2009 9,317,371 - - - 2010 9,510,526 - 812,199 11.71 2011 10,135,734 355,000 845,026 8.45 2012 11,482,986 365,000 829,960 9.61 2013 14,066,990 380,000 814,366 11.78 2014 13,361,542 400,000 797,785 11.16 Data Source Audited financial statements Note: Details of the Village's outstanding debt can be found in the notes to financial statements. VILLAGE OF PLAINFIELD, ILLINOIS - 119 - DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Median Capita Fiscal Household Personal Personal Unemployment Year Population Income Income Income Rate 2005 30,314 80,799$ 856,127,988$ 28,242$ 4.6% 2006 30,314 80,799 856,127,988 28,242 3.5% 2007 37,334 101,958 1,233,067,352 33,028 4.0% 2008 37,334 100,566 1,210,965,624 32,436 5.3% 2009 37,334 102,863 1,202,826,812 32,218 9.0% 2010 39,581 105,897 1,309,814,452 33,092 9.8% 2011 39,581 108,239 1,361,665,562 34,402 8.6% 2012 39,581 111,637 1,397,684,272 35,312 7.5% 2013 39,581 N/A N/A N/A 7.8% 2014 N/A N/A N/A N/A N/A N/A - information not available Data Source Household & per capita income: US Census Bureau - 2000 census data US Census Bureau - American Fact Finder 2005-2007 American Community Survey 3-Yr Estimates 2006-2008 American Community Survey 3-Yr Estimates 2005-2009 American Community Survey 5-Yr Estimates 2006-2010 American Community Survey 5-Yr Estimates 2007-2011 American Community Survey 5-Yr Estimates 2008-2012 American Community Survey 5-Yr Estimates Unemployment Rate: Illinois Department of Employment Security VILLAGE OF PLAINFIELD, ILLINOIS - 120 - PRINCIPAL EMPLOYERS Current Year and Nine Years Ago Percent Percent of Total of Total No. of Village No. of Village Employer Rank Employees Population Employer Rank Employees Population Plainfield CUSD #202 1 3,022 7.63%Plainfield CUSD #202 1 2,300 7.59% Chicago Bridge & Iron Co.2 443 1.12%Chicago Bridge & Iron Co.2 830 2.74% Diageo North America, Inc.3 400 1.01%Wal-Mart 3 555 1.83% Meijer 4 283 0.71%Fox Valley Press 4 230 0.76% Wal-Mart 5 275 0.69%Plainfield Stamping and Molding Co.5 214 0.71% Jewel-Osco 6 200 0.51%Diageo North America, Inc.6 200 0.66% Lakewood Nursing and Rehab Center 7 160 0.40%R.A. Bright Construction, Inc.7 200 0.66% Village of Plainfield 8 143 0.36%Flexi-Mat Corp.8 180 0.59% Target 9 140 0.35%Village of Plainfield 9 134 0.44% Menards, Inc.10 119 0.30%MID States Express 10 95 0.31% Population Population 39,581 30,314 Note: May include both full-time and full-time equivalent employees Data Source From a canvass of employers, IL Services and Manufacturers Directory VILLAGE OF PLAINFIELD, ILLINOIS 20052014 - 121 - FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Administration/Finance 15.50 16.00 16.00 17.50 15.50 14.50 14.50 14.50 15.00 14.50 Police Department 61.05 70.50 79.00 83.00 85.00 77.00 73.50 75.50 75.50 76.50 Streets Department 17.05 19.50 20.50 23.50 23.50 19.50 17.00 17.50 18.50 18.50 Community Development 21.00 24.10 25.00 25.00 13.50 7.00 7.50 7.50 8.00 8.00 Water and Sewer Department 18.05 18.30 19.30 15.00 14.50 12.00 11.50 12.50 11.50 11.50 Public Works Engineering 4.00 4.00 4.00 4.00 4.00 3.00 2.00 3.00 3.00 3.00 TOTAL 136.65 152.40 163.80 168.00 156.00 133.00 126.00 130.50 131.50 132.00 Data Source Village Human Resources Department VILLAGE OF PLAINFIELD, ILLINOIS - 122 - Last Ten Calendar Years Function/Program 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 PUBLIC SAFETY Police Calls for service - 35,156 37,592 38,654 42,707 39,228 41,048 40,490 37,529 34,570 Total traffic citations - - - 8,780 12,827 12,455 12,125 14,037 11,086 9,819 Total DUI arrests - - - 159 141 187 154 104 119 107 Total crashes - - - 1,100 998 984 1,109 980 1,010 1,121 DARE Program student attendance - - - 900 1,050 1,100 1,100 1,150 1,200 4,544 BUILDING PERMITS ISSUED New residential units 1,320 1,407 998 404 172 66 58 88 111 135 General construction inspections 18,251 21,427 22,028 14,092 8,890 5,335 4,300 4,884 6,619 8,016 Commercial/office/industrial added (sq ft.)839,968 839,968 346,415 349,523 284,015 24,659 172,926 90,770 71,414 194,250 Acreage Annexed 671 671 380 1472 496 24 5.4 2.1 277 6 BUILDING PERMIT REVENUE (*fiscal year)5,221,616$ 5,221,616$ 6,351,259$ 3,308,750$ 1,334,936$ 592,852$ 294,862$ 275,144$ 447,103$ 561,591$ PUBLIC WORKS Asphalt patching/pothole repairs (tons)- - - 960 482 292 285 195 136 109 Shoulder stone repaired (tons)- - - 928 172 430 464 843 1,173 824 Snow removal events - - - 45 57 45 29 20 12 26 Street sweeping (lane miles)- - - 1,199 1,357 1,976 1,760 1,627 1,958 1,635 Grounds maintenance and mowing (hours)- - - 1,946 1,829 2,070 1,974 2,280 1,709 1,904 UTILITY BILLING (*fiscal year) Number of metered accounts 107,563 107,563 123,398 139,092 146,812 149,687 149,687 148,031 151,816 153,205 Water consumption billed (cubic feet) Residential - - - - - 116,145,176 110,246,350 111,002,800 123,367,085 123,441,600 Commercial - - - - - 16,569,010 17,304,912 20,570,922 16,671,638 22,609,487 Industrial - - - - - 17,298,465 17,259,429 13,933,361 14,311,880 17,775,104 WATER Average daily flow (MGD)2.695 3.402 3.149 3.5 3.236 3.096 3.062 3.091 3.49 3.205 Peak daily flow (MGD)- - - 6.333 5.886 5.732 5.841 6.324 6.644 5.941 Water main breaks 3 12 7 7 6 6 4 5 2 1 Number of valves exercised 227 81 448 156 332 166 2061 28 19 513 VILLAGE OF PLAINFIELD, ILLINOIS OPERATING INDICATORS - 123 - Function/Program 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 WASTEWATER Miles of sanitary sewer main 160 175 190 210 220 220 220 220 220 220 Average daily flow (MGD)3.154 3.162 2.879 3.202 3.302 3.746 3.55 3.964 3.21 4.441 Bio-solids treated (tons)- - - - 833 605 730 642 799 771 Sewers inspected/cleaned (feet)17,050 45,469 40,098 39,000 65,000 12,000 9,000 3,308 23,200 13,200 Data Source Various Village departments Some statistics for previous years unavailable - 124 - CAPITAL ASSET STATISTICS Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Area patrols 4 4 4 4 6 6 6 6 6 6 Patrol units/shift 5 5 7 5 6 6 6 7 6 6 PUBLIC WORKS Lane Miles of streets 380 390 390 400 400 410 410 410 410 410 Traffic signals 1 1 3 6 6 7 7 7 4 4 WATER Water mains (miles)181 210 220 225 226 226 226 226 229 229 Storage capacity (gallons)4,200,000 4,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 WASTEWATER Sanitary sewers (miles)175 190 210 220 220 220 220 220 220 220 Treatment capacity (gallons)4,300,000 4,300,000 4,300,000 4,300,000 4,300,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 Data Source Various Village departments VILLAGE OF PLAINFIELD, ILLINOIS - 125 -