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Home My Public Portal AboutFY 2015 - Comprehensive Annual Financial ReportVillage of Plainfield Comprehensive Annual Financial Report For the Fiscal Year Ended April 30, 2015 24401 West Lockport Street | Plainfield, Illinois 60544 VILLAGE OF PLAINFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2015 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 Certificate of Achievement for Excellence in Financial Reporting .................................. iii Letter of Transmittal ......................................................................................................... iv-vii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT ....................................................................... 1-3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis ..................................................................... MD&A 1-12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ................................................................................... 4-5 Statement of Activities ....................................................................................... 6-7 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................ 8-9 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position .................. 10 Statement of Revenues, Expenditures, and Changes in Fund Balances ...... 11 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ..................................................... 12 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 .............................................................................. 13-14 Statement of Revenues, Expenses, and Changes in Fund Net Position ....... 15 Statement of Cash Flows ............................................................................... 16-17 Fiduciary Funds Statement of Fiduciary Net Position ............................................................. 18 Statement of Changes in Fiduciary Net Position .......................................... 19 Notes to Financial Statements ............................................................................. 20-54 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund .............................................. 55 Schedule of Funding Progress Illinois Municipal Retirement Fund ................................................................... 56 Police Pension Fund ........................................................................................... 57 Other Postemployment Benefit Plan .............................................................. 58 Schedule of Employer Contributions Illinois Municipal Retirement Fund ................................................................... 59 Police Pension Fund ........................................................................................... 60 Other Postemployment Benefit Plan .............................................................. 61 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Police Pension Fund ........................................................................................... 62 Schedule of Investment Returns Police Pension Fund ........................................................................................... 63 Notes to Required Supplementary Information ................................................... 64 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues - Budget and Actual - General Fund .................................. 65-66 Schedule of Expenditures - Budget and Actual - General Fund ............................ 67-68 Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 69-78 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund ......................................................................................... 79 Debt Service Fund .......................................................................................... 80 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 81-82 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances................................................................................. 83-84 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 85 Audit Fund .......................................................................................................... 86 Alcohol Enforcement Fund ................................................................................ 87 Motor Fuel Tax Fund ......................................................................................... 88 D.A.R.E. Fund .................................................................................................... 89 Tax Increment Financing Fund .......................................................................... 90 MAJOR ENTERPRISE FUND Combining Schedule of Net Position - Water and Sewer Department Accounts ............................................................................................ 91-92 Combining Schedule of Revenues, Expenses, and Changes in Net Position - Water and Sewer Department Accounts ....................................... 93 Combining Schedule of Cash Flows - Water and Sewer Department Accounts ............................................................... 94-95 Schedule of Operating Expenses - Budget and Actual - Water and Sewer Operations Account .................................................................. 96-98 FIDUCIARY FUNDS Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Fund ............................................................ 99 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 .............................. 100 Corporate Purpose General Obligation Bond Series of 2005B .............................. 101 Corporate Purpose General Obligation Bond Series of 2007 ................................. 102 Water and Sewer Revenue Bond Series of 2008 .................................................... 103 Corporate Purpose General Obligation Refunding Bond Series of 2009 .............. 104 Corporate Purpose General Obligation Refunding Bond Series of 2010 .............. 105 Illinois Environmental Protection Agency Loan of 2010 ....................................... 106 Corporate Purpose General Obligation Refunding Bond Series of 2012 .............. 107 Corporate Purpose General Obligation Refunding Bond Series of 2013 .............. 108 Corporate Purpose General Obligation Refunding Bond Series of 2014 .............. 109 Water and Sewer System Revenue Refunding Bond Series of 2015 ..................... 110 INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 111 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 112-113 Change in Net Position ................................................................................................. 114-117 Fund Balances of Governmental Funds ....................................................................... 118-119 Changes in Fund Balances of Governmental Funds .................................................... 120-121 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 122 Property Tax Rates - Direct and Overlapping Governments ....................................... 123 Principal Property Taxpayers ....................................................................................... 124 Property Tax Levies and Collections ........................................................................... 125 Property Tax Assessed Valuations, Rates, and Tax Extensions.................................. 126-127 Sales Tax by Category .................................................................................................. 128 Direct and Overlapping Sales Tax Rates ..................................................................... 129 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 130 Ratios of General Bonded Debt Outstanding .............................................................. 131 Direct and Overlapping Governmental Activities Debt .............................................. 132 Pledged-Revenue Coverage ......................................................................................... 133 Demographic and Economic Information Demographic and Economic Information .................................................................... 134 Principal Employers ..................................................................................................... 135 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION (Continued) Operating Information Full-Time Equivalent Employees ................................................................................ 136 Operating Indicators ..................................................................................................... 137-138 Capital Asset Statistics ................................................................................................. 139 INTRODUCTORY SECTION - i - VILLAGE OFFICIALS PRESIDENT Michael P. Collins TRUSTEES Margie Bonuchi Bill Lamb Edward O’Rourke Garrett M. Peck Jim Racich Brian Wojowski 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 - Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Plainfield Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30, 2014 Executive Director/CEO - iii - - v - 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 133 FTE 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 2.7% in comparison to the previous fiscal year. General merchandise and drinking/eating establishments continued to show gains, while automotive showed a drop in sales. Village Staff assisted existing businesses in expanding their operations and helped new businesses find their home in our community, including: Commercial A number of new commercial developments are under construction and/or planned on Route 59. A new 15,000 square foot retail building, at the Meijer planned development on Route 59, is currently under construction and will contain a Pet Supplies Plus and AT&T Store. Adjacent to this development is a new 7,000 square foot O’Reilly Auto Parts Store and a new 11,000 square foot retail center. Additionally, 9,500 square feet of new retail space was approved for a newly created outlot at the Kensington South Project (Target Development) located at 127th Street and Route 59. - vi - Downtown The Village continues to see interest in commercial development in the Historic Downtown. A new 3,500 square foot addition to the Opera House is under construction and will house a steak and seafood restaurant on the second floor and new retail space on the first floor. The historic Trolley Barn is being restored and will provide up to 12,000 square feet of new restaurant space and 5,000 square feet of office space. Medical A new 25,000 square foot medical building by Presence Medical Group on Route 59, at Dayfield Drive, was approved in 2014 and is opening this month. Plus, a new 6,000 square foot addition to the South Edward Medical Building was approved and is also under construction. A new 8,500 square foot kidney dialysis center was recently approved for the Martin Commercial Center and DuPage Medical Group opened a new office in the Vintage Harvest Commercial Center located on Route 59. Residential Strong residential development trends continue in Plainfield. Fairfield Ridge continues to see strong sales at this 72-unit single-family home development in Downtown Plainfield. A new 42- unit single-family development was approved for Somerset in Grande Park and construction is underway. Springbank has also seen strong sales in 2015. Ryan Homes is currently constructing homes in Neighborhood Three (approximately 90 lots) and Next Gen is also constructing new models in Neighborhood Two with their recent purchase of 90 lots. Staff anticipates close to 200 new homes during the 2015 calendar year. Moody’s Upgrades Village Bond Rating to Aa1 The Village was pleased that Moody’s Investors Service upgraded the Village’s general obligation bond rating from Aa2 to Aa1. This is the second highest rating from Moody’s and it affects $18.5 million in outstanding rated debt. As Moody’s notes in their report, “The Aa1 rating reflects the Village’s healthy financial operations and ample reserves supported by strong management and long-term fiscal planning. Additionally, the rating incorporates the Village’s sizeable tax base, high socioeconomic indicators, and modest debt and pension burdens.” The Village has been recognized by the bond rating agencies numerous times in recent years with upgrades. The refunding of the Village’s revenue bonds in January of 2015 produced a net present value savings of $911,405.40. In addition, by continuing to monitor bond market conditions and interest rates, the Village has been able to achieve cost savings in excess of $3.5 million the past 10 years through refunding/refinancing existing debt without changing maturity dates or par amounts. - vii - Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Plainfield for its Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended April 30, 2014. This was the first year the Village submitted and received this prestigious award. In order to be awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized CAFR. The report must also satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of only one year. We believe that our current CAFR continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. This report would not been possible without the dedicated support and involvement of the Village Department Heads and Staff. The entire Management Services Staff is extended a special appreciation for all of their assistance in the completion of the annual audit and preparation of this report. We would also like 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 Traci Pleckham Village Administrator Management Services Director FINANCIAL SECTION - 2 - We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois, as of April 30, 2015, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle The Village adopted Governmental Accounting Standards Board (GASB) Statement No. 67, Financial Reporting for Pension Plans - An Amendment of GASB Statement No. 25. GASB Statement No. 67 resulted in the modification of certain disclosures and required supplementary information. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that management’s discussion and analysis and other required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional - 2 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditor's report) MD&A 1 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS APRIL 30, 2015 _____________________________________________________________________________________________ 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, 2015. Since the MD&A is designed to focus on the Village’s current year activities, changes in the Village’s financial position, and to identify any material deviations from approved budget and financial plans, 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 Statistical Section 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, 2015 equaled $354,113,386, a decrease of $8,187,815, or 2.3% over the April 30, 2014 net position. Of which, the Village’s governmental net position decreased by $7,872,522, or 3.0%, and the Village’s business-type activities net position decreased by $315,293, or 0.3%.  Total revenues of all governmental activities increased by $552,019, or 1.7%. Total expenses decreased by $347,201, or 0.8% as compared to fiscal year 2014.  Total revenues of all business-type activity programs increased by $131,748, or 0.9%, while the total expenses increased by $280,270, or 1.8% as compared to fiscal year 2014.  Governmental Funds reported combined ending fund balances of $19,519,000, an increase of $4,378,333 over the prior fiscal year. o Total fund balance for the General Fund was $10,286,247, a decrease of $1,441,717 over fiscal year 2014. This represents 49.5% of General Fund expenditures. $8,322,103 of the General Fund balance is considered unassigned. This unassigned fund balance represents 40% of General Fund expenditures, a decrease of $1,518,927 from fiscal year 2014. o Total fund balance for the Capital Projects Fund was $5,447,573, an increase of $5,042,435 over fiscal year 2014. The budgets for fiscal years 2011-2014 included funding for the Village’s deficit elimination plan. Over these years, the Village has eliminated over $10,943,005 in deficit position. 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. Fiscal year 2014 eliminated the deficit balance and resulted in a positive Capital Fund balance of $405,138. Consistent with the Village’s Financial Policies, fiscal year 2015 reflected a $3,200,000 transfer from the Village’s General Fund to the Capital Fund. 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 consolidates governmental funds' current financial resources (short-term spendable resources) with capital assets and long- term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether or not the financial position of the Village is improving. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 2 The Statement of Activities presents information showing how the 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 8-12) 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 13-17) 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 91-98 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 18-19). 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 20-54 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 55-64 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 and schedules for each of the Village’s funds, as well as supplemental schedules and historical statistical data, which are presented on pages 65-139 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 $354,113,386 as of April 30, 2015 and $362,301,201 as of April 30, 2014. This amount reflects a decrease of $8,187,815 in total net position as compared to the year ended April 30, 2014. For more detailed information see the Statement of Net Position (page 4). The following table reflects the condensed Statement of Net Position: The largest portion of the Village’s total net position (90%) 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 (1.7%) represents resources that are subject to restrictions on how they may be used. The remaining balance of unrestricted net position of $28,063,292 may be used to meet the Village’s ongoing obligations. Of this amount, $16,035,847 represents the governmental activities portion and $12,027,445 is available for the Village’s business-type activities (water and sewer operations). 2015 2014 2015 2014 2015 2014 Assets Current Assets 30,851,284$ 26,499,070$ 15,927,435$ 15,167,007$ 46,778,719$ 41,666,077$ Noncurrent Assets 262,323,900$ 276,574,529$ 109,377,296$ 112,366,723$ 371,701,196$ 388,941,252$ Total Assets 293,175,184$ 303,073,599$ 125,304,731$ 127,533,730$ 418,479,915$ 430,607,329$ Deferred Outflows of Resources Unamortized loss on refundings 2,000,102$ 1,153,068$ 2,683,624$ 852,645$ 4,683,726$ 2,005,713$ Total Assets and Deferred Outflows of Resources 295,175,286$ 304,226,667$ 127,988,355$ 128,386,375$ 423,163,641$ 432,613,042$ Liabilities Current Liabilities 3,444,555$ 3,677,201$ 1,697,442$ 1,821,400$ 5,141,997$ 5,498,601$ Long-Term Liabilities 29,253,386$ 30,309,145$ 28,158,310$ 28,117,079$ 57,411,696$ 58,426,224$ Total Liabilities 32,697,941$ 33,986,346$ 29,855,752$ 29,938,479$ 62,553,693$ 63,924,825$ Deferred Inflows of Resources Unavailable property tax 6,496,562$ 6,387,016$ -$ -$ 6,496,562$ 6,387,016$ Total Liabilities and Deferred Inflows of Resources 39,194,503$ 40,373,362$ 29,855,752$ 29,938,479$ 69,050,255$ 70,311,841$ Net Position: Net Investmant in Capital Assets 236,161,456$ 248,456,183$ 83,998,867$ 85,192,902$ 320,160,323$ 333,649,085$ Restricted 3,783,480$ 3,006,647$ 2,106,291$ 602,080$ 5,889,771$ 3,608,727$ Unrestricted 16,035,847$ 12,390,475$ 12,027,445$ 12,652,914$ 28,063,292$ 25,043,389$ Total Net Position 255,980,783$ 263,853,305$ 98,132,603$ 98,447,896$ 354,113,386$ 362,301,201$ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2015 and April 30, 2014 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, 2015 General Fund reflects a positive fund balance of $10,286,247, reflecting a decrease of fund balance of $1,441,717 from the 2014 fiscal year. The 2015 total combined General Fund balance represents 49.5% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General Fund expenditures or $8,322,103. The Village’s Capital Projects fund balance improved its fund balance by $5,042,435 resulting in a positive fund balance of $5,447,573 as of April 30, 2015. The Village’s overall combined fund balance is $19,519,000, an increase of $4,378,333 from fiscal year 2014. Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2015 compared to the year ended April 30, 2014. 2015 Governmental activities decreased the Village’s net position by $7,872,522 and business-type activities decreased the Village’s net position by $315,293. Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets expenses of $23,731,474 include depreciation expenses of $14,410,173. 2015 2014 2015 2014 2015 2014 Revenues Program Revenues Charges for Services 7,092,515$ 6,979,352$ 13,407,793$ 13,361,542$ 20,500,308$ 20,340,894$ Operating Grants & Contributions 1,492,593$ 1,386,766$ -$ -$ 1,492,593$ 1,386,766$ Capital Grants & Contributions 44,267$ 118,359$ -$ -$ 44,267$ 118,359$ General Revenues Property Taxes 6,538,805$ 6,352,505$ -$ -$ 6,538,805$ 6,352,505$ Other Taxes 16,927,385$ 16,694,559$ 1,643,244$ 1,630,710$ 18,570,629$ 18,325,269$ Other Revenues and Transfers 575,147$ 587,152$ 147,420$ 74,457$ 722,567$ 661,609$ Total Revenues 32,670,712$ 32,118,693$ 15,198,457$ 15,066,709$ 47,869,169$ 47,185,402$ Expenses General Government 3,974,582$ 4,437,507$ -$ -$ 3,974,582$ 4,437,507$ Public Safety 11,778,078$ 11,321,562$ -$ -$ 11,778,078$ 11,321,562$ Highways and Streets 23,731,474$ 23,977,254$ -$ -$ 23,731,474$ 23,977,254$ Interest 1,059,100$ 1,154,112$ -$ -$ 1,059,100$ 1,154,112$ Water and Sewer -$ -$ 15,513,750$ 15,233,480$ 15,513,750$ 15,233,480$ Total Expenses 40,543,234$ 40,890,435$ 15,513,750$ 15,233,480$ 56,056,984$ 56,123,915$ Change in Net Position (7,872,522)$ (8,771,742)$ (315,293)$ (166,771)$ (8,187,815)$ (8,938,513)$ Ending Net Position 255,980,783$ 263,853,305$ 98,132,603$ 98,447,896$ 354,113,386$ 362,301,201$ Governmental Activities Business-Type Activities Total Primary Government Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2015 and April 30, 2014 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 16.5% 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, 2015, revenues from Governmental Activities totaled $32,670,712, an increase of $552,019, or 1.7% from fiscal year 2014. Sales and Use Tax were the Village's largest revenue source at $9,129,323, representing 27.9% of the total Governmental Activity revenue. Charges for Services were the Village's second largest revenue source at $7,092,515, representing 21.7%. The primary Charges for Services revenues include refuse fees ($3,587,793), licenses and permit revenues ($976,464), and franchise fees ($705,592). Property and Replacement Taxes represent $6,538,805 or 20% of the total Governmental Activity revenue. Development activity has shown a slight increase in 2015. During the fiscal year, 172 single family building permits were issued for new construction within the Village. During fiscal year 2014, 146 single family building permits were issued and 112 in 2013. Compared to fiscal years 2008 and 2007, 298 and 797 single family building permits were issued respectively. The Village’s property tax revenues increased from $6,352,505 in fiscal year 2014 to $6,538,805 in fiscal year 2015. The Equalized Assessed Valuation (EAV) of the Village decreased from $1,178,610,057 in calendar year 2012 to $1,149,746,660 in calendar year 2013, representing $28,863,397 or 2.4%. The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $275,041. Details of the Village’s portion of State-Shared Taxes are as follows: State-Shared Tax Fiscal Year 2014 Fiscal Year 2015 Increase / (Decrease) Sales Tax 4,892,203 5,025,975 133,772 State Income Tax 3,857,016 3,876,349 19,333 Use Tax 694,432 816,368 121,936 Total 9,443,651 9,718,692 275,041 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, 2015, expenses from Governmental Activities totaled $40,543,234, a decrease of $347,201over fiscal year 2014. In comparison, expenses from Governmental Activities in fiscal year 2014 increased by $2,965,877. In fiscal year 2013, expenses decreased by $1,033,409. For the fiscal year ended April 30, 2015, Highways and Streets represented 58.5% of expenditures or $23,731,474. Included in this figure is depreciation expense of $14,410,173. Some of the Village’s capital expenditures include $1,350,118 for roadway improvements, $306,148 for sidewalk, curb replacement and pedestrian crossings, $329,529 for machinery and equipment for the Police and Public Works Departments, and $246,357 for tree removal due to the emerald ash borer. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 8 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 $315,293 to $98,132,603 (see Table 2 – MD&A page 4). Total revenue for the Village’s business-type activities increased by $130,852; from $15,557,457 in fiscal year 2014 to $15,688,309 in fiscal year 2015. Charges for Services revenues for fiscal year end 2015 totaled $13,407,793, an increase of $46,251. The increase primarily relates to stable 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 November of 2014, the Village implemented a three-year utility rate increase schedule due to a 25% rate increase from the City of Chicago passed along to the Village in 2012. The first year of the rate increase took effect in February of 2015. Current Year Impacts – Business Type Activities Expenses Operating expenses from all Business-Type Activities increased by $280,270 or 1.8%. Lake Michigan water purchase accounted for $504,636 in additional expenses. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $7,457 to $3,034,713 for fiscal year 2015. 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, 2015 the Governmental Funds (as presented on page 11) reported a combined fund balance of $19,519,000 which is an increase from the beginning of the year balance of $15,140,667. Of the total fund balance, $8,322,103 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $11,196,897 includes $2,690,722 for street maintenance, $1,158,291 for healthcare, $669,986 for long-term receivables as required by generally accepted accounting principles, $986,104 for economic development, $5,447,573 for capital projects, and smaller statutory restrictions for prepaid items, 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 $1,441,717 from fiscal year 2014. Total General Fund revenues increased $478,712 in fiscal year 2015. General Fund expenditures increased by $749,852 from the prior year. The primary reason for the increased expenses in 2015 relates to the additional transfer from the General Fund to the Capital Fund, additional asset seizure expenses (which is offset by additional revenues), as well as an increase in salaries in the General Fund. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 9 GENERAL FUND BUDGETARY HIGHLIGHTS General Fund actual revenues were $1,172,606 more than the budgeted amount. This amount is primarily related to higher intergovernmental revenues (sales, use, income tax) of $1,048,846 then what was budgeted. In addition, actual license and permit revenues were $320,664 higher than anticipated. Charges for Services also exceeded budget by $279,620. Other financing sources listed in the above table include a transfer out to the Village’s Capital Fund of $3,200,000 per the Village’s Financial Policies. 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, 2015 the Proprietary Funds total net position decreased by $315,293. There were no contributions of infrastructure in fiscal years 2015 or 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 $1,001,463 in fiscal year 2015 (page 93). Fiscal year 2014 reported an operating loss of $570,977. The 2015 loss was directly attributable to water and sewer infrastructure depreciation expenses of $3,034,713. CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2015, amounts to $371,701,196. 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 $17,240,056. The Governmental Activities net capital assets decreased by $14,250,629. The Business-Type Activities net capital assets decreased by $2,989,427. Detailed information regarding the change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements on pages 29-31. Original Budget Final Budget Actual Revenues 21,393,318$ 21,393,318$ 22,565,924$ Expenditures 21,658,318$ 21,658,318$ 20,772,641$ Excess of Revenues over Expenditures (265,000)$ (265,000)$ 1,793,283$ Other Financing Sources (Uses)265,000$ 265,000$ (3,235,000)$ Net Changes in Fund Balance -$ -$ (1,441,717)$ Table 3: General Fund Budgetary Highlights 2015 2014 2015 2014 2015 2014 Land and Right of Way 99,620,465$ 99,620,465$ 3,043,544$ 3,043,544$ 102,664,009$ 102,664,009$ Buildings 22,714,547$ 23,139,349$ 12,742,844$ 13,091,806$ 35,457,391$ 36,231,155$ Machinery and Equipment 980,703$ 756,631$ 118,966$ 102,709$ 1,099,669$ 859,340$ Water & Sewer System -$ -$ 93,286,994$ 95,943,716$ 93,286,994$ 95,943,716$ Infrastructure 134,917,352$ 149,046,788$ -$ -$ 134,917,352$ 149,046,788$ Construction in progress 4,090,833$ 4,011,296$ 184,948$ 184,948$ 4,275,781$ 4,196,244$ Total Capital Assets 262,323,900$ 276,574,529$ 109,377,296$ 112,366,723$ 371,701,196$ 388,941,252$ 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, 2015, the Village has eight general obligation bond series, one Illinois EPA low interest loan, and two revenue bond series outstanding. At April 30, 2015, $35.150 million in general obligation bonds, $2.795 million in Illinois EPA loans, and $15.595 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 $3.6 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 statutes that 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. 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 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." In July of 2015, Moody’s, as part of their annual review process, noticed positive trends in the Village’s finances. Upon completion of their analysis, Moody’s upgraded the Village’s rating from Aa2 to Aa1. In summary, Moody states that the rating, “reflects the Village’s healthy financial operations and ample reserves supported by strong management and long term fiscal planning”. 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: Additional information of the Village’s long-term debt can be found in the Notes to the Financial Statements (pages 32-37). Moody's S&P Aaa AAA Aa1 AA+*** Aa2 *AA Aa3 **AA- A1 A+ A2 A A3 A- Baa1 BBB+ Baa2 BBB Baa3 BBB- *Water & Sewer 1st lien revenue bond **Water & Sewer 2nd lien revenue bond *** S&P rated all of the Village's debt the same Comparison of Ratings Used by Moody's and Standard and Poor's (S&P) Village of Plainfield's Debt Rating is Highlighted. The Village holds both General Obligation Bonds and Water & Sewer System Revenue Bonds 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   2014 – 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 2014 average unemployment for the Village of Plainfield was 6.4%, which favorably compares to Will County’s rate of 7.4% and the State of Illinois rate of 7.1%. As of July 2015, the average unemployment for the Village was 5.8%, which still favorably compares to Will County’s rate of 6.1% and the State of Illinois rate of 5.9%. The national average unemployment rate for July 2015 was 5.6%. Information from the US Census Bureau via the 2000 Census and the 2009-2013 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 2009-2013 2000 2009-2013 2000 2009-2013 2000 2009-2013 Median value of owner- occupied housing units $198,300 $295,300 $154,300 $219,400 $130,800 $182,300 $119,600 $176,700 Plainfield Will County Illinois USA 2000 2009-2013 2000 2009-2013 2000 2009-2013 2000 2009-2013 Median household income $80,799 $108,928 $62,238 $76,147 $46,590 $56,797 $41,994 $64,719 Per the data above, the median value of owner-occupied housing units increased an estimated 49% for the Village within approximately the past 13 years. In addition, the median household income increased by 35% 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 2016 budget was again developed on a conservative basis. Continued cost containments across all departments enabled the Village to approve a balanced 2016 budget, with the main principle of providing quality services in an efficient and cost-effective manner. The 2016 budget anticipates a stable housing market, and continues to be conservative in regards to revenue projections, reflecting a decline in state shared revenues (due to the uncertainty of the State of Illinois), and level property taxes. 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 Village’s Motor Fuel Tax Fund includes an additional $1 million for the Village’s roadway maintenance program. The 2011-2014 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. As the 2014 fiscal year provided the elimination of the Capital Fund deficit balance and an ending fund balance of $405,138, the 2015 fiscal year concluded with an ending Capital Fund balance of $5,447,573. Fiscal year 2016 includes a fund balance replacement plan of $557,750, which will continue to help the Village position for future capital infrastructure needs. State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues at 43%. Fiscal year 2015 reflected an increase in sales tax revenue of 3%, while fiscal year 2014 also increased by 3%. The Village continues to remain uncertain regarding the State’s proposal to reduce the local government’s share of income tax revenues. State revenues will continue to be monitored closely in the 2016 fiscal year and forward. Property tax revenues represent approximately 23% of the overall General Fund revenues. The Village's composition is primarily residential with smaller commercial and industrial components. Although home values seem to have stabilized, the Village will continue closely monitor the housing market for the current year budget and future fiscal year budget projections. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham, Director of Management Services, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544. Governmental Business-Type Activities Activities Total ASSETS Cash and investments 17,005,310$ 13,473,905$ 30,479,215$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 6,496,562 - 6,496,562 Sales tax 2,125,534 367,172 2,492,706 Income tax 638,725 - 638,725 Utility/telecommunications taxes 378,731 - 378,731 Allotments 92,057 - 92,057 Grants 6,309 - 6,309 Interest 3,214 11,067 14,281 Other 979,196 1,851,140 2,830,336 Prepaid expenses 135,867 17,167 153,034 Deposits 1,156,534 206,984 1,363,518 Land held for resale 108,000 - 108,000 Net pension asset 1,725,245 - 1,725,245 Capital assets Nondepreciable 103,711,298 3,228,492 106,939,790 Depreciable, net of accumulated depreciation 158,612,602 106,148,804 264,761,406 Total assets 293,175,184 125,304,731 418,479,915 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 2,000,102 2,683,624 4,683,726 Total deferred outflows of resources 2,000,102 2,683,624 4,683,726 Total assets and deferred outflows of resources 295,175,286 127,988,355 423,163,641 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2015 (This statement is continued on the following page.) - 4 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 2,183,919$ 1,321,435$ 3,505,354$ Accrued payroll 316,643 46,722 363,365 Deposits payable 15,392 1,799 17,191 Accrued interest payable 334,078 327,486 661,564 Other accrued liabilities 61,976 - 61,976 Unearned revenue 532,547 - 532,547 Noncurrent liabilities Due within one year 2,951,433 2,197,125 5,148,558 Due in more than one year 26,301,953 25,961,185 52,263,138 Total liabilities 32,697,941 29,855,752 62,553,693 DEFERRED INFLOWS OF RESOURCES Deferred property tax 6,496,562 - 6,496,562 Total deferred inflows of resources 6,496,562 - 6,496,562 Total liabilities and deferred inflows of resources 39,194,503 29,855,752 69,050,255 NET POSITION Net investment in capital assets 236,161,456 83,998,867 320,160,323 Restricted for Street maintenance 2,690,722 - 2,690,722 Public safety 32,058 - 32,058 Debt service - 2,106,291 2,106,291 Audit 3,970 - 3,970 Liability insurance 70,626 - 70,626 Economic development 986,104 - 986,104 Unrestricted 16,035,847 12,027,445 28,063,292 TOTAL NET POSITION 255,980,783$ 98,132,603$ 354,113,386$ April 30, 2015 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 5 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 3,974,582$ 5,472,089$ 23,407$ -$ Public safety 11,778,078 1,611,233 72,638 9,858 Highways and streets 23,731,474 9,193 1,396,548 34,409 Interest 1,059,100 - - - Total governmental activities 40,543,234 7,092,515 1,492,593 44,267 Business-Type Activities Water and sewer 15,513,750 13,407,793 - - Total business-type activities 15,513,750 13,407,793 - - TOTAL PRIMARY GOVERNMENT 56,056,984$ 20,500,308$ 1,492,593$ 44,267$ 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, 2015 - 6 - Governmental Business-Type Activities Activities Total 1,520,914$ -$ 1,520,914$ (10,084,349) - (10,084,349) (22,291,324) - (22,291,324) (1,059,100) - (1,059,100) (31,913,859) - (31,913,859) - (2,105,957) (2,105,957) - (2,105,957) (2,105,957) (31,913,859) (2,105,957) (34,019,816) General Revenues Taxes Property and replacement 6,538,805 - 6,538,805 Home rule sales 3,286,980 1,643,244 4,930,224 Utility/telecommunications 3,107,995 - 3,107,995 Local motor fuel 813,718 - 813,718 Other 8,250 - 8,250 Sales and use tax 5,842,343 - 5,842,343 Income tax 3,876,349 - 3,876,349 Investment income (120,582) 141 (120,441) Miscellaneous 197,627 637,131 834,758 Transfers 489,852 (489,852) - Total 24,041,337 1,790,664 25,832,001 CHANGE IN NET POSITION (7,872,522) (315,293) (8,187,815) NET POSITION, MAY 1 263,853,305 98,447,896 362,301,201 NET POSITION, APRIL 30 255,980,783$ 98,132,603$ 354,113,386$ Primary Government Net (Expense) Revenue and Change in Net Position See accompanying notes to financial statements. - 7 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds ASSETS Cash and investments 8,122,455$ 5,182,324$ 1,700$ 3,698,831$ 17,005,310$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 5,079,665 - 112,657 1,304,240 6,496,562 Sales tax 1,391,081 734,453 - - 2,125,534 Income tax 638,725 - - - 638,725 Utility tax - 378,731 - - 378,731 Allotments - - - 92,057 92,057 Grants 6,309 - - - 6,309 Interest 3,214 - - - 3,214 Other 974,286 3,241 - 1,669 979,196 Prepaid items 135,867 - - - 135,867 Deposits 1,156,534 - - - 1,156,534 Land held for resale - - - 108,000 108,000 Total assets 17,508,136 6,298,749 114,357 5,204,797 29,126,039 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 17,508,136$ 6,298,749$ 114,357$ 5,204,797$ 29,126,039$ OUTFLOWS OF RESOURCES ASSETS AND DEFERRED VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2015 (This statement is continued on the following page.) - 8 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 1,703,393$ 363,449$ -$ 117,077$ 2,183,919$ Accrued payroll 316,643 - - - 316,643 Impact fee 46,703 - - - 46,703 Recapture fee - 15,273 - - 15,273 Unearned revenue 60,093 472,454 - - 532,547 Developer deposit 15,392 - - - 15,392 Total liabilities 2,142,224 851,176 - 117,077 3,110,477 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 5,079,665 - 112,657 1,304,240 6,496,562 Total deferred inflows of resources 5,079,665 - 112,657 1,304,240 6,496,562 Total liabilities and deferred inflows of resources 7,221,889 851,176 112,657 1,421,317 9,607,039 FUND BALANCES Nonspendable Long-term receivables 669,986 - - - 669,986 Prepaid items 135,867 - - - 135,867 Restricted Street maintenance - - - 2,690,722 2,690,722 Public safety - - - 32,058 32,058 Audit - - - 3,970 3,970 Liability insurance - - - 70,626 70,626 Economic development - - - 986,104 986,104 Unrestricted Assigned Capital projects - 5,447,573 - - 5,447,573 Debt service - - 1,700 - 1,700 Insurance 1,158,291 - - - 1,158,291 Unassigned 8,322,103 - - - 8,322,103 Total fund balances 10,286,247 5,447,573 1,700 3,783,480 19,519,000 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 17,508,136$ 6,298,749$ 114,357$ 5,204,797$ 29,126,039$ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS April 30, 2015 OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS See accompanying notes to financial statements. - 9 - FUND BALANCES OF GOVERNMENTAL FUNDS 19,519,000$ 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 262,323,900 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (1,287,546) Unamortized loss on refunding 2,000,102 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (334,078) Net pension assets are not recorded in governmental funds but are recorded on the statement of net position 1,725,245 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds General obligation bonds (26,875,000) Compensated absences payable (941,081) Net other postemployment benefit obligation (149,759) NET POSITION OF GOVERNMENTAL ACTIVITIES 255,980,783$ April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION See accompanying notes to financial statements. - 10 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended April 30, 2015 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 6,064,781$ 3,286,980$ 112,333$ 1,183,658$ 10,647,752$ Licenses and permits 976,464 - - - 976,464 Intergovernmental 9,769,446 3,142,404 - 1,396,548 14,308,398 Charges for services 4,923,326 9,193 - - 4,932,519 Fines and forfeits 791,198 292,870 - 10,161 1,094,229 Investment income (122,954) 345 162 1,865 (120,582) Miscellaneous 163,663 159,533 - 18,884 342,080 Total revenues 22,565,924 6,891,325 112,495 2,611,116 32,180,860 EXPENDITURES Current General government 3,364,275 - - 313,100 3,677,375 Public safety 10,903,337 - - 363,590 11,266,927 Highways and streets 6,505,029 - - 692,593 7,197,622 Capital outlay - 3,048,345 - - 3,048,345 Debt service Principal retirement - - 2,085,000 - 2,085,000 Interest and fiscal charges - - 1,138,302 - 1,138,302 Total expenditures 20,772,641 3,048,345 3,223,302 1,369,283 28,413,571 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,793,283 3,842,980 (3,110,807) 1,241,833 3,767,289 OTHER FINANCING SOURCES (USES) Transfers in 60,000 3,700,000 2,990,397 95,000 6,845,397 Transfers (out)(3,295,000) (2,500,545) - (560,000) (6,355,545) Refunding bonds issued - - 9,665,000 - 9,665,000 Premium on refunding bonds - - 331,514 - 331,514 Payment to escrow agent - - (9,875,322) - (9,875,322) Total other financing sources (uses)(3,235,000) 1,199,455 3,111,589 (465,000) 611,044 NET CHANGE IN FUND BALANCES (1,441,717) 5,042,435 782 776,833 4,378,333 FUND BALANCES, MAY 1 11,727,964 405,138 918 3,006,647 15,140,667 FUND BALANCES, APRIL 30 10,286,247$ 5,447,573$ 1,700$ 3,783,480$ 19,519,000$ See accompanying notes to financial statements. - 11 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 4,378,333$ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures; however, they are capitalized and depreciated in the statement of activities 1,050,052 The issuance of long-term debt are shown on the fund financial statements as other financing sources but are recorded as long-term liabilities on the government-wide statements (9,665,000) 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 10,775,000 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 845,902 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 (15,300,681) Change in net pension asset 9,873 Change in net other postemployment benefit obligation (54,411) Change in compensated absences 1,302 Change in accrued interest payable 87,108 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (7,872,522)$ For the Year Ended April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE See accompanying notes to financial statements. - 12 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUND April 30, 2015 Water and Sewer CURRENT ASSETS Cash and investments 13,473,905$ Receivables Accounts 1,851,140 Sales tax 367,172 Interest 11,067 Prepaid expenses 17,167 Total current assets 15,720,451 CAPITAL ASSETS Nondepreciable 3,228,492 Depreciable, net of accumulated depreciation 106,148,804 Total capital assets 109,377,296 OTHER ASSETS Deposits 206,984 Total other assets 206,984 Total assets 125,304,731 DEFERRED OUTFLOW OF RESOURCES Unamortized loss on refundings 2,683,624 Total deferred outflow of resources 2,683,624 Total assets and deferred outflow of resources 127,988,355 (This statement is continued on the following page.) - 13 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) PROPRIETARY FUND April 30, 2015 Water and Sewer CURRENT LIABILITIES Accounts payable 1,321,435$ Accrued payroll 46,722 Accrued interest 327,486 Compensated absences payable 83,580 Illinois EPA loan 153,545 Bonds payable 1,960,000 Developer deposit 1,799 Total current liabilities 3,894,567 LONG-TERM LIABILITIES Compensated absences payable 12,677 Illinois EPA loan 2,641,714 Bonds payable 23,306,794 Total long-term liabilities 25,961,185 Total liabilities 29,855,752 DEFERRED INFLOWS OF RESOURCES None - Total liabilities and deferred inflows of resources 29,855,752 NET POSITION Net investment in capital assets 83,998,867 Restricted for debt service 2,106,291 Unrestricted 12,027,445 TOTAL NET POSITION 98,132,603$ See accompanying notes to financial statements. - 14 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUND For the Year Ended April 30, 2015 Water and Sewer OPERATING REVENUES Charges for services 13,407,793$ Total operating revenues 13,407,793 OPERATING EXPENSES Water operations 9,414,844 Sewer operations 1,959,699 Depreciation 3,034,713 Total operating expenses 14,409,256 OPERATING INCOME (LOSS)(1,001,463) NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,643,244 Miscellaneous revenue 637,131 Investment income 141 Interest expense (1,104,494) Total non-operating revenues (expenses)1,176,022 INCOME BEFORE TRANSFERS 174,559 TRANSFERS Transfers (out)(489,852) CHANGE IN NET POSITION (315,293) NET POSITION, MAY 1 98,447,896 NET POSITION, APRIL 30 98,132,603$ See accompanying notes to financial statements. - 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2015 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 13,252,992$ Reimbursements to other funds (250,380) Payments to suppliers (9,768,290) Payments to employees (1,281,598) Net cash from operating activities 1,952,724 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out) (489,852) Non-operating revenues 2,293,468 Net cash from noncapital financing activities 1,803,616 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (45,285) Proceeds from the issuance of long-term debt 14,594,942 Principal payments on long-term debt (2,026,643) Payment to escrow agent (14,416,585) Interest paid (1,263,784) Net cash from capital and related financing activities (3,157,355) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of investment securites (324,845) Interest received (2,665) Net cash from investing activities (327,510) NET INCREASE IN CASH AND CASH EQUIVALENTS 271,475 CASH AND CASH EQUIVALENTS, MAY 1 12,877,585 CASH AND CASH EQUIVALENTS, APRIL 30 13,149,060$ (This statement is continued on the following page.) - 16 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUND For the Year Ended April 30, 2015 Water and Sewer RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(1,001,463)$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization 3,034,713 Changes in assets and liabilities Accounts receivable (154,801) Prepaid fees 663 Deposits (16,311) Accounts payable 75,132 Accrued expenses 14,791 NET CASH FROM OPERATING ACTIVITIES 1,952,724$ CASH AND INVESTMENTS Cash and cash equivalents 13,149,060$ Investments 324,845 TOTAL CASH AND INVESTMENTS 13,473,905$ NONCASH TRANSACTIONS None -$ See accompanying notes to financial statements. - 17 - STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS April 30, 2015 Police Pension ASSETS Cash and short-term investments 58,722$ Investments U.S. Government and agency obligations 9,754,061 Municipal bonds 581,818 Mutual funds 13,364,893 Receivables Accrued interest receivable 66,844 Total assets 23,826,338 LIABILITIES Accounts payable 588 Total liabilities 588 NET POSITION HELD IN TRUST FOR PENSION BENEFITS 23,825,750$ VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 18 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS For the Year Ended April 30, 2015 ADDITIONS Contributions Employer 898,172$ Employee 522,107 Total contributions 1,420,279 Investment income Net appreciation in fair value of investments 634,506 Interest 869,435 Total investment income 1,503,941 Less investment expense (37,500) Net investment income 1,466,441 Total additions 2,886,720 DEDUCTIONS Benefits and refunds 413,533 Administration 33,752 Total deductions 447,285 NET INCREASE 2,439,435 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 21,386,315 April 30 $ 23,825,750 VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 19 - - 20 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2015 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. - 20 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 21 - 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, which is 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 nonfiduciary 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). - 21 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 22 - 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. Non-operating 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-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. - 22 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 23 - 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/deferred 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, 2015 for debt and equity securities. Mutual funds, investment funds, and insurance separate accounts are valued at contract value as of April 30, 2015. - 23 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 24 - 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 - 24 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 25 - 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 of Trustees, which is considered the Village’s highest level of decision making authority. Formal actions include resolutions and ordinances (equally binding) approved by the Board of Trustees. 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 of Trustees. Any residual fund balance of the General Fund and any deficit balances in other governmental funds are 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 Projects 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. - 25 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 26 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) j. Fund Balance/Net Position (Continued) 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. 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. - 26 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 27 - 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). 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. - 27 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 28 - 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, 2015: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 IMET $ 5,389,081 $ - $ 5,389,081 $ - $ - Negotiable certificates of deposit 1,244,430 1,244,430 - - - Municipal bonds 1,631,041 - 1,631,041 - - TOTAL $ 8,264,552 $ 1,244,430 $ 7,020,122 $ - $ - 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. The Village’s Municipal Bonds have ratings from A+ to AA-. Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the Village will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Village’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by an independent third party custodian and evidenced by safekeeping receipts and a written custodial agreement. Illinois Funds and IMET are not subject to custodial credit risk. - 28 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 29 - 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. 3. RECEIVABLES - PROPERTY TAXES Property taxes for the 2014 levy year attach as an enforceable lien on January 1, 2014, 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, 2015 and August 1, 2015, and are payable in two installments, on or about June 1, 2015 and September 1, 2015. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 1% to 2% of the tax levy, to reflect actual collection experience. The 2014 taxes are intended to finance the 2015 fiscal year and are not considered available for current operations and are, therefore, shown as unavailable/deferred revenue. The 2015 tax levy has not been recorded as a receivable at April 30, 2015, as the tax attached as a lien on property as of January 1, 2015; however, the tax will not be levied until December 2015 and, accordingly, is not measurable at April 30, 2015. 4. CAPITAL ASSETS a. Capital Assets Capital asset activity for the year ended April 30, 2015 was as follows: Beginning Balances Increases Decreases Ending Balances 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 4,011,296 79,537 - 4,090,833 Total capital assets not being depreciated 103,631,761 79,537 - 103,711,298 - 29 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 30 - 4. CAPITAL ASSETS (Continued) a. Capital Assets (Continued) Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES (Continued) Capital assets being depreciated Buildings and improvements $ 30,926,945 $ 414,872 $ - $ 31,341,817 Vehicles and equipment 5,370,173 555,643 44,716 5,881,100 Infrastructure 318,676,573 - - 318,676,573 Total capital assets being depreciated 354,973,691 970,515 44,716 355,899,490 Less accumulated depreciation for Buildings 7,787,596 839,674 - 8,627,270 Vehicles and equipment 4,613,542 331,571 44,716 4,900,397 Infrastructure 169,629,785 14,129,436 - 183,759,221 Total accumulated depreciation 182,030,923 15,300,681 44,716 197,286,888 Total capital assets being depreciated, net 172,942,768 (14,330,166) - 158,612,602 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 276,574,529 $ (14,250,629) $ - $ 262,323,900 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 1,114,762 45,286 - 1,160,048 Water transmission system 68,161,143 - - 68,161,143 Sewer collection system 54,368,452 - - 54,368,452 Total capital assets being depreciated 141,092,449 45,286 - 141,137,735 Less accumulated depreciation for Buildings 4,356,286 348,962 - 4,705,248 Vehicles and equipment 1,012,053 29,029 - 1,041,082 Water transmission system 14,736,190 1,553,279 - 16,289,469 Sewer collection system 11,849,689 1,103,443 - 12,953,132 Total accumulated depreciation 31,954,218 3,034,713 - 34,988,931 Total capital assets being depreciated, net 109,138,231 (2,989,427) - 106,148,804 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 112,366,723 $ (2,989,427) $ - $ 109,377,296 - 30 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 31 - 4. CAPITAL ASSETS (Continued) a. Capital Assets (Continued) Depreciation expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General government $ 290,557 Public safety 599,951 Highways and streets 14,410,173 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 15,300,681 b. Construction Contracts The Village had no significant construction commitments at April 30, 2015. 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, 2014 through April 30, 2015: Coverage SWARM Self-Insured Retention/ Deductible Limits Property $ 50,000 $ 200,000,000/member General liability 100,000 4,000,000/member Employee benefit administration liability 100,000 3,000,000/member Auto liability 100,000 2,000,000/member Law enforcement liability 100,000 2,000,000/member Public officials liability 100,000 2,000,000/member Employment practices liability 100,000 2,000,000/member Workers’ compensation 600,000/occurrence 1,000,000/occurrence Umbrella policy N/A 8,000,000/member Excess liability N/A $10MM xs $10MM The Village is not aware of any additional premiums owed to SWARM as of April 30, 2015 for the current or prior claim years. - 31 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 32 - 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: Issue Fund Debt Retired by Balances May 1, 2014 Issuances Refundings/ Retirements Balances April 30, 2015 Current Portion $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 $ 1,065,000 $ - $ 525,000 $ 540,000 $ 540,000 $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 2,365,000 - 1,105,000 1,260,000 1,160,000 $15,135,000 General Obligation Bonds of 2007, annual installments of $515,000 to $1,175,000 through December 15, 2026, interest at 4.00% to 5.00% payable each June 15 and December 15. Debt Service 11,695,000 - 9,355,000 2,340,000 690,000 $865,000 General Obligation Refunding Bonds of 2009, annual installments of $5,000 to $110,000 through December 15, 2019, interest at 2.00% to 4.00% payable each June 15 and December 15. Debt Service 600,000 - 90,000 510,000 95,000 $9,280,000 General Obligation Refunding Bonds of 2010, annual installments of $640,000 to $960,000 through December 15, 2023, interest at 2.00% to 4.00% payable each June 15 and December 15. Debt Service 7,990,000 - 660,000 7,330,000 690,000 $6,820,000 General Obligation Refunding Bonds of 2012, annual installments of $75,000 to $805,000 through December 15, 2024, interest at 2.00% to 3.00% payable each June 15 and December 15. Debt Service 6,635,000 - 75,000 6,560,000 75,000 - 32 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 33 - 6. LONG-TERM DEBT (Continued) a. General Obligation Bonds (Continued) Issue Fund Debt Retired by Balances May 1, 2014 Issuances Refundings/ Retirements Balances April 30, 2015 Current Portion $7,370,000 General Obligation Refunding Bonds of 2013, annual installments of $355,000 to $1,780,000 through December 15, 2019, interest at 2.00% to 4.00% payable each June 15 and December 15. Water and Sewer $ 7,370,000 $ - $ 355,000 $ 7,015,000 $ 370,000 $9,665,000 General Obligation Refunding Bonds of 2014, annual installments of $70,000 to $1,160,000 through December 15, 2026, interest at 2.00% to 3.50% payable each June 15 and December 15. Debt Service - 9,665,000 70,000 9,595,000 125,000 TOTAL GENERAL OBLIGATION BONDS $ 37,720,000 $ 9,665,000 $ 12,235,000 $ 35,150,000 $ 3,745,000 b. Revenue Bonds Payable In January 2015, the Village issued $13,740,000 of Water and Sewer System Revenue Refunding Bonds to partially refund the Water and Sewer System Revenue Bonds of 2008. Both issuances are collateralized by the revenue of the water and sewer system and the various restricted accounts established by the bond ordinances. Issue. Fund Debt Retired by Balances May 1, 2014 Issuances Refundings/ Retirements Balances April 30, 2015 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 $ 14,885,000 $ - $ 13,030,000 $ 1,855,000 $ 430,000 $16,385,000 Water and Sewer System Revenue Refunding Bonds of 2015, annual installments of $90,000 to $1,100,000 through May 1, 2034, interest at 2.00% to 4.00% payable each May 1 and November 1. Water and Sewer - 13,740,000 - $ 13,740,000 - TOTAL REVENUE BONDS $ 14,885,000 $ 13,740,000 $ 13,030,000 $ 15,595,000 $ 430,000 - 33 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 34 - 6. LONG-TERM DEBT (Continued) b. Revenue Bonds Payable (Continued) The amount of pledge remaining as of April 30, 2015 is as follows: Pledged Revenue Source Pledge Remaining Commitment End Date Pledged Revenue Collected Principal and Interest Paid Water and Sewer System Revenue Bonds of 2008 Revenues of the System $ 2,040,685 5/1/18 $ 13,407,793 $ 1,308,871 Water and Sewer System Revenue Bonds of 2015 Revenues of the System 20,356,894 5/1/34 13,407,793 - c. Illinois EPA Loans Issue Fund Debt Retired by Balances May 1, 2014 Issuances Refundings/ Retirements Balances April 30, 2015 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 $ 2,946,902 $ - $ 151,643 $ 2,795,259 $ 153,545 TOTAL ILLINOIS EPA LOANS $ 2,946,902 $ - $ 151,643 $ 2,795,259 $ 153,545 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Governmental Activities Fiscal General Obligation Bonds Year Principal Interest 2016 $ 2,215,000 $ 890,875 2017 2,315,000 806,150 2018 2,395,000 733,025 2019 2,475,000 650,150 2020 2,560,000 571,250 2021 2,520,000 494,800 2022 2,635,000 410,800 - 34 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 35 - 6. LONG-TERM DEBT (Continued) d. Debt Service Requirements to Maturity (Continued) Governmental Activities Fiscal General Obligation Bonds Year Principal Interest 2023 $ 2,745,000 $ 323,000 2024 2,840,000 231,450 2025 1,895,000 136,650 2026 1,120,000 79,800 2027 1,160,000 40,600 TOTAL $ 26,875,000 $ 5,368,550 Business-Type Activities Fiscal General Obligation Bonds Revenue Bonds Year Principal Interest Principal Interest 2016 $ 1,530,000 $ 270,725 $ 430,000 $ 479,716 2017 1,600,000 205,325 540,000 601,125 2018 1,655,000 171,450 565,000 578,513 2019 1,710,000 121,800 590,000 553,850 2020 1,780,000 53,400 620,000 515,550 2021 - - 645,000 490,250 2022 - - 665,000 464,050 2023 - - 700,000 436,750 2024 - - 725,000 408,250 2025 - - 750,000 378,750 2026 - - 780,000 348,150 2027 - - 810,000 316,350 2028 - - 840,000 283,350 2029 - - 875,000 249,050 2030 - - 920,000 213,150 2031 - - 950,000 175,750 2032 - - 990,000 136,950 2033 - - 1,030,000 96,550 2034 - - 1,070,000 57,225 2035 - - 1,100,000 19,250 TOTAL $ 8,275,000 $ 822,700 $ 15,595,000 $ 6,802,579 - 35 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 36 - 6. LONG-TERM DEBT (Continued) d. Debt Service Requirements to Maturity (Continued) Business-Type Activities Fiscal Illinois EPA Loans Year Principal Interest 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 $ 2,795,259 $ 306,858 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 2015: Balances May 1 Additions Reductions Balances April 30 Current Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 27,985,000 $ 9,665,000 $ 10,775,000 $ 26,875,000 $ 2,215,000 Compensated absences payable* 942,383 708,410 709,712 941,081 736,433 Net other postemployment benefit obligation* 95,348 54,411 - 149,759 - Unamortized bond premium 1,286,414 331,514 330,382 1,287,546 - TOTAL GOVERNMENTAL ACTIVITIES $ 30,309,145 $ 10,759,335 $ 11,815,094 $ 29,253,386 $ 2,951,433 *Compensated absences and net other postemployment benefit obligations have typically been liquidated by the General Fund - 36 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 37 - 6. LONG-TERM DEBT (Continued) e. Changes in Long-Term Liabilities (Continued) Balances May 1 Additions Reductions Balances April 30 Current Portion BUSINESS-TYPE ACTIVITIES General obligation bonds $ 9,735,000 $ - $ 1,460,000 $ 8,275,000 $ 1,530,000 Revenue bonds 14,885,000 13,740,000 13,030,000 15,595,000 430,000 Illinois EPA Loan 2,946,902 - 151,643 2,795,259 153,545 Compensated absences payable 90,613 86,616 80,972 96,257 83,580 Unamortized bond premium 623,790 854,942 81,938 1,396,794 - Unamortized bond discount (164,226) - (164,226) - - TOTAL BUSINESS-TYPE ACTIVITIES $ 28,117,079 $ 14,681,558 $ 14,640,327 $ 28,158,310 $ 2,197,125 f. Advance Refunding On July 16, 2014, the Village issued $9,665,000 General Obligation Bonds, the proceeds of which were placed in an irrevocable escrow, to advance refund $8,690,000 of the outstanding 2007 General Obligation Bonds. As a result of the refunding, the Village realized a cash flow savings of $425,473 and an economic gain of $374,889. The refunded bonds will be called and retired on December 15, 2017. On January 7, 2015, the Village issued $13,740,000 Water and Sewer System Revenue Refunding Bonds, the proceeds of which were placed in an irrevocable escrow, to advance refund $6,305,000 of the outstanding First Lien of the 2008 Water and Sewer System Revenue Bonds and $6,310,000 of the outstanding Second Lien of the 2008 Water and Sewer System Revenue Bonds. As a result of the refunding, the Village realized a cash flow savings of $1,194,882 and an economic gain of $911,405. The refunded bonds will be called and retired on May 1, 2018. 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) - 38 - 7. INTERFUND ASSETS/LIABILITIES Individual fund transfers were as follows: Fund Transfers In Transfers Out General $ 60,000 $ 3,295,000 Capital Projects 3,700,000 2,500,545 Debt Service 2,990,397 - Nonmajor Governmental 95,000 560,000 Water and Sewer - 489,852 TOTAL $ 6,845,397 $ 6,845,397 The purposes of significant transfers are as follows: • $3,200,000 transferred from the General Fund to the Capital Projects Fund to finance future capital projects in accordance with the Village’s fund balance policy. • $2,990,397 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. • $500,000 transferred from the TIF Fund to the Capital Projects Fund for reimbursement of the Downtown Streetscape Project. 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) - 39 - 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, 2015, approximately $329,790 in sales tax rebates were incurred under these agreements. Future contingent rebates of approximately $1,803,248 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 both plans are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. The Police 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. a. Plan Descriptions Illinois Municipal Retirement Fund All employees (other than those covered by the Police Pension Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1 - 39 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 40 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) 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 4.50% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the coverage of its own employees in IMRF, as specified by statute. The employer contribution rates for 2014 and 2015 were 11.73% and 11.35% of covered payroll, respectively. Police Pension Plan Plan Administration Police sworn personnel are covered by the Police Pension Plan (the 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. The plan is governed by a five-member Board of Trustees. Two members of the Board of Trustees are appointed by the Village President, one member is elected by pension beneficiaries and two members are elected by active police employees. Administrative costs are financed through contributions and investment income. - 40 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 41 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Plan Membership At April 30, 2015, the measurement date, membership consisted of: Inactive plan members or beneficiaries currently receiving benefits 8 Inactive plan members entitled to but not yet receiving benefits 2 Active plan members 51 TOTAL 61 Benefits Provided The Plan provides retirement 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 creditable 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 - 41 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 42 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Benefits Provided (Continued) 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. Noncompunding 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 preceding calendar year. Contributions Employees are required by ILCS to contribute 9.91% of their base salary to the 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 and the administrative costs 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 Plan. However, the Village has adopted a pension funding policy that funds 100% of the past service cost on a closed basis by the year 2040. For the year ended April 30, 2015, the Village’s contribution was 19.08% of covered payroll. Investment Policy ILCS limit the Plan’s investments to those allowable by ILCS and require the Plan’s Board of Trustees to adopt an investment policy which can be amended by a majority vote of the Board of Trustees. The Plan’s investment policy authorizes it 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). The Plan 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. - 42 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 43 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Investment Policy (Continued) 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. The Plan’s investment policy specifically prohibits investments in commodities, direct investments in real estate, margin or leveraged investments, short sales, and direct foreign currency speculation or any related investment activity. During the year, there were no changes to the investment policy. The Plan’s investment policy in accordance with ILCS establishes the following target allocation across asset classes: Asset Class Target Long-Term Expected Real Rate of Return Cash equivalents 0% 0.0% Large cap domestic equity 30% 7.0% Small cap domestic equity 10% 9.1% International equity 15% 7.2% Fixed income 45% 2.2% ILCS limit the Plan’s investments in equities, mutual funds and variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. The Long‐Term Expected Real Rate of Returns are net of inflation and investment expense. Long‐term returns for the asset classes are calculated on a geometric mean basis. Asset class returns are from Stocks, Bonds, Bills and Inflation 2013 Yearbook ‐ Morningstar for the period of December 31, 1925 through December 31, 2014. International Equity = the MSCI EAFE Index December 31, 1976 through December 31, 2014. - 43 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 44 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Investment Valuations All investments in the plan are stated at fair value and are recorded as of the trade date. Fair value is based on quoted market prices at April 30 for debt securities, equity securities, and mutual funds, and contract values for insurance contracts. Illinois Funds, an investment pool created by the State legislature under the control of the State Treasurer, is a money market mutual fund that maintains a $1 per share value. Investment Rate of Return For the year ended April 30, 2015, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 6.64%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the Plan’s deposits may not be returned to it. The Plan’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 Plan’s deposits with financial institutions. Investments The following table presents the investments and maturities of the Plan’s debt securities as of April 30, 2015: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 2,830,065 $ 100,156 $ 1,805,690 $ 924,219 $ - U.S. agency obligations 6,923,996 402,973 3,810,631 2,439,465 270,927 Municipal bonds 581,818 - 186,649 215,152 180,017 TOTAL $ 10,335,879 $ 503,129 $ 5,802,970 $ 3,578,836 $ 450,944 - 44 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 45 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Interest Rate Risk 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 Plan 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 of Trustees. Credit Risk Credit risk is the risk that the issuer of a debt security will not pay its par value upon maturity. The Plan 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 AA+ to AAA. The Municipal Bonds have ratings from AA3 to AAA. Custodial Credit Risk Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the Plan will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Plan’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 a third party custodian. The money market mutual funds and equity mutual funds are not subject to custodial credit risk. - 45 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 46 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Concentration of Credit Risk Concentration of credit risk is the risk that the Plan has a high percentage of its investments invested in one type of investment. The Plan’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, 2015, Federal Home Loan Bank obligations exceeded 5% of the Plan’s total investments. Such investments comprised approximately 18.04% of the Plan’s investments Net Pension Liability The components of the net pension liability of the Plan as of April 30, 2015, calculated in accordance with GASB Statement No. 67 were as follows: Total pension liability $ 31,882,199 Plan fiduciary net position 23,825,750 Village’s net pension liability 8,056,449 Plan fiduciary net position as a percentage of the total pension liability 74.73% See the schedule of changes in the employer’s net pension liability and related ratios in the required supplementary information for additional information related to the funded status of the Plan. - 46 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 47 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation using the following actuarial methods and assumptions. Actuarial valuation date April 30, 2015 Actuarial cost method Entry-age normal Assumptions Inflation 3.00% Salary increases 5.50% Interest rate 7.50% Cost of living adjustments 2.00% to 3.00% Asset valuation method Market Mortality rates were based on the RP-2000 CHBCA Mortality Table. During the year, there was a change with respect to actuarial assumptions from the prior year to reflect revised expectations with respect to mortality rates, disability rates, turnover rates and retirement rates. The mortality rates, disability rates, turnover rates and retirement rates have been changed to the new rates most recently published by the Illinois Department of Insurance (September 2012). Discount Rate The discount rate used to measure the total pension liability was 7.5%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current members. Therefore, the long-term expected rate of return on pension plan investments (7.5%) was applied to all periods of projected benefit payments to determine the total pension liability. - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 48 - 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the Village calculated using the discount rate of 7.5% as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.5%) or 1 percentage point higher (8.5%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (6.5%) (7.5%) (8.5%) Net pension liability $ 13,643,053 $ 8,056,449 $ 3,546,367 b. Annual Pension Costs Employer contributions have been determined as follows: Illinois Municipal Retirement Police Pension Actuarial valuation date December 31, 2012 April 30, 2013 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 29 Years, Open 26 Years, Closed - 48 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 49 - 11. DEFINED BENEFIT PENSION PLANS (Continued) b. Annual Pension Costs (Continued) Illinois Municipal Retirement Police Pension 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 salary increases - 0.40% to 10.00% N/A seniority/merit 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 Police Pension Annual pension cost 2013 $ 599,939 $ 782,927 (APC) 2014 650,890 784,784 2015 643,007 888,299 Actual contribution 2013 $ 599,939 $ 888,578 2014 650,890 886,519 2015 643,007 898,172 Percentage of APC contributed 2013 100.00% 113.49% 2014 100.00% 112.96% 2015 100.00% 101.11% NPO (asset) 2013 $ - $ (1,613,637) 2014 - (1,715,372) 2015 - (1,725,245) - 49 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 50 - 11. DEFINED BENEFIT PENSION PLANS (Continued) b. Annual Pension Costs (Continued) The NPO (asset) as of April 30, 2015 has been calculated as follows: Police Pension Annual required contribution $ 935,192 Interest on net pension obligation (128,623) Adjustment to annual required contribution 81,760 Annual pension cost 888,299 Contributions made 898,172 The (increase) in net pension obligation (asset) (9,872) Net pension obligation (asset), beginning of year (1,715,372) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (1,725,245) The NPA is reported as an asset in the Village’s governmental activities column in the government-wide financial statements at April 30, 2015. c. Funded Status and Funding Progress The funded status and funding progress of the plans as of April 30, 2015 were as follows: Illinois Municipal Retirement Police Pension Actuarial valuation date December 31, 2014 April 30, 2015 Actuarial accrued liability (AAL) $ 14,926,217 $ 31,882,199 Actuarial value of plan assets 11,802,980 23,825,750 Unfunded actuarial accrued liability (UAAL) 3,123,237 8,056,449 Funded ratio (actuarial value of plan assets/AAL) 79.08% 74.73% Covered payroll (active plan members) $ 5,545,751 $ 4,814,515 UAAL as a percentage of covered payroll 56.32% 167.34% - 50 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 51 - 11. DEFINED BENEFIT PENSION PLANS (Continued) c. Funded Status and Funding Progress (Continued) The actuarial assumptions used to determine the funded status of the plans are the same actuarial assumptions used to determine the employer annual pension costs of the plans as disclosed in Note 11b. See the schedules of funding progress in the required supplementary information immediately following the notes to financial statements for additional information related to the funded status of the plans. 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, 2015, the Village had one disabled retiree receiving benefits under this statute. All health care benefits are provided through the Village’s insured health plan. The benefit levels are 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. - 51 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 52 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) c. Membership At April 30, 2015 (census date), membership consisted of: Actives fully eligible to retire 13 Actives not yet fully eligible to retire 110 Retirees 2 TOTAL 125 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 GASB Statement No. 45. The Village pays 100% of the premium for certain disabled employees. For the fiscal year ended April 30, 2015, retirees contributed $13,530 and the Village contributed $25,920. 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. 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, 2015 $ 80,331 $ 25,920 32.27% $ 149,759 April 30, 2014 64,906 32,784 50.51% 95,348 April 30, 2013 64,380 32,784 50.92% 63,226 - 52 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 53 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) e. Annual OPEB Costs and Net OPEB Obligation (Continued) The net OPEB obligation (NOPEBO) as of April 30, 2015 was calculated as follows: Annual required contribution $ 79,444 Interest on net OPEB obligation 4,291 Adjustment to annual required contribution (3,404) Annual OPEB cost 80,331 Contributions made 25,920 Increase in net OPEB obligation 54,411 Net OPEB obligation, beginning of year 95,348 NET OPEB OBLIGATION, END OF YEAR $ 149,759 f. Funded Status and Funding Progress The funded status of the Plan as of April 30, 2014 (latest information available) was as follows: Actuarial accrued liability (AAL) $ 1,324,394 Actuarial value of plan assets - Unfunded actuarial accrued liability (UAAL) 1,324,394 Funded ratio (actuarial value of plan assets/AAL) 0.00% Covered payroll (active plan members) $ 9,521,845 UAAL as a percentage of covered payroll 13.91% 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. - 53 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 54 - 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) 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, 2014 actuarial valuation, the entry-age actuarial cost method was used. The actuarial assumptions included a 4.5% investment rate of return (net of administrative expenses) and an initial and ultimate annual healthcare cost trend rate of 4.5%. 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. - 54 - 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, 2015 Original Final Budget Budget Actual REVENUES Taxes 6,504,925$ 6,504,925$ 6,064,781$ Licenses and permits 655,800 655,800 976,464 Intergovernmental 8,720,600 8,720,600 9,769,446 Charges for services 4,643,706 4,643,706 4,923,326 Fines and forfeits 736,287 736,287 791,198 Investment income 10,000 10,000 (122,954) Miscellaneous 122,000 122,000 163,663 Total revenues 21,393,318 21,393,318 22,565,924 EXPENDITURES Current General government 3,692,562 3,692,562 3,364,275 Public safety 11,440,346 11,440,346 10,903,337 Highways and streets 6,525,410 6,525,410 6,505,029 Total expenditures 21,658,318 21,658,318 20,772,641 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (265,000) (265,000) 1,793,283 OTHER FINANCING SOURCES (USES) Transfers in 360,000 360,000 60,000 Transfers (out)(95,000) (95,000) (3,295,000) Total other financing sources (uses)265,000 265,000 (3,235,000) NET CHANGE IN FUND BALANCE -$ -$ (1,441,717) FUND BALANCE, MAY 1 11,727,964 FUND BALANCE, APRIL 30 10,286,247$ (See independent auditor's report.) - 55 - ILLINOIS MUNICIPAL RETIREMENT FUND (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) 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% 2014 11,802,980 14,926,217 79.08%3,123,237 5,545,751 56.32% VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 SCHEDULE OF FUNDING PROGRESS (See independent auditor's report.) - 56 - POLICE PENSION FUND (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) 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 18,814,335 24,162,940 77.86%5,348,605 4,563,700 117.20% 2014 21,386,315 27,395,166 78.07%6,008,851 4,732,754 126.96% 2015 23,825,750 31,882,199 74.73%8,056,449 4,814,515 167.34% VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF FUNDING PROGRESS April 30, 2015 (See independent auditor's report.) - 57 - OTHER POSTEMPLOYMENT BENEFIT PLAN (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 - 1,324,394 0.00%1,324,394 9,521,845 13.91% 2015 N/A N/A N/A N/A N/A N/A 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, 2015 SCHEDULE OF FUNDING PROGRESS (See independent auditor's report.) - 58 - ILLINOIS MUNICIPAL RETIREMENT FUND Annual Required Fiscal Employer Contribution Percentage Year Contributions (ARC)Contributed 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% 2015 643,007 643,007 100.00% April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS (See independent auditor's report.) - 59 - 2010 2011 2012 2013 2014 2015 Actuarially determined contribution 682,956$ 845,701$ 806,757$ 808,308$ 808,112$ 935,192$ Contributions in relation to the actuarially determined contribution 998,365 704,076 897,431 888,578 886,519 898,172 CONTRIBUTION DEFICIENCY (Excess)(315,409)$ 141,625$ (90,674)$ (80,270)$ (78,407)$ 37,020$ Covered-employee payroll 4,005,605$ 4,173,528$ 4,375,606$ 4,563,700$ 4,732,754$ 4,814,515$ Contributions as a percentage of covered-employee payroll 24.9%16.9%20.5%19.5%18.7%18.7% The information directly above is formatted to comply with the requirements of GASB Statement No. 67. Annual Required Year Ended Employer Contribution Percent April 30,Contributions (ARC)Contributed 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% 2015 898,172 935,192 96.04% Notes to Required Supplementary Information This information directly above is presented in accordance with GASB Statement No.25.The information presented was determined as part of the actuarial valuations as of the beginning of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed and the amortization period was 26 years; the asset valuation method was at market value; and the significant actuarial assumptions were an investment rate of return at 7.50% annually,projected salary increases assumption of 5.50%compounded annually,and postretirement benefit increases of 3.00%compounded annually. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND Last Six Fiscal Years (See independent auditor's report.) - 60 - OTHER POSTEMPLOYMENT BENEFIT PLAN 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% 2015 25,920 79,444 32.63% 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, 2015 SCHEDULE OF EMPLOYER CONTRIBUTIONS (See independent auditor's report.) - 61 - TOTAL PENSION LIABILITY Service cost 1,098,445$ Interest 2,039,130 Changes of benefit terms - Differences between expected and actual experience (319,230) Changes of assumptions 2,082,221 Benefit payments, including refunds of member contributions (413,533) Net change in total pension liability 4,487,033 Total pension liability - beginning 27,395,166 TOTAL PENSION LIABILITY - ENDING 31,882,199$ PLAN FIDUCIARY NET POSITION Contributions - employer 898,172$ Contributions - member 522,107 Net investment income 1,466,441 Benefit payments, including refunds of member contributions (413,533) Administrative expense (33,752) Net change in plan fiduciary net position 2,439,435 Plan fiduciary net position - beginning 21,386,315 PLAN FIDUCIARY NET POSITION - ENDING 23,825,750$ EMPLOYER'S NET PENSION LIABILITY 8,056,449$ Plan fiduciary net position as a percentage of the total pension liability 74.73% Covered-employee payroll 4,814,515$ Employer's net pension liability as a percentage of covered-employee payroll 167.3% Notes to required supplementary information There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations with respect to mortality rates, disability rates, turnover rates, and retirement rates. VILLAGE OF PLAINFIELD, ILLINOIS POLICE PENSION FUND SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS April 30, 2015 (See independent auditor's report.) - 62 - 2015 Annual money-weighted rate of teturn,6.64% net of investment expense VILLAGE OF PLAINFIELD, ILLINOIS POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS April 30, 2015 (See independent auditor's report.) - 63 - - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 2015 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. $ 15,000 $ 29,478 Tax Increment Financing 150,000 169,965 Bond and Interest 3,138,165 3,223,302 - 64 - COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual TAXES Property taxes 3,275,925$ 3,275,925$ 3,333,428$ Property tax - police pension 900,000 900,000 898,172 Property taxes - road and bridge 360,000 360,000 383,703 Property taxes - IMRF 570,000 570,000 573,699 Home rule sales tax 500,000 500,000 - Personal property replacement tax 45,000 45,000 53,813 Amusement tax 4,000 4,000 8,248 Local motor fuel tax 850,000 850,000 813,718 Total taxes 6,504,925 6,504,925 6,064,781 LICENSES AND PERMITS Licenses Liquor 85,000 85,000 94,170 Contractors 35,000 35,000 38,750 Cigarette 2,500 2,500 7,500 Scavenger 200 200 100 Business 22,000 22,000 31,713 Total licenses 144,700 144,700 172,233 Permits Building 500,000 500,000 792,640 Sign 5,000 5,000 6,672 Special movement 5,000 5,000 4,254 Solicitors 1,000 1,000 665 Child safety seats 100 100 - Total permits 511,100 511,100 804,231 Total licenses and permits 655,800 655,800 976,464 INTERGOVERNMENTAL Grant revenue 15,600 15,600 50,754 Sales tax 4,725,000 4,725,000 5,025,975 Use tax 580,000 580,000 816,368 Income tax 3,400,000 3,400,000 3,876,349 Total intergovernmental 8,720,600 8,720,600 9,769,446 CHARGES FOR SERVICES Rental income 25,200 25,200 46,146 Zoning applications 10,000 10,000 14,452 Accident report copies 4,000 4,000 4,155 Maps and ordinances copies 3,000 3,000 2,701 (This schedule is continued on the following page.) - 65 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued) Garbage fees 3,425,000$ 3,425,000$ 3,587,793$ Engineering services 10,000 10,000 - Special detail reimbursement 35,000 35,000 42,984 Sprint rent 48,600 48,600 37,623 Telephone franchise fee 200,000 200,000 259,808 Cable franchise fee 395,000 395,000 445,784 Amphitheater rent - - 1,400 School liaison reimbursement 372,906 372,906 391,862 HIDTA/organized crime reimbursement 10,000 10,000 13,843 Kitchen rental - community room 3,000 3,000 5,660 Security - community room 500 500 - Sex offenders registration - - 560 Parking lot revenues 1,000 1,000 4,800 Impound fees 100,000 100,000 63,600 Miscellaneous 500 500 155 Total charges for services 4,643,706 4,643,706 4,923,326 FINES AND FORFEITS Will County circuit court fines 350,000 350,000 319,084 Kendall County circuit court fines 500 500 1,641 Alcohol fines 100 100 - Traffic and ordinance fines 200,000 200,000 175,535 Drug forfeiture 177,687 177,687 255,667 False alarm fees 8,000 8,000 6,700 Administrative fines - late fees - - 17,265 Court fines - drug account - - 15,306 Total fines and forfeits 736,287 736,287 791,198 INVESTMENT INCOME 10,000 10,000 (122,954) MISCELLANEOUS Other reimbursements 90,000 90,000 89,304 Other receipts 15,000 15,000 41,532 PEMA donation - - 3,000 Miscellaneous donations 5,000 5,000 23,407 Event sponsorship program 4,000 4,000 5,276 Mobile field force 3,000 3,000 - Sale of fixed assets 5,000 5,000 1,144 Total miscellaneous 122,000 122,000 163,663 TOTAL REVENUES 21,393,318$ 21,393,318$ 22,565,924$ (See independent auditor's report.) - 66 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual CURRENT General government Legislative 482,150$ 482,150$ 469,873$ Administration 1,014,756 1,014,756 891,012 Community relations 167,710 167,710 144,003 Facility management 183,914 183,914 92,377 Human resources 278,715 278,715 259,090 Information technology 551,695 551,695 539,904 Planning 464,330 464,330 409,891 Building 549,292 549,292 576,370 Subtotal 3,692,562 3,692,562 3,382,520 Less insurance surplus allocation - - (18,245) Total general government 3,692,562 3,692,562 3,364,275 Public safety Police department Executive 589,134 589,134 540,624 Police operations 6,312,034 6,312,034 6,301,232 Police administration 1,838,408 1,838,408 1,681,286 Police records 596,357 596,357 589,440 Seizure/forfeiture 177,687 177,687 309,003 Police special activities 35,500 35,500 32,244 Community services 1,223,984 1,223,984 1,027,569 Court services 337,166 337,166 245,191 Nondivisional 47,480 47,480 17,592 Total police department 11,157,750 11,157,750 10,744,181 Police commission 13,521 13,521 2,260 PEMA 269,075 269,075 217,938 Subtotal 11,440,346 11,440,346 10,964,379 Less insurance surplus allocation - - (61,042) Total public safety 11,440,346 11,440,346 10,903,337 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.) - 67 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual CURRENT (Continued) Highways and streets Waste hauler 3,163,250$ 3,163,250$ 3,186,306$ Administration 406,049 406,049 409,245 Street maintenance 2,511,700 2,511,700 2,527,805 Vehicle maintenance 270,880 270,880 261,869 Forestry 173,531 173,531 132,949 Subtotal 6,525,410 6,525,410 6,518,174 Less insurance surplus allocation - - (13,145) Total highways and streets 6,525,410 6,525,410 6,505,029 TOTAL EXPENDITURES 21,658,318$ 21,658,318$ 20,772,641$ (See independent auditor's report.) - 68 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative Salaries - President 20,000$ 20,000$ 20,000$ Salaries - Elected Officials 25,000 25,000 20,500 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 2,600 2,600 2,549 Medicare 600 600 596 IMRF 300 300 386 Employee insurance 150 150 88 Travel/training 10,000 10,000 7,655 Replacement equipment 4,000 4,000 894 Dues and subscriptions 32,000 32,000 33,224 Public relations 80,000 80,000 49,262 Cable TV 2,000 2,000 929 Property tax refund 1,500 1,500 - Economic incentive rebate 300,000 300,000 329,790 Total legislative 482,150 482,150 469,873 Administration Salaries - full-time 644,990 644,990 621,569 Salaries - part-time 45,000 45,000 42,061 Salaries - overtime 1,500 1,500 266 FICA 42,872 42,872 37,453 Medicare 10,027 10,027 9,600 IMRF 82,800 82,800 77,952 Employee insurance 102,340 102,340 85,907 Deferred compensation contribution 15,000 15,000 20,933 Travel/training 15,000 15,000 11,341 Unemployment insurance 10,000 10,000 3,747 Telephone/internet 6,000 6,000 3,447 Cellular phones/pagers 2,000 2,000 1,444 Dues and subscriptions 5,000 5,000 3,764 Office supplies/postage 30,000 30,000 33,572 Gas, oil, wash, and mileage 9,500 9,500 8,513 Maintenance contract/lease 8,500 8,500 3,957 Recording fees 2,500 2,500 1,024 Legal notices 2,500 2,500 1,729 Attorney legal fees 70,000 70,000 49,595 Fingerprints 500 500 - Contractual services 75,000 75,000 90,591 Engineer fees 25,000 25,000 - Office furniture and equipment 5,000 5,000 2,927 Contingencies 53,727 53,727 30,000 Subtotal administration 1,264,756 1,264,756 1,141,392 Less Water and Sewer reimbursement (250,000) (250,000) (250,380) Total administration 1,014,756 1,014,756 891,012 (This schedule is continued on the following pages.) - 69 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Community relations Salaries - full-time 92,120$ 92,120$ 92,540$ FICA 5,711 5,711 5,485 Medicare 1,335 1,335 1,283 IMRF 11,054 11,054 10,929 Employee insurance 21,290 21,290 17,153 Deferred compensation contribution 1,000 1,000 3,472 Travel/training 1,700 1,700 224 Telephone/internet 500 500 338 Software 1,700 1,700 - Public relations 15,750 15,750 6,614 Office supplies/postage 1,000 1,000 58 Dues and subscriptions 700 700 110 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 3,000 3,000 - Settler's Park 7,750 7,750 5,797 Contractual services 3,000 3,000 - Total community relations 167,710 167,710 144,003 Facility management Salaries - overtime 31,026 31,026 33,253 FICA 1,925 1,925 1,918 Medicare 450 450 449 IMRF 3,723 3,723 3,842 Building maintenance supplies 7,000 7,000 5,460 Contractual services 50,000 50,000 37,333 Employee insurance 9,790 9,790 7,887 Building improvements 80,000 80,000 2,235 Total facility management 183,914 183,914 92,377 Human resources Salaries - full-time 167,785 167,785 172,901 Salaries - over-time 500 500 - FICA 10,435 10,435 10,605 Medicare 2,440 2,440 2,480 IMRF 20,195 20,195 20,491 Employee insurance 38,600 38,600 19,510 Deferred compensation contribution 4,500 4,500 6,627 Travel/training 7,500 7,500 3,683 Telephone/internet 800 800 675 Cellular telephone/pager 360 360 360 Office supplies/postage 650 650 1,184 Dues and subscriptions 3,200 3,200 1,976 Gas, oil, wash and mileage 1,400 1,400 1,003 Software - - 218 Public relations 12,050 12,050 11,194 Marketing and promotion 300 300 160 Contractual services 8,000 8,000 6,023 Total human resources 278,715 278,715 259,090 (This schedule is continued on the following pages.) - 70 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Information technology Salaries - full-time 186,400$ 186,400$ 190,423$ Salaries - part-time 38,500 38,500 34,101 FICA 13,945 13,945 13,790 Medicare 3,275 3,275 3,225 IMRF 26,975 26,975 26,396 Employee insurance 38,805 38,805 35,256 Deferred compensation contribution 4,000 4,000 5,785 Travel/training 13,950 13,950 11,591 Telephone/internet 500 500 338 Cellular telephone/pagers 2,350 2,350 2,644 Office supplies/postage 1,250 1,250 1,389 Dues and subscriptions 200 200 390 Gas, oil, wash and mileage 400 400 512 Uniforms/clothing 300 300 - Software licensing/renewals 168,495 168,495 177,184 Software 30,600 30,600 18,331 Contractual services 5,250 5,250 2,947 Computers 16,500 16,500 15,602 Total information technology 551,695 551,695 539,904 Planning Salaries - full-time 253,690 253,690 257,614 Compensation - Plan Commission 4,000 4,000 3,305 Salaries - overtime 2,500 2,500 2,369 FICA 16,132 16,132 16,093 Medicare 3,775 3,775 3,764 IMRF 31,225 31,225 30,659 Employee insurance 58,508 58,508 53,552 Deferred compensation contribution 7,000 7,000 9,979 Travel/training 5,000 5,000 2,928 Unemployment insurance 1,000 1,000 783 Telephone/internet 5,000 5,000 1,689 Cellular phones/pagers 1,000 1,000 678 Office supplies/postage 10,000 10,000 9,222 Dues and subscriptions 3,000 3,000 1,807 Gas, oil, wash and mileage 1,000 1,000 39 Software 500 500 - Maintenance contract/lease 5,000 5,000 3,117 Vehicle maintenance 1,000 1,000 - Legal fees 5,000 5,000 722 Special projects/programs 15,000 15,000 4,910 Contractual services 25,000 25,000 6,661 Engineer fees 10,000 10,000 - Total planning 464,330 464,330 409,891 Building Salaries - full-time 353,700 353,700 359,744 Salaries - part-time 21,000 21,000 45,854 Salaries - overtime 500 500 217 (This schedule is continued on the following pages.) - 71 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Building (Continued) FICA 23,262$ 23,262$ 23,310$ Medicare 5,440 5,440 5,452 IMRF 45,025 45,025 39,560 Employee insurance 76,165 76,165 53,491 Deferred compensation contribution 4,000 4,000 5,100 Travel/training 4,500 4,500 4,077 Unemployment insurance 1,050 1,050 1,050 Telephone/internet 2,000 2,000 338 Cellular phones/pagers 3,800 3,800 4,525 Office supplies/postage 5,200 5,200 10,466 Dues and subscriptions 700 700 870 Gas, oil, wash and mileage 1,000 1,000 611 Uniforms/clothing 450 450 600 Special projects/programs 500 500 - Contractual services - - 21,105 Ordinance maintenance 1,000 1,000 - Total building 549,292 549,292 576,370 Total general government 3,692,562 3,692,562 3,382,520 PUBLIC SAFETY Police department Executive Salaries - full-time 277,335 277,335 280,675 Salaries - part-time 31,117 31,117 30,993 Salaries - overtime 3,000 3,000 461 FICA 19,310 19,310 18,378 Medicare 4,516 4,516 4,377 IMRF 22,290 22,290 21,432 Employee insurance 51,186 51,186 62,532 Deferred compensation contribution 7,500 7,500 7,471 Travel/training 10,700 10,700 2,957 Education/school 12,000 12,000 4,000 Unemployment insurance 23,000 23,000 19,460 Telephone/internet 1,610 1,610 1,612 Cellular phones/pagers 1,505 1,505 1,320 Office supplies/postage 11,950 11,950 7,070 Replacement supplies 1,700 1,700 1,052 Dues and subscriptions 6,400 6,400 3,734 Gas, oil, wash, and mileage 3,325 3,325 856 Uniforms/clothing 2,500 2,500 3,079 Maintenance contract/lease 8,390 8,390 8,262 Custodian 79,300 79,300 56,663 Vehicle equipment maintenance 2,500 2,500 583 Contractual services 8,000 8,000 3,301 Sex offenders registration fee - - 356 Total executive 589,134 589,134 540,624 (This schedule is continued on the following pages.) - 72 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police operations Salaries - patrol officers 2,978,240$ 2,978,240$ 2,881,505$ Salaries - full-time 168,223 168,223 267,346 Salaries - overtime 381,500 381,500 357,231 FICA 218,734 218,734 209,652 Medicare 51,155 51,155 49,459 IMRF 6,396 6,396 6,259 Police pension contribution 900,000 900,000 898,172 Employee insurance 612,495 612,495 577,536 Deferred compensation contribution 40,780 40,780 83,770 Travel/training 46,000 46,000 36,421 Telephone/insurance 29,070 29,070 23,104 Cellular phones/pagers 7,055 7,055 7,153 Office supplies/postage 14,000 14,000 13,360 Replacement supplies 14,650 14,650 13,240 Dues and subscriptions 1,900 1,900 1,108 Gas, oil, wash, and mileage 110,000 110,000 92,237 Uniforms/clothing 30,000 30,000 31,151 Traffic programs 24,200 24,200 20,061 Ammunition/weapons 25,600 25,600 25,593 Radio maintenance 1,200 1,200 - Maintenance contracts/lease 1,836 1,836 1,836 Bike unit 2,000 2,000 1,679 Vehicle maintenance 46,000 46,000 47,593 K-9 Unit 8,000 8,000 7,099 Contractual services - WESCOM 593,000 593,000 648,667 Total police operations 6,312,034 6,312,034 6,301,232 Police administration Salaries - school officer 377,832 377,832 285,812 Salaries - investigation 776,861 776,861 725,877 Salaries - full time 114,922 114,922 154,601 Salaries - overtime 128,000 128,000 119,676 FICA 86,652 86,652 77,745 Medicare 20,265 20,265 18,182 Employee insurance 191,046 191,046 159,451 Deferred compensation contribution 20,000 20,000 38,695 Travel/training 7,500 7,500 9,027 Telephone/internet 2,070 2,070 1,282 Cellular phones/pagers 10,050 10,050 7,713 Office supplies/postage 10,800 10,800 3,582 Replacement supplies 6,000 6,000 1,766 Dues and subscriptions 4,070 4,070 3,597 Gas, oil, wash, and mileage 29,000 29,000 28,060 Uniforms/clothing 17,050 17,050 18,054 Crime scene/evidence tech support 5,700 5,700 5,508 Radio maintenance 1,100 1,100 - Maintenance contract/lease 7,420 7,420 4,497 (This schedule is continued on the following pages.) - 73 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police administration (Continued) Vehicle maintenance 15,000$ 15,000$ 10,729$ Background check services 2,500 2,500 977 Animal control - - 2,390 Accreditation 4,570 4,570 4,065 Total police administration 1,838,408 1,838,408 1,681,286 Police records Salaries - full-time 377,910 377,910 383,486 Salaries - overtime 6,000 6,000 3,003 FICA 23,802 23,802 23,343 Medicare 5,567 5,567 5,459 IMRF 33,525 33,525 33,113 Employee insurance 117,388 117,388 106,901 Deferred compensation contribution 5,700 5,700 13,842 Travel/training 2,100 2,100 950 Telephone/internet 2,070 2,070 1,282 Office supplies/postage 13,450 13,450 7,878 Dues and subscriptions 425 425 100 Gas, oil, wash and mileage - - 1,939 Uniforms/clothing 2,700 2,700 2,409 Maintenance contracts/lease 5,720 5,720 5,735 Total police records 596,357 596,357 589,440 Seizure/Forfeiture Seizure/forfeiture expenditures 177,687 177,687 309,003 Police special activities FICA 2,016 2,016 1,807 Medicare 471 471 424 Mobile field force 500 500 - Salaries - special activities 32,513 32,513 30,013 Total police special activities 35,500 35,500 32,244 Community services Salaries - full-time 491,106 491,106 466,179 Salaries - part-time 309,732 309,732 237,118 Salaries - overtime 30,000 30,000 27,016 FICA 51,512 51,512 44,669 Medicare 12,047 12,047 10,447 IMRF 64,201 64,201 47,721 Employee insurance 92,176 92,176 70,144 Deferred compensation contribution 3,000 3,000 6,839 Travel/training 7,980 7,980 3,124 Telephone/internet 2,070 2,070 1,282 Cellular phones/pagers 4,450 4,450 3,107 Office supplies/postage 3,000 3,000 3,857 Replacement supplies 3,200 3,200 2,591 Dues and subscriptions 2,800 2,800 1,437 Gas, oil, wash, and mileage 25,000 25,000 20,724 (This schedule is continued on the following pages.) - 74 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Community services (Continued) Uniform/clothing 11,200$ 11,200$ 13,679$ Radio maintenance 49,000 49,000 28,392 Maintenance contracts/lease 10,000 10,000 3,983 Vehicle maintenance 14,000 14,000 7,344 D.A.R.E program 3,500 3,500 2,521 Shop with a cop 4,000 4,000 11,925 Chaplaincy program 4,210 4,210 2,405 Animal control 14,000 14,000 7,640 Community programs 6,700 6,700 3,182 Community programs - alcohol/tobacco 5,100 5,100 243 Total community services 1,223,984 1,223,984 1,027,569 Court services Salaries - full-time 113,021 113,021 114,789 Salaries - part-time 44,024 44,024 33,779 Salaries - overtime 1,000 1,000 - FICA 9,799 9,799 8,740 Medicare 2,292 2,292 2,044 IMRF 18,965 18,965 17,439 Employee insurance 47,874 47,874 37,757 Deferred compensation contribution 1,000 1,000 4,740 Travel/training 3,000 3,000 231 Telephone/internet 1,610 1,610 997 Cellular phones/pagers 1,020 1,020 849 Office supplies/postage 11,125 11,125 7,472 Dues and subscriptions 8,500 8,500 8,421 Uniforms/clothing 900 900 862 Maintenance contract/lease 3,036 3,036 3,036 Legal fees 70,000 70,000 4,035 Total court services 337,166 337,166 245,191 Nondivisional Office furniture and equipment 6,000 6,000 5,096 Capital equipment 28,780 28,780 2,516 PEMA fundraising - - 474 Contingencies 12,700 12,700 9,506 Total nondivisional 47,480 47,480 17,592 Total police department 11,157,750 11,157,750 10,744,181 Police commission Salaries - part-time 5,500 5,500 1,482 FICA 341 341 89 Medicare 80 80 21 Travel/training 1,000 1,000 - Office supplies/postage 2,000 2,000 (82) (This schedule is continued on the following pages.) - 75 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 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 - - 375 Contractual services 3,000 3,000 - Total police commission 13,521 13,521 2,260 PEMA Salaries - full-time 114,922 114,922 117,567 FICA 7,125 7,125 7,115 Medicare 1,666 1,666 1,685 Employee insurance 21,912 21,912 16,936 Deferred compensation contribution 3,400 3,400 3,910 Travel/training 2,000 2,000 1,141 Telephone/internet 6,800 6,800 4,573 Office supplies 1,300 1,300 520 Cellular phones/pager 5,200 5,200 4,400 Replacement supplies 7,000 7,000 3,803 Dues and subscriptions 750 750 1,369 Gas, oil, wash, and mileage 12,000 12,000 7,933 Supplies and hardware 2,000 2,000 927 Uniforms/clothing 5,000 5,000 1,989 Emergency operation center 750 750 21 Public relations 1,000 1,000 - Disaster plan/exercises/NIMS 3,000 3,000 - Radio maintenance 8,000 8,000 4,744 Vehicle maintenance 15,000 15,000 12,404 Maintenance contract/lease 3,500 3,500 2,400 Bike unit 500 500 97 Siren maintenance 20,000 20,000 13,335 Contractual services 5,250 5,250 957 Cadet program 4,500 4,500 4,026 Search and rescue 6,000 6,000 991 Furniture/equipment 2,000 2,000 198 Supplies and hardware - ESDA 500 500 88 Machinery and equipment 5,000 5,000 3,583 Contingencies 3,000 3,000 1,226 Total PEMA 269,075 269,075 217,938 Total public safety 11,440,346 11,440,346 10,964,379 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 3,163,250 3,163,250 3,186,306 Total waste hauler 3,163,250 3,163,250 3,186,306 (This schedule is continued on the following pages.) - 76 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Administration Salaries - full-time 260,823$ 260,823$ 266,463$ FICA 16,205 16,205 15,766 Medicare 3,790 3,790 3,800 IMRF 31,365 31,365 31,771 Employee insurance 34,966 34,966 37,223 Deferred compensation contribution 5,500 5,500 6,055 Travel/training 10,000 10,000 7,957 Unemployment insurance 4,000 4,000 3,792 Telephone/internet 12,000 12,000 9,479 Cellular phones/pagers 5,000 5,000 7,421 Office supplies/postage 2,500 2,500 2,625 Dues and subscriptions 3,000 3,000 2,467 Supplies/hardware 500 500 484 Gas, oil, wash, and mileage 300 300 - Radio maintenance 100 100 - Building maintenance 15,000 15,000 13,942 Legal notices 1,000 1,000 - Total administration 406,049 406,049 409,245 Street maintenance Salaries - full-time 695,509 695,509 709,040 Salaries - part-time 60,000 60,000 54,679 Salaries - overtime 80,000 80,000 98,448 FICA 43,122 43,122 51,637 Medicare 10,085 10,085 12,077 IMRF 100,261 100,261 92,440 Employee insurance 177,723 177,723 177,171 Deferred compensation contribution 10,000 10,000 18,826 Electricity/gas 250,000 250,000 289,184 Gas, oil, wash and mileage 85,000 85,000 64,283 Supplies/hardware 12,000 12,000 15,770 Street signs maintenance 15,000 15,000 17,210 Aggregate materials 4,000 4,000 2,036 Uniforms/clothing 4,000 4,000 6,123 Radio maintenance 8,000 8,000 4,209 Vehicle maintenance 22,000 22,000 32,586 Street light maintenance 75,000 75,000 90,099 Street maintenance 130,000 130,000 90,676 Storm sewer improvements 10,000 10,000 8,280 Contractual services 30,000 30,000 42,812 Sidewalk maintenance 5,000 5,000 2,681 Equipment maintenance 85,000 85,000 88,817 Supplies/hardware-salt purchase 250,000 250,000 324,808 Snow removal 350,000 350,000 233,913 Total street maintenance 2,511,700 2,511,700 2,527,805 (This schedule is continued on the following page.) - 77 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Vehicle maintenance Salaries - full-time 170,685$ 170,685$ 172,753$ Salaries - overtime 8,000 8,000 8,102 FICA 11,080 11,080 10,903 Medicare 2,590 2,590 2,550 IMRF 21,445 21,445 21,574 Employee insurance 54,080 54,080 39,845 Deferred compensation contribution 3,000 3,000 6,142 Total vehicle maintenance 270,880 270,880 261,869 Forestry Salaries - full-time 71,880 71,880 72,373 Salaries - overtime 4,000 4,000 4,318 FICA 4,705 4,705 4,789 Medicare 1,100 1,100 1,120 IMRF 9,106 9,106 9,334 Employee insurance 20,040 20,040 18,146 Deferred compensation contribution 1,200 1,200 2,428 Supplies/hardware 6,000 6,000 3,994 Contractual services 5,000 5,000 701 Tree removal 50,000 50,000 15,703 Uniforms/clothing 500 500 43 Total forestry 173,531 173,531 132,949 Total highways and streets 6,525,410 6,525,410 6,518,174 TOTAL EXPENDITURES 21,658,318$ 21,658,318$ 20,865,073$ (See independent auditor's report.) - 78 - CAPITAL PROJECTS FUND Original Final Budget Budget Actual REVENUES Home rule sales tax 2,600,000$ 2,600,000$ 3,286,980$ Intergovernmental 3,371,280 3,371,280 3,142,404 Charges for services Impact fee - - 9,193 Fines and forfeits 310,000 310,000 292,870 Investment income 100 100 345 Miscellaneous 74,000 74,000 159,533 Total revenues 6,355,380 6,355,380 6,891,325 EXPENDITURES Capital outlay Contractual services 166,000 166,000 110,400 Engineering 30,000 30,000 42,966 Building improvements 175,000 175,000 167,709 Sidewalk and curb replacement 385,000 385,000 306,148 Machinery and equipment - vehicle replacement - - 19,061 Machinery and equipment - police 225,000 225,000 175,242 Machinery and equipment - public works 250,000 250,000 135,226 Bridge repairs and reconstructions 50,000 50,000 111,808 Roadway improvements 2,025,000 2,025,000 1,350,118 Storm and drainage improvements 45,000 45,000 35,843 I-55 interchange design 50,000 50,000 7,393 Emerald ash borer 200,000 200,000 246,357 127th Street-Plainfield/Naperville Rd 100,000 100,000 - Lockport and Van Dyke pedestrian crossing - - 6,384 School beacon upgrades 30,000 30,000 31,190 Land acquisition - - 302,500 Total expenditures 3,731,000 3,731,000 3,048,345 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,624,380 2,624,380 3,842,980 OTHER FINANCING SOURCES (USES) Transfers in 500,000 500,000 3,700,000 Transfers (out)(2,536,188) (2,536,188) (2,500,545) Total other financing sources (uses)(2,036,188) (2,036,188) 1,199,455 NET CHANGE IN FUND BALANCE 588,192$ 588,192$ 5,042,435 FUND BALANCE, MAY 1 405,138 FUND BALANCE, APRIL 30 5,447,573$ For the Year Ended April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (See independent auditor's report.) - 79 - Original Final Budget Budget Actual REVENUES Taxes Property tax 112,125$ 112,125$ 112,333$ Investment income - - 162 Total revenues 112,125 112,125 112,495 EXPENDITURES Debt service Principal 2,015,000 2,015,000 2,085,000 Interest and fiscal charges 1,123,165 1,123,165 1,138,302 Total expenditures 3,138,165 3,138,165 3,223,302 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,026,040) (3,026,040) (3,110,807) OTHER FINANCING SOURCES (USES) Transfers in 3,026,040 3,026,040 2,990,397 Refunding bonds issued - - 9,665,000 Premium on refunding bonds - - 331,514 Payment to escrow agent - - (9,875,322) Total other financing sources (uses)3,026,040 3,026,040 3,111,589 NET CHANGE IN FUND BALANCE -$ -$ 782 FUND BALANCE, MAY 1 918 FUND BALANCE, APRIL 30 1,700$ For the Year Ended April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.) - 80 - NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted or committed 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, 2015 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 70,626$ 3,970$ 26,773$ Receivables Property tax 520,799 37,938 - Allotments - - - Other - - 1,669 Land held for resale - - - Total assets 591,425 41,908 28,442 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 591,425$ 41,908$ 28,442$ LIABILITIES Accounts payable -$ -$ -$ DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 520,799 37,938 - Total liabilities and deferred inflows of resources 520,799 37,938 - FUND BALANCES Restricted Street maintenance - - - Public safety - - 28,442 Audit - 3,970 - Liability insurance 70,626 - - Economic development - - - Total fund balances 70,626 3,970 28,442 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 591,425$ 41,908$ 28,442$ Special Revenue OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS - 81 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total 2,598,665$ 10,986$ 987,811$ 3,698,831$ - - 745,503 1,304,240 92,057 - - 92,057 - - - 1,669 - - 108,000 108,000 2,690,722 10,986 1,841,314 5,204,797 - - - - 2,690,722$ 10,986$ 1,841,314$ 5,204,797$ -$ 7,370$ 109,707$ 117,077$ - - 745,503 1,304,240 - 7,370 855,210 1,421,317 2,690,722 - - 2,690,722 - 3,616 - 32,058 - - - 3,970 - - - 70,626 - - 986,104 986,104 2,690,722 3,616 986,104 3,783,480 2,690,722$ 10,986$ 1,841,314$ 5,204,797$ Special Revenue (See independent auditor's report.) - 82 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2015 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 399,405$ 38,782$ -$ Intergovernmental - - - Fines and forfeits - - 10,161 Investment income 10 11 31 Miscellaneous - - - Total revenues 399,415 38,793 10,192 EXPENDITURES Current General government 104,801 38,334 - Public safety 334,112 - - Highways and streets 71,048 - - Total expenditures 509,961 38,334 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (110,546) 459 10,192 OTHER FINANCING SOURCES (USES) Transfers in 95,000 - - Transfers (out)- - (10,000) Total other financing sources (uses)95,000 - (10,000) NET CHANGE IN FUND BALANCES (15,546) 459 192 FUND BALANCES, MAY 1 86,172 3,511 28,250 FUND BALANCES, APRIL 30 70,626$ 3,970$ 28,442$ Special Revenue - 83 - Tax Motor Increment Fuel Tax D.A.R.E.Financing Total -$ -$ 745,471$ 1,183,658$ 1,396,548 - - 1,396,548 - - - 10,161 398 17 1,398 1,865 - 18,884 - 18,884 1,396,946 18,901 746,869 2,611,116 - - 169,965 313,100 - 29,478 - 363,590 621,545 - - 692,593 621,545 29,478 169,965 1,369,283 775,401 (10,577) 576,904 1,241,833 - - - 95,000 - - (550,000) (560,000) - - (550,000) (465,000) 775,401 (10,577) 26,904 776,833 1,915,321 14,193 959,200 3,006,647 2,690,722$ 3,616$ 986,104$ 3,783,480$ Special Revenue (See independent auditor's report.) - 84 - Original Final Budget Budget Actual REVENUES Taxes Property tax 400,000$ 400,000$ 399,405$ Investment income 100 100 10 Total revenues 400,100 400,100 399,415 EXPENDITURES General government Treasurer bond 500 500 - Contractual Services - - 7,380 Commercial umbrella liability insurance 45,553 45,553 45,413 Workman's compensation insurance 65,906 108,185 52,008 Public safety Commercial umbrella liability insurance 156,226 156,226 155,747 Workman's compensation insurance 226,029 183,750 178,365 Highways and streets Commercial umbrella liability insurance 33,221 33,221 33,119 Workman's compensation insurance 48,065 48,065 37,929 Total expenditures 575,500 575,500 509,961 OTHER FINANCING SOURCES (USES) Transfers in 95,000 95,000 95,000 Total other financing sources (uses)95,000 95,000 95,000 NET CHANGE IN FUND BALANCE (80,400)$ (80,400)$ (15,546) FUND BALANCE, MAY 1 86,172 FUND BALANCE, APRIL 30 70,626$ For the Year Ended April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.) - 85 - Original Final Budget Budget Actual REVENUES Taxes Property tax 38,000$ 38,000$ 38,782$ Investment income - - 11 Total revenues 38,000 38,000 38,793 EXPENDITURES General government Audit 38,500 38,500 38,334 Total expenditures 38,500 38,500 38,334 NET CHANGE IN FUND BALANCE (500)$ (500)$ 459 FUND BALANCE, MAY 1 3,511 FUND BALANCE, APRIL 30 3,970$ For the Year Ended April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.) - 86 - 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, 2015 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 10,000$ 10,000$ 10,161$ Investment income 50 50 31 Total revenues 10,050 10,050 10,192 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 10,050 10,050 10,192 OTHER FINANCING SOURCES (USES) Transfers (out)(10,000) (10,000) (10,000) NET CHANGE IN FUND BALANCE 50$ 50$ 192 FUND BALANCE, MAY 1 28,250 FUND BALANCE, APRIL 30 28,442$ (See independent auditor's report.) - 87 - 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, 2015 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,200,000$ 1,200,000$ 1,396,548$ Investment income 500 500 398 Total revenues 1,200,500 1,200,500 1,396,946 EXPENDITURES Highways and streets Street maintenance 1,000,500 1,000,500 621,545 Total expenditures 1,000,500 1,000,500 621,545 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 200,000 200,000 775,401 OTHER FINANCING SOURCES (USES) Transfers (out)(200,000) (200,000) - NET CHANGE IN FUND BALANCE -$ -$ 775,401 FUND BALANCE, MAY 1 1,915,321 FUND BALANCE, APRIL 30 2,690,722$ (See independent auditor's report.) - 88 - 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, 2015 Original Final Budget Budget Actual REVENUES Investment income 20$ 20$ 17$ Miscellaneous 13,000 13,000 18,884 Total revenues 13,020 13,020 18,901 EXPENDITURES Public safety Program expenditures 15,000 15,000 29,478 Total expenditures 15,000 15,000 29,478 NET CHANGE IN FUND BALANCE (1,980)$ (1,980)$ (10,577) FUND BALANCE, MAY 1 14,193 FUND BALANCE, APRIL 30 3,616$ (See independent auditor's report.) - 89 - 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, 2015 Original Final Budget Budget Actual REVENUES Taxes Property taxes 635,000$ 635,000$ 745,471$ Investment income 500 500 1,398 Miscellaneous - - - Total revenues 635,500 635,500 746,869 EXPENDITURES General government Contractual services 100,000 100,000 169,965 Facade improvements 50,000 50,000 - Total expenditures 150,000 150,000 169,965 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 485,500 485,500 576,904 OTHER FINANCING SOURCES (USES) Transfers (out)(650,000) (650,000) (550,000) NET CHANGE IN FUND BALANCE (164,500)$ (164,500)$ 26,904 FUND BALANCE, MAY 1 959,200 FUND BALANCE, APRIL 30 986,104$ (See independent auditor's report.) - 90 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2015 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 10,254,455$ 3,219,450$ 13,473,905$ Receivables Accounts 1,851,140 - 1,851,140 Sales tax 367,172 - 367,172 Interest 3,946 7,121 11,067 Prepaid expenses 17,167 - 17,167 Total current assets 12,493,880 3,226,571 15,720,451 CAPITAL ASSETS Nondepreciable 3,228,492 - 3,228,492 Depreciable, net of accumulated depreciation 106,148,804 - 106,148,804 Net capital assets 109,377,296 - 109,377,296 OTHER ASSETS Deposits 206,984 - 206,984 Total other assets 206,984 - 206,984 Total assets 122,078,160 3,226,571 125,304,731 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on refundings 2,683,624 - 2,683,624 Total assets and deferred outflows of resources 124,761,784 3,226,571 127,988,355 (This schedule is continued on the following page.) - 91 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2015 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 1,321,435$ -$ 1,321,435$ Accrued payroll 46,722 - 46,722 Accrued interest 327,486 - 327,486 Compensated absences payable - current 83,580 - 83,580 Illinois EPA loan payable - current 153,545 - 153,545 Bonds payable - current 1,960,000 - 1,960,000 Developer deposit 1,799 - 1,799 Total current liabilities 3,894,567 - 3,894,567 LONG-TERM LIABILITIES Compensated absences payable - long-term 12,677 - 12,677 Illinois EPA loan payable - long-term 2,641,714 - 2,641,714 Bonds payable - long-term 23,306,794 - 23,306,794 Total long-term liabilities 25,961,185 - 25,961,185 DEFERRED INFLOWS OF RESOURCES None - - - Total liabilities and deferred inflows of resources 29,855,752 - 29,855,752 NET POSITION Net investment in capital assets 83,998,867 - 83,998,867 Restricted for debt service 2,106,291 - 2,106,291 Unrestricted 8,800,874 3,226,571 12,027,445 TOTAL NET POSITION 94,906,032$ 3,226,571$ 98,132,603$ (See independent auditor's report.) - 92 - 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, 2015 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 13,377,978$ -$ -$ 13,377,978$ Meter sales 29,815 - - 29,815 Total operating revenues 13,407,793 - - 13,407,793 OPERATING EXPENSES Water operations 9,414,844 - - 9,414,844 Sewer operations 1,959,699 - - 1,959,699 Depreciation 3,034,713 - - 3,034,713 Total operating expenses 14,409,256 - - 14,409,256 OPERATING INCOME (LOSS)(1,001,463) - - (1,001,463) NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,643,244 - - 1,643,244 Miscellaneous income 637,131 - - 637,131 Investment income (11,253) 11,394 - 141 Interest expense (1,104,494) - - (1,104,494) Total non-operating revenues (expenses)1,164,628 11,394 - 1,176,022 INCOME BEFORE TRANSFERS 163,165 11,394 - 174,559 TRANSFERS Transfers (out)(489,852) - - (489,852) Total transfers (489,852) - - (489,852) CHANGE IN NET POSITION (326,687) 11,394 - (315,293) NET POSITION, MAY 1 95,232,719 3,215,177 - 98,447,896 NET POSITION, APRIL 30 94,906,032$ 3,226,571$ -$ 98,132,603$ (See independent auditor's report.) - 93 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2015 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 13,252,992$ -$ -$ 13,252,992$ Reimbursements to other funds (250,380) - - (250,380) Payments to suppliers (9,768,290) - - (9,768,290) Payments to employees (1,281,598) - - (1,281,598) Net cash from operating activities 1,952,724 - - 1,952,724 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out)(489,852) - - (489,852) Non-operating revenues 2,293,468 - - 2,293,468 Net cash from noncapital financing activities 1,803,616 - - 1,803,616 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (45,285) - - (45,285) Proceeds from long-term debt 14,594,942 - - 14,594,942 Principal payments on long-term debt (2,026,643) - - (2,026,643) Payment to escrow agent (14,416,585) - - (14,416,585) Interest paid (1,263,784) - - (1,263,784) Net cash from capital and related financing activities (3,157,355) - - (3,157,355) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of investment securities (324,845) - - (324,845) Interest received (11,253) 8,588 - (2,665) Net cash from investing activities (336,098) 8,588 - (327,510) NET INCREASE IN CASH AND CASH EQUIVALENTS 262,887 8,588 - 271,475 CASH AND CASH EQUIVALENTS, MAY 1 9,666,723 3,210,862 - 12,877,585 CASH AND CASH EQUIVALENTS, APRIL 30 9,929,610$ 3,219,450$ -$ 13,149,060$ (This schedule is continued on the following page.) - 94 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2015 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(1,001,463)$ -$ -$ (1,001,463)$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation 3,034,713 - - 3,034,713 (Increase) decrease in Accounts receivable (154,801) - - (154,801) Prepaid items 663 - - 663 Deposits (16,311) - - (16,311) Increase (decrease) in Accounts payable 75,132 - - 75,132 Accrued expenses 14,791 - - 14,791 Total adjustments 2,954,187 - - 2,954,187 NET CASH FROM OPERATING ACTIVITIES 1,952,724$ -$ -$ 1,952,724$ CASH AND INVESTMENTS Cash and cash equivalents 9,929,610$ 3,219,450$ -$ 13,149,060$ Investments 324,845 - - 324,845 TOTAL CASH AND INVESTMENTS 10,254,455$ 3,219,450$ -$ 13,473,905$ NONCASH TRANSACTIONS None -$ -$ -$ -$ (See independent auditor's report.) - 95 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2015 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries - full-time 222,459$ 222,459$ 227,194$ FICA 14,165 14,165 14,463 Medicare 3,315 3,315 3,465 IMRF 27,415 27,415 27,774 Employee insurance 50,249 50,249 47,710 Deferred compensation contribution 6,500 6,500 8,448 Travel/training 8,500 8,500 2,100 Unemployment insurance 3,000 3,000 1,891 Telephone/internet 3,500 3,500 4,403 Cellular phones/pagers 3,000 3,000 4,044 Office supplies/postage 25,000 25,000 26,033 Dues and subscriptions 2,000 2,000 1,360 Gas, oil, wash, and mileage 1,000 1,000 21 Software 2,000 2,000 1,784 Sand and gravel 500 500 772 Supplies/hardware 500 500 436 Water meters 160,000 160,000 205,979 Building maintenance 15,000 15,000 8,996 Legal notices 500 500 - Attorney legal fees 1,000 1,000 684 Contractual services 45,000 45,000 9,124 Equipment maintenance 500 500 (139) Engineer fees 8,000 8,000 - Insurance surplus allocation - - (16,311) Bond issuance costs - - 178,866 Administrative service charge 250,380 250,380 125,190 Total administration 853,483 853,483 884,287 Water provision Salaries - full-time 371,980 371,980 376,723 Salaries - part-time 18,000 18,000 4,707 Salaries - overtime 30,000 30,000 37,098 FICA 26,039 26,039 24,569 Medicare 6,100 6,100 5,780 IMRF 50,400 50,400 48,351 Employee insurance 86,015 86,015 61,000 Deferred compensation contribution 9,500 9,500 11,533 Telephone/internet 5,000 5,000 6,885 Cellular phones/pagers 3,000 3,000 - Electricity/gas 145,000 145,000 131,748 (This schedule is continued on the following pages.) - 96 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2015 Original Final Budget Budget Actual WATER OPERATIONS (Continued) Water provision (Continued) Office supplies/postage 5,000$ 5,000$ 3,687$ Replacement supplies 5,000 5,000 2,456 Gas, oil, wash and mileage 25,000 25,000 14,402 Chemicals 5,000 5,000 4,811 Supplies/hardware 5,000 5,000 3,118 Uniforms/clothing 2,500 2,500 2,366 Building maintenance 5,000 5,000 1,920 Vehicle maintenance 8,000 8,000 9,371 Contractual services 60,000 60,000 43,807 Water purchase 6,930,000 6,930,000 7,649,599 Equipment maintenance 10,000 10,000 10,804 System maintenance 60,000 60,000 45,303 Water/fire hydrant 15,000 15,000 15,119 EPA analytical 15,000 15,000 15,400 Total water provision 7,901,534 7,901,534 8,530,557 Total water operations 8,755,017 8,755,017 9,414,844 SEWER OPERATIONS Administration Salaries - full-time 222,900 222,900 227,693 FICA 13,820 13,820 13,964 Medicare 3,232 3,232 3,348 IMRF 26,748 26,748 27,837 Employee insurance 49,507 49,507 47,420 Deferred compensation contribution 6,000 6,000 8,460 Travel/training 8,500 8,500 3,443 Unemployment insurance 3,000 3,000 1,891 Telephone/internet 6,500 6,500 9,846 Cellular phones/pagers 3,000 3,000 3,969 Electricity/gas 1,000 1,000 - Office supplies/postage 25,000 25,000 25,340 Replacement Supplies - - 45 Dues and subscriptions 66,200 66,200 61,871 Gas, oil, wash and mileage 1,000 1,000 950 Supplies/hardware 4,000 4,000 616 Software 1,000 1,000 - Building maintenance 15,000 15,000 11,577 Attorney legal fees 2,000 2,000 959 Contractual services 20,000 20,000 9,294 Equipment maintenance 2,000 2,000 613 (This schedule is continued on the following page.) - 97 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNT For the Year Ended April 30, 2015 Original Final Budget Budget Actual SEWER OPERATIONS (Continued) Administration (Continued) Engineer fees 10,000$ 10,000$ -$ Administrative service charge 250,380 250,380 125,190 Total administration 740,787 740,787 584,326 Sewer treatment Salaries - full-time 378,486 378,486 386,558 Salaries - part-time 10,000 10,000 4,707 Salaries - overtime 30,000 30,000 30,807 FICA 25,975 25,975 24,616 Medicare 6,070 6,070 5,788 IMRF 50,500 50,500 47,747 Employee insurance 79,412 79,412 69,128 Deferred compensation contribution 9,000 9,000 11,907 Telephone/internet 13,000 13,000 17,212 Cellular phones/pagers 4,000 4,000 - Electricity/gas 465,000 465,000 411,847 Replacement supplies 7,000 7,000 4,986 Gas, oil, wash and mileage 11,500 11,500 17,601 Supplies/hardware 7,000 7,000 6,007 Chemicals/supplies 125,000 125,000 110,989 Sand and gravel 500 500 - Industrial flow monitor 25,000 25,000 8,612 Uniforms/clothing 5,000 5,000 4,777 Vehicle maintenance 8,000 8,000 8,200 Contractual services 175,000 175,000 148,525 Equipment maintenance 20,000 20,000 22,892 System maintenance 70,000 70,000 21,742 Maintenance - James Street 5,000 5,000 - Total sewer treatment 1,530,443 1,530,443 1,364,648 Capital outlay Other 390,000 390,000 56,010 Less amounts capitalized - - (45,285) Total capital outlay 390,000 390,000 10,725 Total sewer operations 2,661,230 2,661,230 1,959,699 TOTAL WATER AND SEWER OPERATIONS 11,416,247$ 11,416,247$ 11,374,543$ (See independent auditor's report.) - 98 - FIDUCIARY FUNDS SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2015 Original Final Budget Budget Actual ADDITIONS Contributions Employer 900,000$ 900,000$ 898,172$ Employee 450,000 450,000 522,107 Total contributions 1,350,000 1,350,000 1,420,279 Investment income Net appreciation in fair value of investments 50,000 50,000 634,506 Interest 375,000 375,000 869,435 Total investment income 425,000 425,000 1,503,941 Less investment expense (38,000) (38,000) (37,500) Net investment income 387,000 387,000 1,466,441 Total additions 1,737,000 1,737,000 2,886,720 DEDUCTIONS Pension benefits 440,000 440,000 413,533 Administrative expenses 39,500 39,500 33,752 Total deductions 479,500 479,500 447,285 NET INCREASE 1,257,500$ 1,257,500$ 2,439,435 NET POSITION HELD IN TRUST FOR PENSION BENEFITS May 1 21,386,315 April 30 23,825,750$ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 99 - 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 Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2016 540,000$ 25,650$ 565,650$ 2015 12,825$ 2015 12,825$ 540,000$ 25,650$ 565,650$ 12,825$ 12,825$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2015 May 16, 2005 December 15, 2015 December 15 3.25% to 5.00% (See independent auditor's report.) - 100 - 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 Principal Maturity Date Interest Dates Payable at J.P. Morgan Trust Company Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 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 1,260,000$ 65,750$ 1,325,750$ 32,876$ 32,874$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2015 December 15 3.25% to 5.00% (See independent auditor's report.) - 101 - 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% to 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 2016 690,000$ 106,150$ 796,150$ 2015 53,075$ 2015 53,075$ 2017 725,000 75,100 800,100 2016 37,550 2016 37,550 2018 755,000 42,475 797,475 2017 21,238 2017 21,238 2019 170,000 8,500 178,500 2018 4,250 2018 4,250 2,340,000$ 232,225$ 2,572,225$ 116,113$ 116,113$ VILLAGE OF PLAINFIELD, ILLINOIS June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2015 December 15 (See independent auditor's report.) - 102 - 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% to 5.625% Principal Maturity Date May 1 Interest Dates May 1 Payable at The Bank of New York Mellon Trust Company, NA Fiscal Year Principal Interest Total May 1,Amount 2016 430,000$ 44,147$ 474,147$ 2015 44,147$ 2017 450,000 68,675 518,675 2016 68,675 2018 475,000 47,863 522,863 2017 47,863 2019 500,000 25,000 525,000 2018 25,000 1,855,000$ 185,685$ 2,040,685$ 185,685$ FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 (See independent auditor's report.) - 103 - 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 2.00% to 4.00% 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 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 2,200 510,000$ 61,125$ 571,125$ 30,563$ 30,562$ December 15, 2019 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 December 15, 2009 (See independent auditor's report.) - 104 - 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 2.00% to 4.00% 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 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 7,330,000$ 1,502,200$ 8,832,200$ 751,100$ 751,100$ December 15 June 15 and December 1 5 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 (See independent auditor's report.) - 105 - 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 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 - - 2,795,259$ 306,858$ 3,102,117$ 1,440,133$ 157,931$ 1,355,126$ 148,927$ June 15 and December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 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.) - 106 - 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 2.00% to 3.00% 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 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 6,560,000$ 1,192,650$ 7,752,650$ 596,325$ 596,325$ December 15, 2024 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 February 23, 2012 (See independent auditor's report.) - 107 - 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 2.00% to 4.00% 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 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 7,015,000$ 756,950$ 7,771,950$ 378,475$ 378,475$ December 15, 2019 December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 December 5, 2013 (See independent auditor's report.) - 108 - Date of Issue Date of Maturity Authorized Issue 10,525,000$ Actual Issue 9,665,000$ Interest Rates 2.00% to 3.50% Principal Maturity Date Interest Dates Payable at Amalgamated Bank of Chicago Fiscal Year Principal Interest Total June 15,Amount December 15,Amount 2016 125,000$ 278,450$ 403,450$ 2015 139,225$ 2015 139,225$ 2017 125,000 275,950 400,950 2016 137,975 2016 137,975 2018 130,000 273,450 403,450 2017 136,725 2017 136,725 2019 750,000 270,850 1,020,850 2018 135,425 2018 135,425 2020 950,000 255,850 1,205,850 2019 127,925 2019 127,925 2021 965,000 236,850 1,201,850 2020 118,425 2020 118,425 2022 1,025,000 207,900 1,232,900 2021 103,950 2021 103,950 2023 1,060,000 177,150 1,237,150 2022 88,575 2022 88,575 2024 1,095,000 145,350 1,240,350 2023 72,675 2023 72,675 2025 1,090,000 112,500 1,202,500 2024 56,250 2024 56,250 2026 1,120,000 79,800 1,199,800 2025 39,900 2025 39,900 2027 1,160,000 40,600 1,200,600 2026 20,300 2026 20,300 9,595,000$ 2,354,700$ 11,949,700$ 1,177,350$ 1,177,350$ December 15 June 15 and December 15 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS April 30, 2015 VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING BOND SERIES OF 2014 July 16, 2014 December 15, 2026 (See independent auditor's report.) - 109 - Date of Issue Date of Maturity Authorized Issue 13,740,000$ Actual Issue 13,740,000$ Interest Rates 2.00% to 4.00% Principal Maturity Date Interest Dates Payable at UMB Bank, N.A. Fiscal Year Principal Interest Total May 1,Amount November 1,Amount 2016 -$ 435,569$ 435,569$ 2015 168,894$ 2015 266,675$ 2017 90,000 532,450 622,450 2016 266,675 2016 265,775 2018 90,000 530,650 620,650 2017 265,775 2017 264,875 2019 90,000 528,850 618,850 2018 264,875 2018 263,975 2020 620,000 515,550 1,135,550 2019 263,975 2019 251,575 2021 645,000 490,250 1,135,250 2020 251,575 2020 238,675 2022 665,000 464,050 1,129,050 2021 238,675 2021 225,375 2023 700,000 436,750 1,136,750 2022 225,375 2022 211,375 2024 725,000 408,250 1,133,250 2023 211,375 2023 196,875 2025 750,000 378,750 1,128,750 2024 196,875 2024 181,875 2026 780,000 348,150 1,128,150 2025 181,875 2025 166,275 2027 810,000 316,350 1,126,350 2026 166,275 2026 150,075 2028 840,000 283,350 1,123,350 2027 150,075 2027 133,275 2029 875,000 249,050 1,124,050 2028 133,275 2028 115,775 2030 920,000 213,150 1,133,150 2029 115,775 2029 97,375 2031 950,000 175,750 1,125,750 2030 97,375 2030 78,375 2032 990,000 136,950 1,126,950 2031 78,375 2031 58,575 2033 1,030,000 96,550 1,126,550 2032 58,575 2032 37,975 2034 1,070,000 57,225 1,127,225 2033 37,975 2033 19,250 2035 1,100,000 19,250 1,119,250 2034 19,250 2034 - 13,740,000$ 6,616,894$ 20,356,894$ 3,392,894$ 3,224,000$ May 1, 2034 May 1 May 1 and November 1 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS VILLAGE OF PLAINFIELD, ILLINOIS LONG-TERM DEBT REQUIREMENTS WATER AND SEWER SYSTEM REVENUE REFUNDING BOND SERIES OF 2015 April 30, 2015 January 7, 2015 (See independent auditor's report.) - 110 - 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. 112-121 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the property tax. 122-129 Debt Capacity These 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. 130-133 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. 134-135 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. 136-139 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Fiscal Year 2006 2007 2008 2009 GOVERNMENTAL ACTIVITIES Net investment in capital assets 101,194,845$ 278,466,008$ 299,531,676$ 311,018,741$ Restricted 3,945,852 2,237,578 2,362,609 663,770 Unrestricted 4,902,541 6,723,816 487,060 (7,355,406) TOTAL GOVERNMENTAL ACTIVITIES 110,043,238$ 287,427,402$ 302,381,345$ 304,327,105$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 63,507,121$ 70,926,825$ 75,033,891$ 81,625,000$ Restricted - - - 857,545 Unrestricted 30,883,493 27,763,237 26,227,506 19,554,725 TOTAL BUSINESS-TYPE ACTIVITIES 94,390,614$ 98,690,062$ 101,261,397$ 102,037,270$ PRIMARY GOVERNMENT Net investment in capital assets 164,701,966$ 349,392,833$ 374,565,567$ 392,643,741$ Restricted 3,945,852 2,237,578 2,362,609 1,521,315 Unrestricted 35,786,034 34,487,053 26,714,566 12,199,319 TOTAL PRIMARY GOVERNMENT 204,433,852$ 386,117,464$ 403,642,742$ 406,364,375$ Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 112 - 2010 2011 2012 2013 2014 2015 298,048,879$ 287,247,440$ 273,588,903$ 261,247,144$ 248,456,183$ 236,161,456$ 646,481 679,852 2,258,412 2,874,252 3,006,647 3,783,480 (6,273,817) (999,983) 3,010,321 8,503,651 12,390,475 16,035,847 292,421,543$ 286,927,309$ 278,857,636$ 272,625,047$ 263,853,305$ 255,980,783$ 85,624,259$ 86,260,116$ 84,915,466$ 85,745,939$ 85,192,902$ 83,998,867$ 603,727 601,299 601,161 603,205 602,080 2,106,291 14,338,009 10,526,199 10,420,908 12,265,523 12,652,914 12,027,445 100,565,995$ 97,387,614$ 95,937,535$ 98,614,667$ 98,447,896$ 98,132,603$ 383,673,138$ 373,507,556$ 358,504,369$ 346,993,083$ 333,649,085$ 320,160,323$ 1,250,208 1,281,151 2,859,573 3,477,457 3,608,727 5,889,771 8,064,192 9,526,216 13,431,229 20,769,174 25,043,389 28,063,292 392,987,538$ 384,314,923$ 374,795,171$ 371,239,714$ 362,301,201$ 354,113,386$ - 113 - Fiscal Year 2006 2007 2008 2009 EXPENSES Governmental activities General government 4,907,255$ 4,772,237$ 3,773,026$ 5,373,883$ Public safety 8,055,904 9,130,771 11,233,703 11,030,984 Highways and streets 10,801,486 12,432,091 25,732,583 21,634,555 Interest 1,014,412 1,017,142 1,569,300 1,649,805 Total governmental activities expenses 24,779,057 27,352,241 42,308,612 39,689,227 BUSINESS-TYPE ACTIVITIES Water and sewer 10,277,835 10,977,398 12,356,353 12,553,148 Total business-type activities expenses 10,277,835 10,977,398 12,356,353 12,553,148 TOTAL PRIMARY GOVERNMENT EXPENSES 35,056,892$ 38,329,639$ 54,664,965$ 52,242,375$ PROGRAM REVENUES Governmental activities Charges for services General government 9,591,646$ 6,577,406$ 4,917,022$ 4,179,546$ Public safety 914,977 915,690 995,843 1,473,661 Highways and streets 2,166,848 1,591,218 1,292,403 360,625 Operating grants and contributions 706,973 980,360 976,606 1,265,919 Capital grants and contributions 2,270,715 3,600 34,768,719 14,123,044 Total governmental activities program revenues 15,651,159 10,068,274 42,950,593 21,402,795 Business-type activities Charges for services Water/sewer 9,717,867 9,333,222 10,359,459 9,317,371 Operating grants and contributions - 2,708,972 2,146,177 573,211 Capital grants and contributions - - 2,862,910 3,631,340 Total business-type activities program revenues 9,717,867 12,042,194 15,368,546 13,521,922 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 25,369,026$ 22,110,468$ 58,319,139$ 34,924,717$ NET (EXPENSE) REVENUE Governmental activities (9,127,898)$ (17,283,967)$ 641,981$ (18,286,432)$ Business-type activities (559,968) 1,064,796 3,012,193 968,774 TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (9,687,866)$ (16,219,171)$ 3,654,174$ (17,317,658)$ VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 114 - 2010 2011 2012 2013 2014 2015* 3,634,146$ 2,754,319$ 3,808,990$ 3,442,249$ 4,437,507$ 3,974,582$ 10,192,710 10,703,278 11,247,015 11,273,628 11,321,562 11,778,078 21,864,844 21,833,556 22,554,164 21,995,249 23,977,254 23,731,474 1,567,529 1,333,022 1,347,798 1,213,432 1,154,112 1,059,100 37,259,229 36,624,175 38,957,967 37,924,558 40,890,435 40,543,234 13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 15,513,750 13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 15,513,750 50,279,641$ 50,187,582$ 52,173,917$ 52,573,327$ 56,123,915$ 56,056,984$ 3,914,078$ 4,257,608$ 4,595,180$ 4,989,871$ 5,178,547$ 5,472,089$ 1,702,528 1,913,421 1,937,666 1,756,994 1,658,959 1,611,233 34,238 3,783 13,909 178,221 141,846 9,193 1,155,527 1,508,358 2,239,921 1,372,279 1,386,766 1,492,593 7,426,001 2,328,859 257,817 1,009,182 118,359 44,267 14,232,372 10,012,029 9,044,493 9,306,547 8,484,477 8,629,375 9,510,526 10,135,734 11,482,986 14,066,990 13,361,542 13,407,793 495,793 - - - - - 1,943,525 372,147 90,791 2,145,000 - - 11,949,844 10,507,881 11,573,777 16,211,990 13,361,542 13,407,793 26,182,216$ 20,519,910$ 20,618,270$ 25,518,537$ 21,846,019$ 22,037,168$ (23,026,857)$ (26,612,146)$ (29,913,474)$ (28,618,011)$ (32,405,958)$ (31,913,859)$ (1,070,568) (3,055,526) (1,642,173) 1,563,221 (1,871,938) (2,105,957) (24,097,425)$ (29,667,672)$ (31,555,647)$ (27,054,790)$ (34,277,896)$ (34,019,816)$ - 115 - Fiscal Year 2006 2007 2008 2009 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and replacement 3,541,068$ 4,344,099$ 5,272,831$ 6,038,464$ Home rule sales tax - - - - Utility/telecommunications 2,230,188 2,202,961 2,473,926 2,526,924 Local motor fuel - - - - Other 9,519 14,900 8,086 5,471 Sales and use tax 3,948,711 4,736,740 5,916,893 7,478,502 Income tax 1,651,731 2,554,968 2,892,500 3,401,680 Investment income 836,473 860,745 706,248 138,961 Miscellaneous 66,256 62,045 174,853 115,945 Contributions 23,526,420 40,429,579 - - Transfers - 2,200,271 1,227,514 526,245 Total governmental activities 35,810,366 57,406,308 18,672,851 20,232,192 Business-type activities Home rule sales tax - - - - Investment income 978,459 992,235 745,777 330,567 Miscellaneous 6,482 16,650 40,879 2,777 Connection fees 7,534,322 - - - Contributions 3,602,718 4,426,038 - - Transfers - (2,200,271) (1,227,514) (526,245) Total business-type activities 12,121,981 3,234,652 (440,858) (192,901) TOTAL PRIMARY GOVERNMENT 47,932,347$ 60,640,960$ 18,231,993$ 20,039,291$ CHANGE IN NET POSITION Governmental activities 26,682,468$ 40,122,341$ 19,314,832$ 1,945,760$ Business-type activities 11,562,013 4,299,448 2,571,335 775,873 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 38,244,481$ 44,421,789$ 21,886,167$ 2,721,633$ *Beginning in fiscal year 2015, home rule sales tax is presented separately from sales and use tax. Data Source Audited Financial Statements CHANGE IN NET POSITION (Continued) Last Ten Fiscal Years VILLAGE OF PLAINFIELD, ILLINOIS - 116 - 2010 2011 2012 2013 2014 2015* 6,428,427$ 6,651,509$ 6,306,567$ 6,300,458$ 6,352,505$ 6,538,805$ - - - - - 3,286,980 2,271,926 2,980,148 3,066,185 2,981,462 3,198,840 3,107,995 - 296,235 489,711 838,419 790,158 813,718 4,860 4,447 7,069 5,804 4,966 8,250 7,377,482 7,670,219 8,143,910 8,495,268 8,848,545 5,842,343 2,965,208 2,910,807 3,203,518 3,567,060 3,857,016 3,876,349 15,166 8,190 6,770 20,956 27,857 (120,582) 87,030 68,237 103,695 72,956 63,581 197,627 - - - - - - 524,770 528,120 516,376 493,650 490,748 489,852 19,674,869 21,117,912 21,843,801 22,776,033 23,634,216 24,041,337 - - - 1,415,262 1,630,710 1,643,244 93,583 26,906 8,480 9,010 14,986 141 30,480 378,359 699,990 1,169,633 550,219 637,131 - - - - - - - - - - - - (524,770) (528,120) (516,376) (493,650) (490,748) (489,852) (400,707) (122,855) 192,094 2,100,255 1,705,167 1,790,664 19,274,162$ 20,995,057$ 22,035,895$ 24,876,288$ 25,339,383$ 25,832,001$ (3,351,988)$ (5,494,234)$ (8,069,673)$ (5,841,978)$ (8,771,742)$ (7,872,522)$ (1,471,275) (3,178,381) (1,450,079) 3,663,476 (166,771) (315,293) (4,823,263)$ (8,672,615)$ (9,519,752)$ (2,178,502)$ (8,938,513)$ (8,187,815)$ - 117 - Fiscal Year 2006 2007 2008 2009 GENERAL FUND Reserved 2,472,838$ 2,295,307$ 1,871,440$ 1,245,401$ Unreserved - designated 20,000 20,000 20,000 20,000 Unreserved - undesignated 10,300,723 8,254,465 6,464,292 2,646,908 Nonspendable for Advances - - - - Long-term receivables - - - - Prepaid items - - - - Unrestricted Assigned for bridge construction - - - - Assigned for insurance - - - - Unassigned - - - - TOTAL GENERAL FUND 12,793,561$ 10,569,772$ 8,355,732$ 3,912,309$ ALL OTHER GOVERNMENTAL FUNDS Reserved 2,779,602$ 1,184,780$ 1,673,756$ 663,770$ Unreserved, reported in Capital Projects Fund - (12,391,564) (6,651,613) (11,422,543) Special Revenue Fund (612,802) (244,644) (33,699) 375,736 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 2,166,800$ (11,451,428)$ (5,011,556)$ (10,383,037)$ TOTAL FUND BALANCES 14,960,361$ (881,656)$ 3,344,176$ (6,470,728)$ Note: The Village implemented GASB Statement No. 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 - 118 - 2010 2011 2012 2013 2014 2015 1,259,966$ 3,393,753$ -$ -$ -$ -$ 638,341 750,040 - - - - 2,964,485 4,151,179 - - - - - - 1,193,937 1,153,506 - - - - 909,968 705,953 687,538 669,986 - - 123,321 133,497 133,536 135,867 - - 20,000 - - - - - 845,155 1,006,427 1,065,860 1,158,291 - - 6,814,424 9,658,183 9,841,030 8,322,103 4,862,792$ 8,294,972$ 9,906,805$ 12,657,566$ 11,727,964$ 10,286,247$ 646,481$ 679,852$ -$ -$ -$ -$ (12,268,499) (10,889,373) - - - - 713,258 1,174,378 - - - - - - 1,115,600 1,509,744 1,915,321 2,690,722 - - 42,389 40,585 42,443 32,058 - - 4,106 5,360 3,511 3,970 - - 310,733 219,288 86,172 70,626 - - 785,584 1,099,275 959,200 986,104 - - 1,347 881 918 1,700 - - - - 405,138 5,447,573 - - (7,414,412) (4,328,519) - - (10,908,760)$ (9,035,143)$ (5,154,653)$ (1,453,386)$ 3,412,703$ 9,232,753$ (6,045,968)$ (740,171)$ 4,752,152$ 11,204,180$ 15,140,667$ 19,519,000$ - 119 - Fiscal Year 2006 2007 2008 2009 REVENUES Taxes 9,151,029$ 11,650,706$ 14,090,310$ 16,924,117$ Licenses and permits 7,166,645 3,907,256 1,925,273 806,101 Intergovernmental 4,583,577 3,168,367 5,706,300 6,562,532 Charges for services 5,381,233 4,415,913 3,859,980 3,920,150 Fines and forfeits 694,476 689,983 660,012 1,031,539 Investment income 836,473 860,745 706,248 138,961 Miscellaneous 121,672 151,762 2,401,330 623,400 Total revenues 27,935,105 24,844,732 29,349,453 30,006,800 EXPENDITURES General government 4,607,435 4,385,921 4,828,113 4,643,073 Public safety 7,826,474 8,732,808 10,157,951 10,725,530 Highways and streets 4,801,761 5,786,313 7,140,202 6,180,682 Capital outlay 16,725,901 22,101,363 17,410,044 15,730,443 Debt service Principal 575,000 960,000 995,000 1,525,000 Interest and fiscal charges 835,859 1,046,139 1,330,115 1,694,045 Total expenditures 35,372,430 43,012,544 41,861,425 40,498,773 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (7,437,325) (18,167,812) (12,511,972) (10,491,973) OTHER FINANCING SOURCES (USES) Transfers in 825,964 5,610,371 2,579,858 4,918,446 Transfers (out)(825,964) (3,410,100) (1,352,344) (4,392,201) 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 247,659 111,541 - 150,824 Sale of capital assets 7,591 13,983 10,370 - Total other financing sources (uses)11,589,780 2,325,795 16,737,804 677,069 NET CHANGE IN FUND BALANCES 4,152,455$ (15,842,017)$ 4,225,832$ (9,814,904)$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 7.57%9.59%9.51%13.00% *Beginning in fiscal year 2015, state sales tax, use tax, and income tax are reported as intergovernmental revenue. Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 120 - 2010 2011 2012 2013 2014 2015* 16,775,978$ 17,533,217$ 18,150,775$ 19,207,009$ 19,853,191$ 10,647,752$ 495,063 497,966 611,529 735,905 862,916 976,464 3,359,417 5,507,812 5,340,409 5,298,633 4,661,759 14,308,398 4,712,486 4,152,165 4,380,366 4,822,592 4,887,938 4,932,519 1,103,323 1,329,951 1,325,854 1,169,501 1,122,269 1,094,229 15,166 8,190 6,770 20,956 27,857 (120,582) 356,964 385,686 479,606 334,334 212,015 342,080 26,818,397 29,414,987 30,295,309 31,588,930 31,627,945 32,180,860 3,133,119 2,401,600 3,477,890 3,141,185 4,029,639 3,677,375 10,303,037 10,100,410 10,654,797 10,686,447 10,746,430 11,266,927 6,432,461 6,388,974 6,431,829 6,623,648 7,404,103 7,197,622 3,947,891 2,786,336 1,950,478 2,042,968 2,870,609 3,048,345 1,580,000 1,580,000 1,720,000 1,915,000 1,945,000 2,085,000 1,655,506 1,485,744 1,581,506 1,221,304 1,191,213 1,138,302 27,052,014 24,743,064 25,816,500 25,630,552 28,186,994 28,413,571 (233,617) 4,671,923 4,478,809 5,958,378 3,440,951 3,767,289 3,659,728 3,610,948 3,096,035 3,102,780 6,094,911 6,845,397 (3,134,958) (3,082,828) (2,579,659) (2,609,130) (5,604,163) (6,355,545) 865,000 9,280,000 6,820,000 - - 9,665,000 37,806 564,424 532,928 - - 331,514 - - - - - - - - - - - - (883,953) (9,913,670) (7,251,451) - - (9,875,322) 114,754 - - - - - - 175,000 395,661 - 4,788 - 658,377 633,874 1,013,514 493,650 495,536 611,044 424,760$ 5,305,797$ 5,492,323$ 6,452,028$ 3,936,487$ 4,378,333$ 14.00%13.96%13.03%12.94%11.53%11.78% - 121 - 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 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% 2014 1,001,328,597 147,923,967 19,980,960 3,691,038 403,047 1,173,327,609 0.4669 3,519,982,827 33.333% Note: Property in the Village is reassessed each year. Property is assessed at 33% of estimated actual value. Data Sources Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS - 122 - PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years Levy Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 DIRECT TAX RATES General Fund 0.1698 0.1780 0.1690 0.1663 0.2053 0.2012 0.2032 0.2158 0.2210 0.2099 Debt Service Fund 0.0129 0.0106 0.0094 0.0084 0.0024 0.0086 0.0090 0.0098 0.0098 0.0098 Police Pension 0.0852 0.0805 0.0761 0.0724 0.0503 0.0682 0.0721 0.0767 0.0783 0.0811 IMRF 0.0257 0.0336 0.0375 0.0419 0.0413 0.0436 0.0461 0.0490 0.0500 0.0492 Police Protection 0.0227 0.0257 0.0383 0.0449 0.0575 0.0607 0.0641 0.0682 0.0696 0.0683 Audit 0.0034 0.0032 0.0024 0.0016 0.0008 0.0029 0.0031 0.0030 0.0034 0.0033 Liability Insurance 0.0927 0.0760 0.0768 0.0724 0.0503 0.0227 0.0321 0.0342 0.0348 0.0453 Total direct rates 0.4124 0.4076 0.4095 0.4079 0.4079 0.4079 0.4297 0.4567 0.4669 0.4669 OVERLAPPING TAX RATES Will County Incl. Forest Preserve 0.6861 0.6523 0.6367 0.6387 0.6543 0.6841 0.7244 0.7244 0.8186 0.8410 School District 202 4.5731 4.5950 4.5134 4.5270 4.5876 4.8618 5.2705 5.8323 6.2265 6.2622 Joliet Jr. College No. 525 0.2088 0.1936 0.1901 0.1896 0.2144 0.2270 0.2463 0.2768 0.2955 0.3085 Plainfield Township Park District 0.1873 0.1788 0.1742 0.1761 0.1740 0.1959 0.2126 0.2433 0.2535 0.2742 Plainfield Public Library District 0.1816 0.1770 0.1687 0.1676 0.1421 0.1573 0.1720 0.1894 0.2013 0.2057 Plainfield Fire Protection District 0.6037 0.7431 0.7787 0.8323 0.8419 0.8656 0.8872 0.9216 0.9970 1.0122 Township and All Other 0.1538 0.1502 0.1471 0.1469 0.1483 0.1653 0.1804 0.1960 0.2106 0.2125 Total overlapping rates 6.5944 6.6900 6.6089 6.6782 6.7626 7.1570 7.6934 8.3838 9.0030 9.1163 TOTAL TAX RATES 7.0068 7.0976 7.0184 7.0861 7.1705 7.5649 8.1231 8.8405 9.4699 9.5832 Property tax rates are per $100 of assessed valuation Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS - 123 - PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago Percentage Percentage of Total of Total Taxable Village Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation JVM Plainfield Apartments LLC Springs at 127th 15,860,015$ 1 1.35% United Distiller Manufacturer Manufacturer of liquors 7,908,293 2 0.67% Wal-Mart Stores Inc.Discount department store 6,909,309 3 0.59% Menard's Inc.Home improvement center 4,403,313 4 0.38% Meijer Retail and grocery store 4,217,433 5 0.36% Edward Health Ventures Healthcare 4,075,480 6 0.35% Target Discount department store 3,578,331 7 0.30% SHI II American House Senior care facility 2,700,000 8 0.23% Chicago Bridge & Iron Co Engineering & technical center 2,530,645 9 0.22% Coilplus Illinois Inc.Flat rolled steel processing 2,475,762 10 0.21% United Distiller Manufacturer Manufacturer of liquors 10,725,536$ 1 1.20% Wal-Mart Stores Inc.Discount department store 6,347,243 2 0.71% Menard's Inc.Home improvement center 6,204,715 3 0.69% Target Discount department store 3,812,508 4 0.43% Plainfield 1031 LLC Kohl's Department Store 3,566,435 5 0.40% Chicago Bridge & Iron Co Engineering & technical center 2,785,300 6 0.31% American Publishing Co. Arkansas Newspaper publisher 2,301,087 7 0.26% Coilplus Illinois Inc.Flat rolled steel processing 2,163,172 8 0.24% American Stores Properties Inc.Jewel-Osco food/drug store 2,073,176 9 0.23% Mars-Kensington North LLC Land development 1,884,543 10 0.21% TOTAL 54,658,581$ 4.66%41,863,715$ 4.68% Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS 2015 2006 - 124 - Levy Collection Fiscal Percentage Collections in Total Collections Total Collections Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date 2004 2005 2006 3,045,672$ 3,035,335$ 99.66%N/A 3,035,335$ 99.66% 2005 2006 2007 3,654,262 3,649,864 99.88%N/A 3,649,864 99.88% 2006 2007 2008 4,423,287 4,418,221 99.89%N/A 4,418,221 99.89% 2007 2008 2009 5,084,818 5,058,460 99.48%N/A 5,058,460 99.48% 2008 2009 2010 5,361,674 5,352,303 99.83%N/A 5,352,303 99.83% 2009 2010 2011 5,407,741 5,399,892 99.85%N/A 5,399,892 99.85% 2010 2011 2012 5,069,976 5,054,072 99.69%N/A 5,054,072 99.69% 2011 2012 2013 5,366,861 5,294,951 98.66%N/A 5,294,951 98.66% 2012 2013 2014 5,370,957 5,279,123 98.29%N/A 5,279,123 98.29% 2013 2014 2015 5,368,140 5,355,819 99.77%N/A 5,355,819 99.77% Note: Levies and collections for tax levy years 2004 - 2010 include Will County only. N/A - Information not available Data Sources Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois Total Collections within the Levy Year VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Levy Years - 125 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2005 2006 2007 2008 2009 ASSESSED VALUATION 896,383,944$ 1,116,953,966$ 1,299,841,515$ 1,381,388,040$ 1,401,098,375$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.1698 1,522,040$ 0.1780 1,988,272$ 0.1690 2,196,847$ 0.1663 2,297,916$ 0.2067 2,877,525$ Debt service 0.0129 115,633 0.0106 118,398 0.0094 122,069 0.0084 116,037 0.0024 33,611 Police pension 0.0852 763,719 0.0805 899,180 0.0761 989,005 0.0724 999,924 0.0500 704,504 Illinois Municipal Retirement 0.0257 230,361 0.0336 375,296 0.0375 487,382 0.0419 578,668 0.0410 578,458 Police protection 0.0227 203,479 0.0257 287,057 0.0383 497,723 0.0449 620,110 0.0571 805,330 Audit 0.0034 30,466 0.0032 35,743 0.0004 31,196 0.0016 22,102 0.0007 11,148 Liability insurance 0.0927 830,938 0.0760 848,916 0.0768 998,162 0.0724 999,924 0.0500 704,504 TOTAL TAX EXTENSIONS 0.4124 3,696,636$ 0.4076 4,552,862$ 0.4075 5,322,384$ 0.4079 5,634,681$ 0.4079 5,715,080$ - 126 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued) Last Ten Levy Years Tax Levy Year 2010 2011 2012 2013 2014 ASSESSED VALUATION 1,318,896,845$ 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ 1,173,327,609$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2012 2,643,631$ 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ 0.2099 2,463,239$ Debt service 0.0086 113,418 0.0090 112,021 0.0098 115,469 0.0098 112,648 0.0098 114,957 Police pension 0.0682 899,517 0.0721 897,766 0.0767 903,769 0.0783 900,238 0.0811 951,470 Illinois municipal retirement 0.0436 573,793 0.0461 574,000 0.0490 577,376 0.0500 574,887 0.0492 577,137 Police protection 0.0607 799,295 0.0641 798,146 0.0682 803,595 0.0696 800,217 0.0683 801,299 Audit 0.0029 38,241 0.0031 38,567 0.0030 35,338 0.0034 39,030 0.0033 38,713 Liability insurance 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.0348 400,106 0.0453 531,426 TOTAL TAX EXTENSIONS 0.4079 5,367,321$ 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ 0.4669 5,478,241$ - 127 - SALES TAX BY CATEGORY Last Ten Calendar Years Calendar Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 General merchandise 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$ 2,957,023$ Food 438,426 468,080 451,667 552,145 530,171 469,346 447,894 377,464 405,981 619,855 Drinking and eating places 338,411 415,507 471,211 888,391 904,118 942,498 1,038,892 1,259,374 1,481,747 1,547,675 Apparel 21,675 33,456 54,211 93,359 104,996 120,139 347,612 127,335 121,980 87,001 Furniture and H.H. and radio 84,127 93,920 94,275 180,611 142,158 145,517 141,098 157,320 125,553 133,673 Lumber, building hardware 347,747 366,378 346,983 508,908 547,665 535,803 552,466 675,008 812,648 888,333 Automobile and filling stations 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 1,593,137 Drugs and miscellaneous retail 354,762 395,533 403,483 850,917 889,549 959,238 1,036,231 1,384,198 1,564,115 1,588,279 Agriculture and all others 177,264 194,701 258,183 442,817 480,942 465,556 468,099 291,404 300,709 376,539 Manufacturers 81,835 103,018 188,803 265,863 208,888 184,640 64,035 82,726 125,084 150,191 TOTAL 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$ 9,941,706$ 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%1.00%1.00%1.00%1.00%1.50%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 - 128 - 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 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% 2014 1.00%1.50%0.25%0.75%5.00%8.50% Note: The home rule sales tax rate increases for the Village 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 - 129 - 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* 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 0.0460 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 0.0411 1,433 2014 27,985,000 -9,735,000 14,885,000 2,946,902 55,551,902 N/A 1,318 2015 28,162,546 -8,816,853 16,449,941 2,795,259 56,224,599 N/A N/A Note: 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 - 130 - 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 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 2015*36,979,399 1,700 36,977,699 3.15%934 * 2015 EAV used as it is the most recent data available VILLAGE OF PLAINFIELD, ILLINOIS - 131 - DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Percentage Village's Gross Debt Applicable Share Governmental Unit Debt to the Village*of Debt Village of Plainfield 28,162,546$ 100.000%28,162,546$ Will County, Including Forest Preserve District 134,175,125 (2)(3)(4)6.125 8,218,226 Kendall County, including Forest Preserve District 45,970,000 (1)(3)2.878 1,323,017 Plainfield Fire Protection District - (3)77.903 - Oswegoland Park District 3,200,000 7.956 254,592 Plainfield Park District 4,453,000 46.424 2,067,261 Oswego Public Library District 77,050,000 7.328 564,622 Plainfield Unit School District #202 275,355,000 (4)36.733 101,146,152 Indian Prairie Unit School District #204 246,930,000 (4)0.598 1,476,641 Oswego Unit School District #308 351,048,034 (2)(3)6.508 22,846,206 DuPage Community College #502 233,940,000 (3)0.069 154,519 Waubonsee Community College #516 71,050,000 (2)(3)(4)1.348 957,754 Joliet Community College #525 82,000,000 (3)5.915 4,850,300 Total Overlapping Debt 1,525,171,159 143,859,290 1,553,333,705$ 172,021,836$ (1) Excludes Public Building Commission debt/leases. (2) Includes original principal amounts of outstanding General Obligation Capital Appreciation Bonds. (3) Excludes principal amounts of outstanding General Obligation Alternate Revenue Source Bonds which are expected to be paid from sources other than general taxation.(4) Excludes outstanding debt certificates. Data Source The Village, Will and Kendall County Clerk's Offices VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2015 *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. - 132 - PLEDGED-REVENUE COVERAGE WATER REVENUE BONDS Last Ten Fiscal Years Water Fiscal Charges Debt Service Year and Other Principal Interest Coverage 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 2015 13,407,793 415,000 893,871 10.24 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 - 133 - DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Median Capita Fiscal Household Personal Personal Unemployment Year Population Income Income Income Rate 2006 30,314 80,799$ 856,127,988$ 28,242$ 3.6% 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 9.1% 2010 39,581 105,897 1,309,814,452 33,092 9.7% 2011 39,581 108,239 1,361,665,562 34,402 9.3% 2012 39,581 111,637 1,397,684,272 35,312 8.2% 2013 41,784*108,928 1,456,005,264 34,846 8.2% 2014 42,138*N/A N/A N/A 6.4% 2015 N/A N/A N/A N/A 5.8% N/A - information not available Data Sources Household and per capita income: US Census Bureau - 2010 census data *Census.gov estimate 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 2009-2013 American Community Survey 5-Yr Estimates Unemployment Rate: Illinois Department of Employment Security (2015 through July - not seasonally adj.) VILLAGE OF PLAINFIELD, ILLINOIS - 134 - 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 3,013 7.61%Plainfield CUSD #202 1 2,300 7.59% Chicago Bridge & Iron Co.2 440 1.11%Chicago Bridge & Iron Co.2 830 2.74% Diageo North America, Inc.3 300 0.76%Wal-Mart 3 555 1.83% Wal-Mart 4 280 0.71%Fox Valley Press 4 230 0.76% Meijer 5 232 0.59%Plainfield Stamping and Molding Co.5 214 0.71% Jewel-Osco 6 200 0.51%Diageo North America 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 8 133 0.34%Flexi-Mat Corp.8 180 0.59% Target 9 200 0.51%Village of Plainfield 9 134 0.44% Menards, Inc.10 125 0.32%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 20062015 - 135 - FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Administration/Finance 16.00 16.00 17.50 15.50 14.50 14.50 14.50 15.00 14.50 15.50 Police Department 70.50 79.00 83.00 85.00 77.00 73.50 75.50 75.50 76.50 76.50 Streets Department 19.50 20.50 23.50 23.50 19.50 17.00 17.50 18.50 18.50 18.50 Community Development 24.10 25.00 25.00 13.50 7.00 7.50 7.50 8.00 8.00 8.00 Water and Sewer Department 18.30 19.30 15.00 14.50 12.00 11.50 12.50 11.50 11.50 11.50 Public Works Engineering 4.00 4.00 4.00 4.00 3.00 2.00 3.00 3.00 3.00 3.00 TOTAL 152.40 163.80 168.00 156.00 133.00 126.00 130.50 131.50 132.00 133.00 Data Source Village Human Resources Department VILLAGE OF PLAINFIELD, ILLINOIS - 136 - Last Ten Calendar Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PUBLIC SAFETY Police Calls for service 35,156.00 37,592 38,654 42,707 39,228 41,048 40,490 37,529 34,570 33,252 Total traffic citations - - 8,780 12,827 12,455 12,125 14,037 11,086 9,819 7,951 Total DUI arrests - - 159 141 187 154 104 119 107 89 Total crashes - - 1,100 998 984 1,109 980 1,010 1,121 1,200 DARE Program student attendance - - 900 1,050 1,100 1,100 1,150 1,200 4,544 1,200 BUILDING PERMITS ISSUED New residential units 1,407 998 404 172 66 58 88 111 135 166 General construction inspections 21,427 22,028 14,092 8,890 5,335 4,300 4,884 6,619 8,016 6,367 Commercial/office/industrial added (sq ft.)839,968 346,415 349,523 284,015 24,659 172,926 90,770 71,414 194,250 0 Acreage Annexed 671 380 1472 496 24 5.4 2.1 277 6 87 BUILDING PERMIT REVENUE (*fiscal year)5,221,616$ 6,351,259$ 3,308,750$ 1,334,936$ 592,852$ 294,862$ 275,144$ 447,103$ 561,591$ 677,304$ PUBLIC WORKS Asphalt patching/pothole repairs (tons)- - 960.00 482 292 285 195 136 109 104 Shoulder stone repaired (tons)- - 928.00 172 430 464 843 1,173 824 945 Snow removal events - - 45.00 57 45 29 20 12 26 27 Street sweeping (lane miles)- - 1,199.00 1,357 1,976 1,760 1,627 1,958 1,635 1,334 Grounds maintenance and mowing (hours)- - 1,946.00 1,829 2,070 1,974 2,280 1,709 1,904 1,552 UTILITY BILLING (*fiscal year) Number of metered accounts 107,563 123,398 139,092 146,812 149,687 149,687 148,031 151,816 153,205 154,914 Water consumption billed (cubic feet) Residential - - - - 116,145,176 110,246,350 111,002,800 123,367,085 123,441,600 125,383,157 Commercial - - - - 16,569,010 17,304,912 20,570,922 16,671,638 22,609,487 13,257,815 Industrial - - - - 17,298,465 17,259,429 13,933,361 14,311,880 17,775,104 19,647,597 WATER Average daily flow (MGD)3.402 3.149 3.5 3.236 3.096 3.062 3.091 3.49 3.205 3.098 Peak daily flow (MGD)- - 6.33 5.886 5.732 5.841 6.324 6.644 5.941 4.656 Water main breaks 12 7 7 6 6 4 5 2 1 6 Number of valves exercised 81 448 156 332 166 2061 28 19 513 1,096 VILLAGE OF PLAINFIELD, ILLINOIS OPERATING INDICATORS - 137 - Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 WASTEWATER Miles of sanitary sewer main 175 190 210 220 220 220 220 220 220 220 Average daily flow (MGD)3.162 2.879 3.202 3.302 3.746 3.55 3.964 3.21 4.441 4.663 Bio-solids treated (tons)- - - 833 605 730 642 799 771 945 Sewers inspected/cleaned (feet)45,469 40,098 39,000 65,000 12,000 9,000 3,308 23,200 13,200 6,200 Data Sources Various Village departments Some statistics for previous years unavailable - 138 - CAPITAL ASSET STATISTICS Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Area patrols 4 4 4 6 6 6 6 6 6 6 Patrol units/shift 5 7 5 6 6 6 7 6 6 6 PUBLIC WORKS Lane Miles of streets 390 390 400 400 410 410 410 410 410 410 Traffic signals 1 3 6 6 7 7 7 4 4 4 WATER Water mains (miles)210 220 225 226 226 226 226 229 229 229 Storage capacity (gallons)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 9,200,000 WASTEWATER Sanitary sewers (miles)190 210 220 220 220 220 220 220 220 220 Treatment capacity (gallons)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 7,500,000 Data Source Various Village departments VILLAGE OF PLAINFIELD, ILLINOIS - 139 -