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HomeMy Public PortalAbout2004 Comprehensive Annual Financial Report 'I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMPREHENSNE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2004 Prepared by Finance Department Daniel P. Wiersma Director of Finance Daniela Partipilo Assistant Director of Finance I I I I I I I I I I I I I I I I I I I VilLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Principal Officials ......................................................................................................... 1 Organization Chart........................................................................................................ 11 Certificate of Achievement for Excellence in Financial Reporting.............................. III Director of Finance's Letter of Transmittal.................................................................. IV-Vlll FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT .................................................................... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management's Discussion and Analysis..................................................................MD&A 1-13 Basic Financial Statements Government-Wide Financials Statements Statement of Net Assets.................................................................................. 3 Statement of Activities ................................................................................... 4-5 Fund Financial Statements Governmental Funds Balance Sheet..... ................... ....... ........... .................................. ................. 6-7 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Assets................... 8 Statement of Revenues, Expenditures and Changes in Fund Balances.. .............. ............. ..... ........ ....... .................. .......... ............. 9-10 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Governmental Activities in the Statement of Activities.................................................. 11 VilLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page( s) I I I I I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Assets .... ......... ....... ....... .... ......... ....... ........... ........ ........... Statement of Revenues, Expenses and Changes in Net Assets.................. Statement of Cash Flows ........................................................................... Fiduciary Funds Statement of Fiduciary Net Assets............................................................. Statement of Changes in Fiduciary Net Assets.......................................... Notes to Financial Statements ............................................................................. REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund....................................................................................................... Special Tax Allocation Fund............................................................................... Schedule of Funding Progress Illinois Municipal Retirement Fund .................................................................... Police Pension Fund ............................................................................................ Firefighters' Pension Fund .................................................................................. Schedule of Employer Contributions Illinois Municipal Retirement Fund .................................................................... Police Pension Fund.. ...................... ........ ............ .............. ................... ....... ........ Firefighters' Pension Fund .................................................................................. Notes to Required Supplementary Information........................................................ 12 13 14-15 16 17 18-55 56 57 58 59 60 61 62 63 64-65 I I I , I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Village Permanent Fund ................................................................................. GNAS Bond Fund Series 1995....................................................................... Schedule of Detailed Expenditures - Budget and Actual GNAS Bond Fund Series 1995....................................................................... Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Glen Land Sales Fund..................................................................................... General Fund Schedule of Revenues - Budget and Actual................................................... Schedule of Expenditures - Budget and ActuaL........................................... Schedule of Detailed Expenditures - Budget and Actual............................... NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances................................................................................. Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Foreign Fire Insurance Fund........................................................................... Illinois Municipal Retirement Fund ............................................................... Motor Fuel Tax Fund...................................................................................... Refuse and Recycling Fund ............................................................................ 911 Communications Fund............................................................................. GNAS Redevelopment Fund... .............................. .............. .............. ........ ..... Schedule of Expenditures - Budget and Actual GNAS Redevelopment Fund - Administration Department........................... Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual GNAS Caretaker Fund...... ............ .......................... ........................ ...... .......... Schedule of Expenditures - Budget and Actual GNAS Caretaker Fund.. ......................... .......... ................................. ........ ...... Page(s) 66 67 68-69 70 71-72 73 74-79 80-83 84-87 88 89 90 91 92 93 94 95 96-98 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) I I I , I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS (Continued) Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Escrow Deposit Fund. ................ ........... ....... .......... ............ ........ ..................... Deposit Fund .................................................................................................. Police Department Special Account Fund...................................................... Corporate Purpose Bond Series of 1996 Fund ............................................... Corporate Purpose Bond Series of 1998 Fund ............................................... Corporate Purpose Bond Series of2000 Fund ............................................... Corporate Purpose Bond Series of2001 Fund ............................................... General Obligation Refunding Bond Series of 2002 Fund............................. Corporate Purpose Bond Series of2003 Fund ............................................... Capital Projects Fund ..................................................................................... Bond Fund Series of 1993.............................................................................. 2000 Proj ect Fund...... ................ .................. ............................ ................ ....... 2001 Project Fund...... .................... ..... ........................... .......... .......... .... ......... 2003 Project Fund.. ..... ............... ............. ....... ...................... .... .............. ......... MAJOR ENTERPRISE FUNDS Waterworks Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual.................................................................... Schedule of Operating Expenses - Budget and Actual................................... Schedule of Capital Assets and Depreciation................................................. North Maine Water and Sewer Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual.................................................................... Schedule of Operating Expenses - Budget and Actual................................... Schedule of Capital Assets and Depreciation................................................. NONMAJOR ENTERPRISE FUNDS Combining Statement of Net Assets ................................................................... Combining Statement of Revenues, Expenses and Changes in Net Assets .................... ...... ........... ................ ............. .................................... .... Combining Statement of Cash Flows.................................................................. 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113-114 115-116 117 118 119 120 121 122 123 I I I , I I I I I I I I I I I I I I I VilLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR ENTERPRISE FUNDS (Continued) Wholesale Water Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual.................................................................... Schedule of Operating Expenses - Budget and ActuaL................................. Schedule of Capital Assets and Depreciation................................................. Sewerage Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual.................................................................... Schedule of Operating Expenses - Budget and Actual................................... Schedule of Capital Assets and Depreciation................................................. Commuter Parking Lot Fund . Schedule of Revenues and Expenses and Changes in Net Assets - Budget and Actual.................................................................... Schedule of Operating Expenses - Budget and Actual................................... Schedule of Capital Assets and Depreciation................................................. INTERNAL SERVICE FUNDS Combining Statement of Net Assets ................................................................... Combining Statement of Revenues, Expenses and Changes in Net Assets.......................................................................................................... Combining Statement of Cash Flows.................................................................. Municipal Equipment Repair Fund Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual................:................................................... Schedule of Operating Expenses - Budget and ActuaL................................. Schedule of Capital Assets and Depreciation................................................. Schedule of Revenues, Expenses and Changes in Net Assets - Budget and Actual Insurance Fund................................................................................................ Capital Equipment Replacement Fund ........................................................... Page(s) 124 125 126 127 128 129 130 131 132 133 134 135-136 137 138 139 140 141 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) I I I I I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) FIDUCIARY FUNDS PENSION TRUST FUNDS Combining Statement of Plan Net Assets.......................................................... Combining Statement of Changes in Plan Net Assets ....................................... Schedule of Changes in Plan Net Assets - Budget and Actual Police Pension Fund ...................................................................................... Firefighters' Pension Fund ............................................................................ AGENCY FUNDS Combining Statement of Changes in Assets and Liabilities - Agency Funds. ........ .............. ...... ................ ............ ........ ............. ....... .... ...... COMPONENT UNIT Library Fund Statement of Net Assets and Balance SheeL...................................................... Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual.................................................................... Schedule of Expenditures - Budget and ActuaL................................................ SUPPLEMENTAL DATA Long-Term Debt Requirements Corporate Purpose Bond Series of 1997............................................................. Corporate Purpose Notes of 1997 ....................................................................... Corporate Purpose Bond Series of 1998A .......................................................... Corporate Purpose Bond Series of 1998B........................................................... Corporate Purpose Bond Series of2000 ............................................................. Corporate Purpose Bond Series of2001 ............................................................. General Obligation Refunding Bond Series of 2002........................................... Corporate Purpose Bond Series of 2003A .......................................................... Corporate Purpose Bond Series of2003B........................................................... Corporate Purpose Bond Series of2004A .......................................................... Corporate Purpose Bond Series of2004B........................................................... 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) STATISTICAL SECTION Government-Wide Information Government~ Wide Revenues .... ........... ... ... ........................... ........ .......... .... ............. Government-Wide Expenses....... ............... .......... ......... .... ......~.... ..... ............ ..... ...... Fund Information General Governmental Revenues by Source - Last Ten Fiscal years...................... General Governmental Expenditures by Function - Last Ten Fiscal Years ............................................................................................. Property Tax Assessed Valuations, Rates, Extensions and Collections - Last Ten Levy Years .............................................................................................. Assessed and Estimated Actual Value of Taxable Property - Last Ten Levy Years .............................................................................................. Property Tax Rates - Direct and Overlapping Governments - Last Ten Levy Years .............................................................................................. Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ............................................................................................. Schedule of Legal Debt Margin ............................................................................... Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ............................................................................................. Schedule of Revenue Bond Coverage - Waterworks Fund- Last Ten Fiscal Years ............................................................................................. Demographic Statistics - Last Ten Fiscal Years ...................................................... Construction Value and Building Permits - Last Ten Fiscal Years ......................... Miscellaneous Statistics........................................................................................... Ten Wealthiest Illinois Communities - 2000 Census............................................... Major General Fund Revenue Sources..................................................................... ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 Statement of Indebtedness (as of December 31, 2004)............................................ Retirement Schedule of Outstanding Village General Obligation Debt....................................................... ............................................... Debt Ratios and Per Capita Debt - Last Ten Bond Sales ......................................... Detailed Overlapping Bonded Indebtedness Payable from Property Taxes at December 31, 2004................................................................... Equalized Assessed Valuation for Taxing Purposes ................................................ Tax Rates Per $100 Equalized Assessed Valuation................................................. . Tax Extensions and Collections (Village Purposes Only) ....................................... 1997 and 2002 Tax Base Distribution by Property Classification ........................... Ten Largest Taxpayers. ......................... .... ............. ................. ...... .... .......... .... ......... Page(s) 161 162 163 164 165-166 167 168-169 170 171 172 173 174 175 176-177 178 179 180 180-181 181 181-182 182 182-183 183 183 183 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) I I I I I I I I I I I I I I I I I I I STATISTICAL SECTION (Continued) ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12 (Continued) General Fund Summary Statement of Revenues, Expenditures, and Changes in Fund Balance (1999 - 2004) and 2005 Budget.................................................. Balance Sheets (1999 - 2004).............................................................................. Combined Statement - All Funds Fund Balances 1999-2004 and Summary 2004 Revenues, Excess Revenues and Fund Balances .............................................. Capital Assets at December 31, 2004 ...................................................................... 184 184 185-186 187 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS PRINCIPAL OFFICIALS December 31, 2004 Kerry Cummings Mary Beth Denefe Jeffrey M. Lerner LEGISLATIVE Village Board of Trustees Lawrence R. Carlson, Village President Todd Hileman Village Clerk/Treasurer EXECUTIVE Todd Hileman, Village Manager FINANCE DEPARTMENT Daniel P. Wiersma, Director of Finance Daniela Partipilo, Assistant Director of Finance - 1 - James Patterson Michael J. Guinane Kimball Woodrow Village of Glenview Organizational Chart Electorate I Village President Board of Trustees I [ Health Officer 1 [ Village Manager ) [village Attorney/Prosecutor I Assistant Village Manager Personnel Director Director of Director of Director of Finance Director Fire Chief Police Chief Economic Development Public Works Development BOARDS AND COMMISSIONS APPOINTED BY THE PRESIDENT AND BOARD OF TRUSTEES APPEARANCE COMMISSION BUILDING COMMISSION COMPREHENSIVE PLAN REVIEW COMMISSION ELECTRICAL COMMISSION FIREFIGHTER PENSION BOARD THE GLEN REDEVELOPMENT COMMISSION HISTORIC PRESERVATION COMMISSION FORESTRY COMMISSION PLAN COMMISSION POLICE AND FIRE COMMISSION POLICE PENSION BOARD SENIOR CITIZEN COMMISSION ZONING BOARD OF APPEALS - 11 - ------------------- I I I I I I I I I I I I I I I I I I I Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2003 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and fmancial reporting_ 7c~~~ President ~/~ Executive Director -lll- I : Glenview I I I I I I I I I I I I I I I I June 21, 2005 Honorable President and Members of the Board of Trustees Citizens of the Village of Glenview The Comprehensive Annual Financial Report ("CAFR") of the Village of Glenview (the "Village") for the year ended December 31,2004 is submitted herewith. This report represents a comprehensive picture of the Village's financial activities during 2004 and the financial condition of its various funds at December 31, 2004. The Village is required to issue annually a report of its financial position and activity presented in conformance with generally-accepted accounting principles ("GAAP") and audited in accordance with generally-accepted auditing standards by an independent firm of certified public accountants. Although formally addressed to the elected officials and citizens of Glenview, this financial report has numerous other users. Foremost among the other users are the bondholders of the Village, financial institutions, educational institutions and other governmental entities. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. Sikich Gardner & Co, LLP. certified public accountants, have issued an unqualified ("clean") opinion on the Village of Glenview's financial statements for the year ended December 31, 2004. The independent auditor's report is located at the front of the financial section of this report. The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements, and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, as well as all continuing disclosures required by Securities Exchange Commission Rule 15c2-12. IT..} 1225 Waukegan Road . Glenview, Illinois 60025 . (847) 724-1700 . (847) 724-4232 TDD I I I I I I I I I I I I I I I I I I I The Reporting Entity and its Services The Village of Glenview was incorporated in 1899 and operates under the council/manager form of government. The legislative body consists of the Village President and Board of six Trustees, all elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for the day-to-day operation of the Village. The Village is a home rule municipality as defined by the Illinois Constitution. Located approximately 20 miles north of the City of Chicago, in Cook County, the Village occupies a land area of 13.27 square miles and has a certified 2000 Census of 41,847. Additional demographic information may be found in the statistical section of this report. The Village provides a full range of general governmental services. Specifically, the Village provides police and fire protection, health services, water and sewer utilities, street construction and maintenance, code enforcement, planning and zoning and general administrative services. In addition to serving Village residents, the Fire Department also provides fire protection and ambulance service to the Glenbrook Fire Protection District which is comprised of approximately 20,000 residents located in unincorporated Cook County and the Village of Golf. Both of these entities have long term intergovernmental agreements with the Village to pay for these services. Likewise, the Village operates the North Maine utilities system which serves 5,100 customers also primarily located in unincorporated Cook County. The financial statements included in this report are distinctly different in form than those issued prior to 2003. The statements have been prepared in accordance with Statement No. 34 (Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments) of the Governmental Accounting and Standards Board ("GASB"). The GASB is an organization that establishes accounting and financial reporting standards for state and local governments in the United States. Statement No. 34 significantly changed the required format for governmental statements in a number of ways. The most significant of these changes was to require that governments prepare entity-wide financial statements in addition to the fund-based financial statements governments have traditionally prepared. The entity-wide financial statements attempt to present a government's financial position and results of operations in a manner similar to business. More information about this "new financial reporting model" is provided in Management's Discussion and Analysis ("MD&A"). The MD&A is located in the financial section of this report. The financial reporting entity of the Village of Glenview is comprised of all funds and account groups of the primary government (i.e., the Village of Glenview as legally defined) and its pension trust funds: the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund. These funds were determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Glenview Public Library is included as a discrete presentation since a separately elected board of trustees governs it. No other legally separate entity qualifies as a component unit of the Village. v Accounting System and Budgetary Control The accounts of the Village are organized ort the basis of funds, each of which is considered a separate and distinct accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Revenues are allocated to and accounted for in individual funds based upon the purpose for which they are to be expended and the means by which spending activities are controlled. The accounting records for general governmental operations are maintained on the modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when materials or services are received and the liability incurred. Accounting records for the Village's enterprise funds, internal service funds, and pension trust funds are maintained on the accrual basis of accounting. Management of the Village is responsible for establishing and maintaining a system of internal accounting controls. These controls are designed to assure that the assets of the Village are safeguarded against any material loss, theft or misuse. These controls assure that the financial statements are in conformity with generally accepted accounting principles. Internal accounting controls are designed to provide reasonable, but not absolute, assurances that control objectives will be met. The concept of reasonable assurances recognizes that (1) the cost of control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits require estimates and judgment by Management. The annual budget serves as the foundation for the Village's financial planning and control. State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is the department level, or, where no departmental segregation of a fund exists, the fund level. Factors Affecting Financial Condition Economic Outlook. There are several measures of economic health for local governments. Perhaps four of the more objective measures or indicators are local employment levels, retail sales activity, family income levels and construction activity. Employment levels in the Village have always surpassed that of Cook County and the State of Illinois as a whole. As of December 31,2004 the Village's unemployment rate was 4.6%, compared to 6.6% for Cook County, 6.2% for the State of Illinois and 5.5% for the United States. Retail sales within the Village totaled $1.163 billion for 2004. This represents an increase of $80 million, or 7.40 %, from 2003. Retail sales have increased by $507.7 million, or 77.7 % since 2000. While the growth in retail sales has been significant, the Village is pleased to note that its vi I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I retail base has in fact become more diversified. The Village expects retails sales to remain strong as additional retail space, currently under construction, comes on line. Median family income figures from the 2000 Census demonstrate that the average income of Glenview residents far exceeds county and state averages. According to the Census Bureau, Glenview's 2000 median family income was $96,552, compared to $53,784 for Cook County, $55,545 for the State of llIinois and $50,046 for the United States. This ranked Glenview as the fifth wealthiest community in the State of llIinois amongst communities with populations over 25,000. The Village also ranked fifth in terms of median household income. New commercial and residential construction activity was significant in 2004 as there were 11 new commercial developments constructed, with a total value of $35 million and 214 new residential housing permits issued with a total value of $89 million. Long-term financial planning. The Village utilizes a 5 year Capital Improvement Program ('TIP") to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more than one year. Projects that are programmed for the first year of the CIP (IE the upcoming budget year) are most closely scrutinized in the capital planning process because associated funding must be provided in that budget. The Village has primarily followed a "pay-as-you-go" funding strategy for maintenance and replacement of assets and has issued debt for new projects. All other employees of the Village who work at least 1,000 hours per year are covered by the Illinois Municipal Retirement Fund, ("IMRF") a statewide pension plan. IMRF acts as a common investment and administrative agent for local governments in Illinois. Benefit provisions and funding requirements are established by State statute. Employees participating in the IMRF are required to contribute 4.5 % of their annual salary and the Village is required to contribute the remaining amounts necessary to fund the coverage of its employees in the plan. The Village's contribution rate for 2004 was 8.67 % of employee salaries. The notes to the financial statements and the required supplementary information provide more information pertaining to employee pensions. Independent Audit State statutes require an annual audit by independent certified public accountants. The accounting firm of Sikich Gardner & Co, LLP performed the audit on the Village's 2004 financial statements. The independent auditors' report is included in the financial section of this report. The auditors have given this report an unqualified opinion, meaning that the financial statements fairly present the Village's financial position at December 31, 2004, and the results of operations for the year then ended. vii Awards 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 Glenview for its comprehensive annual financial report (CAFR) for the fiscal year ended December 31,2003. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village of Glenview has received a Certificate of Achievement for twenty-two consecutive years (fiscal years ended 1982- 2003). We believe our current report continues to conform to the Certificate of Achievement program requirements, and will be submitting it to GFOA. Acknowledgments The preparation of the comprehensive annual financial report was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contributions made in the preparation of this report. In particular, I would like to acknowledge the efforts of Daniela Partipilo, Assistant Finance Director, Oscar Richardson, Accounting Supervisor, Brad Wilson, Accountant, and Debi Lubbat for their efforts. Finally, appreciation is expressed to the Village President and Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village in a responsible manner. Daniel P. Wiersma Director of Finance viii I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ;Sik;ch Gardner & Co, LLP'" *""':+:;:;;i"'" Members of American Institute of Certified Public Accountants A Member of Sikich Group, LLC 998 Corporate Boulevard. Aurora, IL 60502-9102 Illinois CPA Society INDEPENDENT AUDITOR'S REPORT The Honorable Village President Members of the Board of Trustees Village of Glenview Glenview, Illinois We have audited the basic financial statements and the combining and individual fund financial statements of the Village of Glenview, Illinois, as of and for the year ended December 31,2004, as listed in the accompanying table of contents. These financial statements are the responsibility of the Village of Glenview, Illinois' management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the [mancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the Village of Glenview, Illinois, as of December 31, 2004, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining and individual fund financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds of the Village of Glenview, Illinois, as of December 31, 2004, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole and on the combining and individual fund financial statements. The schedules and the supplemental data listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the financial statements of the Village of Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the basic, combining and individual fund financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements and each of the combining and individual fund financial statements taken as a whole. - 1 - I I I I I I I I I I I I I I I I I I I The prior year comparative information has been derived from the Village's 2003 financial statements and, in our report dated September 1, 2004, we expressed unqualified opinions on the respective financial statements of the governmental activities, the business-type activities, and aggregate discretely presented component units, each major fund, and the aggregate remaining fund information. The Management's Discussion and Analysis and the other required supplementary information listed in the table of contents are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. }iIJ)t..L .t~ji P Aurora, illinois May 13, 2005 -2- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS DECEMBER 31, 2004 The Management Discussion and Analysis ("MD&A") is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village's financial activity, (3) identify Village's financial position and ability to address future challenges, (4) identify material deviations from budget, and (5) identify concerns specific to individual funds. Since the MD&A is designed to focus on the current year's activities, resulting changes, and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page iv) and the Village's financial statements. USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT Prior to 2003, the primary focus of local government financial statements has been summarized by fund type information on a current financial resource basis. This approach has been modified, and the Village's Financial Statements present two kinds of statements, each with a different snapshot of the Village's fmances. The Financial Statements' focus is now 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 . Government-Wide Financial Statements The Government-Wide Financial Statements (see pages 3 - 5) 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 focus of the Statement of Net Assets (the "Umestricted Net Assets") is designed to be similar to bottom line results for the Village and its governmental and business-type activities. This statement, for the first time, 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 assets may serve as a useful indicator of whether or not the financial position of the Village is improving or deteriorating. The Statement of Activities (see pages 4 & 5) presents information showing how the Village's net assets changed during the most recent fiscal year and is focused on both the gross and net cost of various activities (including governmental and business-type), which are supported by the Village's general taxes and other resources. 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. (See independent auditor's report) MD&Al VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) The Governmental Activities reflect the Village's basic services, including police, fire, public works, highways and streets, community development, and general administration. Property taxes, shared State 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 (Waterworks Fund, Sewerage Fund, Wholesale Water Fund, North Maine Water and Sewer Fund, and the Commuter Parking Lot 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 Statement allows the demonstration of sources and uses and/or budgeting compliance associated therewith. Traditional users of governmental financial statements will find the Fund Financial Statements presentation more familiar. The focus is now on major funds, rather than (the previous model's) fund types. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds The Governmental Major Fund presentation (see pages 6 - 11) is presented on a sources and uses of liquid resources basis. This is the manner in which the financial plan (the budget) is typically developed. The flow and availability of liquid resources is a clear and appropriate focus of any analysis of a government. The focus of governmental funds is narrower than that of the Government-Wide Financial Statements. Both the Governmental Fund Balance Sheet and the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The Governmental Major Funds Total column requires a reconciliation because of the different measurement focus (current [mancial resources versus total economic resources) which is reflected. The flow of current [mancial resources reflects bond proceeds and interfund transfers as other financial sources as well as capital expenditures and bond principal payments as expenditures. The reconciliation eliminates these transactions and incorporates the capital assets and long-term obligation (bond and others) into the Governmental Activities column (in the Government-Wide Statements). The Village maintains twenty-six 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, Special Tax Allocation Fund, Village Permanent Fund, Bond Series Fund of 1995, and Glen Land Sales Fund, which are all 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 nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. (See independent auditor's report) MD&A2 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Proprietary Funds The Village maintains two different types of proprietary funds. Enterprise Funds are used to report the same functions presented in Business-Type Activities in the Government-Wide Financial Statements. Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the Village's various functions. The Village uses internal service funds to account for the vehicle repair and maintenance program, the vehicle and equipment replacement program, and to account for the cost of property and casualty, health and workers compensation insurance. As Internal Service Funds serve governmental rather than business-type functions they have been included with Governmental Activities in the Government-Wide Financial Statements. Proprietary Fund Financial Statements (pages 12 - 15) provide the same type of information as the Government-Wide Financial Statements, only in more detail. The Waterworks and North Maine Water and Sewer Funds are considered to be major funds of the Village and are presented in separate columns in the Fund Financial Statements. The Wholesale Water, Sewerage, and Commuter Parking Lot Fund comprise the Village's nonmajor enterprise funds. The Internal Service Funds are combined in a single, aggregate presentation in the Proprietary Fund Financial Statements. Individual fund data for the nonmajor enterprise and internal service funds are presented elsewhere in the report. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside of the government, (Police Pension Fund and Firefighters Pension Fund, see pages 16 - 17). Fiduciary funds are not reflected in the government-wide financial statements because these assets are restricted in purpose and do not represent discretionary assets of the government. The Village maintains two types of fiduciary funds: pension trust funds and agency funds. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the Government-Wide and Fund Financial Statements. The Notes to the Financial Statements can be found on pages 18 - 55 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information including the major governmental fund budgetary schedules and data concerning the Village's progress in funding its obligation to provide pension benefits to its employees. Required supplementary information can be found on pages 56 - 65 of this report. The combining statements and individual fund referred to earlier in connection with nonmajor governmental, enterprise, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 66 through 149 of this report. (See independent auditor's report) MD&A 3 Net Assets: Invested in Capital Assets, Net of Debt Restricted Unrestricted 28.6 82.5 47.7 57.1 25.0 0.0 25.6 0.0 53.6 82.5 73.3 57.1 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Infrastructure Assets Historically, a government's largest group of assets (infrastructure - roads, bridges, storm sewers, etc.) have neither been reported nor depreciated in governmental financial statements. This new statement requires that these assets be valued and reported within the Governmental column of the Government-Wide Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated useful life or (2) develop a system of assets management designed to maintain the service delivery potential to near perpetuity. If the government develops the asset management system (the modified approach) which periodically (at least every third year), by category, measures and demonstrates its maintenance of locally- established levels of service standards, the government may record its cost of maintenance in lieu of depreciation. The Village has chosen to depreciate assets over their useful life. If a road project is considered a recurring cost that does not extend the road's original useful life or expand its capacity, the cost of the project will be expensed. An "overlay" of a road will be considered maintenance whereas a "rebuild" of a road will be capitalized. GOVERNMENT -WIDE STATEMENTS Statement of Net Assets The following table reflects the condensed Statement of Net Assets: Table 1 Statement of Net Assets As of December 31,2004 and 2003 in millions 2004 2003 2004 2003 2004 2003 Current and Other Assets Ca ital Assets Long- Term Liabilities Other Liabilities 83.2 8.9 8.5 129.1 91.7 (See independent auditor's report) MD&A4 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) For more detailed information see the Statement of Net Assets (page 3). Net assets may serve over time as a useful indicator of a government's fInancial position. The Village's assets exceeded liabilities by $184.1 million as of December 31, 2004. The largest portion of the Village's net assets is its investment in capital assets (eg. land, infrastructure, buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. The second component of the Village's net assets is the restricted assets which represent resources held for specifIc purposes. Of the Village's $82.5 million of restricted assets, $75.8 million is restricted for capital development. The fInal component of the Village's net assets is the unrestricted assets in the amount of $47.9 million which can be used to fInance day-to-day operations. Net assets may serve over time as a useful indicator of a government's fInancial position. In the case of the Village of Glen view, assets exceeded liabilities by $184,108,135 as of December 31, 2004. Net assets have increased $14,391,700, net of prior period adjustments, from the prior year, which indicates that the Village's overall fI nancial position has improved. Nor~IID1pacts There are six basic (normal) transactions that will affect the comparability of the Statement of Net Assets summary presentation. Net Results of Activities - which will impact (increase/decrease) current assets and unrestricted net assets. Borrowine: for Capital - which will increase current assets and long-term debt. Spendine: Borrowed Proceeds on New Capital - which will reduce current assets and increase capital assets. There is a second impact, an increase in invested capital assets and an increase in related net debt, which will not change the invested in capital assets, net of debt. Spendine: of Nonborrowed Current Assets on New Capital - which will (a) reduce current assets and increase capital assets and (b) will reduce unrestricted net assets and increase invested in capital assets, net of debt. Principal Pavment on Debt - which will (a) reduce current assets and reduce long-term debt and (b) reduce unrestricted net assets and increase invested in capital assets, net of debt. Reduction of Capital Assets throue:h Depreciation - which will reduce capital assets and invested in capital assets, net of debt. (See independent auditor's report) MD&A 5 I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) I Changes in Net Assets I The following chart shows the revenue and expenses of the Village's activities: Table 2 I Changes in Net Assets For the Fiscal Year Ended December 31, 2004 and 2003 in millions I I 2004 2003 2004 2003 2004 2003 Revenues I Program Revenues Charges for Services $8.6 $7.3 $16.1 $18.8 $24.7 $20.8 Operating Grants and Contributions 1.3 0.0 0.0 0.0 1.3 0.0 I Capital Grants and Contributions 4.2 2.6 0.0 3.4 4.2 3.3 General Revenues: I Property Taxes 20.5 15.0 0.0 0.0 20.5 15.0 Other Taxes 7.9 6.0 0.0 0.0 7.9 6.0 I Other Revenues 27.2 28.6 0.0 0.0 27.2 36.6 I Expenses General Government 20.3 16.3 0.0 0.0 20.3 16.3 I Public Safety 19.5 19.1 0.0 0.0 19.5 19.1 Highways and Streets 8.9 79.3 0.0 0.0 8.9 79.3 I Economic Development 0.0 0.0 0.0 0.0 0.0 0.0 Interest 4.5 3.7 0.0 0.0 4.5 3.7 Waterworks 0.0 0.0 7.5 6.2 7.5 6.2 I North Maine Water & Sewer 0.0 0.0 5.0 5.0 5.0 5.0 Nonma.or enterprise 0.0 0.0 2.2 1.9 2.2 1.9 I Transfers 1.0 2.7 (1.0) (2.7) 0.0 0.0 I Net Assets January 1 $128.3 $184.5 $41.4 $35.0 $169.7 $219.5 Prior Period Adjustment $0.1 $0.0 ($3.6) $0.0 ($3.5) $0.0 I Net Assets January 1 Restated $128.4 $0.0 $37.8 $0.0 $166.2 $0.0 I (See independent auditor's report) I MD&A 6 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Normal Impacts There are eight basic impacts on revenues and expenses as reflected below. Revenues: Economic Condition - which can reflect a declining, stable, or growing economic environment and has a substantial impact on state income, sales, and utility tax revenue as well as public spending habits for building permits, elective user fees, and levels of consumption. Increaseillecrease in Village-Approved Rates - while certain tax rates are set by statute, the Village Board has significant authority to impose and periodically increase/decrease rates (property taxes, water, sewer, impact fees, building fees, home rule sales tax, etc.) Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) - certain recurring revenues (State-shared revenues, etc.) may experience significant changes periodically while nonrecurring (or one-time) grants are less predictable and often distorting in 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 of New Programs - within the functional expense categories (General Government, Public Safety, and Streets and Highways, etc.), individual programs may be added or deleted to meet changing community needs. Change in Authorized Personnel - changes in service demand may cause the Village Board to increase/decrease authorized staffing. Staffing costs (salary and related benefits) represent approximately 63% of the Village's General Fund and approximately 23% enterprise fund operating costs. Salary Increases (annual adjustments and merit) - the ability to attract and retain human and intellectual resources requires the Village to strive to approach a competitive salary range position in the marketplace. Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts. Some functions may experience unusual commodity-specific increases. (See independent auditor's report) MD&A7 VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Current Year Impacts Governmental Activities Revenues: 2004 Governmental Fund Activities Revenue by Source Other Revenue and Transfers 31% Charges for Services 29% Operating Grants 2% Capital Grants 5% F or the fiscal year ended December 31, 2004, revenues totaled $85.9 million. The Village benefits from a highly diversified revenue base. Other Taxes and Transfers, which include State sales and income tax distributions, continue to be the largest revenue source at $28.3 million, or 31 % of the total. Property Taxes totaled $20.5 million representing 24% of the total Governmental Activity revenue. While the Village maintained its property tax levy at $8.2 for 2004, the same amount levied since 2000, the Village's TIF Redevelopment Project generated $12.3 million. Other Taxes, at $7.9, is composed of taxes enacted by the Village and include the utility and telecommunications taxes, and the Home Rule sales tax. The major component of the "Charges for Services" classification is fees from the Village's water utility as well as the North Maine Water and Sewer utility and the Wholesale Water utility. Through the latter two utilities, the Village sells 1.8 billion gallons of water per year to customers outside of the Village. (See independent auditor's report) MD&A8 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Expenses: 2004 Governmental Fund Activities Expenses by Source North Maine utilities 7% N onmajor enterprise 3% General Goverrnnent 30% Waterworks 11% Interest 7% Highways and Streets 13% Economic Development 0% Public Safety 29% For the fiscal year ended December 31, 2004, expenses totaled $53.2 million. The General Government category, at $20.3 million, or 30%, represents the largest share of the total and is followed by Public Safety at $19.5 million, or 29%, and Highways and Streets at $8.9 million, or 13%. It should be noted that the General Government category includes $5.8 million in Make- Whole payments made to the Core Jurisdictions affected by the Village's Redevelopment Project. F or the fiscal year ended December 31, 2004, the Governmental Funds reflect combined net assets of$145.8 million. Business-Type Activities Revenues: F or the fiscal year ended December 31, 2004, net revenues, after transfers out, from Business- Type Activities totaled $15.2 million. The Village's various water and sewer utilities generated $16.1 million in Charges for Services. Expenses: F or the fiscal year ended December 31, 2004, expenses from Business-Type Activities totaled $14.7 million, primarily associated with the Village's various utility systems. For the fiscal year ended December 31, 2004, the Business-Type Funds reflect combined net assets of$38.3 million. (See independent auditor's report) MD&A9 VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS Governmental Funds At December 31, 2004 the Governmental Funds (as presented on page 6 & 7) reported a combined fund balance of$105.1 million, a 50.1% increase from the beginning of the year of$69.8 million. Of the total fund balance, $9.7 million is unreserved indicating availability for continuing Village services. Reserved fund balance of $95.4 million includes $75.8 million for capital development and $3.3 million for debt service. The General Fund is the Village's primary operating fund and the largest source of day-to-day service delivery. The total fund balance of the General Fund increased by $1.5 million, or 8.3%, from Fiscal Year 2003. Revenues increased by $3.2 million or 9.5%, expenditures increased by $2.4 million or 7.2% from the prior year. Proprietary Funds At December 31, 2004 the Proprietary Funds (as presented on pages 12 - 15) total net assets increased by $.5 million. This modest increase is primarily attributable to a revised service contract with customers of the Wholesale Water utility. Waterworks and North Maine utility revenues were significantly less than anticipated but with expenditures also less than projected, operating income totaled $1.7 million. GENERAL FUND BUDGETARY HIGHLIGHTS Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31,2004 (in millions) Revenues Taxes Intergovernmental Other $11.9 17.1 4.7 $11.9 17.1 4.7 Expenses Expenditures Transfers Out Transfers In (36.3) 0.0 0.5 (36.3) 0.0 0.5 (See independent auditor's report) MD&A 10 $13.4 18.5 4.6 I I I I I I I I I I I I I I I I I I I (35.5) 0.0 0.5 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) The following revenues performed very well in the fiscal year: 2003 $10.8 o $10.8 2004 $11.6 1.1 $12.7 Change $0.8 1.1 $1.9 Municipal Sales Tax Home Rule Sales Tax The General Fund budget was not amended during the fiscal year. General Fund actual revenues were $2.8 million greater than the original and final budget amount. The most significant causes of this were the strength in sale tax revenues where the Municipal Tax and Home Rule Sales Tax both exceeded projections. Expenditures totaled 97.8% of budget. The Special Tax Allocation Fund, also a major governmental fund, received $12.3 million in property tax increment as developed parcels within the Village's Redevelopment Project area were added to the tax roles. It is expected that the incremental revenue will increase to $20 to $25 million over the next 3 to 5 years. These revenues are used to pay the development costs associated with the Village's Redevelopment Project as well as debt service and Make-Whole Payments to the Core Jurisdictions affected by the Village's Redevelopm ent Project. CAPITAL ASSETS The following schedule reflects the Village's capital asset balances as of December 31, 2004. Table 4 Capital Assets As of December 31, 2004 and 2003 in millions 2004 2003 2004 2003 2004 2003 Land and Land Right of Way $60.5 $54.5 $.3 $0.3 $60.8 $54.8 Buildings and Improvements 10.2 10.2 0.4 0.4 10.6 10.6 Machinery and Equipment 9.1 8.7 0.0 0.0 9.1 8.7 Infrastructure 106.5 106.1 0.0 0.0 106.5 106.1 Water System 0.0 0.0 36.6 36.6 36.6 36.6 (See independent auditor's report) MD&All DEBT OUTSTANDING I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Sewer System 0.0 0.0 9.7 9.7 9.7 9.7 Equipment and Vehicles 0.0 0.0 2.9 2.9 2.9 2.9 Construction in Progress 2004 0.0 1.0 0.0 21.4 0.0 Less: Accumulated Depreciation (49.6) (46.0) (16.3) (15.2) (65.9) (61.2) At year end, the Village's investment in capital assets for both its Governmental and Business- Type Activities was $191.7 million, an increase of 14.0% from December 31, 2003. The December 31, 2004 total includes $21.4 of Construction in Progress which is related to the construction of a new Police Headquarters building. Detailed information regarding the change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements on pages 30 and 32. In Fiscal Year 2004, the Village issued two series of bonds aggregating $47.3 million. The $25.0 million 2004A General Obligation Bonds were issued to provide funds for infrastructure improvements in connection with the Village TIF Redevelopment Project. It is anticipated that the debt service associated with the Series 2004A Bonds will be annually abated with the property tax increment generated from the Project area. The $22.3 million 2004B General Obligation Bonds were issued to provide funding for construction of a new Police Headquarters building. It is anticipated that the debt service associated with the Series 2004B Bonds will be paid through the property tax levy. The Village currently has ten general obligation bond series and one note series which were used to acquire the North Maine utility system outstanding. Total general obligation debt is $136.1 million of which $128.4 million is supported by various tax levies with the balance abated from water system revenues. Of the Village total general obligation debt, $99.8 million is associated with the Village's TIF Redevelopment Project. The debt service associated with the Project is annually abated with the property tax increment generated from the Project area. The tax increment fInancing bonds have been issued for infrastructure improvements in the Project area known as The Glen. The issuance of these bonds did not produce a fIxed asset for the Village; therefore, the unrestricted net assets for Governmental Activities have been reduced by the amount of these bonds. The Village, under its home rule authority, does not have a legal debt limit. During Fiscal Year 2004, the Village's Aaa bond rating was reaffirmed by Moody's Investors Service citing the Village's well-managed fInancial operations, moderate direct debt burden, and aggressive retirement of its general obligation bonds. (See independent auditor's report) MD&A 12 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) Additional information of the Village's long-term debt can be found in the Notes to the Financial Statements on pages 35 - 40. ECONOMIC FACTORS AND NEXT YEAR'S BUD GET The Village's composition is primarily residential but with a significant commercial component. The property tax revenue derived from the residential, commercial, and industrial properties has been held constant at $8.2 million. State shared revenues which are distributed on a per capita basis, including income and use taxes, have been negatively affected by the general downturn in the State's general economy. During 2005 the Village will have a Special Census conducted in the Redevelopment Project area. The additional residents will generate additional per capita revenue from the State. As short term interest rates increase, investment income may be positively impacted. Sales tax revenues, however, increased during the year due to commercial development throughout the Village. The commercial component includes soft goods, restaurants, and other food and retail businesses. The Fiscal Year 2005 budget maintains the Village's property tax levy constant at $8.2 million. Building permit revenues and planning and inspections fees are expected to remain strong as redevelopment throughout the Village continues. Sales tax revenue is expected to remain strong as additional retailers come on line. In addition, the Village's one-half of one percent Home Rule Sales Tax ("HRST"), which went into effect in July 2004 has generated significant new revenue. For 2005, $1 million of the HRST has been designated for capital investment, while $2 million has been designated for operations within the Village's Gener al Fund. Budgeted expenditures include increases due to salary adjustments and health and liability insurance costs. Pension costs are expected to increase due to the general weak investment climate and increases in benefits approved by the State of Illinois. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This [mancial 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 [mancial information should be directed to Daniel P. Wiersma, Director of Finance, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025. (See independent auditor's report) MD&A 13 I VILLAGE OF GLENVIEW, ILLINOIS I STATEMENT OF NET ASSETS December 31, 2004 I Component Primary Government Unit I Governmental Business-Type Glenview Activities Activities Total Public Library ASSETS I Cash and investments $ 120,670,808 $ 10,793,623 $ 131,464,431 $ 2,114,602 Receivables, net of allowance where applicable Property taxes 7,964,246 7,964,246 4,842,80 I I Other taxes 5,335,447 5,335,447 Utility customers 2,788,877 2,788,877 Notes 150,500 150,500 Interest 8,969 8,969 I Miscellaneous 1,691,808 1,691,808 Deposits 1,895,285 1,895,285 Inventories III ,252 87,195 198,447 Due from other governments 988,740 988,740 I Due from/(to) other funds 1,458,549 (1,458,549) Due from fiduciary funds 2,166 2,166 Due from component unit 23,655 23,655 Advance (ta)/from other funds (2,659,289) 2,659,289 Deferred charges 58,809 58,809 I Prepaid items 184,400 184,400 Other assets 1,900 1,900 Net pension asset 389,121 389,121 Capital assets, not being depreciated 80,924,930 1,302,851 82,227,781 500,000 I Capital assets, (net of accumulated depreciation) 76,175,365 33,246,199 109,421,564 2,254,949 Total assets 295,315,952 49,480,194 344,796,146 9,712,352 I LIABILITIES Overdraft liability 143,41I 143,411 Accounts payable 5,198,153 834,690 6,032,843 126,936 I Accrued payroll 107,399 22,257 129,656 40,700 Accrued interest payable 5ll,271 57,626 568,897 Compensated absences payable 88,058 88,058 Claims payable 167,669 167,669 I Other payables 1,006,974 1,006,974 Deferred property taxes 7,964,246 7,964,246 4,842,80 I Other unearned revenue 417,719 690,000 1,107,719 Due to Fiduciary Funds 1,750 1,750 Due to primary government 23,655 I Refundable deposits 4,305,352 3,000 4,308,352 Noncurrent liabilities Due within one year 9,389,427 644,807 10,034,234 Due in more than one year 120,266,964 8,867,238 129,134,202 87,273 I Total liabilities 149,480,335 1l,207,676 160,688,011 5,121,365 NET ASSETS I Invested in capital assets, net of related debt 28,587,161 25,037,005 53,624,166 2,667,676 Restricted for Street improvements 2,589,698 2,589,698 Debt service 3,293,488 3,293,488 I Employee benefits 201,060 201,060 Public sarety 674,732 674,732 Capital development 75,796,076 75,796,076 Culture and recreation 1,923,311 I Unrestricted 34,693,402 13,235,513 47,928,915 TOTAL NET ASSETS $ 145,835,617 $ 38,272,518 $ 184,108,135 $ 4,590,987 I See accompanying notes to financial statements. - 3 - VILLAGE OF GLENVIEW, ILLINOIS I STATEMENT OF ACTIVITIES I For the Year Ended December 3 I , 2004 I Program Revenues Charges Operating Capital FUNCTIONS/PROGRAMS Expenses for Services Grants Grants PRIMARY GOVERNMENT Governmental activities General government $ 20,337,999 $ 4,838,852 $ 76,550 $ 3,241,924 Public safety 19,521,633 3,751,639 52,310 Highways and streets 8,916,140 5,546 1,194,311 946,277 Economic development 23,571 Interest 4,446,952 Total governmental activities 53,246,295 8,596,037 1,323,171 4,188,201 Business-type activities Waterworks 7,514,285 7,446,294 North Maine Water and Sewer 5,021,042 5,532,457 Nonmajor enterprise Wholesale water 935,242 1,655,339 Sewerage 921,736 1,054,923 Commuter parking 335,308 374,653 Total business-type activities 14,727,613 16,063,666 TOTAL PRIMARY GOVERNMENT $ 67,973,908 $ 24,659,703 $ 1,323,171 $ 4,188,201 COMPONENT UNIT Gleview Public Library $ 4,735,783 $ 140,041 $ 56,638 $ I I I I I I I I I I I I I I I - 4- I I I I I Net (Expense) Revenue and Change in Net Assets Primary Government Glenview Public Library Governmental Business-Type Component I Activities Activities Total Unit $ (12,180,673) $ $ (12,180,673) $ I (15,717,684) (15,717,684) (6,770,006) (6,770,006) (23,571) (23,571 ) I (4,446,952) (4,446,952) (39,138,886) (39,138,886) I (67,991) (67,991) 511,415 511,415 I 720,097 720,097 133,187 133,187 39,345 39,345 I 1,336,053 1,336,053 (39,138,886) 1,336,053 (37,802,833) I (4,539,104) I General revenues Taxes Property and replacement 20,500,281 20,500,281 4,582,858 I Other 865,343 865,343 29,000 Sales tax 13,588,877 13,588,877 Income tax 2,659,483 2,659,483 Intergovernmental 6,385,543 6,385,543 303,913 I Investment income 1,093,764 97,800 1,191,564 45,980 Miscellaneous 1,637,093 1,637,093 9,154 Gain on sale of capital assets 2,829,367 2,829,367 Transfers 958,460 (958,460) I Contributions 6,088,573 6,088,573 Total 56,606,784 (860,660) 55,746,124 4,970,905 I CHANGE IN NET ASSETS 17,467,898 475,393 17,943,291 431,801 NET ASSETS, JANUARY I 128,288,386 41,428,049 169,716,435 4,159,186 I Prior period adjustment 79,333 (3,630,924) (3,551,591) I NET ASSETS, JANUARY 1, RESTATED 128,367,719 37,797,125 166,164,844 4,159,186 NET ASSETS, DECEMBER 31 $145,835,617 $ 38,272,518 $ 184,108,135 $ 4,590,987 I See accompanying notes to financial statements. - 5- VILLAGE OF GLENVIEW, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS December 31, 2004 Special GNAS Glen 2004 Police Tax Village Bond Fund Land Glen Department Nonmajor General Allocation Permanent Series 1995 Sales Bond Headquarters Governmental Total ASSETS Cash $ 2,977,805 $ 103,111 $ 1,150,542 $ 3,662 $ 1,016,335 $ 4,792 $ 19,162 $ 2,339,444 $ 7,614,853 Investments 9,271,307 26,928,501 1,839,964 21,969,020 18,119,757 21,367,698 99,496,247 Receivables Property taxes 5,776,698 2,187,548 7,964,246 Utility taxes 1,083,105 - 1,083,105 Income taxes 181,277 - 181,277 Sales taxes 4,071 ,065 - - 4,071,065 Interest 8,969 - 8,969 Other 577,374 946,277 149,993 1,673,644 Note receivable 150,500 150,500 Prepaid items 30,860 - 19,350 50,210 Due from other governments 535,012 453,728 988,740 Due from other funds 2,940,605 38 150,448 245,477 16,819 1,003,448 4,356,835 Due from Fiduciary Funds 2,166 2,166 Due from component unit 23,655 23,655 Deposits - 478,302 478,302 Advance to other funds 12,752,705 12,752,705 TOTAL ASSETS $ 27,621,429 $ 103,149 $ 40,831,748 $ 1,100,387 $ 3,110,745 $ 21,973,812 $ 18,175,088 $ 27,980,161 $ 140,896,519 - 6- - - - - - - - - - - - - - - - - - - - - - - - - - ~ ~ - - - - - - - - - - - Special GNAS Glen 2004 Police Tax Village Bond Fund Land Glen Department Nonmajor General Allocation Permanent Series 1995 Sales Bond Headquarters Governmental Total LIABILITIES AND FUND BALANCES LIABILITIES Overdraft liability $ $ $ - $ - $ $ $ $ 143,411 $ 143,411 Accounts payable 622,975 1,566,621 1,283,127 - 383,823 1,232,035 5,088,581 Accrued payroll 103,320 2,519 105,839 Accrued interest 22,739 23,264 46,003 Refundable deposits 27,198 4,278,154 4,305,352 Other payables 1,001,860 6,524 1,008,384 Due to other funds 780,827 - 19,800 242,497 150 1,335,926 2,379,200 Due to Fiduciary Funds 1,750 - 1,750 Advance to other funds - 12,752,705 1,614,109 14,366,814 Deferred revenues 150,505 - 90,000 27,750 149,464 417,719 Deferred property taxes 5,776,698 - 2,187,548 7,964,246 Total liabilities 8,465,133 22,739 19,800 1,899,118 14,063,582 383,973 10,972,954 35,827,299 FUND BALANCES Reserved for street improvements 2,589,698 2,589,698 Reserved for prepaids 30,860 19,350 50,210 Reserved for advance from other funds - 12,752,705 12,752,705 Reserved for debt service - 3,293,488 3,293,488 Reserved for employee benefits - 201,060 201,060 Reserved for public safety 674,732 674,732 Rcserved for capital development 28,059,243 21,973,812 17,771,765 7,991,256 75,796,076 Unreserved Undesignated for General Fund 19,125,436 19,125,436 Undesignated for Special Revenue Fund 80,410 2,428,442 2,508,852 Undesignated for Debt Service Fund (51,450) (51,450) Undesignated (deficit) for Capital Projects Fund (798,731) (10,952,837) (120,019) (11,871,587) Total fund balances (deficit) 19,156,296 80,410 40,811,948 (798,731) (10,952,837) 21,973,812 17,791,115 17,007,207 105,069,220 TOTAL LIABILITIES AND FUND BALANCES $ 27,621,429 $ 103,149 $ 40,831,748 $ 1,100,387 $ 3,110,745 $ 21,973,812 $ 18,175,088 $ 27,980,161 $ 140,896,519 See accompanying notes to financial statements. -7 - The unamortized bond discount and unamortized bond issuance cost is not a current financial resource and is therefore not reported in the governmental funds 152,638 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS December 31, 2004 FUND BALANCES OF GOVERNMENTAL FUNDS $ 105,069,220 Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds less Internal Service Fund 157,100,295 (27,979) The net pension asset is not a current fmancial resource and is therefore not reported in the governmental funds 389,121 Interest payable is not due and payable in the current period and, therefore, not reported in the governmental funds (465,268) Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds (129,809,029) The unrestricted net assets of the internal service funds are included in the governmental activities in the statement of net assets 13,426,619 NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 145,835,617 See accompanying notes to financial statements. - 8 - I I I I t I (This page is intentionally left blank.) I I i I I I I I I I I I, if VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended December 31,2004 Special GNAS Glen 2004 Police Tax Village Bond Fund Land Glen Department Nonmajor General Allocation Permanent Series 1995 Sales Bond Headquarters Governmental Total REVENUES Taxes $ 13,372,764 $ 12,287,250 $ $ $ - $ $ $ 2,427,331 $ 28,087,345 Intergovernmental 18,543,064 3,957,471 2,852,260 25,352,795 Charges for services 1,489,994 1,694,519 3,184,513 Licenses and permits 2,128,826 2,128,826 Fines and forfeitures 249,956 249,956 Investment income 145,992 10,156 1,062,083 2,102 51,252 121,436 100,631 321,251 1,814,903 Miscellaneous Land sales 2,893,460 2,893,460 Other 571,396 30,168 4,282 135,460 741,306 Total revenues 36,50 I ,992 12,297,406 1,062,083 3,989,741 2,948,994 121,436 100,631 7,430,821 64,453,104 EXPENDITURES Current General government 9,273,332 5,802,009 5,615,481 20,690,822 Public safety 18,895,113 544,492 19,439,605 Highways and streets 7,380,427 7,380,427 Debt service Principal 2,950,000 1,812,700 4,762,700 Interest and fiscal charges 3,484,716 721,851 97,288 81,355 601,002 4,986,212 Capital outlay 12,707,827 535,132 1,609,976 5,135,518 19,988,453 Total expenditures 35,548,872 12,236,725 - 12,707,827 1,256,983 97,288 1,691,331 13,709,193 77,248,219 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 953,120 60,681 1,062,083 (8,718,086) 1,692,011 24,148 (1,590,700) (6,278,372) (12,795,115) ... ... - - --- - 9- ~ --- ~ ~ ~ .. ... ... - ... -' - ~ .... ~ ... ... ... - .... .. - - ~ -. - -- - - ~ - Special GNAS Glen 2004 Police Tax Village Bond Fund Land Glen Department Nonmajor Allocation Permanent Series 1995 Sales Bond Headquarters Governmental Total General OTHER FINANCING SOURCES (USES) Bond issued Discount on bonds issued Premium on bonds issued Sale of capital assets Transfers in Transfers (out) $ 25,000 506,602 $ $ $ $ $ 25,000,000 $ 19,546,539 $ 2,768,461 $ 47,315,000 (164,724) - (164,724) 65,614 65,614 12,801 37,801 6,069,462 579,248 10,207,715 6,393,661 23,756,688 (6,326,679) (6,635,927) (3,115,950) (6,719,672) (22,798,228) Total other financing sources (uses) 531,602 (257,217) 579,248 10,207,715 (6,635,927) 21,949,664 19,381,815 2,455,251 48,212,151 NET CHANGE IN FUND BALANCES 1,484,722 (196,536) 1,641,331 1,489,629 (4,943,916) 21,973,812 17,791,115 (3,823,121) 35,417,036 FUND BALANCES (DEFICIT), JANUARY 1 17,873,812 276,946 38,321,893 (2,513,360) (4,935,197) 20,787,164 69,811,258 Prior period adjustment (202,238) 848,724 225,000 (1,073,724) 43,164 (159,074) FUND BALANCES (DEFICIT), JANUARY I, RESTATED 17,671,574 276,946 39,170,617 (2,288,360) (6,008,921) 20,830,328 69,652,184 FUND BALANCES (DEFICIT), DECEMBER 31 $ 19,156,296 $ 80,410 $ 40,811,948 $ (798,731) $ (10,952,837) $ 21,973,812 $ 17,791,115 $ 17,007,207 $ 105,069,220 See accompanying notes to financial statements. - 10- I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF REVENUES, EXPENSES ~ AND CHANGES IN NET ASSETS PROPRIETARY FUNDS For the Year Ended December 31, 2004 I Business-Type Activities Governmental I North Maine Activities Water and Nonmajor Internal t Waterworks Sewer Enterprise Total Service OPERATING REVENUES Charges for services I Water and sewer charges $ 6,883,691 $ 5,482,256 $ 2,660,312 $ 15,026,259 $ Water and sewer connection charges 208,590 20,030 228,620 Parking decals and meter fees 125,294 532 364,553 490,379 Late payment fees 89,734 45,506 29,920 165,160 I Internal services 8,519,600 Miscellaneous 138,985 4,163 10,100 153,248 127,649 Total operating revenues 7,446,294 5,532,457 ,-. 3,084,915 16,063,666 8,647,249 I OPERATING EXPENSES Administration 837,430 716,353 613,144 2,166,927 Operations 5,961,071 3,712,110 1,309,279 10,982,460 8,081,995 I Depreciation and amortization 715,784 261,193 227,843 1,204,820 7,994 Total operating expenses 7,514,285 4,689,656 2,150,266 14,354,207 8,089,989 I OPERATING INCOME (67,991) 842,801 934,649 1,709,459 557,260 NONOPERATING REVENUES (EXPENSES) I Investment income 60,280 16,304 21,216 97,800 500,093 Interest and fiscal charges (331,386) (42,020) (373,406) Total nonoperating revenues (expenses) 60,280 (315,082) (20,804) (275,606) 500,093 , NET INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS (7,711) 527,719 913,845 1,433,853 1,057,353 TRANSFERS IN (OUT) I Transfers (out) (99,194) (544,500) (314,766) (958,460) Total transfers in (out) (99,194) (544,500) (314,766) (958,460) 1- CHANGE IN NET ASSETS (106,905) (16,781) 599,079 475,393 1,057,353 NET ASSETS, JANUARY I 30,780,983 1,057,360 9,589,706 41,428,049 12,043,512 I Prior period adjustment (1,800,819) (1,405,105) (425,000) (3,630,924) 325,754 NET ASSETS (DEFICIT), JANUARY I, RESTATED 28,980,164 (347,745) 9,164,706 37,797,125 12,369,266 I NET ASSETS (DEFICIT), DECEMBER 31 $ 28,873,259 $ (364,526) $ 9,763,785 $ 38,272,518 $ 13,426,619 I I See accompanying notes to financial statements. I - 13- I I I \1 I I (This page is intentionally left blank.) I I I I I ,. I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CASH FLOWS I PROPRIETARY FUNDS For the Year Ended December 31, 2004 I Business- Type Activities Governmental I North Maine Activities Water and Nomnajor Internal Waterworks Sewer Enterprise Total Service I CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 7,166,327 $ 6,183,106 $ 3,570,399 $ 16,919,832 $ 6,753 Receipts from interfund services 480,195 480,195 8,020,376 I Payments to suppliers (5,]46,373) (3,872,235) (1,652,2] 7) (10,670,825) (7,279,4]5) Payments to employees (842,312) (551,778) (266,830) (1,660,920) (412,838) Net cash from operating activities 1,177,642 1,759,093 2,131,547 5,068,282 334,876 I CASH FLOWS FROM NON CAPITAL FINANCING ACTMTIES Interfund transfers out (99,194) (544,500) (314,766) (958,460) ,- Net cash from noncapital financing activities (99,194) (544,500) (314,766) (958,460) CASH FLOWS FROM CAPITAL AND RELATED I FINANCING ACTIVITIES Principal payments (416,839) (180,000) (596,839) Interest and fiscal charges (330,448) (50,643) (38],091) I Net cash from capital and related financing activities (747,287) (230,643) (977,930) CASH FLOWS FROM INVESTING ACTIVITIES I Interest received 60,280 16,304 21,213 97,797 500,091 Sale of investments 592,287 592,287 100,000 Purchases of investments (818,320) (30 I ,549) (] ,190,000) (2,309,869) (881,632) ,I Purchase of capital assets (1,000,000) (1,000,000) Net cash from investing activities (758,040) (285,245) (1,576,500) (2,619,785) (281,541) I NET INCREASE IN CASH AND CASH EQUIVALENTS 320,408 182,061 9,638 512,107 53,335 CASH AND CASH EQUIVALENTS, JANUARY I 601,694 370,612 894,422 1,866,728 1,001,176 I CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 922,102 $ 552,673 $ 904,060 $ 2,378,835 $ 1,054,511 I I I I (This statement is continued on the following page.) I - 14- I I I I I I I I I I I I I I I 'I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUNDS For the Year Ended December 31, 2004 Business- Type Activities Governmental North Maine Activities Water and Nonmajor Internal Waterworks Sewer Enterprise Total Service RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ (67,991) $ 842,801 $ 934,649 $ 1,709,459 $ 557,260 Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 715,784 261,193 227,843 1,204,820 7,994 Changes in current assets and liabilities Accounts receivable 30,552 650,649 (207,093) 474,108 (10,520) Due from other funds (318,749) 2 (318,747) (33,866) Inventory (21,593) (21,593) (111,252) Prepaid expenses (134,190) Other assets 29,823 58,249 88,072 Accounts payable 67,936 (102,434) (29,212) (63,710) (6,018) Accrued payroll 2,405 5,571 (5,710) 2,266 24 Compensated absences payable (15,739) (4,755) (20,494) Claims payable 128,358 Deferred revenues 674,701 674,701 (81,447) Deposits (4,491) (359,288) (363,779) (330,291) Other payables 664 664 (5,154) Due to other funds 759,705 464,692 478,118 1,702,515 353,978 NET CASH FROM OPERATING ACTIVITIES $ 1,177,642 $ 1,759,093 $ 2,131,547 $ 5,068,282 $ 334,876 See accompanying notes to financial statements. - 15- VILLAGE OF GLENVIEW, ILLINOIS I I I I I I I I I 'J I I I I I I I I I STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS December 31, 2004 Pension Trust Agency ASSETS Cash and cash equivalents Investments U.S. Government and agency obligations Mutual funds Insurance contracts Receivables Property taxes Due from other funds Total assets LIABILITIES Accounts payable Due to other funds Due to bondholders Total liabilities $ 1,041,260 $ 39,188 66,974,200 13,461,381 994,711 133,508 1,750 82,473,302 172,696 4,500 2,166 172,696 6,666 172,696 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS $ 82,466,636 $ See accompanying notes to financial statements. - 16- 1 VILLAGE OF GLENVIEW, ILLINOIS 1 STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS PENSION TRUST FUNDS I For the Year Ended December 31, 2004 I I ADDITIONS Contributions - employer $ 1,474,948 Contributions - plan members 1,059,790 I Contributions - miscellaneous 100 I Total contributions 2,534,838 Investment income r Net appreciation in fair value of investments 60,517 Interest earned on investments 4,058,706 r Total investment income 4,119,223 r Less investment expense (51,592) Net investment income 4,067,631 r Total additions 6,602,469 r DEDUCTIONS Pensions and refunds 3,520,024 -' Total deductions 3,520,024 - NET INCREASE 3,082,445 NET ASSETS HELD IN TRUST FOR - PENSION BENEFITS January I 79,384,191 December 31 $ 82,466,636 I -<O- f .- I See accompanying notes to financial statements. - 17 - -- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) Firefighters' Pension Employees Retirement System The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by a nine-member pension board consisting of the Village's President, Treasurer, Clerk, Attorney and Fire Chief; one elected pension beneficiary; and three elected fire employees. The Village and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's firefighters and because of the fiduciary nature of such activities. The FPERS is reported as a pension trust fund. Discretely Presented Component Unit - Village of Glenview Public Library (the Library) The Library has a separately elected seven-member board, which annually determines its budget and resulting tax levy. Upon approval ofthe Village, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit ofthe Village, which is wholly liable for the debt. Because the Library possesses the characteristics of a legally separate government and does not service the primary government, the Library is being reported as a discrete presentation. Separate financial statements are disclosed in the component unit portion ofthis report; the Library does not issue separate financial statements. b. Fund Accounting The Village uses funds to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. Funds are classified into the following categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate "fund types." - 19 - - J J I I I I I l l [ L j ~ - ~ '-" J J ] I I I I I I I I I I I I I )1 I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of capital assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Village (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Village. When these assets are held under the terms of a formal trust agreement, a pension trust fund is used. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. c. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets 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 I) 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 standard revenues 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. - 20- - 21 - I I I I ,I I I I I I I I I I, I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government- Wide and Fund Financial Statements (Continued) 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, also referred to as the Corporate Fund, is the Village's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. Special Tax Allocation Fund, a Special Revenue Fund, accounts for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen (formerly referred to as G1enview Naval Air Station). The Village Permanent Fund, a Capital Projects Fund, is used to accumulate 20% ofthe land sales proceeds of The Glen for village-wide improvements as well as short-term liquidity to the Village's TIF projects encompassing The Glen. The GNAS Bond Fund Series 1995 Fund, a Capital Projects Fund, is used to account for various development and other projects related to The Glen. The Glen Land Sales Fund, a Capital Projects Fund, accounts for land sales related to The Glen. The 2004 Glen Bond Fund, a Capital Projects Fund, accounts for the $25,000,000 bond issued to complete the capital improvements at The Glen. The Police Department Headquarters Fund, a Capital Projects Fund, accounts for the construction of a new police department headquarters. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) The Village reports the following major proprietary funds: The Waterworks Fund accounts for the provision of water service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director of Public Works), operation, maintenance, financing and related debt service and billing and collection. The North Maine Water and Sewer Fund accounts for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. 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 [mance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues/expenses include all revenues/expenses directly related to providing enterprise fund services. Incidental revenues/expenses are reported as non-operating. Governmental fund financial statements are reported using the current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds, pension trust funds and agency funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation ofthese funds are included on the balance sheet. Proprietary fund type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. - 22- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) J. Capital Assets (Continued) Assets Years Buildings, improvements and infrastructure Machinery and equipment 25-80 5-10 Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. k. Compensated Absences The Village accrues a liability for vacation benefits as these benefits are earned. At December 31, 2004, the liabilities for these accumulated unpaid benefits are accounted for in the Enterprise Funds at all levels and in the goverrunental activities column in the goverrunent-wide financial statements. In the goverrunental fund financial statements a liability has been accrued for amounts owed to employees who have retired or terminated employment by the end of the year. 1. Long- Term Obligations In the goverrunent-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type financial statements. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. In the fund financial statements, goverrunental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. - 25 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) m. Equity In the fund [mancial statements, governmental funds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. In the government- wide financial statements, restricted net assets are legally restricted by outside parties for a specific purpose. Invested in capital assets, net of related debt is the book value of capital assets less any long-term debt outstanding that was issued to construct or acquire the capital assets. n. Glen Development Fees Glen development fees of $5,259,075 are currently reserved for capital development and will be used to supplement bond proceeds for the construction ofthe police headquarters and other projects. o. Interfund Transactions Interfund services 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 services transactions and reimbursements, are reported as transfers. Advances between funds, if any, are offset by a fund balance reserve account in applicable governmental funds to indicate they are not available for appropriation and are not expendable available financial resources. p. Operating and Nonoperating Revenues and Expenses Proprietary operating revenues and expenses are revenues and expenses earned on the sale of goods or services by the Proprietary Fund. Nonoperating revenues and expenses are any other revenue not attributable to the sale of goods or services. q. GASB Pronouncements The Village has elected, under the provisions of GASB Statement 20, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," to apply all applicable GASB pronouncements and all F ASB Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. - 26 - Deficit Balance I I I I I I I I I I I I I I I I I I I VilLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 2. LEGAL COMPLIANCE AND ACCOUNT ABILITY Deficit Fund Ba1ances/Net Assets of Individual Funds The following funds had a deficit in fund balance/net assets as of the date of this report: Fund GNAS Redevelopment GNAS Caretaker Corporate Purpose Bond Series of 2000 Corporate Purpose Bond Series of2003 GNAS Bond Fund Series 1995 Glen Land Sales Bond Fund Series of 1993 North Maine Water and Sewer $ 71,074 63,447 4,263 47,187 798,731 10,952,837 120,019 364,526 3. CASH AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $6,850 for the primary government and cash on hand of $1 ,300 for the component unit has been excluded from the amounts shown below. Permitted Deposits and Investments - Statutes authorize 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 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 the TIlinois Funds. Pension funds may also invest in certain non-U.S. obligations, TIlinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State ofTIlinois and its political subdivisions and TIlinois insurance company general and separate accounts, mutual funds and equity securities. TIlinois Funds is an investment pool managed by the State of TIlinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. TIlinois 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 TIlinois Funds are valued at TIlinois Fund's share price, for which the price the investment could be sold. - 27 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. CASH AND INVESTMENTS (Continued) a Deposits At year end, the carrying amount of the primary government's deposits totaled $17,145,615 and the bank balances totaled $18,859,087. The carrying amount of the component unit's deposits totaled $1,912,414 and the bank balances totaled $1,717,924. Bank Balances Primary Component Government Unit Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $ 18,859,087 $ 1,717,924 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or its agents, in the Village's name. Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized. TOTAL DEPOSITS $ 18,859,087 $ 1,717,924 For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Village. b. Investments The Village's investments are categorized to give an indication ofthe level of custodial credit risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty in the Village's name, or held by any third party not in the Village's name, and uninsured, unregistered investments. - 28- Fair Value Category 2 3 Totals I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. CASH AND INVESTMENTS (Continued) b. Investments (Continued) Primary Government u.s. Treasury securities U.S. Agency securities Corporate bonds Municipal bonds $ 33,407,327 $ 118,761,492 19,773,437 2,548,046 - $ - $ 33,407,327 118,761,492 19,773,437 2,548,046 $ 174,490,302 $ - $ 174,490,302 * Illinois Funds * Mutual funds * Insurance contracts and separate accounts 7,564,035 13,631,546 994,711 TOTAL INVESTMENTS $ 196,680,594 * Not subject to custodial credit risk categorization Component Unit Investments for the Component unit consist of$200,888 of Illinois Funds. Illinois Funds are not subject to custodial credit risk categorization, and the fair value of the position in the external pool is the same as the value of the pool shares. 4. RECEIVABLES Property taxes for 2004 attach as an enforceable lien on January 1, 2004 on property values assessed as of the same date. Taxes are levied by December of the fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 2005 and August 1,2005 and are payable in two installments, on or about March 1,2005 and September 1, 2005. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual collection experience. Since the 2004 levy is intended to fund the 2005 fiscal year, the levy has been recorded as a receivable and deferred revenue. - 29- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 4. RECEN ABLES (Continued) The following receivables are included in Miscellaneous Receivables on the Statement of Net Assets: GOVERNMENTAL ACTIVITIES Franchise tax $ 75,100 Hotel/motel tax 43,593 Local use tax 115,023 Amusement tax 12,351 Developers 311,877 Court fines 19,429 Grants 946,277 Disposal fees 77,991 911 surcharge fees 41,422 Charges for services 18,164 Reimbursements 30,000 Other 581 TOTAL $ 1,691,808 The following receivables are included in Due From Other Governments on the Statement of Net Assets: GOVERNMENTAL ACTIVITIES Glenbrook Fire Protection District Intergovernmental agreements Motor fuel tax Other $ 535,012 343,404 103,074 7,250 TOTAL $ 988,740 5. CAPITAL ASSETS Capital asset activity for the year ended December 31, 2004 was as follows: Primary Government *Beginning Balance, Restated Increases Decreases Ending Balance GOVERNMEl\'TAL ACTIVITIES Capital assets not being depreciated Land Land right of way Construction in progress Total capital assets not being depreciated $ 5,643,853 48,835,322 $ - $ 6,088,573 20,357,182 26,445,755 - $ 5,643,853 54,923,895 20,357,182 80,924,930 54,479,175 - 30- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Primary Government (Continued) Capital assets being depreciated Buildings and improvements Machinery and equipment Infrastructure Total capital assets being depreciated Less accumulated depreciation for Buildings and land improvements Machinery and equipment Infrastructure Total accumulated depreciation Total capital assets being depreciated, net GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET *Beginning Balance, Restated Decreases Ending Balance Increases $ 10,234,967 $ 8,578,543 106,256,23 I 125,069,741 - $ 499,032 306,365 805,397 - $ 10,234,967 9,077,575 101,894 106,460,702 101,894 125,773,244 3,064,450 218,968 3,283,418 5,318,712 960,989 6,279,701 37,633,067 2,401,693 40,034,760 46,016,229 3,581,650 49,597,879 79,053,512 (2,776,253) 101,894 76,175,365 $ 133,532,687 $23,669,502 $ 101,894 $157,100,295 *The beginning balance ofthe capital assets has been restated by $972,898 due to the inclusion of infrastructure, the inclusion of internal service capital assets and due to a change in the capitalization policy of the capital assets. Further, accumulated depreciation has been restated by $161,594 to account for accumulated depreciation on capital assets not previously depreciated. BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land Construction in progress Total capital assets not being depreciated Capital assets being depreciated Buildings and improvements Water system Sewer system Equipment and vehicles Total capital assets being depreciated Beginning Balance, Restated Decreases Ending Balance Increases $ 302,851 $ $ 1,000,000 302,851 1,000,000 446,954 36,546,678 9,701,126 2,857,396 49,552,154 - $ 302,851 1,000,000 1,302,851 446,954 36,546,678 9,701,126 2,857,396 49,552,154 - 31 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Primary Government (Continued) Beginning Balance, Ending Restated Increases Decreases Balance Less accumulated depreciation for Buildings and improvements $ 301,679 13,005 314,684 Water system 10,161,219 732,969 10,894,188 Sewer system 2,359,973 183,063 2,543,036 Equipment and vehicles 2,352,652 201,395 2,554,047 Total accumulated depreciation 15,175,523 1,130,432 16,305,955 Total capital assets being depreciated, net 34,376,631 (1,130,432) 33,246,199 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 34,679,482 $ (130,432) $ - $ 34,549,050 Depreciation expense was charged to functions of the primary government as follows: GOVERNMENTAL ACTNITIES General government Public safety Development Public works $ 51,174 444,556 23,571 3,062,349 $ 3,581,650 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTNITIES In proprietary funds, the following estimated useful lives are used to compute depreciation: Building improvements Water/sewer systems Buildings Equipment and vehicles Office furniture and equipment 10-20 years 50 years 40-50 years 3-10 years 3-10 years - 32 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Component Unit Beginning Balance, Ending Restated Increases Decreases Balance GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 500,000 $ $ - $ 500,000 Total capital assets not being depreciated 500,000 500,000 Capital assets being depreciated Buildings and improvements 4,116,088 4,116,088 Equipment and vehicles 14,044 14,044 Total capital assets being depreciated 4,130,132 4,130,132 Less accumulated depreciation for Buildings and improvements 1,778,817 82,322 1,861,139 Equipment and vehicles 14,044 14,044 Total accumulated depreciation 1,792,861 82,322 1,875,183 Total capital assets being depreciated, net 2,337,271 (82,322) 2,254,949 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 2,837,271 $ (82,322) $ - $ 2,754,949 Depreciation expense was charged to functions of the governmental activities as follows: GOVERNMENTAL ACTIVITIES Culture and recreation $ 82,322 6. RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Village is self-insured (and participates in two public employee risk pools for health claims) for general liability, auto, property and workers' compensation risks and has established a risk-financing fund, Insurance Fund (the Fund), for all risks. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $1 ,000,000 for each general liability claim, $50,000 for each workers' compensation claim and $50,000 for each property damage claim. The Village purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. - 33 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) All funds of the Village participate and make payments to the Fund based upon actuarial estimates of the amounts needed to pay prior and current year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount ofthe loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: 2004 2003 CLAIMS PAYABLE, JANUARY 1 $ 365,064 $ 176,585 Add claims incurred 484,664 744,350 Less claims paid 682,059 (555,871) CLAIMS PAYABLE, DECEMBER 31 $ 167,669 $ 365,064 Intergovernmental Personnel Benefit Cooperative (IPBC) The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units oflocal government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental and life insurance coverage) offered by its members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental and nonprofit public service entities. Risk of loss is retained by the Village, except that IPBC purchases excess coverage policies. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are three officers, a Benefit Administrator, and a Treasurer. The Village does not exercise any control over activities oflPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $2,000,000 self-insurance retention). The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. HELP was organized on April 1, 1987. The purpose of HELP is to act as ajoint self- insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the members and other parties included within the scope of coverage of HELP. - 34- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) High-Level Excess Liability Pool (HELP) (Continued) HELP is governed by a Board of Directors, which consists of one appointed representative from each member municipality. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. 7. LONG-TERM DEBT a. Changes in Long-Term Liabilities During the fiscal year, the following changes occurred in liabilities reported for long- term liabilities: Current January 1 Additions Reductions December 31 Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 85,932,855 $ 47,315,000 $ 4,762,700 $ 128,485,155 $ 9,124,652 Less bond discounts (74,211) (99,110) (20,683 ) (152,638) 'Compensated absences 1,369,012 375,462 420,600 1,323,874 264,775 TOTALGOVE~~ENTAL ACTIVITIES $ 87,227,656 $ 47,591,352 $ 5,162,617 $ 129,656,391 $ 9,389,427 BUSINESS-TYPE ACTlVlTlES General obligation bonds $ 8,077,145 $ $ 497,300 $ 7,579,845 $ 540,348 Note payable 2,343,822 99,539 2,244,283 104,459 Unamortized loss on refunding (320,000) (7,917) (312,083) TOTAL BUSINESS-TYPE ACTIVITIES $ 10,100,967 $ - $ 588,922 $ 9,512,045 $ 644,807 * Compensated absences are typically liquidated by the General Fund. b. General Obligation Bonds The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. - 35 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) b. General Obligation Bonds (Continued) General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Current Issue Retired By January I Additions Reductions December 3 I Amount $6,175,000 Corporate Purpose Bond Series of 1997 dated August I, 1997, due in annual North installments of $1 00,000 to Maine $495,000 plus interest at Water 4.875% to 5.00% through and December 1,2017. Sewer $ 1,465,000 $ - $ 250,000 $ 1,215,000 $ 260,000 $10,000,000 General Obligation Bond Series of 1998A dated November I, 1998, due in annual installments of$695,000 to $1,875,000 plus interest at 4.10% to 4.35% through Debt December I, 2018. Service 10,000,000 10,000,000 $24,400,000 General Obligation Bond Series of 1998B dated January I, 1999, due in annual installments of $ I ,000,000 to $2,050,000 plus interest at 4.25% to 4.50% Debt through December I, 20] 8. Service 21,555,000 1,510,000 20,045,000 1,575,000 $4,970,000 General Obligation Bond Series of 2000 dated December 15,2000, due in annual installments of $345,000 to $1,875,000 plus interest at 4.30% to 4.5% Debt through December I, 2008. Service 4,970,000 4,970,000 345,000 $4 1,800,000 General Obligation Bond Series of 200 I dated August I, 200 I , due in annual installments of $500,000 to $5,500,000 plus interest at 3.50% to 4.35% Debt through December I, 2012. Service 41,300,000 500,000 40,800,000 4,800,000 - 36 - I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 7. LONG-TERM DEBT (Continued) I b. General Obligation Bonds (Continued) I Fund Debt Balances Balances Current I Issue Retired By January I Additions Reductions December 31 Amount $6,885,000 General Obligation Refunding Bond I Series of 2002 dated February 15, 2002, due in annual installments of $1,315,000 to $2,010,000 I plus interest at 1.85% to 3.40% through December I, Debt 2005. Service $ 3,120,000 $ $ 1,805,000 $ 1,315,000 S 1,3 I 5,000 $9,990,000 General SSA #36 70,405 5,271 65,134 6,607 I Obligation Refunding Bond Series of2003A dated SSA #37 32,450 2,429 30,021 3,045 April 1,2003, due in annual I installments of$185,000 to North Maine $1,130,000 plus interest at Water and 2.05% to 3.10% through Sewer 4,817,145 67,300 4,749,845 95,348 December I, 2010. I Debt Service 4,885,000 940,000 3,945,000 955,000 $1,995,000 General I Obligation Refunding Bond Series of 2003B dated April I , 2003, due in annual I installments of $ I 60,000 to $225,000 plus interest at Whole- 1.3% to 3.85% through sale December 1, 2012. Water 1,795,000 180,000 1,615,000 185,000 I $25,000,000 General Obligation Bond Series of 2004A dated August I, I 2004, due in annual installments of$125,000 to $8,250,000 plus interest at GNAS 2.00% to 4.00% through Redevelop- I December 1,2014. ment 25,000,000 25,000,000 125,000 $22,315,000 General Obligation Bond Series of I 2004B dated August 1,2004, due in annual installments of $1,015,000 to $1,900,000 I plus interest at 3.50% to 4.70% through December I, Debt 2024. Service 22,315,000 22,315,000 TOTAL $94,010,000 $47,315,000 $ 5,260,000 $136,065,000 $ 9,665,000 I - 37 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) c. Notes Payable The Village enters into notes payable to provide funds for the acquisition of capital assets. Notes payable have been issued for proprietary activities. The proprietary liabilities are therefore reported in the proprietary funds. Note payable currently outstanding is as follows: Fund Debt Balances Balances Current Issue Retired By January I Additions Reductions December 31 Amount $2,850,000 Corporate Purpose Note of 1997 dated September 2, 1997, due in North annual installments of Maine $215,377 plus interest paid Water at 4.942% through and September 1,2019. Sewer $ 2,343,822 $ - $ 99,539 $ 2,244,283 $ 104,459 d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Fiscal General Obligation Bonds Year Carried as Enterprise Fund Ending General Obligation Bonds Liabilities December 31 Principal Interest Principal Interest 2005 $ 9,115,000 $ 5,167,693 $ 540,348 $ 247,847 2006 9,490,000 4,843,383 560,193 229,372 2007 9,885,000 4,469,652 580,017 209,692 2008 9,335,000 4,079,746 599,817 188,445 2009 9,660,000 3,716,495 624,573 165,610 2010 10,055,000 3,345,440 654,281 146,142 2011 10,450,000 2,947,840 678,938 125,485 2012 10,920,000 2,521,215 698,551 103,632 2013 11,350,000 2,065,033 488,127 80,844 2014 11,835,000 1,627,933 505,000 66,300 2015 3,755,000 1,146,813 525,000 51,150 2016 3,930,000 784,468 545,000 34,875 2017 4,110,000 820,898 580,000 17,980 2018 4,325,000 644,051 2019 1,500,000 456,588 2020 1,575,000 392,838 2021 1,650,000 323,931 2022 1,725,000 251,331 2023 1,825,000 173,706 2024 1,900,000 89,300 TOTAL $128,390,000 $ 39,868,354 $ 7,579,845 $ 1,667,374 - 38 - VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) d. Debt Service Requirements to Maturity (Continued) Fiscal Corporate Purpose Notes Year Carried as Enterprise Fund Ending Liabilities Special Service Area December 31 Principal Interest Principal Interest 2005 $ 104,459 $ 110,918 $ 9,652 $ 2,678 2006 109,621 105,756 9,807 2,523 2007 115,039 100,338 9,983 2,347 2008 120,725 94,652 10,183 2,147 2009 126,691 88,686 10,427 1,903 2010 132,952 82,425 10,719 1,611 2011 139,523 75,854 11,062 1,268 2012 146,419 68,958 11,449 881 2013 153,655 61,722 11,873 457 2014 161,249 54,128 2015 169,219 46,158 2016 177,582 37,795 2017 186,359 29,018 2018 195,569 19,808 2019 205,221 10,143 TOTAL $ 2,244,283 $ 986,359 $ 95,155 $ 15,815 e. Legal Debt Margin The Government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property. . . (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum. . . shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home rule municipalities. - 39- I I I I I I ,I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) f. Noncommitment Debt Special Service Area Bonds Special service area bonds (other than No. 36 and No. 37) outstanding as of the date ofthis report totaled $737,725. These bonds are not an obligation of the Village and are secured by the levy of special service on the real property within the special service area. The Village is in no way liable for repayment but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. Conduit Debt The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial assistance to private organizations for the construction and acquisition of industrial and commercial improvements deemed to be in the public interest. The bonds are secured solely by the property financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds outstanding are not reported as a liability in these financial statements. As of December 31,2004, there was one series ofIDRBs outstanding. The aggregate principal amount payable for the IDRBs outstanding was $8,860,000. 8. CONTRACTUAL COMMITMENTS a. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High- Level Excess Liability Pool (HELP), a public entity risk pool for certain TIlinois municipalities through April 30, 2008. These amounts have been calculated using the Village's current allocation percentage of 8.84%. In future years, this allocation percentage will be subject to change because the HELP Agreement provides that each year members will be assessed based upon a formula that specifies the following four criteria for allocating premium costs: Miles of Streets Full-Time Equivalent Employees Number of Motor Vehicles Operating Revenues - 40- VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. CONTRACTUAL COMMITMENTS (Continued) b. Solid Waste Agency of Northern Cook County (SW ANCC) The Village has committed to pay its share of the annual operating costs and fixed costs of the SW ANCC. The Village's share of costs is expected to be funded through tipping fees paid by refuse haulers. The Village began delivering refuse to SWANCC in May of 1995. SW ANCC has entered into solid waste disposal contracts with the twenty-three member municipalities. The contracts are irrevocable and may not be terminated or amended except as provided in the contract. Each member is obligated, on a "take or pay" basis, to purchase, or in any event, to pay for a minimum annual cost of the system. The obligation of the Village to make all payments as required by this contract is unconditional and irrevocable, without regard to performance or nonperformance by SW ANCC of its obligations under this contract. 9. lNTERFUND TRANSACTIONS Due From/To Other Funds Primary Government Receivable Fund Payable Fund Amount Major Funds General Fund 911 Communications GNAS Redevelopment Escrow Deposit Deposit Capital Projects Corporate Purpose Bond Series of 2000 Corporate Purpose Bond Series of 2002 Bond Fund Series of 1993 2004 Police Department Headquarters Waterworks North Maine Water and Sewer Wholesale Water Sewerage Capital Equipment Replacement Commuter Parking Lot Municipal Equipment Repair Insurance $ 85,335 1,783 61,689 4,550 681,414 5,000 338 120,019 150 765,918 472,784 26,816 153,172 10,231 28,893 496,157 26,356 2,940,605 - 41 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INTERFUND TRANSACTIONS (Continued) Due From/To Other Funds (Continued) Primary Government (Continued) Receivable Fund Major Funds Special Tax Allocation Glen Land Sales GNAS Bond Fund Series 1995 Police Department Headquarters Total major funds Nonmajor Governmental Funds lllinois Municipal Retirement Motor Fuel Tax Refuse and Recycling 911 Communications 911 Communications GNAS - Redevelopment GNAS Caretaker Deposit Capital Projects 2000 Project 2003 Project Total nonmajor governmental funds Enterprise Waterworks Sewerage Payable Fund General Village Permanent GNAS Bond Fund Series 1995 General General Capital Projects GNAS Bond Fund Series 1995 General General General General Capital Equipment Replacement General General General Motor Fuel Tax Waterworks General Corporate Purpose Bond Series 2003 Capital Projects Sewerage Waterworks - 42- Amount $ 38 19,800 225,677 245,477 5,000 9,945 135,503 150,448 16,819 3,353,387 370,000 167,624 63,687 21,908 20,935 7,013 9,258 1,300 167,624 10,966 115,946 47,187 1,003,448 494 452,067 13 452,574 VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INTERFUND TRANSACTIONS (Continued) Due From/To Other Funds (Continued) Primary Government (Continued) Receivable Fund Payable Fund Amount Int=al Service Municipal Equipment Repair Insurance $ 9,108 25,485 34,593 General illinois Municipal Retirement TOTAL $ 4,844,002 The purpose of the significant due from/to other funds is as follows: . The $681,414, $765,918, $472,784 and $496,157 due to the General Fund from the Capital Projects, Waterworks, North Maine Water and Sewer and Municipal Equipment and Repair Funds are for interfund operations. Repayment is expected within one year. . The $225,677 due to the Glen Land Sales Fund from the GNAS Bond Fund Series 1995 is for annual MWRD fees. Repayment is expected within one year. . The $370,000 due to the Illinois Municipal Retirement Fund from the General Fund is for interfund operations. Repayment is expected within one year. . The $452,067 due to the Waterworks Fund from the Sewerage Fund is for interfund operations. Repayment is expected within one year. Fiduciary Funds Receivable Fund Payable Fund Amount General Police Pension Firefighters' Pension General $ 2,166 1,750 Component Unit Receivable Fund Payable Fund Amount Primary Government Component Unit $ 23,655 . The $23,655 due to the General Fund from the Library is to reimburse bills paid. - 43 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VilLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INTERFUND TRANSACTIONS (Continued) Advances To/From Other Funds Receivable Fund Payable Fund Amount Government Village Permanent Glen Land Sales $ 12,752,705 Enterprise Waterworks 819,113 1,614,109 109,095 116,972 Capital Equipment Replacement Capital Projects Capital Equipment Replacement Capital Equipment Replacement North Maine Water and Sewer Sewerage TOTAL $ 15,411,994 The purpose of the significant Advances To/From Other Funds is as follows: . The $12,752,705 due to the Village Permanent Fund from the Glen Land Sales Fund is for interfund operations. Repayment will be completed at the end of the Tax Increment Financing District. . $819,113 advanced to the Capital Equipment Replacement Fund from the Waterworks Fund for vehicle and equipment purchases. Repayment is expected in more than one year. . $1,614,109 advanced to the Capital Projects Fund from the Waterworks Fund for infrastructure improvements. Repayment is expected in more than one year. . $109,095 advanced to the Capital Equipment Replacement Fund from the North Maine Water and Sewer Fund for vehicle and equipment purchases. Repayment is expected in more than one year. . $116,972 advanced to the Capital Equipment Replacement Fund from the Sewerage Fund for vehicle and equipment purchases. Repayment is expected in more than one year. - 44- I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 9. INTERFUND TRANSACTIONS (Continued) I Interfund Transfers I Primary Government I Transfers In Transfers Out Amount Major Funds I General Fund Police Department Special $ 24,602 GNAS Redevelopment 2,000 I GNAS Caretaker 2,000 Escrow Deposit 64,000 North Maine Water and Sewer 307,500 Wholesale Water l06,500 I 506,602 Special Tax Allocation Corporate Purpose Bond Series of 1998 6,705 I Corporate Purpose Bond Series of2001 3,988 Glen Land Sales 6,056,679 Corporate Purpose Bond Series of2003 2,090 I 6,069,462 Village Permanent Glen Land Sales 579,248 I GNAS Bond Fund Series of 1995 2001 Project 4,635,086 Special Tax Allocation 2,456,679 I 2004A Project 3,115,950 10,207,715 Total major funds 17,363,027 I Nonmajor Funds I Motor Fuel Tax Capital Projects 1,978,750 GNAS Redevelopment Special Tax Allocation 1,585,000 GNAS Caretaker Special Tax Allocation 2,285,000 I Corporate Purpose Bond Series of 1996 Corporate Purpose Bond Series of 2003 393 Corporate Purpose Bond Series of 2002 Waterworks 99,194 I Sewerage 8,266 Corporate Purpose Bond Series of 1996 58 I Capital Projects Wholesale Water 200,000 North Maine Water and Sewer 237,000 I 6,393,661 $ 23,756,688 I - 45 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INTERFUND TRANSACTIONS (Continued) Interfund Transfers (Continued) The purpose of the significant Interfund Transfers are as follows: $307,500 transfer to General Fund from the North Maine Water and Sewer as a return of profits. $106,500 transfer to General Fund from the Wholesale Water Fund as a return of profits. $6,056,679 transfer to Special Tax Allocation from the Glen Land Sales Fund to fund operations. $4,635,086 transfer to GNAS Bond Fund Series of 1995 from the 2001 Project Fund to fund operations. . $2,456,679 transfer to GNAS Bond Fund Series of 1995 from the Special Tax Allocation Fund to fund operations. . $3,115,950 transfer to GNAS Bond Fund Series of 1995 from the 2004A Project Fund to fund operations. $1,978,750 transfer to Motor Fuel Tax from the Capital Projects Fund to fund operations. $1,585,000 transfer to GNAS Redevelopment Fund from the Special Tax Allocation Fund to fund operations. $2,285,000 transfer to GNAS Caretaker Fund from the Special Tax Allocation Fund to fund operations. $99,194 transfer to Corporate Purpose Bond Series of2002 from the Waterworks Fund for principal and interest payments. $200,000 transfer to Capital Projects Fund from the Wholesale Water Fund to fund various projects. $237,000 transfer to Capital Projects Fund from the North Maine Water and Sewer Fund to fund various projects. - 46- Year Ending December 31 Amount I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 Attorney, 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 that may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. c. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High-level Excess Liability Pool (HELP) through April 30, 2008. The Village expects to make the following payments to HELP: Year Ending December 31 Amount 2005 2006 2007 2008 $ 164,378 164,378 164,378 164,378 d. Solid Waste Agency of Northern Cook County (SW ANCC) The Village has committed to make payments to SW ANCC for solid waste refuse disposal and expects to pay the following amounts: 2005 2006 2007 2008-2022 $ 216,084 216,016 216,016 1,943,711 - 47- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. CONTINGENT LIABILITIES d. Solid Waste Agency of Northern Cook County (SW ANCC) (Continued) These amounts have been estimated based upon the Village's commitment for 2004. In future years, the annual expense will be subject to change based upon the actual tonnage of refuse disposed of and current SW ANCC costs. e. Municipal Infrastructure Maintenance Fees Effective January 1, 1998, the Village imposed a municipal telecommunications infrastructure maintenance fee (IMF) on persons in the business of transmitting, supplying, or furnishing telecommunications and all associated services (e.g., telecommunications retailers) in illinois for the "use of public right-of-ways". The fee was authorized by state statute (35 ILCS 635). In March 2001, a wireless telecommunications provider brought action against an illinois government challenging the constitutionality of the municipal telecommunications infrastructure maintenance fee. The illinois Supreme Court (Court) found the IMF to be unconstitutional as applied to wireless carriers. The Court's decision held upon appeal. The municipal IMF fee was eliminated effective December 31, 2002. Potential damages to the Village under this case precedent could aggregate the total of amounts remitted to the Village for IMF by all carriers during the period from January 1, 1998 through December 31, 2002. The Village has estimated a liability under potential IMF lawsuits in the amount of$974,017 for amounts paid under protest during this time. The liability has been accrued and is presented as an other liability in these financial statements. 11. JOINT VENTURES Solid Waste Agency of Northern Cook County (SWANCC) Description of Joint Venture The Village is a member of the Solid Waste Agency of Northern Cook County (SW ANCC) which consists of twenty-three municipalities. SW ANCC is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of illinois and the Intergovernmental Cooperation Act of the State of illinois, as amended (the Act). SW ANCC is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. SW ANCC is governed by a Board of Directors which consists of one appointed mayor or president from each member municipality. Each director has an equal vote. The officers of SW ANCC are appointed by the Board of Directors. The Board of Directors determines the general policy of SW ANCC; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by SW ANCC; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the SW ANCC Agreement or the bylaws. - 48- - 49- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. JOINT VENTURES (Continued) Solid Waste Agency of Northern Cook County (SW ANCC) (Continued) Description of Joint Venture (Continued) Complete financial statements for SW ANCC can be obtained from the SW ANCC's administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026 or available on the web at www.swancc.com. SW ANCC's outstanding bonds are revenue obligations. They are limited obligations of SW ANCC with a claim for payment solely from and secured by a pledge of the revenues of SW ANCC and amounts in various funds and accounts established by agency resolutions. The bonds are not the debt of any member. SW ANCC has no power to levy taxes. Revenues of SW ANCC consist of (1) all receipts derived from solid waste disposal contracts or any other contracts for the disposal of waste; (2) all income derived from the investment of monies; and (3) all income, fees, and service charges and all grants, rents and receipts derived by SW ANCC from the ownership and operation of the system. SW ANCC covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. In accordance with the contract, the Village made $723,861 in payments to SW ANCC for the year ended December 31, 2004. The payments are recorded in the Refuse and Recycling Fund. The Village does not have an equity interest in SW ANCC at December 31, 2004. 12. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides post- employment health care benefits for retired public safety employees. Substantially all of the Village's public safety employees may become eligible for those benefits ifthey reach normal retirement age while working for the Village. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs total $330,866 for the 71 participants. The retirees pay an annual premium, which is equal to the actuarially determined cost for each plan year. Accordingly, no liability has been recorded for post-retirement health care benefits. I I I I I I I I I I I I I I I I I I I VilLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is a single-employer pension plan; and, the Firefighters' Pension Plan which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all three plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. None of the pension plans issue separate reports on the pension plans. 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. Illinois Municipal Retirement Fund All employees (other than those covered by the Police or Firefighters' plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to I 2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute. The employer contribution for the year ended December 3 I, 2004 was 8.67% of covered payroll. Police Pension Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 Article 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2004, the Police Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 37 2 48 28 TOTAL 115 - 50- Retirees and beneficiaries currently receiving benefits Terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested 55 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension (Continued) The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of75.00% of such salary. Employees with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3.00% of the original pension and 3.00% compounded annually thereafter. Employees are required to contribute 9.91 % of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded by the year 2033. For the year ended December 31,2004, the Village's contribution was 13.47% of covered payroll. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illinois Compiled Statutes (Chapter 40 Article 5/4) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At December 31, 2004, the Firefighters' Pension Plan membership consisted of: 45 40 TOTAL 140 - 51 - I I I I I I I I I I I I I I I I I I I VllLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Firefighters' Pension (Continued) The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half ofthe monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by 1/12 of2.50% of such monthly salary for each additional month over 20 years of service through 30 years of service to a maximum of75.00% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a covered employee who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% ofthe original pension and 3% compounded annually thereafter. Covered employees are required to contribute 9.455% of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded by the year 2033. For the year ended December 31,2004, the Village's contribution was 10.52% of covered payroll. b. Summary of Significant Accounting Policies The pension trust funds use the accrual basis of accounting. Contributions and benefits are recognized when due. Administrative costs are financed by investment mcome. There are no investments (other than U.S. government and U.S. government guaranteed obligations) in anyone organization that represent 5.00% or more of net assets for either the Police or the Firefighter's Pension Plans. Information for IMRF is not available. - 52- 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) c. Annual Pension Costs Employer contributions have been determined as follows: Illinois Municipal Police Firefighters ' Retirement Pension Pension Actuarial Valuation Date December 31, January 1, January 1, 2002 2004 2004 Actuarial Cost Method Entry-age Entry-age Entry-age Normal Normal Normal Asset Valuation Method 5 Year Market Market Smoothed Market Amortization Method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll Amortization Period 10 Years, 30 Years, 31 Years, Closed Closed Closed Significant Actuarial Assumptions a) Rate of Return on 7.50% 8.00% 8.00% Present and Future Assets Compounded Compounded Compounded Annually Annually Annually b) Projected Salary Increase - 4.00% 3.00% 3.00% Attributable to Inflation Compounded Compounded Compounded Annually Annually Annually c) Additional Projected .40 to 11.60% 2.50% 2.50% Salary Increases - Seniority/Merit d) Post-Retirement Benefit 3.00% 3.00% 3.00% Increases I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I I I I I I I I I I I I I I Employer annual required contribution (ARC), actual contributions and the net pension obligation (asset) (NPO) are as follows. The NPO (asset) is the cumulative difference between the (ARC) and the contributions actually made. - 53 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) c. Annual Pension Costs (Continued) Illinois Municipal Police Firefighters ' Year Retirement* Year Pension* Pension* Annual Required Contribution 2002 $ 706,259 2001 $ 444,665 $ 415,254 (ARC) 2003 849,534 2002 549,860 536,220 2004 1,246,673 2003 681,930 584,350 Actual Contribution 2002 $ 706,259 2001 $ 388,310 $ 257,224 2003 849,534 2002 540,072 527,906 2004 1,246,673 2003 680,190 581,665 Percentage of ARC 2002 100.00% 2001 87.33% 61.94% Contributed 2003 100.00 2002 98.22 98.45 2004 100.00 2003 99.74 99.54 NPO (Asset) 2002 $ 2001 $ (213,528) $ (171,639) 2003 2002 (211,227) (169,344) 2004 2003 (216,688) (172,433) * Information presented for IMRF is for the fiscal years ending December 31, 2002, 2003 and 2004 and for police and fire pension is for December 31, 2001, 2002 and 2003. The net pension obligation (asset) has been calculated as follows: Police Firefighters' Pension Pension Annual required contributions $ 681,930 $ 584,350 Interest on net pension obligation (16,898) (13 ,548) Adjustment to annual required contribution 9,697 7,774 Annual pension cost 674,729 578,576 Contributions made 680,190 581,665 (Increase) decrease in net pension obligation (asset) (5,461) (3,089) Net pension obligation (asset) beginning of year (211 ,227) (169,344) NET PENSION OBLIGATION (ASSET), END OF YEAR $ (216,688) $ (172,433) - 54- - 55 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. PRIOR PERIOD ADJUSTMENT The following prior period adjustments were made to correct prior period errors in recognition ofrevenues and expenditures/expenses. General Fund ($202,238), Village Permanent $848,724, GNAS Bond Fund Series 1995 $225,000, Glen Land Sales ($1,073,724), Waterworks ($1,800,819), North Maine Water and Sewer ($357,960), Refuse and Recycling $8,555, GNAS Caretaker ($43,804), Capital Projects $118,806, 2000 Project ($40,393), Sewerage ($425,000), and Insurance $325,754. Additionally, prior year issuance of bonds in the amount of$1,047,145 were reclassified from the governmental activities to the North Maine Water and Sewer Fund. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Original and Final 2004 2003 Budget Actual Actual REVENUES Taxes $11,865,245 $ 13,372,764 12,381,094 Intergovernmental 17,089,395 18,543,064 16,964,397 Charges for services 1,350,375 1,489,994 1,021,693 Licenses and permits 1,396,000 2,128,826 1,671,554 Fines and forfeits 201,000 249,956 181,384 Investment income 360,000 145,992 155,307 Miscellaneous 1,401,700 571,396 966,982 Total revenues 33,663,715 36,501,992 33,342,411 EXPENDITURES General government 8,862,223 9,273,332 7,822,025 Public safety 19,806,723 18,895,113 18,243,047 Highways and streets 7,666,512 7,380,427 7,083,597 Total expenditures 36,335,458 35,548,872 33,148,669 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,671,743) 953,120 193,742 OTHER FINANCING SOURCES (USES) Transfers in 456,900 506,602 1,265,195 Transfers (out) (1,260,335) Sale of capital assets 150,000 25,000 Total other fmancing sources (uses) 606,900 531,602 4,860 NET CHANGE IN FUND BALAl~CE $ (2,064,843) 1,484,722 198,602 FUND BALANCE, JANUARY 1 17,873,812 15,898,842 Prior period adjustment (202,238) 1,776,368 FUND BALANCE, JANUARY 1, RESTATED 17,671,574 17,675,210 FUND BALANCE, DECEMBER 31 $ 19,156,296 $ 17,873,812 (See independent auditor's report.) - 56- I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL TAX ALLOCATION FUND I For the Year Ended December 31,2004 I (with comparative actual for 2003) Original and I Final 2004 2003 I Budget Actual Actual REVENUES I Taxes Property taxes $ 10,000,000 $ 12,287,250 $ 6,572,481 Investment income 2,000 10,156 12,777 I Total revenues 10,002,000 12,297,406 6,585,258 EXPENDITURES I General government Contractual services 5,625,000 5,802,009 3,700,716 I Debt service Principal 2,950,000 2,950,000 I Interest and fiscal charges 3,181,556 3,484,716 Total expenditures 11,756,556 12,236,725 3,700,716 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,754,556) 60,681 2,884,542 Ii OTHER FINANCING SOURCES (USES) Transfers in 6,069,462 5,420,537 I Transfers (out) (4,950,000) (6,326,679) (8,981,823) Total other financing sources (uses) ( 4,950,000) (257,217) (3,561,286) I NET CHANGE IN FUND BALANCE $ (6,704,556) (196,536) (676,744) FUND BALANCE, JANUARY 1 276,946 953,690 I FUND BALANCE, DECEMBER 31 $ 80,410 $ 276,946 I I (See independent auditor's report.) I - 57- I I I I I I I I I I I I 'I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2004 (4) UAAL (2) Unfunded (OAAL) Actuarial (Overfunded) Asa Actuarial (1) Accrued (3) AAL Percentage Valuation Actuarial Liability Funded (UAAL) (5) of Covered Date Value of (AAL) Ratio (OAAL) Covered Payroll December 31 Assets - Entry Age (1)/(2) (2) - (1) Payroll (4)/(5) 1999 $ 20,971,639 $ 19,680,215 106.56% $ (1,291,424) $ 9,514,512 (13.57%) 2000 24,477,730 21,790,735 112.33% (2,686,995) 10,379,550 (25.89%) 2001 26,203,617 23,785,832 110.16% (2,417,785) 11,708,708 (20.65%) 2002 25,950,441 25,778,690 100.67% (171,751) 12,325,643 (1.39%) 2003 26,365,710 28,168,552 93.60% 1,802,842 13,089,903 13.77% 2004 28,593,034 32,641,895 87.60% 4,048,861 14,379,158 28.16% (See independent auditor's report.) - 58- I I I I I I , I I I I 1 I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2004 Annual Required Calendar Employer Contribution Percentage Year Contributions (ARC) Contributed 1999 $ 831,568 $ 831,568 100.00% 2000 825,173 825,173 100.00% 2001 796,191 796,191 100.00% 2002 706,259 706,259 100.00% 2003 849,534 849,534 100.00% 2004 1,246,673 1,246,673 100.00% (See independent auditor's report.) - 61 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND December 31, 2004 Armual Required Calendar Employer Contribution Percentage Year Contributions (ARC) Contributed 1998 $ 376,836 $ 389,071 96.86% 1999 387,208 389,558 99.40% 2000 427,503 186,505 229.22% 2001 388,310 444,665 87.33% 2002 540,072 549,860 98.22% 2003 680,190 681,930 99.74% (See independent auditor's report.) - 62 - December 31, 2004 I I I I , I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS FIREFIGHTERS' PENSION FUND Annual Required Calendar Employer Contribution Percentage Year Contributions (ARC) Contributed 1998 $ 236,334 $ 127,498 185.36% 1999 157,476 129,305 121.79% 2000 173,821 52,523 330.94% 2001 257,224 415,254 61.94% 2002 527,906 536,220 98.45% 2003 581,665 584,350 99.54% (See independent auditor's report.) - 63 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2004 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 (except the Corporate Purpose Bond Fund Series of 2003) and Capital Projects Funds (except the 2003 Projects Fund) on the modified accrual basis and for the Enterprise, Internal Service and Pension Trust Funds on the accrual basis. 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. During the current year, budgets were not adopted for the following funds: Debt Service Funds: General Obligation Bond Fund Series of 2004 Capital Projects Funds: 2004 Glen Bond 2004 Police Headquarters The source ofrevenue and nature of expenditures for these funds are not subject to prediction, and therefore, budgets were not adopted. All departments of the Village submit requests for appropriation to the Village Manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change appropriations, but may not change the form of the budget. The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, a supplementary appropriation was necessary. - 64- Fund Excess I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued) 2. EXCESS OF ACTUAL EXPENDITURESIEXPENSES OVER BUDGET IN INDNIDUAL FUNDS The following funds had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Special Tax Allocation Illinois Municipal Retirement Police Special Account General Obligation Refunding Bond Series of 2002 Municipal Equipment Repair $ 480,169 258,852 7,665 106,860 13,036 - 65 - I I I I I I I I I I I I I I I I I I I NUVORGOVERNMENTALFUNDS Village Permanent Fund - to accumulate 20% of the land sales proceeds of The Glen for village- wide improvements as well as short-term liquidity to the Village's TIP projects encompassing The Glen. GNAS Bond Fund Series 1995 - to account for various development and other projects related to The Glen. Glen Land Sales Fund - to account for land sales related to The Glen. Final 2004 2003 Budget Actual Actual REVENUES Investment income $ 675,000 $ 1,062,083 $ 315,187 Total revenues 675,000 1,062,083 315,187 EXPENDITURES None Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 675,000 1,062,083 315,187 OTHER FINANCING SOURCES (USES) Transfers in 580,763 579,248 697,256 Total other financing sources (uses) 580,763 579,248 697,256 NET CHANGE IN FUND BALANCE $ 1,255,763 1,641,331 1,012,443 FUND BALANCE, JANUARY 1 38,321,893 37,309,450 Prior period adjustment 848,724 FUND BALANCE, JANUARY 1, RESTATED 39,170,617 37,309,450 FUND BALANCE, DECEMBER 31 $ 40,811,948 $ 38,321,893 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ~LLAGEPERMANENTFUND For the Year Ended December 31, 2004 (with comparative actual for 2003) (See independent auditor's report.) - 66- I I I. I I I I I I I I I I I I I I I I VILLAGE OF GLEN\TIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 For the Year Ended December 31, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual REVENUES Intergovernmental $ 1,000,000 $ 3,957,471 $ 400,655 Investment income 2,000 2,102 2,355 Miscellaneous 30,168 953 Total revenues 1,002,000 3,989,741 403,963 EXPENDITURES Capital outlay 45,021,973 12,707,827 17,167,616 Total expenditures 45,021,973 12,707,827 17,167,616 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (44,019,973) (8,718,086) (16,763,653) OTHER FINANCING SOURCES (USES) Transfers in 5,530,000 10,207,715 17,803,419 Total other financing sources (uses) 5,530,000 10,207,715 17,803,419 NET CHANGE IN FUND BALANCE $ (38,489,973) 1,489,629 1,039,766 FUND BALANCE (DEFICIT), JANUARY 1 (2,513,360) (3,553,126) Prior period adjustment 225,000 FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (2,288,360) (3,553,126) FUND BALA."NCE (DEFICIT), DECEMBER 31 $ (798,731) $ (2,513,360) (See independent auditor's report.) - 67- I VILLAGE OF GLE1\'VlEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - I BUDGET AND ACTUAL GNAS BOND FUND SERIES 1995 I For the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual PROJECT COSTS I Village of Glen view Development Department fees $ 3,550,000 $ 463,589 $ 4,000 System improvements 50,431 I Demolition 3,168,750 21,040 1,716 Surveys, plats, and maps 250,000 52,423 84,710 East Lake Ave. construction 5,392,899 338,879 1,988,220 Engineering 2,410,000 1,052,013 1,262,624 I Sidewalks 712,000 Stormwater management 28,385 Sanitary sewer construction 447,973 40,575 27,576 I Miscellaneous improvements 195,249 Memorial restoration 125,349 40,979 76,793 SCADA system 100,000 80,549 100,181 I Patriot Blvd./Willow to W Lake 94,772 275 Lehigh Avenue roadways 2,031,662 970,390 1,606,819 Chestnut/Patriot Blvd. to golf course 50,000 30,900 I Traffic signals - Lehigh 282,279 122,762 269,770 Drainage - Lehigh 1,074,079 301,571 892,014 East Lake Ave. Engineering/Construction management 800,000 698,648 1,164,201 I Water source improvements 950,000 273,778 1,156,513 Fire department building 1,320,149 1,285,655 1 ,340,246 Bike paths 94,842 5,340 71,227 I Street lights - Lehigh 150,000 50,648 280,697 Youth services 155,000 143,299 162,351 Gallery Park landscape and amenities 1,019,608 410,230 1,510,452 I Roadway median and parkway landscape 678,772 410,373 222,095 Prairie/wetland management and mitigation 1,802,441 205,544 94,506 Patriot Blvd./W Lake to Chestnut 898,492 209,275 1,668,101 NIPSTA 264,220 89,855 1,290,528 I Street lighting and traffic signals 1,805,554 131,700 661,908 Lake outlet and culvert enhancements 450,000 1,041 77,590 W LakelPickwick to Patriot Blvd. 41,253 I W Side reservoir and pump construction 100,000 16,632 Rugen engineering 500,000 248,477 Water system analysis 25,000 I Rugen reservoir and pump construction 4,000,000 4,185,180 44 Utility allowance 300,000 344,848 51,403 Michael Joseph foundation 30,000 I Potable water construction 149,865 44,199 54,103 (This schedule is continued on the following page.) I - 68- I I I I I I I I I I I I I il I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES- BUDGET AND ACTUAL (Continued) GNAS BOND FUND SERIES 1995 F or the Year Ended December 31, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual PROJECT COSTS (Continued) Metra station design and construction $ 620,000 $ $ 476,466 Metra station parking lots 442,020 Stormwater piping construction 2,738,320 74,514 Land purchase/easements 3,500,000 9,168 Construction fence 155,000 605 585 Public works campus 500,000 18,688 Prairie Lawn closing 100,000 Lake construction and management 156,097 178,974 Telephone 120 Miscellaneous restoration 425,000 218,036 77,070 Contingencies 1,316,674 TOTAL EXPENDITURES $ 45,021,973 $ 12,707,827 $ 17,167,616 (See independent auditor's report.) - 69- Final 2004 2003 Budget Actual Actual REVENUES Investment income $ 1,500 $ 51,252 $ 1,675,933 Miscellaneous Lease fees 4,282 Land sales 2,903,814 2,893,460 8,919,398 Total revenues 2,905,314 2,948,994 10,595,331 EXPENDITURES Debt service Interest and fiscal charges 721,851 Capital outlay 3,660,827 535,132 44,842,356 Total expenditures 3,660,827 1,256,983 44,842,356 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (755,513) 1,692,011 (34,247,025) OTHER FINANCING SOURCES (USES) Transfers (out) (580,763) (6,635,927) (6,117,794) Total other fmancing sources (uses) (580,763) (6,635,927) (6,117,794) NET CHANGE IN FUND BALANCE $ (1,336,276) (4,943,916) (40,364,819) FUND BALANCE (DEFICIT), JANUARY 1 (4,935,197) 35,429,622 Prior period adjustment (1,073,724) FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (6,008,921) 35,429,622 FUND BALANCE (DEFICIT), DECEMBER 31 $(10,952,837) $ (4,935,197) I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GLEN LAND SALES FUND For the Year Ended December 31,2004 (with comparative actual for 2003) (See independent auditor's report.) -70 - I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) VILLAGE OF GLE1\1VIEW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) I I I I 2003 I Actual $ 5,822,896 I 53,570 23,536 I 959,944 1,893,425 2,910,237 I 15,151 702,335 12,381,094 I 2,245,157 I 104,067 10,830,776 I 2,593,235 377,023 215,597 I 2,664 127,336 146,064 I 322,478 16,964,397 I 255,629 I 87,117 35,946 16,920 I 6,734 85,059 215,487 I 59,549 258,057 1,195 I 1,021,693 I Original and Final 2004 Budget Actual $ 6,557,495 $ 5,501,725 75,000 16,067 650,000 916,677 1,982,750 1,964,523 1,850,000 3,067,222 150,000 100,942 500,000 698,976 100,000 1,106,632 11,865,245 13,372,764 2,300,000 2,535,012 85,000 125,335 10,500,000 11,632,246 2,645,000 2,659,483 385,000 437,121 210,000 204,639 2,000 130,000 146,208 260,000 222,360 565,000 575,114 7,395 5,546 17,089,395 18,543,064 TAXES Property taxes - current Property taxes - prior Utility tax - mobile services Utility tax - N. I. Gas Utility tax - Commonwealth Edison Utility tax - telecommunications Amusement tax Hotel room tax Home rule sales tax Total taxes INTERGOVERNMENTAL Glenbrook Fire Protection District Replacement taxes Sales tax Illinois income tax Photo use tax Road and bridge Road and bridge - prior Village of Golf Fire Protection Services Miscellaneous intergovernmental Make-whole payment Maintenance of highways Total intergovernmental CHARGES FOR SERVICES Fire communications Plan review fees Reinspection fees Elevator inspection fees Planning fees Electrical inspection Engineering fees Other service charges Lease fees Dog impounding fees Development fees 220,000 150,000 20,000 13,000 2,500 55,000 150,000 15,000 218,875 1,000 505,000 234,327 222,755 23,238 40,395 11,129 107,498 518,491 70,082 207,763 860 53,456 Total charges for services 1,350,375 (This schedule is continued on the following page.) - 71 - 1,489,994 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Original and Final 2004 2003 Budget Actual Actual LICENSES AND PERMITS Business $ 75,000 $ 84,458 $ 66,739 Liquor 150,000 96,225 57,950 Pet 2,295 1,920 Building permits 1,021,000 1,743,917 1,370,118 Certificate of occupancy 40,000 38,543 29,735 Contractors fees 50,000 68,385 64,436 Plumbing and sewer 50,000 82,676 69,265 Driveway permits 10,000 12,327 11,391 Total licenses and permits 1,396,000 2,128,826 1,671,554 FINES AND FORFEITS 201,000 249,956 181,384 INVESTMENT INCOME Investment income 360,000 145,992 155,307 Total investment income 360,000 145,992 155,307 OTHER REVENUES Infrastructure maintenance fee 9,796 Franchise tax - cable TV 250,000 296,880 270,713 Nicor franchise tax 39,000 41,089 37,425 Map sales 200 527 595 Land sales 1,050,000 Miscellaneous 62,500 232,900 648,453 Total other revenues 1,401,700 571,396 966,982 TOTAL REVENUES $ 33,663,715 $ 36,501 ,992 $ 33,342,411 (See independent auditor's report.) -72 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL I GENERAL FUND For the Year Ended December 31,2004 I (with comparative actual for 2003) Original and I Final 2004 2003 Budget Actual Actual I GENERAL GOVERNMENT Board ofTrustees $ 71,780 $ 64,953 $ 35,034 Special board 1,205,240 1,494,911 255,382 I Legal 279,000 325,058 396,467 Emergency Service Disaster Agency 5,650 3,951 3,951 Village Manager 768,375 727,917 592,866 I Finance 1,894,728 1,902,927 1,845,181 Information systems management 640,199 600,853 623,220 Personnel and insurance 4,593,370 4,702,778 3,985,948 Cable TV 112,231 103,275 96,626 I Less administrative fees (708,350) (653,291) (690,345) Total general government 8,862,223 9,273,332 7,144,330 I PUBLIC SAFETY Police department 9,575,305 9,522,091 8,943,667 Fire department 10,309,668 9,495,444 9,257,905 I Printing 56,750 12,578 41,475 Less administrative fees (135,000) (135,000) (90,000) Total public safety 19,806,723 18,895,113 18,153,047 I HIGHWAYS AND STREETS Development and public services I Administration 407,807 447,701 409,091 Planning and zoning 462,832 370,580 219,999 Engineering 1,011,822 928,041 923,660 Public health 261,744 257,538 243,322 I Buildings and grounds 266,514 228,78] 224,839 Building inspection 1,071,481 1,065,223 1,086,978 Total development and public services 3,482,200 3,297,864 3,107,889 I Public works Administration 359,498 370,381 323,282 I Overhead 1,828,358 2,066,847 1,526,792 Street maintenance 371,026 230,937 515,304 Traffic 358,478 264,119 455,528 Storm water management 165,769 174,736 115,338 I Snow and ice control 510,349 460,363 333,839 Forestry 352,760 302,376 538,465 Grounds 238,074 212,804 167,160 I Total public works 4,184,312 4,082,563 3,975,708 Total highways and streets 7,666,512 7,380,427 7,083,597 I TOTAL EXPENDITURES $ 36,335.458 $ 35,548,872 $ 32,380,974 (See independent auditor's report.) I -73 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I I Original and Final 2004 2003 Budget Actual Actual GENERAL GOVERNMENT Board of Trustees Personal services $ 9,000 $ 9,150 $ 9,788 Contractual services 41,000 44,980 17,204 Material and supplies 20,780 10,415 385 Other 1,000 408 7,657 Total Board of Trustees 71,780 64,953 35,034 Special board Contractual services 259,610 244,006 252,712 Material and supplies 2,000 256 1,201 Capital outlay 943,630 1,250,649 1,469 Total special board 1,205,240 1,494,911 255,382 Legal Contractual services 275,200 323,979 394,655 Material and supplies 3,800 1,079 1,812 T otallegal 279,000 325,058 396,467 Emergency Service Disaster Agency Contractual services 4,000 3,951 3,951 Material and supplies 400 Other charges ],250 Total emergency service disaster agency 5,650 3,951 3,951 Village Manager Personal services 535,581 583,886 493,547 Contractual services 177 ,500 112,901 81,856 Material and supplies 6,165 4,432 5,795 Other 30,629 23,224 1],668 Capital outlay 18,500 3,474 Total Village Manager 768,375 727,917 592,866 Finance Personal services 745,830 727,260 676,645 Contractual services 1,036,200 ] ,080,222 1,124,901 Material and supplies 74,175 49,408 30,972 Other 15,023 12,273 11 ,287 Capital outlay 23,500 33,764 1,376 Total finance 1,894,728 1,902,927 1,845,181 I I I I I I I I I I I I I I (This schedule is continued on the following pages.) -74 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - I BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Original and Fina] 2004 2003 I Budget Actual Actual GENERAL GOVERNMENT (Continued) Information systems management I Personal services $ 145,049 $ 139,133 $ 134,573 Contractual services 252,100 228,222 268,637 Material and supplies 23,300 33,385 31,327 Other 40,450 41,480 62,985 I Capital outlay 179,300 158,633 125,698 Total information systems management 640,199 600,853 623,220 I Personnel and insurance Personal services 90,626 94,196 85,197 Contractual services 86,700 41,111 59,093 I Material and supplies 750 171 295 Other 4,415,294 4,567,300 3,841,363 Total personnel and insurance 4,593,370 4,702,778 3,985,948 I Cable TV department Personal services 62,634 70,950 61,676 Contractual services 4,650 3,764 6,952 I Material and supplies 9,300 6,404 7,418 Other 14,147 5,696 5,094 Capital outlay 21,500 16,461 15,486 Total cable TV department 112,231 103,275 96,626 I Less administrative fees Glenview Public Library (10,000) (10,000) (12,650) I 911 Communications Fund (45,000) (45,000) (30,000) Waterworks Fund (555,000) (499,500) (529,400) Sewerage Fund (77,350) (77,791) (75,530) I Commuter Parking Lot Fund (21,000) (21,000) (42,765) Total administrative fees (708,350) (653,291 ) (690,345) TOTAL GENERAL GOVERNMENT $ 8,862.223 $ 9,273.332 $ 7.144,330 I PUBLIC ~AFETY Police department I Personal services $ 7,430,970 $ 7,585,749 S 7,027,375 Pension 680,190 Contractual services 284,500 235,324 286,838 Material and supplies 275,685 212,564 ]57,145 I Other 1,578,350 1,484,443 165,33] Capital outlay 5,800 4,011 16,433 Equipment repair and replacement 610,355 I Total police department 9,575,305 9,522,091 8,943,667 (This schedule is continued on the following pages.) I -75 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND I For the Year Ended December 31,2004 (with comparative actual for 2003) I Original and I Final 2004 2003 Budget Actual Actual PUBLIC SAFETY (Continued) I Fire department Personal services $ 7,622,268 $ 7,469,602 $ 7,350,604 Pension 58 I ,665 I Contractual services 482,061 358,937 353,659 Material and supplies 211,043 174,424 209,654 Other 1,496,896 1,391,068 122,542 Capital outlay 497,400 101,413 112,965 I Equipment repair and replacement 526,816 Total fire department 10,309,668 9,495,444 9,257,905 I Printing Contractual services 750 784 2,389 Material and supplies 56,000 11,794 22,475 I Other 16,611 Total printing 56,750 12,578 41,475 I Less administrative fees - General Fund 911 Communications Fund (135,000) (I 35,000) (90,000) TOTAL PUBLIC SAFETY $ 19,806,723 $ 18,895,113 $ 18,153,047 I HIGHWAYS AND STREETS Development and public service I Administration Personal services $ 379,71 I $ 392,895 $ 358,828 Contractual services 17,280 46,683 35,521 Material and supplies 2,100 631 887 I Equipment repair and replacement 6,716 4,871 12,502 Other 2,000 2,621 1,353 I Total administration 407,807 447,701 409,091 Planning and zoning Personal services 149,532 152,693 123,347 I Contractual services 307,300 213,992 91,810 Material and supplies 1,500 415 1,429 Other 4,500 3,480 3,413 I Total planning and zoning 462,832 370,580 219,999 I I (This schedule is continued on the following pages.) -76- I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I I Original and Final Budget 2004 Actual 2003 Actual I HIGHWAYS AND STREETS (Continued) Development and public service (Continued) Engineering Personal services Contractual services Material and supplies Other Equipment repair and replacement Capital outlay $ 922,282 $ 846,025 $ 805,633 13 ,290 9,640 41,023 14,850 11,072 8,344 8,000 5,614 13,504 47,900 52,657 52,089 5,500 3,033 3,067 1,011,822 928,041 923,660 232,045 235,026 227,781 2,720 1,124 891 5,450 2,131 917 17,889 16,424 9,816 3,640 2,833 3,917 261,744 257,538 243,322 35,064 34,685 32,793 139,700 115,794 121,298 12,750 22,654 13,784 3,000 588 403 76,000 55,060 56,561 266,514 228,781 224,839 965,521 946,471 938,643 25,160 36,571 49,765 21,500 14,658 12,966 44,300 41,524 40,546 15,000 25,999 45,058 1,071,481 1,065,223 1,086,978 3,482,200 3,297,864 3,107,889 I I Total engineering I Pub lic health Personal services Contractual services Material and supplies Equipment repair and replacement Other I I Total public health I Buildings and grounds Personal services Contractual services Material and supplies Capital outlay Other I I Total buildings and grounds Building inspection Personal services Contractual services Material and supplies Equipment repair and replacement Other I I I Total building inspection Total development and public service Public works Administration Personal services Contractual services I 329,698 17,400 334,900 17,883 279,094 15,150 I (This schedule is continued on the following pages.) -77 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Original and Final 2004 2003 Budget Actual Actual HIGHWAYS AND STREETS (Continued) Public works (Continued) Administration (Continued) Material and supplies $ 12,400 $ 9,64] $ 10,153 Capital outlay 8,100 7,085 268 Other 23,000 872 18,617 Total administration 359,498 370,381 323,282 Overhead Personal services 844,580 1,103,903 640,836 Contractual services 65,100 69,397 69,126 Material and supplies 105,150 104,271 32,030 Capital outlay 813,528 784,284 711,806 Other 4,992 72,994 Total overhead 1,828,358 2,066,847 1,526,792 Street maintenance Personal services 3]7,376 163,831 459,397 Contractual services 4,224 5,519 Material and supplies 53,650 62,882 50,388 Total street maintenance 371,026 230,937 515,304 Traffic Personal services 126,678 72,087 162,024 Contractual services 101,000 73,802 185,636 Material and supplies 130,800 118,230 ],946 Other ] 05,922 Total traffic 358,478 264,119 455,528 Storm water management Personal services 120,469 129,588 58,107 Contractual services 11,000 13,180 5,375 Material and supplies 34,300 31,968 48,216 Capital outlay 2,140 Other 1,500 Total storm water management 165,769 174,736 115,338 Snow and ice control Personal services 300,349 247,660 167,640 Contractual services 15,000 23,232 20,100 (This schedule is continued on the following page.) -78 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND I For the Year Ended December 3 1,2004 (witb comparative actual for 2003) I I Original and Final 2004 2003 Budget Actual Actual HIGHWAYS AND STREETS (Continued) Public works (Continued) Snow and ice control (Continued) Material and supplies $ 195,000 $ 189,471 $ 131,084 Capital outlay 15,015 Total snow and ice control 510,349 460,363 333,839 Forestry Personal services 328,160 274,094 524,015 Contractual services 13,600 12,333 6,547 Material and supplies 11,000 15,949 7,273 Capital outlay 630 Total forestry 352,760 302,376 538,465 Grounds Personal services 79,774 86,191 71,]82 Contractual services 158,300 126,613 71,964 Material and supplies 22,208 Other 1,806 Total grounds 238,074 212,804 167,160 Total public works 4,184,312 4,082,563 3,975,708 TOTAL HIGHWAYS AND STREETS $ 7,666,512 $ 7,380,427 S 7,083,597 I I I I I I I I I I I I I I (See independent auditor's report.) -79 - I I I I I I I I I I I I I I I I I I I I NONMAJOR GOVERNMENTAL FUNDS Foreign Fire Insurance Fund - to account for a tax on insurance premiums assessed on insurance companies located outside ofthe State oflllinois that provide coverage to homes and businesses within the Village. lllinois Municipal Retirement Fund - to account for the revenues and expenditures associated with providing disability and pension benefits for Glenview employees. Motor Fuel Tax Fund - to account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law requires these gasoline taxes to be used to maintain streets. Refuse and Recycling Fund - to account for the financial activity of the community wide recycling program. The program is designed to license and monitor prime scavenger services operating in the residential areas of the Village. Their activities will mainly be involved with the collection and disposition of recyclable items. 911 Communications Fund - to account for the activity of the 911 emergency service system. Financial activity began in 1990 and the system became operational in 1992. GNAS Redevelopment Fund - to account for the resources and expenditures incurred in the development of The Glen. GNAS Caretaker Fund - to account for the resources and expenditures related to the Village's caretaking of The Glen. Escrow Deposit Fund - to account for the funds placed on deposit with the Village by building contractors working within the Village's limits. Interest earned on escrow deposits is annually transferred to the Corporate Fund. Deposit Fund - to account for money on deposit with the Village being held on a temporary basis, such as security deposits for use of the Village's equipment. Police Department Special Account Fund - to account for funds received from the lllinois State Police office to be used in various types of investigations. Corporate Purpose Bond Series of 1996 Fund - This issue in the amount of $8,435,000 was sold to finance General Obligation Bond Anticipation Bonds that matured in 1996. 2003 Project Fund - to account for the funds derived from the 2003 General Obligation Bond issue. I I I I I I I I I I I I I I I I I I I Corporate Purpose Bond Series of 1998 Fund - These issues in the amounts of$10,000,000 of Series A and $24,400,000 of Series B were sold to finance the development of the Glenview Naval Air Base. Corporate Purpose Bond Series of 2000 Fund - This issue in the amount of $4,970,000 was sold to finance various capital improvements throughout the Village. Corporate Purpose Bond Series of2001 Fund - This issue in the amount of$41,800,000 was sold to fmance the development of the former Glenview Naval Air Station. General Obligation Refunding Bond Series of 2002 Fund - This issue in the amount of $6,885,000 was sold to refund the Corporate Purpose Bond Series of 1993 and 1994. Corporate Purpose Bond Series of2003 Fund - This issue in the amount of $9,990,000 was sold to refund the Corporate Purpose Bond Series of 1992 and 1996. Corporate Purpose Bond Series of2004 Fund - These issues in the amount of $25,000,000 and $22,315,000 were to complete projects at The Glen and to build a new police department headquarters. Capital Projects Fund - to account for revenues and expenditures involved with all other capital improvements throughout the Village. Bond Fund Series of 1993 Fund - to account for the proceeds received from the Corporate Purpose Bond Series of 1993. 2000 Project Fund - to account for the funds derived from the 2000 General Obligation Bond issue. 2001 Project Fund - to account for the funds derived from the 2001 General Obligation Bond issue I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) I VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET I NONMAJORGOVERNMENTALFUNDS December 31,2004 I Special Revenue I Foreign Illinois Motor Refuse I Fire Municipal Fuel and 911 Insurance Retirement Tax Recycling Communications ASSETS I Cash $ 34,694 $ $ 786,624 $ 31,974 $ 253,936 Investments 100,000 1,700,000 2,200,734 250,000 I Receivables Property taxes 800,971 Other 78,571 41,422 Deposits I Due from other governments 103,074 Due from other funds 370,000 167,624 63,687 42,843 TOTAL ASSETS $ 134,694 S 1,170,971 $ 2,757,322 S 2,374,966 $ 588,201 I LIABILITIES AND FUND BALANCES LIABILITIES I Cash overdraft $ $ 143,411 $ $ $ Accounts payable 12,914 1,617 I Interest payable Accrued payroll 452 Refundable deposits I Other payables 45 Due to other funds 25,484 167,624 85,335 Advance to other funds Deferred property taxes 800,971 I Deferred revenues Total liabilities 969,911 167,624 12,914 87,404 I FUND BALANCES Reserved for street improvements 2,589,698 Reserved for debt service I Reserved for employee benefits 201,060 Reserved for public safety 134,694 500,797 Reserved for capital development I Unreserved - undesignated Special Revenue Funds 2,362,052 Debt Service Funds Capital Project Funds I Total fund balances (deficit) 134,694 201,060 2,589,698 2,362,052 500,797 TOTAL LIABILITIES AND I FUND BALANCES $ 134,694 $ 1,170,971 $ 2,757,322 S 2.374,966 $ 588,201 I - 80- I VILLAGE OF GLENVIEW, ILLINOIS COMBINING BALANCE SHEET (Continued) I NONMAJOR GOVERNMENTAL FUNDS December 3 I, 2004 I Debt Service I Corporate General Corporate Corporate Purpose Obligation Purpose Purpose I Bond Series Refunding Bond Bond Series Bond Series of2001 Series of 2002 of 2003 of 2004 ASSETS I Cash $ $ 3,415 $ $ Investments 835,793 2,482,951 I Receivables Property taxes 1,386,577 Other Deposits I Due from other governments Due from other funds TOTAL ASSETS $ $ 2,225,785 $ S 2,482.951 I LIABILITIES AND FUND BALANCES LIABILITIES I Overdraft liability $ $ $ S Accounts payable I Accrued interest 23,264 Accrued payroll Refundable deposits I Other payables 5,069 Due to other funds 338 47,187 Advance to other funds Deferred property taxes 1,386,577 I Deferred revenues Total liabilities 1,391,984 47,187 23,264 I FUND BALANCES Reserved for street improvements Reserved for debt service 833,80 I 2,459,687 I Reserved for employee benefits Reserved for public safety Reserved for capital development I Unreserved - undesignated Special Revenue Funds Debt Service Funds (47,187) Capital Project Funds I Total fund balances (deficit) 833,801 (47,187) 2,459,687 TOTAL LIABILITIES AND I FUND BALANCES $ $ 2,225,785 S $ 2,482,95 I I - 82- I I I I Capital Projects Bond I Capital Fund 2000 2001 2003 Projects Series of 1993 Project Project Project Total I $ 702,992 $ $ 851 $ $ 62,352 $ 2,339,444 I 6,077,193 2,760,358 200,000 21,367,698 2,187,548 149,993 I 478,302 478,302 350,654 453,728 178,590 115,946 47,187 1,003,448 I $ 7,787,731 $ $ 2,877,155 $ $ 309,539 $ 27,980,161 I $ $ $ $ $ $ 143,411 I 396,175 3,004 3,500 $ 1,232,035 23,264 3,929 4,278,154 I 5,114 816,917 120,019 1,335,926 1,614,109 1,614,109 I 2,187,548 149,464 149,464 2,976,665 120,019 3,004 3,500 10,972,954 I 2,589,698 I 3,293,488 201,060 674,732 I 4,811,066 2,874,151 306,039 7,991,256 2,428,442 (51,450) I (120,019) (120,019) 4,811,066 (120,019) 2,874,151 306,039 17,007,207 I $ 7,787,731 $ $ 2,877,155 $ $ 309,539 $ 27,980,161 I See accompanying notes to financial statements. - 83- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOREIGN FIRE INSURANCE FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual REVENUES Foreign fire insurance tax $ 73,500 $ 62,066 $ 48,164 Investment income 250 544 239 Total revenues 73,750 62,610 48,403 EXPENDITURES Public safety Contractual services 73,500 765 15,091 Total expenditures 73,500 765 15,091 NET CHANGE IN FUND BALANCE $ 250 61,845 33,312 FUND BALANCE, JANUARY 1 72,849 39,537 FUND BALANCE, DECEMBER 31 $ 134,694 $ 72,849 (See independent auditor's report.) - 88 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I ILLINOIS MUNICIPAL RETIREMENT FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Taxes Property taxes - current $ 625,000 $ 596,662 $ 506,938 I Property taxes - prior 500 5,499 Replacement taxes 20,000 20,000 20,000 Investment income 4,000 3,363 7,553 I Total revenues 649,500 620,025 539,990 I EXPENDITURES General government I Contractual services 620,254 879,106 548,350 Total expenditures 620,254 879,106 548,350 I NET CHANGE IN FUND BALANCE $ 29,246 (259,081) (8,360) I FUND BALANCE, JANUARY 1 460,141 468,501 I FUND BALANCE, DECEMBER 31 $ 201,060 $ 460,141 I I I I I (See independent auditor's report.) - 89- I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I MOTOR FUEL TAX FUND F or the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES I Intergovernmental $ 1,000,000 $ 1,194,311 $ 1,250,755 Investment income 1,550 11,123 1,480 Total revenues 1,001,550 1,205,434 1,252,235 I EXPENDITURES I Capital outlay 1,030,300 900,000 1,190,300 Total expenditures 1,030,300 900,000 1,190,300 I EXCESS (DEFICIENCY) OF REVENUES I OVER EXPENDITURES (28,750) 305,434 61,935 OTHER FINANCING SOURCES (USES) I Transfers in 1,978,750 Total other financing sources (uses) 1,978,750 I NET CHANGE IN FUND BALANCE $ (28,750) 2,284,184 61,935 FUND BALANCE, JANUARY 1 305,514 243,579 I FUND BALANCE, DECEMBER 31 $ 2,589,698 $ 305,514 I I I I (See independent auditor's report.) I - 90 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I REFUSE AND RECYCLING FUND I For the Year Ended December 31,2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Charges for services $ 1,104,250 $ 1,108,382 $ 1,119,539 Investment income 21,000 28,293 25,060 I Total revenues 1,125,250 1,136,675 1,144,599 I EXPENDITURES General government Contractual services 104,000 138,238 144,450 I Materials and supplies 86,500 33,218 28,744 Other 750,000 729,066 717,015 I Total expenditures 940,500 900,522 890,209 EXCESS (DEFICIENCY) OF REVENUES I OVER EXPENDITURES 184,750 236,153 254,390 I OTHER FINANCING SOURCES (USES) Transfers (out) (550,000) I Total other financing sources (uses) (550,000) NET CHANGE IN FUND BALANCE $ (365,250) 236,153 254,390 I FUND BALANCE, JANUARY 1 2,117,344 1,862,954 I Prior period adjustment 8,555 I FUND BALANCE, JANUARY 1, RESTATED 2,125,899 1,862,954 FUND BALANCE, DECEMBER 31 $ 2,362,052 $ 2,117,344 I I (See independent auditor's report.) - 91 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 911 COMMUNICATIONS FUND I F or the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES Charges for services $ 585,000 $ 586,137 $ 615,846 I Intergovernmental 52,310 Investment income 3,000 6,000 3,632 I Total revenues 588,000 644,447 619,478 EXPENDITURES I Public safety Personal services 200,200 212,223 116,400 I Contractual services 139,500 68,870 88,881 Materials and supplies 23,050 835 Other charges 85,635 67,469 68,405 I Administrative fees - General Fund 180,000 180,000 120,000 Capital outlay 172,184 157,483 I Total expenditures 800,569 686,045 394,521 NET CHANGE IN FUND BALANCE $ (212,569) (41,598) 224,957 I FUND BALANCE, JANUARY 1 542,395 . 305,842 I Prior period adjustment 11,596 FUND BALANCE, JANUARY 1, RESTATED 542,395 317,438 I FUND BALANCE, DECEMBER 31 $ 500,797 $ 542,395 I I I (See independent auditor's report.) I - 92 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I GNAS REDEVELOPMENT FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES Investment income $ 100 $ 276 $ 426 I Miscellaneous 100 37,763 3,102 Total revenues 200 38,039 3,528 I EXPENDITURES General government 2,027,644 1,619,735 1,621,370 I Total expenditures 2,027,644 1,619,735 1,621,370 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,027,444) (1,581,696) (1,617,842) I OTHER FINANCING SOURCES (USES) Transfers in 2,100,000 1,585,000 1,580,000 Transfers (out) (2,000) (2,000) (38,000) I Total other financing sources (uses) 2,098,000 1,583,000 1,542,000 I NET CHANGE IN FUND BALANCE $ 70,556 1,304 (75,842) FUND BALANCE (DEFICIT), JANUARY I (72,378) (50,806) I Prior period adjustment 54,270 I FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (72,378) 3,464 FUND BALANCE (DEFICIT), DECEMBER 31 $ (71,074) $ (72,378) I I I (See independent auditor's report.) - 93 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GNAS REDEVELOPMENT FUND ADMINISTRA nON DEPARTMENT I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS For the Year Ended December 31, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual GENERAL GOVERNMENT Administration Personal service $ 797,679 $ 787,110 $ 696,469 Contractual services 790,295 469,930 491,724 Material and supplies 56,300 44,652 46,050 Other charges 326,370 292,793 342,699 Capital outlay 57,000 25,250 44,428 TOTAL EXPENDITURES $ 2,027,644 $ 1,619,735 $ 1,621,370 (See independent auditor's report.) - 94- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITIJRES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I GNAS CARETAKER FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES Investment income $ 100 $ 328 $ 450 I Miscellaneous 78,062 10,136 Total revenues 100 78,390 10,586 I EXPENDITIJRES General government 2,844,884 2,216,118 1,432,933 I Total expenditures 2,844,884 2,216,118 1,432,933 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,844,784) (2,13 7,728) (1,422,347) I OTHER FINANCING SOURCES (USES) Transfers in 2,850,000 2,285,000 1,345,000 Transfers (out) (2,000) (2,000) (29,050) I Total other financing sources (uses) 2,848,000 2,283,000 1,315,950 I NET CHANGE IN FUND BALANCE $ 3,216 145,272 (106,397) FUND BALANCE (DEFICIT), JANUARY 1 (164,915) (58,518) I Prior period adjustment (43,804) I FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (208,719) (58,518) FUND BALANCE (DEFICIT), DECEMBER 31 $ (63,447) $ (164,915) I I I I (See independent auditor's report.) - 95- I I I I I M I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GNAS CARETAKER FUND F or the Year Ended December 3 I, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual GENERAL GOVERNMENT (Continued) Water distribution system Personal service $ 75,568 $ 77,827 $ 95,611 Contractual services 37,600 5,590 9,409 Material and supplies 216,200 92,849 57,770 Other 61 Total water distribution system 329,368 176,266 162,851 Sanitary sewer system Personal service 35,084 61,164 20,274 Contractual services 5,000 Material and supplies 3,313 Capital outlay 1,000 Total sanitary sewer system 40,084 61,164 24,587 Parking deck system Contractual services 300,000 445,436 14,189 Material and supplies 77,750 Culture and recreation 14,162 Other 18,355 Total parking deck system 300,000 537,348 32,544 TOTAL EXPENDITURES $ 2,844,884 $ 2,216,118 $ 1 ,432,933 (See independent auditor's report.) - 98- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I ESCROW DEPOSIT FUND I For the Year Ended December 31,2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES ,I Investment income $ 77,000 $ 72,747 $ 61,946 Total revenues 77,000 72,747 61,946 I EXPENDITURES I None Total expenditures I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 77,000 72,747 61,946 I OTHER FINANCING SOURCES (USES) I Transfers (out) (80,000) (64,000) (80,000) Total financing sources (uses) (80,000) (64,000) (80,000) , NET CHANGE IN FUND BALANCE $ (3,000) 8,747 (18,054) I FUND BALANCE, JANUARY 1 127,344 145,398 FUND BALANCE, DECEMBER 31 $ 136,091 $ 127,344 I I' I I I (See independent auditor's report.) - 99- REVENUES Investment income $ $ 5,384 $ 3,609 I , I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEPOSIT FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Final Budget 2004 Actual 2003 Actual Total revenues 5,384 3,609 EXPENDITURES None Total expenditures NET CHANGE IN FUND BALANCE $ 5,384 3,609 FUND BALANCE, JANUARY 1 59,436 55,827 FUND BALANCE, DECEMBER 31 $ 64,820 $ 59,436 (See independent auditor's report.) - 100 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDfTIJRES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I POLICE DEPARTMENT SPECIAL ACCOUNT FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Fines and forfeitures $ 6,000 $ $ 24,602 Investment income 100 155 110 Miscellaneous 250 19,635 10,926 I Total revenues 6,350 19,790 35,638 I EXPENDITURES Public safety I Other charges 7,500 15,165 15,406 Total expenditures 7,500 15,165 15,406 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,150) 4,625 20,232 I OTHER FINANCING SOURCES (USES) I Sale of capital assets 2,000 12,801 Transfers (out) (24,602) I Total other financing sources (uses) 2,000 (11,801) NET CHANGE IN FUND BALANCE $ 850 (7,176) 20,232 I FUND BALANCE, JANUARY 1 46,417 26,185 I FUND BALANCE, DECEMBER 31 $ 39,241 $ 46,417 I I I (See independent auditor's report.) - 101 - Final 2004 2003 Budget Actual Actual REVENUES Investment income $ $ 3 $ 40 Total revenues 3 40 EXPENDITURES Debt service Principal 810,000 Interest and fiscal charges 151,696 Total expenditures 961,696 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 3 (961,656) OTHER FINANCING SOURCES (USES) Transfers in 393 947,993 Transfers (out) (58) Total other financing sources (uses) 335 947,993 NET CHANGE IN FUND BALANCE $ 338 (13,663) FUND BALANCE (DEFICIT), JANUARY 1 (338) 13,325 FUND BALANCE (DEFICIT), DECEMBER 31 $ $ (338) I , I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 1996 FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) (See independent auditor's report.) - 102 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 1998 FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Final Budget REVENUES Investment income $ Total revenues EXPENDITURES Debt service Principal Interest and fiscal charges Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Transfers in Transfers (out) Total other financing sources (uses) NET CHANGE IN FUND BALANCE $ FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 (See independent auditor's report.) - 103 - 2004 Actual $ 29 $ 29 29 (6,705) (6,705) (6,676) 6,676 $ 2003 Actual 95 95 1,450,000 1,441,776 2,891,776 (2,891,681) 2,885,988 2,885,988 (5,693) 12,369 $ 6,676 I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 2000 FUND I For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES Taxes I Property $ 219,335 $ 209,390 $ Investrnentincome 500 278 118 I Total revenues 219,835 209,668 118 EXPENDITURES I Debt service Interest and fiscal charges 220,935 219,935 219,935 I Total expenditures 220,935 219,935 219,935 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,100) (10,267) (219,817) I OTHER FINANCING SOURCES (USES) Transfers in 219,335 I Total other financing sources (uses) 219,335 NET CHANGE IN FUND BALANCE $ (1,100) (10,267) (482) I FUND BALANCE, JANUARY 1 6,004 6,486 I FUND BALANCE (DEFICIT), DECEMBER 31 $ (4,263) $ 6,004 I I I (See independent auditor's report.) I - 104 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I CORPORATE PURPOSE BOND SERIES OF 2001 FUND I F or the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Investment income $ $ 18 $ 321 Total revenues 18 321 I EXPENDITURES I Debt service Principal 500,000 Interest and fiscal charges 1,694,850 I Total expenditures 2,194,850 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 18 (2,194,529) I OTHER FINANCING SOURCES (USES) Transfers in 2,137,125 I Transfers (out) (3,988) Total other financing sources (uses) (3,988) 2,137,125 I NET CHANGE IN FUND BALANCE $ (3,970) (57,404) I FUND BALANCE, JANUARY 1 3,970 61,374 FUND BALANCE, DECEMBER 31 $ $ 3,970 I a I I (See independent auditor's report.) - 105 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I CORPORATE PURPOSE BOND SERIES OF 2003 FUND I F or the Year Ended December 31, 2004 (with comparative actual fro 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Taxes Property $ 12,290 $ $ Investment income 200 13 340 I Total revenues 12,490 13 340 I EXPENDITURES Debt service I Principal 1,195,000 185,000 Interest and fiscal charges 319,670 1,200 105,213 I Total expenditures 1,514,670 1,200 290,213 I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,502,180) (1,187) (289,873) I OTHER FINANCING SOURCES (USES) Bonds issued 5,015,000 Payment to escrow agent (4,767,130) I Transfers in 1,522,080 197,675 Transfers (out) (2,483) . (199,189) I Total other financing sources (uses) 1,522,080 (2,483) 246,356 I NET CHANGE IN FUND BALANCE $ 19,900 (3,670) (43,517) FUND BALANCE (DEFICIT), JANUARY 1 (43,517) I FUND BALANCE (DEFICIT), DECEMBER 31 $ (47,187) $ (43,517) I I (See independent auditor's report.) - 107 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL BOND FUND SERIES OF 1993 For the Year Ended December 31, 2004 (with comparative actual for 2003) Final 2004 2003 Budget Actual Actual REVENUES Investment income $ 5,500 $ 1,243 $ 19,819 Miscellaneous 3,900 Total revenues 5,500 1,243 23,719 EXPENDITURES Capital outlay 1,158,000 666,581 1,051,466 Total expenditures 1,158,000 666,581 1,051,466 NET CHANGE IN FUND BALANCE $ (1,152,500) (665,338) (1,027,747) FUND BALANCE, JANUARY 1 545,319 1,573,066 FUND BALANCE (DEFICIT), DECEMBER 31 $ (120,019) $ 545,319 (See independent auditor's report.) - 109 - Final 2004 2003 Budget Actual Actual REVENUES Investment income $ 50,500 $ 43,611 $ 130,860 Total revenues 50,500 43,611 130,860 EXPENDITURES Capital outlay 3,250,000 657,135 64,800 Total expenditures 3,250,000 657,135 64,800 NET CHANGE IN FUND BALANCE $ (3,199,500) (613,524) 66,060 FUND BALANCE, JANUARY 1 3,528,068 3,462,008 Prior period adjustment (40,393) FUND BALANCE, JANUARY 1, RESTATED 3,487,675 3,462,008 FUND BALANCE, DECEMBER 31 $ 2,874,151 $ 3,528,068 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2000 PROJECT FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) (See independent auditor's report.) - 110- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL I 2001 PROJECT FUND I For the Year Ended December 31, 2004 (with comparative totals for 2003) I Final 2004 2003 I Budget Actual Actual REVENUES I Investment income $ 26,000 $ 9,893 $ 288,249 Total revenues 26,000 9,893 288,249 I EXPENDITURES I None Total expenditures I EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 26,000 9,893 288,249 I OTHER FINANCING SOURCES (USES) I Transfers (out) (5,530,000) (4,635,086) (17,803,419) Total other financing sources (uses) (5,530,000) (4,635,086) (17,803,419) I NET CHANGE IN FUND BALANCE $ (5,504,000) (4,625,193) (17,515,170) I FUND BALANCE, JANUARY I 4,625,193 22,140,363 FUND BALANCE, DECEMBER 31 $ $ 4,625,193 I I I I I (See independent auditor's report.) -111- I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2003 PROJECT FUND I For the Year Ended December 31, 2004 I (with comparative actuals for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES Investment income $ 1,500 $ 2,672 $ 7,686 I Total revenues 1,500 2,672 7,686 I EXPENDITURES Capital outlay 250,000 759,400 I Total expenditures 250,000 759,400 EXCESS (DEFICIENCY) OF REVENUES I OVER EXPENDITURES (248,500) 2,672 (751,714) OTHER FINANCING SOURCES (USES) I Bonds issued 1,135,000 I Discount on bonds issued (79,919) Total other financing sources (uses) 1,055,081 I NET CHANGE IN FUND BALANCE $ (248,500) 2,672 303,367 FUND BALANCE, JANUARY 1 303,367 I FUND BALANCE, DECEMBER 31 $ 306,039 $ 303,367 I I I I (See independent auditor's report.) I - 112 - I I I I I I I I I I I I I I I I I I I MAJOR ENTERPRISE FUNDS Waterworks Fund - to account for the provision of water service to the residents of Glenview. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration (Director of Public Works), operation, maintenance, fmancing and related debt service and billing and collection. North Maine Water and Sewer Fund - to account for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. Final 2004 2003 Budget Actual Actual OPERATING REVENUES Charges for services Water charges $ 7,500,000 $ 6,883,691 $ 8,244,809 Water meter repair charges 1,500 448 Water connection charges 105,000 208,590 121,597 Water meters and remote readers 75,000 125,294 78,157 Miscellaneous Late payment fees 60,000 89,734 82,313 Water meter supplies 86,929 140,398 Water for construction 25,000 36,153 36,436 Recapture agreements 10,000 10,655 1,801 Other 25,000 5,248 33,776 Total operating revenues 7,801,500 7,446,294 8,739,735 OPERATING EXPENSES Administration 2,215,692 837,430 624,164 Operations Supply and metering 3,327,007 2,937,012 3,031,155 Pumping station - east 311,787 228,313 208,499 Pumping station - west 224,506 124,836 146,468 Distribution system 2,885,121 1,551,434 922,805 Overhead 1,021,330 1,119,476 478,516 Depreciation 715,784 748,533 Total operating expenses 9,985,443 7,514,285 6,160,140 OPERATING INCOME (LOSS) (2,183,943) (67,991) 2,579,595 NONOPERATING REVENUES (EXPENSES) Intergovernmental 1,165,984 Investment income 87,500 60,280 55,241 Total non operating revenues (expenses) 87,500 60,280 1,221,225 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) (This schedule is continued on the following page.) -113- I I I I I I I I I I I I I I I I I I ,I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2004 (with comparative actual for 2003) Final Budget 2004 Actual 2003 Actual NET INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS $ (2,096,443) $ (7,711) $ 3,800,820 TRANSFERS IN (OUT) Transfers in Transfers (out) 150,000 (27,677) (99,194) (1,494,432) 122,323 (99,194) (1,494,432) (1,974,120) (106,905) 2,306,388 393,581 $ (1,974,120) (106,905) 2,699,969 30,780,983 18,439,075 (1,800,819) 9,641,939 28,980,164 28,081,014 $ 28,873,259 $ 30,780,983 Total transfers in (out) CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS Contributions CHANGE IN NET ASSETS NET ASSETS, JANUARY 1 Prior period adjustment NET ASSETS, JANUARY 1, RESTATED NET ASSETS, DECEMBER 31 (See independent auditor's report.) - 114- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION WATERWORKS FUND For the Year Ended December 31, 2004 I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual OPERATING REVENUES Charges for services I Water charges $ 5,726,500 $ 5,183,071 $ 6,339,863 Sewer charges 350,000 299,185 375,585 Miscellaneous I New water meters 532 9,630 Late payment fees 30,000 45,506 79,349 Other 4,163 1,925 I Total operating revenues 6,106,500 5,532,457 6,806,352 OPERATING EXPENSES I Administration 601,232 716,353 436,062 Operations Supply and metering 3,808,308 3,240,987 3,417,802 Pumping station 88,462 159,587 134,694 I Distribution system 395,892 250,366 397,911 Collection system 130,489 61,170 65,609 Depreciation and amortization 261,193 201,307 I Total operating expenses 5,024,383 4,689,656 4,653,385 OPERATING INCOME 1,082,117 842,80 I 2,152,967 I NONOPERATING REVENUES (EXPENSES) Investment income 17,500 16,304 16,021 Interest expense (375,942) (331,386) (389,383) I Total nonoperating revenues (expenses) (358,442) (315,082) (373,362) I NET INCOME BEFORE TRANSFERS 723,675 527,719 1,779,605 TRANSFERS IN (OUT) Transfers in 87,231 I Transfers (out) (544,500) (544,500) (573,500) Total transfers in (out) (544,500) (544,500) (486,269) I CHANGE IN NET ASSETS $ 179,175 (16,781) 1,293,336 NET ASSETS, JANUARY 1 1,057,360 (235,976) I Prior period adjustment (1,405,105) I NET ASSETS (DEFICIT), JANUARY I, RESTATED (347,745) (235,976) NET ASSETS (DEFICIT), DECEMBER 31 $ (364,526) $ I ,057 ,360 I (See independent auditor's report.) - 118- I VILLAGE OF GLENVillW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - I BUDGET AND ACTUAL NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31,2004 I (with comparative actna1 for 2003) Final 2004 2003 I Budget Actual Actna1 ADMINISTRATlON I Personal services $ 194,404 $ 336,737 $ 76,278 Contractual services 106,000 66,312 61,337 Material and supplies 12,500 55,539 41,348 I Bond and note principal 391,840 416,839 404,851 Capital outlay 1,314 37,057 Other 288,328 256,451 220,042 993,072 1,133,192 840,913 I Less nonoperating expenses Bond and note principal paid (391,840) (416,839) (404,851) Total administration 601,232 716,353 436,062 I OPERATIONS Supply and metering I Personal services 81,608 99,099 80,773 Contractual services 3,656,700 3,093,789 3,219,570 Material and supplies 10,000 5,342 23,862 Capital outlay 60,000 42,757 93,597 I Total supply and metering 3,808,308 3,240,987 3,417,802 Pumping station I Personal services 21,362 114,382 92,762 Contractual services 54,000 35,265 29,563 Material and supplies 3,100 2,390 2,347 I Other 10,000 7,550 10,022 Total pumping station 88,462 159,587 134,694 Distribution system I Personal services 133,892 8,323 152,438 Contractual services 74,000 82,516 102,577 Material and supplies 50,000 30,999 32,737 I Capital outlay 135,000 127,636 108,526 Other 3,000 892 1,633 Total distribution system 395,892 250,366 397,911 I Collection system Personal services 30,889 30,914 14,413 Contractual services 25,000 25,138 36,180 I Material and supplies 9,600 5,118 11,714 Capital outlay 65,000 3,302 Total collection system 130,489 61,170 65,609 I Total operations 4,423,151 3,712,110 4,016,016 TOTAL OPERATING EXPENSES I EXCLUDING DEPRECIATION $ 5 ,024,383 $ 4,428,463 $4,452,078 (See independent auditor's report.) I - 119- ------------------- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION NORTH MAINE WATER AND SEWER FUND For the Year Ended December 31, 2004 Assets Accumulated Depreciation Net Balances Balances Balances Balances Asset January 1 Additions Retirements December 31 January I Provisions Retirements December 31 Value Land and land improvements $ 235,000 $ $ - $ 235,000 $ - $ $ - $ - $ 235,000 Water storage facility 244,058 - - 244,058 27,055 4,218 - 31,273 212,785 Watcr mains 5,159,314 - - 5,159,314 836,169 128,983 - 965,152 4,194,162 Sewer mains 1,333,060 - - 1,333,060 216,280 33,326 - 249,606 1,083,454 Machinery and equipment 191,338 - - 191,338 190,764 574 - 191,338 Automotive equipment 231,995 - - 231,995 189,473 24,415 - 213,888 18,107 Office furniture and fixtures 10,636 - - 10,636 10,346 290 - 10,636 $ 7,405,401 $ - $ - $ 7,405,401 $ 1,470,087 $ 191,806 $ - $ 1,661,893 $ 5,743,508 (See independent auditor's report.) - 120- I I I I I I I I I I I I I I I I I I I NOl\TMAJOR ENTERPRISE FUNDS Wholesale Water Fund - to account for the provision of water service to the Illinois American Water Company enabling the private utility to receive Lake Michigan water. Sewerage Fund - to account for the funds necessary to provide sanitary sewer service to both incorporated and unincorporated Village of Glenview customers. Commuter Parking Lot Fund - to account for the activity involved with, but not limited to, the administration (Finance Director), sale of permits and maintenance of the commuter parking facilities within the Village. I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF NET ASSETS I NONMAJOR ENTERPRISE FUNDS December 3 I, 2004 I Wbolesale Commuter I Water Sewerage Parking Lot Total CURRENT ASSETS I Cash $ 171,028 $ 591,464 $ 141,568 $ 904,060 Investments 675,000 1,140,000 250,000 2,065,000 Receivables I Accounts (net) 269,515 474,520 66,910 810,945 Advance to other funds 116,972 116,972 Due from other funds 13 13 I Deferred bond issuance costs 41,890 41,890 Total current assets 1,157,433 2,322,969 458,478 3,938,880 I CAPITAL ASSETS Capital assets not being depreciated 1,000,000 1,000,000 Capital assets being depreciated 2,512,633 8,561,210 216,592 11,290,435 I Accumulated depreciation (740,091) (2,486,574) (198,960) (3,425,625) Net capital assets 1,772,542 6,074,636 1,017,632 8,864,810 I Total assets 2,929,975 8,397,605 1,476,110 12,803,690 CURRENT LIABILITIES I Accounts payable 6,892 52,185 6,708 65,785 Accrued payToll 418 651 123 1,192 Interest payable 3,980 3,980 I Due to other funds 26,816 605,239 28,893 660,948 Deferred revenues 690,000 690,000 Refundable deposits 3,000 3,000 I Current portion of general obligation bonds payable 185,000 185,000 Total current liabilities 223,106 1,348,075 38,724 1,609,905 I NONCURRENT LIABILITIES General obligation bonds payable 1,430,000 1,430,000 I Total noncurrent liabilities 1,430,000 1,430,000 T otalliabilities 1,653,106 1,348,075 38,724 3,039,905 I 1\'ET ASSETS I Invested in capital assets, net ofrelated debt 157,542 6,074,636 1,017,632 7,249,810 Umestricted 1,119,327 974,894 419,754 2,513,975 TOTAL NET ASSETS $ 1,276,869 $ 7,049,530 $ 1,437,386 $ 9,763,785 I See accompanying notes to fInancial statements. I - 121 - I VILLAGE OF GLENVIEW, ilLINOIS I COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS I NONMAJOR ENTERPRISE FUNDS For 1he Year Ended December 31, 2004 I Wholesale Commuter I Water Sewerage Parking Lot Total OPERATING REVENUES I Charges for services Water and sewer charges $ 1,655,339 $ 1,004,973 $ $ 2,660,312 Water and sewer connection charges 20,030 20,030 I Parking decals and meter fees 364,553 364,553 Late payment fees 29,920 29,920 Miscellaneous 10,100 10,100 I Total operating revenues 1,655,339 1,054,923 374,653 3,084,915 OPERATING EXPENSES I Administration 422,703 190,441 613,144 Operations 825,405 347,139 136,735 1,309,279 Depreciation and amortization 67,817 151,894 8,132 227,843 I Total operating expenses 893,222 921,736 335,308 2,150,266 I OPERATING INCOME 762,117 133,187 39,345 934,649 NONOPERATING REVENUES (EXPENSES) Investment income 9,637 7,125 4,454 21,216 I Interest and fiscal charges (42,020) (42,020) Total nonoperating revenues (expenses) (32,383) 7,125 4,454 (20,804) I NET INCOME BEFORE TRANSFERS 729,734 140,312 43,799 913,845 I TRANSFERS IN (OUT) Transfers (out) (306,500) (8,266) (314,766) I Total transfers in (out) (306,500) (8,266) (314,766) CHANGE IN NET ASSETS 423,234 132,046 43,799 599,079 I NET ASSETS, JANUARY 1 853,635 7,342,484 1,393,587 9,589,706 I Prior period adjustment (425,000) (425,000) NET ASSETS, JANUARY 1, RESTATED 853,635 6,917,484 1,393,587 9,164,706 I NET ASSETS, DECEMBER 31 $ 1,276,869 $ 7 ,049,530 $ 1,437,386 $ 9,763,785 I See accompanying notes to (mancial statements. - 122 - I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS I NONMAJOR ENTERPRISE FUNDS For the Year Ended December 3], 2004 I Who]esale Commuter I Water Sewerage Parking Lot Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users $ 1,522,694 $ 1,272,025 $ 775,680 $ 3,570,399 I Receipts from interfund services 480,195 480,195 Payments to suppliers (83] ,084) (550,351) (270,782) (1,652,217) Payments to employees (3],626) (192,229) (42,975) (266,830) I Net cash from operating activities 659,984 1,009,640 46],923 2,13],547 CASH FLOWS FROM NON CAPITAL I FINANCING ACTIVITIES ]nterfund transfers (306,500) (8,266) (314,766) Net cash from noncapital fmancing activities (306,500) (8,266) (314,766) I CASH FLOWS FROM CAPITAL AND RELA TED FINANCING ACTIVITIES Principal payments (180,000) (180,000) I Interest and fiscal charges (50,643) (50,643) Net cash from capital and related financing activities (230,643) (230,643) CASH FLOWS FROM INVESTING ACTIVITIES I Interest received 9,637 7,125 4,451 21,213 Purchase of capital assets (],OOO,OOO) (],OOO,OOO) I Sale of investments 592,287 592,287 Purchase of investments (250,000) (940,000) (1,190,000) Net cash from investing activities (240,363 ) (932,875) (403,262) (1,576,500) I NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (117,522) 68,499 58,661 9,638 CASH AND CASH EQUIVALENTS, JANUARY] 288,550 522,965 82,907 894,422 I CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 17],028 $ 591.464 $ ]41.568 $ 904,060 RECONCILIATION OF OPERATING INCOME TO NET I CASH FLOWS FROM OPERATING ACTlV]TIES Operating income $ 762,1]7 $ 133,] 87 $ 39,345 $ 934,649 I Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 67,817 ]5],894 8,132 227,843 Changes in current assets and liabilities I Accounts receivable (132,645) (475,469) 401,02] (207,093) Due from other funds 2 2 Other assets 459 57,790 58,249 Accounts payable (63,754) 34,840 (298) (29,2]2) I Accrued payroll (367) (5,466) 123 (5,7]0) Deferred revenues 690,000 (15,299) 674,701 Due to other funds 26,8]6 480,]95 (28,893) 478,118 I NET CASH FROM OPERATING ACTIVITIES $ 659,984 $ 1,009,640 $ 46],923 $ 2,131,547 See accompanying notes to financial statements. I - 123- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL I WHOLESALE WATER FUND I For the Year Ended December 31, 2004 (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual OPERATING REVENUES I Water sales $ 1,675,000 $ 1,655,339 $ 1,709,155 OPERATING EXPENSES I Operations Supply and metering 1,207,214 725,998 825,854 I Pumping station 91,732 83,860 83,852 Distribution system 15,547 839 Depreciation and amortization 67,817 66,995 I Total operating expenses 1,298,946 893,222 977,540 I OPERATING INCOME 376,054 762,117 731,615 NONOPERATING REVENUES (EXPENSES) I Investment income 11,000 9,637 8,178 Interest expense (230,643) (42,020) (60,533) I Total nonoperating revenues (expenses) (219,643) (32,383) (52,355) I NET INCOME BEFORE TRANSFERS 156,411 729,734 679,260 TRANSFERS IN (OUT) I Transfers in 30,000 Transfers (out) (106,500) (306,500) (307,200) I Total transfers in (out) (106,500) (306,500) (277,200) CHANGE IN NET ASSETS $ 49,911 423,234 402,060 I NET ASSETS, JANUARY 1 853,635 451,575 I NET ASSETS, DECEMBER 31 $ 1,276,869 $ 853,635 I (See independent auditor's report.) - 124 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - I BUDGET AND ACTUAL I WHOLESALE WATER FUND F or the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I OPERATIONS I Supply and metering Contractual services $ 891,120 $ 713,485 $ 814,180 Material and supplies 1,000 I Capital outlay 302,750 63 3,268 Other 12,344 12,450 8,406 Total supply and metering 1,207,214 725,998 825,854 I Pumping station I Personal services 18,532 17,102 15,472 Contractual services 1,200 805 923 I Material and supplies 1,500 2,703 470 Other charges 70,500 63,250 66,987 Total pumping station 91,732 83,860 83,852 I Distribution system I Personal services 15,547 839 Bond principal 180,000 I 180,000 15,547 839 Less nonoperating expenses ( 180,000) I Total distribution system 15,547 839 TOTAL OPERATING EXPENSES I EXCLUDING DEPRECIA nON $ 1,298,946 $ 825,405 $ 910,545 I I (See independent auditor's report.) I - 125 - ------------------- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION WHOLESALE WATER FUND For the Year Ended December 31, 2004 Balances January I Additions Retirements Balances December 31 Accumulated Depreciation Balances January I Balances Provisions Retirements December 31 Net Asset Value Assets Citizens utility transmission line $ 2,512,633 $ - $ - $ 2,512,633 $ 677,275 $ 62,816 $ - $ 740,091 $ 1,772,542 (See independent auditor's report.) - 126 - I VilLAGE OF GLENVIEW,llLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES I NET ASSETS - BUDGET MTD ACTUAL SEWERAGE FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I OPERATING REVENUES Charges for services I Lease fees $ 10,000 $ $ Sewer charges 990,000 1,004,973 1,238,645 Sewer connection charges 15,000 20,030 9,020 Late payment fees 10,000 29,920 4,733 I Total opemting revenues 1,025,000 1,054,923 1,252,398 OPERATING EXPENSES I Administration 575,792 422,703 150,180 Opemtions Pumping station 132,928 110,671 83,414 I Collection 298,303 236,468 325,794 Depreciation 151,894 151,703 Total opemting expenses 1,007,023 921,736 711,091 I OPERATING INCOME 17,977 133,187 541,307 NONOPERATING REVENUES (EXPENSES) I In vestment income 6,500 7,125 3,641 Total nonopemting revenues (expenses) 6,500 7,125 3,641 I NET INCOME BEFORE TRANSFERS AND CONTRIBllTIONS 24,477 140,312 544,948 I TRANSFERS (OUT) Transfer (out) (20,000) (8,266) (350,562) I Total transfers (out) (20,000) (8,266) (350,562) CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS 4,477 132,046 194,386 I Contributions 775,617 CHANGE IN ~T ASSETS $ 4,477 132,046 970,003 I NET ASSETS, JANUARY 1 7,342,484 3,879,344 Prior period adjustment (425,000) 2,493,137 I NET ASSETS, JMLTARY I, RESTATED 6,917,484 6,372,481 I NET ASSETS, DECEMBER 31 $ 7,049,530 $ 7,342,484 (See independent auditor's report.) I - 127- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL I SEWERAGE FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I ADMINISTRATION Other $ 16,237 $ 8,847 $ 8,052 I Insurance 52,205 52,205 43,680 Maintenance and repair 430,000 285,513 22,918 Administrative fees - General Fund 77,350 76,138 75,530 I Total administration 575,792 422,703 150,180 I OPERA nONS Pumping station General I Personal services 20,674 19,306 16,332 Contractual services 5,000 1,203 Municipal equipment repair 46,179 31,022 36,210 I Capital equipment replacement 43,700 43,700 20,276 Total general 115,553 94,028 74,021 I Heatherfield lift station Personal services 6,775 7,645 16,389 I Contractual services 6,000 7,200 1,125 Material and supplies 4,600 1,798 3,979 I Total Heatherfield lift station 17,375 16,643 21,493 Total pumping station 132,928 110,671 95,514 I Collection system Personal services 208,503 175,311 276,306 I Contractual services 30,000 21,211 37,365 Material and supplies 29,300 9,947 10,442 Other 30,500 29,999 1,681 I Total collection system 298,303 236,468 325,794 I TOTAL OPERATING EXPENSES $ 1,007,023 $ 769,842 $ 571,488 I (See independent auditor's report.) - 128 - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION SEWERAGE FUND For the Year Ended December 31, 2004 Assets Accumulated Depreciation Net Balances Balances Balances Balances Asset January I Additions Retirements December 31 January 1 Provisions Retirements December 31 Value Lift station $ 512,132 $ - $ - $ 512,132 $ 168,543 $ 10,243 $ - $ ] 78,786 $ 333,346 Equipment and vehicles 193,144 - - 193,144 190,987 2,157 - 193,144 Sewer mains 7,855,934 - - 7,855,934 1,975,]50 ]39,494 - 2,114,644 5,74],290 $ 8,56],210 $ - $ - $ 8,561,210 $ 2,334,680 $ 151,894 $ - $ 2,486,574 $ 6,074,636 (See independent auditor's report.) - 129 - ------------------- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL I COMMUTER PARKING LOT FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I OPERATING REVENUES Charges for services Meter fees $ 70,000 $ 86,948 $ 78,362 I Parking decals 217,000 277,605 216,603 Miscellaneous 6,000 10,1 00 5,752 I Total operating revenues 293,000 374,653 300,717 OPERATING EXPENSES I Administration 226,409 190,441 177 ,965 Operations 153,090 136,735 55,868 Depreciation 8,132 8,132 I Total operating expenses 379,499 335,308 241,965 I OPERATING INCOME (LOSS) (86,499) 39,345 58,752 NONOPERATING REVENUES (EXPENSES) I Investment income 3,000 4,454 10,162 Total nonnoperating revenues (expenses) 3,000 4,454 10,162 I NET INCOME (LOSS) BEFORE TRANSFERS (83,499) 43,799 68,914 I TRANSFERS IN Transfers in 20,980 I Total transfers in 20,980 CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS (83,499) 43,799 89,894 I Contributions 967,931 I CHANGE IN NET ASSETS $ (83,499) 43,799 1,057,825 NET ASSETS, JANUARY 1 1,393,587 335,762 I NET ASSETS, DECEMBER 31 S 1,437,386 $ 1,393,587 I (See independent auditor's report.) - 130- Final 2004 2003 Budget Actual Actual ADMINISTRATION Personal services $ 16,764 $ 23,923 $ 16,720 Contractual services 94,800 77,750 61,308 Material and supplies 10,000 8,056 8,399 Other charges 83,845 59,712 48,773 Administrative fees - General Fund 21,000 21,000 42,765 Total administration 226,409 190,441 177 ,965 OPERATIONS Personal services 14,390 21,549 2,506 Contractual services 96,950 100,874 50,032 Material and supplies 41,750 14,312 3,330 Total operations 153,090 136,735 55,868 TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION $ 379,499 $ 327,176 $ 233,833 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31,2004 (with comparative actual for 2003) (See independent auditor's report.) -131- ------------------- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION COMMUTER PARKING LOT FUND For the Year Ended December 31, 2004 Leasehold improvements Equipment and vehicles Construction in progress Assets Accumulated Depreciation Net Balances Balances Balances Balances Asset January 1 Additions Retirements December 31 JanualY 1 Provisions Retirements December 31 Value $ 203,309 $ - $ - $ 203,309 $ 177,545 $ 8,132 $ - $ 185,677 $ 17,632 13,283 13,283 13,283 13,283 1,000,000 1,000,000 1,000,000 $ 216,592 $ 1,000,000 $ - $ 1,216,592 $ 190,828 $ 8,132 $ - $ 198,960 $ 1,017,632 (See independent auditor's report.) - 132 - I I I I I I I I I I I I I I I I I I I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - to account for the costs of repairing and maintaining all vehicles of the Village. These costs include labor, material, fuel and fixed overhead of the Village's repair facility. Insurance Fund - to account for the financial activity ofthe Village's entire insurance program. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. Also, the Village provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). Capital Equipment Replacement Fund - to account for the funds annually set aside for the eventual replacement of certain capital equipment. I VILLAGE OF GLENVIEW, ILLINOIS I COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS I INTERNAL SERVICE FUNDS F or the Year Ended December 31, 2004 I Municipal Capital I Equipment Equipment Repair Insurance Replacement Total I OPERATING REVENUES Charges for services $ 1,137,836 $ 5,405,355 $ 1,976,409 $ 8,519,600 Miscellaneous 115,852 6,753 5,044 127,649 I Total operating revenues 1,253,688 5,412,108 1,981,453 8,647,249 OPERATING EXPENSES I Operations 1,305,063 5,396,194 6,701,257 Depreciation 7,994 7,994 Capital outlay 1,380,738 1,380,738 I Total operating expenses 1,313,057 5,396,194 1,380,738 8,089,989 I OPERATING INCOME (LOSS) (59,369) 15,914 600,715 557,260 NONOPERATING REVENUES (EXPENSES) I Investment income 568 357,934 141,591 500,093 Total nonoperating revenues (expenses) 568 357,934 141,591 500,093 I CHANGE IN NET ASSETS (58,801) 373,848 742,306 1,057,353 NET ASSETS (DEFICIT), JANUARY I (103,789) 3,218,414 8,928,887 12,043,512 I Prior period adjustment 325,754 325,754 I NET ASSETS, JANUARY 1 (DEFICIT), RESTATED (103,789) 3,544,168 8,928,887 12,369,266 I NET ASSETS (DEFICIT), DECEMBER 31 $ (162,590) $ 3,918,016 $ 9,671,193 $ 13,426,619 I I _I I See accompanying notes to financial .statements. - 134- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMBINING STATEMENT OF CASH FLOWS (Continued) INTERNAL SERVICE FUNDS For the Year Ended December 31, 2004 Municipal Capital Equipment Equipment Repair Insurance Replacement Total RECONCILIATION OF OPERATING INCOME TO NET CASH FROM OPERATING ACTIVITIES Operating income $ (59,369) $ 15,914 $ 600,715 $ 557,260 Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 7,994 7,994 Changes in assets and liabilities Accounts receivable (11,912) 1,392 (10,520) Deposits (330,291 ) (330,291) . Prepaid expenses (134,190) (134,190) Due from other funds (8,381) (25,485) (33,866) Inventory (Ill ,252) (111,252) Accounts payable 9,663 669 (16,350) (6,018) Accrued payroll 24 24 Deferred revenues (81,447) (81,447) Claims payable 128,358 128,358 Other payables (5,154) (5,154) Due to other funds 325,503 25,322 3,153 353,978 NET CASH FROM OPERATING ACTIVITIES $ 152,270 $ (404,912) $ 587,518 $ 334,876 See accompanying notes to financial statements. - 136- VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION MUNICIPAL EQUIPMENT REPAIR FUND For the Year Ended December 31, 2004 Assets Accumulated Depreciation Balances January 1 Balances Additions Retirements December 31 Balances January 1 Balances Provisions Retirements December 31 Net Asset Value Automotive equipment $ 55,958 $ - $ - $ 55,958 $ 19,985 $ 7,994 $ $ 22,972 $ 27,979 (See independent auditor's report.) - 139 - -~----------------- I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL I INSURANCE FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2003 Budget Actual Actual I REVENUES I Charges for services Fund charges $ 5,413,098 $ 5,405,355 4,602,504 Miscellaneous 6,753 I Total revenues 5,413,098 5,412,108 4,602,504 I EXPENSES Operations Contractual professional services 15,000 17,081 3,037 I Health and life insurance 500,000 512,686 540,223 Dental insurance 186,000 158,765 162,679 Excess liability 130,000 142,888 128,974 I Unemployment benefits 30,000 19,017 4,458 General insurance program 4,196,995 4,012,432 3,464,563 PTM policy 11,000 11,500 15,800 I Property/casualty claims 500,000 447,082 732,920 Workers' compensation insurance 130,000 74,743 64,897 I Total expenses 5,698,995 5,396,194 5,117,551 OPERATING INCOME (LOSS) (285,897) 15,914 (515,047) I NONOPERATING REVENUES Investment income 36,500 357,934 195,390 I CHANGE IN NET ASSETS $ (249,397) 373,848 (319,657) I NET ASSETS, JANUARY 1 3,218,414 3,538,071 I Prior period adjustment 325,754 NET ASSETS, JANUARY 1, RESTATED 3,544,168 3,538,071 I NET ASSETS, DECEMBER 31 $ 3,918,016 $ 3,218,414 I (See independent auditor's report.) - 140 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL I CAPITAL EQUIPMENT REPLACEMENT FUND F or the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 Budget Actual Actual I REVENUES I Charges for services $ 1,793,149 $ 1,976,409 $ 1,782,768 Miscellaneous Auto reimbursements 1,500 5,044 1,500 I Total revenues 1,794,649 1,981,453 1,784,268 EXPENSES I Capital outlay 1,597,700 1,380,738 1,655,867 I Total expenses 1,597,700 1,380,738 1,655,867 OPERATING INCOME (LOSS) 196,949 600,715 128,401 I NONOPERATING REVENUES I Investment income 635,500 141,591 141,787 Total nonoperating revenues 635,500 141,591 141,787 I CHANGE IN NET ASSETS $ 832,449 742,306 270,188 I NET ASSETS, JANUARY 1 8,928,887 8,658,699 NET ASSETS, DECEMBER 31 $ 9,671,193 $ 8,928,887 I I I I (See independent auditor's report.) I - 141 - I I I I I I I I I I I I I I I I I I I FIDUCIARY FUNDS Pension Trust Police Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. Agency Special Service Areas Fund - to account for various special service area bond issues. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMBINING ST ATEME1'-<l OF PLAN NET ASSETS PENSION TRUST FUNDS December 31, 2004 Police Firefighters' Pension Pension Totals ASSETS Cash and cash equivalents $ 661,787 $ 379,473 $ 1,041,260 Investments U.S. Government and agency obligations 24,871,186 42,103,014 66,974,200 Mutual funds 10,985,225 2,476,156 13,461,381 Insurance contracts 994,711 994,711 Total investments 35,856,411 45,573,881 81,430,292 Due from other funds 1,750 1,750 Total assets 36,519,948 45,953,354 82,473,302 LIABILITIES Accounts payable 4,500 4,500 Due to other funds 2,166 2,166 Total liabilities 4,500 2,166 6,666 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS $ 36,515,448 $ 45,951,188 $ 82,466,636 See accompanying notes to financial statements. - 142 - I VILLAGE OF GLENVIEW, ILLINOIS I COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS I For the Year Ended December 31, 2004 I I Police Firefighters' Pension Pension Total I ADDITIONS Contributions - employer $ 758,954 $ 715,994 $ 1,474,948 I Contributions - plan members 541,538 518,252 1,059,790 Contributions - miscellaneous 100 100 I Total contributions 1,300,492 1,234,346 2,534,838 Investment income I Net appreciation (depreciation) in fair value of investments 847,955 (787,438) 60,517 I Interest earned on investments 1,623,819 2,434,887 4,058,706 Total investment income 2,471,774 1,647,449 4,119,223 I Less investment expense (38,525) (13,067) (51,592) Net investment income 2,433,249 1,634,382 4,067,631 I Total additions 3,733,741 2,868,728 6,602,469 I DEDUCTIONS Pensions and refunds 1,412,422 2,107,602 3,520,024 I Total deductions 1,412,422 2,107,602 3,520,024 I NET INCREASE 2,321,319 761,126 3,082,445 I NET ASSETS HELD IN TRUST FOR PENSION BENEFITS I January 1 34,194,129 45,190,062 79,384,191 I December 31 $ 36,515,448 $ 45,951,188 $ 82,466,636 I See accompanying notes to financial statements. - 143 - I VILLAGE OF GLENVIEW, ILLINOIS I SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL I FIREFIGHTERS' PENSION FUND For the Year Ended December 31, 2004 I (with comparative actual for 2003) I Final 2004 2003 I Budget Actual Actual ADDITIONS I Contributions - employer $ 750,000 $ 715,994 $ 581,665 Contributions - employees 460,000 518,252 454,466 Contributions - miscellaneous 100 60 I Total contributions 1,210,000 1,234,346 1,036,191 I Investment income Net appreciation (depreciation) in fair value of investments (787,438) 310,583 I Interest earned on investments 2,152,000 2,434,887 1,446,976 Total investment income 2,152,000 ],647,449 ],757,559 I Less investment expense (43,000) (13,067) (4,642) Net investment income 2,109,000 1,634,382 1,752,917 I Total additions 3,319,000 2,868,728 2,789,108 I DEDUCTIONS Retirement pension 1,901,148 1,716,920 1,569,865 I Widow pension 50,851 57,227 50,851 Contribution refunds 7,420 Disability pension 306,426 326,035 305,182 I Total deductions 2,258,425 2,107,602 1,925,898 I NET INCREASE $ 1,060,575 761,126 863,210 NET ASSETS HELD IN TRUST FOR I PENSION BENEFITS January 1 45,190,062 44,326,852 I December 31 $ 45,951,188 $ 45,190,062 I (See independent auditor's report.) - 145 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 2004 Balances Balances January 1 Additions Deductions December 31 Special Service Areas Fund ASSETS Cash $ 6,730 $ 32,458 $ - $ 39,188 Investments 50,000 50,000 Receivables - property taxes 124,550 8,958 133,508 TOTAL ASSETS $ 181,280 $ 41,416 $ 50,000 $ 172,696 LIABILITIES Due to bondholders $ 181,280 $ - $ 8,584 $ 172,696 See accompanying notes to financial statements. - 146 - I I I I I I I I I I I I I I I I I I I COMPONENT UNIT Component Unit (Library Fund) - to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF NET ASSETS AND BALANCE SHEET I COMPONENT UNIT - LIBRARY FUND I December 31, 2004 I Balance Statement I Sheet Adjustments of Net Assets ASSETS I Cash $ 349,602 $ $ 349,602 I Investments 1,765,000 1,765,000 Receivables Property taxes 4,842,801 4,842,801 I Capital assets 2,754,949 2,754,949 TOTAL ASSETS $ 6,957 ,403 $ 2,754,949 $ 9,712,352 I LIABILITIES AND FUND BALANCE/ I NET ASSETS LIABILITIES I Accounts payable $ 126,936 $ $ 126,936 Accrued payroll 40,700 40,700 I Deferred property taxes 4,842,801 4,842,801 Due to primary government 23,655 23,655 Due in more than one year 87,273 87,273 I Total liabilities 5,034,092 87,273 5,121,365 FUND BALANCE/NET ASSETS I Net assets I Invested in capital assets 2,667,676 2,667,676 Restricted for culture and recreation 1,923,311 1,923,311 Umeserved fund balance 1,923,311 (1,923,311) I Total fund balance/net assets 1,923,311 2,667,676 4,590,987 I TOTAL LIABILITIES AND FUND BALANCE/NET ASSETS $ 6,957 ,403 $ 2,754,949 $ 9,712,352 I See accompanying notes to [mancial statements. I - 147 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND F or the Year Ended December 31, 2004 Original and Final Statement Budget Actual Adjustments of Activities REVENUES Taxes Property taxes - current $ 4,769,714 $ 4,582,858 $ $ 4,582,858 Replacement taxes 29,000 29,000 29,000 Intergovernmental Per capita grant 52,300 56,638 56,638 Make-whole payment 291,300 303,913 303,913 Charges for services 101,375 80,557 80,557 Fines and forfeits 51,000 59,484 59,484 Investment income 4,850 45,980 45,980 Miscellaneous Donations 2,353 2,353 Other 450 6,801 6,801 Total revenues 5,299,989 5,167,584 5,167,584 EXPENDITURES Culture and recreation 4,842,301 4,647,735 88,048 4,735,783 Total expenditures 4,842,301 4,647,735 88,048 4,735,783 NET CHANGE IN FUND BALANCE $ 457 ,688 519,849 (88,048) 431,801 FUND BALANCE, JANUARY 1 1,403,462 2,755,724 4,159,186 FUND BALANCE, DECEMBER 31 $ 1 ,923,311 $ 2,667,676 $ 4,590,987 (See independent auditor's report.) - 148 - I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF EXPENDITURES - I BUDGET AND ACTUAL COMPONENT UNIT - LIBRARY FUND For the Year Ended December 31,2004 I (with comparative actual for 2003) I Original and Final 2004 2003 I Budget Actual Actual CULTURE AND RECREA nON Regular salaries $ 1,527,661 $ 1,530,860 $ 1,457,267 I Part time salaries 906,806 858,333 546,395 Overtime salaries 115,995 74,588 82,137 Temporary salaries 271,780 Legal and professional fees 27,000 32,382 29,529 I Public information 22,500 18,717 16,758 Electronic resources 103,173 98,804 92,611 Printing, binding and publication 19,075 10,920 11,794 I Utilities 14,750 11,051 10,652 Postage 24,100 19,528 18,025 Telephone 29,250 21,855 22,039 Dues and subscriptions 5,726 4,983 7,085 I Maintenance of equipment and vehicles 60,627 48,229 119,861 Maintenance of buildings 132,695 63,321 113,330 Maintenance supplies 20,140 9,705 32 General insurance 59,753 42,176 50,547 I Training 50,890 26,676 30,999 Employee welfare 4,000 1,036 606 Trustee expenditures 4,430 5,518 5,523 I Director expenditures 1,744 2,028 1,385 Library programs 26,640 33,988 34,434 ADA compliance 500 272 Office supplies 24,650 14,374 16,262 I Computer supplies 5,700 1,760 4,457 Processing supplies 14,875 7,559 1,835 Circulation supplies 15,770 9,127 8,512 Audio visual supplies 12,575 10,369 26,904 I Books, pamphlets and materials 468,715 457,389 414,544 Periodicals 55,220 58,002 43,854 Audiovisual 84,750 80,340 44,183 Micro-form 45,495 33,926 41,207 I V ideo tapes 20,571 Uniforms 1,000 1,022 58 Cataloging 41,800 30,587 26,415 I Contingencies 2,000 875 Other operating expenses 700 4,033 11 ,932 Machinery and equipment ] 15,535 128,289 137,498 Municipal equipment repair 1,934 572 I Insurance 405,736 422,778 338,114 Building improvements 73,295 49,646 F.I.C.A. payments 192,695 186,289 179,850 I IMRF 116,820 141,350 Village wide information system 51,937 54,106 Miscellaneous 15,373 6,508 1,608 Administrative charge - General Fund 13,500 10,000 12,650 I TOTAL EXPENDITURES $ 4,842,301 $ 4,647,735 $ 4,304,608 (See independent auditor's report.) I - 149- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1997 December 31, 2004 Date ofIssue Date of Maturity Authorized Issue Actual Issue Interest Rates August 15, 1997 December 1, 2017 $ 6,175,000 $ 5,000 Bonds Rate 001-717 4.875% 718-792 4.900% 792-1235 5.000% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago Interest Dates Principal Maturity Date Payable at FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2005 289-340 $ 260,000 $ 59,232 $ 319,232 2005 $ 29,616 2005 $ 29,616 2006 341-395 275,000 46,556 321,556 2006 23,278 2006 23,278 2007 396-453 290,000 1 1 1,660 401,660 2007 55,830 2007 55,830 2008 454-514 305,000 19,014 324,014 2008 9,507 2008 9,507 2009 515-543 85,000 4,144 89,144 2009 2,072 2009 2,072 $ 1,215,000 $ 240,606 $ 1,455,606 $ 120,303 $ 120,303 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. Bonds numbered 544 through 1,235 were refunded with the proceeds of the 2003B G. O. Bonds (See independent auditor's report.) - 150- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE NOTES OF 1997 December 31,2004 Date ofIssue September 2, 1997 Date of Maturity September 1, 2019 Authorized Issue $ 2,850,000 Actual Issue $ 1,425,000 Interest Rates 4.942% Interest Dates September 1 Principal Maturity Date September 1 Payable at North Suburban Public Utility Overland Park, Kansas FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Requirements Year Principal Interest Totals 2005 $ 104,459 $ 110,918 $ 215,377 2006 109,621 105,756 215,377 2007 115,039 100,338 215,377 2008 120,725 94,652 215,377 2009 126,691 88,686 215,377 2010 132,952 82,425 215,377 2011 139,523 75,854 215,377 2012 146,419 68,958 215,377 2013 153,655 61,722 215,377 2014 161,249 54,128 215,377 2015 169,219 46,158 215,377 2016 177,582 37,795 215,377 2017 186,359 29,018 215,377 2018 195,569 19,808 215,377 2019 205,221 10,143 215,364 $ 2,244,283 $ 986,359 $ 3,230,642 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's report.) - 151 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998A December 31, 2004 Date ofIssue Date of Maturity Authorized Issue Actual Issue Interest Rates November I, 1998 December 1,2018 $ 10,000,000 $ 5,000 Bonds Rate 1-139 4.10% 140-389 4.15% 390-661 4.20% 662-957 4.25% 958-1278 4.30% 1279-2000 4.35% June 1 and December 1 December I American National Bank and Trust Company of Chicago Interest Dates Principal Maturity Date Payable at FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June I Amount December 1 Amount 2005 $ $ 426,440 $ 426,440 2005 $ 213,220 2005 $ 213,220 2006 426,440 426,440 2006 213,220 2006 213,220 2007 426,440 426,440 2007 213,220 2007 213,220 2008 426,440 426,440 2008 213,220 2008 213,220 2009 426,440 426,440 2009 213,220 2009 213,220 2010 426,440 426,440 2010 213,220 2010 213,220 2011 426,440 426,440 2011 213,220 2011 213,220 2012 695,000 426,440 1,121,440 2012 213,220 2012 213,220 2013 1,250,000 397,945 1,647,945 2013 198,973 2013 198,973 2014 1,360,000 346,070 1,706,070 2014 173,035 2014 173,035 2015 1,480,000 288,950 1,768,950 2015 144,475 2015 144,475 2016 1,605,000 226,050 1,831,050 2016 113,025 2016 113,025 2017 1,735,000 157,035 1,892,035 2017 78,518 2017 78,518 2018 1,875,000 81,563 1,956,563 2018 40,781 2018 40,782 $ 10,000,000 $ 4,909,133 $ 14,909,133 $ 2,454,567 $ 2,454,568 NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 152 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 1998B December 31 , 2004 Date of Issue January I, 1999 Date of Maturity December I, 2018 Authorized Issue $ 24,400,000 Actual Issue $ 5,000 Interest Rates Bonds Rate 1-154 4.250% 1515-2215 4.375% 2216-2589 4.400% 2590-4880 4.500% Interest Dates June I and December] Principal Maturity Date December I Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June I Amount December I Amount 2005 $ 1,575,000 $ 887,736 $ 2,462,736 2005 $ 443,868 2005 $ 443,868 2006 1,640,000 820,799 2,460,799 2006 410,399 2006 410,399 2007 1,715,000 751,099 2,466,099 2007 375,550 2007 375,550 2008 1,790,000 676,068 2,466,068 2008 338,034 2008 338,034 2009 1,870,000 597,755 2,467,755 2009 298,878 2009 298,878 2010 1,955,000 515,475 2,470,475 2010 257,737 2010 257,737 2011 2,050,000 427,500 2,477,500 2011 213,750 2011 213,750 2012 1,450,000 335,250 1,785,250 2012 167,625 2012 167,625 2013 1,000,000 270,000 1,270,000 2013 135,000 2013 135,000 2014 1,000,000 225,000 1,225,000 2014 112,500 2014 112,500 2015 1,000,000 180,000 1,180,000 2015 90,000 2015 90,000 2016 1,000,000 135,000 1,135,000 2016 67,500 2016 67,500 2017 1,000,000 90,000 1,090,000 2017 45,000 2017 45,000 2018 1,000,000 45,000 1,045,000 2018 22,500 2018 22,500 $ 20,045,000 $ 5,956,682 $ 26,001,682 $ 2,978,341 $ 2,978,341 NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 153- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2000 December 3 I , 2004 Date ofIssue Date of Maturity Authorized Issue Actual Issue Interest Rates December 15, 2000 December I, 2008 $ 4,970,000 $ 5,000 Bonds Rate ] -69 4.30% 70-795 4.40% 796-994 4.50% June I and December I December I American National Bank and Trust Company of Chicago Interest Dates Principal Maturity Date Payable at FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June I Amount December I Amount 2005 1-69 $ 345,000 $ 219,335 $ 564,335 2005 $ 109,668 2005 $ 109,668 2006 70-419 1,750,000 204,500 1,954,500 2006 102,250 2006 102,250 2007 420-795 1,875,000 127,500 2,002,500 2007 63,750 2007 63,750 2008 796-994 1,000,000 45,000 ],045,000 2008 22,500 2008 22,500 $ 4,970,000 $ 596,335 $ 5,566,335 $ 298,168 $ 298,168 NOTE: It is anticipated that the levies associated with this issue will be abated through 2004 transfers from the General Fund. The bond proceeds will be used for infrastructure improvements throughout the Village. (See independent auditor's report.) - ]54- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES OF 2001 December 31, 2004 Date ofIssue Date of Maturity Authorized Issue Actual Issue Interest Rates August 1,2001 December 1, 2012 $ 41 ,800,000 $ 5,000 Bonds Rate 1-200 3.50% 201-1160 3.75% 1161-5160 4.00% 5161-6160 4.125% 6161-7260 4.25% 7261-8360 4.35% June I and December 1 December 1 American National Bank and Trust Company of Chicago Interest Dates Principal Maturity Date Payable at FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Bond Year Numbers Principal Interest Totals June I Amount December I Amount 2005 201-1160 $ 4,800,000 $ 1,659,250 $ 6,459,250 2005 $ 829,625 2005 $ 829,625 2006 1161-2160 5,000,000 1,479,250 6,479,250 2006 739,625 2006 739,625 2007 2161-3160 5,000,000 1,279,250 6,279,250 2007 639,625 2007 639,625 2008 3161-4160 5,000,000 1,079,250 6,079,250 2008 539,625 2008 539,625 2009 4161-5160 5,000,000 879,250 5,879,250 2009 439,625 2009 439,625 2010 5161-6160 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625 2011 6161-7260 5,500,000 473,000 5,973,000 2011 236,500 2011 236,500 2012 7261-8360 5,500,000 239,250 5,739,250 2012 119,625 2012 119,625 S 40,800,000 $ 7,767,750 $48,567,750 $ 3,883,875 $ 3,883,875 NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment Fund. (See independent auditor's report.) - 155- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BONDS SERIES OF 2002 December 31,2004 Date ofIssue Date of Maturity Authorized Issue Actual Issue Interest Rates February 15,2002 December 1, 2005 $ 6,885,000 $ 6,885,000 Bonds Rate 2002 2.00% 2003 2.00% 2004 2.25% 2005 2.75% June 1 and December 1 December 1 American National Bank and Trust Company of Chicago Interest Dates Principal Maturity Date Payable at FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due on Fiscal Year Principal Interest Totals June 1 Amount December 1 Amount 2005 $ 1,315,000 $ 44,710 $ 1,359,710 2005 $ 22,355 2005 $ 22,355 $ 1,315,000 $ 44,710 $ 1,359,710 $ 22,355 $ 22,355 NOTE: Debt service is payable from the Debt Service Fund using monies received from a property tax revenues, as well as water and sewer revenues. (See independent auditor's report.) - 156 - I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES 2003A December 31, 2004 Date of Issue April 1, 2003 Date of Maturity December 1,2012 Authorized Issue $ 9,990,000 Denomination of Bonds $5,000 Interest Rates Bonds Rate 1-37 2.05% 38-240 2.45% 241-1,116 2.50% 1,117-1,185 2.65% 1,186-1,668 3.00% 1,669-1,998 3.10% Interest Dates June I and December 1 Principal Maturity Date December 1 Payable at American National Bank and Trust Co. Chicago, IL FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due On Fiscal Year Principal Interest Totals June 1 Amount December I Amount 2005 $ 1,060,000 $ 242,156 $ 1,302,156 2005 $ 121,078 2005 $ 121,078 2006 1,085,000 215,656 1,300,656 2006 107,828 2006 107,828 2007 1,10;5,000 188,532 1,293,532 2007 94,266 2007 94,266 2008 1,130,000 160,906 1,290,906 2008 80,453 2008 80,453 2009 345,000 132,656 477,656 2009 66,328 2009 66,328 2010 455,000 123,600 578,600 2010 61,800 2010 61,800 2011 470,000 109,950 579,950 2011 54,975 2011 54,975 2012 485,000 95,850 580,850 2012 47,925 2012 47,925 2013 500,000 81,300 581,300 2013 40,650 2013 40,650 2014 505,000 66,300 571,300 2014 33,150 2014 33,150 2015 525,000 51,150 576,150 2015 25,575 2015 25,575 2016 . 545,000 34,876 579,876 2016 17,438 2016 17 ,438 2017 580,000 17,980 597,980 2017 8,990 2017 8,990 $ 8,790,000 $ 1,520,912 $ 10,310,912 $ 760,456 $ 760,456 NOTE: The proceeds of the 2003-A General Obligation Bonds were used to establish escrows to redeem portions of the Series 1996 and 1997 Bonds and to provide new funds for the North Maine utility system and storm water improvements. Principal and interest will be paid from Glen Redevelopment project revenues, the North Maine utility system and Special Service Areas Number 36 and Number 37. (See independent auditor's report.) - 157- I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG- TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES 2003B December 31, 2004 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds April I, 2003 December I, 2012 $ 1,955,000 $5,000 Interest Rates Bonds 1-32 33-68 69-105 106-142 143-180 181-219 220-260 261-302 303-346 347-391 Rate 1.300% 1.600% 1.800% 2.000% 2.400% 2.800% 3.200% 3.500% 3.800% 3.850% Interest Dates Principal Maturity Date Payable at June I and December I December I American National Bank and Trust Co. Chicago, IL CURRENT AND FUTURE PRINCIPAL Al'.'D INTEREST REQUIREMENTS Tax Levy Interest Due On Fiscal Year Principal Interest Totals June I Amount December I Amount 2005 $ 185,000 $ 47,762 $ 232,762 2005 $ 23,881 2005 $ 23,881 2006 185,000 44,432 229,432 2006 22,216 2006 22,216 2007 190,000 40,732 230,732 2007 20,366 2007 20,366 2008 195,000 36,172 231,172 2008 18,086 2008 18,086 2009 205,000 30,712 235,712 2009 15,356 2009 15,356 2010 210,000 24,152 234,152 2010 12,076 2010 12,076 2011 220,000 16,802 236,802 2011 8,401 2011 8,401 2012 225,000 8,662 233,662 2012 4,331 2012 4,331 $ 1,615,000 $ 249,426 $ 1,864,426 $ 124,713 $ 124,713 NOTE: The proceeds of the 2003B General Obligation Bonds were used to fully refund the Series 1992 Bonds. Principal and interest will be paid from the Wholesale Water Fund. (See independent auditor's report.) - 158- Rate 2.000% 2.125% 2.500% 2.750% 3.000% 3.250% 3.375% 3.700% 4.000% I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BONDS SERIES 2004A December 3 I , 2004 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds August I, 2004 December I, 2014 $ 25,000,000 $5,000 Interest Rates Bonds 1-25 26-50 51-110 I I 1-215 216-570 57 I -980 981-1340 134 I -3350 3351-5000 Interest Dates Principal Maturity Date Payable at June I and December 1 December I Wells Fargo Bank, N.A. Chicago, IL CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Interest Due On Fiscal Year Principal Interest Totals June I Amount December 1 Amount 2005 $ 125,000 $ 909,568 $ 1,034,568 2005 $ 454,784 2005 $ 454,784 2006 125,000 907,068 1,032,068 2006 453,534 2006 453,534 2007 300,000 904,412 1,204,412 2007 452,206 2007 452,206 2008 525,000 896,912 1,421,912 2008 448,456 2608 448,456 2009 1,775,000 882,476 2,657,476 2009 441,238 2009 441,238 2010 2,050,000 829,226 2,879,226 2010 414,613 2010 414,613 201 I 1,800,000 762,600 2,562,600 201 I 381,300 2011 381,300 2012 2,125,000 701,850 2,826,850 2012 350,925 2012 350,925 2013 7,925,000 623,226 8,548,226 2013 311,613 2013 311,613 2014 8,250,000 330,000 8,580,000 2014 ] 65,000 20]4 165,000 $ 25,000,000 $ 7,747,338 $ 32,747,338 $ 3,873,669 $ 3,873,669 NOTE: Principal and interest will be paid from Glen Redevelopment project revenues. (See independent auditor's report.) - 159- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSES BONDS SERIES 2004B December 31, 2004 Date ofIssue Date of Maturity Authorized Issue Denomination of Bonds August 1, 2004 December 1, 2014 $ 22,315,000 $5,000 Interest Rates Bonds 1-413 414-633 634-863 864-1863 1864-2138 2139-2428 2429-2728 2729-3043 3044-3373 3374-3718 3719-4083 4084-4463 Rate 3.500% 3.625% 3.875% 4.000% 4.100% 4.200% 4.250% 4.375% 4.400% 4.500% 4.625% 4.700% Interest Dates Principal Maturity Date Payable at June 1 and December 1 December I Wells Fargo Bank, N.A. Chicago, IL CURRENT AND FUTURE PRINCIP AL AND INTEREST REQUIREMENTS Tax Levv Interest Due On Fiscal Year Principal Interest Totals June I Amount December I Amount 2005 $ $ 930,576 $ 930,576 2005 $ 465,288 2005 $ 465,288 2006 930,576 930,576 2006 465,288 2006 465,288 2007 930,576 930,576 2007 465,288 2007 465,288 2008 930,576 930,576 2008 465,288 2008 465,288 2009 1,015,000 930,576 1,945,576 2009 465,288 2009 465,288 2010 1,050,000 895,050 1,945,050 2010 447,525 2010 447,525 2011 I, I 00,000 858,300 1,958,300 2011 429,150 2011 429,150 2012 1,150,000 818,426 1,968,426 2012 409,213 2012 409,213 2013 1,175,000 773,862 1,948,862 2013 386,931 2013 386,931 2014 1,225,000 726,862 1,951,862 2014 363,431 2014 363,431 2015 1,275,000 677,862 1,952,862 2015 338,931 2015 338,931 2016 1,325,000 626,862 1,951,862 2016 313,431 2016 313,431 2017 1,375,000 573,862 1,948,862 2017 286,931 2017 286,931 2018 1,450,000 517,488 1,967,488 2018 258,744 2018 258,744 2019 1,500,000 456,588 1,956,588 2019 228,294 2019 228,294 2020 1,575,000 392,838 1,967,838 2020 196,419 2020 196,419 2021 1,650,000 323,932 1,973,932 2021 161,966 2021 161,966 2022 1,725,000 251,332 1,976,332 2022 125,666 2022 125,666 2023 1,825,000 173,706 1,998,706 2023 86,853 2023 86,853 2024 1,900,000 89,300 1,989,300 2024 44,650 2024 44,650 $ 22,315,000 $ 12,809,150 $35,124,150 $ 6,404,575 $ 6,404,575 NOTE: Principal and interest will be paid from Glen Redevelopment project revenues. (See independent auditor's report.) - 160- I VILLAGE OF GLENVIEW, ILLINOIS I GOVERNMENT-WIDE REVENUES I Last Two Fiscal Years I 2004 2003 I Actual Actual PROGRAM REVENUES I Charges for services $ 24,659,703 $ 26,153,945 Operating grants 1,323,171 I Capital grants 4,188,201 2,628,122 GENERAL REVENUES I Taxes 37,613,984 29,425,738 Intergovernmental 6,385,543 8,320,236 Investment income 1,191,564 3,034,448 I Miscellaneous 1,637,093 1,012,998 Gain (loss) on sale of capital assets 2,829,367 8,844,386 I Contributions 6,088,573 2,137,129 TOTAL REVENUES $ 85,917,199 $ 81,557,002 I I I Data Source Village Records I I I I I I - 161 - 2004 Actual 2003 Actual I I -I I I I I I I I I I I- I I I I I I VILLAGE OF GLENVIEW, ILLINOIS GOVERNMENT-WIDE EXPENSES Last Two Fiscal Years GOVERNMENTAL ACTIVITIES General government Public safety Highwaysandstrems Economic development Interest $ 20,337,999 $ 33,557,816 19,521,633 36,330,082 8,916,140 27,460,955 23,571 17,318,544 4,446,952 3,724,873 53,246,295 118,392,270 Total governmental activities BUSINESS-TYPE ACTIVITIES Waterworks North Maine Water and Sewer Nonmajor enterprise 7,514,285 6,160,140 5,021,042 5,042,768 2,192,286 1,870,109 14,727,613 13,073,017 $ 67,973,908 $ 131,465,287 Total business-type activities TOTAL PRIMARY GOVERNMENT Data Source Village Records - 162 - - - - -- - - - - - - - - - - - ~ - - VILLAGE OF GLENVIEW, ILLINOIS GENERAL GOVERNMENTAL REVENUES BY SOURCE Last Ten Fiscal Years Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Taxes $ 20,197,540 $ 21,210,100 $ 22,749,344 $ 15,232,162 $ 14,746,543 $ 16,110,610 $ 16,715,845 $ 19,153,919 $ 25,694,898 $ 32,699,203 Intergovernmental 3,249,178 3,931,579 5,113,624 12,738,479 13,452,225 14,394,795 14,570,521 16,161,326 18,750,828 20,150,236 Charges for services 1,828,658 2,779,699 2,335,578 2,961,427 2,292,215 2,827,288 2,829,958 2,843,608 2,847,928 3,265,070 Licenses and permits 958,658 1,087,088 1,687,114 1,325,782 1,233,680 1,737,399 2,810,000 2,415,483 1,671,554 2,128,826 Fines and forfeits 273,652 297,440 327,361 297,339 344,317 284,949 288,386 274,961 269,721 309,440 Investment income 884,819 791,238 948,167 981,067 1,134,042 1,133,248 1,153,120 601,513 316,171 350,438 Miscellaneous 1,038,819 1,129,920 196,987 972,155 1,522,363 633,626 1,713,739 919,207 1,075,934 580,550 TOTAL REVENUES $ 28,431,324 $ 31,227,064 $ 33,358,175 $ 34,508,411 $ 34,725,385 $ 37,121,915 $ 40,081,569 $ 42,370,017 $ 50,627,034 $ 59,483,763 NOTE: Includes General, Special Revenue, Debt Service Funds and Component Unit - Library Funds. Data Source Village Records - 163 - VILLAGE OF GLENVIEW, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, EXTENSIONS AND COLLECTIONS Last Ten Fiscal Years Tax Levy Year 1995 1996 1997 1998 1999 ASSESSED V ALUA TIONS $ 1,036,019,507 $ 1,050,308,723 $ 1,047,777,826 $ 1,160,371,041 $ 1,243,991,673 - Rate' Amount Rate' Amount Rate* Amount Rate' Amount Rate' Amount TAX EXTENSIONS Corporate Fund 0.3529 $ 3,656,500 0.4221 $ 4,433,777 0.4572 $ 4,790,895 0.4092 $ 4,748,300 0.4299 $ 5,348,300 Illinois Municipal Retirement Fund 0.1349 1,397,195 0.0829 870,278 0.0554 580,606 0.0484 561,350 0.0418 520,000 Library Fund 0.3001 3,108,794 0.3028 3,180,936 0.3036 3,180,936 0.2684 3,114,340 0.2628 3,114,340 Debt Service Fund 0.1190 1,232,788 0.1251 1,313,794 0.1663 1,742,188 0.1529 1,774,404 0.1526 1,808,857 Police Pension Fund 0.0364 377,510 0.0384 403,541 0.0358 375,176 0.0347 402,092 0.0269 318,426 Firefighters' Pension Fund 0.0197 204,542 0.0177 185,795 0.0197 206,542 0.0115 133,184 0.0089 105,575 TOTAL TAX EXTENSIONS 0.9630 $ 9,977,329 0.9890 $ 10,388,121 1.0380 $ 10,876,343 0.9251 $ 10,733,670 0.9229 $ 11,215,498 COLLECTIONS $ 9,744,476 $ 10,266,321 $ 10,768,639 $ 10,633,824 $ 11,134,514 PERCENTAGE COLLECTED 97.67% 98.83% 99.01% 99.07% 99.28% - 165- - - - - -- - - - .. - -.- - -- ... - - - - - - - - - - - - - - - - - - ~ - - VILLAGE OF GLENVIEW, ILLINOIS PROPERTY TAX ASSESSED V ALUA TIONS, RATES, EXTENSIONS AND COLLECTIONS (Continued) Last Ten Fiscal Years Tax Levy Year 2000 2001 2002 2003 2004" ASSESSED VALUATIONS $ 1,227,656,200 $ 1,511,642,699 $ 1,607,514,242 $ 1,630,257,84 I $ 1,750,000,000 - - Ratp* Amollnt Rate* Amount Rate' Amount Rate' Amount Rate' Amount TAX EXTENSIONS Corporate Fund 0.4255 $ 5,223,844 0.3221 $ 4,869,460 0.2882 $ 4,633,320 0.2594 $ 4,229,254 0.2357 $ 4,125,000 Illinois Municipal Retirement Fund 0.0424 520,000 0.0331 500,000 0.0320 515,000 0.0383 625,000 0.0471 825,000 Library Fund 0.2683 3,294,340 0.2272 3,433,700 0.2695 4,33 I ,889 0.2926 4,769,714 0.2851 4,988,085 Debt Service Fund 0.1522 1,868,587 0.1172 1,771,445 0.1128 1,812,585 0.1124 1,831,651 0.0893 1,455,906 Police Pension Fund 0.0318 389,865 0.0364 550,000 0.0426 685,000 0.0488 795,000 0.0529 925,000 Firefighters' Pension Fund 0.0186 228,609 0.0357 540,000 0.0364 585,000 0.0460 750,000 0.0514 900,000 TOTAL TAX EXTENSIONS 0.9388 $ 11,525,245 0.7717 $ 11,664,605 0.7815 $ 12,562,794 0.7975 $ 13,000,619 0.7615 $ 13,218,991 COLLECTIONS $ 11,375,966 $ 11,518,964 $ 12,520,624 $ 12,445,914 $ PERCENTAGE COLLECTED 98.70% 98.75% 99.66% 95.73% 0.00% , Property tax rates are per $100 of assessed valuation. " Estimated NI A - information is not available. Data Source Office of the County Clerk -166- VILLAGE OF GLENVlEW, ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years Ratio of T otaI Assessed Tax Total Estimated Value to Levy Assessed Actual Total Estimated Year Residential Commercial Industrial Railroad Farm Value Value Actual Value 1995 $ 716,562,602 $ 222,555,941 $ 96,725,327 $ 60,562 $ 115,075 $ 1,036,019,507 $ 3,108,058,521 33.33 1996 736,006,587 216,553,50 I 97,4 78,454 155,106 115,075 1,050,308,723 3,150,926,169 33.33 1997 735,5] 8,370 214,905,081 96,143,443 137,766 73,]66 1,046,777,826 3,140,333,478 33.33 1998 817,802,199 238,830,264 103,587,007 126,876 24,695 1,160,371,041 3,481,113,123 33.33 1999 852,044,883 258,894,779 132,903,672 123,644 24,695 1,243,991,673 3,731,975,019 33.33 2000 840,920,128 255,475,255 131,113,682 122,766 24,369 1,227,656,200 3,682,968,600 33.33 2001 1,085,082,229 296,071,283 130,332,102 134,910 22,175 1,511,642,699 4,534,928,097 33.33 2002 1,150,749,328 316,958,308 139,565,768 160,583 80,255 1,607,514,242 4,822,542,726 33.33 2003 1,168,628,313 320,373,025 141,049,675 154,176 52,653 1,630,257,841 4,890,773,523 33.33 2004* 1,254,463,862 343,904,368 151,409,750 165,500 56,520 1,750,000,000 5,250,000,000 33.33 * Estimated by the Village of Glenview Finance Department Data Source Office of the County Clerk - 167- ----------------~-- I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Fiscal Years Assessed Value Percent in in Village of Village of Tax Levy Year Glenview, 2000 Glenview 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004" Village of Glenview $ 1,227,656,200 100.00 0.663 0.687 0.735 0.660 0.652 0.671 0.545 0.545 0.505 N/A Glenview Public Library 1,227,656,200 100.00 0.301 0.303 0.304 0.269 0.251 0.269 0.228 0.228 0.293 N/A County of Cook 1,227 ,656,200 1.41 0.994 0.099 0.919 0.911 0.854 0.824 0.746 0.746 0.630 N/A Forest Preserve District 1,227,656,200 1.41 0.072 0.074 0.074 0.072 0.070 0.069 0.067 0.067 0.059 N/A Suburban T.B. Sanitarium 1,227,656,200 2.62 0.008 0.008 0.008 0.008 0.008 0.008 0.007 0.007 0.004 N/A Metropolitan Water Reclamation District 1,227,656,200 1.44 0.495 0.492 0.451 0.444 0.419 0.415 0.401 0.401 0.361 N/A County Consolidated Elections 1,227,656,200 2.62 0.027 - 0.023 0.032 0.032 0.029 N/A North Shore Mosquito Abatement 940,160,804 10.77 0.011 0.011 0.011 0.011 0.011 0.011 0.010 0.010 0.009 N/A Glenview Park District 1,216,524,506 82.57 0.478 0.476 0.498 0.587 0.578 0.612 0.511 0.511 0.516 N/A Community College #535 1,227,656,200 9.54 0.233 0.208 0.216 0.205 0.203 0.213 0.186 0.186 0.186 N/A School District #34 849,717,841 85.90 2.959 3.071 3.188 2.991 2.839 3.030 2.623 2.623 2.552 N/A New Trier High School #203 59,083,145 2.33 1.915 1.929 1.932 1.871 1.845 1.936 1.611 1.611 I. 799 N/A School District #39 38,368,217 4.71 2.913 2.976 3.314 3.087 3.193 3.454 2.742 2.742 2.707 N/A School District #37 20,714,928 7.24 2.788 2.730 2.766 2.635 2.602 2.732 2.420 2.420 2.362 N/A Niles High School #219 35,914,184 1.31 1.903 1.929 2.016 1.925 1.903 2.068 1.860 I. 860 2.090 N/A School District #67 29,566,420 14.34 2.481 2.507 2.582 2.484 2.430 2.512 2.272 2.272 2.338 N/A Northfield High School #225 1,101,286,737 35.67 1.899 1.903 1.932 1.840 1.870 1.992 1.740 1.740 1.736 N/A School District #30 138,264,764 38.95 3.115 3.138 3.260 3.119 2.850 3.223 2.765 2.765 2.745 N/A School District #31 119,651,896 25.43 1.943 1.965 2.025 1.910 1.894 2.040 1.813 1.813 1.811 N/A School District #63 31,372,134 4.19 3.060 3.076 3.163 3.078 3.027 3.129 2.694 2.694 2.609 N/A Maine High School #207 31,372,134 1.00 2.224 2.265 2.352 2.234 2.198 2.298 2.026 2.026 2.012 N/A Maine Township - General 75,228,739 2.58 0.085 0.086 0.089 0.085 0.084 0.089 0.079 0.079 0.079 N/A Maine Township - Road and Bridge 75,228,739 2.58 0.047 0.041 0.044 0.042 0.042 0.044 0.039 0.039 0.040 N/A Maine Township - General Assistance 75,228,739 2.58 0.014 0.015 0.016 0.01 5 0.015 0.016 0.01 5 0.015 0.016 N/A New Trier Township - General 56,667,002 2.50 0.052 0.054 0.057 0.054 0.054 0.056 0.044 0.044 0.045 N/A New Trier Township - Road and Bridge 56,667,002 2.50 - - - N/A New Trier Township - General Assistance 56,667,002 2.50 0.003 0.003 0.003 0.003 0.003 0.002 0.002 0.002 0.003 N/A Niles Township - General 78,307,652 2.65 0.039 0.038 0.041 0.036 0.037 0.037 0.033 0.033 0.033 N/A Niles Township - Road and Bridge 78,307,652 2.65 - - - N/A Niles Township - General Assistance 78,307,652 2.65 0.006 0.005 0.005 0.003 0.003 0.003 0.003 0.003 0.003 N/A Northficld Township - General 1,016,452,807 3 1.28 0.017 0.022 0.022 0.020 0.019 0.021 0.014 0.014 0.009 N/A Northfield Township - Road and Bridge 1,016,452,807 3 1.28 0.039 0.040 0.041 0.039 0.038 0.041 0.036 0.036 0.037 N/A - 168- ------------------- - - - - - - - - - - - - - - - - - - - Assessed Val ue Percent in in Village of Village of Tax Levy Year Glenview, 2000 Glenview 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004** Northfield Township - General Assistance $ 1,016,452,807 31.28 0.014 0.013 0.009 0.009 - 0.010 N/A Northfield Woods Sanitary District 124,749,485 35.48 0.195 0.188 0.188 0.170 0.167 0.074 0.007 0.007 0.062 N/A North Maine Fire Protection District 4,921,720 2.21 1.336 1.230 1.224 1.189 1.161 1.205 1.030 1.030 0.862 N/A Northbrook Park District 5,209,568 0.34 0.491 0.484 0.486 0.458 0.453 0.562 0.469 0.469 0.459 N/A Glenview Special Service Area #2 902,491 100.00 0.310 - N/A Glenview Special Service Arca #3 994,664 100.00 0.183 - N/A Glenview Special Service Area #4 2,000,836 100.00 - - N/A Glenview Special Service Area #5 324,718 100.00 2.170 2.141 2.112 1.980 1.916 0.970 - N/A Glenview Special Service Area #6 11,049,033 100.00 0.122 0.120 0.121 - N/A Glenview Special Service Area #9 2,368,947 100.00 1.203 1.163 1.140 1.054 1.025 0.771 0.588 0.588 0.487 N/A Glenview Special Service Area #10 2,230,138 100.00 1.311 1.266 1.235 1.144 1.112 0.819 0.628 0.628 0.511 N/A Glenview Special Service Area #11 3,572,723 100.00 0.385 0.362 0.369 0.325 0.291 0.304 0.239 0.239 0.214 N/A Glenview Special Service Area #12 1,590,638 100.00 0.708 0.694 0.691 0.639 0.608 0.624 0.511 0.511 0.365 N/A Glenview Special Service Area # 16 930,445 100.00 0.957 0.945 0.951 0.881 0.858 - N/A Glenview Special Service Area #17 1,710,315 100.00 0.849 0.833 0.830 0.740 0.715 0.719 0.588 0.588 0.550 N/A Glenview Special Service Area # 18 832,421 100.00 0.707 0.697 0.698 0.626 0.602 0.616 0.521 0.521 0.461 N/A Glenview Special Service Area #20 5,071,519 100.00 0.426 0.413 0.414 0.371 0.359 0.366 0.294 0.294 0.275 N/A Glenview Special Service Area #22 1,388,130 100.00 0.527 0.521 0.572 0.437 0.399 0.401 0.304 0.304 0.290 N/A Glenview Special Service Area #24 629,473 100.00 0.736 0.820 1.000 0.611 0.717 0.712 0.570 0.570 0.535 N/A Glenview Special Service Area #27 214,735 100.00 1.515 1.496 1.498 1.232 1.193 1.610 1.622 1.622 N/A Glenview Special Service Area #31 476,699 100.00 0.826 0.780 0.790 0.687 0.664 0.669 0.486 0.486 0.237 N/A Glenview Special Service Area #32 3,405,999 100.00 0.109 0.127 0.127 0.139 0.134 0.136 0.115 0.115 0.095 N/A Glenview Special Service Area #33 2,152,513 100.00 0.795 0.810 0.813 0.747 0.729 0.739 0.630 0.630 0.590 N/A Glenview Special Service Area #35 1,070,409 100.00 - 0.494 0.477 0.482 0.394 0.394 0.370 N/A Oak Meadow Sanitary District 43,105,443 34.72 - 0.120 0.116 0.124 0.009 0.009 0.059 N/A Northwest Mosquito Abatement 34,080,564 0.20 - 0.010 0.010 0.011 0.010 0.010 0.010 N/A * Property tax rates are per $100 of assessed valuation. * * 2004 rates not available. Data Source Office ofthe County Clerk - 169- VILLAGE OF GLENVIEW, ILLINOIS RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED VALUE AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA Last Ten Fiscal Years Fiscal Year 1995 1996 1997 1998 1999. 2000 2001 2002 2003 2004. (1) Popn1a tion 38,437 38,437 38,437 38,437 38,437 41,847 41,847 41,847 41,847 41,847 (2) Assessed value $ 1,036,019,507 $ 1,050,308,723 $ 1,047,777,826 $ 1,160,371,041 $ 1,243,991,673 $ 1,227,656,200 $ 1,511,642,899 $ 1,607,514,242 $ 1,630,257,841 $ 1,750,000,000 (3) ilioss general obligation bonded debt 82,895,000 81,315,000 69,840,000 59,855,000 60,980,000 62,930,000 101,800,000 97,340,000 97,460,000 128,390,000 Debt service monies available 10,101,716 7,706,052 4,416,466 2,388,599 3,651,914 2,431,244 2,811,524 1,048,923 1,040,757 3,293,488 Debt payable from enterprise revenues 5,183,800 4,173,950 9,344,650 8,784,150 8,170,000 7,840,000 7,500,000 7,145,000 6,710,000 7,267,762 Net general obligation bonded debt 67,609,484 69,434,998 56,078,884 48,682,251 49,158,086 52,658,756 91,488,476 89,146,077 89,709,243 117,828,750 Ratio of net general oblig8tioll bonded debt to assessed value 6.53% 6.61% 5.35% 4.20% 3.95% 4.29% 6.05% 5.75% 5.50% 6.73% Net general obligation bonded debt per capita $ 1,758.97 $ 1,806.46 $ 1,458.98 $ 1,266.55 $ 1,278.93 $ 1,258.36 $ 2,186.26 $ 2,130.29 $ 2,143.74 $ 2,815.70 · Estimated Data Source (I) Office of the Connty Clerk (2) U.S. Dep8ftment of Commerce. Bureau of Census (3) Total General Obligation Bonds outstanding - all ftmds - 170- - - - - - - - - - - - - - - - - - - - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN December 31, 2004 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property. . . (2) if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum. . . shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home rule municipalities. - 171 - VILLAGE OF GLENVIEW, ILLINOIS RA no OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES Last Ten Fiscal Years Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Principal $ 1,316,200 $ 9,005,150 $ 16,645,700 $ 19,424,500 $ 22,660,850 $ 2,690,000 $ 2,590,000 $ 4,180,000 $ 4,700,000 $ 4,762,700 Interest and fiscal charges 3,748,709 4,324,516 3,975,674 3,165,948 3,561,141 2,379,881 2,888,366 3,905,655 3,726,545 4,986,212 TOTAL DEBT SERVICE $ 5,064,909 $ 13,329,666 $ 20,621,374 $ 22,590,448 $ 26,221,991 $ 5,069,881 $ 5,478,366 $ 8,085,655 $ 8,426,545 $ 9,748,912 TOTAL GENERAL GOVERNMENTAL EXPENDITURES. $ 29,508,111 $ 40,432,045 $ 50,447,093 $ 53,455,235 $ 58,518,274 $ 41,698,088 $ 42,071,614 $ 46,151,100 $ 50,389,563 $ 61,907,501 RA no OF DEBT SERVICE EXPENDITURES TO GENERAL GOVERNMENTAL EXPENDITURES 17.16% 32.97% 40.88% 42.26% 44.81% 12.16% 13.02% 17.52% 17.52% 15.75% · Includes General, Special Revenue, Debt Service Fund and Component Unit - Library Fund Data Source City Records - 172- - - - - - - - - - - - - -- - - - - - - - - - - -- - - -- - - - - - - - - VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUE BOND COVERAGE WATERWORKS FUND Last Ten Fiscal Years Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Operating revenues $ 6,087,267 $ 5,841,524 $ 5,908,100 $ 6,480,669 $ 6,386,511 $ 6,585,470 $ 6,958,560 $ 7,378,141 $ 8,739,735 $ 7,446,294 Direct operating expenses 4,037,210 4,386,220 3,309,767 3,598,529 3,631,858 5,445,193 4,547,468 4,822,099 6,160,140 7,514,285 NET REVENUE A V AILABLE FOR DEBT SERVICE (I) $ 2,050,057 $ 1,455,304 $ 2,598,333 $ 2,882,140 $ 2,754,653 $ 1,140,277 $ 2,411,092 $ 2,556,042 $ 2,579,595 $ (67,991) DEBT SERVICE REQUIREMENTS (3) Principal $ 893,800 $ 914,850 $ 904,300 $ 355,500 $ 304,150 $ $ $ $ $ Interest 163,843 121,623 76,296 31,806 15,512 TOTAL DEBT SERVICE $ 1,057,643 $ 1,036,473 $ 980,596 $ 387,306 $ 319,662 $ $ $ $ $ COVERAGE (2) 1.94 1,40 2.65 7,44 8.62 = (1) Operating revenues minus direct operating expenses. (2) Net revenue available for debt service divided by total debt requirements. (3) The Village has recorded general obligation bond issues (through fiscal 1999) on the Waterworks Fund Balance Sheet. These bonds have been included in the schedule to illustrate coverage. Data Source Village Records - 173- - 174- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS DEMOGRAPIDC STATISTICS Last Ten Fiscal Years Education Level in (3) Per (I) Years of (2) Unemploy- Fiscal (I) Capita Median F onnal School ment Year Population Income Age Schooling Enrollment Percentage 1995 38,437 $ 33,144 . 37.5 . 16.0 . 8,461 . 3.1 1996 38,437 34,037 . 37.5 . 16.0 . 8,590 . 3.0 1997 38,437 34,886 . 37.5 . 16.0 . 8,676 . 2.6 1998 38,437 35,578 . 37.5 . 16.0 . 9,315 . 2.5 1999 38,437 36,315 . 37.5 . 16.0 . 9,241 . 2.3 2000 41,847 37,566 41.3 16.1 11 ,525 2.5 2001 41,847 38,430 · 41.5 . 16.1 . 11,525 . 3.7 2002 41,847 38,930 · 41.7 . 16.1 . 11,525 . 4.5 2003 41,847 39,708 . 41.9 . 16.1 . 11,525 . 4.6 2004 44,818 43,384 . 41.3 . ]6.1 . 11,525 . 4.6 · Estimated Data Sources (I) U.S. Department of Commerce, Bureau of the Census (2) Includes elementary and high school students. (3) Illinois Department of Labor, Illinois Department of Employment Security (not seasonably adjusted). ------------------- VILLAGE OF GLENVIEW, ILLINOIS CONSTRUCTION VALUE AND BUILDING PERMITS Last Ten Fiscal Years New Commercial Residential Construction Constmction Additional Permits Issued"'''' Fisc al Number Number Water- Property Year of Units Value of Units Value Plumbing Tap Electrical Driveway Value'" 1995 4 $ 1,910,000 108 $ 13,760,240 89 4 129 150"'''' $ 3,108,058,521 1996 1 400,000 218 18,783,270 91 7 137 136 3,450,926,169 1997 10 19,960,945 219 30,371,818 149 7 137 204 3,143,333,478 1998 13 23,139,692 215 44,747,718 184 II 145 193 3,481,113,123 1999 10 13,802,821 132 26,622,791 176 20 121 170 3,731,975,019 2000 18 33,734,897 223 46,658,346 192 40 171 180 3,825,000,000 2001 16 125,995,920 315 81,067,184 171 42 182 176 4,534,928,097 2002 24 84,457,253 376 99,258,035 175 28 170 165 4,822,542,726 2003 13 20,415,000 170 61,158,103 162 40 192 210 4,890,773,526 2004 11 35,387,761 214 89,186,760 139 38 191 216 5,018,379,831 '" Estimated actual value of real property. *'" These numbers are in addition to those included in New Residential and Commercial Construction. Data Sources Village of Glen view Building Department - 175 - Distribution of Owner-Occupied N oncondominium Houses by Value (2000 Census) I I I June 20, 1899 Council/Manager I 20 Miles North of Chicago I 13.27 Square Miles 6,142 I 18,132 24,880 32,060 I 38,437 41,847 15,810 I $ 336,000 Unit Distribution I Number Percent 159 1.43% I 1,278 11.52% 3,227 29.10% 4,203 37.90% 1,987 17.92% I 236 2.13% 11,090 100.00% I 85 5 I 2,300 Class 3 78 I 22 I I I 238,828 I 469 12,020 61 11,439 I 10,904 35,778 313,888 I 427,031 740,919 I VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS December 31, 2004 Date of incOlporation Form of government Geographic location Area Population 1950 1960 1970 1980 1990 2000 Number of Total Housing Units (2000 Census) Median Value Owner-Occupied Noncondorniniurn Housing Units Unit Values by Range (1) Under $100,000 100,000 - 199,999 200,000 - 299,999 300,000 - 499,999 500,000 - 999,999 $1 million or more Fire Protection Number of firefighters Number of stations Number of fire hydrants I.S.0. Rating Police Protection Number of police officers Number of school crossing guards Number of stations Library Services Number oflibranes Number of books Number of records Number of audio cassettes Number of slides (sets) Number of video tapes Number of compact discs Number of registered borrowers Book circulation Adult materials Children's materials - 176- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS (Continued) December 31, 2004 Recreation Facilities Number of parks and playgrounds Park area in acres - Park District owned Park area in acres - Park District leased 36 447 135 Municipal Parking Facilities Number of parking spaces 1,168 Waterworks Operations Number of sewer customers at December 31, 2004 Number of metered water customers at December 31, 2004 Gallons of water purchased during fiscal year Gallons of water billed during fiscal year Water storage capacity Ground storage Elevated storage 10,972 15,478 3,321,375,000 2,922,810,000 14,000,000 gallons 1,000,000 gallons Number of full-time employees at December 31, 2004 326 Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Residential Cul-de-sacs 7 5 121 12 Total 145 Miles of alleys maintained by Glenview 4.68 Miles of streets within the Village of Glenview maintained by Cook County or the State of Illinois 22 Miles of sanitary sewers Miles of storm sewers 127.5 175 Number of Village-owned street lights 1,300 Building activity Number of permits issued in 2004 Value of construction authorized in 2004 3,100 178,545,926 Data Source Village Records - 177- VILLAGE OF GLENVIEW, ILLINOIS TEN WEALTHIEST ILLINOIS COMMUNITIES 2000 CENSUS December 31,2004 ILLINOIS' TEN WEALTHIEST COMMUNITIES WITH 25,000 PLUS POPULATION AT THE 1990 CENSUS'" (Listed in Descending Order of Median Family Income) 1990 Median Family Income Percent 1990 2000 Increase of U.S. Rank Municipality/County Census Census 1990-2000 Amount Median 1 Wilmette, Cook 26,690 27,684 3.7% $ 106,773 257.7% 2 Highland Park, Lake 30,575 31,379 2.6% 100,967 243.7% 3 Northbrook, Cook 32,308 33,425 3.5% 95,665 230.9% 4 Naperville, DuPage and Will 85,351 128,300 50.3% 88,770 214.3% 5 Glenview, Cook 37,093 41,847 12.8% 80,730 194.4% 6 Buffalo Grove, Lake and Cook 36,427 42,591 16.9% 80,525 194.3% 7 Bartlett, DuPage, Cook and Kane 19,373 36,840 90.2% 79,718 192.4% 8 Gurnee, Lake 13,701 28,615 108.9% 75,742 182.8% 9 Glen Ellyn, DuPage 24,944 27,040 8.4% 74,846 180.6% 10 Wheaton, DuPage 51,464 55,439 7.7% 73,385 177.1% State of Illinois 11,430,602 12,419,293 8.6% 46,590 112.4% United States 248,709,873 284,421,906 14.4% 41,433 100.0% '" At the 2000 Census, 79 Illinois municipalities had populations in excess of 25,000. - 178 - ------------------- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MAJOR GENERAL FUND REVENUE SOURCES NON-REAL ESTATE TAX December 31, 2004 Percent Percent Illinois Percent Fisca] Sales of Tota] Utility of Total Income of Total Year Tax Revenue Tax Revenue Tax Revenue 1994 $ 4,438,932 24.4% $ 2,512,867 13.8% $ 2,157,707 11.9% 1995 4,843,071 25.3% 2,935,696 15.3% 2,266,279 11.8% 1996 4,661,985 23.6% 3,099,365 15.7% 2,656,744 13.4% 1997 4,794,830 21.1% 3,184,812 14.0% 2,483,946 10.9% 1998 5,092,357 20.9% 3,340,555 13.7% 2,666,003 10.9% 1999 5,758,617 23.0% 3,262,725 13.0% 2,740,281 11.0% 2000 6,522,922 23.7% 3,712,583 14.5% 2,990,432 10.9% 200] 7,184,006 23.5% 4,147,388 13.6% 2,963,486 9.7% 2002 8,765,038 28.8% 4,119,522 13.5% 2,745,035 9.0% 2003 10,830,776 32.5% 5,787,142 17.4% 2,593,235 7.8% 2004 11,632,246 31.9% 5,948,422 16.3% 2,659,483 7.3% Note: Inc]udes Genera] Fund only - 179 - Paid From 12-1 ProD Taxes(4) 12005 .. $ 1,660.000 $ 2006 . . 1,750,000 2007 . . 1,875,000 2008 . . 1,000,000 2009. . 1,015,000 12010. . 1,050,000 2011 .. 1,100,000 2012. . 1,150,000 2013.. 1,175,000 12014 . . 1,225,000 2015. . 1,275,000 2016 . . 1,325,000 2017 . . 1,375,000 12018. . 1,450,000 2019 . . 1,500,000 2020 . . 1,575,000 2021 . . 1,650,000 12022.. 1,725,000 2023 . . 1,825,000 2024 . . 1 900 000 $28,600,000 $1,215,000 $4,845,000 $1,615,000 $30,045,000 $44,745,000 $25,000,000 1 Notes: 1. Excludes $2,244,283 note payable in annual principal and interest payments of $215,3n through 2019 to the sellers of the utility company that was acquired in September, 1997. The remaining principal amount of special service area bonds, the proceeds of which have been used for various neighborhood local improvements and which are secured by property taxes to be levied in the applicable special service areas, is shown as overlapping debt in the table "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes. " 2. As a home rule unit under the 1970 Illinois Constitution, the Village has no debt limit and it can issue general obligation bonds without referendum. The Village has chosen to fund various water/sewer improvements with general obligation bonds and abate taxes from user charges. The Village's water system serves a population of approximately 125,000 of which approximately 83,000 are outside the ViI/age limits (63,000 in unincorporated areas and 20,000 in the Citizens Utilities service area). 3. The Series 1998, Series 2001, a portion of the Series 2003A Bonds and the Series 2004A Bonds are expected to be paid from incremental property taxes at the Glenview Naval Air Station Economic Development Project Area plus 80% of the land sale proceeds derived from the Vii/age's sale of/and at the Project Area. 4. Includes remaining maturities of the ViI/age's Series 2000 Bonds, a portion of the Series 2002 Bonds, and the Series 2004B Bonds. I I I I I I 1 1 I I Due 1 I I VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS As Per Cent of Per Capita Amount Applicable Assessed Estimated (2000 Census as of Dec. 31. 2004 Value True Value POD. 41.8471 Assessed Valuation of Taxable Real Property, 2003 . _ . . $1,852,n5,528 100.00% 33.33% $ 44,274.99 Estimated True Value of Taxable Real Property, 2003 . - . 5,558,326,584 300.00"/0 100.00"/0 132,824.97 Direct General Obligation Bonded Debt(1): Payabie From Property Taxes. . . . . . . . . . . . . . . . . . . . . $ 28,600,000 1.54% 0.51% $ 683.44 Self-Supporting Debt ......... . . . . . . . . . . . . . . . . . . 107465.000 5.80% 1.93% 2 568.05 Total Direct Bonded Debt. . . . . . . . . . . . . . . . . . . . . . . $ 136,065,000 7.34% 2.45% $ 3,251.49 Overlapping Bonded Debt Payable from Property Taxes(2): Schools. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,916,381 1.78% 0.59% $ 786.59 Other than Schools ......... ................... 80276231 4.33% 1.44% 1 918.33 Total Overlapping Bonded Debt . . . . . . . . . . . . . . . . . . $ 113192612 6.11% 2.04% $ 2 704.92 Total Direct and Overlapping Bonded Debt . . . . . . . . . . . . . $ 249 257 612 13.45% 4.48% 5 956.40 Total Direct and Overlapping Exc/. Self-Supporting .... $ 141,792,612 7.65% 2.55% $ 3,388.36 Notes: 1. The Village is a home-rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is it required to seek referendum approval for the issuance of general obligation debt. See "Retirement Schedule of Outstanding Village General Obligation Debt" below for a listing of the Village's non-general obligation debt and currently outstanding general obligation debt. 2. See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2004". RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT (Note 1) (As of December 31,2004) PrinciDal Amounts Self SUDDortina With Proiected Abatement From: Water and Sewer Funds'2J Debt Service Tax levies Total From Cumul. levy Property Amount Percent ....Y!!L Taxes $ 9,665,000 7.1% 2004 $1,915,497 10,060.000 14.5% 2005 1,954,963 10,475,000 22.2% 2006 2,002,974 9,945,000 29.5% 2007 1,975,575 10,295,000 37.1% 2008 1,945,575 10,720,000 44.9% 2009 1,945,575 11,140,000 53.1% 2010 1,958,300 11,630,000 61.7% 2011 1,966,425 11,850,000 70.4% 2012 1,948,863 12,340,000 79.5% 2013 1,951,863 4,280,000 82.6% 2014 1,952,863 4,475,000 85.9% 2015 1,951,863 4,690,000 89.3% 2016 1,948,863 4,325,000 92.5% 2017 1,967,488 1,500,000 93.6% 2018 1,956,588 1,575,000 94.8% 2019 1,967,838 1,650,000 96.0% 2020 1,973,931 1,725,000 97.3% 2021 1,976,331 1,825,000 98.6% 2022 1,998,706 1 900 000 100.0% 2023 1,989,300 $136,065,000 Pre-Series 2003 260,000 275,000 290,000 305,000 85,000 - 0 - Series 2003A(5) $ 105,000 110,000 110,000 110,000 345,000 455,000 470,000 485,000 500,000 505,000 525,000 545,000 580,000 - 0 - Series 20038(6) $ 185,000 185,000 190,000 195,000 205,000 210,000 220,000 225,000 - 0 - Tax Increment Revs. (3) Series Series Series 1998 2001/03A 2004A $1,575,000 $ 5,755,000 $ 125,000 1,640,000 5,975,000 125,000 1,715,000 5,995,000 300,000 1,790,000 6,020,000 525,000 1,870,000 5,000,000 1,775,000 1,955,000 5,000,000 2,050,000 2,050,000 5,500,000 1,800,000 2,145,000 5,500,000 2,125,000 2,250,000 - 0 - 7,925,000 2,360,000 8,250,000 2,480,000 - 0 - 2,605,000 2,735,000 2,875,000 - 0 - - 180- I 5. Includes $95, 155 principal amount payable from Special Services Areas #36 and #37. 6. The Series 2003B Bonds (which refunded the Series 1992) are payable primarily from revenues of the service area of a private water company (Illinois-American Water Company) outside the Village limits. DEBT RATIOS AND PER CAPITA DEBT-LAST TEN BOND SALES (Note 1) Ratio to Estimated Actual Value(1) Direct Debt Direct & OverlaDDlna Debt Including Excluding Including Excluding Self- Self- , Self- Self- SUDoortina SUDDortina(2J SUDDortina SUDDortlna(2) .87% .57% 2.98% 2.68% .89% .57% 3.17% 2.85% 1.01% .45% 3.18% 2.62% 1.13% .42% 3.15% 2.44% 2.12% .37% 3.98% 2.23% 1.68% .33% 3.28% 1.93% 2.47% .33% 4.90% 2.43% 2.75% .30% 4.92% 2.47% 2.14% .21% 4.35% 2.42% 2.71% .58% 4.79% 2.66% Notes: 1. Ratios and per capita information as set out in applicable Official Statements. The Village's Bond Anticipation Bonds which sold on January 25, 1995 are not included in these ratios (see Note 5). 2. Excluding the Village's self-supporting general obligation bonded debt. 3. General Obligation Bond Anticipation Bonds, Series 1995 ("BABS") the proceeds of which were used to fund interest up to the respective maturity dates of the BABS and to create a capital improvement fund for redevelopment costs of the Glenview Naval Air Station which officially closed on September 9, 1995. The principal amount of the Bond Anticipation Bonds was not included in the debt ratios and per capita data - when those maturities were refinanced with Series 1996 and the Series 1998 Bonds, they appeared in the debt ratios and per capita debt. 4. Proceeds used to refund the December 1, 1996 maturity of the BABS. 5. A portion of the proceeds of the Series 1998 Bonds was used to refund the December 1, 1998 maturity of the BABS. 6. Proceeds used to redeem the Series 1993 and 1994. 7. Proceeds used to advance refund the callable maturities of the Series 1996 and 1997, to current refund the Series 1992 and to provide approximately $1,900,000 for water and sewer projects. Villaae Issue Amount $60,000,000(3) 500,000 8,435,000(4) 6,175,000 34,400,000(5) 4,970,000 41,800,000 6,885,000(6) 11,945,000(7) 47,315,000 Sale Date January 25, 1995 . . . . October 17, 1995 . . . . October 15, 1996 . . . . August 5, 1997..... . October 20, 1998 . . . . December 5, 2000 ... August7,2001..... . February 5, 2002 .... March 4, 2003 ...... July 20, 2004 . . . . . . . Including Self- SUDDortina $2,219.67 2,360.61 2,590.75 2,544.13 3,125.64 3,109.34 4,377.57 4,353.97 4,834.24 5,958.11 I I I I I I I I DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 2004 I SCHOOL DISTRICTS: Elementary Districts: Glenview School District No. 34 ................ Northbrook School District No. 30 . . . . . . . . . . . . . . . West Northfield School District No. 31 . . . . . . . . . . . . Wilmette School District No. 39................. East Maine School District No. 63 . . . . . . . . . . . . . . . Golf School District No. 67 . . . . . . . . . . . . . . . . . . . . Avoca School District No. 37. . . . . . . . . . . . . . . . . . . High School Districts: Northfield Township High School District No. 225. . . . New Trier Township High School District No. 203. . . . Niles Township High School District No. 219 . . . . . . . Maine Township High School District No. 207 ...... Percent of Village's 2003 Real Property in Taxina Bodv 69.5% 11.4% 9.5% 3.2% 2.4% 2.3% 1.7% 100.0% 90.0% 4.8% 2.8% 2.4% 100.0% Gross Bonded Debt $ 18,790,000 7,128,067 7,510,000 12,330,000 17,320,000 4,828,512 4,564,980 21,052,424(3) 22,143,637(3) 85,749,033 16,465,000 Village's Applicable Share (Hole 1) of Gross Debt To Be Paid From Real Property Taxes Percent Amount 86.168% 37.560% 27.289% 4.630% 4.150% 15.752% 7.375% 36.924% 2.303% 1.357% 1.001% Community COllege Dis,trlct: Oakton Community College No. 535 . . . . . . . . . . . . . 100.0% - 0 - 9.886% Total School Districts ...................:...................... . . . . . . . . . . . . . . . . . . OTHER THAN SCHOOL DISTRICTS: Cook County, Including Forest Preserve District ...... 100.0% $3,228,320,000(2) 1.449% Metropolitan Water Reclamation District. . . . . . . . . . . . 100.0% 1,366,739,115(2) 1.478% Glenview Park District. . . . .. . . . . . . . . . . . . . . . . . . . 99.3% 15,200,000(3) 82.819% Northbrook Park District. . . . . . . . . . . . . . . . . . . . . . . . .4% 20,625,000 0.322% Glenview Special Service Areas . . . . . . . . . . . . . . . . . . Various 642,570 100.000% Total Other Than School Districts ................................................... I I $16,190,967 2,677 ,302 2,049,404 570,879 718,780 760,587 336,867 I 7,773,397 509,968 1,163,614 164,815 I I - 0 - $32,916,381 I $46,778,357 20,200,404 12,568,488 66,413 642.570 $80,276,231 I Notes: 1. Village's share based upon 2003 Real Property valuations. 2. Excludes short-term cash flow notes. 3. Excludes the following "Alternate Bonds" issued pursuant to Public Act 85-1419, which are considered fo be self- supporting since they are payable from user fees or other pledged non-property tax sources: Northfield Township I - 181 - I I High School District No. 225 - $21,660,000; New Trier High School District No. 203 - $3,735,000 and Glenview Park District - $30,015,000. I EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1) I Tax Levy Year 1999 ........ 2000 ........ 2001(3) ...... 2002 ........ 2003 ........ For General Taxina PurDoses(Note 1) Gross Less Net For Increase Real Exemptions General Taxing Over Prooertv (2) PurDoses Prior Year $1,309,030,170 $65,038,497 $1,243,991,673 +7.2% 1,293,037,637 65,381,437 1,227,656,200 -1.3%(5) 1,587,554,408 75,911,709 1,511,642,699 +23.1% 1,682,291,173 74,776,931 1,607,514,242 +6.3% 1,708,086,232 77,828,391 1,630,257,841(4) +1.4% Net For Plus General Taxing Incremental Purooses (6) Valuation(7) $1,243,991,673 $ 2,216,856 1,227,656,200 5,537,984 1,511,642,699 39,650,935 1,607,514,242 126,395,809 1,630,257,841 222,517,687 Total For All Taxing PUrDoses(6) $1,246,208,529 1,233,194,164 1,551,293,634 1,733,937,051 1,852,775,528 I I Notes: 1. Property in Cook County is separated into eight classifications for assessment purposes (ranging in 1985 from 16% for residential to 40% for commercial property). After the assessor establishes the fair market value of a parcel of land, that value is multiplied by one of the classification percentages to arrive at the assessed valuation for that parcel. The Illinois Department of Revenue fumishes each county with an adjustment factor (the equalization factor) to equalize the level of assessment between counties. After the equalization factor is applied, the valuation of the propertY for taxing purposes has been established-tax rates are applied to the equalized valuation. 2. Includes four categories of exemptions in 2003: the Senior Citizens' Homestead Exemption ($8,748,500); the General Homestead Exemption ($54,715,851); the Senior Citizens Tax Freeze Homestead Exemption ($13,305,233) and the Long-Term Homeowner Exemption ($1,058,807). The Senior Citizens' Homestead Exemption, effective for tax years 1991 and following, is a reduction of $2,500 ($1,500 in levy years 1972-1983 and $2,000 in levy years 1984-1990) in the equalized assessed valuation of real propertY owned and occupied by a person 65 years of age or older. The General Homestead Exemption is available to owner-occupied residential property; the amount of the exemption is the increase in the current year's equalized assessed val(jation above the 1977 tax year equalized assessed valuation, with a maximum of $1,500 in 1978, $3,000 between 1979 and 1982, $3,500 between 1983-1990 and $4,500 thereafter. The Senior Citizen Tax Freeze Homestead Exemption, first effective in levy year 1994, provides that persons 65 or older with a household income of less than $40,000 (up from $35,000 in levy year 1998 and prior) may receive an exemption in the amount of the difference between the current equalized assessed value of their principal residence and the lowest previous assessment in a qualifying year, even if the senior was not eligible for some intervening year. The Long-Term Homeowner Exemption is a Cook County program that provides propertY tax relief to long-term homeowners who meet certain income requirements and who have been adversely affected by rapid increases in propertY values. 3. Under the current triennial reassessment system in Cook County, one third of the County is reassessed each year. The Village was reassessed in 2001 (for taxes to be collected in 2002). 4. By valuation,83.3% of the Village is in Northfield Township, 6.0% is in Niles Township,6.0% is in Maine Township, and 4.7% is in New Trier Township. Includes $160,583 of Railroad Property now classified as Real Property. 5. The 1.3% decrease in 2000 were primarily due to a decrease of 1.2%, in the State imposed equalization factor for Cook County. 6. The Village's tax rate is calculated based on the Village's Net Equalized Assessed Valuation (shown in this table as "Net For General Taxing Purposes") and is extended against its entire Equalized Assessed Valuation (shown in this table as "Total for All Taxing Purposes? excluding only the statutory exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax allocation fund. The' Equalized Assessed Valuation for which the Village receives its portion of the total tax rate for all non- TIF purposes is shown in the table as "Net for General Taxing Purposes. " 7. When the Glenview Naval Air Station Tax Increment District was created, it included the Air Station and an older industrial area adjacent thereto. As of January 1, 1999, the incremental valuation was added from changes in that industrial area. Land Valuations in that industrial area have increased for a variety of reasons including the fact the property being adjacent to a major new roadway entrance into the redeveloped base and a nearby new Metra train station. I I I I I I I I I TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Levy Years) Village of Glenview: 1999 2000 2001 2002 2003 Bonds and Interest. . . . . . . . . . . . . . . . . . . . . . . $ .145 $ .152 $ .117 $ .113 $ .112 Pensions (Police, Fire, IMRF & Social Security) . .077 .093 .105 .111 .133 Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430 .426 .......m ~ .259 Total Village(1) ...................... $ .652 $ .671 $ .545 $ .512 $ .505 Cook County (Incl. Forest Preserve) . . . . . . . . . . . . . . . .955 .893 .813 .751 .669 Metropolitan Water Reclamation District . . . . . . . . . . . . .419 .415 .401 .371 .361 Glenview S.D. Number 34 ...................... 2.839 3.030 2.623 2.509 2.552 Northfield Township H.S.D. Number 225 . . . . . . . . . . ; . 1.870 1.992 1.740 1.682 1.736 Oakton Community College Dis!. Number 535 . . . . . . . . .203 .213 .186 .179 .186 Glenview Park District ......................... .578 .612 .511 .492 .516 GJenview Public Library(2) ...................... .251 .269 .228 .270 .293 Northfield Township and All Other. . . . . . . . . . . . . . . . . .066 .081 .099 .067 .096 Total (3) .......... .................. $7.835 $6.176 $7.146 $6.633 $6.936 Village as a Percent of Total ................... 8.3% 6.2% 7.6% 7.5% 7.3% I I I I I - 182- Notes: 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate limitations. 2. Beginning in levy year 1985, the tax rate for Library purposes is considered under State law to be a separate levy from the Village. 3. Tax rate applicable to the largest tax code that represented 44.5% of the Village's 2003 tax base and is located in Northfield Township. I I TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) I Levy Year 1999 ....................... 2000 .. .. .. .. .. .. . .. .. .. .. .. 2001 ....................... 2002 .. . . . .. . . . . . . .. . . .. . .. . 2003 .. .. .. .. .. .. .. .. .. .. .. . Collection Year 2000 2001 2002 2003 2004 Total Taxes Extended $8,110,825 8,237,573 8,238,452 8,230,473 8,232,795 Total Taxes Collected as of December 31. 2004(1) Amount (2) Percent $8,080,664 99.63% 8,296,330 100.71% 8,441,291 102.46% 8,346,033 101.40% 8,231,850 99.98% I I Notes: 1. Source: Cook County Treasurer's Office. Taxes collected, including late payments, are shown as collections in the year when due regardless of when the collection occurs. The "Amount Collected" is not the same as distributions to the Village as collections include taxes paid under protest. When the taxes are paid under protest are remitted, they are not included as taxes collected as they have already been considered "collected". 2. Cook County property taxes are payable in two installments: the first on March 1, and the second on the latter of August 1 or 30 days after the mailing of the tax bills. The first installment is an estimated bill and is one-half of the prior year's bill. The second installment is based on the current levy, assessment and equalization and reflects any changes from the prior year in those factors. The second installment date for levy years 1999-2003 were October 2, 2000, November 1, 2001, November 1, 2002, October 1,2003, and November 15,2004, respectively. I I I 1997 AND 2002 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION I Villaae of Glenview Taxable Valuation/2) Percent of Total Prooertv Classification: 1997 2002 1997 2002 Residential............. ............. $ 736,518,370 $1,251,887,575 70.3% 72.2% Commercial(1) ....................... 214,905,081 329,600,589 20.5% 19.0% Industrial.. .. .. . . . . . . . . . . .. . . . . . ... . . 96,143,443 150,208,049 9.2% 8.8% Railroad. . .. . . . . . . . . . . . . . . . . . . . ... . . 137,766 160,583 NIL NIL Farm .............................. 73166 80255 NIL NIL Total. . . . . . . . . . . . . .... . . . . ... . . $1,047,777,826 $1,733,937,051 100.0% 100.0% Percent Increase 1997-2002 ........................... +65.5% I I Notes: 1. The commercial cla-ssification includes apartment buildings with over six units and any apartment/retail mixed use buildings. 2. Includes incremental valuation in the Village's tax increment financing district. Information by properly class for levy year 2003 is not available as of the date of this reporl. I I TEN LARGEST TAXPAYERS Notes: 1. 2. 3. TaxDaver ProDerties Kraft General Foods ............ Corporate HeadquarterslResearch Campus Grubb & Ellis Services . . . . . . . . . .. AON Insurance Company .............. Illinois Tool Works, Inc. .......... Corporate Headquarters. . . . . . . . . . . . . . . . Catellus Development . . . . . . . . . .. Commercial Property. . . . . . . . . . . . , . . . . . Pearson Tax Department. ........ Corporate Headquarters - Book Publishing(3) Wyndham International. . . . . . . . . .. Doubletree Hotel . . . . . . . . . . . . . . . . . . . . . CC Lake. Inc. ................. Commercial Property. . . . . . . . . . . . . . . . . . Mid American Assel. ............ Commercial Property. . . . . . . . . . . . . . . . . . Parkside Senior Services. . . . . . . .. The Seasons at Gienview Place. . . . . . . . . . Heatherfield Center LLC. . . . . . . . .. Shopping Center . . . . . . . . . . . . . . . . . . . . . Total Ten Largest Taxpayers ...................................... Valuations as of January 1, 2003 for 2004 taxing purposes. Total 2003 Village valuation of $1,852.775,528 (including incremental valuation). Corporate headquarters of Scott Foresman. Equalized Assessed Valuation(1) $47,640,910 21,615,202 17,258,616 14,189,757 12,236,515 12,087,720 10,942,243 10,671,803 10,219,886 8.494 956 $165,357,608 I Rank 1 2 3 4 5 6 7 8 9 10 Percent of Villalle (2) 2.6% 1.2% 0.9% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.5% 9.4% I I I I - 183 - I I GENERAL FUND Summary Statement of Revenues, Expenditures and Changes in Fund Balance (Fiscal Years Ending December 31) Actual (Note 1) I I RevenueslTransfers: (3) Properly Taxes ...................... Properly Taxes-Fire Protection District(7) . . . Sales Taxes ........................ Home Rule Sales Tax (3) . . . . . . . . . . . . . . . Utility Tax and Telecommunications Tax . . . . State Income Tax/Photo Use Tax. . . . . . . . . Franchise Taxes ............ . . . . . . . . . Hotel RoomlAmusement Tax(4) . . . . . . . . . . Building PermitslCerl. Of Occup. ......... Other Licenses and Permits . . . . . . . . . . . . . Charges For Services ................. Fines and Forfeits .................... Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers-In. . . . . . . . . . . . . . . . . . . . . . . . . Land Sales ......;........... . . . . . . . All Other Revenues . . . . . . . . . . . . . . . . . . . Total RevenueslTransfers. . . . . . . . . . . ExpendituresITransfers: General Government . . . . . . . . . . . . . . . . . . Public Safety. . . . . . . . . . . . . . . . . . . . . . . . Highways and Streets ................. Pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal Expenditures ............... Capital Equipment Replacement Transfers(6) Capital Project TransferslCapital Outlay . . . . Debt Service Transfer ................. Total ExpenditureslTransfers ........ Revenue Over (Under) Expenditures: Before CapitallTransfers. . . . . . . . . . . . . . . . After CapitalfTransfers . . . . . . . . . . . . . . . . . Adjustments to Fund Balance. . . . . . . . . . . . . . Fund Balance at December 31 . . . . . . . . . . . . . I I I I I I I I I I I I I I I 2000 $ 5,628,468 1,968,076 6,522,922 - 0 - 3,712,583 3,551,020 195,281 872,019 1,456,765 280,634 1,280,928 224,431 665,382 2,417,504 295,480 887 172 $29,958,645 $ 5,132,169 13,295,031 5,100,455 570574 $24,098,229 1,001,302 6,172,069 - 0 - $31,271,600 2004 2001 $ 5,808,880 1,968,062 7,184,006 - 0 - 4,147,388 3,483,970 414,788 748,188 2,467,698 342,302 1,152,553 215,284 769,833 1,200,661 956,654 934 280 $31,794,527 2002 2003 Sudaelf2J $ 5,877,232 $ 5,876,466 $ 6,632,495 2,171,117 2,245,157 2,300,000 8,765,038 10,830,776 10,500,000 . 0 - - 0 - 100,000 4,119,522 5,787,142 4,482,750 3,183,744 2,970,258 3,030,000 285,110 308,138 289,000 615,083 717,486 650,000 2,063,149 1,399,853 1,061,000 352,334 271,701 335,000 1,109,048 1,021,693 1,350,375 207,720 181,384 201,000 401,213 155,307 360,000 1,301,080 1,277,845 456,900 . 0 - - O. 1,050,000 1.332.408 1 577.050 1.472095 $31,783,798 $34,620,256 $34,270,615 $ 5,450,092 $ 6,060,618 $ 7,690,646 $ 7,675,793 15,389,725 15,850,504 16,976,478 19,303,523 5,866,080 6,118,925 6,235,315 6,719,579 -0- -0- -0- -0- $26,705,897 $28,030,047 $30,902,439 $33,698,895 1,061,930 1,225,220 1,252,124 116,805 2,437,416 349,066 2,047,756 2,519,758 210.805 219336 219335 - 0 - $30,416,048$29,823,669 $34,421,654 $36,335,458 $ 5,860,416 $ 4,877,825 $ 3,534,415 $ 3,498,482 $ 571,720 $ (1,312,955) $ (1,378,479) $ 1,960,129 $ 198,602 $(2,064,843) $ - 0 - $ 371,034 $ - 0 - $ 1,776,368 $12,189,197 $13,938,713 $15,898,842 $17,873,812 Balance Sheet at December 31 5,672,153 1,146,631 425,315 566,103 521,106 - 0 - $?O 538 037 5,785,884 5,731,379 1,968,913 2,628,031 343,995 712,911 161,283 635,006 137,073 185,501 32385 -0- $?3 186 289 $24 9?4 831 5,606,072 2,951,743 1,014,754 333,924 656,538 292814 $25 041 935 5,776,698 4,071,065 1,083,105 577,374 2,940,605 923 470 527 6?1 4?9 609,888 $ 951,802 232,004 5,822,728 732,418 547,977$ 349,836 $ 1,531,691 1,671,823 137,314 40,022 6,029,209 5,861,043 1,001,385 1,103,265 $ 622,975 1,001,860 780,827 5,927,203 132,268 Assets: 2000 2001 2002 2003 2004 Cash and Investments................. $12,206,729 $14,756,756 $15,032,003 $14,186,090 $12,249,112 Receivables: ProPerly Taxes .................... Sales Tax ........................ Utility Taxes. . . . . . . . . . . . . . . . . . . . . . . Other Receivables. . . . . . . . . . . . . . . . . . Due From Other Funds ................ All Other Assets. . . . . . . . . . . . . . . . . . . . . . Total Assels.. ................ .... Liabilities and Fund Balance: Accounts Payable ..... . . . . . . . . . . . . . .. $ Other Payables ... . . . . . . . . . . . . . . . . . . . Due To Other Funds .................. Deferred Revenues ................... All Other Liabilities. . . . . . . . . . . . . . . . . . . . Fund Balance: Reserved.. ....... . .. .. ... .. ...... $ 10,000 $ 10,000$ 10,000 $ . 0 - $ 30,860 Designated for Surcharge Receipts...... 1,334,848 1,334,848 1,334,848 - 0 - - 0 - Undesignated ..................... 10844.349 12593865 14553994 17 873 812 19125436 Total Fund Balance ............... $12189.197 $13938.713$15898842 $17873812 $19156296 Total Liabilities & Fund Balance ...... 5?0 538 037 $23186 ?89$24 9?4 831 $25041 935 $27621 429 I Notes: 1. These condensed financial statements for the General Fund for the years ending December 31, 2000-2004 have been prepared from the full Comprehensive Annual Financial Reports of the Village of Glenview and do not purport to be complete financial statements. The full financial statements, together with the reporl of the Village's independent accountants, are available upon request. See Note 1 to .Combined Statement- -All Funds.. 2. The Village Manager submits a proposed operating budget to the Board of Trustees which budget includes proposed expenditures and the means of financing them. Subsequent to budget hearings, the budget is legally enacted through passage of an ordinance. The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. Budgets are adopted on a basis consistent with generally accepted accounting principles. The Village budgeted total revenues of $39,475,655 and total expenditures of $39,370,640 for the fiscal year ending December 31, 2005, for a budgeted surplus of $105,015. 3. As a home-rule unit, the Village can increase revenues by increasing its properly tax levy, adopting a Prepared Food and Beverage Tax and increasing its home rule sales tax. The Village could also re-impose a motor vehicle license fee, which, if set at the prior level, could generate over $450,000 in annual revenues (fiscal year 1997 was the last complete year the fee was in effect). The Village adopted a Yo of 1% sales tax 422,066 979,516 56,610 5,636,411 73,520 - 184- Actual $ 5,517,792 2,535,012 11,632,246 1,106,632 5,948,422 3,096,604 337,969 799,918 1,782,460 346,366 1,489,994 249,956 145,992 506,602 - 0 - 1 537.629 $37,033,594 7,810,351 18,789,689 6,469,961 - 0 - $33,070,001 115,476 2,363,395 - 0 - $35,548,872 $ 3,963,593 $ 1,484,722 $ (202,238) $19,156,296 effective July 1, 2004, which is expected to yield $1.7 million on annualized basis. In calendar 2004 the proceeds were allocated $100,000 to the General Fund and $850,000 to the Capital Projects Fund. 4. Effective May 6, 1985, the Village adopted a 5% hotel room tax. The Village currently has five operating hotels with 856 rooms. The Village adopted a 4% Amusement Tax effective January 1, 1998. 5. Developers are required to deposit with the Village an amount equal to the cost of all improvements being built and dedicated to the Village which deposits are returned upon satisfactory completion of the improvements. Interest eamings on the amounts in the Escrow Deposit Fund are transferred to the General Fund. 6. The Capital Equipment Rep/acement Fund (CERF) was established by ordinance in 1979 with the stated purpose of evening out the annual . expenditures for major capital expenditures. All of the Village's on-road and off-road equipment, fire, public worl<s, etc., is included. Each Department is charged with the equivalent of a depreciation charge which is remitted in cash to the Capital Equipment Replacement Fund (an Intemal Service Fund). As of December 31, 2004, audited cash and investments in the Capital Equipment Replacement Fund totaled $10,776,830. 7. On September 1, 1992 the G/enbrook Fire Protection District was merged into the Glen view Fire Department. The Fire Protection District continues to levy property taxes on that part of its tax base outside the Village limits and remits those tax receipts to the Village for services in the unincorporated area that now represents its tax base. I I I I I Revenues Excess Incl. Transfers Revenues I Fiscal Year Ended December 31 Property Over Fund Governmental Fund Types: 2000 2001 2002 2003 Tax Total Expenditures Balance General Fund" . . . . . . , . . . . . . . . $ 12,189,197 $ 13,938,713 $ 15,898,842 $ 17,873,812 $ 5,517,792 $ 37,008,594 $ 1,282,484 $ 19,156,296 Special Revenue Funds: IMRF ................... $ 229,524 $ 377 ,590 $ 468,501 $ 460,141 $ 596,662 $ 620,025 $ (259,081) $ 201,060 I Motor Fuel Tax ............ 206,926 211,825 243,579 305,514 - 0 - 3,184,184 2,284,184 2,589,698 Refuse and Recyding ....... 1,398,883 1,623,380 1,862,954 2,117,344 - 0 - 1,136,675 244,708 2,362,052 911 Communications. . . . . . . . 397,895 456,719 305,842 542,395 - 0 - 644,447 (41,598) 500,797 GNAS Redevelopment(2) . . . . . 4,612 (3,824) (50,806)) (72,378) - 0 - 1,623,039 1,304 (71,074)1 GNAS Caretaker . . . . . . . . . . . 4,807 (159,839) (58,518) (164,915) - 0 - 2,363,390 101,468 (63,447) Foreign Fire Insurance. . . . . . . - 0 - - 0 . 39,537 72,849 - 0 - 62,610 61,845 134,694 Special Tax Allocation" ...... 3,477 16,716 953,690 276,946 - 0 - 18,366,868 (196,536) 80,410 Escrow Deposit. . .. .. . .. . . . 149,161 149,161 145,398 127,344 -0 - 72,747 8,747 136,091 I Deposit. . . . . . . . . . . . . . . . . . 46,407 53,706 55,827 59,436 - 0 - 5,384 5,384 64,820 Police Dept Special Account .. 25 665 26 088 26.185 46417 - 0 - 19790 (7.1761 39241 Total Speciai Revenue. . . . . $ 2,467,357 $ 2,751,522 $ 3,992,189 $ 3,771,093 $ 596,662 $ 28,099,159 $ 2,203,249 $ 5,974,342 Debt Service Funds. . . . . . . . . . . 2,431,244 2,811,524 1,048,923 1,023,902 1,748,603 1,876,611 2,268,136 3,292,038 Capital Project Funds. . . . . . . . . . 1 07 673 236 158292122 112838113 47 142451 - 0 - 21 225428 29 554 093 76 696 5441 Total Govemmental Funds. . $124,761,034 $177,793,881 $ 133,778,067 $ 69,811,258 $ 7,863,057 $ 88,209,792 $ 35,307,962 $105,119,220 Proprietary Fund Type(3): Enterprise Funds: Waterworks.(4) . . . . . . . . . . . . $ 16,666,968 $ 17,638,968 $ 18,439,075 $ 30,780,983 $ - 0 - $ 7,446,294 $ (1,907,724) $ 28,873,2591 Sewerage(4) . . . . . . . . . . . . . . 3,796,276 3,630,150 3,879,344 7,342,484 . 0 - 1,054,923 (292,954) 7,049,530 Wholesale Water(4) . . . . . . . . . 733,552 564,303 451,575 853,635 - 0 - 1,655,339 423,234 1,276,869 No. Maine Water and Sewer.(4) (421,839) (274,344) (235,976) 1,057,360 - 0 - 5,532,457 (1,421,886) (364,526) Commuter Parking Lot. . . . . . . 240 595 275 773 335 762 1 393 587 - 0 - 374653 43 799 1 437 386 Total Enterprise Funds..... $ 21,015,552 $ 21,834,850 $ 22,869,780 $ 41,428,049 $ - 0 - $ 16,063,666 $ (3,155,531) $ 38,272,5181 Intemal Service Funds: Municipal Equipment Repair(5). $ 225,598 $ 234,417 $ 88,807 $ (103,789) $ - 0 - $ 1,253,688 $ (58,801) $ (162,590) Insurance ................ 3,733,331 3,552,484 3,538,071 3,218,414 - 0 - 5,412,108 699,602 3,918,016 Capital Equipment Replace. . . . - 0 - - 0 - - 0 . 8 928 887 - 0 - 1 981 453 742306 96711931 Total intemal Service Funds. $ 3 958 929 $ 3 786 901 $ 3 626.878 $ 12043512 $ - 0 - $ 8647249 $ 13831071 $ 13426619 Total Proprietary Funds . . . . $ 24,974,481 $ 25,621,751 $ 26,496,658 $ 53.471,561 $ - 0 - $ 24,710,915 $ (1,772,424) $ 51,699,137 Fiduciary Fund Types(6): Police Pension. .. .. ... ... . . . $ 29,157,175 $ 29,380,377 $ 31,060,435 $ 34,194,129 $ - 0 - $ 3,733,741 $ 2,321,319 $ 36,515,448 Firefighters' Pension .......... 40 166.889 41 979483 44.326.852 45190062 - 0 - 2 868 728 761 126 459511881 Total Fiduciary Funds. . . . . . $ 69,324,064 $ 71,359,860 $ 75,387,287 $ 79,384,191 $ - 0 - $ 6,602,469 $ 3,082,445 $ 82,466,636 Component Unit: Library Fund(8) . . . . . . . . . . . . . . $ 1.690.683 $ 1 339 278 $ 984.541 $ 1 403 462 $ 4 582 858 $ 5.167.584 $ 519849 $ 1.923311 Total All Funds(Memo Only) . $220,750,262 $276,114,770 $236,646,553 $204,070,472 $12,445,915 $124,690,760 $(37,137,832) $241,208,3041 . Designated as major funds under GASB Statement 34. Within the Capital Funds, the following funds are major funds: Village Permanent Fund, GNAS Bon Fund Series 1995 Fund, Glen Land Sales Fund, 2004 Glen Bond Fund, and Police Department Headquarters Fund. I I - 185 - I I Icash and Investments at Dec. 31: General Fund .......... . . . . . .. $ Special Revenue Funds. . . . . . . . . . Debt Service Funds. . . . . . . . . . . . . Capital Project Funds: Capital Equip Replacement (7) . . . GNAS Project . . . . . . . . . . . . . . . Village Permanent. ........... Capital Projects. . . . . . . . . . . . . . All Other ................... Total Capital Projects. . . . . . . . Proprietary Funds .. .. .. .. .. .. .. Fiduciary Funds(6) ............. Component Unit- Ubrary Fund(8) .. Total Cash and Investments(9) . 2000 12,206,729 $ 2,160,449 2,427,557 2001 14,756,756 2,535,726 2,813,024 2002 $ 15,032,003 $ 3,958,758 1,053,992 2003 14,186,090 $ 8,107,921 1,076,796 2004 12,249,112 10,683,611 3,322,896 I $ 8,796,785 66,510,250 26,651,077 8,864,515 6517.597 $117 ,340,224 8,943,705 73,801,575 1 559164 $218,439,403 $ 8,715,538 106,108,151 36,253,716 11,129,659 6 862 198 $169,069,262 8,693,237 75,493,448 1 525 360 $274,886,813 $ 9,771,515 $ 10,047,720 $ 10,776,830 81,584,185 17,708,070 24,833,773 26,147,121 27,159,563 28,079,043 10,679,464 9,555,392 6,780,185 5 039 754 4 564 809 21 162 480 $133,222,039 $ 69,035,554 91,632,311 9,292,124 8,563,935 13,576,501 80,288,132 78,727,243 82,471,552 1169433 1582815 2114602 $244,016,481 $181,280,354 $216,050,585 I I Notes: 1. These condensed financial statements for the years ending December 31, 2000-2004 have been prepared from the full Comprehensive Annual Financial Reports of the Village of Glenvlew and do not purport to be complete audits. The full financial statements, together with the report of the Village's independent accountants, are available upon request. The accounting policies of the Village conform to generally accepted accounting principles as applicable to govemmental units. The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The various funds are grouped into the three broad categories of Govemmental Funds, Fiduciary Funds and Proprietary Funds. Within the Governmental Funds are the General Fund (the general operation fund) which is used to account for all financial resources except those required to be accounted for in another fund; Special Revenue Funds which are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes; Debt Service Funds; and Capital Project Funds. The modified accrual basis of accounting is followed for all Governmental Fund Types and Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and Proprietary Funds are accounted for using the accrual basis of accounting. The "Report of Independent Auditors" In the Village's general purpose financial statements for its fiscal year ended December 31, 2004 included the following language (comparable "clean" opinions were included in the Village's 2000-2004 audits.: "In our opinion, the basic financial statements referred to above present fairly, In all material respects, the financial position of the Village of G/enview, Illinois, as of December 31, 2004, and the results of its operations and the cash flows of its proprietary fund types for the year then ended and conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining and Individual fund financial statements referred to above present fairly, In all material respects, the financial position of each of the individual funds of the Village of Glenvlew, illinois, as of December 31, 2004, and the results of operations of such funds and the cash flows of Individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. " 2. The Glenview Naval Air Station Redevelopment Fund was created to account for the resources and expenditures incurred In the development of the Glenvlew Naval Air Base land which was vacated by the Navy on September 9, 1995. I 3. The amounts shown as fund balances for the Proprietary Funds are retained earnings (excludes contributed capital) and the amounts shown as "excess revenues" represent the change In retained eamings. "Total revenues" represent operating revenues. 4. Prior to fiscal year 1993, the Village maintained two Waterworks Funds to provide accounting for the eastem portion of the Village (Waterworks East) and the western portion and the applicable unincorporated area adjacent to the western border of the Village (Waterworks West) that Is served by the water system (retained earnings at December 31, 1992 were $3,909,087 for Waterworks East and $5,537,828 for Waterworks West). The two accounting funds were set up in 1977 when the two private water companies serving the applicable westem portion and unincorporated areas were, at the request of the residents, acquired by the Village for the purpose of up-grading the water quality in that area by replacing well water supply with Lake Michigan water supply that had been available to east Glenview since 1937. It was determined that the cost of amoriizing the debt applicable to the acquisition of the two private water companies and constructing the necessary transmission main, storage and west system up-grading would be paid for by the customers of the west system. The use of differing rates continued until 1992 when a unified rate structure was put in place and the use of a minimum charge for water usage was eliminated. The two funds were combined in fiscal year 1993. A separate Sewerege Fund was created in fiscal year 1986 to account for the funds necessary to provide sanitary sewer service to both the incorporated and unincorporated areas served by the Village. Prior to 1986, these funds were accounted for in the two Waterworks Funds. The Wholesale Water Fund accounts for the sale of water to Citizens Utility Company for its service area outside the Village of G/enview. The North Maine Water and Sewer Fund accounts for all financial activity related to the Village providing water and sewer service to an unincorporated area southwest of the Village (fonnerly served by the North Suburban PiJblic Utilities Company). 5. The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all Village vehicles. 6. Excludes the Village's Agency Funds. 7. January 1, 2003, the Capital Equipment Replacement Fund was classified as an Internal Service Fund. 8. Beginning in fiscal year 1993, the Library Fund was presented in the audit as a component unit of the Village because the Library possesses the characteristics of a legally separate government (separately elected 7-member board which annually determines its budget and tax levy). 9. The Village's Cash Control and Investment Policy was originally adopted on February 21, 1983 and was revised on March 15, 1985, January 16, 1990, March 19, 1996 and January 8,2000. 10. As of January 1, 2003 (for fiscal years ending December 31, 2003 and thereafter), the Village adopted the provisions of: Governmental Accounting Standards Board Statements No. 34, Basic Financial Statements - and Management's Discussion and Analysis - For State and Local Governments; Statement No. 37, Basic Financial Statements and Management's Discussion and Analysis - For State and Local Govemments: Omnibus; Statement No. 38, Cerialn Financial Statement Note Disclosures; and GASB Interpretation No.6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements. This resulted in a change In the Village's method of accounting and a change in the format and content of the basic financial statements including notes to financial statements. As a result, direct comparisons with ceriain results from prior fiscal years are not possible. I I I I I I I I I I I I I I - 186- Capital Assets Not Being Depreciated: Land ........................... Land Right of Way. . . . . . . . . . . . . . . . . . Construction in Progress ............. Total Capital Assets Not Being Depreciated ................... Capital Assets Being Depreciated: Buildings and Improvements .......... Equipment and Vehicles ............. Infrastructure. . . . . . . . . . . . . . . . . . . . . . Total Capital Assets Being Depreciated ................... Less: Accumulated Depreciation .. . . . . . Total Capital Assets Being Depreciated, Net. . . . . . . . . . . . . . . . Governmental Activities Capital Assets, Net CAPITAL ASSETS (Note) (At December 31,2004) Governmental Activities Capital Assets Not Being Depreciated: Land ............................ Construction in Progress . . . . . . . . . . . . . . Total Capital Assets Not Being Depreciated .................... Capital Assets Being Depreciated: Buildings and Improvements ........... Water System ..................... Sewer System ..................... Equipment and Vehicles ........ . . . . . . Total Capital Assets Being Depreciated .................... Less: Accumulated Depreciation ....... Total Capital Assets Being Depreciated, Net ................ Business Type Activities $ 302,851 1 000 000 $ 1,302,851 $ 446,954 36,546,678 9,701,126 2 857 396 $ 49,552,154 (16305955\ $ 33 246 199 $ 34,549,050 Note: Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the applicable govemmental or business-type activities columns in the govemment-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost in excess of $25,000 and an estimated useful life in excess of one year. 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. Capital assets are depreciated using the straight-line method over the estimated useful lives. $ 5,643,853 54,923,895 20.357 182 $ 80,924,930 $ 10,234,967 9,077,575 106 460 702 $125,773,244 (49597879\ $ 76175365 $157,100,295 Business-Type Activities Capital Assets, Net - 187 - I I I I I I I I I I I I I I I I I I I