HomeMy Public PortalAbout2004 Comprehensive Annual Financial Report
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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
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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..................................................................
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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)
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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........................................................
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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.. ......................... .......... ................................. ........ ......
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VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
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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..................................................................
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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 ...........................................................
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VILLAGE OF GLENVIEW, ILLINOIS
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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...........................................................
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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. ......................... .... ............. ................. ...... .... .......... .... .........
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VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
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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 ......................................................................
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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
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Village President
Board of Trustees
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[ Health Officer 1 [ Village Manager ) [village Attorney/Prosecutor
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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
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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-
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: Glenview
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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
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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.
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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
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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.
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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
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;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 -
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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-
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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
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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
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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
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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
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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
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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
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(See independent auditor's report) I
MD&A 6
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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
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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
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(35.5)
0.0
0.5
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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
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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
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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
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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.
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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 $
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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.
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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
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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
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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.
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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)
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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.
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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
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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
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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
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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.
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VILLAGE OF GLENVIEW, ILLINOIS
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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.
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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
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Total deductions 3,520,024
- NET INCREASE 3,082,445
NET ASSETS HELD IN TRUST FOR
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PENSION BENEFITS
January I 79,384,191
December 31 $ 82,466,636
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I See accompanying notes to financial statements.
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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."
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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.
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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.
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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.
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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.
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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.
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Deficit
Balance
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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.
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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.
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Fair Value
Category
2 3
Totals
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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.
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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
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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
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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
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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.
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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.
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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.
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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
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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
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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
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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.
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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
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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
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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
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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.
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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.
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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
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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.
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Year Ending
December 31
Amount
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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
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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.
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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.
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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
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Retirees and beneficiaries currently receiving benefits
Terminated employees entitled to benefits but not yet
receiving them
Current employees
Vested
Nonvested
55
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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
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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.
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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
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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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.
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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)
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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.
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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.)
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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
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(See independent auditor's report.) I
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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.)
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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.)
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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.)
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December 31, 2004
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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.)
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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.
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Fund
Excess
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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
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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
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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.)
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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.)
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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
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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.)
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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)
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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.)
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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)
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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
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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.)
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1,489,994
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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.)
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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
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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)
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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
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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)
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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
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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)
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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
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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
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES-
BUDGET AND ACTUAL (Continued)
GENERAL FUND
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For the Year Ended December 31, 2004
(with comparative actual for 2003)
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Final
Budget
2004
Actual
2003
Actual
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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
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Personal services
Contractual services
Material and supplies
Equipment repair and replacement
Other
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Buildings and grounds
Personal services
Contractual services
Material and supplies
Capital outlay
Other
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Total buildings and grounds
Building inspection
Personal services
Contractual services
Material and supplies
Equipment repair and replacement
Other
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Total development and public service
Public works
Administration
Personal services
Contractual services
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329,698
17,400
334,900
17,883
279,094
15,150
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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
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
GENERAL FUND
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For the Year Ended December 3 1,2004
(witb comparative actual for 2003)
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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
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(See independent auditor's report.)
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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.
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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
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(This page is intentionally left blank.)
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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
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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
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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
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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-
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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 -
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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
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I (See independent auditor's report.)
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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)
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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
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(See independent auditor's report.) I
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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
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I (See independent auditor's report.)
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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
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(See independent auditor's report.) I
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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)
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(See independent auditor's report.)
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SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
GNAS REDEVELOPMENT FUND
ADMINISTRA nON DEPARTMENT
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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-
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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)
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I (See independent auditor's report.)
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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-
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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
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I (See independent auditor's report.)
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REVENUES
Investment income
$
$
5,384 $
3,609
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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.)
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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
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I (See independent auditor's report.)
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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)
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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.)
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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
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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
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(See independent auditor's report.) I
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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
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I (See independent auditor's report.)
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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)
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I (See independent auditor's report.)
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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
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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.)
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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
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I (See independent auditor's report.)
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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
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(See independent auditor's report.) I
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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
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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.)
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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.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATERWORKS FUND
For the Year Ended December 31, 2004
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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.)
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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
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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.)
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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
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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.
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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
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NET CASH FROM OPERATING ACTIVITIES $ 659,984 $ 1,009,640 $ 46],923 $ 2,131,547
See accompanying notes to financial statements. I
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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.)
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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
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(See independent auditor's report.) I
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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.)
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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
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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
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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.)
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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.)
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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.)
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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
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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.)
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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.)
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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.
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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
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I See accompanying notes to financial .statements.
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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.
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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.)
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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.)
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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
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(See independent auditor's report.) I
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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.
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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.
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VILLAGE OF GLENVIEW, ILLINOIS
I COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
I For the Year Ended December 31, 2004
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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
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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.
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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.)
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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.
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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.
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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
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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.)
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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
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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Rate
2.000%
2.125%
2.500%
2.750%
3.000%
3.250%
3.375%
3.700%
4.000%
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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.)
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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.)
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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
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Village Records
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2004
Actual
2003
Actual
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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
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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
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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
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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%
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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
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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
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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
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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
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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
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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
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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.
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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
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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
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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).
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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
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Distribution of Owner-Occupied N oncondominium Houses by Value
(2000 Census)
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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%
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2,300
Class 3
78 I
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469
12,020
61
11,439 I
10,904
35,778
313,888 I
427,031
740,919
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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
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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
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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.
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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
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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.
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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
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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
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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
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DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2004
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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 ...................................................
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$16,190,967
2,677 ,302
2,049,404
570,879
718,780
760,587
336,867
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7,773,397
509,968
1,163,614
164,815
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$32,916,381
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$46,778,357
20,200,404
12,568,488
66,413
642.570
$80,276,231
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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
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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.
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EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
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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
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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.
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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%
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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.
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TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
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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%
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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.
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1997 AND 2002 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION
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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%
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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.
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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
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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%
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GENERAL FUND
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 31)
Actual (Note 1)
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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 . . . . . . . . . . . . .
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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
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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.
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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.
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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
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$ 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
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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.
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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
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