HomeMy Public PortalAbout2005 Comprehensive Annual Financial Report
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VILLAGE OF GLENVIEW, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
F or the Year Ended
December 31,2005
Prepared by Finance Department
Daniel P. Wiersma
Director of Finance
Daniela Partipi10
Assistant Director of Finance
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VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS
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INTRODUCTORY SECTION
Principal Officials............................................................... ................. ........... ........... I
Organization Chart........ ............................................................................................ 11
Certificate of Achievement for Excellence in Financial Reporting .............................. 111
Director of Finance's Letter ofTransmittal................................................................ IV-Vll
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT................................................................. 1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management's Discussion and Analysis................................................................ MD&A 1-14
Basic Financial Statements
Government-Wide Financials Statements
Statement of Net Assets.............................................................................. 3
Statement of Activities ................................................................................ 4-5
F111ld Financial Statements
Governmental F111lds
Balance Sheet......................................................................................... 6- 7
Reconciliation ofF111ld Balances of Governmental F111lds to
the Governmental Activities in the Statement of Net Assets .................. 8
Statement of Revenues, Expenditures and Changes in
F111ld Balances ...................................................................................... 9-10
Reconciliation of the Governmental F111lds 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 .......................................................................
Escrow Deposit 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 .................................................................................
2004 Glen Bond 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...... ............................................................ ............
Schedule 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..........................
Schedule 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)
Schedule of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual
Deposit Fund....... ................................ ............... ............................. ...........
Police Department Special Account Fund....................................................
Corporate Purpose Bond Series of 2000 Fund.............................................
General Obligation Refunding Bond Series of2002 Fund ............................
Corporate Purpose Bond Series of2003 Fund.............................................
General Obligation Bond Series of 2004 Fund.............................................
Capital Projects Fund............... ...................................................................
2000 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, 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
TABLE OF CONTENTS (Continued)
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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
Statement of Changes in Assets and Liabilities -
Agency Funds ......................... ............................. .....................................
COMPONENT UNIT
Library Fund
Statement of Net Assets and Balance Sheet .....................................................
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....................................................................
General Obligation Bond Series of 1998B........................................................
General Obligation Bond Series of2000 ..........................................................
General Obligation Bond Series of 2001 ..........................................................
General Obligation Refunding Bond Series of2003A.......................................
General Obligation Refunding Bond Series of2003B.......................................
General Obligation Bond Series of2004A........................................................
General Obligation Bond Series of2004B........................................................
General Obligation Refunding Bond Series of2005..........................................
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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 Cornmunities - 2000 Census..............................................
Major General Fund Revenue Sources..................................................................
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12
Statement ofIndebtedness (as of December 31,2005)..........................................
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, 2005................................................................
Equalized Assessed Valuation for Taxing Purposes ..............................................
Tax Rates Per $100 Equalized Assessed Valuation...............................................
Tax Extensions and Collections (Village Purposes Only) ......................................
1998 and 2003 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 (2001 - 2005) ..........................................................................
Balance Sheets (2001 - 2005) ..........................................................................
Combined Statement - All Funds
Fund Balances 2001-2004 and Summary 2005
Revenues, Excess Revenues and Fund Balances .............................................
Capital Assets at December 31, 2005....................................................................
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VILLAGE OF GLENVLEW, ILLINOIS
PRINCIP AL OFFICIALS
December 31, 2005
Paul Detlefs
Francis Cuisinier
Philip O'C. White
LEGISLATIVE
Village Board of Trustees
Ken)' D. Cummings, 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
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James R. Patterson, Ir.
Debby Karton
Kimball Woodrow
Village of Glenview
Organizational Chart
Electorate
Village President
Board of Trustees
Village Manager Village Attorney/Prosecutor
Deputy Village Manager
Director of Director of Public Director of
Development Finance Director Fire Chief Police Chief Works Capital Projects
& Planning
BOARDS AND COMMISSIONS APPOINTED BY
THE PRESIDENT AND BOARD OF TRUSTEES
APPEARANCE COMMISSION
BUILDING COMMISSION
EMERGENCY TELEPHONE SYSTEM'S BOARD
ELECTRICAL COMMISSION
FIRE PENSION BOARD
HISTORIC PRESERVATION COMMISSION
ENVIRONMENTAL REVIEW COMMITTEE
NATURAL RESOURCE COMMISSION
DOWNTOWN PLAN COMMITTEE
PLAN COMMISSION
POLICE AND FIRE COMMISSION
POLICE PENSION BOARD
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, 2004
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.
~tN
President
~/~
Executive Director
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: Glenview
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June 20, 2006
Honorable President and
Members of the Board of Trustees
Citizens of the Village of Glenview
State law requires that every general-purpose local government publish, within six months of the
close of each fiscal year, a complete set of audited fmancial statements. This report is published to
fulfill that requirement for the fiscal year ended December 31, 2005.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that is
established for this purpose. Because the cost of internal control should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements.
Sikich LLP, Certified Public Accountants, has issued an unqualified ("clean") opinion on the
Village of Glenview's (the "Village") fmancial statements for the year ended December 31,
2005. The independent auditor's report is located at the front of the financial section of this
report.
Management's discussion and analysis (MD&A) immediately follows the independent auditor's
report and provides a narrative introduction, overview, and analysis of tre basic fmancial
statements. MD&A complements this letter of transmittal and should be read in conjunction with
it.
Profile of the Village of Glenview
The Village, incorporated in 1899, is located in northern Cook and is 20 miles north of the City of
Chicago. The Village serves a population of approximately 44,600. The Village is considered to
be a primary government and provides a full range of general governmental services. The Village
is empowered to levy a property tax on both real and personal property located within its
boundaries. It also is empowered by state statute to extend its corporate limits by annexation,
which it has done from time to time.
The Village's 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 of Glenview is a home rule municipality as
defmed by the Illinois Constitution.
The Village provides a full range of services, including police and fire protection, health services,
water and sewer utilities, street construction and maintenance, code enforcement, planning and
1225 Waukegan Road . Glenview, Illinois 60025 . (847) 724-1700 . (847) 724-4232 TDD
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zoning and general administrative services. In addition to serving Village residents, the Fire
Department also provides fire protection and ambulance service to the Village of Golf as well as
the Glenbrook Fire Protection District which is comprised of approximately 20,000 residents
located in unincorporated Cook County. 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 provides water and sewer service to 5,100 customers also primarily
located in unincorporated Cook County.
The Comprehensive Annual Financial Report includes all funds of governmental operations, its
pension trust funds (the Glenview Police Pension Fund and the Glenview Firefighters' Pension
Fund) and component unit (the Glenview Public Library and its subsidiary funds), based on
financial accountability. The accompanying fmancial statements include only those funds of the
Village, as there are no other organizations for which it has fmancial accountability. The pension
funds are 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 Public Library is included as a discrete presentation since a
separately elected board of trustees governs it.
The annual budget serves as the foundation for the Village's fmancial 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 the expenditure
object. The legal level of budgetary control is the department level, or, where no departmental
segregation of a fund exists, the fund level.
Local Economy
The Glenview community has a well-established reputation as a preeminent community, located in
the nortrern corridor of the Chicago metropolitan area. The area encompassing the Village of
Glenview is an outstanding community in which to live and work. It is an area that has an ideal
mix of residential and multifamily housing, excellent schools and municipal services.
Retail sales within the Village totaled $1.232 billion for 2005. This represents an increase of $69
or 5.9% from 2004. While the growth in retail sales has been significant, the Village is pleased to
note that its retail base has in fact become more diversified.
All of these amenities make the area encompassing the Village of Glenview an attractive
community in which to live and work, as evidenced by a high rate of growth in both residential and
commercial development. In 2005, there was significant commercial and residential construction
activity. During 2005, the Village issued 3,282 total permits with a total construction value of
$168.4 Million.
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 $63,552, compared to $53,874 for Cook County,
$55,545 for the State of Illinois and $50,046 for the United States. This ranked the Village as the
fifth wealthiest community in the State of Illinois amongst communities with populations over
25,000. The Village of Glen view also ranked fifth in terms of median household income.
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Long-Term Financial Planning
The Village utilizes a 5-year Capital Improvement Program ("CIP") 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. 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.
Major Initiatives and Accomplishments
Communitywide Survey - In 2005, the Village of Glen view completed a communitywide survey.
In general, results (73%) showed residents generally feel that the Village is a good place to live as
well as a safe place to live. Most residents also felt that they received the right amount of
information and that staff was efficient and courteous. Based upon the results of the survey, the
Village Board of Trustees adopted goals and the following initiatives, in accordance with its
mission and objectives.
Village Board Goals and Initiatives - The Board developed 2005-2006 goals which provide for
continuing and/or improving quality services to the community through the improvement of
administrative and management systems, using the Village's resources wisely, identifYing
additional methods of communication and developing appropriate implementation plan and to
facilitate expedient decision making by providing quality information and analysis to the Board of
Trustees.
Strategic Plan - In 2005, a strategic plan for retirement of the Tax Increment Finance District
(TIF) was begun and is expected to be presented to the Board of Trustees in the fourth quarter of
2006.
Maintenance of Facilities - The Village is committed to maintaining the high quality of its
existing facilities. To that end, the Village will hire a Facilities Manager to oversee the
maintenance and repair of all Village facilities.
Debt Refunding - A review of existing debt showed an opportunity to refund some existing debt
and take advantage of favorable market conditions - the result of which will save taxpayers
$570,536 over the remaining life of the bond issue.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada awarded the
Certificate of Achievement for Excellence in Financial Reporting to the Village for the year
ended December 31, 2004. The Certificate of Achievement is a prestigious national aware
recognizing conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, the Village had to publish an easily
readable and efficiently organized CAFR that satisfied both generally accepted accounting
principles and applicable legal requirements.
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A Certificate of Achievement is only valid for a period of one year. The Village of Glenview
has received a Certificate of Achievement for twenty-three consecutive years (fiscal years ended
1982 - 2004). We believe that our current report continues to meet the requirements of the
Certificate of Achievement Program's requirements and we are submitting it to the GFOA to
determine its eligibility for another certificate.
The Glen Town Center on the former site of the Glenview Naval Station was presented the
Award for Excellence in North and South America by the Urban Land Institute, a non-profit
research group dedicated to responsible land use. The Glen Town Center was one of eleven
winners among 73 entries. The Village was the master developer of the project and has taken 10
years to complete.
The preparation of this report on a timely basis could not be accomplished without the efficient
and dedicated services of the entire staff of the Finance Department, and the cooperation and
assistance rendered by the staffs of other operating departments of the Village. We would like to
express our appreciation to all of those employees who assisted and contributed to its
preparation. In particular, I would like to acknowledge the efforts of Daniela Partipilo, Assistant
Finance Director, Brad Wilson, Accountant, Mary Reibel, Internal Auditor, and Debi Lubbat for
all 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.
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Certified Public Accountants & Advisors
~p~l~l~bpp:"
Members of American Institute of
Certified Public Accountants &
fJ/inois CPA Society
998 Corporate Boulevard. Aurora, IL 60502
INDEPENDENT AUDITOR'S REPORT
The Honorable Village President
Members of the Board of Trustees
Village of Glenview
Glenview, Illinois
We have audited the basic fmancial statements and the combining and individual fund fmancial
statements of the Village of Glenview, Illinois, as of and for the year ended December 31,2005,
as listed in the accompanying table of contents. These fmancial statements are the responsibility
of the Village of Glen view, Illinois' management. Our responsibility is to express an opinion on
these basic fmancial 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
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall fmancial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the basic fmancial statements referred to above present fairly, in all material
respects, the financial position of the Village of Glen view, Illinois, as of December 31, 2005, and
the results of its operations and the cash flows of its proprietary funds 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 fmancial statements referred to above present
fairly, in all material respects, the financial position of each of the individual funds of the Village
of Glen view, Illinois, as of December 31, 2005, 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 fmancial 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 fmancial statements ofthe Village of
Glenview, Illinois. Such information has been subjected to the auditing procedures applied in the
audit of the basic, combining and individual fund fmancial 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 fmancial statements taken as a whole.
- I -
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The prior year comparative information has been derived from the Village's 2004 [mancial
statements and, in our report dated May 13, 2005, we expressed unqualified opinions on the
respective financial statements of the basic financial statements and the combining and individual
fund financial statements.
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.
eLP
Aurora, Illinois
May 18, 2006
-2-
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VILLAGE OF GLENVIEW, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31,2005
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 fmancial
activity, (3) identify the 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 fmancial 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 [mancial 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.
Financial Highlights
. The assets of the Village exceeded its liabilities at the close of the most recent fiscal year
(December 31, 2005) by $204.8 million. Of this amount, $70.6 million (unrestricted net
assets) may be used to meet the government's ongoing obligations to citizens and
creditors.
. The government's total net assets increased by $18.8 million.
. As of the close of the current fiscal year, the Village of Glenview governmental funds
reported a combined ending fund balances of$71.2 million
. At the end of the fiscal year, unreserved fund balance for the general fund was $28.9
million, 72.4% oftotal general fund expenditures.
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 "Unrestricted Net Assets") is designed to be similar to bottom line results for the
Village and its governmental and business-type activities. This statement conbines 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 recreases in net assets may serve as
useful indicators of whether or not the financial position of the Village is improving or
deteriorating.
(See independent auditor's report)
MD&Al
The Statement of Activities (see pages 4 and 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.
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The Governmental Activities reflect the Village's basic services, including police, fire, highways
and streets, cornmunity development, and general administration. Property taxes, local utility
taxes, shared State sales taxes and State income tax, finance the majority ofthese 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 Cornmuter Parking
Lot Fund), where the fee for service typically covers all or most of the cost of operation,
including depreciation.
Fund Financial Statements
Afund 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 fmancial statements will find the Fund Financial Statements
presentation more familiar. The focus is now on major funds. All of the funds of the Village can
be divided into three categories: governmental, proprietary, and fiduciary funds.
Governmental Funds
The governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide fmancial statements, governmental fund fmancial statements focus on near-
term inflows and outflows of spendable resources, as well as on balances or spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a
government's near-term fmancing requirements.
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 financial resources '.ersus total economic resources) which is reflected. The flow of
current financial 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 five (25) 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, Escrow Deposit, Village Permanent Fund, Bond Series Fund of 1995, and Glen
(See independent auditor's report)
MD&A2
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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.
The Village of Glenview adopts an annual appropriated budget for its general fund. A budgetary
comparison statement has been provided for the general fund to denunstrate compliance with
this budget.
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 its fleet of vehicles and for its vehicle repair and maintenance program, and
to account for the cost of property and casualty, health and workers' compensation insurance.
All these services predominantly benefit governmental rather than business-type functions, they
have, therefore, been included with governmental activities in the Government-Wide Financial
Statements.
Proprietary funds provide the same type of information as the Government-Wide Financial
Statements, only in more detail. The Proprietary Fund Financial Statements provide separate
information for the Waterworks and North Maine Water and Sewer Funds, also considered major
funds of the Village and are presented in separate columns in the Fund Financial Statements.
The Wholesale Water, Sewerage, and Commuter Parking Lot Funds are combined into a single,
aggregate presentation in the Proprietary Fund Financial Statements. Individual fund data for the
nonmajor enterprise and internal semce funds are presented elsewhere in the report.
The Proprietary Fund Financial Statements can be found on pages 12 - 15 of this 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 [mancial statements because these
assets are restricted in purpose and do not represent discretionary assets of the government. The
Village of Glenview 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 Financial Statements. The notes to the financial statements
can be found on pages 18 - 58 0 f this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information concerning the Village of Glenview's progress in
funding its obligation to provide pension benefits to its employees. Required supplementary
information can be found on page 59 -69 of this report.
(See independent auditor's report)
MD&A3
2005
2004
2005
2004
2005
2004
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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 70 through 147 of this report.
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
projects 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 STATEMENT S FINANCIAL ANALYSIS
Statement of Net Assets
The following table reflects the condensed Statement of Net Assets:
Table 1
Statement of Net Assets
As of December 31, 2005 and 2004
in millions
Current and Other
Assets $105.3 $138.2 $13.4 $15.0 $118.7 $153.2
~~l__tij'jl.k,.~~i.!~~il
Long-Term Liabilities 120.9 120.3 9.0 8.9 129.9 129.1
Other Liabilities 19.5 29.2 0.8 2.3 20.3 31.6
~---~I..I"I'I!'-~.:lt:~~'!lfiil:~...~ ... ...ii~~lli.:
.~~;],~~!jl~l.!,_'JiI
Net Assets:
Invested in Capital
Assets,
Net of Debt 78.8 28.6 29.1 25.0 107.9 53.6
Restricted 26.3 82.5 0.0 0.0 26.3 82.5
Unrestricted 58.0 34.7 12.6 13.3 70.6 47.9
"_:III.I_I_IIIIlltljtIBtlllllfl._ljil~_il~lllillll~"
(See independent auditor's report)
MD&A4
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As noted earlier, net assets may serve over time as a useful indicator of a government's financial
position. In case of the Village of Glenview, assets exceed liabilities by $204.8 million as of
December 31,2005.
By far the largest potion of the Village's net assets is its investment in capital assets (i.e. 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. Although the Village
of Glenview's investment in its capital assets is reported net of related debt, it should be noted
that the resources needed to repay this debt must be provided from other sources, since capital
assets themselves cannot be used to liquidate these liabilities. The additional component of the
Village's net assets is the restricted assets which represents resources held for specific purposes.
Of the Village's $26.3 million of restricted assets, $22.1 is restricted for capital development.
The final component of the net assets of the Village is the unrestricted assets in the amount of
$78.8 million which can be used to [mance day-to-day operations.
At the end of the current fiscal year, the Village of Glenview is able to report positive balances in
all three categories of net assets, both for the government as a whole, as well as for its separate
governmental and business-type activities. The same situation held true for the prior fiscal year.
The Village shows net asset increase in the amount of $18.8, net of prior period adjustments,
from the previous fiscal year, which indicates that the Village of Glenview's overall financial
position has improved.
Normal Impacts
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.
Borrowinl! for Capital- which will increase current assets and long-term debt.
Spendinl! 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 investment in capital assets, net of debt.
Spendinl! on Nonborrwed Current Assets on New Capital - which will (a) reduce current
assets and increase capital assets and (b) will reduce unrestricted net assets and increase
investment in capital assets, net of debt.
Principal Payment on Debt - which will (a) reduce current assets and reduce long-term debt
and (b) reduce unrestricted net assets and increase investment in capital asses, net of debt.
Reduction of Capital Assets throul!:h Depreciation - which will reduce capital assets and
investment in capital assets, net of debt.
(See independent auditor's report)
MD&A5
Change in Net Assets
Governmental activities increased the Village of Glenview's net assets by $17.3 million;
Business-type activities increased the Village's net assets by $2.3 million.
The following chart shows the revenue and expenses of the Village's activities:
Table 2
Changes in Net Assets
For the Fiscal Year Ended December 31, 2005 and 2004
in millions
2005 2004 2005 2004 2005 2004
Revenues
Program Revenues:
Charges for Services $13.4 $8.6 $18.3 $16.1 $31.7 $24.7
Operating Grants 1.7 1.3 0.0 0.0 1.7 1.3
Capital Grants 2.6 4.2 0.0 0.0 2.6 4.2
General Revenues:
Property Taxes 27.4 20.5 0.0 0.0 27.4 20.5
Other Taxes 28.9 17.2 0.0 0.0 28.9 17.2
Other Revenues 4.2 11.9 0.3 0.1 4.5 12.0
.............----~1.~_1IIBII~.
Expenses
General Government 16.5 20.3 0.0 0.0 16.5 20.3
Public Safety 25.3 19.5 0.0 0.0 25.3 19.5
Highways and Streets 13.5 8.9 0.0 0.0 13.5 8.9
Economic Development 3.8 0.0 0.0 0.0 3.8 0.0
Interest 5.1 4.5 0.0 0.0 5.1 4.5
Waterworks 0.0 0.0 9.9 7.5 9.9 7.5
North Maine Water & Sewer 0.0 0.0 4.9 5.0 4.9 5.0
Nonma'or Enter rise 0.0 0.0 2.7 2.2 2.7 2.2
Transfers
Contributions
0.2 1.0 (0.2) 0.0 0.0 1.0
0.0 6.1 3.7 0.0 3.7 0.9
~.'@. ...",....",............'. ...~III."...I..I....__...,........I...... . ....
0;1':"':':' '11',/ '", ~;,'~~~- =. ,-0, :\:m~b'". ,~!lE{jtll,R4'O<(-__-~"'_"-,:: -',-,c,.}
'~=' - . _..' _ "j""Ji~_.... . -..:.,.illi.>.. "/t1c!,, ~,hi~.~.,;.H" ',_ _m_m.....'.:.";.:.o,= ,c,
$145.8 $128.3 $38.3 $41.4 184.1 169.7
$3.3 $0.1 ($1.3) ($3.6) 2.0 (3.5)
$149.0 $128.4 $37.0 $37.8 186.0 166.2
Net Assets January 1
Prior Period Adjustment
Net Assets January 1 Restated
1~1i.~I_llTl!IIII.~~;.~~.n~lD~.III.
(See independent auditor's report)
MD&A6
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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.
Increase/Decrease 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 gees, 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 nomecurring (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 83% of the Village's General Fund and approximately
14% 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
CURRENT YEAR IMPACTS
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Governmental Activities
Governmental activities increased the Village's net assets by $17.3 million, thereby accounting
for 88% of the total growth in the net assets of the Village.
Revenues:
The Village continues to benefit from a highly diversified revenue base. Total revenues
increased by $11.0 million (12.8%). The Village received $5.4 million dollars in
Development Fees for infrastructure improvements in the TIF (Tax Increment Financing
District) which accounts for the largest single source of revenue.
The Village enacted the Home Rule Sales Tax which became effective July 1, 2004;
current fiscal year revenue reflect a full twelve month collection period.
Expenses and Program Revenues. Governmental Activities
30
. Expenses
. Program Revenues
25
20
15
10
General
government
Public safety Highways and Economic
streets Development
Interest
Glenview Public
library
(See independent auditor's report)
MD&A 8
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2005 Governmental Fund Activities
Revenue by Source
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Charges for Services
17%
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Other Revenues
38%
Operating Grants and
Contributions
2%
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Capital Grants and
Contributions
3%
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Property Taxes
35%
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Expenses:
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Expenses increased by 11.1 % ($4.4 million), mainly attributable to personal services
annual adjustments and pension benefit increases for police and firefighters' pension
costs. It should be noted that the General Government category includes $6.9 million in
Make-Whole payments made to the Core Jurisdictions affected by the Village's
Redevelopment Project.
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Expenses and Program Revenues - Business-type Activities
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12
. Expenses
. Program Revenues
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Waterworks
North Maine Water and
Sewer
Wholesale water
Sewerage
Commuter Parking
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(See independent auditor's report)
MD&A9
Economic Development
5%
Public Safety
31%
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2005 Governmental Fund Activities
Expenses by Source
North Maine Water &
Sewer
6%
Interest
6%
Nonmajor Enterprise
3%
General Government
20%
Highways and Streets
17%
Business-Type Activities
Revenues:
F or the fiscal year ended December 31, 2005, net revenues, after transfers out, from
Business-Type Activities totaled $21.0 million. The Village's various water and sewer
utilities generated $18.3 million in Charges for Services.
Exuenses:
For the current ended fiscal year, the Business-Type Funds reflect combined net assets of
$41.6 million. Expenses from Business-Type Activities totaled $17.5 million.
FINANCIAL ANALYSIS OF THE VILLAGE'S FUNDS
Government Funds
At December 31, 2005, the Governmental Funds (as presented on page 6 and 7) reported a
combined fund balance of $71.2 million, a decrease of $33.9 million from the beginning of the
year. Of the total fund balance, $10.6 million is unreserved for continuing Village services.
Reserved fund balance of $60.6 includes $38.6 million for capital development and $1.7 million
for debt service.
(See independent auditor's report)
MD&A 10
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The General Fund is the Village's primary operating fund and the largest source of day-to-day
service delivery. The largest dollar value increase came from property taxes. The second larg.:st
dollar value increase came from charges for services ($4.9 million). At the end of the current
fiscal year, the unreserved fund balance of the General Fund was $28.9 million, up from $19.1 at
the close of the last fiscal year. As a measure of the Fund's liquidity, it may be useful to
compare both unreserved fund balance and total fund balance to total fund expenditures.
Unreserved fund balance represents 72.8% of total general fund expenditures, while total fund
balance represents 94.1 % of that same amount.
Proprietary Funds
At December 31,2005, the Proprietary Funds (as presented on pages 12 - 15) total net assets
increased by $4.6 million. The increase is mainly attributable to the operations of the Village's
Wholesale Water and Sewerage Funds. The Waterworks and the North Maine utility revenues
increased due to higher than anticipated water and sewer charges. In addition, the Waterworks
incurred capital outlay expenses for road reconstruction (Shermer Road project).
GENERAL FUND BUDGETARY HIGHLIGHTS
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2005
in millions
Revenues
Taxes
Intergovernmental
$15.1
19.3
$15.1
19.3
$17.8
20.5
Expenses
Expenditures
Other Financing Sources
T ra nsfers In
The following revenues performed very
well in the fiscal year:
$3.0
12.3
Change
$1.9
$0.7
Home Rule Sales Tax.
Municipal Sales Tax
2004
$1.1
11.6
2005
. Current fiscal year collection is a full
12-month period
(See independent auditor's report)
MD&A 11
(See independent auditor's report)
MD&A 12
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The General Fund budget was amended for the fiscal year. The following is a brief summary of
the change:
· Finance Department Personal Services was amended by $76,184 to include a new
position. The amount includes salary and benefits.
General Fund revenues were $10.0 million greater that the original and fmal budget amount.
The most significant amounts are attributable to taxes (utility, telecommunications, and various
state-shared taxes) and the Home Rule Sales Tax, which represents a full twelve-month
collection period during fiscal year ending December 31, 2005. In addition, the General Fund
collected $5.4 million in development fees from infrastructure improvements in the TIF (Tax
Increment Financing) District ("Redevelopment Project").
The Special Tax Allocation Fund, also a major governmental fund, received $19.0 million in
property tax increment as developed parcels within the Village's Redevelopment Project area
were added to the tax rolls. It is expected that the incremental revenue will increase to $25 to
$30 million over the next three to five years. These revenues are used to pay the development
costs association with the Village's Redevelopment Project, as well as, debt service and Make-
Whole Payments to the Core Jurisdictions affected by the Project.
CAPITAL ASSETS
The following schedule reflects the Village's capital asset balances as of December 31, 2005.
2005 2004 2005 2004 2005 2004
Land and Land Right of Way $66.9 $60.5 $0.3 $0.3 $67.2 $60.8
Buildings and Improvements 33.0 10.2 1.4 0.4 $34 .4 10.6
Machinery and Equipment 11.0 9.1 0.0 0.0 $11.0 9.1
Infrastructure 109.6 106.5 0.0 0.0 $109.6 106.5
Water System 0.0 0.0 37.0 36.6 $37.0 36.6
Sewer System 0.0 0.0 13.8 9.7 $13.8 9.7
Equipment and Vehicles 0.0 0.0 2.9 2.9 $2.9 2.9
Construction in Progress 31.2 20.4 1.0 $31.2 21.4
Less:
Accumulated Depreciation (53.4) (49.6) (17.4) (16.3) ($70.8) (65.9)
l!IIIIlllf!lllilmiml:iIIHIIYIIl_~~ffi~tlllDill:~.lmr~~
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At year end, the Village's investment in capital assets for both its Governmental and Business-
Type Activities was $236.2 million, and increase of 23.2% from year ending December 31,
2004. Construction in Progress includes the new Police Headquarters and the Shermer Road
reconstruction project. 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 34 - 36.
DEBT OUTSTANDING
In Fiscal Year 2005, the Village issued one series of bonds totaling $10,000,000 as a refunding
of the 1998A General Obligation for the same amount. The cost savings of the refunding issue
will total approximately $0.6 million. The original bonds were issued to provide funding for the
infrastructure improvements for the Redevelopment Projects associated with The Glen. It is
anticipated that the debt service associated with the Refunding Bonds will be annually abated
with the property tax increment generated from the Project area.
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 $126.4
million of which $119.4 million is supported by various tax levies with the balance abated from
water system revenues. Of the Village total general obligation debt, $92.3 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 fmancing 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
2005, the Village's Aaa bond rating was reaffirmed by Moody's Investors Service citing the
Village's well-managed fmancial operations, moderate direct debt burden, and aggressive
retirement of its general obligation bonds.
Additional information of the Village's long-term debt can be found in the Notes to the Financial
Statements on pages 38 - 44.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The following factors were considered in preparing the Village's budget for Fiscal Year 2006:
. Conduct a water and sewer rate study for all Village systems-Waterworks, Sewerage and
North Maine Utility systems
. Increase the property tax levy which has been constant at $8.2 million since 2001 to fund
for road reconstruction and improvements
. Review and analyze other sources of revenue to fund a more aggressive capital
improvement program that meets minimum standards as established by Board of Trustees
. Continue to work to attract a diversified retail sales tax base as well as retain current base
of retail businesses
(See independent auditor's report)
MD&A 13
(See independent auditor's report)
MD&A 14
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CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with
the general overview of the Village's finances and to demonstrate the Village's accountability
for the money it receives. Questions concerning this report or requests for additional financial
information should be directed to Daniel P. Wiersma, Director of Finance, Village of Glenview,
1225 Waukegan Road, Glenview, IL 60025.
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VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
December 31, 2005
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ASSETS
Cash and investtnents
Receivables, net of allowance
where applicable
Property taxes
Utility customers
Income taxes
Sales taxes
Notes
Interest
Accounts
Miscellaneous
Deposits
Inventories
Prepaid expenses
Due from other governments
Due from component unit
Due from/( to) other funds
Advance (to)/from other funds
Deferred charges
Net pension asset
Capital assets, not being depreciated
Capital assets, (net of
accumulated depreciation)
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Total assets
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LIABILITIES
Accounts payable
Accrued payroll
Accrued interest payable
Claims payable
Other payables
Deferred property taxes
Other unearned revenue
Due to primary government
Refundable deposits
Noncurrent liabilities
Due within one year
Due in more than one year
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Tota] liabilities
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NET ASSETS
Invested in capital assets, net of related debt
Restricted for
Street improvements
Debt service
Employee benefits
Public sarety
Capital development
Culture and recreation
Unrestricted
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TOTAL NET ASSETS
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Primary Govenunent
Governmental Business-Type
Activities Activities Total
Component
Unit
Glenview
Public Library
$ 83,549,937 $ 10,358,865 $ 93,908,802 $ 2,963,097
8,765,291
1,107,245
493,357
4,137,393
940.500
40,000
16,509
2,786,855
1,899,677
90,448
512,767
606,13 I
231
(114,206)
(229,856)
248,338
435,648
98,019,707
100,208,322
303,514,294
4,938,228
81,703
453,105
482,817
47,325
8,765,291
445,814
4,272,242
9,761,152
111,116,999
8,765,291 5,182,069
2,625,874 3,733,119
493,357
4,137,393
940,500
40,000
16,509
5,666 2,792,521
1,899,677
60,380 150,828
512,767
606,131
231
114,206
229,856
20,094 268,432
435,648
302,851 98,322,558 500,000
37,752,220 137,960,542 2,174,861
51,470,012 354,984,306 10,820,027
748,244
21,931
46,844
5,686,472
103,634
499,949
482,817
47,325
8,765,291
445,814
125,016
25,954
5,182,069
231
5,333,270
140,364,676
3,500
4,275,742
2,674,861
78,806,902
1,113,365
2,075,383
435,648
560,855
22,118,367
58,039,098
789,532
8,169,943
10,550,684
119,286,942
2,811,896
$163,149,618 $ 41,690,018 $204,839,636 $ 5,486,757
9,779,994 150,144,670
29,095,596
107,902,498
See accompanying notes to financial statements.
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1,113,365
2,075,383
435,648
560,855
22,118,367
12,594,422
70,633,520
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VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF ACTNITIES
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For the Year Ended December 31,2005
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Program Revenues
Charges Operating Capital
FUNCTIONS/PROGRAMS Expenses for Services Grants Grants
PRIMARY GOVERNMENT
Governmental activities
General government $ 16,452,980 $ 9,613,146 $ 149,000 $ 2,249, I 10
Public safety 25,343,033 3,826,995 234,808 354,795
Highways and streets 13,493,770 1,300,789
Economic development 3,829,743
Interest 5,066,331
T otaI governmental activities 64,185,857 13,440,141 1,684,597 2,603,905
Business-type activities
Waterworks 9,874,399 8,726, Il 7
North Maine Water and Sewer 4,923,144 5,872,657
Nonmajor enterprise
Wholesale water 1,178,948 1,707,316
Sewerage 1,083,937 1,576,519
Commuter parking 412,459 450,026
Total business-type activities 17,472,887 18,332,635
TOTAL PRIMARY GOVERNMENT $ 81,658,744 $ 31,772,776 $ 1,684,597 $ 2,603,905
COMPONENT UNIT
Glenview Public Library $ 4.905.610 $ 144.742 $ 52.227 $
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I Net (Expense) Revenue and Change in Net Assets
Primary Government Glenview
Public Library
Governmental Business-Type Component
Activities Activities Total Unit
I $ (4,441,724) $ $ (4,441,724) $
(20,926,435) (20,926,435)
I (12,192,981) (12,192,981 )
(3,829,743) (3,829,743)
(5,066,331) (5,066,331 )
I (46,457,214) (46,457,214)
(1,148,282) (1,148,282)
I 949,513 949,513
528,368 528,368
492,582 492,582
I 37,567 37,567
859,748 859,748
I (46,457,214) 859,748 (45,597,466)
(4,708,641)
I General revenues
Taxes
Property tax 27,379,366 27,379,366 4,966,226
I Personal Property Replacement Tax 207,969 207,969
Sales tax 16,410,735 16,410,735
Local use tax 516,223 516,223
Income tax 3,521,197 3,521,197
Telecommunications tax 4,013,607 4,013,607
I Utility tax 3,266,089 3,266,089
Other 928,941 928,941 29,000
Intergovernmental 739,758 739,758 431,499
Investment income 2,911,937 252,200 3,164,137 73,980
I Miscellaneous 367,096 75,102 442,198 16,433
Gain on sale of capital assets 91,504 (4,142) 87,362
Transfers 167,762 (167,762)
Contributions 12.330 3,675,142 3,687,472
I Tota] 60,534,514 3,830,540 64,365,054 5,517,138
CHANGE IN NET ASSETS 14,077,300 4,690,288 18,767,588 808,497
I NET ASSETS, JANUARY 1 145,817,593 38,272,518 184,090,111 4,678,260
Prior period adjustments 3,254,725 (1,272,788) 1,981,937
I NET ASSETS, JANUARY 1, RESTATED 149,072,318 36,999,730 186,072,048 4,678,260
NET ASSETS, DECEMBER 31 $ 163,149,618 S 41,690,018 $ 204,839,636 $ 5,486,757
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See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
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December 31, 2005
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Special
Tax Escrow
General Allocation Deposit
ASSETS
Cash $ 7,056,712 $ 342,628 $ 399,186
Investments 16,175,437 3,427,576
Receivables
Property taxes 7,255,917
Accounts
Utility taxes 1,107,245
Income taxes 493,357
Sales taxes 4,137,393
Interest 40,000
Other 392,639
Note receivable 140,500 800,000
Inventory 10,300
Due from other governments 148,503
Due from other funds 711,056 4,796
Deposits 1,486
Advance to other funds
TOTAL ASSETS $ 37,630,545 $ 1,187,424 $ 3,826,762
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 416,237 $ 600 $ 37,791
Accrued payroll 72,198
Refundable deposits 3,604,388
Other payables 47325
Due to other funds 586.674 4,308,650
Advance to other funds
Deferred property taxes 7,255,917
Deferred revenues 181,600
Total liabilities 8,559,951 4,309,250 3,642,179
FUND BALANCES
Reserved for street improvements
Reserved for advance from other funds
Reserved for debt service
Reserved for public safety
Reserved for capital development
Reserved for long-term receivable 140,500 800,000
Reserved for inventory 10,300
Unreserved
Undesignated for General Fund 28,919,794
Undesignated (deficit) for Special Revenue Fund (3,921,826) 184,583
Undesignated for Debt Service Fund
Undesignated (deficit) for Capital Projects Fund
Total fund balances (deficit) 29,070,594 (3,121,826) 184,583
TOTAL LIABILITIES AND
FUND BALANCES $ 37,630,545 $ 1,187,424 $ 3,826,762
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I GNAS Glen 2004 Police
Village Bond Fund Land Glen Department Nonmajor
Permanent Series 1995 Sales Bond Headquarters Governmental Tota]
I $ 1,924,625 $ 20,593 $ 471,631 $ 35,783 $ 36,177 $ 3,183,322 $ 13,470,657
18,610,273 10,7] 1,906 3,003,385 5,452,124 57,380,701
I 1,509,374 8,765,291
1,077 ],077
1,107,245
I 493,357
4,137,393
40,000
946,277 1,262,500 ]85,439 2,786,855
I 940,500
10,300
457,628 606,13]
4,308,650 261,511 5,286,013
I 1,486
17,658,009 ] 7,658,009
$ 42,501,557 $ 966,870 $ 1,734,13 ] $ 10,747,689 $ 3,039,562 $ 11,050,475 $ ] ]2,685,015
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I $ $ 947,130 $ 461,709 $ S 1,887,756 $ ],081,958 $ 4,833,18]
9,374 81,572
667,854 4,272,242
47,325
I 235,232 5,130,556
17,658,009 229,856 17,887,865
1,509,374 8,765,291
90,000 24,750 ]49,464 445,814
I 1,037,130 18,144,468 ],887,756 3,883,112 41,463,846
I ],113,365 1,113,365
17,658,009 17,658,009
],674,443 1,674,443
560,855 560,855
I 24,843,548 10,747,689 ],15],806 1,855,921 38,598,964
940,500
10,300
I 28,9]9,794
1,561,839 (2,175,404)
400,940 400,940
(70,260) (16,410,337) (16,480,597)
I 42,501,557 (70,260) (16,410,337) 10,747,689 1,15],806 7,167,363 7] ,221,169
I $ 42,501,557 $ 966,870 $ 1,734,131 $ 10,747,689 $ 3,039,562 $ ] 1,050,475 $ 112,685,0]5
See accompanying notes to financial statements.
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The unamortized bond premium is not a current financial resource
and is therefore not reported in the governmental funds
(41,468)
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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, 2005
FUND BALANCES OF GOVERNMENTAL FUNDS
$ 71,221,169
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 funds capital assets
198,228,029
(66,249)
The net pension asset is not a current financial resource
and is therefore not reported in the governmental funds
435,648
The unamortized bond discount and unamortized bond
issuance cost is not a current financial resource and
is therefore not reported in the governmental funds
449,080
Interest payable is not due and payable in the current period
and, therefore, not reported in the governmental funds
(453,105)
Long-term liabilities, including bonds payable and accrued
compensated absences are not due and payable in the current
period and therefore, are not reported in the governmental funds
(121,037,425)
The unrestricted net assets of the internal service funds are
included in the governmental activities in the
statement of net assets
14,413,939
NET ASSETS OF GOVERNMENTAL ACTIVITIES
$ 163,149,618
See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVIT]ES
For the Year Ended December 31, 2005
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$ (34,642,320)
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42,816,063 I
46,527 I
(]O,OOO,OOO) I
19,124,652 I
(5,625)
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(44,658)
3,]90 I
104,718 I
(2],280) I
(14,798)
58,166 I
(353,048) I
(3,990,787) I
9,180
987,320 I
$ 14,077,300 I
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NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures, however, they are
capitalized and depreciated in the statement of activities
The change in net pension asset is not a current financial resource and,
therefore, is not reported in the governmental funds
The issuance of long-tenn debt is reported as an other financing source in
governmental funds but as an increase of principal outstanding in the
statement of activities
The repayment of long-tenn debt is reported as an expenditure when due
in govenunental funds but as a reduction of principal outstanding in the
statement of assets
The loss on disposal of capital assets is reported as an expense on the
statement of activities
The premium on bonds issued is reported as an other financing source in
governmental funds, but as a decrease in principal outstanding on the
statement of activities
The amortization of premium on long-term debt is reported as an
expense on the statement of activities
Bond issuance costs are reported as expenditures in governmental funds,
but as a deferred charge on the statement of activities
The amortization of bond issuance costs is reported as an
expense on the statement of activities
The amortization of discount on long-term debt is reported as an
expense on the statement of activities
The change in accrual of interest on long-term debt is reported as an
expense on the statement of activities
The change in accrual of compensated absences payable is reported as an
expense on the statement of activities
Some expenses in the statement of activities (e.g. depreciation) do
not require the use of current financial resources and, therefore, are
not reported as expenditures in governmental funds
Govermnental funds
Internal service fund depreciation addback
The net revenue (loss) of certain activities of internal service funds
is reported with governmental activities
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
See accompanying notes to financial statements.
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I VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
I December 31, 2005
I Business. Type Activities Governmental
North Maine Activities
Water and Nonmajor Internal
Waterv.rorks Sewer Enterprise Total Service
I CURRENT ASSETS
Cash $ 2,412,311 $ 792,603 $ 1,748,291 $ 4,953,205 $ 848,839
Investments 3,089,092 541,568 1,775,000 5,405,660 11,849,740
I Receivables
Accounts 1,070,280 816,078 739,516 2,625,874 15,432
Other 3,766 1,900 5,666
Inventory 60,380 60,380
I Advance to other funds 229,856 229,856
Due from other funds 427.531 179,361 39,424 646,316 416,357
Due from component unit 231
Deposits 1,898,191
I Prepaid expenses 512,767
Inventory 80,148
Deferred bond issuance costs 5,384 14,710 20,094
I Total current assets 7,293,216 2,336,894 4,316,941 13,947,051 15,621,705
CAPITAL ASSETS
Capital assets not being depreciated 67,851 235.000 302,851
I Capital assets being depreciated 31,621,114 7,347,326 16,252,514 55,220,954 103,408
Accumulated depreciation (11,856,504) (1,848,681) (3,763,549) (17,468,734) (37,159)
Net capital assets 19,832,461 5,733,645 12,488,965 38,055,071 66,249
I Total assets 27.125.677 8,070,539 16,805,906 52,002,122 15,687,954
CURRENT LlABIL1T1ES
Accounts payable 309.176 319,769 119,299 748,244 105,047
I Accrued payroll 13,027 7,621 1,283 21,931 131
Interest payable 43,141 3,703 46,844
Compensated absences payable 108,450 11,268 119,718
Claims payable 482,817
I Due to other funds 341,797 44,629 145,684 532,110 686,020
Deposits 500 500
Refundable deposits 3,000 3,000
Current portion afnotes payable 109,621 109,621
I Current portion of general obligation bonds payable 375,193 185,000 560,193
Total current liabilities 772,450 911,242 458,469 2,142,161 1,274,015
I NONCURRENT LIABILITIES
Notes payable 2,030,203 2,030,203
General obligation bonds payable 4,917,087 1,222,653 6,139,740
I Total noncurrent liabilities 6,947,290 1,222,653 8,169,943
Total liabilities 772,450 7,858,532 1,681,122 10,312,104 1,274,015
NET ASSETS
I Invested in capital assets, net of related debt 19,832,461 (1,698,459) 11,081,312 29,215,314 66,249
Unrestricted 6,520,766 1,910,466 4,043,472 12,474,704 14,347,690
TOTAL NET ASSETS $ 26.353.227 $ 212.007 $ 15.124.784 $ 41690.018 $ 14.413.939
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V[LLAGE OF GLENVIEW, ILLINOIS I
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS I
Forthe Year Ended December 31, 2005
Business-Type Activities Govermnental I
North Maine Activities
Water and Nonmajor Internal I
Waterworks Sewer Enterprise Total Service
OPERATING REVENUES
Charges for services I
Water and sewer charges $ 8,237,575 $ 5,831,254 $ 3,249,891 $ 17,318,720 $
Water and sewer connection charges 82,178 12,690 94,868
Parking decals and meter fees 254,634 4,170 444,026 702,830
Late payment fees 59,231 34,916 21,254 115,401 I
Internal services 9,062,338
Miscellaneous 92,499 2,317 6,000 100,8]6 [57,534
T ota[ operating revenues 8,726,[ 17 5,872,657 3,733,861 18,332,635 9,219,872 I
OPERATING EXPENSES
Administration 2,448,377 332,449 790,749 3,57[,575
Operations 6,778,114 4,100,307 1,494,353 12,372,774 8,50] ,800 I
Depreciation and amortization 647,908 189,290 342,757 ],179,955 9,180
TOlal operating expenses 9,874,399 4,622,046 2,627,859 17,124,304 8,510,980
OPERATING INCOME (LOSS) (1,148,282) 1,250,611 1,]06,002 ] ,208,331 708,892 I
NONOPERATING REVENUES (EXPENSES) I
Investment income 140,667 40,220 7],313 252,200 790,052
Interest and fiscal charges (301,098) (47,485) (348,583)
Loss on sale of fixed assets (4,142) (4,]42)
Miscellaneous 75,102 75,102 I
T ola[ nonoperating revenues (expenses) 136,525 (260,878) 98,930 (25,423) 790,052
NET INCOME (LOSS) BEFORE TRANSFERS I
AND CONTRIBUTIONS (1,011,757) 989,733 1,204,932 1,182,908 ] ,498,944
TRANSFERS IN (OUT)
Transfers in 170,359 438,964 609,323 I
Transfers (out) (557,500) (219,585) (777,085) (511,624)
Total transfers in (out) ] 70,359 (557,500) 2] 9,379 (167,762) (511,624)
CONTRIBUTIONS 144,300 3,530,842 3,675,142 I
CHANGE IN NET ASSETS (841,398) 576,533 4,955,]53 4,690,288 987,320
NET ASSETS (DEFICIT), JANUARY I 28,873,259 (364,526) 9,763,785 38,272,5]8 13,426,619 I
Prior period adjustments (1,678,634) 405,846 (1,272,788)
NET ASSETS (DEF]CIT), JANUARY], RESTATED 27,194,625 (364,526) ]0,169,631 36,999,730 13,426,619 I
NET ASSETS, DECEMBER 3 I $ 26.353,227 $ 212,007 $ 15,124,784 $ 41,690,018 $ ]4,413,939
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See accompanying notes to fmancial statements.
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LIABILITIES
Due to bondholders
173,236
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VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
December 31, 2005
Pension
Trust
Agency
ASSETS
Cash and cash equivalents
Investments
U.S. Govermnent and agency obligations
Mutual funds
Insurance contracts
Receivables
Property taxes
$ 995,859 $ 37,874
65,586,358
17,607,016
1,071,552
135,362
85,260,785 173,236
Total assets
Total liabilities
173,236
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
$ 85,260,785 $
See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31,2005
ADDITIONS
Contributions - employer
Contributions - plan members
Contributions - miscellaneous
$ 1,787,061
1,156,452
25
Total contributions
2,943,538
Investment income
Net appreciation in fair value
of investments
Interest earned on investments
(l,044,629)
4,735,289
Total investment income
Less investment expense
3,690,660
(45,884)
Net investment income
3,644,776
Total additions
6,588,314
DEDUCTIONS
Pensions and refunds
3,794,165
Total deductions
3,794,165
NET INCREASE
2,794,149
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1
82,466,636
December 31
$ 85,260,785
See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Glenview, Illinois (the Village) have been
prepared in conformity with accounting principles generally accepted in the United States of
America (hereinafter referred to as generally accepted accounting principles (GAAP)), as
applied to government units. The Governmental Accounting Standards Board (GASB) is
the accepted standard-setting body for establishing governmental accounting and fmancial
reporting principles. The more significant of the Village's accounting policies are described
below.
a. Reporting Entity
The Village is a municipal corporation governed by an elected seven-member board.
As required by generally accepted accounting principles, these fmancial statements
present the Village (the primary government) and its component units.
The Village's fmancial statements include pension trust funds:
Police Pension Employees Retirement System
The Village's police sworn employees participate in the Police Pension
Employees Retirement System (PPERS). PPERS functions for the benefit of
these employees and is governed by a five-member pension board consisting of
two members appointed by the Village's President, one elected pension
beneficiary and two elected police. The Village and PPERS participants are
obligated to fund all PPERS costs based upon actuarial valuations. The State
ofIllinois 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 PPERS 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 police employees and because of the fiduciary nature of such
activities. The PPERS is reported as a pension trust fund.
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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 ofthe
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 Glen view 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 of the Village, which is wholly liable for the debt. Because the
Libmry possesses the chamcteristics 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 of this report; the Library does not issue separate financial statements.
b. Fund Accounting
The Village uses funds to report on its [mancial position, results of its operations, and
cash flows. Fund accounting is designed to demonstmte 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.
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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
[mancial 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 fonnal 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 [mancial 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 [mancial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
[mancial 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 ofthe 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 Glenview Naval Air
Station).
The Escrow Deposit Fund, a Special Revenue Fund, accounts for deposits
placed with the Village by building contractors.
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.
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.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Govenunent-Wide and Fund Financial Statements (Continued)
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.
The Village reports pension trust funds as fiduciary funds to account for the Police
and Firefighters' Pension Funds, and an Agency Fund for noncommitment debt for
special service area funds.
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The govenunent-wide fmancial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
and fiduciary fund fmancial statements (agency funds have no measurement focus).
Revenues and additions are recorded when earned and expenses and deductions are
recorded when a liability is incurred. Property taxes are recognized as revenues in the
year for which they are levied (i.e., intended to finance). Grants and similar items are
recognized as revenue as soon as all eligibility requirements imposed by the provider
have been met. Operating revenues/expenses include all revenues/expenses directly
related to providing enterprise fund services. Incidental revenues/expenses are
reported as non-operating.
Govenunental fund fmancial statements are reported using the current fmancial
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 of these funds are included on
the balance sheet. Proprietary fund operating statements present increases (i.e.,
revenues) and decreases (i.e., expenses) in net total assets.
Under the modified accrual basis of accounting, revenues are recognized when
susceptible to accrual (i.e., when they become both measurable and available).
"Measurable" means the amount of the transaction can be determined and "available"
means collectible within the current period. The Village recognizes property taxes
when they become both measurable and available in the period intended to finance on
a cash basis in a manner consistent with the adopted budget. Expenditures are
recorded when the related fund liability is incurred. Principal and interest on general
long-term debt are recorded as fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the following
year.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Those revenues susceptible (within 60 days except sales and telecommunication tax
which use 90 days) to accrual are franchise taxes, licenses, interest revenue and
charges for services. Sales taxes owed to and fmes collected and held by the
state/county court at year end on behalf of the Village also are recognized as revenue.
Permit revenues are not susceptible to accrual because, generally, they are not
measurable until received in cash.
The Village reports deferred revenue on its fmancial statements. Deferred revenues
arise when a potential revenue does not meet both the "measurable" and "available"
or earned criteria for recognition in the current period. Deferred revenues also arise
when resources are received by the Village before it has a legal claim to them, as
when grant monies are received prior to the incurrence of qualifYing expenditures. In
subsequent periods, when both revenue recognition criteria are met or when the
Village has a legal claim to the resources, the liability for deferred revenue is removed
from the combined balance sheet and revenue is recognized.
e. Cash and Investments
For purposes of the statement of cash flows, the Village's proprietary funds consider
all highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
f Investments
Investments with a maturity of less than one year when purchased and non-negotiable
certificates of deposit are stated at cost or amortized cost. Investments with a
maturity of greater than one year when purchased and all investments of the pension
trust funds are stated at fair value. Fair value is based on prices listed on national
exchanges as of December 31, 2005 for debt and equity securities. Mutual funds,
investment funds and insurance separate accounts are valued at contract value as of
December 31,2005.
g. Interfund ReceivableslPayables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as "due from other funds" or "due to other funds" on the balance sheet.
Short-term interfund loans, if any, are classified as "interfund receivables/payables."
Long-term loans between funds are reported as "advances to/from other fund".
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
h. Inventories
Inventories are valued at cost, which approximates market, using the frrst-in/first-out
(FIFO) method. The costs of governmental fund type inventories are recorded as
expenditures when consumed rather than when purchased.
1. Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses.
J. Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g.,
roads, bridges, sidewalks and similar items), are reported in the applicable governmental or
business-type activities columns in the government-wide financial statements. Capital
assets are defined by the Village as assets with an initial, individual cost 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. Improvements are capitalized and
depreciated over the remaining useful lives of the related capital assets, as applicable.
Major outlays for capital assets and improvements are capita1ized 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 ofthe assets constructed.
Property, plant and equipment is depreciated using the straight line method over the
following estimated useful lives:
Assets
Years
Buildings, improvements and infrastructure
Machinery and equipment
Water system
Sewer system
25-80
5-10
50
50
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.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
k. Compensated Absences
The Village accrues a liability for vacation benefits as these benefits are earned. At
December 31, 2005, the liabilities for these accumulated unpaid benefits are
accounted for in the Enterprise Funds at all levels and in the governmental activities
column in the government-wide financial statements. In the governmental fund
fmancial 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 government-wide financial statements, and proprietary funds in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the
applicable governmental activities, business-type activities or proprietary fund type
financial statements. Bond premiums and discounts, as well as loss on refundings and
issuance costs, are deferred and amortized over the life of the bonds. Bonds payable are
reported net of the applicable bond premium or discount and loss on refunding. Bond
issuance costs are reported as deferred charges and amortized over the term of the related
debt.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as loss on refundings and 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 fmancing sources while discounts and loss
on refunding 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.
m. Net Assets/Fund Balances
In the fund financial 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.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
n. Glen Development Fees
Glen development fees of$5.4 million were received in fiscal year 2005. These fees
are reserved for capital development 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 fmancia1 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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Fund
Major Governmental Funds
Special Tax Allocation
GNAS Bond Fund Series 1995
Glen Land Sales
Nonmajor Governmental Funds
GNAS Redevelopment
Municipal Equipment Repair
Deficit
Balance
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. LEGAL COMPLIANCE AND ACCOUNTABILITY
Deficit Fund Balances/Net Assets of Individual Funds
The following funds had a deficit in fund balance/net assets as of the date of this report:
$ 3,121,826
70,260
16,410,337
66,095
229,524
3. DEPOSITS AND INVESTMENTS
a. Village Deposits and Investments
The Village's investment policy authorizes the Village to invest in all investments
allowed by Illinois Compiled Statutes. These include deposits/investments 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 Illinois Funds
Illinois Funds is an investment pool managed by the State of Illinois, Office of the
Treasurer, which allows governments within the State to pool their funds for
investment purposes. Illinois Funds is not registered with the SEC as an investment
company, but does operate in a manner consistent with Rule 2a7 of the Investment
Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's
share price, the price for which the investment could be sold.
The Village's investment policy does limit its deposits to financial institutions that are
members ofthe FDIC system and are capable of posting collateral for amounts in
excess of FDIC insurance. Additionally the Village will not invest in any institution in
which the Village's funds on deposit are in excess of75% ofthe institutions capital
stock and surplus.
It is the policy of the Village to invest its funds in a manner which will provide the
highest investment return with the maximum security while meeting the daily cash
flow demands of the Village and conforming to all state and local statutes governing
the investment of public funds, using the "prudent person" standard for managing the
overall portfolio. The primary objectives of the policy are, in order of priority, safety
of principal, liquidity and rate of return.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
a. Village Deposits and Investments (Continued)
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust funds. In addition, investments are separately held by several
of the Village's funds. The deposits and investments ofthe pension trust funds are
held separately from those of other funds.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the event
of bank failure, the Village's deposits may not be returned to it. The Village's
investment policy requires pledging of collateral for all bank balances in excess of
federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by the Village, an independent
third party or the Federal Reserve Bank of Chicago.
Investments
The following table presents the investments and maturities of the Village's debt
securities as of December 31, 2005:
Investment Maturities in Years
Investment Type Fair Value Less Than I 1-5 6-10 Greater than 1 0
U.S. Agency obligations $ 66,028,003 $ 57,471,814 $ 7,590,249 $ 965,940 $
Municipal bonds 1,274,932 442,773 408,026 424,133
Illinois Funds 14,497,996 14,497,996
TOTAL $ 81,800,931 $ 71,969,810 $ 8,033,022 $ 1,373,966 $ 424,133
In accordance with its investment policy, the Village limits its exposure to interest
rate risk by structuring the portfolio to provide liquidity for short and long-term cash
flow needs while providing a reasonable rate of return based on the current market.
The Village limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by investing in external investment pools.
Illinois Funds is rated AAA. The U.S. Agency Obligations are all rated AAA.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village's investment policy requires all investments be limited to the safest types of
securities invested with pre-qualified institutions, broker/dealers, intermediaries, and
advisors and soundly diversified. Illinois Funds is not subject to custodial credit risk.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
a. Village Deposits and Investments (Continued)
Investments (Continued)
Concentration of credit risk is the risk that the Village has a high percentage of their
investments invested in one type of investment. At December 31, 2005, the Village
had greater than five percent of its overall portfolio invested in U.S. Agency
Obligations and Illinois Funds. The Village's investment policy requires
diversification of investment to avoid unreasonable risk but has no set percentage
limits.
b. Police Pension Deposits and Investments
The Police Pension Fund's investment policy authorizes the Police Pension Fund to
invest in all investments allowed by the Illinois Pension Code contained in Chapter 40
ofIllinois Compiled Statutes. These include deposits/investments in insured
commercial banks, savings and loan institutions, interest bearing obligations of the
U.S. Treasury and U.S. Agencies, interest bearing bonds of the State of Illinois or any
county, township or municipal corporation of the State of Illinois, direct obligations
of the State ofIsrael, money market mutual funds whose investments consist of
obligations of the U.S. Treasury or U.S. Agencies, separate accounts managed by life
insurance companies, Mutual Funds, common and preferred stock and the Illinois
Funds (created by the Illinois State Legislature under the control ofthe State
Treasurer that maintains a $1 per share value which is equal to the participants fair
value).
It is the policy of the Police Pension Fund to invest its funds in a manner which will
provide the highest investment return with the maximum security while meeting the
cash flow demands of the Police Pension Fund and conforming to all state and local
statutes governing the investment of public funds, using the "prudent person"
standard for managing the overall portfolio. The primary objectives of the policy are,
in order of priority, safety of principal, rate ofreturn, public trust and liquidity.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the event
of bank failure, the Police Pension Fund's deposits may not be returned to it. The
Fund's investment policy requires pledging of collateral for all investments in excess
of federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by the Village, an independent
third party or the Federal Reserve Bank of Chicago.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
b. Police Pension Deposits and Investments (Continued)
Investments
The following table presents the investments and maturities of the Police Pension
Fund's debt securities as of December 31, 2005:
Investment Maturities in Years
Investment Type Fair Value Less Than ] ]-5 6-]0 Greater than ] 0
U.S. Treasury obligations $ 396,536 S 396,536 $ - $ - $
U.S. Agency obligations 23,209,520 2,00], I 56 ] 1,856,922 9,351,442
Money Market Mutual Funds ]4,955,277 ] 4,955,277
Illinois Funds 234,592 234,592
TOTAL $ 38,795,925 S ]7,587,56] $ - $ ] 1,856,922 $ 9,351,442
In accordance with its investment policy, the Police Pension Fund limits its exposure
to interest rate risk by structuring the portfolio to provide liquidity for all reasonably
anticipated operating requirements while providing a reasonable rate of return based
on the current market.
The Police Pension Fund limits its exposure to credit risk, the risk that the issuer of a
debt security will not pay its par value upon maturity, by primarily investing U.S
Agency Obligations and other highly rated Obligations. Illinois Funds is rated
AAAm. The Money Market Mutual Funds range in rating from 3-star to 5-star.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Police Pension Fund will not be able to recover
the value of its investments that are in possession of an outside party. To limit its
exposure, the Police Pension Fund's investment policy requires all security
transactions that are exposed to custodial credit risk to be held by a third party agent.
Concentration of credit risk is the risk that the Police Pension Fund has a high
percentage of their investments invested in one type of investment. The Police
Pension Fund's investment policy requires diversification of investment to avoid
unreasonable risk. At December 3 I, 2005, the Police Pension Fund had greater than
five percent of its overall portfolio invested in U.S. Agency Obligations and Money
Market Mutual Funds. The Police Pension Fund's investment policy requires
diversification of investment to avoid unreasonable risk but has no set percentage
limits.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
c. Firefighters' Pension Deposits and Investments
The Firefighters' Pension Fund's investment policy authorizes the Firefighters Pension
Fund to invest in all investments allowed by Illinois Compiled Statutes. These include
deposits/investments 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 Illinois Funds (created by the Illinois
State Legislature under the control of the State Treasurer that maintains a $1 per
share value which is equal to the participants fair value). The Fund's investment
policy does limit its deposits to financial institutions that are members of the FDIC
system and are capable of posting collateral for amounts in excess of FDIC insurance.
Additionally the Firefighters' Pension Fund will not invest in any institution in which
the Firefighters' Pension Fund's funds on deposit are in excess of75% of the
institutions capital stock and surplus.
It is the policy of the Firefighters' Pension Fund to invest its funds in a manner which
will provide the highest investment return with the maximum security while meeting
the daily cash flow demands of the Firefighters' Pension Fund and conforming to all
state and local statutes governing the investment of public funds, using the "prudent
person" standard for managing the overall portfolio. The primary objectives ofthe
policy are, in order of priority, safety of principal, liquidity and rate of return.
Deposits with Financial Institutions
Custodial credit risk for deposits with fmancial institutions is the risk that in the event
of bank failure, the Firefighters' Pension Fund's deposits may not be returned to it.
The Firefighters' Pension Fund policy does not require collateralization. However, all
deposits at December 31, 2005 are covered by Federal Depository Insurance.
Investments
The following table presents the investments and maturities of the Firefighters'
Pension Fund's debt securities as of December 31,2005:
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
c. Firefighters' Pension Investments (Continued)
Investments (Continued)
Investment Type
Investment Maturities in Years
Fair Value Less Than ] 1-5 6-]0 Greater than 10
U.S. Agency obligations
Municipal bonds
Money Market Mutual Funds
Illinois Funds
$ 41,283,526
696,776
2,651,739
540,795
$ 15,787,895 $ ]6,323,97] $ 8,2]6,660 $
4]0,130
955,000
286,646
2,651,739
540,795
TOTAL
$ 45,172,836 $ ]8,980,429 $ ]6,323,97] $ 8,626,790 $ ],241,646
In accordance with its investment policy, the Firefighters' Pension Fund limits its
exposure to interest rate risk by structuring the portfolio to provide liquidity for short
and long-term cash flow needs while providing a reasonable rate of return based on
the current market.
The Firefighters' Pension Fund limits its exposure to credit risk, the risk that the
issuer of a debt security will not pay its par value upon maturity, by investing in
external investment pools. Illinois Funds is rated AAA. The U.S. Agency
Obligations are all rated AAA.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Firefighters' Pension Fund will not be able to
recover the value of its investments that are in possession of an outside party. To
limit its exposure, the Firefighters' Pension Fund's investment policy requires all
investments be limited to the safest types of securities invested with pre-qualified
institutions, broker/dealers, intermediaries, and advisors and soundly diversified.
Illinois Funds is not subject to custodial credit risk.
Concentration of credit risk is the risk that the Firefighters' Pension Fund has a high
percentage of their investments invested in one type of investment. At December 31,
2005, the Firefighters' Pension Fund had greater than five percent of its overall
portfolio invested in U.S. Agency Obligations and Money Market Mutual Funds. The
Firefighters' Pension Fund's investment policy requires diversification of investment
to avoid unreasonable risk but has no set percentage limits.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. RECEIVABLES
Property taxes for 2005 attach as an enforceable lien on January I, 2005 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 1,2006 and August 1,2006 and are payable in two installments, on or about
March I, 2006 and September 1, 2006. 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 2005 levy is intended to fund the 2006 fiscal
year, the levy has been recorded as a receivable and deferred revenue.
The following receivables are included in Miscellaneous Receivables on the Statement of
Net Assets:
GOVERNMENTAL ACTIVITIES
Franchise tax
HoteVmotel tax
Local use tax
Amusement tax
Developers
Court fines
Road improvements grant - Cook County
Disposal fees
911 surcharge fees
Charges for services
Reimbursements
Other
$ 83,291
45,311
147,448
13,135
1,262,500
24,491
946,277
75,414
80,025
72,360
30,000
6,603
TOTAL
$ 2,786,855
The following receivables are included in due from other governments on the Statement of
Net Assets:
GOVERNMENTAL ACTIVITIES
Village of Golf Fire Protection Services
Intergovernmental agreements
Motor fuel tax
Other
$
148,503
343,404
106,974
7,250
TOTAL
$
606,131
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NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2005 was as follows:
Primary Government
*Beginning
Balance, Ending
Restated Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 6,893,853 $ 4,966,845 $ $ 11,860,698
Land right of way 54,923,895 54,923,895
Construction in progress 20,357,182 31,235,114 20,357,] 82 31,235,114
Total capital assets not being depreciated 82,] 74,930 36,20 I ,959 20,357,] 82 98,0]9,707
Capital assets being depreciated
Buildings and improvements 10,234,967 22,759,910 32,994,877
Machinery and equipment 10,]84,699 1,101,935 294,177 10,992,457
Infrastructure 106,460,702 3,156,890 ]09,6] 7,592
Total capita] assets being depreciated 126,880,368 27,018,735 294,]77 ] 53,604,926
Less accumulated depreciation for
Buildings and land improvements 3,283,4]8 446,567 3,729,985
Machinery and equipment 6,444,574 ] ,076,534 288,552 7,232,556
Infrastructure 39,966,377 2,467,686 42,434,063
Total accumulated depreciation 49,694,369 3,990,787 288,552 53,396,604
Total capital assets being depreciated, net 77,185,999 23,027,948 5,625 100,208,322
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET S 159,360,929 $59,229,907 $20,362,807 $198,228,029
*The beginning balance of the capital assets has been restated by $2,301,166 due to the
inclusion ofland acquired in 2004, machinery and equipment acquired in 2003 and 2004,
and internal service capital assets. Further, accumulated depreciation has been restated by
$68,511 to account for over-depreciation of infrastructure in the prior year and depreciation
of machinery and equipment acquired in 2003 and 2004.
*Beginning
Balance,
Restated
Increases
Decreases
Ending
Balance
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land
Construction in progress
Total capital assets not being depreciated
$ 302,85] $
] ,000,000
] ,302,85]
$ - $ 302,851
1,000,000
1,000,000 302,851
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
PrimaIy Government (Continued)
*Beginning
Balance, Ending
Restated Increases Decreases Balance
BUSINESS-TYPE ACTIVITIES (Continued)
Capital assets being depreciated
Buildings and improvements $ 446,954 $ 1,000,000 $ - $ 1,446,954
Water system 36,637,939 428,223 37,066,162
Sewer system 9,701,126 4,056,579 13,757,705
Equipment and vehicles 2,857,397 112,420 19,684 2,950,133
Total capital assets being depreciated 49,643,416 5,597,222 19,684 55,220,954
Less accumulated depreciation for
Buildings and improvements 314,684 53,005 367,689
Water system 10,894,188 741,159 I I ,635,347
Sewer system 2,543,036 261,483 2,804,519
Equipment and vehicles 2,554,047 116,974 9,842 2,661,179
Total accumulated depreciation 16,305,955 1,172,62 I 9,842 17,468,734
Total capital assets being depreciated, net 33,337,461 4,424,601 9,842 37,752,220
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 34,640,312 S 4,424,601 $ 1,009,842 $ 38,055,071
*The beginning balance of the capital assets has been restated by $91,262 due for
unrecorded capital additions in fiscal 2003 and 2004.
Depreciation expense for the nonmajor business-type activities: wholesale water $62,816,
sewerage $226,977, and cornmuterparking $48,132.
Depreciation expense was charged to functions of the primary government as follows:
GOVERNMENTAL ACTIVITIES
General government
Public safety
Development
Public works
$ 36,424
608,733
142,861
3,202,769
$ 3,990,787
TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES
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NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Component Unit
Beginning Ending
Balance Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Cap ital 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 1,861,139 80,088 1,941,227
Equipment and vehicles 14,044 14.044
Total accumulated depreciation 1,875,183 80,088 1,955,271
Total capital assets being depreciated, net 2,254,949 (80,088) 2,174,861
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 2,754,949 $ (80,088) $ - $ 2,674,861
Depreciation expense was charged to functions of the governmental activities as follows:
GOVERNMENTAL ACTIVITIES
Culture and recreation
$ 80,088
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-fmancing 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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2005 2004
CLAIMS PAYABLE, JANUARY 1 $ 167,669 $ 365,064
Add claims incurred 809,029 484,664
Less claims paid 493,881 682,059
CLAIMS PAYABLE, DECEMBER 31 $ 482,817 $ 167,669
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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:
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 ofthe 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 ofloss 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 ofIPBC 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 a joint 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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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:
January I, Current
Restated Additions Reductions December 3 I Portion
GOVERNMENTAL ACTIVITIES
General obligation bonds S 128,390,000 S 10,000,000 $ 19,115,000 $ 119,275,000 $ 9,499,807
Special service area portion 95,155 9,652 85,503 9,807
Unamortized bond discount (215,540) (14,798) (200,742)
Unamortized bond premium 44,658 3,190 41,468
'Compensated absences 1,323,874 1,676,922 1,323,874 1,676,922 251,538
TOTAL GOVERNMENTAL
ACTIVITIES S 129,593,489 S 11,721,580 $ 20,436,918 $ 120,878,151 $ 9,761,152
BUSINESS. TYPE ACTIVlTIES
General obligation bonds S 7,579,845 S $ 540,348 $ 7,039,497 S 560,193
Note payable 2,244,283 104,459 2,139,824 109,621
#Compensated absences 88,058 119,718 88,058 119,718 119,718
Unamortized discount (19,747) (1,388) (18,359)
Unamortized loss on refunding (325,226) (4,021) (321,205)
TOTAL BUSINESS.TYPE
ACTIVlTIES $ 9,567,213 $ 119,718 $ 727,456 $ 8,959,475 $ 789,532
* Compensated absences are typically liquidated by the General Fund.
# Compensated absences are typically liquidated by the Waterworks and North Main Water
and Sewer Funds.
- 38 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7.
LONG- TERM DEBT (Continued)
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.
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 15, 1997, due in Nortb
annual installments of Maine
$100,000 to $495,000 plus Water
interest at 4.875% to 5.00% and
through December I, 2017. Sewer $ 1,215,000 $ - $ 260,000 $ 955,000 $ 275,000
$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"/0 to 4.35% through
December 1,2018, defeased Debt
in 2005. 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
$1,000,000 to $2,050,000 plus
interest at 4.25% to 4.50% Debt
through December 1,2018. Service 20,045,000 1,575,000 18,470,000 1,640,000
$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 Debt
4.30% to 4.5% through Service 4,970,000 345,000 4,625,000 1,750,000
December 1,2008.
$41,800,000 General
Obligation Bond Series of
2001 dated August 1,200],
due in annual installments of
$500,000 to $5,500,000 plus
interest at 3.50% to 4.35% Debt
through December 1,2012. Service 40,800,000 4,800,000 36,000,000 5,000,000
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NOTES TO FINANCIAL STATEMENTS (Continued)
I 7. LONG-TERM DEBT (Continued)
I b. General Obligation Bonds (Continued)
I Fund Debt Balances Balances Current
Issue Retired By January I Additions Reductions December 31 Amount
$6,885,000 General
I Obligation Refunding Bond
Series of 2002 dated
February 15, 2002, due in
annual installments of
I $1,315,000 to $2,010,000
plus interest at 1.85% to
3.40% through December I, Debt
2005. Service $ 1,315,000 $ $ 1,315,000 $ $
I $9,990,000 General SSA #36 65,134 6,607 58,527 6,713
Obligation Refunding Bond
Series of 2003A dated SSA #37 30,021 3,045 26,976 3,094
I April 1,2003, due in annual
installments of $185,000 to North
$1,130,000 plus interest at Maine
2.05% to 3.10% through Water and 4,749,845 95,348 4,654,497 100,193
I December 1,2017. Sewer
Debt 3,945,000 955,000 2,990,000 975,000
Service
I $1,995,000 General
Obligation Refunding Bond
Series of 2003B dated
I April 1,2003, due in annual
installments of $160,000 to
$225,000 plus interest at Whole-
1.3% to 3.85% through sale
I December I, 20] 2. Water 1,615,000 185,000 ] ,430,000 185,000
$25,000,000 General
I Obligation Bond Series of
2004A dated August 1,
2004, due in annual
installments of$125,000 to
$8,250,000 plus interest at GNAS
I 2.00% to 4.00% through Redevelop-
December 1,20]4. ment 25,000,000 125,000 24,875,000 ]25,000
I $22,315,000 General
Obligation Bond Series of
2004B dated August I,
2004, due in annual
I installments of $1,015,000
to $1 ,900,000 plus interest
at 3.50% to 4.70% through Debt
December 1,2024. Service 22,315,000 22,315,000
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7.
LONG- TERM DEBT (Continued)
b.
General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Additions
Balances
January I
Balances
Reductions December 31
Current
Amount
$10,000,000 General
Obligation Refunding Bond
Series of 2005 dated
November 1,2005, due in
annual installments of
$25,000 to $1,825,000 plus
interest at 3.50% to 3.75%
through December I, 2018.
Debt
Service
$
$10,000,000 $
$ 10,000,000 $
TOTAL
$136,065,000 $10,000,000 $19,665,000 $]26,400,000 $ 10,060,000
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 Ba]ances Balances Current
Issue Retired By January I Additions Reductions December 3 ] Amount
$2,850,000 Corporate
Purpose Note of ] 997 dated
September 2, 1997, due in North
annual installments of Maine
$215,377 including interest Water
paid at 4.942% through and
September ], 20] 9. Sewer $ 2,244,283 $ - $ 104,459 $ 2,139,824 $ 109,62 ]
d.
Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal
Year
Ending
December 31
General Obligation Bonds
Principal Interest
Special Service Area
Principal Interest
2006
2007
2008
2009
2010
$ 9,490,000
9,885,000
9,335,000
9,660,000
10,055,000
$
$ 3,935,022
3,536,297
2,963,594
2,945,938
2,431,799
9,807
9,983
10,]83
]0,427
10,7]9
$
2,523
2,347
2,]47
1,903
1,61]
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NOTES TO FINANCIAL STATEMENTS (Continued)
I 7. LONG- TERM DEBT (Continued)
I d. Debt Service Requirements to Maturity (Continued)
I Fiscal
Year
Ending Genera] Obligation Bonds Special Service Area
December 31 Principal Interest Principal Interest
I 2011 $ 10,475.000 $ 2,085,888 $ 11,062 S 1,268
2012 10,925,000 1,708,700 11,449 881
2013 11,375,000 2,014,900 11,873 457
I 2014 11,850,000 1,581,863
2015 3,750,000 1,106,301
2016 3,925,000 954,987
2017 4,100,000 796,987
I 2018 4,275,000 630,926
2019 1,500,000 456,588
2020 1,575,000 392,838
2021 1,650,000 323,931
I 2022 1,725,000 251,331
2023 1,825,000 173,706
2024 1,900,000 89,300
I TOTAL $119,275,000 $ 28,380,896 $ 85,503 $ 13,137
Fiscal Genera] Obligation Bonds Corporate Purpose Notes
I Year Carried as Enterprise Fund Carried as Enterprise Fund
Ending Liabilities Liabi]ities
December 3 1 Principal Interest Principal Interest
I 2006 S 560,]93 $ 229,372 $ 109,621 $ 105,756
2007 580,0] 7 209,692 115,039 100,338
2008 599,8] 7 188,445 120,725 94,652
I 2009 624,573 165,6]0 ]26,69] 88,686
2010 654,28] 146,142 132,952 82,425
2011 678,938 125,485 ] 39,523 75,854
2012 698,55 ] 103,632 ]46,4]9 68,958
I 2013 488,]27 80,843 ]53,655 61,722
2014 505,000 66,300 ]6],249 54,128
2015 525,000 51,]50 ]69,2]9 46,158
I 2016 545,000 34,875 ] 77,582 37,795
2017 580,000 17,980 ]86,359 29,018
2018 ]95,569 19,808
2019 205,22] 10,143
I 2020
2021
2022
2023
I 2024
TOTAL S 7,039,497 $ ],419,526 S 2,139,824 $ 875,441
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
e. Advance Refundings
On November 15, 2005, the Village issued $10,000,000 General Obligation
Refunding Bonds, Series 2005 to call and redeem at par, on December 1, 2005, the
$10,000,000 General Obligation Bonds, Series 1998A due December 1,2012 - 2018.
Of the proceeds, $10,000,000 of the General Obligation Refunding Bonds, Series
2005 has been deposited into an irrevocable trust to provide for all future debt service
payments on of the General Obligation Bonds, Series 1998A. As a result, the
refunded bonds are considered defeased and the escrowed assets and liability for the
bonds have been removed from these financial statements.
The Village advance refunded the General Obligation Bond, Series 1998A bonds to
reduce its total debt service by approximately $570,356 and to provide for an
economic gain ofapproxirnately $393,727.
f 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 ofthe 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.
g. 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 $555,715. 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.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
g. Noncommitment Debt (Continued)
Conduit Debt
The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide
fmancial 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 fmancial statements. As of
December 31, 2005, there was one series ofIDRBs outstanding. The aggregate
principal amount payable for the IDRBs outstanding was $8,700,000.
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 Illinois
municipalities through April 30, 2008.
These amounts have been calculated using the Village's current allocation percentage
of8.53%. 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
b. Solid Waste Agency of North em Cook County (SWANCC)
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 SW ANCC
in May of 1995.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
8. CONTRACTUAL COMMITMENTS
b. Solid Waste Agency of Northern Cook County (SWANCC) (Continued)
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. INTERFUND TRANSACTIONS
Due From/To Other Funds
Primary Government
Receivable Fund
Payable Fund
Amount
$ 119
162
894
93
23,768
679,936
6,084
711,056
4,796
4,308,650
5,024,502
102,449
29,098
129,964
261,511
5,286,013
Major Governmental Funds
General Fund
GNAS Redevelopment
GNAS Caretaker
Waterworks
North Maine Water and Sewer
Sewerage
Municipal Equipment Repair
Insurance
Special Tax Allocation
General
Village Permanent
Special Tax Allocation
Total major governmental funds
Nonmajor Governmental Funds
GNAS Caretaker
Waterworks
Sewerage
General
Capital Projects
Total nonrnajor governmental funds
Total governmental funds
- 45 -
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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)
Wholesale Water
General
North Maine Water and Sewer
Sewerage
Waterworks
General
Waterworks
Waterworks
Amount
$ 355,582
40,979
30,970
14,070
600
179,361
24,754
646,316
95,731
1,827
2,430
20,269
3,557
61,849
36,250
194,444
416,357
$ 6,348,686
Receivable Fund
Payable Fund
Enterprise
Waterworks
North Maine Water and Sewer
Commuter Parking Lot
Internal Service
Municipal Equipment Repair
Capital Equipment Replacement
General
GNAS Redevelopment
GNAS Caretaker
Waterworks
North Maine Water and Sewer
Sewerage
GNAS Redevelopment
GNAS Caretaker
TOTAL
The purpose of the significant due from/to other funds is as follows:
$679,936 due to the General Fund from the MERF Fund is for interfund operations.
Repayment is expected within one year.
$4,308,650 due to the Village Permanent Fund from the Special Tax Allocation Fund
is for interfund operations. Repayment is expected within one year.
$102,449 due to the GNAS Caretaker Fund from the Waterworks Fund is for payroll
reallocation. Repayment is expected within one year.
$129,964 due to the Capital Projects Fund from the General Fund is to fund various
Corporate Capital Projects. Repayment is expected within one year.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. INTERFUND TRANSACTIONS (Continued)
Due From/To Other Funds (Continued)
. $355,582 due to the Waterworks Fund from the General Fund is for customer
receipts ofwaterworks utility billing. Repayment is expected within one year.
. $179,361 due to the North Maine Water and Sewer Fund from the Water Fund is for
payroll allocation. Repayment is expected within one year.
. $194,444 due to the CERF Fund from the GNAS Caretaker Fund is refund amount
for fixed asset purchases. Repayment is expected within one year.
Comoonent Unit
Receivable Fund
Payable Fund
Amount
Primary Government
Component Unit
$
231
Advances TolFrom Other Funds
Receivable Fund
Payable Fund
Amount
Government
Waterworks
The Glen Land Sales
Capital Projects
Village Permanent
$ 229,856
17,658,009
TOTAL
$ 17,887,865
The purpose of the significant advances to/from other funds is as follows:
. $229,856 advanced to the Capital Projects Fund from the Waterworks Fund for
infrastructure improvements. Repayment is expected in more than one year.
. The $17,658,009 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.
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I VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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9. INTERFUND TRANSACTIONS (Continued)
I Interfund Transfers
I Primary Government
Transfers In Transfers Out Amount
I Major Governmental Funds
General Fund Illinois Municipal Retirement $ 221,718
I Refuse and Recycling 1,175,000
GNAS Redevelopment 2,000
GNAS Caretaker 2,000
I Capital Projects 37,000
Escrow Deposit 52,000
North Maine Water and Sewer 307,500
Wholesale Water 106,500
I Total Major Governmental Funds 1,903,718
I Nonmajor Governmental Funds
GNAS Redevelopment Special Tax Allocation 1,550,000
GNAS Caretaker Special Tax Allocation 2,175,000
I Nonmajor Governmental Funds
Corporate Purpose Bonds of 2000 Corporate Purpose Bonds of 2002 423,106
I Corporate Purpose Bonds of 2003 Special Tax Allocation 47,187
I GNAS Bond Fund Series of 1995 The Glen Land Sales 3,750,000
The Glen Bond 2004 11,786,783
Capital Projects North Maine Water and Sewer 250,000
I Total Nonmajor Governmental Funds 19,982,076
I Major Business-Type Funds
Waterworks Sewerage 113,085
Capital Proj ects 35,274
I GNAS Bond Fund Series of 1995 22,000
Sewerage GNAS Bond Fund Series of 1995 250,000
I Capital Projects l88,964
Total Major Business-Type Funds 609,323
I TOTAL $ 22,495,117
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary- Government (Continued)
The purpose of the significant interfund transfers are as follows:
.
$221,718 transfer to General Fund from IMRF as the fund was closed out.
.
$1,175,000 transfer to General Fund from Refuse and Recycling Fund to fund land
acquisition.
$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.
. $1,550,000 transfer to GNAS Redevelopment Fund from the Special Tax Allocation
Fund to fund operations.
. $2,175,000 transfer to GNAS Caretaker Fund from the Special Tax Allocation Fund
to fund operations.
. $423, I 06 transfer to the Corporate Purpose Bonds of 2000 Fund from Corporate
Purpose Bonds of 2002 Fund as the fund was closed out.
. $3,750,000 transfer to GNAS Bond Fund Series of 1995 from the Glen Land Sales
Fund to fund land acquisition.
. $11,786,783 transfer to Glen Bond Fund Series of 1995 from the 2004A Bond Fund
to fund operations.
$250,000 transfer to Capital Projects Fund from the North Maine Water and Sewer
Fund to fund various projects.
$113,085 transfer to the Waterworks Fund from the Sewerage Fund to fund various
projects.
. $250,000 transfer to the Sewerage Fund from the GNAS Bond Fund Series 1995
Fund to fund sewer projects.
. $188,964 transfer to the Sewerage Fund from the Capital Projects Fund to fund sewer
projects.
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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
2006
2007
2008
$ 164,378
164,378
164,378
The Village has committed to make payments to SW ANCC for solid waste refuse
disposal and expects to pay the following amounts:
Year Ending
December 31
Amount
2006
2007
2008
2009
2010
2011-2022
$ 216,016
216,016
216,016
216,016
216,016
1,295,663
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
10. CONTINGENT LIABILITIES (Continued)
d. Solid Waste Agency of Northern Cook County (SW ANCC) (Continued)
These amounts have been estimated based upon the Village's commitment for 2005.
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.
11. JOINT VENTURES
Solid Waste Agency of Northern Cook County (SW ANCC)
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 ofthe 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.
Complete [mancial 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 SWANCC from the ownership and operation of the system. SWANCC
covenants to establish fees and charges sufficient to provide revenues to meet all its
requirements.
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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)
In accordance with the contract, the Village made $743,910 in payments to SW ANCC for
the year ended December 31, 2005. The payments are recorded in the Refuse and Recycling
Fund. The Village does not have an equity interest in SW ANCC at December 31, 2005.
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 if they 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 $430,964 for the 72 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.
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 fmancial
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.
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
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 1 2/3% of their final rate of earnings, for each year of credited
service up to 15 years and 2% for each year thereafter. IMRF also provides death
and disability benefits. These benefit provisions and all other requirements are
established by state statute. Participating members are required to contribute 4.5% of
their annual salary to IMRF. The Village is required to contribute the remaining
amounts necessary to fund the IMRF as specified by statute. The employer
contribution for the year ended December 31, 2005 was 9.37% 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, 2005, 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
3S
49
28
112
TOTAL
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.
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NOTES TO FINANCIAL STATEMENTS (Continued)
13. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension (Continued)
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 I, 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 14.29% 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 defmed 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, 2005, the Firefighters' 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
55
48
37
TOTAL
140
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 of
the 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 of 2.50% of such monthly
salary for each additional month over 20 years of service through 30 years of service
to a maximum of 75.00% 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 3.00% of the original pension and 3.00% compounded annually thereafter.
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Nonmajor
Capital Bond Fund 2000 Nonmajor
Projects Series of 1993 Project Waterworks Sewerage
Fund Fund Fund Fund Fund
Correct receivable from other
governments recorded at
December 31, 2004 $ (478,517) $ $ $ $
Correct advance from other
funds 1,272,786 120,019 (120,019) (1,272,786)
To correct 2004 contributions (405,848) 405,846
Total prior period 794,269 120,019 (120,019) (1,678,634) 405,846
adjustments
FUND BALANCE!
RETAINED EARNINGS,
JANUARY I, 2005 4,811,066 (120,019) 2,874,151 28,873,259 7,049,530
FUND BALANCE!
RETAINED EARNINGS,
JANUARY 1,2005,
AS RESTATED $ 5,605,335 $ $ 2,754,132 $ 27,194,625 $ 7,455,376
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Costs (Continued)
The net pension obligation (asset) has been calculated as follows:
Police Firefighters'
Pension Pension
Annual required contributions $ 748,235 $ 693,046
Interest on net pension obligation (17,335) (13,795)
Adjustment to annual required contribution 10,174 8,096
Annual pension cost 741,074 687,347
Contributions made 758,954 715,994
(Increase) decrease in net pension obligation (asset) (17,880) (28,64 7)
Net pension obligation (asset) beginning of year (216,688) (172,433 )
NET PENSION OBLIGATION (ASSET),
END OF YEAR $ (234,568) $ (201,080)
14. PRIOR PERIOD ADJUSTMENTS
The following prior period adjustments were made to correct prior period errors in
recognition of revenues and expenditures/expenses:
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. PRIOR PERIOD ADmSTMENTS (Continued)
In addition, governmental net assets have been restated to increase capital assets, net of
accumulated depreciation, by $2,232,654. To adjust under valuation of assets, to increase
deferred charges by $164,900 for unrecorded bond issuance costs on the Series 20048
bonds and to increase the unamortized bond discount for the Series 2004A bonds in the
amount of $62,902.
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1
1 VILLAGE OF GLEN VIEW, ILLINOIS
SCHEDULE OF REVE1'.'UES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
I GENERAL FUND
For the Year Ended December 31, 2005
I (with comparative actual for 2004)
I Original and
Fina] 2005 2004
I Budget Actual Actual
REVENUES
Taxes $ 15,075,000 $ 17,841,805 $ 13,372,764
I Intergovernmental 19,327,305 20,465,575 18,543,064
Charges for services 1,007,500 6,442,824 1,499,994
Licenses and permits 1,547,000 1,935,601 2,]28,826
I Fines and forfeits 175,000 223,917 249,956
Investment income 155,000 394,846 145,992
Miscellaneous 632,500 593,278 571,396
I Tota] revenues 37,919,305 47,897,846 36,5] 1,992
I EXPENDITURES
General government 9,866,700 5,717,887 9,283,332
Public safety 20,942,933 24,025,703 18,895,113
I Highways and streets 9,284,244 10,227,675 7,380,427
T ota] expenditures 40,093,877 39,971,265 35,558,872
I EXCESS (DEFICIENCY) OF REVENlJES
OVER EXPENDITURES (2,174,572) 7,926,581 953,120
I OTHER FINANCING SOURCES (USES)
Transfers in 1,368,350 1,903,7] 8 506,602
Sale of capital assets 188,000 83,999 25,000
I Tota] other financing sources (uses) 1,556,350 1,987,717 531,602
( NET CHANGE IN FUND BALANCE $ (6]8,222) 9,9]4,298 1,484,722
FUND BALANCE, JANUARY 1 19,]56,296 17,873,8]2
r Prior period adjustment (202,238)
FUND BALANCE, JANUARY 1, RESTATED ]9,]56,296 17,671,574
J FUND BALANCE, DECEMBER 3] $ 29,070,594 $ ]9,156.296
r
(See independent auditor's report.)
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December 31, 2005
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SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(4) UAAL
(2) Unfunded (OAAL)
Actuarial (Overfunded) Asa
Actuarial (1) Accrued (3) AAL Percentage
Valuation Actuarial Liability Funded (U AAL) (5) of Covered
Date Value of (AAL) Ratio (OAAL) Covered Payroll
December 31 Assets Entry-Age (1)/(2) (2) - (1) Payroll (4) /(5)
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%
2005 30,882,404 35,627,751 86.68% 4,745,347 15,425,749 30.76%
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
December 3], 2005
UAAL
(2) (OAAL)
Actuaria] (4) Asa
Actuaria] (I) Accrued (3) Unfunded Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (UAAL) Covered Payroll
December 3 ] Assets Entry-Age (1)/(2) (2) - (I) Payroll (4) /(5)
]999 $ 25,629,270 $ 25,769,884 99.45% $ ]40,6]4 $ 4,008,491 3.51%
2000 29,157,173 30,130,881 96.77% 973,708 4,309,083 22.60%
200] 29,380,377 3 ],728,24] 92.60% 2,347,864 4,583,354 51.23%
2002 31,060,435 34,312,] 89 90.52% 3,251,754 4,73],354 68.73%
2003 3],723,999 37,716,603 84.11% 5,992,604 5,050,308 ]]8.66%
2004 36,5] 5,447 4] ,086,40] 88.87% 4,570,954 5,3] ] ,550 86.06%
(See independent auditor's report.)
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December 31,2005
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS' PENSION FUND
(4) UAAL
(2) Unfunded (OAAL)
Actuarial (Overfunded) Asa
Actuarial (I) 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 $ 36,747,302 $ 34,999,514 104.99% $ (1,747,788) $ 4,506,495 (38.78%)
2000 40,166,889 38,856,179 103.37% (1,310,710) 4,760,709 (27.53%)
2001 41,979,483 40,548,063 103.53% (1,431,420) 5,148,997 (27.80%)
2002 44,326,852 44,164,653 100.37% (162,199) 5,074,146 (3.20%)
2003 46,389,363 48,832,548 95.00% 2,443,185 5,530,644 44.18%
2004 45,951,188 52,181,007 88.06% 6,229,819 5,701,005 109.28%
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2005
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC) Contributed
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%
2005 1,445,393 1,445,393 100.00%
(See independent auditor's report.)
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December 31, 2005
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC) Contributed
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%
2004 758,954 748,235 101.43%
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
December 31, 2005
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC) Contributed
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%
2004 715,994 693,046 103.31%
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2005
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 of2003) 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 2005
The source of revenue 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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VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORM A nON (Continued)
2. EXCESS OF ACTUAL EXPEr--.TDITURESIEXPENSES OVER BUDGET IN
INDIVIDUAL FUNDS
The following funds had an excess of actual expenditures/expenses (exclusive of
depreciation and amortization) over budget for the fiscal year:
Fund
Excess
Foreign Fire Insurance
$ 22,462
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MAJOR GOVERNMENTAL FUNDS
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 TIF 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.
2004 Glen Bond Fund - to account for development projects funded by the 2004 General
Obligation Bond issue.
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
VILLAGE PERMANENT FUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Investment income $ 150,500 $ 1,689,609 $ 1,062,083
Total revenues 150,500 1,689,609 1,062,083
EXPENDITURES
None
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 150,500 1,689,609 1,062,083
OTHER FINANCING SOURCES (USES)
Transfers in 2,520,220 579,248
Transfers (out) (13,000,000)
Total other financing sources (uses) (10,479,780) 579,248
NET CHANGE IN FUND BALANCE $(10,329,280) 1,689,609 1,641,331
FUND BALANCE, JANUARY 1 40,811 ,948 38,321,893
Prior period adjustment 848,724
FUND BALANCE, JANUARY 1, RESTATED 40,811,948 39,170,617
FUND BALANCE, DECEMBER 31 $ 42,501,557 $ 40,811,948
(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
GNAS BOND FUND SERIES 1995
F or the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Intergovernmental $ 120,493 $ 2,420 $ 3,957,471
Investment income 1,500 84,807 2,102
Miscellaneous 18,757 30,168
T ota] revenues 121,993 ]05,984 3,989,741
EXPENDITURES
Capital outlay 28,379,556 14,642,296 12,707,827
Total expenditures 28,379,556 14,642,296 12,707,827
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (28,257,563) (14,536,312) (8,718,086)
OTHER FINANCING SOURCES (USES)
Transfers in 31,588,353 15,536,783 10,207,715
Transfers (out) (272,000)
Tota] other financing sources (uses) 31,588,353 15,264,783 10,207,7]5
NET CHANGE IN FUND BALANCE $ 3,330,790 728,47] 1,489,629
FUND BALANCE (DEFICIT), JANUARY I (798,731 ) (2,513,360)
Prior period adjustment 225,000
FUND BALANCE (DEFICIT), JANUARY I, RESTATED (798,731) (2,288,360)
FUND BALANCE (DEFICIT), DECEMBER 3] $ (70,260) $ (798,731)
(See independent auditor's report.)
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Final 2005 2004
Budget Actual Actual
PROJECT COSTS
Village of Glenview Development
Department fees $ 4,750,000 $ 5,434,046 $ 463,589
Demolition 21,040
Surveys, plats, and maps 342,111 18,116 52,423
East Lake Ave. construction 6,000,000 24,929 338,879
Engineering 2,079,954 625,867 1,052,013
Sidewalks 260,000
Sanitary sewer construction 230,000 8,077 40,575
Memorial restoration 40,979
SCADA system 100,000 32,474 80,549
Patriot Blvd.lWilIow to W Lake 275
Lehigh A venue roadways 217,381 970,390
ChestnutlPatriot Blvd. to golf course 1,502
Traffic signals - Lehigh (1,107) 122,762
Drainage - Lehigh 39,176 301,571
East Lake Ave. Engineering/
Construction management 182,819 161,375 698,648
Water source improvements 200,000 46,301 273,778
Fire department building 35,000 31,523 1,285,655
Bike paths 20,619 10,951 5,340
Street lights - Lehigh 50,648
Youth services 1,626 143,299
Gallery Park landscape and amenities 807,155 119,255 410,230
Roadway median and parkway landscape 394,019 119,381 410,373
Prairie/wetland management and mitigation 2,032,831 170,438 205,544
Patriot Blvd./W Lake to Chestnut 22,865 209,275
NIPSTA 89,855
Street lighting and traffic signals 560,000 369,393 131,700
Lake outlet and culvert enhancements 361,559 213,176 1,041
W Side reservoir and pump construction 100,000 16,632
Rugen engineering 220,000 139,361 248,477
Rugen reservoir and pump construction 2,800,000 2,382,547 4,185,180
Utility allowance 362,691 6,596 344,848
Michael Joseph foundation 30,000
Potable water construction 180,000 (1,558) 44,199
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VILLAGE OF GLEN VIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES-
BUDGET AND ACTUAL
GNAS BOND FUND SERIES 1995
For the Year Ended December 31, 2005
(with comparative actual for 2004)
(This schedule is continued on the following page.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
GNAS BOND FUND SERIES 1995
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
PROJECT COSTS (Continued)
Metra station design and construction $ 34,843 $ $
Metra station parking lots 10,778
Stormwater piping construction 240,000 74,514
Land purchase/easements 25,000
Construction fence 10,000 5,517 605
Public works campus 375,000 581,634 18,688
Prairie Lawn closing
Lake construction and management 187,607 70,487 156,097
Telephone 120
Miscellaneous restoration 70,000 8,898 218,036
Shermer Road public works 550,000 32,069
Post office 3,750,000 3,750,000
Thomas Place 252,000
Contingencies 825,570
TOTAL EXPENDITURES $ 28,379,556 $ 14,642,296 $ 12,707,827
(See independent auditor's report.)
- 73 -
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITT.3RES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GLEN LA.c~D SALES FUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Investment income $ 2,000 $ 11,759 $ 51,252
Miscellaneous
Lease fees 5,710 4,282
Land sales 10,601,100 2,893,460
Total revenues 10,603,100 17,469 2,948,994
EXPENDITURES
General government
Contractual services 328
Debt service
Interest and fiscal charges 942,804 721,851
Capital outlay 1,894,500 781,837 535,132
Total expenditures 1,894,500 1,724,969 1,256,983
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 8,708,600 (1,707,500) 1,692,011
OTHER FINANCING SOURCES (USES)
Transfers (out) (2,520,220) (3,750,000) (6,635,927)
Total other fmancing sources (uses) (2,520,220) (3,750,000) (6,635,927)
NET CHANGE IN FUND BALANCE $ 6,188,380 (5,457,500) (4,943,916)
FUND BALANCE (DEFICIT), JANUARY 1 (10,952,837) (4,935,197)
Prior period adjustment (1,073,724)
FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (10,952,837) (6,008,921)
FUND BALANCE (DEFICIT), DECEMBER 31 $ (16.410,337) $ (10,952,837)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2004 GLEN BOND FUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Investment income $ 1,500 $ 560,660 S 121,436
EXPENDITURES
Debt service
Interest and fiscal charges 97,288
Total expenditures 97,288
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,500 560,660 24,148
OTHER FINANCING SOURCES (USES)
Bonds issued 25,000,000
Premium on bonds issued 65,614
Transfers (out) (24,588,353) (11,786,783) (3,115,950)
Total other financing sources (uses) (24,588,353) (11,786,783) 21,949,664
NET CHANGE IN FUND BALANCE $ (24,586,853) (11,226,123) 21,973,812
FUND BALANCE, JANUARY I 21,973,812
FUND BALANCE, DECEMBER 31 S 10,747,689 $ 21,973,812
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
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SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERALFU'<D
For the Year Ended December 31, 2005
(with comparative actual for 2004)
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Original and
Final 2005 2004
Budget Actual Actual
TAXES
Property taxes - current $ 6,775,000 $ 6,492,176 $ 5,501,725
Property taxes - prior 25,000 169,998 16,067
Utility tax - N. 1. Gas 725,000 1,104,279 916,677
Utility tax - Commonwealth Edison 1,975,000 2,161,810 1,964,523
Utility tax - telecommunications 2,900,000 4,013,607 3,067,222
Amusement tax 100,000 106,816 100,942
Hotel room tax 575,000 757,542 698,976
Home rule sales tax 2,000,000 3,035,577 1,106,632
Total taxes 15,075,000 17,841,805 13,372,764
INTERGOVERNMENTAL
Glenbrook Fire Protection District 2,350,000 2,543,096 2,535,012
Replacement taxes 90,000 207,969 125,335
Sales tax 12,500,000 12,325,158 11,632,246
Illinois income tax 2,600,000 3,521,197 2,659,483
Photo use tax 385,000 516,223 437,121
Road and bridge 215,000 216,628 204,639
Road and bridge - prior 1,000 2,320
Village of Golf Fire Protection Services 150,000 148,503 146,208
Miscellaneous intergovernmental 328,910 244,723 222,360
Make-whole payment 700,000 739,758 575,114
Maintenance of highways 7,395 5,546
Total intergoverrnnenta] 19,327,305 20,465,575 18,543,064
CHARGES FOR SERVICES
Fire communications 255,000 287,281 234,327
Plan review fees 100,000 76,833 222,755
Reinspection fees 20,000 25,313 23,238
Elevator inspection fees 20,000 46,712 40,395
Planning fees 7,500 3,964 11,129
Electrical inspection 55,000 81,382 107,498
Engineering fees 250,000 124,862 518,49]
Other service charges 35,000 85,244 70,082
Lease fees 250,000 270,847 207,763
Dog impounding fees 1,000 1,930 860
Administration fees - Library 14,000 14,000 10,000
Development fees 5,424,456 53,456
Total charges for services 1,007,500 6,442,824 1,499,994
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(This schedule is continued on the following page.)
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VILLAGE OF GLE!\V'JEW, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND AcruAL(Continued)
GENERAL FUND
For the Year Ended December 31, 200S
(with comparative actual for 20(4)
(See indepellclent auditM's report.)
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VILLAGE OF GLENVlEW, ILLINOIS I
SCHEDULE OF EXPENDITURES. BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2005 I
(with comparative aaual for 2004)
Original and I
Final 200s 2004
Budget Actual AcluaI I
GENERAL GOVERNMENT
Boord ofTrusteeJ S 41,589 S 57,587 S 64,953
Special boanI 1,719,210 1,426,966 1,494,911 I
Legal 499,518 576,045 325,058
Emergency Service Disaster Asency 5,250 3,945 3,951
Village Manager 645,572 863,129 727,917 I
Finance 2,306,765 2,334,943 1,902,927
Infonnation systems management 733,437 712,639 600,853
HlIIDlIIl resouroes 4,499,187 339,555 4,702,778
Cable TV 114,522 102,625 103,275 I
Less adminisIIative fees (698,350) (699,547) (643,291)
TolaIgenenl government 9,866.700 5,717,887 9,283,332
PUBLIC SAFETY I
Polk:e department 10,348,381 11,897,106 9,522,091
Fire department 10,698,802 12,252,262 9,495,444
I'rinlq 30,750 11 ,560 12,578 I
Less administnlive f'ees ( 135,000) (135,225) (135,000)
TotBI public ssfety 20,942,933 24,025,703 18,895,113
HIGHWAYS AND STREETS I
neWlIopmoot and publi<: ~
AdmiDisU'ati1lll 500.461 593,358 447,701
I'Iamling and moiog 356,980 488,634 370,580 I
Engineering 1,245,609 1,258,451 928,041
Public health 399,242 429,252 257,538
Buildings and grounds 307,250 262,373 228,781 I
Building inspectioo 1,177,239 1,393,118 1,065,223
TotBI deveiopmmt and public services 3,986,781 4,425,186 3,297,864
Publicwotb I
Administnrtion 450,029 545,873 370,381
Ovabead 2,740,348 3,013,730 2,066,847
Street mainlenance 325,600 518,046 230,937 I
Traffic 343,000 379,661 264,119
Storm water IIlIll8gllI1teI 280,686 130,021 174,736
Snow and ice c:omrol 602,000 468,014 460,363
FORSlJy 306,000 581,8811 302,376 I
Grounds 249,800 165,256 212,804
Total public worl<S 5,297 ,463 5,802,489 4,082,563
Total highways and streets 9,284,244 10,227,675 7,380,427 I
TOTAL EXPENDITURES S 40,093.877 S 39.971.265 S 35.558.872
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(See independenl BUdi1ol's report.)
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VILLAGE OF GLENVIEW,lLLINOlS
SCHEDULE OF DETAILED EXPENDrruRES -
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2005
(with comparative actual fur 2004)
OriginalllJld
Final 2005 2004
Budget Actual Actual
GENERAL GOVERNMENT
Board of Trustees
Personal services S 9,689 S 9,826 S 9,150
Contractual service9 6,100 10,467 44,980
MaterialllJld supplies 24,800 37,294 10,415
Other 1,000 408
Total Board ofTrustees 41,589 57 ,587 64,953
Special Appropriations
Contractual services 292,110 251,245 244,006
Material and supplies 2,100 30 256
Capital outlay 1 ,425,000 1,175,691 1,250,649
Total special appropriations 1,719,210 1,426,966 1,494,911
Legal
Contractual services 495,718 573,427 323,979
Material and supplies 3,800 2,618 1,079
Total legal 499,518 576,045 325,058
Emergency Service Disaster Agency
Contractual sc::vices 4,000 3,945 3,951
Other charges 1,250
Total Emergency Service Disaster Agency 5,250 3,945 3,951
Village Manager
Personal services 542,466 690,808 583,886
Contractual services 29,445 51,702 112,901
Material and supplies 3,450 3,476 4,432
OIhe. 70,21] 93,643 23,224
Capital outlay 23,500 3,474
Total Village Manager 645,572 863,129 727,917
Finance
Personal services 1,063,381 1,034,940 727,260
Contractual services 1,149,295 1,214,222 1,080,222
Material and supplies 79,265 74,786 49,408
Other 14,824 10,995 12,273
Capital outlay 33,764
Total finance 2,306,765 2,334,943 1 ,902,927
(This schedule is continued on the following pages.)
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VILLAGE OF GLENVIEW. R.UNOlS I
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTIJAL (Continued)
GENERAL FUND I
For the Year Ended December 31. 2005
(with comparative actual for 2004) I
Original and I
Final 200s 2004
BudRet Ac:tuaI ActuaI
GENERAL GOVERNMENT (Continued) I
Infotmation sysllms management
Personal services S 233.196 S 205,266 S 139,133
Contnctual services 98,560 82,252 228,222
Material and supplies 271,020 308,196 33,385 I
Other 90,000 72,707 41.480
Capital outlay 40,661 44,218 158,633
Total infonnation syS1emS management 733,437 712,639 600,853 I
Human re5O\D"Ces
Personal services 4,355,287 130,732 4,567,300 I
Contractual services SO,750 109,850 41,111
Material and supplies 250 17l
Other 92,900 98,973 94,196
Total human resoID"Ces 4,499.187 339,555 4.702,778 I
Cable TV clepartment
PersonaI services 64,520 65.930 70,950 I
Contractual services 4,650 5,764 3,764
Material and supplies 9,300 6,862 6,404
Other 26,052 16,390 5,696
Capital outlay 10,000 7,679 16,461 I
Total Cable TV department 114,522 102,625 103,275
Less administmtive fees I
911 Communications Fund (45.000) (45,075) (45,000)
Waterworlcs Fund (555,000) (555.000) (499,500)
Sewcmge Fund (77,3SO) (77,3SO) (77,791) I
Commuter Parking Lot Fund (21,000) (22,122) (21.000)
Total administrative fees (698,350) (699,54 7) (643,291)
TOTAL GENERAL GOVERNMENT S 9.866.700 S 5.717.887 $ 9.283.332 I
PUBLIC SAFETY
Police department I
Personal services $ 7,920,597 $ 9,356,090 S 7,585,749
Contmctua1 services 312,631 294,269 235.324
Material and supplies 282,248 233,840 212.564 I
Other 1,795.701 1,981,373 1,484,443
Capital outlay 37,204 31,534 4,011
Total police department 10,348,381 11,897,106 9,522,091 I
(This schedule is continued on the fullowin8 pages.)
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vnLAGEOFGL~,LUNOffi
SCHEDULE OF DETAILED EXPENDITIJRES -
BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended December 31, 2005
(with comparative actual for 2(04)
Original and
FiDaI
Budget
2005
Actual
2004
Actual
PUBLIC SAFETY (Continued)
Fire department
Penonal services
Cont!3l:luaI services
Material and supplies
Other
Capital outlay
$ 7,793,689 S 9,501,192 S 7,469,602
601,888 516,322 358,937
260,935 165,665 174,424
2,036,790 2,069,083 1,391,068
5,500 101,413
10,698,802 12,252,262 9,495,444
750 30 784
30,000 II ,530 11,794
30,750 II ,560 12,578
(135,000) (135,225) ( 135,000)
S 20.942.933 S 24.025.703 S 18.895.113
Total fire department
Printing
Contractual services
Material and supplies
Total printing
Less administlative fees - GeneIlll Fund
911 Communications Fund
TOTAL PUBLIC SAFETY
mGHW A YS AND STREETS
Development and public service
Administration
Personal services
Contractual services
Material and supplies
Equipment repair and replacement
Other
Planning and zoning
Personal services
Contractual services
Material and supplies
Other
$ 467,578 S 551,363 S 392,895
23,850 34,692 46,683
1,100 84 631
5,933 5,381 4,871
2,000 1,838 2,621
500,461 593,358 447,701
161,840 220,699 152,693
163,000 238,439 213,992
700 335 415
31,440 29,161 3,480
356,980 488,634 370,580
977,435 1,075,869 846,025
74,650 17,251 9,640
11,170 8,922 11,072
181,354 151,358 5,614
Total administration
Total planning and zoning
Engineering
Personal services
Contractual services
Material and supplies
Other
(This scbedule is continued on die following pages.)
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VILl..AGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES-
BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended December 31, 2005
(with comp8JlItive actua1 for 2004)
Original and
Final 2005 2004
Budget Actual Actual
HJGHW AYS AND STREETS (Continued)
Development and public service (Continued)
Engineering (Continued)
Equipment repair and replacement $ S $ 52,657
Capital outlay 1,000 5,051 3,033
Total engineering I ,245,609 1,258,451 928,041
Public health
Personal services 299,149 350,508 235,026
Contractual services 3,527 828 1,124
Material and supplies 10,025 2,962 2,131
Equipment repair and replacement 15,731 14,042 16,424
Other 54,810 47,356 2,833
Capital outlay 16,000 13,556
Total public health 399,242 429,252 257,538
Buildings and grounds
Personal services 43,500 47,731 34,685
Contractual services 131,500 102,830 1]5,794
Materia] and supplies 17,750 43,874 22,654
Capital outlay 6,500 4,550 588
Other 108,000 63,388 55,060
Total buildings and grounds 307 ,250 262,373 228,78]
Building inspection
Personal services 931,655 1,]42,104 946,47]
Contractual services 35,160 44,415 36,57]
Material and supplies ]2,900 9,699 14,658
Equipment repair and replacement 28,46] 3],435 41,524
Other 169,063 ]65,465 25,999
Total building inspection 1,177,239 1,393,118 1,065,223
Total development and public service 3,986,781 4,425,186 3,297,864
Pub]ic wOlks
Administration
Personal services 420,029 496,288 334,900
Contractual services 17,000 35,097 17,883
Material and supplies 7,000 ]0,457 9,641
Capital outlay 7,085
Other 6,000 4,031 872
Total administration 450,029 545,873 370,38]
(This schedule is continued on the following pages.)
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VILLAGE OF GLENVIEW, ILUNOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the V_Ended Deccmber 31,2005
(with comparative actual for 2004)
Original and
Final 2005 2004
Budget Actual Actua1
HIGHWAYS AND STREETS (Continued)
Public works (Continued)
Overhead
Personal services $ 911,150 $ 1,187,867 $ 1,103,903
Contractual services 94,500 109,465 69,397
Material and supplies 125,150 108,550 104,271
Capital outlay 1,226,578 1,246,664 784,284
Other 382,970 361,184 4,992
Total overhead 2,740,348 3,013,730 2,066,847
Street maintenance
Personal services 273,600 426,215 163,831
Contractual services 4,820 4,224
Material and supplies 52,000 87,011 62,882
Total street maintenance 325.600 518,046 230,937
Traffic
Personal services 94,000 152,529 72,087
Contractual services 115,000 121,847 73,802
Material and supplies 134,000 105,285 118,230
Total traffic 343,000 379,661 264,119
Stann water management
Personal services 232,086 82,827 129,588
Contractual servius 14.000 9,713 13,180
Material and supplies 34,600 37,481 31,968
Total stonn water management 280,686 130,021 174.736
Snow and ice control
Personal services 330,000 170,798 247,660
Contractual services 31,000 53.050 23,232
Material and supplies 241,000 244,166 189,471
Total snow and ice control 602,000 468,014 460,363
Forestry
Personal services 280,800 557,599 274,094
Contractual services 13,200 7,351 12,333
Material and supplies 12,000 16,938 15,949
Total forestry 306,000 581,888 302,376
(This schedule is continued on the foUowing page.)
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Original and
Final 2005 2004
Budget Actua1 Actua1
HIGHWAYS AND STREETS (Continued)
Public works (Continued)
Grounds
Personal services $ 103,800 S 37,798 S 86,191
ConIractual services 146,000 127,458 126,613
Total grounds 249,800 165,256 212,804
Total public wori<s 5,297,463 5,802,489 4,082,563
TOTAL HlGHW A YS AND STREETS S 9 .284.244 $ 10.227 .675 $ 7.380,427
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VIU.AGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACI1JAL (Continued)
GENERAL FUND
Fortbe Year Ended December 31,2005
(witb co~ve actual for 2004)
(See independent auditor's tepOrt.)
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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 of the State of Illinois that provide coverage to homes and businesses
within the Village.
Illinois 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.
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 Illinois State
Police office to be used in various types of investigations.
Corporate Purpose Bond Series of2oo0 Fund - This issue in the amount of $4,970,000 was sold
to finance various capital improvements throughout the Village.
General Obligation Refunding Bond Series of2002 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 of 2003 Fund - This issue in the amount of $9,990,000 was sold
to refund the Corporate Purpose Bond Series of 1992 and 1996.
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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.
2003 Project Fund - to account for the funds derived from the 2003 General Obligation Bond
issue.
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(This page is intentionally left blank.)
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I Special Revenue Debt Service
Police Corporate General Corporate Corporate
Department Purpose Obligation Purpose Purpose
I GNAS GNAS Special Bond Series Refunding Bond Bond Series Bond Series
Redevelopment Caretaker Deposit ACcOlmt of2000 Series of2002 of 2003 of 2004
I $ 39,241 $ 239,621 $ 93,846 $ 50,664 $ 25,940 $ $ $
675,000 375,000 1,674,443
I ],509,374
],077
30,000
I 131,547
$ 39,241 $ 40],168 $ 769,923 $ 50,664 $ 1,910,314 $ $ $ 1,674,443
I
I $ 64,030 $ 55,021 $ 26,512 $ $ $ S $
3,110 5,253
667,854
38,196 ]97,036
I ],509,374
I 105,336 257,310 694,366 ],509,374
I 1,674,443
50,664
I (66,095) 143,858 75,557
400,940
I (66,095) 143,858 75,557 50,664 400,940 1,674,443
$ 39,241 $ 401,168 $ 769,923 $ 50,664 $ 1,910,314 $ $ $ 1,674,443
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(This statement is continued on the following page.)
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VILLAGE OF GLENVIEW, ILLINOIS I
COMBINING BALANCE SHEET (Continued)
NONMAfOR GOVERNMENTAL FUNDS
December 3 I, 2005 I
Capital Proj ects I
Bond
Capital Fund 2000 2003 ,I
Projects Series of 1993 Project Project Total
ASSETS
Cash $ 803,050 $ $ 179,125 $ 11,325 $ 3,183,322 I
Investments 640,715 750,3 J3 275,000 5,452,]24
Receivables
Property taxes ],509,374 I
Accounts 1,077
Other ] 85,439
Due from other governments 350,654 457,628 I
Due from other funds 129,964 261,511
TOTAL ASSETS $ 1,924,383 $ $ 929,438 $ 286,325 $ 11,050,475
LIABILITIES AND FUND BALANCES I
LIABILITIES
Accounts payable $ 845,905 $ $ 59,000 S $ 1,081,958 I
Accrued payroll 9,374
Refundable deposits 667,854
Due to other funds 235,232
Advance to other funds 229,856 229,856 I
Deferred property taxes 1,509,374
Deferred revenues 149,464 149,464
T otalliabilities 1,225,225 59,000 3,883,112 I
FUND BALANCES
Reserved for street improvements 1,113,365 I
Reserved for debt service 1,674,443
Reserved for public safety 560,855
Reserved for capital development 699,158 870,438 286,325 1,855,921
Unreserved - undesignated I
Special Revenue Funds 1,561,839
Debt Service Funds 400,940
Total fund balances (deficit) 699,158 870,438 286,325 7,167,363 I
TOTAL LIABILITIES AND
FUND BALANCES $ 1,924,383 $ $ 929,438 $ 286,325 $ 11,050,475
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See accompanying notes to [mancial statements.
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VILLAGE OF GLENVIEW, [LLINOIS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES (Continued)
NONMAJOR GOVERNMENTAL FUNDS I
Forthe Year Ended December 31, 2005
Capita] Projects I
Bond I
Capital Fund 2000 2003
Projects Series of 1993 Project Project Total
REVENUES I
Taxes S $ $ $ $ 1,530,544
Intergovernmental 3,498,052 5,153,636
Charges for services 1,754,639
Investment income 163,228 65,547 5,786 528,312 I
Contributions 12,330
Miscellaneous
Other 78,635
Total revenues 3,661,280 65,547 5,786 9,058,096 I
EXPENDITURES I
Current
General government 4,548,174
Public safety 604,118
Debt service I
Principal 1,669,652
Interest and fiscal charges 1,161,617
Capital outlay 8,556,219 1,949,241 25,500 13,940,293
Total expenditures 8,556,219 1,949,241 25,500 21,923,854 I
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,894,939) (1,883,694) (19,714) (12,865,758) I
OTHER FINANCING SOURCES (USES)
Sale of capital assets 7,505
Transfers in 250,000 4,445,293 I
Transfers (out) (261,238) (2,085,062)
Tota[ other financing sources (uses) (11,238) 2,367,736
NET CHANGE IN FUND BALANCES (4,906,177) (1,883,694) (19,714) (10,498,022) I
FUND BALANCES (DEFICIT), JANUARY 1 4,811,066 (120,019) 2,874.151 306,039 16,871,116
Prior period adjustments 794,269 120,019 (120,0[9) 794,269 I
FUND BALANCES (DEFICIT), JANUARY 1,
RESTATED 5,605,335 2,754,132 306,039 17,665,385 I
FUND BALANCES (DEFICIT), DECEMBER 31 S 699,[58 $ $ 870,438 S 286,325 $ 7,167.363
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See accompanying notes to financial statements.
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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, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Foreign fire insurance tax $ 50,000 $ 64,583 $ 62,066
Investment income 500 1,213 544
Total revenues 50,500 65,796 62,610
EXPENDITURES
Public safety
Contractual services 22,462 765
Total expenditures 22,462 765
NET CHANGE IN FUND BALANCE $ 50,500 43,334 61,845
FUND BALANCE, JANUARY 1 134,694 72,849
FUND BALANCE, DECEMBER 31 $ 178,028 $ 134,694
(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
ILLINOIS MUNICIPAL RETIREMENT FUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
I
Final 2005 2004 I
Budget Actual Actual
REVENUES I
Taxes
Property taxes - current $ $ $ 596,662
Property taxes - prior 20,838 I
Replacement taxes 20,000
Investment income 353 3,363
Total revenues 21,191 620,025 I
EXPENDITURES I
General government
Contractual services 533 879,106 I
Total expenditures 533 879,106
EXCESS (DEFICIENCY) OF REVENUES I
OVER EXPENDITURES 20,658 (259,081)
OTHER FINANCING SOURCES (USES) I
Transfers (out) (221,718)
Total other financing sources (uses) (221,718) I
NET CHANGE IN FUND BALANCE $ (201,060) (259,081 ) I
FUND BALANCE, JANUARY 1 201,060 460,141 I
FUND BALANCE, DECEMBER 3 1 $ $ 201,060
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(See independent auditor's report.) I
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MOTOR FUEL TAX FUND
I For the Year Ended December 31,2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
REVENUES
I Intergovernmental $ 1,100,000 $ 1,300,789 $ 1,194,311
Investment income 1,550 55,844 11,123
I Total revenues 1,101,550 1,356,633 1,205,434
I EXPENDITURES
Capital outlay 3,429,500 2,832,966 900,000
I Total expenditures 3,429,500 2,832,966 900,000
EXCESS (DEFICIENCY) OF REVENUES
I OVER EXPENDITURES (2,327,950) (1,476,333) 305,434
OTHER FINANCING SOURCES (USES)
I Transfers in 1,978,750
Total other financing sources (uses) 1,978,750
I NET CHANGE IN FUND BALANCE $ (2,327,950) (1,476,333) 2,284,184
I FUND BALANCE, JANUARY I 2,589,698 305,514
FUND BALANCE, DECEMBER 31 $ 1,113,365 $ 2,589,698
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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
GNASREDEVELOPMENTFUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
I
Final 2005 2004
Budget Actual Actual I
REVENUES
Investment income $ 100 $ 401 $ 276 I
Miscellaneous 21,474 37,763
Total revenues 100 21,875 38,039 I
EXPENDITURES I
General government 2,130,122 1,564,896 1,619,735
Total expenditures 2,130,122 1,564,896 1,619,735 I
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,130,022) (1,543,021) (1,581,696) I
OTHER FINANCING SOURCES (USES)
Transfers in 2,000,000 1,550,000 1,585,000 I
Transfers (out) (2,000) (2,000) (2,000)
Total other financing sources (uses) 1,998,000 1,548,000 1,583,000 I
NET CHANGE IN FUND BALANCE $ (132,022) 4,979 1,304
FUND BALANCE (DEFICIT), JANUARY 1 (71,074) (72,378) I
FUND BALANCE (DEFICIT), DECEMBER 31 $ (66,095) $ (71,074) I
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(See independent auditor's report.) I
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
GNASREDEVELOPMENTFUND
ADMINISTRATION DEPARTMENT
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
GENERAL GOVERNMENT
Administration
Personal service $ 851,423 $ 846,500 $ 787,110
Contractual services 933,035 431,809 469,930
Material and supplies 55,975 53,700 44,652
Other charges 193,189 183,326 292,793
Capital outlay 96,500 49,561 25,250
TOTAL EXPENDITURES $ 2,130,122 $ 1 ,564,896 $ 1 ,619,735
(See independent auditor's report.)
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(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
GNASCARETAKERFUND
F or the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Investment income $ 100 $ 454 $ 328
Miscellaneous 51,729 78,062
Total revenues 100 52,183 78,390
EXPENDITURES
General government 2,913,127 2,017,878 2,216,118
Total expenditures 2,913,127 2,017,878 2,216,118
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,913,027) (1,965,695) (2,137,728)
OTHER FINANCING SOURCES (USES)
Transfers in 3,010,000 2,175,000 2,285,000
Transfers (out) (2,000) (2,000) (2,000)
Total other financing sources (uses) 3,008,000 2,173,000 2,283,000
NET CHANGE IN FUND BALANCE $ 94,973 207,305 145,272
FUND BALANCE (DEFICIT), JANUARY 1 (63,447) (164,915)
Prior period adjustment (43,804)
FUND BALANCE (DEFICIT), JANUARY 1, RESTATED (63,447) (208,719)
FUND BALANCE (DEFICIT), DECEMBER 31 $ 143,858 $ (63,447)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
I BUDGET AND ACTUAL
GNASCARETAKERFUND
I F or the Year Ended December 31, 2005
(with comparative actual for 2004)
I Final 2005 2004
Budget Actual Actual
I GENERAL GOVERNMENT
Overhead
I Personal service $ 61,845 $ 19,380 $ 55,317
Contractual services 17,000 24,717 13,391
Material and supplies 10,000 2,534 3,972
I Capital outlay 81,009 27,597 40,210
Other 355,212 313,383 203,865
I Total overhead 525,066 387,611 316,755
Street maintenance
Personal service 42,470 10,498 41,661
I Contractual services 45,000 19,060 36,529
Material and supplies 10,800 11,594 2,073
I Total street maintenance 98,270 41,152 80,263
Traffic
I Personal service 21,952 48,147 21,103
Contractual services 45,000 17,641 24,439
Material and supplies 90,500 92,039 152,828
I Total traffic 157,452 157,827 198,370
I Storm water management
Personal service 62,418 28,671 61,468
Contractual services 8,600 392.00
I Material and supplies 124,000 10,580 17,072
Total storm water management 195,018 39,251 78,932
I Snow and ice control
Personal service 48,257 20,545 40,230
Contractual services 35,000 31,238 32,669
I Material and supplies 34,000 45,245 20,717
Total snow and ice control 117,257 97,028 93,616
I (This schedule is continued on the following pages.)
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF EXPENDITURES.
BUDGET AND ACTUAL (Continued) I
GNASCARETAKERFUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
Final 2005 2004 I
Budget Actual Actual
GENERAL GOVERNMENT (Continued) I
Forestry
Personal service $ 24,085 $ 11 ,246 $ 22,093 I
Contractual services 52,000 1,211 925
Material and supplies 18,700 3,667 3,831
Total forestry 94,785 16,124 26,849 I
Grounds I
Personal service 11,150 4,298 7,727
Contractual services 295,000 186,371 245,433
Material and supplies 8,000 4,221 1,684 I
Total grounds 314,150 194,890 254,844
Great park maintenance I
Persona] service 21,695 36,524 26,426
Contractual services 294,000 214,072 228,550
Material and supplies 87,000 89,713 75,789 I
Other 2,167
Tota] great park maintenance 402,695 340,309 332,932 I
Lake management
Persona] service 26,427 21,149 26,427 I
Contractual services 70,000 1,690 8,514
Material and supplies 28,000 ],114 1,080
Other 2,168 I
Tota] lake management 124,427 23,953 38,189
Prairie management I
Personal service 23,973 33,974 544
Contractual services 52,000 2,5]7 ] 8,670
Material and supplies 23,500 ],385 1,376 I
Total prairie management 99,473 37,876 20,590
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(This schedule is continued on the following page.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL (Continued)
GNASCARETAKERFUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
GENERAL GOVERNMENT (Continued)
Water distribution system
Personal service $ 92,816 $ 58,384 $ 77,827
Contractual services 23,100 9,647 5,590
Material and supplies 146,700 152,058 92,849
Total water distribution system 262,616 220,089 176,266
Sanitary sewer system
Personal service 69,918 8,517 61,164
Contractual services 5,000
Total sanitary sewer system 74,918 8,517 61,164
Parking deck system
Contractual services 328,000 379,281 445,436
Material and supplies 119,000 73,970 77,750
Culture and recreation 14,162
Total parking deck system 447,000 453,251 537,348
TOTAL EXPENDITURES $ 2,913,127 $ 2,017,878 $ 2,216,118
(See independent auditor's report.)
- 101 -
REVENUES
Investment income
$
$
10,737 $
5,384
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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, 2005
(with comparative actual for 2004)
Final
Budget
2005
Actual
2004
Actual
Total revenues
10,737
5,384
EXPENDITURES
None
Total expenditures
NET CHANGE IN FUND BALANCE
$
10,737
5,384
FUND BALANCE, JANUARY I
64,820
59,436
FUND BALANCE, DECEMBER 31
$
75,557 $
64,820
(See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE DEPARTMENT SPECIAL ACCOUNT FUND
I For the Year Ended December 31, 2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
REVENUES
I Fines and forfeitures S 4,000 $ $
Investment income 100 216 155
Miscellaneous 5,432 19,635
I Total revenues 4,100 5,648 19,790
I EXPENDITURES
Public safety
I Other charges 7,500 1,730 15,165
Total expenditures 7,500 1,730 15,165
I EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,400) 3,918 4,625
I OTHER FINANCING SOURCES (USES)
Sale of capital assets 2,000 7,505 12,801
I Transfers (out) (24,602)
Total other financing sources (uses) 2,000 7,505 (11,801)
I NET CHANGE IN FUND BALANCE $ (1,400) 11,423 (7,176)
I FUND BALANCE, JANUARY 1 39,241 46,417
FUND BALANCE, DECEMBER 31 $ 50,664 $ 39,241
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I (See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2002 FUND
I For the Year Ended December 31, 2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
REVENUES
I Taxes
Property $ 871,571 $ 900,924 $ 1,539,213
I Investment income 5,250 35,074 18,338
Contributions 12,330
I Total revenues 876,821 948,328 1,557,551
EXPENDITURES
I Debt service
Principal 1,315,000 1,324,652 1,805,000
Interest and fiscal charges 37,200 34,371 77,375
I Total expenditures 1,352,200 1,359,023 1,882,375
I EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (475,379) (410,695) (324,824)
I OTHER FINANCING SOURCES (USES)
Transfers in 107,518
Transfers (out) (423,106)
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Total other financing sources (uses) (423,106) 107,518
I NET CHANGE IN FUND BALANCE $ (475,379) (833,801) (217,306)
I FUND BALANCE, JANUARY 1 833,801 1,051,107
FUND BALANCE, DECEMBER 31 $ $ 833,801
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I (See independent auditor's report.)
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(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 2003 FUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
I CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION BOND SERIES OF 2004
I F or the Year Ended December 31, 2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
REVENUES
I Investment income $ $ 122,067 $ 1,418
Total revenues 122,067 1,418
I EXPENDITURES
Debt service
I Interest and fiscal charges 931,775 907,311 310,192
Total expenditures 931,775 907,311 310,192
I EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (931,775) (785,244) (308,774)
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OTHER FINANCING SOURCES (USES)
I Bonds issued 2,768,461
Total other financing sources (uses) 2,768,461
I NET CHANGE IN FUND BALANCE $ (931,775) (785,244) 2,459,687
I FUND BALANCE, JANUARY 1 2,459,687
FUND BALANCE, DECEMBER 31 $ 1,674,443 $ 2,459,687
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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
CAPITAL PROJECTS FUND
For the Year Ended December 31,2005 I
(with comparative actual for 2004)
I
Final 2005 2004
Budget Actual Actual I
REVENUES
Intergovernmental $ 3,444,500 $ 3,498,052 $ 1,605,639 I
Investment income 163,228 115,522
Total revenues 3,444,500 3,661,280 1,721,161 I
EXPENDITURES I
Capital outlay 9,404,964 8,556,219 2,754,319
Total expenditures 9,404,964 8,556,2 I 9 2,754,319 I
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (5,960,464) (4,894,939) (1,033,158) I
OTHER FINANCING SOURCES (USES)
Transfers in 250,000 250,000 437,000 I
Transfers (out) (261,238) (1,978,750)
Total other financing sources (uses) 250,000 (11,238) (1,541,750) I
NET CHANGE IN FUND BALANCE $ (5,710,464) (4,906,177) (2,574,908)
FUND BALANCE, JANUARY 1 4,811,066 7,267,168 I
Prior period adjustment 794,269 118,806 I
FUND BALANCE, JANUARY 1, RESTATED 5,605,335 7,385,974
FUND BALANCE, DECEMBER 31 $ 699,158 $ 4,811,066 I
I
(See independent auditor's report.) I
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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 31,2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
REVENUES
Investment income $ 25,500 $ 65,547 $ 43,611
Total revenues 25,500 65,547 43,611
EXPENDITURES
Capital outlay 2,849,156 1,949,241 657,135
Total expenditures 2,849,156 1,949,241 657,135
NET CHANGE IN FUND BALANCE $ (2,823,656) (1,883,694) (613,524)
FUND BALANCE, JANUARY 1 2,874,151 3,528,068
Prior period adjustment (120,019) (40,393)
FUND BALANCE, JANUARY 1, RESTATED 2,754,132 3,487,675
FUND BALANCE, DECEMBER 31 $ 870,438 $ 2,874,151
(See independent auditor's report.)
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$
750 $
5,786 $
2,672
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2003 PROJECT FUND
For the Year Ended December 31,2005
(with comparative actual for 2004)
Final
Budget
2005
Actual
2004
Actual
REVENUES
Investment income
Total revenues
750
5,786
2,672
EXPENDITURES
Capital outlay
270,000
25,500
Total expenditures
270,000
25,500
NET CHANGE IN FUND BALANCE
$ (269,250)
(19,714)
2,672
FUND BALANCE, JANUARY 1
306,039
303,367
FUND BALANCE, DECEMBER 31
$ 286,325 $
306,039
(See independent auditor's report)
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MAJOR ENTERPRISE FUNDS
Waterworks Fund - to account for the provision of water service to the residents of Glen view.
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 fmancial 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 2005 2004
Budget Actual Actual
OPERATING REVENUES
Charges for services
Water charges $ 8,480,700 $ 8,237,575 $ 6,883,691
Water connection charges 105,000 82,178 208,590
Water meters and remote readers 50,000 254,634 125,294
Miscellaneous
Late payment fees 75,000 59,231 89,734
Water meter supplies 86,929
Water for construction 25,000 33,138 36,153
Recapture agreements 5,000 48,368 10,655
Other 25,000 10,993 5,248
Total operating revenues 8,765,700 8,726,117 7,446,294
OPERATING EXPENSES
Administration 5,882,540 2,448,377 837.430
Operations
Supply and metering 3,467,617 3,779,682 2,937,012
Pumping station - east 315,133 356,780 228,313
Pumping station - west 208,955 185,897 124,836
Distribution system 964,501 1,076,300 1,551,434
Overhead 1,157,730 1,379,455 1,119,476
Depreciation 647,908 715,784
Total operating expenses 11,996,476 9,874,399 7,514,285
OPERATING INCOME (LOSS) (3,230,776) (1,148,282) (67,991)
NONOPERATING REVENUES (EXPENSES)
Investment income 63,500 140,667 60,280
Loss on sale of fixed assets (4,142)
Total non operating revenues (expenses) 63,500 136,525 60,280
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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, 2005
(with comparative actual for 2004)
(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, 2005
(with comparative actual for 2004)
Final 2005 2004
Budget Actual Actual
NET INCOME (LOSS) BEFORE TRANSFERS $ (3,167,276) $ (1,011,757) $ (7,711)
TRANSFERS
Transfers in 170,359
Transfers (out) (99,194)
Total transfers 170,359 (99,194)
CHANGE IN NET ASSETS $ (3,167,276) (841,398) (106,905)
NET ASSETS, JANUARY 1 28,873,259 30,780,983
Prior period adjustment (1,678,634) (1,800,819)
NET ASSETS, JANUARY I, RESTATED 27,194,625 28,980,164
NET ASSETS, DECEMBER 31 $ 26,353,227 $ 28,873.259
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF OPERATING EXPENSES -
BUDGET AI\TI) ACTUAL
WATERWORKS FUND I
For the Year Ended December 31, 2005
(with comparative actual for 2004) I
Final 2005 2004 I
Budget Actual Actual
ADMINISTRA nON
Personal services $ $ 20,294 $ I
Contractual services l02,850 48,744 50,388
Materials and supplies 44,491 1,575
Capital outlay 5, I 05,436 1,628,519 227,352 I
Other 674,254 706,329 558,115
Total administration 5,882,540 2,448,377 837,430
OPERA nONS I
Supply and metering
Personal services 121,617 239,959 122,074 I
Contractual services 102,000 66,849 72,884
Water purchase 3,065,500 3,301,220 2,731,817
Materials and supplies 178,500 171,654 10,237
Total supply and metering 3,467,617 3,779,682 2,937,012 I
Pumping station - east I
Personal services 53,733 126,147 48,000
Contractual services 102,400 65,727 60,122
Materials and supplies 14,000 12,425 9,159
Capital outlay 25,000 25,082 I
Other 120,000 127,399 111,032
Total pumping station - east 315,133 356,780 228,313 I
Pumping station - west
Personal services 49,055 84,939 39,960
Contractual services 35,500 5,775 7,451 I
Materials and supplies 14,400 14,751 ]0,165
Capital outlay 36,000 2],608 4,707
Other 74,000 58,824 62,553 I
Total pumping station - west 208,955 185,897 124,836
Distribution system I
Personal services 467,921 589,590 565,804
Contractual services 309,580 197,361 263,772
Materials and supplies 163,000 272,256 61.142 I
Capital outlay 18,000 13,236 660,457
Other 6,000 3,857 259
Total distribution system 964,501 1,076,300 1,551,434 I
(This schedule is continued on the following page.)
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VILLAGE OF GLENVIEW, ILLINOIS
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SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL (Continued)
WATERWORKS FUND
For the Year Ended December 31,2005
(with comparative actual for 2004)
I
Final 2005 2004
Budget Actual Actual
OPERATIONS (Continued)
Overhead
Personal services $ 287,71 1 $ 532,618 $ 386,365
Contractual services 52,050 22,835 26,505
Materials and supplies 28,000 19,406 709
Capital outlay 57,600 53,224 49,461
Other 177,369 196,372 156,936
Administrative fees - General Fund 555,000 555,000 499,500
Total overhead 1,157,730 1,379,455 l,lI9,476
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION $ ] ],996,476 $ 9,226,491 $ 6,798,50 I
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(See independent auditor's report.)
- ]]4-
VILLAGE OF GLENVlEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIA nON
WATERWORKS FUND
For the Year Ended December 31, 2005
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Land and improvements $ 67,851 $ $ $ 67,851 $ - $ $ $ - $ 67,851
Buildings 243,645 243,645 129,007 4,873 - 133,880 109,765
Northfield Woods
System - acquisition
cost 2,239,534 - 2,239,534 1,256,407 44,791 - 1,301,198 938,336
1I1inois Municipal Water
Company System -
acquisition cost 1,415,017 - - 1,415,017 744,198 28,300 - 772,498 642,519
Transmission lines 9,067,597 227,873 - 9,295,470 3,940,262 184,550 4,124,812 5,170,658
Water storage facilities 578,055 17,850 595,905 496,284 11,918 508,202 87,703
Water mains 15,421,731 132,700 15,554,431 2,720,521 274,961 - 2,995,482 12,558,949
Machinery and
equipment 1,442,840 28,390 1,471,230 1,310,885 24,400 - 1,335,285 135,945
Automotive equipment 766,125 51,405 19,684 797,846 613,609 73,857 9,841 677,625 120,221
Office furniture and
equipment 8,036 - 8,036 7,264 258 - 7,522 514
TOTAL $ 31,250,431 $ 458,218 $ 19,684 $ 31 ,688,965 $ 11,218,437 $ 647,908 $ 9,841 $ 11 ,856,504 $ 19,832,461
(See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
I NORTH MAINE WATER AND SEWER FUND
For the Year Ended December 31, 2005
(with comparative actoal for 2004)
I
Final 2005 2004
I Budget Actoal Actoal
OPERATING REVENUES
Charges for services
I Water charges $ 5,475,500 S 5,516,713 S 5,183,071
Sewer charges 325,000 314,541 299,185
Miscellaneous
New water meters 4,170 532
I Late payment fees 30,000 34,916 45.506
Other 2,317 4,163
Total operating revenues 5,830,500 5,872,657 5,532,457
I OPERATING EXPENSES
Administration 893,022 332,449 716,353
I Operations
Supply and meteting 3,409,601 3,657,928 3,240,987
Pumping station 176,129 81.660 159,587
Distribution system 353,800 306,810 250,366
I Collection system 72,094 53,909 61,170
Depreciation and amortization 189.290 261,193
Total operating expenses 4,904,646 4,622,046 4,689,656
I OPERATING INCOME 925,854 1,250,611 842,80 I
NONOPERATING REVENUES (EXPENSES)
I Investrnentincorne 17,500 40,220 16.304
Interest expense (312,205) (301,098) (331,386)
Total nonoperating revenues (expenses) (294,705) (260,878) (315,082)
I NET INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS 631,149 989,733 527,719
I TRANSFERS
Transfers (out) (557,500) (557,500) ( 544,500)
I Total transfers (557,500) (557,500) ( 544,500)
CONTRIBUTIONS 144,300
I CHANGE IN NET ASSETS $ 73.649 576,533 (16,781)
NET ASSETS, JANUARY I (364,526) 1,057,360
I Prior period adjustment (1,405,105)
NET ASSETS (DEFICIT), JANUARY I, RESTATED (364,526) (347,745)
I NET ASSETS (DEFICIT), DECEMBER 3] $ 212.007 $ (364,526)
(See independent auditor's report.)
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VILLAGE OF GLENVIEW. ILLINOIS
SCHEDULE OF OPERATING EXPENSES - I
BUDGET AND ACTUAL
NORTH MAINE WATER AND SEWER FUND
For the Year Ended December 3]. 2005 I
(",th comparative actual for 2004)
Final 2005 2004 I
Budget Actual Actual
ADMINISTRATION I
Personal services $ 310,439 $ 153,991 $ 336,737
Contractual services 120,100 26,338 66,312
Material and supplies 69,500 40,928 55,539 I
Bond and note principal 459,810 459,807 416,839
Capital outlay 21,000 (226,153) 1.314
Other 371,983 337,345 256,451
1,352,832 792,256 1,133,192 I
Less nonoperating expenses
Bond and note principal paid (459,810) (459,807) (416,839)
Total administration 893,022 332,449 716,353 I
OPERATIONS
Supply and metering
Personal services 94,851 92,074 99.099 I
Contractual services 3,184,750 3,524,990 3,093,789
Material and supplies 10,000 1,987 5,342
Capital outlay 120.000 71,503 42,757
3.409,601 3,690,554 3,240,987 I
Less nonoperating expenses
Assets capitalized (32.626)
Total supply and metering 3,409,601 3,657,928 3,240,987 I
Pumping station
Personal services 112,629 48,088 ] 14,382
Contractual services 48,000 24,828 35,265
Material and supplies 5,500 1,867 2.390 I
Other 10,000 6,877 7.550
Total pumping station 176,129 81,660 159.587
Distribution system I
Persona) services 157,800 91,958 8,323
Contractual services 114,000 117,397 82.516
Material and supplies 58,500 90,830 30,999 I
Capital outlay 22,500 5,750 127,636
Other 1,000 875 892
Total distribution system 353,800 306,810 250,366 I
Collection system
Personal services 38.494 31,823 30,914
Contractual services 24,000 10,083 25,]38 I
Material and supplies 9,600 12,003 5.118
Total collection system 72.094 53,909 61.170
Total operations 4,011,624 4,100,307 3,712,110 I
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION $ 4,904.646 $ 4.432,756 $ 4.428.463 I
(See independent auditor's report.)
- I 17- 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, 2005
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Land and land
improvements $ 235,000 $ - $ - $ 235,000 $ - $ - $ - $ - $ 235,000
Water storage
facility 244,058 - - 244,058 31,273 4,218 - 35,491 208,567
Water mains 5,159,314 49,800 - 5,209,114 965,152 129,606 - 1,094,758 4,114,356
Sewer mains 1,333,060 94,500 - 1,427,560 249,606 34,506 - 284,112 1,143,448
Machinery and
equipment 191,338 - - 191,338 191,338 - - 191,338
Automotive
equipment 231,995 32,625 - 264,620 213,888 18,458 - 232,346 32,274
Office furniture
and fixtures 10,636 - - 10,636 10,636 - - 10,636
TOTAL $ 7,405,401 $ 176,925 $ - $ 7,582,326 $ 1,661,893 $ 186,788 $ - $ 1,848,681 $ 5,733,645
(See independent auditor's report.)
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NONMAJOR 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.
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VILLAGE OF GLENVIEW, ILLINOIS I
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
December 3 I, 2005 I
Wholesale Commuter I
Water Sewerage Parking Lot Total
CURRENT ASSETS I
Cash $ 539,369 $ 1,]57,294 $ 51,628 $ ],748,29]
Investments 800,000 500,000 475,000 ],775,000 I
Receivables
Accounts (net) 138,562 600,954 739,5]6
Due from other funds ]4,670 24,754 39,424
Deferred bond issuance costs ]4,7]0 ]4,710 I
Total current assets ] ,507,311 2,258,248 55],382 4,3] 6,94]
CAPITAL ASSETS I
Capita] assets being depreciated 2,5 ]2,633 ] 2,523,289 1,2]6,592 16,252,5]4
Accumulated depreciation (802,906) (2,713,551) (247,092) (3,763,549)
Net capita] assets ],709,727 9,809,738 969,500 12,488,965 I
Total assets 3,217,038 12,067,986 1,520,882 16,805,906 I
CURRENT LIABILITIES
Accounts payable 79,938 2,208 37,]53 119,299
Accrued payroll 772 5] ] ],283 I
Interest payable 3,703 3,703
Due to other funds 145,684 ] 45,684
Deposits 500 500 I
Refundab]e deposits 3,000 3,000
Current portion of general
obligation bonds payable ] 85,000 ]85,000 I
Total current liabilities 268,64 ] ] 48,664 4],164 458,469
NONCURRENT LIABILITIES I
Unamortized bond discount (10,725) (10,725)
Unamortized loss on refunding (I ] ,622) (] ],622)
Genera] obligation bonds payable 1,245,000 ] ,245,000 I
Total noncurrent liabilities 1,222,653 ] ,222,653
Total liabilities 1,491,294 148,664 41,164 1,68],122 I
NET ASSETS
Invested in capital assets, net of related debt 279,727 9,809,738 969,500 11 ,058,965 I
Unrestricted 1,446,017 2,109,584 510,218 4,065,819
TOTAL NET ASSETS $ 1,725,744 $ 11 ,919,322 $ 1,479,718 $ 15,124,784
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See accompanying notes to financial statements.
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I VILLAGE OF GLENYlEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
I NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2005
I
Wholesale Commuter
I Water Sewerage Parking Lot Total
OPERATING REVENUES
Charges for services
I Water and sewer charges $ 1,707,316 $ 1,542,575 $ $ 3,249,891
Water and sewer connection charges 12,690 12,690
Parking decals and meter fees 444,026 444,026
I Late payment fees 21,254 21,254
Miscellaneous 6,000 6,000
Total operating revenues 1,707,316 1,576,519 450,026 3,733,861
I OPERATING EXPENSES
Administration 516,604 274,145 790,749
Operations 1,063,815 340,356 90,182 ] ,494,353
I Depreciation and amortization 67,648 226,977 48,132 342,757
Total operating expenses 1,131,463 1,083,937 412,459 2,627,859
I OPERATING INCOME 575,853 492,582 37,567 ],106,002
NONOPERATING REVENUES (EXPENSES)
I Investment income 27,007 39,541 4,765 71,313
Interest and fiscal charges (47,485) (47,485)
Miscellaneous 75,102 75,]02
I Total nonoperating revenues (expenses) (20,478) 114,643 4,765 98,930
NET INCOME BEFORE TRANSFERS
I AND CONTRIBUTIONS 555,375 607,225 42,332 ] ,204,932
TRANSFERS
Transfers in 438,964 438,964
I Transfers (out) (106,500) (] 13,085) (219,585)
Total transfers (106,500) 325,879 219,379
I CONTRIBUTIONS 3,530,842 3,530,842
CHANGE IN NET ASSETS 448,875 4,463,946 42,332 4,955,153
I NET ASSETS, JANUARY 1 1,276,869 7,049,530 1,437,386 9,763,785
I Prior period adjustment 405,846 405,846
NET ASSETS, JANUARY 1, RESTATED 1,276,869 7,455,376 1,437,386 10,169,631
I NET ASSETS, DECEMBER 31 $ 1,725,744 $ 11.919,322 $ 1,479,718 $ 15,124,784
See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
WHOLESALE WATER FUND
For the Year Ended December 31, 2005
(with comparative actual for 2004)
Final
Budget
OPERATING REVENUES
Water sales
2005
Actual
2004
Actual
$ 1,655,000 $ 1,707,316 $ 1,655,339
OPERATING EXPENSES
Operations
Supply and metering
Pumping station
Distribution system
Depreciation and amortization
818,102
92,708
910,810
Total operating expenses
OPERATING INCOME
744,190
NONOPERATING REVENUES (EXPENSES)
Investment income
Interest expense
11,000
(233,763)
(222,763)
Total nonoperating revenues (expenses)
950,068 725,998
113,747 83,860
15,547
67,648 67,817
1,131,463 893,222
575,853 762,117
27,007
(47,485)
(20,478)
9,637
(42,020)
(32,383)
NET INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS
521,427
555,375
729,734
TRANSFERS
Transfers ( out)
Total transfers
CHANGE IN NET ASSETS
NET ASSETS, JANUARY 1
NET ASSETS, DECEMBER 31
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL I
WHOLESALE WATER FUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
I
Final 2005 2004 I
Budget Actual Actual
OPERATIONS I
Supply and metering
Contractual services $ 801,000 $ 934,239 $ 713,485
Material and supplies 1,000 300 I
Capital outlay 3,000 2,427 63
Other 13,102 13,102 12,450
Total supply and metering 818,102 950,068 725,998 I
Pumping station I
Personal services 15,987 21,490 17,102
Contractual services 72,500 84,286 805
Material and supplies 1,500 2,809 2,703 I
Other charges 2,721 5,162 63,250
Total pumping station 92,708 113,747 83,860 I
Distribution system I
Personal services 15,547
Bond principal 185,000
185,000 15,547 I
Less nonoperating expenses (185,000)
Total distribution system 15,547 I
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION $ 910,810 $ 1,063,815 $ 825,405 I
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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, 2005
Assets
Balanccs
January 1
Additions
Retirements
Balances
December 31
Accumulated Depreciation
Balances
January 1
Provisions Retirements
Balances
December 31
Net
Asset
Value
Citizens utility
transmission line
$ 2';;!2-,633 $ - $ - $ 2,512,633 $ 740,091 $ 62,815 $ - $ 802,906 $ 1,709,727
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN "","ET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND I
For the Year Ended December 31, 2005
(with comparative actual for 2004) I
Final 2005 2004 I
Budget Actual Actual
OPERATING REVENUES
Charges for services I
Sewer charges $ 1,000,000 $ 1,542,575 S 1,004,973
Sewer connection charges 15,000 12,690 20,030
Late payment fees 21,254 29,920
Total operating revenues 1,015,000 1,576,519 1,054,923 I
OPERATING EXPENSES I
Administration 1,883,175 516,604 497,425
Operations
Pumping station 32,222 22,176 35,949
Collection 341,670 318,180 236,468 I
Depreciation 226,977 151,894
T ota] operating expenses 2,257,067 1,083,937 921,736
OPERATING INCOME (LOSS) (1,242,067) 492,582 133,187 I
NONOPERATING REVENUES (EXPENSES) I
Investment income 6,250 39,54] 7,125
Miscellaneous income 511,000 75,102
Total nonoperating revenues (expenses) 517,250 114,643 7,]25 I
NET INCOME BEFORE TRANSFERS (724,817) 607,225 ]40,312
TRANSFERS I
Transfers in 438,964
Transfer (out) (] 13,085) (8,266)
Total transfers 325,879 (8,266) I
CHANGE IN NET ASSETS BEFORE CONTRll3UTIONS (724,817) 933,104 132,046
CONTRll3UTIONS 3,530,842 I
CHANGE IN NET ASSETS $ (724,817) 4,463,946 132,046
NET ASSETS, JANUARY I 7,049,530 6,917,484 I
Prior period adjustment 405,846 I
NET ASSETS, JANUARY I, RESTATED 7,455,376 6,917,484
NET ASSETS, DECEMBER 3 I $11,919,322 $ 7,049,530 I
(See independent auditor's report,)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
I SEWERAGE FUND
For the Year Ended December 31, 2005
I (ffith comparative actual for 2004)
I Final 2005 2004
Budget Actual Actual
I ADMINISTRATION
Personal services $ 36,189 $ 30,848 $
Contractual services 4,800 7,440
I Materials and supplies 2,000 865
Other 8,847
Insurance 59,910 59,910 52,205
I Capital equipment replacement 1,657,341 951,054 285,513
Municipal equipment repair 45,585 35,837 31,022
Administrative fees - General Fund 77,350 77,350 119,838
I 1,883,175 1,163,304 497,425
Less nonoperating expenses
Assets capitalized (646,700)
I Total administration 1,883,175 516,604 497,425
OPERATIONS
I Heatherfield Lift Station
General
Personal services 5,361 4,697 19,306
I Contractual servi ces 5,000
Total general
10,361 4,697 19,306
I Pumping station
Personal services 7,661 15,310 7,645
Contractual services 8,600 267 7,200
I Material and supplies 5,600 1,902 1,798
Total pumping station 21,861 17,479 16,643
I Collection system
Personal services 199,600 291,031 175,311
I Contractual services 77,920 8,337 21,211
Material and supplies 30,650 18,491 9,947
Other 33,500 321 29,999
I Total collection system 341,670 318,180 236,468
TOTAL OPERATING EXPENSES $ 2.257,067 $ 856,960 S 769,842
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(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, 2005
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Lift station $ 512,132 $ - $ - $ 512,132 $ 178,786 $ 10,243 $ - $ 189,029 $ 323,103
Equipment and
vehicles 193,144 - - 193,144 193,144 - - 193,144
Sewer mains 7,855,934 3,962,079 - 11,818,013 2,114,644 216,734 - 2,331,378 9,486,635
TOTAL $ 8,561,210 $ 3,962,079 $ - $ 12,523,289 $ 2,486,574 $ 226,977 $ - $ 2,713,551 $ 9,809,738
(See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
I IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
I For the Year Ended December 31, 2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
OPERATING REVENUES
I Charges for services
Meter fees $ 70,000 $ 92,802 $ 86,948
Parking decals 310,000 351,224 277,605
I Miscellaneous 10,000 6,000 10,100
Total operating revenues 390,000 450,026 374,653
I OPERATING EXPENSES
Administration 231,606 274,145 190,441
I Operations 136,052 90,182 136,735
Depreciation 48,132 8,132
I Total operating expenses 367,658 412,459 335,308
OPERATING INCOME 22,342 37,567 39,345
I NONOPERATING REVENUES (EXPENSES)
Investment income 2,500 4,765 4,454
I Total nonnoperating revenues (expenses) 2,500 4,765 4,454
I CHANGE IN NET ASSETS $ 24,842 42,332 43,799
I NET ASSETS, JANUARY 1 1,437,386 1,393,587
NET ASSETS, DECEMBER 31 $ 1,479,718 $ 1 ,437 ,386
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I (See independent auditor's report.)
I - 128 -
OPERATIONS
Personal services
Contractual services
Material and supplies
23,552
80,500
32,000
17,118
58,323
14,741
21,549
100,874
14,312
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended December 31,2005
(with comparative actual for 2004)
Final
Budget
2005
Actual
2004
Actual
ADMINISTRATION
Personal services
Contractual services
Material and supplies
Other charges
Administrative fees - General Fund
$ 31,118 $ 19,150 $ 23,923
82,300 87,509 77,750
12,000 4,773 8,056
84,066 140,591 59,712
22,122 22,122 21,000
231,606 274,145 190,441
Total administration
Total operations
136,052
90,182
136,735
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION
$ 367,658 $ 364,327 $
327,176
(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, 2005
Leasehold
improvements
Equipment and
vehicles
Construction in
progress
TOTAL
Assets Accumulatcd Depreciation Net
Balanccs Balances Balances Balances Asset
January I Additions Retirements December 31 January 1 Provisions Retirements Dccember 31 Value
$ 203,309 $ 1,000,000 $ - $ 1,203,309 $ 185,677 $ 48,132 $ - $ 233,809 $ 969,500
13,283 - 13,283 13,283 - - 13,283
1,000,000
1,000,000
$ 1,216,592 $ 1,000,000 1,000,000 $ 1,216,592 $ 198,960 $ 48,132 $ - $ 247,092 $ 969,500
(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 of the Village's entire insurance program. In
addition to conventional primary insurance, the Village is a member of the High-Level Excess
Liability Pool (HELP), which provides excess liability coverage. Also, the Village provides health
and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative
(IPBC).
Capital Equipment Replacement Fund - to account for the funds annually set aside for the
eventual replacement of certain capital equipment.
I
VILLAGE OF GLENVIEW, ILLINOIS I
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS I
December 31, 2005
I
Municipal Capital I
Equipment Equipment
Repair Insurance Replacement Total
CURRENT ASSETS I
Cash $ 187,769 $ 335,739 $ 325,331 $ 848,839
Investments 2,549,709 9,300,031 11,849,740 I
Receivables
Accounts, net 15,432 15,432
Due from other funds 185,663 230,694 416,357 I
Due from component unit 231 231
Deposits 1,898,191 1,898,191
Prepaid expenses 512,767 512,767 I
Inventory 80,148 80,148
Total current assets 469,243 5,296,406 9,856,056 15,621,705 I
CAP IT AL ASSETS
Cost 103,408 103,408 I
Accumulated depreciation (37,159) (37,159)
Net capital assets 66,249 66,249 I
Total assets 535,492 5,296,406 9,856,056 15,687,954
CURRENT LIABILITIES I
Accounts payable 84,949 564 19,534 105,047 I
Accrued payroll 131 131
Claims payable 482,817 482,817
Due to other funds 679,936 6,084 686,020 I
Total liabilities 765,016 489,465 19,534 1,274,015
NET ASSETS I
Invested in capital assets,
net of related debt 66,249 66,249 I
Unrestricted (deficit) (295,773) 4,806,941 9,836,522 14,347,690
TOTAL NET ASSETS $ (229,524) $ 4,806,941 $ 9,836,522 $ 14,413,939 I
See accompanying notes to financial statements.
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I VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
I Il\lERNAL SERVICE FUNDS
F or the Year Ended December 31, 2005
I
I Municipal Capital
Equipment Equipment
Repair Insurance Replacement Total
I OPERATING REVENUES
Charges for services $ 1,260,032 $ 6,175,468 $ 1,626,838 $ 9,062,338
Miscellaneous 150,932 (8,645) 15,247 157,534
I T otal operating revenues 1,410,964 6,166,823 1,642,085 9,219,872
OPERATING EXPENSES
I Operations 1,469,178 5,835,130 7,304,308
Depreciation 9,180 9,180
Capital outlay 1,197,492 1,197,492
I Total operating expenses 1,478,358 5,835,130 1,197,492 8,510,980
OPERATING INCOME (LOSS) (67,394) 331,693 444,593 708,892
I NONOPERATING REVENUES (EXPENSES)
Investment income 460 557,232 232,360 790,052
I Total nonoperating revenues (expenses) 460 557,232 232,360 790,052
I NET INCOME (LOSS) BEFORE TRANSFERS (66,934) 888,925 676,953 1,498,944
TRANSFERS
Transfers (out) (511,624) (511,624)
I Total transfers (511,624) (511,624)
I CHANGE IN NET ASSETS (66,934) 888,925 165,329 987,320
NET ASSETS (DEFICIT), JANUARY I (I 62,590) 3,918,016 9,671,193 13,426,619
I NET ASSETS (DEFICIT), DECEMBER 31 $ (229,524) $ 4.806,941 $ 9,836,522 $ 14,413,939
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See accompanying notes to financial statements.
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL I
MUNICIPAL EQUIPMENT REPAIR FUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
I
Final 2005 2004
Budget Actual Actual I
OPERATING REVENUES I
Charges for services $ 1,348,816 $ 1,260,032 $ 1,137,836
Miscellaneous
Insurance recoveries 10,000 31,550 I
Other 75,000 119,382 115,852
Total operating revenues 1,433,816 1,410,964 1,253,688 I
OPERATING EXPENSES
Operations 1,474,656 1,469,178 1,305,063 I
Depreciation 9,180 7,994
Total operating expenses 1,474,656 1,478,358 1,313,057 I
OPERATING INCOME (LOSS) (40,840) (67,394) (59,369)
NONOPERATING REVENUES (EXPENSES) I
Investment income 1,000 460 568
Total nonoperating revenues (expenses) 1,000 460 568 I
CHANGE IN NET ASSETS $ (39,840) (66,934) (58,801) I
NET ASSETS (DEFICIT), JANUARY 1 (162,590) (103,789) I
NET ASSETS (DEFICIT), DECEMBER 31 $ (229,524) $ (162,590)
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(See independent auditor's report.) I
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
I BUDGET AND ACTUAL
MUNICIPAL EQUIPMENT REPAIR FUND
I For the Year Ended December 31,2005
(with comparative actual for 2004)
I
I Final 2005 2004
Budget Actual Actual
I OPERATIONS
Personnel
Regular salaries $ 400,732 $ 347,532 $ 385,776
I Overtime salaries 15,000 33,725 14,512
Temporary salaries 12,000 3,384 8,474
I Longevity pay 4,786 4,906 4,101
FICA expense 33,088 28,235 18,229
IMRF expense 39,403 41,401 36,481
I Contractual services
Contractual professional services 157,500 98,824 15,886
Dues subscription membership 1,000 75 920
I Maintenance of equipment (270) 151,268
Maintenance of buildings 13,000 14,423 7,821
Accident repairs 22,000 35,818 25,758
I Telephone 139
Training 4,000 2,883 2,533
Village wide info systems 2,500 1,575 40
I Materials and supplies
Uniform allowance 4,200 4,332 4,461
I Fuel 310,000 442,646 356,292
Office and other supplies/tools 245,000 339,774 132,259
Maintenance supplies 8,000 11,793 26,307
I Capital outlay
Vehic1es 1,465 1,026
Capital equipment and replacement 28,400 (57,933) 22,380
I Insurance 88,253 88,253 39,306
Machinery and equipment 85,794 26,198 51,233
I TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION $ 1,474,656 $ 1,469,178 $ 1,305,063
I (See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
MUNICIPAL EQUIPMENT REPAIR FUND
For the Year Ended December 31, 2005
Assets
Balances
January 1
Balances
Additions Retirements December 31
Accumulated Depreciation
Balances
January 1
Balances
Provisions Retirements December 31
Net
Asset
Value
Automotive
equipment
$ 55,958 $ 47,450 $ - $ 103,408 $ 27,979 $ 9,180 $ - $ 37,159 $ 66,249
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(See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
I CHANGES IN NET ASSETS - BUDGET AND ACTUAL
INSURANCE FUND
I For the Year Ended December 31, 2005
(with comparative actual for 2004)
I Final 2005 2004
I Budget Actual Actual
REVENUES
I Charges for services
Fund charges $ 6,015,067 $ 6,175,468 $ 5,405,355
Miscellaneous (8,645) 6,753
I Total revenues 6,015,067 6,166,823 5,412,108
EXPENSES
I Operations
Contractual professional services 15,000 29,288 17,081
Health and life insurance 525,000 348,298 512,686
I Dental insurance 216,875 152,009 158,765
Excess liability 155,000 164,378 142,888
I Unemployment benefits 30,000 20,978 19,017
General insurance program 4,455,500 4,280,984 4,012,432
PTM policy 6,000 11,500
Property/casualty claims 525,000 760,735 447,082
I Workers' compensation insurance 125,000 78,460 74,743
Total expenses 6,053,375 5,835,130 5,396,194
I OPERATING INCOME (LOSS) (38,308) 331,693 15,914
I NONOPERATING REVENUES
Investment income 21,500 557,232 357,934
I CHANGE IN NET ASSETS $ (16,808) 888,925 373,848
NET ASSETS, JANUARY 1 3,918,016 3,218,414
I Prior period adjustment 325,754
I NET ASSETS, JANUARY I, RESTATED 3,918,016 3,544,168
NET ASSETS, DECEMBER 31 $ 4,806,941 $ 3,918,016
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(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
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
I
Fina] 2005 2004
Budget Actua] Actual I
REVENUES
Charges for services $ 2,022,830 $ 1,626,838 $ ] ,976,409 I
Miscellaneous
Auto reimbursements ]5,247 5,044
Total revenues 2,022,830 ],642,085 1,981,453 I
EXPENSES I
Capita] outlay 1,398,200 1,197,492 1,380,738
Total expenses 1,398,200 1,197,492 1,380,738 I
OPERATING INCOME 624,630 444,593 600,715 I
NONOPERATING REVENUES
Investment income 501,000 232,360 141,591 I
Total nonoperating revenues 501,000 232,360 141,591
NET INCOME BEFORE TRANSFERS 1,125,630 676,953 742,306 I
TRANSFERS I
Transfers (out) (511,624)
Total transfers (511,624) I
CHANGE IN NET ASSETS $ 1,125,630 165,329 742,306 I
NET ASSETS, JANUARY 1 9,671,193 8,928,887
NET ASSETS, DECEMBER 31 $ 9,836,522 $ 9,671,193 I
(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.
Agencv
Special Service Areas Fund - to account for various special service area bond issues.
Police Firefighters'
Pension Pension Totals
ASSETS
Cash and cash equivalents $ 279,064 $ 716,795 $ 995,859
Investments
U.S. Government and agency obligations 23,606,056 41,980,302 65,586,358
Mutual funds 14,955,277 2,651,739 17,607,016
Insurance contracts 1,071,552 1,071,552
Total investments 38,561,333 45,703,593 84,264,926
Total assets 38,840,397 46,420,388 85,260,785
LIABILITIES
None
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS $ 38,840,397 $ 46,420,388 $ 85,260,785
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VILLAGE OF GLENVIEW, ILLINOIS
COMBlNlNG STATEMENT OF PLAN NET ASSETS
PENSION TRUST FUNDS
December 31,2005
See accompanying notes to financial statements.
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I VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
I PENSION TRUST FUNDS
For the Year Ended December 31, 2005
I
I Police Firefighters'
Pension Pension Total
I ADDITIONS
Contributions - employer $ 906,158 $ 880,903 $ 1,787,061
I Contributions - plan members 569,006 587,446 1,156,452
Contributions - miscellaneous 25 25
I Total contributions 1,475,164 1,468,374 2,943,538
I Investment income
Net appreciation (depreciation) in fair
value of investments 996,197 (2,040,826) (1,044,629)
I Interest earned on investments 1,377,374 3,357,915 4,735,289
Total investment income 2,373,571 1,317,089 3,690,660
I Less investment expense (35,984) (9,900) (45,884)
Net investment income 2,337,587 1,307,189 3,644,776
I Total additions 3,812,751 2,775,563 6,588,314
I DEDUCTIONS
Pensions and refunds 1,487,802 2,306,363 3,794,165
I Total deductions 1,487,802 2,306,363 3,794,165
I NET INCREASE 2,324,949 469,200 2,794,149
NET ASSETS HELD IN TRUST FOR
I PENSION BENEFITS
January I 36,515,448 45,951,188 82,466,636
I December 31 $ 38,840,397 $ 46,420,388 $ 85,260,785
I See accompanying notes to [mancial statements.
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
BUDGET AND ACTUAL I
POLICE PENSION FUND
For the Year Ended December 31, 2005 I
(with comparative actual for 2004)
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Final 2005 2004
Budget Actual Actual I
ADDITIONS
Contributions - employer $ 925,000 $ 906,158 $ 758,954 I
Contributions - employees 515,000 569,006 541,538
Total contributions 1,440,000 1,475,164 1,300,492 I
Investment income
Net appreciation (depreciation) in I
fair value of investments 996,197 847,955
Interest earned on investments 202,000 1,377,374 1,623,819
Total investment income 202,000 2,373,571 2,471,774 I
Less investment expense (40,000) (35,984) (38,525)
Net investment income 162,000 2,337,587 2,433,249 I
Total additions 1,602,000 3,812,751 3,733,741 I
DEDUCTIONS
Retirement pension 1,463,631 1,227,965 1,216,067 I
Widow pension 165,414 180,568 158,011
Contribution refund 45,050 4,125
Disability pension 34,220 34,219 34,219 I
Total deductions 1,663,265 1,487,802 1,412,422 I
NET INCREASE $ (61,265) 2,324,949 2,321,319
NET ASSETS HELD IN TRUST FOR I
PENSION BENEFITS
January 1 36,515,448 34,194,129 I
December 31 $ 38,840,397 $ 36,515,448
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(See independent auditor's report.)
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I VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
I BUDGET AND ACTUAL
I FIREFIGHTERS' PENSION FUND
I For the Year Ended December 31,2005
(with comparative actual for 2004)
I
Final 2005 2004
I Budget Actual Actual
ADDITIONS
I Contributions - employer $ 900,000 $ 880,903 $ 7]5,994
,
Contributions - employees 515,000 587,446 5]8,252
Contributions - miscellaneous 25 100
I Tota] contributions 1,415,000 ] ,468,374 1,234,346
I Investment income
Net appreciation (depreciation) in
fair value of investments (2,040,826) (787,438)
I Interest earned on investments 2,002,000 3,357,915 2,434,887
Tota] investment income 2,002,000 1,317,089 1,647,449
I Less investment expense (40,000) (9,900) (13,067)
Net investment income 1,962,000 1,307,189 1,634,382
I Tota] additions 3,377,000 2,775,563 2,868,728
I DEDUCTIONS
Retirement pension 2,126,022 1,867,653 1,7] 6,920
Widow pension 63,604 63,604 57,227
I Contribution refunds 7,420
Disabi]ity pension 306,426 375,106 326,035
I Tota] deductions 2,496,052 2,306,363 2,107,602
NET INCREASE $ 880,948 469,200 761,126
I NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
I January 1 45,951,188 45,190,062
December 31 $ 46,420,388 $ 45,951 , 188
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(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, 2005
Balances Balances
January I Additions Deductions December 31
Special Service Areas Fund
ASSETS
Cash $ 39,188 $ 138,641 $ 139,955 $ 37,874
Receivables - property taxes 133,508 135,362 133,508 135,362
TOTAL ASSETS $ 172,696 $ 274,003 $ 273,463 $ 173,236
LIABILITIES
Due to bondholders $ 172,696 $ 274,003 $ 273,463 $ 173,236
See accompanying notes to fmancial 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 I
STATEMENT OF NET ASSETS AND BALANCE SHEET
COMPONENT UNIT - LIBRARY FUND I
December 31,2005
I
Balance Statement I
Sheet Adjustments of Net Assets
ASSETS I
Cash $ 608,097 $ $ 608,097 I
Investments 2,355,000 2,355,000
Receivables
Property taxes 5,182,069 5,182,069 I
Capital assets not being depreciated 500,000 500,000
Capital assets net of accumulated I
depreciation 2,174,861 2,174,861
TOTAL ASSETS $ 8,145,166 $ 2,674,861 $ 10,820,027 I
LIABILITIES AND FUND BALANCE!
NET ASSETS I
LIABILITIES
Accounts payable $ 125,016 $ $ 125,016 I
Accrued payroll 25,954 25,954
Deferred property taxes 5,182,069 5,182,069 I
Due to primary government 231 231
T otalliabilities 5,333,270 5,333,270 I
FUND BALANCEINET ASSETS
Net assets I
Invested in capital assets 2,674,861 2,674,861
Restricted for culture and recreation 2,811,896 2,811,896
Total fund balance/net assets 2,811,896 2,674,861 5,486,757 I
TOTAL LIABILITIES AND I
FUND BALANCEINET ASSETS $ 8.145,166 $ 2,674,861 $ 10,820,027
See accompanying notes to financial 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
For the Year Ended December 3 I, 2005
Original and
Final Statement
Budget Actual Adjustments of Activities
REVENUES
Taxes
Property taxes - current $ 4,988,085 $ 4,966,226 $ $ 4,966,226
Replacement taxes 29,000 29,000 29,000
Intergovernmental
Per capita grant 55,000 52,227 52,227
Make-whole payment 350,000 431,499 431,499
Charges for services 84,525 82,888 82,888
Fines and forfeits 59,000 61,854 61,854
Investment income 13,100 73,980 73,980
Miscellaneous
Donations 1,000 6,125 6,125
Other 1 7,400 10,308 10,308
Total revenues 5,597,110 5,714,107 5,714,107
EXPENDITURES
Culture and recreation 5,088,882 4,825,522 80,088 4,905,610
Total expenditures 5,088,882 4,825,522 80,088 . 4,905,610
NET CHANGE IN FUND BALANCE $ 508,228 888,585 (80,088) 808,497
FUND BALANCE, JANUARY 1 1,923,311 2,754,949 4,678,260
FUND BALANCE, DECEMBER 31 $ 2,811 ,896 $ 2,674,861 $ 5,486,757
(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS I
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
COMPONENT UNIT - LIBRARY FUND I
For the Year Ended December 31,2005
(with comparative actual for 2004)
I
Original
and Final 2005 2004 I
Budget Actual Actual
CULTURE AND RECREATION
Regular salaries $ 1,675,505 $ 1,638,718 $ 1,530,860 I
Part time salaries 991,096 892,307 858,333
Overtime salaries 77,862 71,755 74,588
Selection and promotion 3,052
Legal and professional fees 37,000 23,437 32,382 I
Public information 21,000 18,611 18,717
Electronic resources 105,200 88,129 98,804
Printing, binding and publication 16,400 14,913 10,920
Utilities 17,500 17,763 11,05] I
Postage 23,200 19,850 19,528
Telephone 25,000 22,392 21.855
Dues and subscriptions 6,100 5,596 4,983
Maintenance of equipment and vehicles 44,125 44,989 48,229 I
Maintenance of buildings 80,160 80,189 63,321
Maintenance supplies 17,950 6,004 9,705
General insurance 66,000 48,876 42,176
Training 33,250 24,147 26,676 I
Employee welfare 4,600 2,478 1,036
Trustee expenditures 5,000 3,050 5,518
Director expenditures 2,000 1,733 2,028
Library programs 33,800 32,003 33,988 I
ADA compliance 500
Office supplies 17,600 15,401 14,374
Computer supplies 7,450 6,250 L760
Processing supplies 13,200 9,705 7,559 I
Circulation supplies 11,500 5,063 9,127
Audio visual supplies 11,200 9,545 10,369
Books, pamphlets and materials 457,700 433,343 457,389
Periodicals 54,200 50,073 58,002 I
Audiovisual 79,300 77 ,483 80,340
Micro-form 45,500 33,988 33,926
Uniforms 1,050 ],154 1,022
Cataloging 35,000 30,499 30,587 I
Contingencies 2,000
Other operating expenses 2.450 9,082 4,033
Machinery and equipment 20,500 70,477 128.289 I
Municipal equipment repair 1,500 2,079 1,934
Insurance 391,000 394,]80 422,778
Building improvements 13,463 73,295
F.I.C.A, payments 200,000 198,292 186,289 I
IMRF 204,884 216,657 141,350
Village wide information system 76,500 73,947 54,106
Miscellaneous 14,100 5.466 6,508
Automation project 80,000 43,604 I
Capital building project 65,000 51,779
Administrative charge - General Fund 14,000 14,000 10,000
TOTAL EXPENDITURES $ 5,088,882 $ 4,825,522 $ 4,647,735 I
(See independent auditors report.)
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VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1997
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December 31, 2005
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Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
August 15, 1997
December 1,2017
$ 6,175,000
$ 5,000
Bonds Rate
001-717 4.875%
718-792 4.900%
793-1235 5.000%
June I and December I
December I
American National Bank and
Trust Company of Chicago
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Interest Dates
Principal Maturity Date
Payable at
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FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
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Tax Levy Interest Due on
Fiscal Bond
Year Numbers Prin cipal Interest Totals June I Amount December I Amount
2006 341-395 $ 275,000 $ 46,556 $ 321,556 2006 $ 23,278 2006 $ 23,278
2007 396-453 290,000 111,660 401,660 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
$ 955,000 $ 181.374 $ 1,136,374 $ 90,687 $ 90,687
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
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(See independent auditor's report.)
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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
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
$ 2,139,824 $ 875,441 $ 3,015,265
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VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE NOTES OF 1997
December 31,2005
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
GENERAL OBLIGA nON BOND SERIES OF I998B
December 3 I, 2005
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Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
January I, 1999
December 1, 2018
$ 24,400,000
$ 5,000
Bonds Rate
1-154 4.250%
155-2215 4.375%
2216-2589 4.400%
2590-4880 4.500%
June 1 and December 1
December]
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
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 ] ,870,000 597,755 2,467,755 2009 298,878 2009 298,878
2010 ] ,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
$ 18,470,000 $ 5,068,946 S 23,538,946 $ 2,534,473 $ 2,534,473
NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS
Redevelopment Fund.
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
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LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2000
December 3 I, 2005
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Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
December 15,2000
December I, 2008
$ 4,970,000
$ 5,000
Bonds Rate
1-69 4.30%
70-795 4.40%
796-994 4.50%
June 1 and December 1
December 1
American National Bank and
Trust Company of Chicago
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FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2001
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December 3 I, 2005
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Date ofIssue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
August 1,2001
December 1, 2012
$ 41,800,000
$ 5,000
Bonds Rate
1-200 3.50%
20]-] 160 3.75%
116]-5160 4.00%
516]-6160 4.125%
6161-7260 4.25%
7261-8360 4.35%
June I and December ]
December ]
American Nationa] Bank and
Trust Company of Chicago
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Interest Dates
Principal Maturity Date
Payable at
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FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
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Tax Levy Interest Due on
Fisca] Bond
Year Numbers Principal Interest Totals June 1 Amount December I Amount
2006 1 ]6]-2]60 $ 5,000,000 $ ],479,250 $ 6,479,250 2006 $ 739,625 2006 $ 739,625
2007 2161-3160 5,000,000 ] ,279,250 6,279,250 2007 639,625 2007 639,625
2008 3]61-4]60 5,000,000 ] ,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
20]0 5]61-6]60 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625
2011 6]61-7260 5,500,000 473,000 5,973,000 201] 236,500 2011 236,500
2012 7261-8360 5,500,000 239,250 5,739,250 2012 ] 19,625 2012 119,625
$ 36,000,000 S 6,]08,500 $ 42,]08,500 $ 3,054,250 $ 3,054,250
NOTE: Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redeve]opment
Fund.
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
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LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003A
December 31,2005
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Date ofIssue April I, 2003
Date of Maturity December I, 2017
Authorized Issue $ 9,990,000
Denomination of Bonds $ 5,000
Interest Rates Bonds Rate
1-37 2.05%
38-240 2.45%
241-1116 2.50%
1117-1185 2.65%
1186-1668 3.00%
1669-1998 3.10%
Interest Dates June I and December 1
Principal Maturity Date December I
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 I Amount December I Amount
2006 $ 1,085,000 $ 215,656 $ 1,300,656 2007 $ 107,828 2007 $ 107,828
2007 1,105,000 188,532 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
$ 7,730,000 $ 1,278,756 $ 9,008,756 $ 639,378 $ 639378
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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.
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003B
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December 31, 2005
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Date ofIssue
Date of Maturity
Authorized Issue
Denomination of Bonds
April 1, 2003
December 1,2012
$ 1,955,000
$ 5,000
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Interest Rates
Bonds
1-32
33-68
69-105
106-142
143-180
181-219
220-260
261-302
303-346
347-391
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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 1 and December 1
December 1
American National Bank and Trust Co.
Chicago, IL
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy
Interest Due On
Fiscal
Year
Interest
Totals
June I
Amount December 1
Amount
2006 $ 185,000 $ 44,432 S 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
$ 1,430,000 $ 201,664 S 1,631,664 $ 100,832 $ 100,832
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Principal
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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.
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2005
December 31, 2005
Date ofIssue November 1,2005
Date of Maturity December 1, 2018
Authorized Issue $ 10,000,000
Denomination of Bonds $ 5,000
Interest Rates Bonds Rate
1-5 3.500%
6-145 3.750%
146-400 3.750%
401-675 3.750%
676-970 3.750%
971-1290 3.750%
1291-1635 3.750%
1636-2000 3.750%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
Fiscal
Year Principal Interest Totals June] Amount December 1 Amount
2006 $ $ 391,602 $ 391,602 2006 $ 204,133 2006 $ ] 87,469
2007 374,938 374,938 2007 187,469 2007 187,469
2008 374,938 374,938 2008 187,469 2008 187,469
2009 374,938 374,938 2009 187,469 2009 187,469
2010 374,938 374,938 2010 187,469 2010 187,469
2011 25,000 374,938 399,938 2011 187,469 2011 187,469
2012 700,000 374,062 1,074,062 2012 187,031 2012 187,031
2013 1,275,000 347,8]2 1,622,812 2013 173,906 2013 173,906
2014 1,375,000 300,000 1,675,000 2014 150,000 2014 150,000
2015 1,475,000 248,438 1,723,438 2015 124,219 2015 124,219
2016 1,600,000 193,]24 ],793,124 2016 96,562 2016 96,562
2017 1,725,000 133,]24 ] ,858, 124 2017 66,562 2017 66,562
2018 1,825,000 68,438 ] ,893,438 2018 34,219 2018 34,219
$ 10,000,000 $ 3,931,290 $ 13,931,290 $ 1,973,977 $ ],957,313
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(See independent auditor's report.)
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VILLAGE OF GLENVIEW, ILLINOIS
GOVERNMENT-WIDE REVENUES
Last Three Fiscal Years
2005
Actual
2004
Actual
2003
Actual
PROGRAM REVENUES
Charges for services
Operating grants
Capital grants
$ 31,772,776 $
1,684,597
2,603,905
24,659,703
1,323,171
4,188,201
$ 26,153,945
2,628,122
GENERAL REVENUES
Taxes
Intergovernmental
Investment income
Miscellaneous
Gain on sale of capital assets
Contributions
56,244,127 37,613,984 29,425,738
739,758 6,385,543 8,320,236
3,164,137 1,191,564 3,034,448
442,198 1,637,093 1,012,998
87,362 2,829,367 8,844,386
3,687,472 6,088,573 2,137,129
$ 100,426,332 $ 85,917,199 $ 81,557,002
TOTAL REVENUES
Data Source
Village Records
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2005
Actual
2004
Actual
2003
Actual
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VILLAGE OF GLENVIEW, ILLINOIS
GOVERNMENT-WIDE EXPENSES
Last Three Fiscal Years
GOVERNMENTAL ACTIVITIES
General government
Public safety
Highways and streets
Economic development
Interest
$ 16,452,980 $ 20,337,999 $ 33,557,816
25,343,033 19,521,633 36,330,082
13,493,770 8,916,140 27,460,955
3,829,743 23,571 17,318,544
5,066,331 4,446,952 3,724,873
64,185,857 53,246,295 118,392,270
Total governmental activities
BUSINESS-TYPE ACTIVITIES
Waterworks
North Maine Water and Sewer
Nonmajor enterprise
9,874,399 7,514,285 6,160,140
4,923,144 5,021,042 5,042,768
2,675,344 2,192,286 1,870,109
17,472,887 14,727,613 13,073,017
$ 81,658,744 $ 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Taxes $ 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 $ 43,399,858
Intergoverrunenta1 3,931,579 5,113,624 12,738,479 13,452,225 14,394,795 14,570,521 16,161,326 18,750,828 24,107,707 22,604,885
Charges for services 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 8,280,351
Licenses and permits 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 1,935,601
Fines and forfeits 297,440 327,361 297,339 344,317 284,949 288,386 274,961 269,721 309,440 285,771
Investment income 791,238 948,167 981,067 1,134,042 1,133,248 1,153,120 601,513 316,171 350,438 983,181
Miscellaneous 1,129,920 196,987 972,155 1,522,363 633,626 1,713,739 919,207 1,075,934 716,042 688,346
TOTAL REVENUES $ 31,227,064 $ 33,358,175 $ 34,508,411 $ 34,725,385 $ 37,121,915 $ 40,081,569 $ 42,370,017 $ 50,627,034 $ 63,576,726 $ 78,177,993
NOTE: Includes General, Special Revenue, Debt Service Funds and Component Unit - Library Funds.
Data Source
Village Records
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VILLAGE OF GLENVTEW, ILLINOIS
PROPERTY TAX ASSESSED VALUATIONS, RATES, EXTENSIONS AND COLLECTIONS
Last Ten Fiscal Years
Tax Levy Year 1996 1997 1998 1999 2000
ASSESSED VALUATIONS $ 1,050,308,723 $ 1,047,777,826 $ 1,160,371,041 $ 1,243,991,673 $ 1,227,656,200
Rate' Amount Rate' Amount Rate' Amount Rate' Amount Rate' Amount
TAX EXTENSIONS
Corporate Fund 0.4221 $ 4,433,777 0.4572 $ 4,790,895 0.4092 $ 4,748,300 0.4299 $ 5,348,300 0.4255 $ 5,223,844
Illinois Municipal
Retirement Fund 0.0829 870,278 0.0554 580,606 0.0484 561,350 0.0418 520,000 0.0424 520,000
Library Fund 0.3028 3,180,936 0.3036 3,180,936 0.2684 3,114,340 0.2628 3,114,340 0.2683 3,294,340
Debt Service Fund 0.]251 1,313,794 0.1663 ],742,188 0.1529 1,774,404 0.1526 1,808,857 0.1522 1,868,587
Police Pension Fund 0.0384 403,541 0.0358 375,176 0.0347 402,092 0.0269 318,426 0.0318 389,865
Firefighters' Pension Fund 0.0177 185,795 0.0]97 206,542 0.0115 133,184 0.0089 105,575 0.0186 228,609
TOTAL TAX EXTENSIONS 0.9890 $ 10,388,121 1.0380 $ 10,876,343 0.9251 $ 10,733,670 0.9229 $ 11,215,498 0.9388 $ 11,525,245
COLLECTIONS $ 10,266,321 $ 10,768,639 $ 10,633,824 $ 11,134,514 $ 11,375,966
PERCENTAGE COLLECTED 98.83% 99.01% 99.07% 99.28% 98.70%
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VILLAGE OF GLEN VIEW, ILLINOIS
PROPERTY TAX ASSESSED VALUATIONS, RATES, EXTENSIONS AND COLLECTIONS (Continued)
Last Ten Fiscal Years
Tax Levy Year 2001 2002 2003 2004 2005"
ASSESSED V ALUA TIONS $ 1,511,642,699 $ 1,607,514,242 $ 1,630,257,841 $ 1,931,176,516 $ 2,025,000,000
Rate' Amount Rate' Amount Rate* Amount Rate' Amount Rate' Amount
TAX EXTENSIONS
Corporate Fund 0.3221 $ 4,869,460 0.2882 $ 4,633,320 0.2594 $ 4,229,254 0.2136 $ 4,125,000 0.2587 $ 5,237,776
Illinois Municipal
Retirement Fund 0.0331 500,000 0.0320 515,000 0.0383 625,000 0.0427 825,000 0.0000
Library Fund 0.2272 3,433,700 0.2695 4,331,889 0.2926 4,769,714 0.2583 4,988,085 0.2552 5,] 67,382
Debt Service Fund 0.1172 1,771,445 0.1128 1,8 I 2,585 0.1124 1,831,651 0.0754 1,455,906 0.0745 1,509,374
Police Pension Fund 0.0364 550,000 0.0426 685,000 0.0488 795,000 0.0479 925,000 0.0453 917,476
Firefighters' Penslon Fund 0.0357 540,000 0.0364 585,000 0.0460 750,000 0.0466 900,000 0.0520 1,053,398
TOTAL TAX EXTENSIONS 0.7717 $ 1 1,664,605 0.7815 $ 12,562,794 0.7975 $ 13,000,619 0.6845 $ 13,218,991 0.6857 $ 13,885,406
COLLECTIONS $ 11,518,964 $ 12,520,624 $ 12,445,914 $ 13,094,363 $
PERCENTAGE COLLECTED 98.75% 99.66% 95.73% 99.06% 0.00%
, Property tax rates are per $100 of assessed valuation.
.. Estimated
Nt A - information is not available.
Data Source
Office of the County Clerk
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VILLAGE OF GLENVIEW, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
Ratio of
Total Assessed
Tax Total Estimated Value to
Levy Assessed Actual Total Estimated
Year Residential Commercial Industrial Railroad Farm Value Value Actual Value
1996 $ 736,006,587 $ 216,553,501 $ 97,478,454 $ 155,106 $ 115,075 $ 1,050,308,723 $ 3,150,926,169 33.33
1997 735,5 I 8,370 214,905,081 96,143,443 137,766 73,166 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 1,384,337,801 379,508,594 167,085,116 182,634 62,371 1,931,176,516 5,793,529,548 33.33
2005* 1,449,609,172 399,275,202 175,812,240 202,288 10 1,098 2,025,000,000 6,075,000,000 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,2004 Glenview \996 1997 1998 \999 2000 200\ 2002 2003 2004 2005"
Village of Glen view $ 1,931,176,516 100.00 0.687 0.735 0.660 0.652 0.67\ 0.545 0.5\2 0.505 0.427 N/A
Glenview Public Library \,931,176,5\6 100.00 0.303 0.304 0.269 0.251 0.269 0.228 0.270 0.293 0.259 N/A
County of Cook 1,931,176,5\6 1.59 0.099 0.919 0.9\\ 0.854 0.824 0.746 0.680 0.630 0.593 N/A
Forest Preserve District 1,93\,\76,5\6 1.59 0.074 0.074 0.072 0.070 0.069 0.067 0.061 0.059 0.060 N/A
Suburban T.B. Sanitarium \,931,176,516 2.91 0.008 0.008 0.008 0.008 0.008 0.007 0.006 0.004 0.00\ N/A
Metropolitan Water Reclamation
District \,931,176,516 1.620 0.492 0.451 0.444 0.419 0.415 0.401 0.371 0.36\ 0.347 N/A
County Consolidated Elections 1,931,176,516 2.91 0.027 0.023 0.032 0.029 - N/A
North Shore Mosquito Abatement 1,469,623,534 10.76 0.011 0.011 0.011 0.011 0.011 0.010 0.010 0.009 0.008 N/A
Glenview Park District 1,916,620,946 82.93 0.476 0.498 0.587 0.578 0.612 0.511 0.511 0.5\6 0.505 N/A
Community College #535 1,93\,176,516 9.81 0.208 0.2\6 0.205 0.203 0.213 0.186 0.179 0.186 0.161 N/A
School District #34 \ ,348,336,654 85.99 3.071 3.188 2.991 2.839 3.030 2.623 2.623 2.552 2.330 N/A
New Trier High School #203 102,950,591 2.35 1.929 1.932 1.871 1.845 1.936 1.611 1.611 1.799 1.621 N/A
School District #39 68,814,791 4.93 2.976 3.314 3.087 3.193 3.454 2.742 2.742 2.707 2.238 N/A
School District #37 34,135,800 7.62 2.730 2.766 2.635 2.602 2.732 2.420 2.420 2.362 1.991 N/A
Niles High School #219 44,175,268 1.15 1.929 2.016 1.925 1.903 2.068 1.860 1.860 2.090 20.130 N/A
School District #67 36,281,476 13.44 2.507 2.582 2.484 2.430 2.512 2.272 2.272 2.338 2.129 N/A
Northfield High School #225 1,736,566,066 37.08 1.903 1.932 1.840 1.870 1.992 1.740 1.682 I. 736 1.516 N/A
School District #30 214,805,420 36.09 3.138 3.260 3.119 2.850 3.223 2.765 2.659 2.745 2.416 N/A
School District #31 181,317,784 27.61 1. 965 2.025 1.910 1.894 2.040 1.813 1.631 1.811 1.605 N/A
School District #63 47,484,591 4.29 3.076 3.163 3.078 3.027 3.\29 2.694 2.694 2.609 2.624 N/A
Maine High School #207 47,484,591 1.05 2.265 2.352 2.234 2.198 2.298 2.026 2.026 2.012 1.795 N/A
Maine Township - General 116,649,418 2.77 0.086 0.089 0.085 0.084 0.089 0.079 0.079 0.079 0.07\ N/A
Maine Township - Road and Bridge 1\6,649,4\8 2.77 0.041 0.044 0.042 0.042 0.044 0.039 0.039 0.040 0.036 N/A
Maine Township - General Assistance 116,649,418 2.77 0.015 0.0\6 0.015 0.015 0.016 0.015 0.015 0.016 0.015 N/A
New Trier Township - General 100,440,607 2.55 0.054 0.057 0.054 0.054 0.056 0.044 0.044 0.045 0.037 N/A
New Trier Township - Road and Bridge 100,440,607 2.55 - - N/A
New Trier Township - General Assistance \ 00,440,607 2.55 0.003 0.003 0.003 0.003 0.002 0.002 0.002 0.003 0.002 N/A
Niles Township - General 108,550, \19 2.60 0.038 0.041 0.036 0.037 0.037 0.033 0.033 0.033 0.030 N/A
Niles Township - Road and Bridge 108,550, \19 2.60 - N/A
Niles Township - General Assistance 108,550,119 2.60 0.005 0.005 0.003 0.003 0.003 0.003 0.003 0.003 0.003 N/A
Northfield Township - General 1,605,536,372 32.33 0.022 0.022 0.020 0.019 0.021 0.014 0.015 0.009 0.012 N/A
Northfield Township - Road and Bridge 1,605,536,372 32.33 0.040 0.041 0.039 0.038 0.041 0.036 0.035 0.037 0.033 N/A
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Assessed Value Percent in
in V iJlage of V illage of
Tax Levy Year Glenview,2004 Glenview 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005**
Northfield Township - General Assistance $ 1,605,536,372 32.33 0.013 0.009 0.009 0.002 0.010 0.006 N/A
Northfield Woods Sanitary District 191,941,577 39.87 0.188 0.188 0.170 0.167 0.074 0.007 0.007 0.062 0.055 N/A
North Maine Fire Protection District 7,378,038 2.12 1.230 1.224 1.189 1.161 1.205 1.030 1.030 0.862 0.717 N/A
Northbrook Park District 7,785,842 0.34 0.484 0.486 0.458 0.453 0.562 0.469 0.449 0.459 0.410 N/A
Glenview Special Service Area # I 10,301,498 100.00 N/A
Glenview Special Service Area #2 1,363,856 100.00 N/A
Glenview Special Service Area #3 3,339,812 100.00 N/A
Glenview Special Service Area #4 541,436 100.00 N/A
Glenview Special Service Area #5 16,065,063 100.00 2.141 2.112 1.980 1.916 0.970 N/A
Glenview Special Service Area #6 4,496,413 100.00 0.120 0.121 N/A
Glenview Special Service Area #9 2,368,947 100.00 1.163 1.140 1.054 1.025 0.771 0.588 0.588 0.487 0.406 N/A
Glenview Special Service Area #10 4,279,547 100.00 1.266 1.235 1.144 1.112 0.819 0.628 0.628 0.511 0.427 N/A
Glenview Special Service Area # II 6,426,088 100.00 0.362 0.369 0.325 0.291 0.304 0.239 0.239 0.214 0.169 N/A
Glenview Special Service Area # 12 3,480,205 100.00 0.694 0.691 0.639 0.608 0.624 0.511 0.511 0.365 0.285 N/A
Glenview Special Selvice Area # 16 1,419,876 100.00 0.945 0.951 0.881 0.858 N/A
Glenview Special Service Area # 17 3,290,480 100.00 0.833 0.830 0.740 0.715 0.719 0.588 0.588 0.550 0.374 N/A
Glenview Special Service Area # 18 1,320,491 100.00 0.697 0.698 0.626 0.602 0.616 0.521 0.521 0.461 0.388 N/A
Glenview Special Service Area #20 7,864,054 100.00 0.413 0.414 0.371 0.359 0.366 0.294 0.294 0.275 0.236 N/A
Glenview Special Service Area #22 2,604,575 100.00 0.521 0.572 0.437 0.399 0.401 0.304 0.304 0.290 0.214 N/A
Glenview Special Service Area #24 834,045 100.00 0.820 1. 000 0.611 0.717 0.712 0.570 0.570 0.535 0.538 N/A
Glenview Special Service Area #27 238,078 100.00 1.496 1.498 1.232 1.193 1.610 1.622 1.622 N/A
Glenview Special Service Area #31 773,591 100.00 0.780 0.790 0.687 0.664 0.669 0.486 0.486 0.237 N/A
Glenview Special Service Area #32 5,377,585 100.00 0.127 0.127 0.139 0.134 0.136 0.115 0.115 0.095 0.086 N/A
Glenview Special Service Area #33 3,487,475 100.00 0.810 0.813 0.747 0.729 0.739 0.630 0.630 0.590 0.456 N/A
Glenview Special Service Area #35 1,734,134 100.00 0.494 0.477 0.482 0.394 0.394 0.370 0.313 N/A
Glenview Special Service Area #36 3,744,548 100.00 0.233 N/A
Glenview Special Service Area #37 1,945,179 100.00 - - - - 0.207 N/A
Oak Meadow Sanitary District 84,387,248 39.09 0.120 0.116 0.124 0.009 0.009 0.059 0.048 N/A
Northwest Mosquito Abatement 51,399,258 0.21 0.010 0.010 0.011 0.010 0.010 0.010 0.009 N/A
* Property tax rates are per $100 of assessed valuation.
*. 2005 rates not available.
Data Source
Office of the County Clerk
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VILLAGE OF GLENVIEW, ILLINOIS
RATIO OF NET GENERAL OBUGA nON BONDED !JEBT TO ASSESSED VALUE
AND NET GENERAL OBUGA TION BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Fiscal Year 1996 1997 1998 1999' 2000 2001 2002 2003 2004 2005'
(I) Population 38,437 38,437 38,437 38,437 41,847 41,847 41,847 41,847 44,443 44,443
(2) Assessed value $ 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 $ 1,931,176,516 $ 2,025,000,000
(3) Gross general
obligation bonded
debt 81,315,000 69,840,000 59,855,000 60,980,000 62,930,000 101,800,000 97,340,000 97,460,000 128,390,000 128,390,000
Debt service monies
available 7,706,052 4,416,466 2,388,599 3,651,914 2,431,244 2,811,524 1,048,923 1,040,757 1,674,443 3,293,488
Debt payable from
enterprise revenues 4,173,950 9,344,650 8,784,150 8,170,000 7,840,000 7,500,000 7,145,000 6,710,0(8) 7,039,497 7,267,762
Net general
obligation bonded
debt 69,434,998 56,078,884 48,682,251 49,158,086 52,658,756 91,488,476 89,146,077 89,709,243 119,676,060 117,828,750
Ratio of net general
obligation bonded
debt to assessed
value 6.61% 5.35% 4.20% 3.95% 4.29% 6.05% 5.75% 5.50% 6.20% 5.82%
Net general
obligation bonded
debt per capita $ 1,806.46 $ 1,458.98 $ 1,266.55 $ 1,278.93 $ 1,258.36 $ 2,186.26 $ 2,130.29 $ 2,143.74 $ 2,692.80 $ 2,651.23
II< Estimated
Data Source
(1) u.s. Department of Commerce, Bureau of Census
(2) Office of the County Clerk
(3) Total General Obligation Bonds outstanding - all funds
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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 govems computation of the legal debt
margm.
"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) ifits 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 I, 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 GLEN VIEW, ILLINOIS
RA no OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLTGA nON DEBT
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
Last Ten Fiscal Years
Fiscal Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Principal
$ 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 $ 9,124,652
Interest and fiscal charges
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
5,133,169
TOTAL DEBT SERVICE
$ 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 $ 14,257,821
TOTAL GENERAL
GOVERNMENTAL
EXPENDITURES.
$ 40,432,045 $ 50,447,093 $ 53,455,235 $ 58,518,274 $ 41,698,088 $ 42,071,614 $ 46,151,100 $ 50,389,563 $ 61,007,007 $ 71,407,450
RA no OF DEBT SERVICE
EXPENDITURES TO
GENERAL GOVERNMENTAL
EXPENDITURES
32.97%
40.88%
42.26%
44.81%
12.16%
13.02%
17.52%
17.52%
15.98%
19.97%
. Includes General, Special Revenue, Debt Service Fund and Component Unit - Library Fund
Data Source
City Records
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VILLAGE OF GLEN VIEW, ILLINOIS
SCHEDULE OF REVENUE BOND COVERAGE
WATERWORKS FUND
Last Ten Fiscal Years
Fiscal Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Operating revenues
$ 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 $ 8,726,117
Direct operating expenses
4,386,220
3,309,767
3,598,529
3,63 I ,858
5,445,193
4,547,468
4,822,099
6,160,140
7,514,285
9,874,399
NET REVENUE A V AILABLE
FOR DEBT SERVICE (1)
$ 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) $ (1,148,282)
DEBT SERVICE REQUIREMENTS (3)
Principal $ 914,850 $ 904,300 $ 355,500 $ 304,150 $
$
$
$
$
$
Interest
121,623
76,296
31,806
15,512
TOTAL DEBT SERVICE
$ 1,036,473 $ 980,596 $ 387,306 $ 319,662 $
$
$
$
$
$
COVERAGE (2)
1.40
2.65
7.44
8.62
(I) Operating revenues minus direct operating expenses.
(2) Net revenue available for debt service divided by total debt requirements.
(3) The Vil1age has recorded general obligation hond issues (through fiscal 1999) on the Waterworks Fund Balance Sheet. These bonds have been included in the schedule to illustrate coverage.
Data Source
Vil1age Records
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VILLAGE OF GLENVIEW, ILLINOIS
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
I
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
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 * 1],525 * 3.7
2002 41,847 38,930 * 41.7 * 16.1 * ] 1,525 * 4.5
2003 41,847 39,708 * 41.9 * ]6.1 * 11,525 * 4.6
2004 44,443 ** 43,384 * 41.3 * 16.1 * 11,525 * 4.6
2005 44,443 ** 43,384 * 41.3 * 16.1 * 11,525 * 4.6
* Estimated
** Population after 2004 Special Census
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 Construction Additional Pennits Issued**
Fiscal Number Number Water - Property
Year of Units Value of Units Value Plumbing Tap Electrical Driveway Value*
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 5,793,529,548
2005 8 13,055,000 181 71,238,952 154 47 197 257 6,075,000,000
* Estimated actual value of real property.
** These numbers are in addition to those included in New Residential and Commercial Construction.
Data Sources
Village of Glenview Building Department
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Distribution of Owner-Occupied Noncondominium Houses by Value
(2000 Census)
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June 20, 1899 I
Council/Manager
20 Miles North of Chicago I
13.27 Square Miles
6,142 I
18,132
24,880
32,060 I
38,437
41,847
44,443
15,853 I
$ 336,000
Unit Distribution I
Number Percent
159 1.43%
1,278 11.52% I
3,227 29.10%
4,203 37.90%
1,987 17.92% I
236 2.13%
11 ,090 100.00%
85 I
5
2,668 I
Class 3
78
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243,626
469
11,534 I
63
12,215
11,992
35,778 I
294,146
395,724
689,870 I
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VILLAGE OF GLENVIEW, ILLINOIS
MISCELLANEOUS STATISTICS
December 31, 2005
Date of incorporation
Form of government
Geographic location
Area
Population
1950
1960
1970
1980
1990
2000
2004
Number of Total Housing Units (2004 Census)
Median Value Owner-Occupied Noncondominium Housing Units
Unit Values by Range (I)
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.O. Rating
Police Protection
Number of police officers
Number of school crossing guards
Number of stations
Library Services
Number oflibraries
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)
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December 3 \, 2005
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Recreation Facilities
Number of parks and playgrounds
Park area in acres - Park District owned
Park area in acres - Park District leased
36
447
135
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Municipal Parking Facilities
Number of parking spaces
1,450
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Waterv.lorks Operations
Number of sewer customers at December 31, 2005
Number of metered water customers at December 31, 2005
Gallons of water purcbased during fiscal year
Gallons of water billed during fiscal year
,"'ater storage capacity
Ground storage
Elevated storage
11 ,492
15,853
3,625,336,000
2,449,900,000
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17,000,000 gallons
1,000,000 gallons
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Number of full-time employees at December 31, 2005
330
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Miles of streets maintained by Glenview
identified by functional classification:
Arterial
Collector
Residential
7
5
121
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Total
133
Miles of alleys maintained by Glenview
4.68
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Miles of streets witbin tbe Village of Glenview
maintained by Cook County or tbe State of Illinois
22
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Miles of sanitary sewers
Miles of storm sewers
127.5
175
Number of Village -owned street lights
1,700
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Building activity
Number of permits issued in 2005
Value of construction autborized in 2005
3,282
168,418,399
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Data Source
Village Records
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VILLAGE OF GLEN VIEW, ILLINOIS
TEN WEALTHIEST ILLINOIS COMMUNITIES
2000 CENSUS
December 31, 2005
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
I 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 G1enview, 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, 2005
Percent Percent Illinois Percent
Fiscal Sales of Total Utility of Total Income of Total
Year Tax Revenue Tax Revenue Tax Revenue
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 \3.0% 2,740,281 11.0%
2000 6,522,922 23.7% 3,712,583 14.5% 2,990,432 10.9%
2001 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%
2005 12,325,158 25.7% 7,279,696 15.2% 3,521,197 7.4%
Note: Includes General Fund only
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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. 2005 Value True Value POD. 41.847)
Assessed Valuation of Taxable Real Property, 2004 .... $ 2,248,333,982 100.00% 33.33% $ 53,727.48
Estimated True Value of Taxable Real Property, 2004 . . . 6,745,001,946 300.00% 99.99% $ 161,182.44
Direct General Obligation Bonded Debt(1):
Payable From Property Taxes. . . . . . . . . . . . . . . . . . . . . $ 26,940,000 1.20% 0.40% $ 643.77
Self-Supporting Debt .. . . . . . . . . . . . . . . . . . . . . . . . . . 99 460 000 4.42% 1.47% 2376.75
Total Direct Bonded Debt. . . . . . . . . . . . . . . . . . . . . . . $ 126,400,000 5.62% 1.87% $ 3,020.52
Overlapping Bonded Debt Payable from Property Taxes(2);
Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,365,489 1.71% 0.57% $ 916.81
Other than Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 096 640 3.87% 1.29% 208131
Total Overlapping Bonded Debt .......... ....,. o. $ 125462129 5.58% 1.86% $ 2998.12
Totai Direct and Overlapping Bonded Debt . . . . . . . . . . . . . $ 251 862 129 11.20% 4.03% $ 6018.64
Total Direct and Overlapping Exc/. Self-Supporting .... $ 152,402,129 6.78% 2.26% $ 3,641.89
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, 2005~
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT (Note 1)
(As of December 31, 2005)
PrinciDal Amounts
Self SUDDortinq With Proiected Abatement From:
Water and Sewer Funds(2J Tax Increment Revs. (3)
Pre.Series Series Series Series Series Series
2003 2003A(5J 20036(6) 2005 2001/03A 2004A
$ 275,000 $ 110,000 $ 185,000 $ 1,640,000 $ 5,975,000 $ 125,000
290,000 110,000 190,000 1,715,000 5,995,000 300,000
305,000 110,000 195,000 1,790,000 6,020,000 525,000
85,000 345,000 205,000 1,870,000 5,000,000 1,775,000
- 0 - 455,000 210,000 1,955,000 5,000,000 2,050,000
Debt Service
Tax Levies
From
Property
Taxes
$1,954,963
2,002,974
1,975,575
1,945,575
1,945,575
Total
Cumul.
Amount Percent
$ 10,060,000 8.0%
10,475,000 16.2%
9,945,000 24.1%
10,295,000 32.3%
10,720,000 40.7%
Levy
Year
2005
2006
2007
2008
2009
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Due Paid From
..1kL ProD Taxes(4)
2006 . . $ 1,750,000
2007 . . 1,875,000
2008 . . 1,000,000
2009 . . 1,015,000
2010 . . 1,050,000
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2011 ..
2012. .
2013. .
2014. .
2015. .
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2016. .
2017 . .
2018. .
2019. .
2020 ..
1,100,000
1,150,000
1,175,000
1,225,000
1,275,000
1,325,000
1,375,000
1,450,000
1,500,000
1,575,000
470,000 220,000 2,075,000 5,500,000 1,800,000 11,165,000 49.6% 2010 1,958,300
485,000 225,000 2,150,000 5,500,000 2,125,000 11,635,000 58.8% 2011 1,968,425
500,000 - 0 - 2,275,000 - 0 . 7,925,000 11,875,000 68.2% 2012 1,948,863
505,000 2,375,000 8,250,000 12,355,000 77.9% 2013 1,951,863
525,000 2,475,000 .0- 4,275,000 81.3% 2014 1,952,863
545,000 2,600,000 4,470,000 84.9% 2015 1,951,863
580,000 2,725,000 4,680,000 88.6% 2016 1,948,863
- 0 . 2,825,000 4,275,000 92.0% 2017 1,967,488
- 0 . 1,500,000 93.1% 2018 1,956,588
1,575,000 94.4% 2019 1,967,838
1,650,000 95.7% 2020 1,973,931
1,725,000 97.1% 2021 1,976,331
1,825,000 98.5% 2022 1,998,706
1.900000 100.0% 2023 1,989,300
$ 955,000 $4,740,000 $1,430,000 $28,470,000 $38,990,000 $24,875,000 $126,400,000
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2021 .. 1,650,000
2022 . . 1,725,000
2023 . . 1,825,000
2024 . . 1 900 000
$26,940,000
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Excludes note payable in annual principal and interest payments of $215,377 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 selVice areas, is shown as
overlapping debt in the table "Detailed Overlapping Bonded Indebtedness Payable From Properly Taxes."
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 Village limits
(63,000 in unincorporated areas and 20,000 in the Citizens Utilities service area).
The Series 2001, a portion of the Series 2003A, the Series 2004A and the Series 2005 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 Village's sale
of land at the Project Area.
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4. Includes remaining maturities of the Village's Series 2000 and Series 2004B Bonds.
5. Includes bonds 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 seNice area of a private water company
(Illinois-American Water Company) outside the Village limits. I
DEBT RATIOS AND PER CAPITA DEBT-LAST TEN BOND SALES (Note 1)
Ratio to Estimated Actual Value(11
Direct Debt Direct & Overlappina Debt
Including Excluding Including Excluding
Self- Self- Self- Self-
Supportina Supportina(21 Supportina Supportina(2)
.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%
2.13% .45% 4.02% 2.34%
Sale Date
October 17, 1995 . . . . $
October 15, 1996 . . . .
August 5, 1997 . . . . . .
October 20, 1998 . . . .
December 5, 2000 . . .
August 7, 2001 . . . . . .
February 5, 2002 ....
March 4, 2003 ......
July 20, 2004 . . . . . . .
October 19, 2005 . . . .
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Per Caplta(1)
Direct & Overlappin!! Debt
Including Excluding
Self- Self-
Supportina Supportina(2)
$ 2,360.61 $ 2,123.34
2,590.75 2,134.53
2,544.13 1,969.57
3,125.64 1,752.00
3,109.34 1,831.83
4,377.57 2,172.83
4,353.97 2,185.71
4,834.24 2,686.75
5,958.11 3,304.34
6,140.14 3,572.09
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Notes: 1. Ratios and per capita information as set out in applicable Official Statements.
2. Excluding the Village's self-supporting general obligation bonded debt.
3. Proceeds used to refund the December 1, 1996 maturity of the Bond Anticipation Bonds ("BABS').
4. A portion of the proceeds of the Series 1998 Bonds was used to refund the December 1, 1998 maturity of the BABS.
5. Proceeds used to redeem the Series 1993 and 1994.
6. Proceeds used to advance refund the callable maturities of the Series 1996 and 1997, to current refund the Series 1992
and to provide approximateiy $1,900,000 for water and sewer projects.
7. Proceeds used to current refund the Series 1998 Bonds.
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DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2005
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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
2004 Real
Property in
Taxina Bodv
69.8%
11.1%
9.4%
3.6%
2.5%
1.9%
1.8%
100.0%
89.9%
5.3%
2.3%
2.5%
100.0%
Gross
Bonded Debt
$ 25,985,000
6,323,067
6,385,000
11,625,000
19,450,000
6,298,512
3,885,768
20,168,286(3)
19,218,637(3)
82,975,000
15,835,000
Village's Applicable
Share (Note 1)
of Gross Debt To Be Paid
From Real Property Taxes
Percent Amount
85.994%
36.089%
27.610%
4.934%
4.292%
15.752%
13.439%
37.081%
2.351%
1.152%
1.049%
Community College District:
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% $3,228,320,000(2) 1.589%
Metropolitan Water Reclamation District............ 100.0% 1,307,823,555(2) 1.622%
Glenview Park District. . . . . . . . . . . . . . . . . . . . . . . . . 99.2% 16,855,000(3) 82.928%
Northbrook Park District. . . . . . . . . . . . . . . . . . . . . . . . .4% 17,915,000 0.337%
Glenview Special Service Areas. . . . . . . . . . . . . . . . . . Various 555,715 100.000%
Total Other Than School Districts ...................................................
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$ 22,345,483
2,281,939
1,762,911
573,538
834,725
992,142
522,194
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7,478,536
451,828
956,065
166,128
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$ 38,365,489
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$ 51,285,988
21,216,975
13,977,516
60,446
555.715
$ 87,096,640
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Notes: 1. Village's share based upon 2004 Real Property valuations.
2. Excludes short-tenn cash flow notes.
3. Excludes the following "Alternate Bonds' Issued pursuant to Public Act 85-1419, which are considered to be self-
supporting since they are payable from user fees or other pledged non-property tax sources: Northfield Township
High School District No. 225 - $21,275,000; New Trier High School District No. 203 - $3,315,000 and G/enview
Park District - $36,285,000.
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EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
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For All Taxina Purooses (3)
Tax Net For Plus Total For All
Levy General Taxing Incremental Taxing
Year(21 Purooses Valuation Purooses
2000... ... .. $1,227,656,200 $ 5,537,964 $1,233,194,164
2001 ........ 1,511,642,699 39,650,935 1,551,293,634
2002 . . . .. . .. 1,627,042,822 106,894,229 1,733,937,051
2003 . . . .. . .. 1,630,257,841 195,634,725 1,825,892,566
2004.. . ... .. 1,931,176,516 317,157,466 2,248,333,982
Increase
Over
Prior Year
-0.9%
+25.8%
+11.8%
+5.3%
+23.1%
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Notes: 1. Property in Cook County is separated into eight classifications for assessment purposes (ranging 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 furnishes 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. Excludes four categories of exemptions: the
Senior Citizens' Homestead Exemption; the General Homestead Exemption; the Senior Citizens Tax Freeze Homestead
Exemption and the Long- Term Homeowner Exemption.
2. Under the current triennial reassessment system in Cook County, one third of the County is reassessed each year. The
Village was reassessed in 2001 and 2004.
3. 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."
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TAX RATES PER $100 EQUALIZED ASSESSED VALUATION
(Levy Years)
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Village of Glenview: 2000 2001 2002 2003 2004
Bonds and Interest, , , . . . . . . . . . . . . . . . . . . . . $ .152 $ ,117 $ .113 $ .112 $ .076
Pensions (Police, Fire, IMRF & Social Security) . .093 ,105 .111 .133 .137
Corporate.. . .. .. . . . . . . . . . . . . . .. . . .. .. .. .426 ,322 .288 .259 ~
Total Village(1) ...................... $ .671 $ .544 $ .512 $ .504 $ .427
Cook County (Inc!. Forest Preserve) . . . . . . . . . . . . . . . .893 .813 .751 .689 .653
Metropolitan Water Reclamation District . . . . . . . . . . . . .415 .401 .371 .361 .347
Glenview S.D. Number 34 ............ ....... .0. 3.030 2.623 2.509 2.552 2.330
Northfield Township H.S.D. Number 225 . . . . . . . . . . . . 1.992 1.740 1.682 1.736 1.516
Oakton Community College Dis\. Number 535 . . . . . . . . .213 .186 .179 .186 .161
Glenview Park District '0' ............ .... ...... .612 .511 .492 .516 .505
Glenview Public Library .. .... ........ ... .... ,_. .269 .228 .270 .293 .259
Northfieid Township and Ali Other. . . . . . . . . . . . . . . . . ~ .099 .067 .098 .060
Total (2) .......... ....... ........ ... $8.176 $7.145 $6.833 $6.935 $6.258
Village as a Percent of Total ................... 8.2% 7.6% 7.5% 7.3% 6.8'10
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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. Tax rate applicable to the largest tax code that represented 38.4% of the Village's 2004 tax base and ;s
located in Northfield Township.
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TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
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Levy
Year
2000..... ....... . . .. . .... ..
2001 ..... ....... ...........
2002 . .. . . . . . . . . . . . . . . . . . . . .
2003 .. . . . . . . . . . . . . . . . . . . . . .
2004 .. . .. .. .. . .. .. .. .. .. . . .
Collection
Year
2001
2002
2003
2004
2005
Total Taxes
Extended
$ 8,237,573
8,238,452
8,230,473
8,232,795
8,244,953
Total Taxes Collected as
of December 31. 2005(1)
Amount (21 Percent
$ 8,296,330 100.71%
8,441,291 102.46%
8,346,033 101.40%
8,231,850 99.99%
8,225,926 99.77%
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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.
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1998 AND 2003 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION
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VillaCle of Glenview
Property Classification:
Residential ........ . . . . . . . . . . . . . . . . . .
Commercial (1) .......................
Industrial. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Railroad ............................
Farm............................. .
Total. ... .. .... . . .. ...... .. . . . .
Taxable Valuation(2)
1998 2003
$ 817,802,199 $1,295,409,010
238,830,264 356,886,410
103,587,007 173,422,734
126,876 173,826
24 695 589
$1,160,371,041 $1,825,892,569
Percent Increase 1998-2003 ...........................
+57.4%
Percent of Total
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1998
70.5%
20.6%
8.9%
NIL
--.lliL
100.0%
2003
70.9%
19.5%
9.5%
NIL
--.lliL
100.0%
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Notes: 1. The commercial classification 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.
TEN LARGEST TAXPAYERS
Rank
1
2
3
4
5
6
7
8
9
10
Taxpaver Properties
Kraft General Foods ............ Corporate Headquarters/Research Campus
Jewel Property LLC . . . . . . . . . . . .. Commercial Property. . . . . . . . . . . . . . . . . .
Mid American Asset. .......... .. Commercial Property. . . . . . . . . . . . . . . . . .
Calellus Development . . . . . . . . . .. Commercial Property. . . . . . . . . . . . . . . . . .
illinois Tool Works, Inc. ........ .. Corporate Headquarters. . . . . . . . . . . . . . . .
Pearson Tax Department. ........ Corporate Headquarters - Book Publishing(3)
CC Lake, Inc. ................. Commercial Property. . . . . . . . . . . . . . . . . .
Bay Hospitality ................ Hotel.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Heatherfield Center LLC. . . . . . . . .. Shopping Center . . . . . . . . . . . . . . . . . . . . .
Van Maur Inc. ................ Department Store ....................
Total Ten Largest Taxpayers ......................................
Notes: 1. Vaiuations as of January 1, 2004 for 2005 taxing purposes.
2. Total 2004 Village valuation of $2,248,333,982 (including incremental valuation).
3. Corporate headquarters of Scott Foresman.
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Equalized
Assessed
Valuation(1)
$ 46,537,310
28,152,398
25,447,779
24,125,930
19,556,608
14,559,528
13,418,374
12,723,953
12,667,213
11485621
$208,674,714
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Percent of
VillaCle (2)
2.1%
1.2%
1.1%
1.1%
0.9%
0.6%
0.6%
0.6%
0.6%
0.5%
9.3%
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2.
I 3.
4.
5.
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GENERAL FUND
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 31)
Actual (Note 1)
RevenueslTransfers:
Properly Taxes ......................
Property Taxes-Fire Protection District(2) ...
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 Permits/Cert. Of Occup. .........
Other Licenses and Permits . . . . . . . . . . . . .
Charges For SeNices .................
Fines and Forfeits ....... . . . . . . . . . . . . .
Interest. . . . .. . . . . . . . .. . . . . . . . . . . .. .
Transfers-In. . . . . . . . . . . . . . . . . . . . . . . . .
Land Sales .........................
All Other Revenues . . . . . . . . . . . . . . . . . . .
Total RevenueslTransfers . . . . . . . . . . .
ExpenditureslTransfers:
General Government . . . . . . . . . . . . . . . . . .
Public Safety. . . . . . . . . . . . . . . . . . . . . . . .
Highways and Streets .................
Pensions. . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal Expenditures ...............
Capital Equipment Replacement Transfers(5)
Capital Project TransferslCapital Outlay . . . .
Debt SeNice Transfer .................
Total ExpenditureslTransfers ........
Revenue Over (Under) Expenditures:
Before CapitallTransfers. . . . . . . . . . . . . . . .
After CapitallTransfers . . . . . . . . . . . . . . . . .
Adjustments to Fund Balance. . . . . . . . . . . . . .
Fund Balance at December 31 . . . . . . . . . . . . .
2001
$ 5,808,880
1,968,062
7,184,006
- 0 -
4,147,388
3,483,970
414,768
748,188
2,467,698
342,302
1,152,553
215,284
769,833
1,200,661
956,654
934 280
$31,794,527
$ 5,450,092
15,389,725
5,866,080
- 0 -
$26,705,897
1,061,930
2,437,416
210805
$30,416,048
2002
$ 5,877,232
2,171,117
8,765,038
- 0 -
4,119,522
3,183,744
285,110
615,083
2,063,149
352,334
1,109,048
207,720
401,213
1,301,080
- 0 -
1 332 408
$31,783,798
$ 6,060,618
15,850,504
6,118,925
- 0 -
$28,030,047
1,225,220
349,066
219336
$29,823,669
2003 2004 2005
$ 5,876,466 $ 5,517,792 $ 6,662,174
2,245,157 2,535,012 2,543,096
10,830,776 11,632,246 12,325,158
- 0 - 1,106,632 3,035,577
5,787,142 5,948,422 7,279,696
2,970,258 3,096,604 4,037,420
308,138 337,969 376,296
717,486 799,918 884,358
1,399,853 1,782,460 1,502,364
271,701 346,366 433,237
1,021,693 1,489,994 6,442,824
181,364 249,956 223,917
155,307 145,992 394,846
1,277,845 506,602 1,903,718
- 0 - - 0 - - 0 -
1.577.050 1 537629 1.860882
$34,620,256 $37,033,594 $49,885,563
$ 7,690,646 $ 7,810,351 $ 4,435,742
16,976,478 18,789,689 23,675,778
6,235,315 6,469,961 9,256,445
- 0 - - 0 - - 0 -
$30,902,439 $33,070,001 $37,367,965
1,252,124 115,476 50,858
2,047,756 2,363,395 2,552,442
219335 - 0 - - 0 -
$34,421,654 $35,548,872 $39,971,265
$ 4,877,825 $ 3,534,415 $ 3,498,482 $ 3,963,593 $12,517,598
$(1,378,479) $ 1,960,129 $ 198,602 $ 1,484,722 $ 9,914,298
$ 371,034 $ - 0 - $ 1,776,368 $ (202,238)$ - 0 -
$13,938,713 $15,898,842 $17,873,812 $19,156,296 $29,070,594
Balance Sheet at December 31
2001 2002 2003 2004 2005
$14,756,756 $15,032,003 $14,186,090 $12,249,112 $23,232,149
5,785,884 5,731,379 5,606,072 5,776,698 7,255,917
1,968,913 2,628,031 2,951,743 4,071,065 4,137,393
343,995 712,911 1,014,754 1,083,105 1,107,245
161,283 635,006 333,924 577,374 885,996
137,073 185,501 656,538 2,940,605 711,056
32 385 - 0 - 292 814 923470 300 789
$23 186 289 $24 924 831 $25 041 935 $27 621 429 $37 630 545
$ 547,977 $ 349,836 $ 422,066 $ 622,975 $ 416,237
1,531,691 1,671,823 979,516 1,001,860 119,523
137,314 40,022 56,610 780,827 586,674
6,029,209 5,861,043 5,636,411 5,927,203 181,600
1,001,385 1,103,265 73,520 132,268 7,255,917
Assets:
Cash and investments. . . . . . . . . . . . . . . . .
Receivables:
Properly Taxes ...... . . . . . . . . . . . . . .
Sales Tax . . . . . . . . . . . . . . . . . . . . . . . .
Utility Taxes ......................
Other Receivables. . . . . . . . . . . . . . . . . .
Due From Other Funds ...... . . . . . . . . . .
All Other Assets .....................
Total Assets ....................
Liabilities and Fund Balance:
Accounts Payable. . . . . . . . . . . . . . . . . . . .
Other Payables . . . . . . . . . . . . . . . . . . . . . .
Due To Other Funds . . . . . . . . . . . . . . . . . .
Deferred Revenues . . . . . . . . . . . . . . . . . . .
All Other liabilities. . . . . . . . . . . . . . . . . . . .
Fund Balance:
ReseNed ........................ $ 10,000 $ 10,000 $ - 0 - $ 30,860 $ 150,800
Designated for Surcharge Receipts. . . . . . 1,334,848 1,334,848 - 0 - - 0 - - 0 -
Un designated ..................... 12.593865 14553.994 17873812 19.125436 28919.794
Total Fund Balance............... $13.938713 $15898.842 $17873812 $19.156.296 $29070.594
Total Liabilities & Fund Balance. . . . . . $n 186289 $24924831 $25041935 $27621429 $37630545
This condensed financial informaUon for the General Fund for the years ending December 31, 2001-2005 has been prepared from the full
Comprehensive Annual Financial Reports of the Village of Glenview. The full financial statements, together with the report of the Village's
independent accountants, are available upon request. See Note 1 to "Combined Statement-All Funds".
On September 1, 1992 the Glenbrook Fire Protection District was merged into the Glenview 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.
The Village adopted a Y, of 1% sales tax effective July 1, 2004.
Effective May 6, 1985, the Village adopted a 5% hotel room tax. The Village adopted a 4% Amusement Tax effective January 1, 1998.
The Capital Equipment Replacement Fund (CERF) was estabiished 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 works, 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
Internal SeNice Fund). As of December 31, 2005, cash and investments in the Capital Equipment Replacement Fund totaled $9,625,362.
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COMBINED STATEMENT--ALL FUNDS (Note 1)
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Fund Balances 2001-2004 and Summary 2005 Revenues, Excess Revenues and Fund Balance
Fiscal Year Ended December 31 2005
Revenues Excess
Incl. Transfers Revenues
Property Over Fund
Tax Total Expenditures Balance
6,662,174 $ 49,885,563 $ 9,914,298 $ 29,070,5
Governmental Fund Types:
General Fund' ...............
Special Revenue Funds:
IMRF ................ ....
Motor Fuel Tax .. . . . . . . . . . . .
Refuse and Recyclin9 .. . . . . . .
911 Communications. . . . . . . . .
GNAS Redevelopment(2) .....
GNAS Caretaker. . . . . . . . . . . .
Forei9n Fire Insurance. . . . . . . .
Special Tax Allocation' .......
Escrow Deposit. . . .. . . . . . . . .
Deposit. . . . . . . . . . . . . . . . . . .
Police Dept Special Account ...
Total Speciai Revenue. . . . . .
Debt Service Funds. . . . . . . . . . . .
Capital Project Funds' . . . . . . . . . .
Total Governmental Funds. . .
Proprietary Fund Type(3):
Enterprise Funds:
Waterworks' . . . . . . . . . . . . . . .
Sewerage . . . . . . . . . .. . . . . . .
Wholesale Water(4) .........
No. Maine Water and Sewer'(4) .
Commuter Parkin9 Lot. . . . . . . .
Total Enterprise Funds. . . . . .
Internal Service Funds:
Municipal Equipment Repair(5) .
Insurance. . . . . . . . . . . . . . . . .
Capital Equipment Replace. . . . .
Tolallnternal Service Funds
Tolal Proprietary Funds. . . . .
Fiduciary Fund Types(6):
Police Pension ...............
Firefi9hters' Pension .. . . . . . . . . .
Total Fiduciary Funds ......
Component Unit:
Library Fund(8) . . . . . . . . . . . . . . .
Total All Funds(Memo Only) . .
2001
$ 13,938,713
Fiscal Year Ended December 31
2002 2003(8\ 2004
$ 15,898,842 $ 17,873,812 $ 19,156,296 $
$ 377 ,590
211,825
1,623,380
456,719
(3,824)
(159,839)
- 0 -
16,716
149,161
53,706
26 088
$ 2,751,522
2,811,524
158292122
$177,793,881
$
468,501
243,579
1,862,954
305,842
(50,806))
(58,518)
39,537
953,690
145,398
55,827
26185
$ 3,992,189
1,048,923
112838113
$ 133,778,067
$ 460,141
305,514
2,117 ,344
542,395
(72,378)
(164,915)
72,849
276,946
127,344
59,436
46417
$ 3,771,093
1,023,902
47,142.451
$ 69,811,258
$ 201,060 $
2,589,698
2,362,052
500,797
(71,074)
(63.447)
134,694
80.410
136,091
64,820
39241
$ 5,974,342
3,292,038
76,696 544
$105,119,220
$ 17,638,968 $ 18,439,075 $ 30,780,983 $ 28,873,259
3,630,150 3,879,344 7,342,484 7,049,530
564,303 451,575 853,635 1,276,869
(274,344 ) (235,976) 1,057,360 (364,526)
275,773 335,762 1.393 587 1 437 386
$ 21,834,850 $ 22,869,780 $ 41,428,049 $ 38,272,518
$ 234.417 $ 88,807 $ (103,789) $ (162,590)
3,552.484 3,538,071 3,218.414 3,918,016
- 0 - - 0 - 8 928 887 9671 193
$ 3,786,901 $ 3,626,878 $ 12,043,512 $ 13426619
$ 25,621,751 $ 26.496,658 $ 53.471,561 $ 51,699,137
$ 29,380,377 $ 31,060.435 $ 34,194,129 $ 36,515.448
41979483 44 326 852 45190062 45951 188
$ 71,359,860 $ 75,387,287 $ 79,384,191 $ 82.466,636
$ 1 339 278 $ 984541 $ 1 403 .462 $ 1923311
$276,114,770 $236,646,553 $204,070,472 $241,208,304
20,838 $ 21,191 $ (201,060) $ - 0 -
- 0 - 1,356,633 (1,476,333) 1,113,361
- 0 - 1,186,334 (953,533) 1,408,51
- 0 - 987,659 (168,634) 332,16
- 0 - 1,571,875 4,979 (66,095
- 0 - 2,227,183 207,305 143,858
- 0 - 65,796 43,334 178,02'
19,032,283 19,152,395 (3,202,236) (3,121,82
- 0 - 100,492 48,492 184,58
- 0 - 10,737 10,737 75,557
- 0 - 5648 11423 5066
$ 19,053,121 $ 26,685,943 $ (5,675,526) $ 298,81
1,445,123 2,087,720 (1,216,655) 2,075,38
- 0 - 22265934 136.920,168) 39776 37€
$ 27,160,418 5100,925,160 $(33,898,051) $ 71,221,165
$ - 0 - $ 8,726,117 $ (2,520,032) $ 26,353,221
- 0 - 1,576,519 4,869,792 11,919,322
- 0 - 1,707,316 448,875 1,725,74
- 0 - 5,872,657 576,533 212,00
- 0 - 450,026 42 332 1 47971
- 0 - $ 18,332,635 $ 3,417,500 $ 41,690,01S
- 0 - $ 1,410,964 $ (66,934) $ (229,52J
- 0 - 6,166,823 888,925 4,806,941
- 0 - 1 642085 165329 98365 .
- 0 - $ 9,219.872 $ 987320 $ 14413 93!
- 0 - $ 27,552,507 $ 4,404,820 $ 56,103,91
- 0 - $ 3,812,751 $ 2,324,949 $ 38,840,3
- 0 - 2775563 469,200 46420 38;
- 0 - $ 6,588,314 $ 2,794,149 $ 85,260,78!
$
$
$
$
$
$
. Designated as major funds under GASB Statement 34. Within the Capffal Funds, the following funds are major funds: Village Permanent Fund, GNAS Bond Fund I
Series 1995 Fund, Glen Land Sales Fund, 2004 Glen Bond Fund, and Police Department Headquarters Fund.
Cash 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 - Library Fund ....
Total Cash and Investments. . .
2001
14,756,756
2,535,726
2,813,024
$ 8,715,538
106,108,151
36,253,716
11,129,659
6862 198
$169,069,262
8,693,237
75,493,448
1 ,525,360
$274,886,813
2002
$ 15,032,003
3,958,758
1,053,992
$ 9,771,515
81,584,185
26,147,121
10,679,464
5 039 754
$133,222,039
9,292,124
80,288,132
1,169.433
$244,016,481
$ 10,047,720 $ 10,776,830 $ 9,625,362
17,708,070 24,833,773 11,239,913
27,159,563 28,079,043 20,534,898
9,555,392 6,780,185 1,443,765
4564.809 21 162480 4 255 325
$ 69,035,554 $ 91,632,311 $ 47,099,263
8,563,935 13,576,501 13,432,082
78,727,243 82,471,552 85,260,785
1582815 2114602 2963.097
$181,280,354 $216,050,585 $182,132,684
2003 2004
$ 14,186,090 $ 12,249,112 $
8,107,921 10,683,611
1,076,796 3,322,896
2005
23,232,149
8,069,925
2,075,383
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Notes: 1. This condensed financial information for the years ending December 31, 2001-2005 has been prepared from the full Comprehensive
Annual Financial Reports of the Village of Glenview. The full financial statements, together with the report of the Village's independent I
accountants, are available upon request. The accounting policies of the Village conform to generally accepted accounting principles as
applicable to governmental 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 Governmental Funds,
Fiduciary Funds and Proprietary Funds. Within the Govemmental 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 I
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
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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, 2005 included the following language (comparable "clean" opinions were
included in the Village's 2001-2004 audits.
"In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the
Village of Glenview, lIIinois, as of December 31, 2005, 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 Glenview, lIIinois, as of December 31, 2005, 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 Glenview Naval Air Base land which was vacated by the Navy on September 9, 1995.
3. The amounts shown as fund balances for the Proprietary Funds are net assets and the amounts shown as "excess revenues"
represent the change in net assets. "Total revenues" represent operating revenues.
4. The Wholesale Water Fund accounts for the sale of water to Citizens Utility Company for its service area outside the Village of
Glenview. 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 (formerly served by the North Suburban Public 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 Intemal Service Fund.
8. As of January 1, 2003 (for fiscal years ending December 31, 2003 and thereafter), the Village adopted the provisions of: Govemmental
Accounting Standards Board Statements No. 34, Basic Financial Statements - and Management's Discussion and Analysis - For State
and Local Govemments; Statement No. 37, Basic Financial Statements and Management's Discussion and Analysis - For State and
Local Govemments: Omnibus; Statement No. 38, Certain 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 certain results from prior fiscal years are not possible.
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 ..........
Machinery and Equipment . . . . . . . . . . . .
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, 2005)
Governmental
Activities
$ 11,860,698
54,923,895
31235114
$ 98,019,707
$ 32,994,877
10,992,457
109617592
$ 153,604,926
(533966041
$ 100208322
$ 198,228,029
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 Capital Assets, Net
Business Type
Activities
$ 302,851
- 0 -
$ 302,851
$ 1,446,954
37,066,162
13,757,705
2.950.133
$ 55,220,954
117.4687341
$ 37 752 220
$ 38,055,071
Note: Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items),
are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital
assets are defined by the Village as assets with an initial, individual cost 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.
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