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HomeMy Public PortalAbout2005 Comprehensive Annual Financial Report I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS Pager s) 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) Pagers) I I I I I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Assets ......... ........ ................................. ....................... Statement of Revenues, Expenses and Changes in Net Assets ................. Statement of Cash Flows ........................................................................ Fiduciary Funds Statement of Fiduciary Net Assets .......................................................... Statement of Changes in Fiduciary Net Assets ........................................ Notes to Financial Statements ..... .................... ....... ...................... ..... .... ........... Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund............................ .......... ........................... ........ ..................... Special Tax Allocation Fund ....................................................................... 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................................................. 12 13 14-15 16 17 18-58 59 60 61 62 63 64 65 66 67 68-69 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) 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................................................................................ Page( s) 70 71 72-73 74 75 76- 77 78 79-84 85-87 88-90 91 92 93 94 95 96 97 98 99-10 1 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Pagers) I I I I I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) 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................................................................ 102 103 104 105 106 107 108 109 110 111-112 113-114 115 116 117 118 119 120 121 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) 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 ......................................................... Pagers) 122 123 124 125 126 127 128 129 130 131 132 133-134 135 136 137 138 139 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page( s) I I I I I I I I I I I I I I I I I I I FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) FIDUCIARY FUNDS PENSION TRUST FUNDS Combining Statement of Plan Net Assets............................................................ Combining Statement of Changes in Plan Net Assets.......................................... Schedule of Changes in Plan Net Assets - Budget and Actual Police Pension Fund .............................................. ..................... .................... Firefighters' Pension Fund....... ....................................................................... AGENCY FUNDS 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.......................................... 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) STATISTICAL SECTION Government- Wide Information Government-Wide Revenues. ........................................................... .................... Government-Wide Expenses................................ ................... .............................. Fund Information General Governmental Revenues by Source - Last Ten Fiscal Years ..................... General Governmental Expenditures by Function - Last Ten Fiscal Years ................... ................... ................................................... Property Tax Assessed Valuations, Rates, Extensions and Collections - Last Ten Levy Years... ................. ...................................................................... Assessed and Estimated Actual Value of Taxable Property - Last Ten Levy Years .......................... ................................................................ Property Tax Rates - Direct and Overlapping Governments - Last Ten Levy Years ................ .......................................................................... Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ......................................................................................... Schedule of Legal Debt Margin ...... ...................................................................... Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ......................................................................................... Schedule of Revenue Bond Coverage - Waterworks Fund- Last Ten Fiscal Years .................................. ....................................................... Demographic Statistics - Last Ten Fiscal Years .................................................... Construction Value and Building Permits - Last Ten Fiscal years......................... Miscellaneous Statistics.............................................................................. .......... Ten Wealthiest Illinois 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 ...................... ................................................................... Page( s) 158 159 160 161 162-163 164 165-166 167 168 169 170 171 172 173-174 175 176 177 177-178 178 178 179 179 179 180 180 VILLAGE OF GLENVIEW, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) I I I I I , I I I I I I I I I I I I I 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.................................................................... 181 181 182-183 183 I I I I I I I I I I I I I I I I I I I 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 - I - 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 II ------------------- I I I I I I I I I I I I I I I I I I I Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 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 ll1 I : Glenview I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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. v VI I I I I I I I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I 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. Vll I I I I I I I I I I I I I I I I I I I 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 - I I I I I I I I I I I I I I I I I I I The prior year comparative information has been derived from the Village's 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- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS DECEMBER 31,2005 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. I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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 I I I 2005 Governmental Fund Activities Revenue by Source I Charges for Services 17% I Other Revenues 38% Operating Grants and Contributions 2% I Capital Grants and Contributions 3% I I Property Taxes 35% I I Expenses: I 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. I Expenses and Program Revenues - Business-type Activities I 12 . Expenses . Program Revenues I 10 I 6 I 4 I 2 I Waterworks North Maine Water and Sewer Wholesale water Sewerage Commuter Parking I (See independent auditor's report) MD&A9 Economic Development 5% Public Safety 31% I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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~~ I I I I I I I I I I I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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. I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF NET ASSETS December 31, 2005 I I 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) I I I I ! I Total assets I 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 I I Tota] liabilities I 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 I I TOTAL NET ASSETS I I 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. - 3- 1,113,365 2,075,383 435,648 560,855 22,118,367 12,594,422 70,633,520 I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF ACTNITIES I For the Year Ended December 31,2005 I 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 $ I I I I I I I I I I I I I I I -4- I I I I I Net (Expense) Revenue and Change in Net Assets Primary Government Glenview Public Library Governmental Business-Type Component 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 I See accompanying notes to financial statements. I - 5- I VILLAGE OF GLENVIEW, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS I December 31, 2005 I 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 - 6- I I I 1 I I I I I I I I I I I I I I I 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 I 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. I -7 - The unamortized bond premium is not a current financial resource and is therefore not reported in the governmental funds (41,468) I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS December 31, 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. - 8- I I I I I I I, I I I I I I I I I I I I (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS 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 I I I I $ (34,642,320) I 42,816,063 I 46,527 I (]O,OOO,OOO) I 19,124,652 I (5,625) I (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 I 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. -1]- I 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 I See accompanying notes to financial statements. I - 12- I 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 I See accompanying notes to fmancial statements. - 13- I I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) LIABILITIES Due to bondholders 173,236 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF 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. - 16 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES IN 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. - 17 - (This page is intentionally left blank.) I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS 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. - 18 - - 19 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. - 20- - 21 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) Separate [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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. 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. - 22 - - 23 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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". I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. - 24- - 25 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. - 26 - 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 2. LEGAL COMPLIANCE AND 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. - 27 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. 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. - 28 - - 29 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. 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. - 30 - - 31 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. 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: I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. 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. - 32 - 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 - 33 - I I I I I I I I I I I I I I I I I I I I I I I ,I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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 - 34- 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 - 35 - I I I I I, I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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. - 36 - 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) All funds of the Village participate and make payments to the Fund based upon actuarial estimates of the amounts needed to pay prior and current year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount ofthe loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: 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. - 37 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) 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 - 39 - I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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 I I - 40 - 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] - 41 - I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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 I I - 42- - 43 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) 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. - 44- 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 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INTERFUND TRANSACTIONS (Continued) Due From/To Other Funds (Continued) Primary Government (Continued) 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. - 46- 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. - 47 - I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I 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 I - 48 - 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. - 49 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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 - 50 - 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. - 51 - I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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. - 52 - 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. - 53 - I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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. - 54 - 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 - 57 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. EMPLOYEE RETIREMENT SYSTEMS (Continued) c. Annual Pension Costs (Continued) 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: I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. PRIOR PERIOD 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. - 58 - 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.) r - 59- December 31, 2005 J J J J J I I I I I I I I I I I ( l l VILLAGE OF GLENV1EW, ILLINOIS 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.) - 62- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 63 - December 31,2005 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 64- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 65 - December 31, 2005 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 66- I I I I I I I I I I I I I ! I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 67 - - 68 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY 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 - 69- I I I I I I I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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.) - 70- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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.) - 71 - 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 I I I I I I I I I I I I I I I I I I I 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.) -72 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) 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.) - 74- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, 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) I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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.) - 75 - VILLAGE OF GLENVIEW, ILLINOIS I I SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERALFU'<D For the Year Ended December 31, 2005 (with comparative actual for 2004) I I 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 I I I I I I I I I I I I I I (This schedule is continued on the following page.) -76 - I I I I I I I I I I I I I I I I I I I I 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.) - 77- I 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 I (See independenl BUdi1ol's report.) -78- I I I I I I I I I I I I I I I I I I I I 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.) -79 - I 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.) - 80- I I I I I I I I I I I I I I I I I I I I 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.) - 81 - I I I I I I I I I I I I I I I I I I I 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.) - 82- I I I I I I I I I I I I I I I I I I I 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.) - 83- 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 I I I I I I I I I I I I I I I I I I I 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.) - 84- I I I I I I I I I I I I I I I I I I I NONMAJOR GOVERNMENTAL FUNDS Foreign Fire Insurance Fund - to account for a tax on insurance premiums assessed on insurance companies located outside 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. I I I I I I I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) I I I 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 I I I (This statement is continued on the following page.) I - 86- I 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 I I I See accompanying notes to [mancial statements. - 87- I I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) I VILLAGE OF GLENVIEW, [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 I I See accompanying notes to financial statements. - 90- I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 91 - I 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 I (See independent auditor's report.) I - 92 - I I 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 I I I I (See independent auditor's report.) I - 93 - I 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 I I (See independent auditor's report.) I - 96 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 97 - (See independent auditor's report.) - 98- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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) I 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.) I - 99- I 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 I (This schedule is continued on the following page.) .100 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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.) - 102 - I 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 I I I (See independent auditor's report.) I - 103 - I 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) I 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 I I (See independent auditor's report.) I - 105 - (See independent auditor's report.) - 106 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CORPORATE PURPOSE BOND SERIES OF 2003 FUND For the Year Ended December 31, 2005 (with comparative actual for 2004) I 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) I 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 I I I I (See independent auditor's report.) I - 107 - I 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 - 108 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 109 - $ 750 $ 5,786 $ 2,672 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 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) -110- I I I I I I I I I I I I I I I I I I I MAJOR ENTERPRISE FUNDS Waterworks Fund - to account for the provision of water service to the residents of 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 2005 (with comparative actual for 2004) (This schedule is continued on the following page.) -111- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL WATERWORKS FUND For the Year Ended December 31, 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.) - 112- I 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.) - 113 - I I I VILLAGE OF GLENVIEW, ILLINOIS I I 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 I I I I I I I I I I I I I I (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.) - 115- - - - - - - - - - - - - - - - - - - - I 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.) I - 116- I 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 ------------------- 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.) - 118- I I I I I I I I I I I I I I I I I I I 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. I 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 I See accompanying notes to financial statements. - 119- I I 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. I - 120- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL 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.) - 122 - I 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 I (See independent auditor's report.) I - 123 - I ------------------- 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.) - 124- I 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,) - 125- I I 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 I (See independent auditor's report.) I - 126- 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.) ------------------- I 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 I I 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended December 31,2005 (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.) - 129 - ------------------- 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.) - 130- I I I I I I I I I I I I I I I I I I I INTERNAL SERVICE FUNDS Municipal Equipment Repair Fund - to account for the costs of repairing and maintaining all vehicles of the Village. These costs include labor, material, fuel and fixed overhead of the Village's repair facility. Insurance Fund - to account for the financial activity 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. - 131 - I I 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 I I I See accompanying notes to financial statements. I - 132- I 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) I I (See independent auditor's report.) I - 135 - I I 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.) I - 136 - 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 ------- (See independent auditor's report.) - 137 - ------------ I 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 I (See independent auditor's report.) I - 138 - I 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 - 139 - I I I I I I I I I I I I I I I I I I I I FIDUCIARY FUNDS Pension Trust Police Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Police Department. Firefighters' Pension Fund - to account for the resources necessary to provide disability and retirement benefits to personnel of the Glenview Fire Department. 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS COMBlNlNG STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31,2005 See accompanying notes to financial statements. - 140 - I 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. I - 141 - I 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) I 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 I (See independent auditor's report.) - 142 - I I 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 I (See independent auditor's report.) I - ]43 - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 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. - 144- I I I I I I I I I I I I I I I I I I I COMPONENT UNIT Component Unit (Library Fund) - to account for the resources necessary to provide the educational, cultural and recreational activities of the Glenview Public Library. I VILLAGE OF GLENVIEW, ILLINOIS 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 - 145 - I I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF 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.) - 146- I 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.) - 147- I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BOND SERIES OF 1997 I I December 31, 2005 I 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 I I Interest Dates Principal Maturity Date Payable at I FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I 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 I I I I I I I I I I (See independent auditor's report.) - 148- 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 I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE NOTES OF 1997 December 31,2005 NOTE: Debt service is payable from the North Maine Water and Sewer Fund. (See independent auditor's report.) - 149- I I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGA nON BOND SERIES OF I998B December 3 I, 2005 I I I I I I I 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. I I I I I I I I (See independent auditor's report.) - 150- VILLAGE OF GLENVIEW, ILLINOIS I I LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 2000 December 3 I, 2005 I I 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 I I I I I FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I I I I I I I I I (See independent auditor's report.) - 151 - I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 2001 I I December 3 I, 2005 I 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 I I Interest Dates Principal Maturity Date Payable at I I FUTURE PRINCIPAL AND INTEREST REQUIREMENTS I 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. I I I I I I I I I (See independent auditor's report.) - 152- VILLAGE OF GLENVIEW, ILLINOIS I I LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003A December 31,2005 I I 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 I I I I I I I I I I I 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. I I I (See independent auditor's report.) -153 - I I I VILLAGE OF GLENVIEW, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003B I December 31, 2005 I Date ofIssue Date of Maturity Authorized Issue Denomination of Bonds April 1, 2003 December 1,2012 $ 1,955,000 $ 5,000 I I Interest Rates Bonds 1-32 33-68 69-105 106-142 143-180 181-219 220-260 261-302 303-346 347-391 I I I I I 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 I I Principal I I 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. I I I I (See independent auditor's report.) -154 - I I I I I I I I I I I 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 I I I I I I I I (See independent auditor's report.) - 157- I I I I I I I I I I I I I I I I I I I 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 - 158 - 2005 Actual 2004 Actual 2003 Actual I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS GOVERNMENT-WIDE EXPENSES Last 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 - 159 - ------------------- 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 - 160- 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% - - - ----- _ilii --------- - - - - - - - - - - - - - - - - - - - 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 - 163- 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 - - - - - - - - - .-- - - - - - - - - I I I I I I I I I I I I I I I I I I I (This page is intentionally left blank.) VILLAGE OF GLENVIEW, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Fiscal Years Assessed Value Percent in in Village of Village of Tax Levy Year Glenview,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 - - - - - - - - _ iii _. _ ----- - - - - - - - - - - - - - - - - - - - - - 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 -166 - 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 - - - - - - - - - - - - - - - - - - - I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN December 31, 2004 Article VII, Section 6(k) of the 1970 Illinois Constitution 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. - 168 - 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 - -- - - - - - -.. - - - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - 170- I 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). I I I I I I I I I I I I I I I - 171 - I I ------------------- 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 - 172- Distribution of Owner-Occupied Noncondominium Houses by Value (2000 Census) I I I 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 22 I 1 I I 243,626 469 11,534 I 63 12,215 11,992 35,778 I 294,146 395,724 689,870 I I 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 - 173 - I I VILLAGE OF GLENVIEW, ILLINOIS MISCELLANEOUS STATISTICS (Continued) I December 3 \, 2005 I Recreation Facilities Number of parks and playgrounds Park area in acres - Park District owned Park area in acres - Park District leased 36 447 135 I Municipal Parking Facilities Number of parking spaces 1,450 I 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 I 17,000,000 gallons 1,000,000 gallons I Number of full-time employees at December 31, 2005 330 I Miles of streets maintained by Glenview identified by functional classification: Arterial Collector Residential 7 5 121 I Total 133 Miles of alleys maintained by Glenview 4.68 I Miles of streets witbin tbe Village of Glenview maintained by Cook County or tbe State of Illinois 22 I Miles of sanitary sewers Miles of storm sewers 127.5 175 Number of Village -owned street lights 1,700 I Building activity Number of permits issued in 2005 Value of construction autborized in 2005 3,282 168,418,399 I Data Source Village Records I I I I I -174 - 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. - 175 - ------------------- I I I I I I I I I I I I I I I I I I I VILLAGE OF GLENVIEW, ILLINOIS MAJOR GENERAL FUND REVENUE SOURCES NON-REAL ESTATE TAX December 31, 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 - 176- I I I I I I I I I I VILLAGE OF GLENVIEW Cook County, Illinois ANNUAL FINANCIAL INFORMATION STATEMENT OF INDEBTEDNESS As Per Cent of Per Capita Amount Applicable Assessed Estimated (2000 Census as of Dec. 31. 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 I 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 I 2011 .. 2012. . 2013. . 2014. . 2015. . I I 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 I 2021 .. 1,650,000 2022 . . 1,725,000 2023 . . 1,825,000 2024 . . 1 900 000 $26,940,000 I Notes: 1. I 2. I 3. I 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. -177- I 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 . . . . I 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 I I I 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. I I DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES AT DECEMBER 31, 2005 I SCHOOL DISTRICTS: Elementary Districts: Glenview School District No. 34 ................ Northbrook School District No. 30 . . . . . . . . . . . . . . . West Northfield School District No. 31 . . . . . . . . . . . . Wilmette School District No. 39. . . . . . . . . . . . . . . . . East Maine School District No. 63 . . . . . . . . . . . . . . . Golf School District No. 67 . . . . . . . . . . . . . . . . . . . . Avoca School District No. 37. . . . . . . . . . . . . . . . . . . High School Districts: Northfield Township High School District No. 225 . . . . New Trier Township High School District No. 203 . . . . Niles Township High School District No. 219 . . . . . . . Maine Township High School District No. 207 ...... Percent of Village's 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 ................................................... I I $ 22,345,483 2,281,939 1,762,911 573,538 834,725 992,142 522,194 I 7,478,536 451,828 956,065 166,128 I I - 0 - $ 38,365,489 I $ 51,285,988 21,216,975 13,977,516 60,446 555.715 $ 87,096,640 I I 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. - 178- I I I EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1) I 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% I I 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." I I I I TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Levy Years) I I 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 I I I 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. I TAX EXTENSIONS AND COLLECTIONS (Village Purposes Only) I 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% I I Notes: 1. Source: Cook County Treasurer's Office. Taxes collected, including late payments, are shown as collections in the year when due regardless of when the collection occurs. The "Amount Collected" is not the same as distributions to the Village as collections include taxes paid under protest. When the taxes are paid under protest are remitted, they are not included as taxes collected as they have already been considered "collected". 2. Cook County property taxes are payable in two installments: the first on March 1, and the second on the latter of August 1 or 30 days after the mailing of the tax bills. The first installment is an estimated bill and is one-half of the prior year's bill. The second installment is based on the current levy, assessment and equalization and reflects any changes from the prior year in those factors. I I - 179- 1998 AND 2003 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION I 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 I 1998 70.5% 20.6% 8.9% NIL --.lliL 100.0% 2003 70.9% 19.5% 9.5% NIL --.lliL 100.0% I I 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. - 180- I 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 I 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% I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Notes: 1. 2. I 3. 4. 5. I I 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. - 181 - COMBINED STATEMENT--ALL FUNDS (Note 1) I 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 I I I I 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 - 182- I I I I I I I I I I I I I I I I I I I I 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. - 183-