HomeMy Public PortalAboutFY 2007 Certified Comprehensive Annual Financial ReportVILLAGE OF GLENVIEW, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2007
Prepared by Finance Department
Daniel P. Wiersma
Director of Finance
Remy Navarrete
Accounting Supervisor
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ......................................................................................................i
Organization Chart....................................................................................................ii
Certificat e of Achievement for Excellence in Financial Reporting ..............................iii
Director of Finance’s Letter of Transmittal................................................................iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT.................................................................1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ................................................................MD&A 1-15
Basic Financial Statements
Government-Wide Financials Statements
Statement of Net Assets ..............................................................................3
Statement of Activities ................................................................................4-5
Fund Financial Statements
Governmental Funds
Combining Balance Sheet .......................................................................6-7
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets ..................8
Statement of Revenues, Expenditures and Changes in
Fund Balances ......................................................................................9-10
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ................................................11
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Assets .........................................................................12
Statement of Revenues, Expenses and Changes in Net Assets .................13
Statement of Cash Flows ........................................................................14-15
Fiduciary Funds
Statement of Fiduciary Net Assets ..........................................................16
Statement of Changes in Fiduciary Net Assets ........................................17
Notes to Financial Statements ..........................................................................18-63
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
General Fund ..............................................................................................64
Special Tax Allocation Fund .......................................................................65
Escrow Deposit Fund ..................................................................................66
Schedule of Funding Progress
Illino is Municipal Retirement Fund ..............................................................67
Police Pension Fund ....................................................................................68
Firefighters’ Pension Fund...........................................................................69
Other Post-Employment Benefit Plan ..........................................................70
Schedule of Employer Contributions
Illino is Municipal Retirement Fund ..............................................................71
Police Pension Fund ....................................................................................72
Firefighters’ Pension Fund...........................................................................73
Other Post-Employment Benefit Plan ..........................................................74
Notes to Required Supplementary Information.................................................75
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
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 ..............................................................................76
The Glen Land Sales Fund ..........................................................................77
General Obligation Bond Series 2006A Fund ..............................................78
General Fund
Schedule of Revenues -Budget and Actual .................................................79-80
Schedule of Expenditures -Budget and Actual ............................................81
Schedule of Detailed Expenditures -Budget and Actual ..............................82-87
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................88-91
Combining St atement of Revenues, Expenditures and
Changes in Fund Balances..............................................................................92-95
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
Foreign Fire Insurance Fund ........................................................................96
Motor Fuel Tax Fund ..................................................................................97
Refuse and Recycling Fund .........................................................................98
Joint Dispatch Fund ....................................................................................99
GNAS Redevelopment Fund .......................................................................100
Schedule of Expenditures -Budget and Actual
GNAS Redevelopment Fund -Administ ration Department ..........................101
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
GNAS Caretaker Fund ................................................................................102
Schedule of Expenditures -Budget and Actual
GNAS Caretaker Fund ................................................................................103
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
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 ..............................................................................................104
Police Department Special Account Fund ....................................................105
Corporate Purpose Bond Series of 2000 Fund .............................................106
General Obligation Bond Series of 2004 Fund .............................................107
Capital Projects Fund ..................................................................................108
2000 Project Fund.......................................................................................109
2003 Project Fund.......................................................................................110
GNAS Bond Fund Series 1995....................................................................111
Schedule of Detailed Expenditures -Budget and Actual
GNAS Bond Fund Series 1995....................................................................112
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
2004 Glen Bond Fund .................................................................................113
Police Department Headquarters Fund ........................................................114
MAJOR ENTERPRISE FUNDS
Waterworks Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................115
Schedule of Operating Expenses -Budget and Actual .................................116
Schedule of Capital Assets and Depreciation ...............................................117
North Maine Water and Sewerage Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................118
Schedule of Operating Expenses -Budget and Actual .................................119
Schedule of Capital Assets and Depreciation ...............................................120
Sewerage Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................121
Schedule of Operating Expenses -Budget and Actual .................................122
Schedule of Capital Assets and Depreciation ...............................................123
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES (Continued)
NONMAJOR ENTERPRISE FUNDS
Combining St atement of Net Assets .................................................................124
Combining St atement of Revenues, Expenses and Changes in
Net Assets .....................................................................................................125
Combining St atement of Cash Flows................................................................126
Who lesale Water Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................127
Schedule of Operating Expenses -Budget and Actual .................................128
Schedule of Capital Assets and Depreciation ...............................................129
Commut er Parking Lot Fund
Schedule of Revenues,Expenses and Changes in
Net Assets -Budget and Actual ................................................................130
Schedule of Operating Expenses -Budget and Actual .................................131
Schedule of Capital Assets and Depreciation ...............................................132
INTERNAL SERVICE FUNDS
Combining St atement of Net Assets .................................................................133
Combining St atement of Revenues, Expenses and Changes in
Net Assets .....................................................................................................134
Combining Statement of Cash Flows................................................................135
Municipal Equipment Repair Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................136
Schedule of Operating Expenses -Budget and Actual .................................137
Schedule of Capital Assets and Depreciation ...............................................138
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual
Insurance Fund ...........................................................................................139
Capital Equipment Replacement Fund .........................................................140
Facilit ies Replacement Fund ........................................................................141
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES (Continued)
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining St atement of Plan Net Assets ............................................................142
Combining St atement of Changes in Plan Net Assets..........................................143
Schedule of Changes in Plan Net Assets -Budget and Actual
Police Pension Fund .......................................................................................144
Firefight ers’ Pension Fund ..............................................................................145
AGENCY FUNDS
Statement of Changes in Assets and Liabilities -
Agency Funds ...........................................................................................146
COMPONENT UNIT
Library Fund
Statement of Net Assets and Balance Sheet .....................................................147
Schedule of Revenues, Expenditures and Changes in
Fund Balance -Budget and Actual.................................................................148
Combining Balance Sheet -Nonmajor Governmental Funds .............................149-150
Combining St atement of Revenues, Expenditures and
Changes in Fund Balances -Nonmajor Governmental Funds ..........................151-152
Schedule of Expenditures -Budget and Actual.................................................153-154
SUPPLEMENTAL DATA
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1997 ..........................................................155
Corporate Purpose Notes of 1997....................................................................156
General Obligation Bond Series of 1998B ........................................................157
General Obligation Bond Series of 2000 ..........................................................158
General Obligation Bond Series of 2001 ..........................................................159
General Obligation Refunding Bond Series of 2003A .......................................160
General Obligation Refunding Bond Series of 2003B .......................................161
General Obligation Bond Series of 2004A........................................................162
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
SUPPLEMENTAL DATA (Continued)
Long-Term Debt Requirements (Continued)
General Obligation Bond Series of 2004B ........................................................163
General Obligation Refunding Bond Series of 2005..........................................164
General Obligation Bond Series of 2006A........................................................165
General Obligation Bond Taxable Series of 2006B...........................................166
General Obligation Bond Series of 2007A........................................................167
General Obligation Bond Taxable Series of 2007B...........................................168
GNAS Funds
Combining Balance Sheet ................................................................................169-170
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances..............................................................................171-172
STATISTICAL SECTION
Financial Trends
Net Assets by Component -Last Five Fiscal Years ...............................................173
Change in Net Assets -Last Five Fiscal Years ......................................................174-175
Fund Balances of Governmental Funds -Last Ten Fiscal Years ............................176
Changes in Fund Balances of Governmental Funds -
Last Ten Fiscal Years .........................................................................................177
Revenue Capacity
Assessed and Actual Value of Taxable Property -
Last Ten Levy Years ..........................................................................................178
Property Tax Rates -Direct and Overlapping Governments -
Last Ten Fiscal Years .........................................................................................179-180
Principal Property Taxpayers -Current Year and Nine Years Ago ........................181
Property Tax Levies and Collections -Last Ten Levy Years .................................182
Debt Capacity
Ratios of Outstanding Debt by Type -Last Ten Fiscal Years ................................183
Ratios of General Bonded Debt Outstanding -
Last Ten Fiscal Years .........................................................................................184
Direct and Overlapping Governmental Activities Debt ..........................................185
Legal Debt Margin Information ............................................................................186
Demographic and Economic Information
Demographic and Economic Information -
Last Ten Fiscal Years .........................................................................................187
Principal Employers -Current Year and Nine Years Ago ......................................188
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
Operating Information
Full-Time Equivalent Employees -Last Ten Fiscal Years......................................189
Operating Indicators -Last Ten Fiscal Years ........................................................190
Capital Asset Statistics -Last Ten Fiscal Years.....................................................191
Additional Disclo sures Required by SEC Rule 15c2-12
Statement of Indebtedness (as of December 31, 2006)..........................................192
Retirement Schedule of Outstanding Village General
Obligation Debt ..................................................................................................192-193
Detailed Overlapping Bonded Indebtedness Payable from
Property Taxes at December 31, 2006 ................................................................193
Debt Ratios and Per Capita Debt -Last Ten Bond Sales .......................................194
Total Village Tax Rates ........................................................................................194
Equalized Assessed Valuation for Taxing Purposes ..............................................195
Property Tax Extended and Collected...................................................................195
Ten Largest Taxpayers .........................................................................................196
2001 and 2006 Tax Base Distribution by Property Classification...........................196
General Fund
Statement of Revenues, Expenditures, and Changes in
Fund Balance (2004 -2007)..........................................................................197
Balance Sheets (2004 -2007)..........................................................................198
Combined Statement -All Funds
Fund Balances 2004-2007................................................................................199-200
Capital Assets at December 31, 2007....................................................................201
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2007
LEGISLATIVE
Village Board of Trustees
Kerry D. Cummings, Village President
Paul Detlefs James R. Patterson, Jr.
Francis Cuisinier Debby Karton
Philip O•C. White Scott Britton
Todd Hileman
Village Clerk/Treasurer
EXECUTIVE
Todd Hileman, Village Manager
FINANCE DEPARTMENT
Daniel P. Wiersma, Director of Finance
Remy Navarrete, Accounting Supervisor
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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
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 financial statements include only those funds of the
Village, as there are no other organizations for which it has financial 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 financial planning and control. State
law requires that a municipality operating under the budget system adopt its annual budget prior to
the start of its fiscal year. Through the budget, spending authority is conveyed by 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 northern 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 $1.36 billion for 2007. This represents an increase of $30
million or 2.33% from 2006. While the growth in retail sales has been moderate, the Village is
pleased to note that its retail base has in fact become more diversified. As recently as 2001, sales
tax related to automobiles accounted for 45% of total sales. While this component is still very
important to the Village and generated $370 million, or 27% of sales in 2007, Furniture and
Electronics, which in 2001 generated approximately 1% of sales, now generate $394 million, or
nearly 29% of sales.
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 2007, there was moderate commercial and residential construction
activity. During 2007, the Village issued 2,739 total permits with a total construction value of
$108.4 million.
- vi -
Median family income figures from the 2000 Census demonstrate that the average income of
Glenview residents far exceeds county and state averages. According to the Census Bureau,
Glenview’s 2000 median family income was $96,552, compared to $53,874 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 Glenview also ranked fifth in terms of median household income.
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
Village Board Goals and Initiatives – The Board developed 2007-2008 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.
Downtown Revitalization Plan/Land Acquisition – Following a two year study, the Village
Board adopted a Downtown Revitalization Plan in 2006. The process involved participants from
all elements of the community and resulted in a Downtown Master Plan which provides a roadmap
of how change should occur. The recommended uses in the Plan reflect sound planning principles
and serve as an appropriate guide for evaluating proposed developments within the Downtown
area.
In part due to the goals of the Plan, the Village acquired approximately 3 acres of land in the area,
the site of a vacant grocery store, in November 2007. The land was purchased for $6.5 million and
is being held for resale. The funding of this purchase was done internally with Permanent Fund
assets. The Permanent Fund is receiving the rent received from the property, and will be repaid
when the property is sold.
Annexation – In December 2007, the Village voluntarily annexed approximately 15.7 acres of real
estate along the west side of the Tri-State Tollway. This area, along with an adjacent property
which is considering voluntary annexation into the Village, is a potential site for office/retail
development.
(See independent auditor’s report)
MD&A 1
VILLAGE OF GLENVIEW, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2007
The Village of Glenview (the “Village”) discussion and analysis is designed to (1) assist the
reader in focusing on significant financial issues, (2) provide an overview of the Village’s
financial activity, (3) identify the Village’s financial position and its ability to address future
challenges, (4) identify material deviations from the financial plan (the approved budget), and (5)
identify concerns specific to individual funds.
Since the Management’s Discussion and Analysis (“MD&A”) is designed to focus on the current
year’s activities, resulting changes, and currently known facts, please read it in conjunction with
the Transmittal Letter (beginning on page iv) and the Village’s financial statements.
Financial Highlights
• The assets of the Village exceeded its liabilities at the close of the most recent fiscal year
(December 31, 2007) by $245.6 million. Of this amount, $68.0 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 $7.4 million, or 3.1%.
• As of the close of December 31, 2007, the Village of Glenview governmental funds
reported a combined ending fund balances of $101.8 million.
• At the end of the fiscal year, unreserved fund balance for the General Fund was $18.6
million, 41.3% of total general fund expenses, while fund balance represents 52.8% of
the same amount, or 35.9% of total General Fund expenses and uses.
• The total cost of all Village programs increased by $4.1 million, from $91.4 million to
$95.5 million, or 4.5%.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT
The financial statements’ focus is on both the Village as a whole (government-wide) and on the
major individual funds. Both perspectives (government-wide and major fund) allow the user to
address relevant questions, broaden a basis for comparison (year to year or government to
government), and enhance the Village’s accountability.
Government-Wide Financial Statements
The Government-Wide Financial Statements (see pages 3 through 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 combines and
consolidates governmental funds’ current financial resources (short-term spendable resources)
(See independent auditor’s report)
MD&A 2
with capital assets and long-term obligations using the accrual basis of accounting and economic
resources measurement focus.
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.
The Governmental Activities reflect the Village’s basic services, including police, fire, highways
and streets, community development, and general administration. Property taxes, local utility
taxes, shared State sales taxes and State income tax, finance the majority of these activities. The
Business-type Activities reflect private sector-type operations (Waterworks Fund, Sewerage
Fund, Wholesale Water Fund, North Maine Waterworks and Sewerage Fund, and the Commuter
Parking Lot Fund), where the fee for service typically covers all or most of the cost of operation,
including depreciation.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objectives. The Fund Financial Statement allows the
demonstration of sources and uses and/or budgeting compliance associated therewith.
Traditional users of governmental financial statements will find the Fund Financial Statements
presentation more familiar. The focus is now on major funds. 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 financial statements, governmental fund financial 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 financing 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
Funds Total column requires reconciliation because of the different measurement focus (current
financial resources versus 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).
(See independent auditor’s report)
MD&A 3
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 Fund, Village Permanent Fund, the Glen Land Sales Fund and
the 2006A Bond 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 demonstrate
compliance with this budget.
The Governmental Funds Financial Statements can be found on pages 6 through 11 of this
report.
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 Village’s Waterworks Fund and Sewerage Fund and the North Maine
Waterworks and Sewerage Fund, also considered major funds of the Village and are presented in
separate columns in the Fund Financial Statements. The Wholesale Water 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 service funds
are presented elsewhere in the report.
The Proprietary Fund Financial Statements can be found on pages 12 through 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 and 17).
Fiduciary Funds are not reflected in the government-wide financial statements because these
assets are restricted in purpose and do not represent discretionary assets of the government. The
Village of Glenview maintains two types of fiduciary funds: pension trust funds and agency
funds.
(See independent auditor’s report)
MD&A 4
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 through 63 of 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 64 through 75 of this report.
The combining statements and individual fund referred to earlier in connection with nonmajor
governmental, enterprise, and internal service funds are presented immediately following the
required supplementary information on pensions. Combining and individual fund statements and
schedules can be found on pages 88 through 114 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
project is considered a recurring cost that does not extend the road’s original useful life or
expand its capacity, the cost of the project will be expensed. An “overlay” of a road will be
considered maintenance whereas a “rebuild” of a road will be capitalized.
(See independent auditor’s report)
MD&A 5
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, 2007 and 2006
(in millions)
Total
Governmental Business-Type Primary
Activities Activities Government
2007 2006 2007 2006 2007 2006
Current and Other Assets $144.8 $145.6 $14.6 $11.0 $159.4 $156.6
Capital Assets 208.3209.753.850.7262.1 260.4
Total Assets 353.1 355.3 68.4 61.7 421.5 417.0
Long-Term Liabilities 140.1149.613.88.3153.9 157.9
Other Liabilities 19.918.02.13.422.0 21.4
Total Liabilities 160.0 167.6 15.9 11.7 175.9 179.3
Net Assets:
Invested in Capital
Assets,
Net of Debt 83.361.840.142.5123.4 104.3
Restricted 54.253.60.00.054.2 53.6
Unrestricted 55.672.312.47.568.0 79.8
Total Net Assets $193.1 $187.7 $52.5 $50.0 $245.6 $237.7
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial
position. In the case of the Village of Glenview, assets exceed liabilities by $245.6 million as of
December 31, 2007.
By far the largest portion 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 $54.2 million of restricted assets, $49.7 is restricted for capital development.
(See independent auditor’s report)
MD&A 6
The final component of the net assets of the Village is the unrestricted assets in the amount of
$68.0 million which can be used to finance 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 $7.4 million, or 3.1% 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.
Borrowing for Capital – which will increase current assets and long-term debt.
Spending 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.
Spending 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 through Depreciation – which will reduce capital assets and
investment in capital assets, net of debt.
Change in Net Assets
Governmental activities increased the Village of Glenview’s net assets by $5.0 million;
Business-type activities increased the Village’s net assets by $2.5 million.
The following chart shows the revenue and expenses of the Village’s activities:
(See independent auditor’s report)
MD&A 7
Table 2
Changes in Net Assets
For the Fiscal Year Ended December 31, 2007 and 2006
(in millions)
Total
Governmental
Business-
Type Primary
Activities Activities Government
2007 2006 2007 2006 2007 2006
Revenues
Program Revenues:
Charges for Services $9.2 $14.2 $18.4 $17.1 $27.6 $31.3
Operating Grants 2.6 1.6 0.0 0.0 2.6 1.6
Capital Grants 1.5 0.7 0.0 0.0 1.5 0.7
General Revenues:
Property Taxes 29.5 31.4 0.0 0.0 29.5 31.4
Other Taxes 30.1 28.8 0.0 0.0 30.1 28.8
Other Revenues 11.1 23.5 0.5 0.4 11.6 23.9
Total Revenues 84.0 100.2 18.9 17.5 102.9 117.7
Expenses
General Government 24.0 13.9 0.0 0.0 24.0 13.9
Public Safety 25.4 28.4 0.0 0.0 25.4 28.4
Highways and Streets 21.9 27.6 0.0 0.0 21.9 27.6
Interest 6.8 4.8 0.0 0.0 6.8 4.8
Waterworks 0.0 0.0 8.2 8.2 8.2 8.2
Sewerage 0.0 0.0 1.7 1.5 1.7 1.5
North Maine Water & Sewer 0.0 0.0 5.8 5.4 5.8 5.4
Nonmajor Enterprise 0.0 0.0 1.7 1.5 1.7 1.5
Total Expenses 78.1 74.7 17.4 16.6 95.5 91.3
Excess or deficiency before transfers
and contributions to term and permanent
endowments $5.9 $25.5 $1.5 $0.9 $7.4 $26.4
Transfers (1.0)(4.7)1.0 4.7 0.0 0.0
Contributions 0.0 0.0 0.0 0.0 0.0 0.0
Change in Net Assets $4.9 $20.8 $2.5 $5.6 $7.4 $26.4
Net Assets January 1 $187.6 $163.1 $50.0 $41.6 $237.6 $204.7
Prior Period Adjustment 0.6 3.7 0.0 2.8 0.6 6.5
Net Assets January 1 Restated 188.2 166.8 50.0 44.4 238.2 211.2
Net Assets December 31 $193.1 $187.6 $52.5 $50.0 $245.6 $237.6
(See independent auditor’s report)
MD&A 8
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 fees, home
rule sales tax, etc.)
Changing patterns in Intergovernmental and Grant Revenue (both recurring and
nonrecurring) – certain recurring revenues (State-shared revenues, etc.) may experience
significant changes periodically while nonrecurring (or one-time) grants are less
predictable and often distorting in their impact on year-to-year comparisons.
Market Impacts on Investment Income – the Village’s investment portfolio is managed
using a similar average maturity to most governments. Market conditions may cause
investment income to fluctuate.
Expenses:
Introduction of New Programs – within the functional expense categories (General
Government, Public Safety, and Streets and Highways, etc.), individual programs may be
added or deleted to meet changing community needs.
Change in Authorized Personnel – changes in service demand may cause the Village
Board to increase/decrease authorized staffing. Staffing costs (salary and related
benefits) represent approximately 60% of the Village’s General Fund and approximately
13% 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&A 9
CURRENT YEAR IMPACTS
Governmental Activities
Revenues:
Total revenues for Governmental Activities decreased from $100.2 million in 2006 to
$84.0 million in 2007. Included in the 2006 revenue is $18.9 million associated with the
sale of land in the Village’s TIF Redevelopment Project area. Excluding this transaction
from the 2006 total, revenues for 2007 were $2.7 million or 3.3% greater than in 2006.
The Village benefits from a diversified revenue base. Other Taxes, which include Sales
Tax and income tax distributions was $30.1 million, or 35.8% of the total. Property Tax
generated $29.5 million in 2007. Of the Property Tax amount, $9.0 million was levied
for by the Village while the balance, $20.5 million, was generated through the Village’s
TIF Redevelopment Project. Charges for Services, which generated $9.2 million, or
10.9% of the total is primarily comprised of charges for services provided by the Village,
such as Development charges, Refuse and Recycling charges and Joint Dispatch/E-911
Communications. Other Revenue and Transfers at $11.1 million, or 13.2% of the total,
is comprised of investment income and miscellaneous income. In 2007, one-time
revenue of $775,000 associated with the sale of property, is contained in this category.
2007 Governmental Fund Activities
Revenue by Source
Other Taxes
35.8%
Charges for
Services
10.9%
Capital Grants
1.8%
Operating Grants
3.1%Other Revenue
and Transfers
13.2%
Property Taxes
35.1%
(See independent auditor’s report)
MD&A 10
Expenses:
For the year ended December 31, 2007, Governmental Activities expenses increased
from $74.7 million in 2006 to $78.1 million in 2007.
Increased expenses are attributable to a number of issues including: personal services
annual adjustments, actuarial required pension funding increases for police and
firefighters, and the TIF Redevelopment Project. With regard to the TIF related
expenditures, it should be noted that the General Government category includes $10.3
million in Make-Whole payments made to the Core Jurisdictions affected by the
Village’s Redevelopment Project.
2007 Governmental Fund Activities
Expenses by Source
General
Government
30.8%
Highways and
Streets
28.0%
Public Safety
32.5%
Interest
8.6%
Business-Type Activities
Revenues:
For the fiscal year ended December 31, 2007, net revenues, including transfers in, from
Business-Type Activities totaled $19.9 million. The Village’s various waterworks and
sewerage utilities and commuter parking generated $18.4 million in Charges for Services.
Expenses:
For the current ended fiscal year, the Business-Type Funds reflect combined net assets of
$52.5 million. Expenses from Business-Type Activities totaled $17.4 million.
(See independent auditor’s report)
MD&A 11
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Government Funds
At December 31, 2007, the Governmental Funds (as presented on pages 6 though 11) reported a
combined fund balance of $101.8 million, a decrease of $7.8 million from the beginning of the
year. Of the total fund balance, $30.9 million is unreserved for continuing Village services.
Reserved fund balance of $70.9 includes $49.7 million for capital development and $2.9 million
for debt service.
The General Fund is the Village’s primary operating fund and the largest source of day to day
service delivery. At the end of 2007, the unreserved fund balance of the General Fund was $18.6
million, down from $23.5 at the close of 2006. The Village initiated a planned draw down of
fund balance in 2006, in order to increase its investment in infrastructure, and continued this plan
in 2007. 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 expenses. Unreserved fund balance represents
41.3% of total General Fund expenses while fund balance represents 52.8% of that same amount.
Unreserved fund balance also represents 35.9% of total General Fund expenses and transfers.
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2007
(in millions)
Original Amended Actual
Budget Budget
Revenues
Taxes $19.5 $19.5 $18.3
Intergovernmental 22.5 22.5 23.2
Other 4.5 4.5 5.1
Total Revenues 46.5 46.5 46.6
Expenses
Expenditures (40.6) (44.6) (45.1)
Transfers Out (7.2) (7.6) (6.6)
Transfers In 0.0 0.0 0.2
Total Expenses &
Transfers (47.8) (52.2) (51.5)
Net Change in Fund
Balance (1.3) (5.7) (4.9)
Municipal Sale Tax receipts increased approximately $300,000 or 2.3%, while Home Rule Sales
Tax receipts show an increase of $2.4 million. Previously, approximately one half of the revenue
estimated to be received from the Village’s one-half of one percent Home Rule Sales Tax levy
was deposited directly into the Capital Projects Fund, that practice ended in 2007. The per capita
based Illinois Income Tax distribution increased nearly $600,000 while revenues associated with
Fire Communications, which in 2006 generated approximately $380,000, were redirected to the
newly formed Joint Dispatch Fund. The only significant one-time revenue was the sale of
property which generated $775,000.
(See independent auditor’s report)
MD&A 12
Other Government Funds
The Special Tax Allocation Fund, though it received $20.5 million in property tax increment as
developed parcels within the Village’s Redevelopment Project area were added to the tax rolls,
showed a $2.1 million fund deficit for 2007. Incremental property taxes are the source of
revenue for this fund, and as a result of delayed property tax distributions by Cook County, this
fund was loaned money from the Village Permanent Fund, in accordance with the TIF
Retirement Policy, to address the temporary short fall. It is expected that the incremental
revenue will increase to $25 to $30 million over the next two to four years. These revenues are
used to pay the development costs associated with the Village’s Redevelopment Project, as well
as, debt service and Make-Whole Payments to the Core Jurisdictions affected by the Project.
The Permanent Fund, in addition to providing liquidity to the Special Tax Allocation fund as
noted above, also was used as the source of funding the purchase of property in the Village’s
downtown area for $6.5 million. This property is being held for resale and the proceeds of the
sale will be returned to the Permanent Fund.
Glen Land Sales Fund assets were used to purchase approximately 40 acres of land declared
surplus by the Navy. The entitlements for the land will be determined through a joint planning
effort with effected jurisdictions. It is expected that a portion of the property will remain open
space and public use, while the balance will be sold to a developer with the proceeds used to pay
the debt associated with the Village’s 2006B bond issue which funded the purchase.
Proprietary Funds
At December 31, 2007, the Proprietary Funds (as presented on pages 12 through 15) total net
assets increased by $2.4 million. The increase is mainly attributable to the operations of the
Village’s Waterworks Fund, Sewerage Fund and the North Maine utility funds. A cost of service
study was conducted in 2006 and a new rate structure, with a consumption and fixed rate
component (the later based on meter size) was implemented in the second half of 2006. The cost
of service study and rate model was used to update the rates for all systems in 2007. The rate
model is designed to provide funds for operations and for infrastructure maintenance and
improvements in accordance with the Village’s infrastructure standards.
CAPITAL ASSETS
At year end, the Village’s investment in capital assets, net of accumulated depreciation, for its
Governmental and Business-Type Activities was $262.0 million. The investment in capital
assets includes land, buildings, underground systems, infrastructure and construction in progress.
(See independent auditor’s report)
MD&A 13
The following schedule reflects the Village’s capital asset balances as of December 31, 2007.
Table 4
Capital Assets
As of December 31, 2007 and 2006
(in millions)
Total
Business-
Governmental Type Primary
Activities Activities Government
2007 2006 2007 2006 2007 2006
Land and Land Right of Way $67.0 $67.0 $0.8 $0.3 $67.8 $67.3
Buildings and Improvements 71.6 71.4 1.4 1.4 73.0 72.8
Machinery and Equipment 9.7 9.8 0.0 0.0 9.7 9.8
Infrastructure 123.6 121.2 0.0 0.0 123.6 121.2
Water System 0.0 0.0 50.5 48.2 50.5 48.2
Sewer System 0.0 0.0 17.5 15.6 17.5 15.6
Equipment and Vehicles 0.0 0.0 3.7 3.8 3.7 3.8
Construction in Progress 0.0 0.0 0.0 0.0 0.0 0.0
Less:
Accumulated Depreciation (63.6)(59.7)(20.2)(18.7) (83.8) (78.4)
Total $208.3 $209.7 $53.7 $50.6 $262.0 $260.3
Major capital assets events during the current fiscal year included the following:
• The purchase of computer aided dispatch software for the Village’s Joint Dispatch Center.
• The acquisition of property to provide additional parking for the Downtown commuter
parking system.
• The continuation of multiple infrastructure reconstruction and improvement projects.
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 through 36.
DEBT OUTSTANDING
In Fiscal Year 2007, the Village issued two series of bonds. The $5 million Series 2007A was
issued to provide funding for infrastructure improvements for the Village’s Waterworks and
Sewerage Funds. The $1.2 million Taxable Series 2007B was issued to provide funding for
infrastructure improvements for the North Maine Waterworks and Sewerage Fund. It is
anticipated that the debt service associated with the Series 2007A Bonds and 2007B Bonds will
be annually abated with the water and sewer revenues generated from the respective utility
systems.
(See independent auditor’s report)
MD&A 14
The Village currently has thirteen general obligation bond series and one note series. The
proceeds of the note series were used to acquire the North Maine utility system. Total
outstanding general obligation debt is $150.0 million. Of that amount $114.5 is associated with
the Village’s TIF Redevelopment Project and $12.2 million is associated with Village’s various
waterworks and sewerage funds. The debt service associated with the above is annually abated
from Project and utility revenues. The Project related debt was issued for infrastructure
improvements in the Project area known as The Glen. The issuance of these bonds did produce
capital assets for the Village; therefore, the unrestricted net assets for Governmental Activities
have been reduced by the amount of these bonds. The utility related debt was issued as well for
system infrastructure improvements. General Obligation debt was used to keep the cost of
borrowing as low as possible to utility customers. The balance of the Village’s debt, $23.3
million, is paid for through property taxes which are level at approximately $1.96 million per
year through 2024.
The Village, under its home rule authority, does not have a legal debt limit. During Fiscal Year
2007, the Village’s Aaa bond rating was reaffirmed by Moody’s Investors Service citing the
Village’s well-managed financial operations, moderate direct debt burden, and aggressive
retirement of its general obligation bonds.
Additional information of the Village’s long-term debt can be found in the Notes to the Financial
Statements on pages 38 through 44.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
The following factors were considered in preparing the Village’s budget for Fiscal Year 2008:
• A commitment to proactively manage redevelopment opportunities within the Downtown
and along the Milwaukee Corridor to ensure compliance with community goals and
desires;
• A commitment to maintain service levels. After reviewing a 5-year financial forecast, the
Board recognized that current revenues were growing slower than expenses and that after
looking to internal efficiencies it was decided to increase revenues in order to maintain
service levels. The Board made the decision to: 1) increase the Home Rule Sales Tax by
one quarter of one percent effective July 1, 2008; 2) increase property taxes to take into
account newly annexed property; and to 3) increase property taxes by 4.00%. These
decisions are expected to generate approximately $3.3 million annually when fully
implemented and will be used to support operations and the capital improvement
program;
• A commitment to continue to review and analyze new sources of revenue to enable the
Village to fund an aggressive on-going capital improvement program that meets
minimum standards as established by Board of Trustees;
• A commitment to review and analyze the impact of the new water and sewer rate
structure for customers of all Village systems-Waterworks, Sewerage and North Maine
Utility systems; and
• A commitment to continue to work to attract a diversified retail sales tax base as well as
retain the current base of retail businesses.
(See independent auditor’s report)
MD&A 15
CONTACTING THE VILLAGE’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with
the general overview of the Village’s finances and to demonstrate the Village’s accountability
for the money it receives. Questions concerning this report or requests for additional financial
information should be directed to Daniel P. Wiersma, Director of Finance, Village of Glenview,
1225 Waukegan Road, Glenview, IL 60025.
Component
Unit
Governmental Business-Type Glenview
Activities Activities Total Public Library
ASSETS
Cash and investments 85,555,338$ 11,753,541$ 97,308,879$ 4,519,636$
Receivables, net of allowance
where applicable
Property taxes 10,323,824 - 10,323,824 4,265,755
Utility customers 1,022,506 2,741,364 3,763,870 -
Income taxes 225,683 - 225,683 -
Sales taxes 4,995,889 - 4,995,889 -
Other taxes 361,937 - 361,937 -
Notes 1,700,000 - 1,700,000 -
Accounts 970,572 - 970,572 166
Miscellaneous 380,571 2,273 382,844 -
Land held for resale 30,391,262 - 30,391,262 -
Deposits 2,398,613 - 2,398,613 -
Inventories 266,220 64,057 330,277 -
Prepaid expenses 568,130 - 568,130 -
Due from other governments 4,408,241 73,908 4,482,149 -
Due from component unit 14,480 - 14,480 -
Due from/(to) other funds 74,126 (74,126) - -
Advances to component unit 330,756 - 330,756 -
Deferred charges 289,176 59,880 349,056 -
Net pension asset 535,690 - 535,690 -
Capital assets, not being depreciated 67,001,511 802,851 67,804,362 500,000
Capital assets, (net of
accumulated depreciation)141,329,579 52,993,623 194,323,202 2,061,054
Total assets 353,144,104 68,417,371 421,561,475 11,346,611
LIABILITIES
Accounts payable 4,336,783 2,040,188 6,376,971 229,801
Accrued payroll 331,099 14,189 345,288 44,639
Accrued interest payable 476,925 58,951 535,876 -
Claims payable 299,411 - 299,411 -
Other payables 91,729 - 91,729 -
Unearned property taxes 9,638,537 - 9,638,537 3,858,994
Other unearned revenue 376,163 - 376,163 -
Due to other governments 117,505 40,958 158,463 -
Due to primary government - - - 14,480
Advances from primary government - - - 330,756
Refundable deposits 4,201,941 - 4,201,941 -
Noncurrent liabilities
Due within one year 9,545,607 1,386,948 10,932,555 191,839
Due in more than one year 130,564,187 12,388,865 142,953,052 -
Total liabilities 159,979,887 15,930,099 175,909,986 4,670,509
NET ASSETS
Invested in capital assets, net of related debt 83,298,383 40,143,214 123,441,597 2,561,054
Restricted for
Street improvements 1,231,283 - 1,231,283 -
Debt service 2,870,654 - 2,870,654 -
Public safety 452,367 - 452,367 -
Capital development 49,675,233 - 49,675,233 146,176
Gifts - - - 578,647
Culture and recreation - - - 3,390,225
Unrestricted 55,636,297 12,344,058 67,980,355 -
TOTAL NET ASSETS 193,164,217$ 52,487,272$ 245,651,489$ 6,676,102$
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
December 31, 2007
Primary Government
See accompanying notes to financial statements.
- 3 -
Charges Operating Capital
FUNCTIONS/PROGRAMS Expenses for Services Grants Grants
PRIMARY GOVERNMENT
Governmental Activities
General government 24,038,572$ 5,088,121$ 1,089,608$ 1,449,350$
Public safety 25,405,356 4,104,495 256,542 -
Highways and streets 21,897,066 - 1,298,591 24,129
Interest 6,751,793 - - -
Total governmental activities 78,092,787 9,192,616 2,644,741 1,473,479
Business-Type Activities
Waterworks 8,241,841 8,251,413 - 73,908
North Maine Water and Sewer 5,822,693 6,418,577 - -
Sewerage 1,675,442 1,522,626 - -
Nonmajor enterprise
Wholesale water 1,221,484 1,762,694 - -
Commuter parking 458,586 484,393 - -
Total business-type activities 17,420,046 18,439,703 - 73,908
TOTAL PRIMARY GOVERNMENT 95,512,833$ 27,632,319$ 2,644,741$ 1,547,387$
COMPONENT UNIT
Glenview Public Library 5,753,723$ 138,500$ 54,376$ -$
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2007
Program Revenues
- 4 -
Glenview
Public Library
Governmental Business-Type Component
Activities Activities Total Unit
(16,411,493)$ -$ (16,411,493)$ -$
(21,044,319) - (21,044,319) -
(20,574,346) - (20,574,346) -
(6,751,793) - (6,751,793) -
(64,781,951) - (64,781,951) -
- 83,480 83,480 -
- 595,884 595,884 -
- (152,816) (152,816) -
- 541,210 541,210 -
- 25,807 25,807 -
- 1,093,565 1,093,565 -
(64,781,951) 1,093,565 (63,688,386) -
- - - (5,560,847)
General revenues
Taxes
Property tax 29,533,794 - 29,533,794 5,211,647
Personal property replacement tax 273,958 - 273,958 -
Sales tax 18,238,196 - 18,238,196 -
Local use tax 595,772 - 595,772 -
Income tax 3,933,680 - 3,933,680 -
Telecommunications tax 2,653,127 - 2,653,127 -
Utility tax 3,254,670 - 3,254,670 -
Other 1,161,277 - 1,161,277 29,000
Intergovernmental 959,789 - 959,789 568,524
Investment income 7,202,556 351,186 7,553,742 199,299
Miscellaneous 2,473,480 33,313 2,506,793 57,717
Gain on sale of capital assets 467,801 (21,676) 446,125 -
Transfers (989,499) 989,499 - -
Total 69,758,601 1,352,322 71,110,923 6,066,187
CHANGE IN NET ASSETS 4,976,650 2,445,887 7,422,537 505,340
NET ASSETS, JANUARY 1 187,633,274 50,041,385 237,674,659 6,047,333
Prior period adjustments 554,293 - 554,293 123,429
NET ASSETS, JANUARY 1, RESTATED 188,187,567 50,041,385 238,228,952 6,170,762
NET ASSETS, DECEMBER 31 193,164,217$ 52,487,272$ 245,651,489$ 6,676,102$
Net (Expense) Revenue and Change in Net Assets
Primary Government
See accompanying notes to financial statements.
- 5 -
Special
Tax Escrow
General Allocation Deposit
Cash 2,520,408$ 154,684$ -$
Investments 7,349,034 - 4,584,663
Receivables
Property taxes 8,325,853 - -
Accounts 65,256 - -
Utility taxes 1,022,506 - -
Income taxes 225,683 - -
Sales taxes 4,995,889 - -
Other taxes 361,937 - -
Other 54,993 - -
Note receivable 120,000 1,580,000 -
Inventory 82,583 - -
Land held for resale - - -
Due from other governments 2,180,930 - -
Due from other funds 1,093,151 12,563 -
Due from component unit 14,000 - -
Advance to other funds - - -
Advance to component unit - - -
TOTAL ASSETS 28,412,223$ 1,747,247$ 4,584,663$
LIABILITIES
Accounts payable 692,891$ -$ 296,360$
Accrued payroll 306,260 - -
Refundable deposits 50,624 - 3,338,209
Other payables 91,729 - -
Due to other funds 450,798 3,806,942 950,094
Advance from other funds - - -
Due to other governments - - -
Deferred property taxes 7,804,287 - -
Deferred revenues 188,000 - -
Total liabilities 9,584,589 3,806,942 4,584,663
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 120,000 1,580,000 -
Reserved for inventory 82,583 - -
Unreserved
Undesignated for General Fund 18,625,051 - -
Undesignated (deficit) for Special Revenue Fund - (3,639,695) -
Undesignated for Debt Service Fund - - -
Undesignated (deficit) for Capital Projects Fund - - -
Total fund balances (deficit)18,827,634 (2,059,695) -
TOTAL LIABILITIES AND
FUND BALANCES 28,412,223$ 1,747,247$ 4,584,663$
ASSETS
LIABILITIES AND FUND BALANCES
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2007
- 6 -
Glen
Village Land Nonmajor
Permanent Sales 2006A Bond Governmental Total
1,381,822$ 448,640$ 994$ 1,563,790$ 6,070,338$
24,135,147 3,897,897 10,428,034 9,383,780 59,778,555
- - - 1,997,971 10,323,824
13,000 750,000 - 2,594 830,850
- - - - 1,022,506
- - - - 225,683
- - - - 4,995,889
- - - - 361,937
- - - 325,578 380,571
- - - - 1,700,000
- - - - 82,583
6,500,000 23,891,262 - - 30,391,262
- - - 2,223,855 4,404,785
3,806,942 - - 632,433 5,545,089
- - - - 14,000
14,853,245 - - - 14,853,245
330,756 - - - 330,756
51,020,912$ 28,987,799$ 10,429,028$ 16,130,001$ 141,311,873$
15,418$ -$ -$ 3,124,866$ 4,129,535$
- - - 21,195 327,455
- - - 813,108 4,201,941
- - - - 91,729
- - - 570,679 5,778,513
- 14,853,245 - - 14,853,245
- - - 117,505 117,505
- - - 1,834,250 9,638,537
- 18,976 - 169,187 376,163
15,418 14,872,221 - 6,650,790 39,514,623
- - - 1,231,283 1,231,283
14,853,245 - - - 14,853,245
- - - 2,870,654 2,870,654
- - - 452,367 452,367
36,152,249 - 10,429,028 3,093,956 49,675,233
- - - - 1,700,000
- - - - 82,583
- - - - 18,625,051
- - - 1,466,753 (2,172,942)
- - - (33,701) (33,701)
- 14,115,578 - 397,899 14,513,477
51,005,494 14,115,578 10,429,028 9,479,211 101,797,250
51,020,912$ 28,987,799$ 10,429,028$ 16,130,001$ 141,311,873$
See accompanying notes to financial statements.
- 7 -
FUND BALANCES OF GOVERNMENTAL FUNDS 101,797,250$
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 208,331,090
Less internal service funds capital assets (58,574)
The net pension asset is not a current financial resource
and is therefore not reported in the governmental funds 535,690
The unamortized bond premium is not a current financial resource
and is therefore not reported in the governmental funds (45,512)
The unamortized bond discount and unamortized bond
issuance cost is not a current financial resource and
is therefore not reported in the governmental funds 518,812
Interest payable is not due and payable in the current period
and, therefore, not reported in the governmental funds (476,925)
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 (139,575,917)
The net other post-employment benefits obligation is
included in the governmental activities in the
statement of net assets (718,000)
The net assets of the internal service funds are
included in the governmental activities in the
statement of net assets 22,856,303
NET ASSETS OF GOVERNMENTAL ACTIVITIES 193,164,217$
VILLAGE OF GLENVIEW, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
December 31, 2007
See accompanying notes to financial statements.
- 8 -
Special
Tax Escrow
General Allocation Deposit
REVENUES
Taxes 18,344,894$ 20,502,841$ -$
Intergovernmental 23,210,409 - -
Charges for services 1,092,393 - -
Licenses and permits 1,317,359 - -
Fines and forfeitures 242,596 - -
Investment income 747,452 294,965 137,112
Contributions - - -
Miscellaneous
Land sales - - -
Other 1,657,503 - -
Total revenues 46,612,606 20,797,806 137,112
EXPENDITURES
Current
General government 9,821,208 10,695,285 438,696
Public safety 23,094,599 - -
Highways and streets 12,229,547 - -
Debt service
Principal - 8,010,000 -
Interest and fiscal charges - 3,718,623 -
Capital outlay - - -
Total expenditures 45,145,354 22,423,908 438,696
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,467,252 (1,626,102) (301,584)
OTHER FINANCING SOURCES (USES)
Sale of capital assets - - -
Transfers in 208,306 - -
Transfers (out)(6,642,343) (2,170,000) -
Total other financing sources (uses)(6,434,037) (2,170,000) -
NET CHANGE IN FUND BALANCES (4,966,785) (3,796,102) (301,584)
FUND BALANCES (DEFICIT), JANUARY 1 23,794,419 1,736,407 301,584
Prior period adjustment - - -
FUND BALANCE (DEFICIT), JANUARY 1, AS RESTATED 23,794,419 1,736,407 301,584
FUND BALANCES (DEFICIT), DECEMBER 31 18,827,634$ (2,059,695)$ -$
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
- 9 -
Glen
Village Land Nonmajor
Permanent Sales 2006A Bond Governmental Total
-$ -$ -$ 2,147,362$ 40,995,097$
- - - 3,187,646 26,398,055
14,300 - - 2,240,722 3,347,415
- - - - 1,317,359
- - - - 242,596
2,709,022 237,627 457,450 1,555,853 6,139,481
- - - 3,138 3,138
- 1,003,082 - - 1,003,082
- 5,710 - 225,950 1,889,163
2,723,322 1,246,419 457,450 9,360,671 81,335,386
33,939 9,820 - 3,982,970 24,981,918
- - - 2,323,703 25,418,302
- - - - 12,229,547
- - - 1,875,000 9,885,000
- 682,465 - 2,277,273 6,678,361
- - - 8,918,984 8,918,984
33,939 692,285 - 19,377,930 88,112,112
2,689,383 554,134 457,450 (10,017,259) (6,776,726)
- - - 15,675 15,675
200,616 22,617,218 - 11,055,852 34,081,992
- (200,616) - (26,058,532) (35,071,491)
200,616 22,416,602 - (14,987,005) (973,824)
2,889,999 22,970,736 457,450 (25,004,264) (7,750,550)
48,115,495 (8,855,158) 9,971,578 33,929,182 108,993,507
- - - 554,293 554,293
48,115,495 (8,855,158) 9,971,578 34,483,475 109,547,800
51,005,494$ 14,115,578$ 10,429,028$ 9,479,211$ 101,797,250$
See accompanying notes to financial statements.
- 10 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (7,750,550)$
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 4,595,377
The change in net pension asset is not a current financial resource and, therefore,
is not reported in the governmental funds 146,981
The repayment of long-term debt is reported as an expenditure when due in governmental
funds but as a reduction of principal outstanding in the statement of assets 9,894,983
The loss on disposal of capital assets is reported as an expense on the statement of
activities (367,853)
The amortization of premium on long-term debt is reported as an expense on the
statement of activities 4,137
The amortization of discount on long-term debt is reported as an expense on the
statement of activities (44,041)
The amortization of bond issuance costs is reported as an expense on the
statement of activities (47,981)
The change in accrual of interest on long-term debt is reported as an expense on the
statement of activities (33,528)
The change in accrual of compensated absences payable is reported as an expense
on the statement of activities 411,661
The change in the net other post-employment benefits obligation is not a current
liability and , therefore, is not reported in the governmental funds (718,000)
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
Governmental funds (5,560,793)
Internal service fund depreciation addback 7,245
The net revenue (loss) of certain activities of internal service funds is reported with
governmental activities 4,439,012
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES 4,976,650$
For the Year Ended December 31, 2007
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 ACTIVITIES
See accompanying notes to financial statements.
- 11 -
PROPRIETARY FUNDS
December 31, 2007
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Sewerage Enterprise Total Service
CURRENT ASSETS
Cash 607,296$ 539,666$ 395,203$ 185,720$ 1,727,885$ 707,838$
Investments 4,444,947 1,931,522 1,790,410 1,858,777 10,025,656 18,998,607
Receivables
Accounts 1,038,175 870,692 534,896 297,601 2,741,364 139,722
Other 373 1,900 - - 2,273 -
Due from other funds 6,619 5,842 20,819 2,508 35,788 307,549
Due from component unit - - - - - 480
Due from other governments 73,908 - - - 73,908 3,456
Deposits - - - - - 2,398,613
Prepaid expenses - - - - - 568,130
Inventory 64,057 - - - 64,057 183,637
Deferred bond issuance costs 21,384 10,886 16,801 10,809 59,880 -
Total current assets 6,256,759 3,360,508 2,758,129 2,355,415 14,730,811 23,308,032
CAPITAL ASSETS
Capital assets not being depreciated 67,851 235,000 - 500,000 802,851 -
Capital assets being depreciated 45,248,078 8,228,549 15,971,956 3,729,225 73,177,808 94,469
Accumulated depreciation (13,431,632) (2,183,564) (3,303,862) (1,265,127) (20,184,185) (35,895)
Net capital assets 31,884,297 6,279,985 12,668,094 2,964,098 53,796,474 58,574
Total assets 38,141,056 9,640,493 15,426,223 5,319,513 68,527,285 23,366,606
CURRENT LIABILITIES
Accounts payable 736,116 836,966 349,337 117,769 2,040,188 207,248
Accrued payroll 9,341 3,848 583 417 14,189 3,644
Interest payable 7,600 46,430 1,907 3,014 58,951 -
Compensated absences payable 56,406 - - - 56,406 -
Claims payable - - - - - 299,411
Due to other funds 92,621 2,775 8,138 6,380 109,914 -
Due to other governments 40,958 - - - 40,958 -
Current portion of notes payable - 120,725 - - 120,725 -
Current portion of general obligation bonds payable 266,000 748,817 - 195,000 1,209,817 -
Total current liabilities 1,209,042 1,759,561 359,965 322,580 3,651,148 510,303
NONCURRENT LIABILITIES
Compensated absences payable 6,267 - - - 6,267 -
Notes payable - 1,794,439 - - 1,794,439 -
General obligation bonds payable 2,548,446 4,984,815 2,211,351 843,547 10,588,159 -
Total noncurrent liabilities 2,554,713 6,779,254 2,211,351 843,547 12,388,865 -
Total liabilities 3,763,755 8,538,815 2,571,316 1,166,127 16,040,013 510,303
NET ASSETS
Invested in capital assets, net of related debt 29,091,235 (1,357,925) 10,473,544 1,936,360 40,143,214 58,574
Unrestricted 5,286,066 2,459,603 2,381,363 2,217,026 12,344,058 22,797,729
TOTAL NET ASSETS 34,377,301$ 1,101,678$ 12,854,907$ 4,153,386$ 52,487,272$ 22,856,303$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
See accompanying notes to financial statements.
- 12 -
Governmental
North Maine Activities
Water and Nonmajor Eliminate Internal
Waterworks Sewer Sewerage Enterprise Interfund Total Service
OPERATING REVENUES
Charges for services
Water and sewer charges 7,958,558$ 6,317,283$ 1,493,449$ 1,762,694$ -$ 17,531,984$ -$
Water and sewer connection charges 77,609 - 4,820 - - 82,429 -
Parking decals and meter fees 74,685 288 - 470,693 - 545,666 -
Late payment fees 119,022 94,405 24,357 - - 237,784 -
Internal services - - - - - - 11,219,136
Miscellaneous 21,539 6,601 - 13,700 - 41,840 19,570
Total operating revenues 8,251,413 6,418,577 1,522,626 2,247,087 - 18,439,703 11,238,706
OPERATING EXPENSES
Administration 6,794,233 5,389,947 1,371,265 322,047 - 13,877,492 -
Operations 474,245 - - 1,207,926 - 1,682,171 8,339,023
Depreciation and amortization 966,585 165,036 302,901 109,144 - 1,543,666 7,245
Total operating expenses 8,235,063 5,554,983 1,674,166 1,639,117 - 17,103,329 8,346,268
OPERATING INCOME (LOSS)16,350 863,594 (151,540) 607,970 - 1,336,374 2,892,438
NONOPERATING REVENUES
(EXPENSES)
Investment income 178,766 75,756 25,471 71,193 - 351,186 1,063,074
Interest and fiscal charges (6,778) (267,710) (1,276) (40,953) - (316,717) -
Intergovernmental - grant revenue 73,908 - - - - 73,908 24,129
Gain (loss) on sale of fixed assets (21,676) - - - - (21,676) 452,126
Miscellaneous - - 33,313 - - 33,313 -
Total nonoperating revenues
(expenses)224,220 (191,954) 57,508 30,240 - 120,014 1,539,329
NET INCOME (LOSS) BEFORE
TRANSFERS 240,570 671,640 (94,032) 638,210 - 1,456,388 4,431,767
TRANSFERS
Transfers in 1,708,781 - 63,074 - (871,561) 900,294 -
Transfers (out)(229,856) (398,000) - (154,500) 871,561 89,205 -
Total transfers 1,478,925 (398,000) 63,074 (154,500) - 989,499 -
CHANGE IN NET ASSETS 1,719,495 273,640 (30,958) 483,710 - 2,445,887 4,431,767
NET ASSETS, JANUARY 1 32,657,806 828,038 12,885,865 3,669,676 - 50,041,385 18,424,536
NET ASSETS, DECEMBER 31 34,377,301$ 1,101,678$ 12,854,907$ 4,153,386$ -$ 52,487,272$ 22,856,303$
For the Year Ended December 31, 2007
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 13 -
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Sewerage Enterprise Total Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 8,121,009$ 6,284,949$ 1,492,577$ 2,232,788$ 18,131,323$ 11,113,372$
Payments to suppliers (7,427,161) (4,091,278) (553,709) (2,005,875) (14,078,023) (8,226,932)
Payments to employees (1,675,131) (495,276) (439,981) (119,947) (2,730,335) (574,591)
Net cash from operating activities (981,283) 1,698,395 498,887 106,966 1,322,965 2,311,849
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Miscellaneous nonoperating receipts - - 33,313 - 33,313 -
Intergovernmental receipts 73,908 - - - 73,908 24,129
Interfund transfers in 1,708,781 - 63,074 - 1,771,855 -
Interfund transfers (out)(229,856) (398,000) - (154,500) (782,356) -
Net cash from noncapital financing activities 1,552,833 (398,000) 96,387 (154,500) 1,096,720 24,129
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from bonds issued 2,814,446 1,200,000 2,211,351 - 6,225,797 -
Proceeds from sale of capital assets 29,521 - - - 29,521 452,126
Purchase of capital assets (1,931,499) (828,210) (1,436,613) (500,000) (4,696,322) -
Principal payments - (503,192) - (190,000) (693,192) -
Interest and fiscal charges (20,562) (280,586) (16,170) (41,333) (358,651) -
Net cash from capital and related
financing activities 891,906 (411,988) 758,568 (731,333) 507,153 452,126
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 178,766 75,756 25,471 71,193 351,186 1,063,074
Sale of investments - (987,231) - 418,849 (568,382) (2,228,200)
Purchases of investments (1,554,113) - (1,790,410) - (3,344,523) (2,335,900)
Net cash from investing activities (1,375,347) (911,475) (1,764,939) 490,042 (3,561,719) (3,501,026)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 88,109 (23,068) (411,097) (288,825) (634,881) (712,922)
CASH AND CASH EQUIVALENTS, JANUARY 1 519,187 562,734 806,300 474,545 2,362,766 1,420,760
CASH AND CASH EQUIVALENTS, DECEMBER 31 607,296$ 539,666$ 395,203$ 185,720$ 1,727,885$ 707,838$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2007
(This statement is continued on the following page.)
- 14 -
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Sewerage Enterprise Total Service
RECONCILIATION OF OPERATING
INCOME TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)16,350$ 863,594$ (151,540)$ 607,970$ 1,336,374$ 2,892,438$
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Depreciation and amortization 966,585 165,036 302,901 109,144 1,543,666 7,245
Changes in current assets and liabilities
Accounts receivable (130,404) (133,628) (30,049) (14,299) (308,380) (125,334)
Due from other funds 105,561 303,033 633,195 60,570 1,102,359 (39,434)
Due from other governments (73,908) - - - (73,908) (3,456)
Advances from other funds 229,856 - - - 229,856 -
Inventory 5,945 - - - 5,945 (73,717)
Accounts payable (1,636,838) 506,176 (156,123) (5,563) (1,292,348) 123,516
Accrued payroll 5,845 1,743 436 413 8,437 3,644
Compensated absences payable (37,579) - - - (37,579) -
Claims payable - - - - - (82,471)
Deposits - - - (5,300) (5,300) (382,144)
Due to other funds (473,654) (7,559) (99,933) (645,969) (1,227,115) (8,438)
Due to other governments 40,958 - - - 40,958 -
NET CASH FROM OPERATING ACTIVITIES (981,283)$ 1,698,395$ 498,887$ 106,966$ 1,322,965$ 2,311,849$
NONCASH CONTRIBUTIONS
Contributions of capital assets -$ -$ -$ -$ -$ -$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended December 31, 2007
See accompanying notes to financial statements.
- 15 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
December 31, 2007
Pension
Trust Agency
Cash and cash equivalents 1,878,861$ 13,346$
Investments
U.S. Government and agency obligations 55,044,155 -
Mutual funds 35,866,802 -
Insurance contracts 1,275,104 -
Receivables
Property taxes - 135,362
Total assets 94,064,922 148,708$
LIABILITIES
Accounts payable 6,250 -$
Due to bondholders - 148,708
Total liabilities 6,250 148,708$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 94,058,672$
ASSETS
See accompanying notes to financial statements.
- 16 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
PENSION TRUST FUNDS
ADDITIONS
Contributions - employer 2,573,900$
Contributions - plan members 1,212,405
Total contributions 3,786,305
Investment income
Net appreciation in fair value
of investment s 327,583
Interest earned on investments 5,543,317
Total investment inco me 5,870,900
Less investment expense (124,980)
Net investment income 5,745,920
Total additions 9,532,225
DEDUCTIONS
Pensions and refunds 4,587,601
Total deductions 4,587,601
NET INCREASE 4,944,624
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 89,114,048
December 31 94,058,672$
For the Year Ended December 31, 2007
See accompanying notes to financial statements.
- 17 -
-18 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
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 financial
reporting principles. The more significant of the Village’s accounting policies are described
belo w.
a.Reporting Entity
The Village is a municipal corporation governed by an elected seven-member board.
As required by generally accepted accounting principles, these financial statements
present the Village (the primary government) and its component units.
The Village’s financial 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
of Illino is 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, 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
activit ies. PPERS is reported as a pension trust fund.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-19 -
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 five-member pension board. Two members
appoint ed by the Village’s President, one elected pension beneficiary and two
elected fire employees constitute the pension board.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
determinat io n of contribution levels. Although it possesses many of the
characteristics of a legally separate government, FPERS is reported as if it were
part of the primary government because its sole purpose is to finance and
administ er the pensions of the Village’s firefighters and because of the fiduciary
nature of such activities. FPERS is reported as a pension trust fund.
Discretely Presented Component Unit -Village of Glenview Public Library (the
Library)
The Library has a separately elected seven-member board, which annually
determines its budget and resulting tax levy. Upon approval of the Village, the
levy is submit ted to the County. All debt of the Library is secured by the full
fait h and credit of the Village, which is wholly liable for the debt. Because the
Library possesses the characteristics of a legally separate government and does
not service the primary government, the Library is being reported as a discrete
presentation. Separate financial statements are disclosed in the component unit
portion of this report; the Library does not issue separate financial statements.
b.Fund Accounting
The Village uses funds to report on its financial position, changes in its financial
position and cash flows. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to
certain government functions or activities.
Funds are classified into the following categories: governmental, proprietary and
fiduciary.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-20 -
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
activit ies, 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 so me o ther fund.
Proprietary funds are used to account for activit ies similar t o those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administ ration. Goods or services from such activities can be provided either
to outside parties (enterprise funds) or to other departments or agencies primarily
wit hin t he Village (internal service funds).
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a formal trust agreement, a pension trust fund
is used. Agency funds generally are used to account for assets that the Village holds
on behalf of others as their agent.
c.Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Interfund services provided and used are not eliminated in the process of
consolidation. Governmental activities, which normally are supported by taxes and
int ergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include 1) charges to customers or applicants who purchase, use or directly
benefit from goods, services or privileges provided by a given function or segment,
and 2) grants and 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.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-21 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds, proprietary funds
and fiduciary funds, even though the lat ter are excluded from the government-wide
financial st atements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the follo wing major governmental funds:
The General Fund, also referred to as the Corporate Fund, is the Village’s
primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
Special Tax Allo cation 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% of the land sales proceeds of The Glen for village-wide improvements as
well as short-term liquidit y t o the Village’s TIF projects encompassing The
Glen.
The Glen Land Sales Fund, a Capital Projects Fund,accounts for land sales
related to The Glen.
The 2006A Bond Fund, a Capital Projects Fund, accounts for revenues and
expenditures associated with infrastructure improvements within the Glenview
Naval Air Station Economic Development Project Area.
The Village reports the follo wing major proprietary funds:
The Waterworks Fund accounts for the provision of water service to the
residents of the Village. All act ivit y necessary to provide such services is
accounted for in this fund including, but not limited to, administration,
operation, maint enance, financing and related debt service and billing and
collection.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-22 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
The North Maine Water and Sewerage Fund accounts for all financial activity
related to the Village providing water and sewerage service to an
unincorporated area southwest of the Village. This area was formerly served by
the North Suburban Public Utilities Company.
Sewerage Fund -to account for the funds necessary to provide sanitary sewer
service to both incorporated and unincorporated Village customers.
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 government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
and fiduciary fund financial statements (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.
Governmental fund financial statements are reported using the current financial
resources measurement focus. Wit h t his 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 and pension trust funds are accounted for on a flow of economic
resources measurement focus. With this measurement focus, all assets and all
liabilit ies 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.Agency funds have no measurement
fo cus.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-23 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d.Measurement Focus, Basis of Accounting and Financial Statement Presentatio n
(Continued)
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
lo ng-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.
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 fines 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 financial 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 financial st atements 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 invest ment s 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
certificat es of deposit are stated at cost or amortized cost. Investments with a
mat urit y o f 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, 2007 fo r debt and equity securities. Mutual funds,
investment funds and insurance separate accounts are valued at contract value as of
December 31, 2007.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-24 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g.Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as “due from other funds” or “due to other funds” on the balance sheet.
Short-term int erfund loans, if any, are classified as “interfund receivables/payables.”
Long-term lo ans between funds are reported as “advances to/from other fund.”
h.Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund type inventories are recorded as
expenditures when consumed rather than when purchased.
i.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 ext end asset lives are not capitalized. Improvements are capitalized and
depreciated over the remaining useful lives of the related capital assets, as applicable.
Major outlays fo r capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of business-
type activities is included as part of the capitalized value of the assets constructed.
Property, plant and equipment is depreciated using the straight line method over the
fo llo wing estimated useful lives:
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-25 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j.Capital Assets (Continued)
Assets Years
Buildings, improvements and infrastructure 25-80
Machinery and equipment 5-10
Water system 50
Sewerage syst em 50
Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The
amo unt of interest to be capitalized is calculated by offsetting interest expense
incurred from the date of the borrowing until completion of the project with interest
earned on invested proceeds over the same period.
k.Compensated Absences
The Village accrues a liability for vacation benefits as these benefits are earned. At
December 31, 2007, the liabilities fo r these accumulated unpaid benefits are
accounted for in the proprietary funds at all levels and in the governmental activities
column in t he government-wide financial statements. In the governmental fund
financial st atements a liability has been accrued for amounts owed to employees who
have retired or terminated employment by t he end of the year.
l.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 financial
statements. Bond premiums and discounts, as well as lo ss 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 funds recognize bond premiums and
discounts, as well as lo ss 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 financing 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
expenditures.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 st atements, restricted net assets are legally restricted by outside parties for a
specific purpose. Invested in capital assets, net of related debt is the book value of
capital assets less any long-term debt outstanding that was issued to construct or
acquire the capital assets.
n.Glen Development Fees
Glen development fees of $358,161 were received in fiscal year 2007. 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 o ther interfund transactions, except int erfund services transactions and
reimbursements, are reported as transfers.
Advances between funds, if any, are offset by a fund balance reserve account in
applicable governmental funds to indicate they are not available for appropriation and
are not expendable available financial resources.
p.Operating and Nonoperating Revenues and Expenses
Proprietary operating revenues and expenses are revenues and expenses earned on the
sale of goods or services by the Proprietary Fund. Nonoperating revenues and
expenses are any other revenue not attributable to the sale of goods or services.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-27 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 FASB 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.
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:
Fund
Deficit
Balance
Major Governmental Funds
Special Tax Allocation $2,059,695
Nonmajor Governmental Funds
GNAS Caretaker 157,270
Corporate Purpose Bond Series of 2000 33,701
Police Department Headquarters 9,308
Library Building 350,391
3.DEPOSITS AND INVESTMENTS
a.Village Deposits and Investments
The Village’s investment policy authorizes the Village to invest in all invest ment s
allo wed 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
portfolio s 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 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.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-28 -
3.DEPOSITS AND INVESTMENTS (Continued)
a.Village Deposits and Investments (Continued)
The Village’s investment policy does limit it s 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 Village will not invest in any institution
in which t he Village’s funds on deposit are in excess of 75% of the 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
flo w 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.
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 of the pension trust funds are
held separately from those of other funds.
Deposits with Financial Institutions
Custodial credit risk for deposits wit h financial inst it utions 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
thir d 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, 2007:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S. agency obligations $88,900,093 $74,590,920 $13,810,423 $498,750 $-
Municipal bonds 657,619 -464,635 192,984 -
Illinois Funds 5,627,684 5,627,684 ---
TOTAL $95,185,396 $80,218,604 $14,275,058 $691,734 $-
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-29 -
3.DEPOSITS AND INVESTMENTS (Continued)
a.Village Deposits and Investments (Continued)
Investments (Continued)
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
flo w needs while providing a reasonable rate of return based on the current market.
The Village limits it s exposure to credit risk, the risk that the issuer of a debt security
will no t pay it s par value upon maturity, by investing in external investment pools.
Illino is 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
investment s 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 instit utions, broker/dealers, intermediaries, and
advisors and soundly diversified. Illino is Funds is not subject to custodial credit risk.
Concentration of credit risk is the risk that the Village has a high percentage of their
investment s invested in one type of investment. At December 31, 2007, 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 Fund Deposits and Investments
The Police Pension Fund’s investment policy authorizes the Police Pension Fund to
invest in all invest ment s allo wed by the Illinois Pension Code contained in Chapter 40
of Illino is 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 obligat io ns
of the State of Israel, 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, mut ual funds, commo n and preferred stock and Illinois Funds
(created by the Illino is State Legislature under the control of the State Treasurer that
maint ains a $1 per share value which is equal to the participants fair value).
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-30 -
3.DEPOSITS AND INVESTMENTS (Continued)
b.Police Pension Fund Deposits and Investments (Continued)
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 o rder of priority, safety of principal, rate of return, public trust and liquidit y.
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
Police Pension Fund’s investment policy requires pledging of collateral for all
investment s 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 Police Pension
Fund’s debt securities as of December 31, 2007:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S. Treasury obligations $17,476,108 $796,636 $3,147,560 $9,092,520 $4,439,392
U.S.agency obligations 8,693,623 ---8,693,623
Municipal bonds 83,682 --83,682 -
Illinois Funds 1,015,808 1,015,808 ---
TOTAL $27,269,221 $1,812,444 $3,147,560 $9,176,202 $13,133,015
In accordance with its investment policy, the Police Pension Fund limits its exposure
to int erest rate risk by structuring the portfolio to provide liquidit y fo r 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 it s par value upon maturity, by primarily investing U.S.
agency obligations and other highly rated obligations. Illino is Funds is rated AAA.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-31 -
3.DEPOSITS AND INVESTMENTS (Continued)
b.Police Pension Fund Deposits and Investments (Continued)
Investments (Continued)
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 it s
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 31, 2007, the Police Pension Fund had greater than
five percent of its overall portfolio invested in U.S. agency obligations and money
market mut ual funds.The Police Pension Fund’s investment policy requires
diversification of investment to avoid unreasonable risk but has no set percentage
limit s.
c.Firefighters’Pension Fund Deposits and Investments
The Firefighters’Pension Fund’s investment policy authorizes the Firefighters’
Pension Fund to invest in all invest ment s allo wed by Illinois Compiled Statutes.
These include deposits/investment s in insured commercial banks, savings and loan
inst it utions, 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 t he 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 maint ains a $1 per
share value which is equal to the participants fair value). The Firefighters’ Pension
Fund’s investment policy does limit it s 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 no t invest
in any inst it ution in which the Firefighters’Pension Fund’s funds on deposit are in
excess of 75% 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’Pensio n 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, liquidit y and rate of return.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-32 -
3.DEPOSITS AND INVESTMENTS (Continued)
c.Firefighters’ Pension Fund Deposits and Investments (Continued)
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in t he 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, 2007 are covered by Federal Deposit ory Insurance.
Investments
The following table presents the investments and maturities of the Firefighters’
Pension Fund’s debt securities as of December 31, 2007:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S. agency obligations $746,723 $746,723 $-$-$-
Mutual funds 28,044,019 28,044,019 ---
Insurance contracts 1,275,104 1,275,104 ---
Illinois Funds 529,949 529,949 ---
TOTAL $30,595,795 $30,595,795 $-$-$-
In accordance with its investment policy, the Firefighters’Pension Fund limit s it s
exposure to int erest 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 limit s it s 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 no t be able to
recover the value of its investments that are in possession of an outside party. To
limit it s exposure, the Firefighters’Pension Fund’s investment policy requires all
investment s be limit ed to the safest types of securities invested with pre-qualified
inst it utions, broker/dealers, intermediaries, and advisors and soundly diversified.
Illino is Funds is not subject to custodial credit risk.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-33 -
3.DEPOSITS AND INVESTMENTS (Continued)
c.Firefighters’ Pension Fund Deposits and Investments (Continued)
Investments (Continued)
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,
2007, the Firefighters’Pension Fund had greater than five percent of its overall
portfolio invested in U.S. agency obligations and money market mut ual funds. The
Firefighters’Pension Fund’s investment policy requires diversification of investment
to avoid unreasonable risk but has no set percentage limits.
4.RECEIVABLES
Property taxes for 2007 attach as an enforceable lien on January 1, 2007 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, 2008 and August 1, 2008 and are payable in two installment s, on or about
March 1, 2008 and September 1, 2008. 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 2007 levy is int ended to fund the 2008 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
Court fines $30,927
Disposal fees 80,703
911 surcharge fees 244,875
Other 24,066
TOTAL $380,571
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-34 -
4.RECEIVABLES (Continued)
The following receivables are included in due from other governments on the Statement of
Net Assets:
GOVERNMENTAL ACTIVITIES
Village of Wilmette $241,354
Village of Northfield 20,831
Glenview Park District 34,628
DCEO 43,000
FEMA 1,064,258
Cook County 1,324,732
Glenbrook Fire Protection Services 1,493,694
Village of Golf Fire Protection Services 78,951
Motor fuel tax 103,337
Other 3,456
TOTAL $4,408,241
5.CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2007 was as follows:
Primary Government
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $11,860,698 $-$-$11,860,698
Land right of way 55,135,019 5,794 -55,140,813
Total capital assets not being depreciated 66,995,717 5,794 -67,001,511
Capital assets being depreciated
Buildings and improvements 71,373,312 229,750 -71,603,062
Machinery and equipment 9,759,660 1,076,836 1,142,266 9,694,230
Infrastructure 120,903,661 3,282,997 591,503 123,595,155
Total capital assets being depreciated 202,036,633 4,589,583 1,733,769 204,892,447
Less accumulated depreciation for
Buildings and land improvements 9,003,351 1,534,966 -10,538,317
Machinery and equipment 5,960,306 1,184,324 932,077 6,212,553
Infrastructure 44,411,579 2,834,258 433,839 46,811,998
Total accumulated depreciation 59,375,236 5,553,548 1,365,916 63,562,868
Total capital assets being depreciated, net 142,661,397 (963,965)367,853 141,329,579
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $209,657,114 $(958,171)$367,853 $208,331,090
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-35 -
5.CAPITAL ASSETS (Continued)
Primary Government (Continued)
Beginning
Balance Increases Decreases
Ending
Balance
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $302,851 $500,000 $-$802,851
Total capital assets not being depreciated 302,851 500,000 -802,851
Capital assets being depreciated
Buildings and improvements 1,446,954 --1,446,954
Water system 48,237,985 2,240,599 -50,478,584
Sewerage system 15,637,272 1,875,208 -17,512,480
Equipment and vehicles 3,777,672 80,515 118,400 3,739,787
Total capital assets being depreciated 69,099,883 4,196,322 118,400 73,177,805
Less accumulated depreciation for
Buildings and improvements 420,694 46,238 -466,932
Water system 12,371,694 979,733 -13,351,427
Sewerage system 3,077,952 311,981 -3,389,933
Equipment and vehicles 2,846,693 225,921 96,724 2,975,890
Total accumulated depreciation 18,717,033 1,563,873 96,724 20,184,182
Total capital assets being depreciated, net 50,382,850 2,632,449 21,676 52,993,623
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $50,685,701 $3,132,449 $21,676 $53,796,474
Depreciation expense for the nonmajor business-type activities: Wholesale Water $62,816,
Sewerage $302,901 and Commut er Parking $41,365.
Depreciation expense was charged to functions of the primary government as follows:
GOVERNMENTAL ACTIVITIES
General government $62,674
Public safety 1,142,185
Development 557,950
Public works 3,790,739
TOTAL DEPRECIATION EXPENSE -GOVERNMENTAL ACTIVITIES $5,553,548
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-36 -
5.CAPITAL ASSETS (Continued)
Component Unit
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $500,000 $-$-$500,000
Total capital assets not being depreciated 500,000 --500,000
Capital assets being depreciated
Buildings and improvements 4,116,088 43,012 -4,159,100
Equipment and vehicles 16,500 --16,500
Total capital assets being depreciated 4,132,588 43,012 -4,175,600
Less accumulated depreciation for
Buildings and improvements 2,019,099 78,947 -2,098,046
Equipment and vehicles 16,500 --16,500
Total accumulated depreciation 2,035,599 78,947 -2,114,546
Total capital assets being depreciated, net 2,096,989 (35,935)-2,061,054
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $2,596,989 $(35,935)$-$2,561,054
Depreciation expense was charged to functions of the governmental activities as follows:
GOVERNMENTAL ACTIVITIES
Culture and recreation $78,947
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 fo r health claims)fo r general liability,auto, property and workers’ compensation risks
and has established a risk-financing fund, Insurance Fund (the Fund), for all r isks. 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 $200,000 for each
general liability claim, $500,000 for each workers’ compensation claim and $100,000 fo r
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.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-37 -
6.RISK MANAGEMENT (Continued)
All funds of the Village participate and make payments to the Fund based upon actuarial
estimat es 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 of the 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
inflat io n, 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:
2007 2006
CLAIMS PAYABLE, JANUARY 1 $381,882 $482,817
Add claims incurred 89,715 671,561
Less claims paid 172,186 772,496
CLAIMS PAYABLE, DECEMBER 31 $299,411 $381,882
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 of local government in Illinois
to administ er some or all o f t he personnel benefit programs (primarily medical, dental and
life insurance coverage) offered by its members to their officers and employees and to the
officers and employees of certain other governmental, quasi-governmental and nonprofit
public service entities. Risk of loss is retained by the Village, except that IPBC purchases
excess coverage policies.
Management consists of a Board of Directors comprised of one appointed representative
from each member. In addition, there are three officers, a Benefit Administrator and a
Treasurer. The Village does not exercise any control over activities of IPBC beyo nd it s
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.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-38 -
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
appoint ed 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 Liabilit ies
During the fiscal year, the following changes occurred in liabilities reported for lo ng-
term liabilit ies:
January 1 Additions Reductions December 31
Current
Portion
GOVERNMENTAL ACTIVITIES
General obligation bonds $147,725,000 $-$9,885,000 $137,840,000 $9,335,000
Special service area 75,696 -9,983 65,713 10,183
Unamortized bond discount (273,676)-(44,041)(229,635)-
Unamortized bond premium 49,649 -4,137 45,512 -
Compensated absences*2,081,864 1,670,204 2,081,864 1,670,204 200,424
Net other post-employment
benefit obligations**-718,000 -718,000 -
TOTAL GOVERNMENTAL
ACTIVITIES $149,658,533 $2,388,204 $11,936,943 $140,109,794 $9,545,607
BUSINESS-TYPE ACTIVITIES
General obligation bonds $6,479,304 $6,200,000 $580,017 $12,099,287 $1,209,817
Note payable 2,030,203 -115,039 1,915,164 120,725
Compensated absences***100,252 62,673 100,252 62,673 56,406
Unamortized premium -25,797 -25,797 -
Unamortized discount (14,773)(2,955)(3,743)(13,985)-
Unamortized loss on refunding (317,185)-(4,062)(313,123)-
TOTAL BUSINESS-TYPE
ACTIVITIES $8,277,801 $6,285,515 $787,503 $13,775,813 $1,386,948
*Compensated absences are typically liquidated by the General Fund.
**Net other post-employment benefit s payable liquidated by contributions from the
retirees.
***Compensated absences are typically liquidated by the Waterworks and North Maine
Water and Sewerage Funds.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-39 -
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 t he 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:
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$6,175,000 Corporate
Purpose Bond Series of 1997
dated August 15, 1997, due in
annual installments of
$100,000 to $495,000 plus
interest at 4.875% to 5.00%
through December 1, 2017.
North
Maine
Water
and
Sewerage $680,000 $-$290,000 $390,000 $305,000
$24,400,000 General
Obligation Bond Series of
1998B dated January 1, 1999,
due in annual installments of
$1,000,000 to $2,050,000
plus interest at 4.25% to
4.50% through December 1,
2018.
Special
Tax
Allocation 16,830,000 -1,715,000 15,115,000 1,790,000
$4,970,000 General
Obligation Bond Series of
2000 dated December 15,
2000, due in annual
installments of $345,000 to
$1,875,000 plus interest at
4.30% to 4.5% through
December 1, 2008.
Debt
Service 2,875,000 -1,875,000 1,000,000 1,000,000
$41,800,000 General
Obligation Bond Series of
2001 dated August 1, 2001,
due in annual installments of
$500,000 to $5,500,000 plus
interest at 3.50% to 4.35%
through December 1, 2012.
Special
Tax
Allocation 31,000,000 -5,000,000 26,000,000 5,000,000
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-40 -
7.LONG-TERM DEBT (Continued)
b.General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$9,990,000 General
Obligation Refunding Bond
Series of 2003A dated
April 1, 2003, due in annual
installments of $185,000 to
$1,130,000 plus interest at
2.05% to 3.10% through
December 1, 2017.
SSA #36
SSA #37
North
Maine
Water and
Sewerage
Special
Tax
Allocation
$51,814
23,882
4,554,304
2,015,000
$-
-
-
-
$6,833
3,150
100,017
995,000
$44,981
20,732
4,454,287
1,020,000
$6,970
3,213
99,817
1,020,000
$1,995,000 General
Obligation Refunding Bond
Series of 2003B dated
April 1, 2003, due in annual
installments of $160,000 to
$225,000 plus interest at
1.3% to 3.85% through
December 1, 2012.
Whole-
sale
Water 1,245,000 -190,000 1,055,000 195,000
$25,000,000 General
Obligation Bond Series of
2004A dated August 1, 2004,
due in annual installments of
$125,000 to $8,250,000 plus
interest at 2.00% to 4.00%
through December 1, 2014.
Special
Tax
Allocation 24,750,000 -300,000 24,450,000 525,000
$22,315,000 General
Obligation Bond Series of
2004B dated August 1, 2004,
due in annual installments of
$1,015,000 to $1,900,000
plus interest at 3.50% to
4.70% through December 1,
2024.
Debt
Service 22,315,000 --22,315,000 -
$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 1, 2018.
Special
Tax
Allocation 10,000,000 --10,000,000 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-41 -
7.LONG-TERM DEBT (Continued)
b.General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$10,000,000 General
Obligation Bond Series of
2006A dated December 1,
2006, due in annual
installments of $2,350,000
to $2,650,000 plus interest
at 3.75% through
December 1, 2018.
Special
Tax
Allocation $10,000,000 $-$-$10,000,000 $-
$27,940,000 General
Obligation Taxable Bond
Series of 2006B dated
December 1, 2006, due on
December 1, 2009.Interest
accrues at 4.70%.
Glen Land
Sales 27,940,000 -27,940,000 -
$5,000,000 General
Obligation Bond Series of
2007A dated December 15,
2007, due in annual
installments of $475,000 to
$635,000 plus interest at
3.500% to 3.75% through
December 1, 2016.
North
Maine
Water
and
Sewerage
Waterworks
-
-
2,200,000
2,800,000
-
-
2,200,000
2,800,000
209,000
266,000
$1,200,000 General
Obligation Bond Taxable
Series of 2007B dated
December 15, 2007, due in
annual installments of
$130,000 to $135,000 plus
interest at 4.75% through
December 1, 2016.
North
Maine
Water
and
Sewerage -1,200,000 -1,200,000 135,000
TOTAL $154,280,000 $6,200,000 $10,475,000 $150,005,000 $10,555,000
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
liabilit ies are therefore reported in the proprietary funds.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-42 -
7.LONG-TERM DEBT (Continued)
c.Notes Payable (Continued)
Note payable currently outstanding is as follows:
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$2,850,000 Corporate
Purpose Note of 1997 dated
September 2, 1997, due in
annual installments of
$215,377 including interest
paid at 4.942% through
September 1, 2019.
North
Maine
Water
and
Sewerage $2,030,203 $-$115,039 $1,915,164 $120,725
TOTAL $2,030,203 $-$115,039 $1,915,164 $120,725
d.Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal
Year
Ending General Obligation Bonds Special Service Area Bonds
December 31 Principal Interest Principal Interest
2008 $9,335,000 $4,028,244 $10,183 $2,147
2009 9,660,000 5,353,174 10,427 1,903
2010 37,995,000 4,982,117 10,719 1,611
2011 10,475,000 3,271,338 11,062 1,268
2012 10,925,000 2,843,837 11,449 881
2013 11,375,000 2,389,900 11,873 457
2014 11,850,000 1,956,863 --
2015 3,750,000 1,481,300 --
2016 6,275,000 1,329,879 --
2017 6,550,000 1,083,861 --
2018 6,825,000 825,925 --
2019 4,150,000 555,963 --
2020 1,575,000 392,837 --
2021 1,650,000 323,931 --
2022 1,725,000 251,331 --
2023 1,825,000 173,706 --
2024 1,900,000 89,300 --
TOTAL $137,840,000 $31,333,506 $65,713 $8,267
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-43 -
7.LONG-TERM DEBT (Continued)
d.Debt Service Requirements to Maturity (Continued)
Fiscal
Year
Ending
General Obligation Bonds
Carried as Enterprise Fund
Liabilities
Corporate Purpose Notes
Carried as Enterprise Fund
Liabilities
December 31 Principal Interest Principal Interest
2008 $1,209,817 $412,947 $120,725 $94,652
2009 1,259,573 376,160 126,691 88,686
2010 1,304,281 332,778 132,952 82,425
2011 1,348,938 287,685 139,523 75,854
2012 1,383,551 240,694 146,419 68,958
2013 1,198,127 192,243 153,655 61,722
2014 1,235,000 151,164 161,249 54,128
2015 1,270,000 108,838 169,219 46,158
2016 1,310,000 64,863 177,582 37,795
2017 580,000 17,980 186,359 29,018
2018 --195,569 19,808
2019 --205,221 10,143
TOTAL $12,099,287 $2,185,352 $1,915,164 $669,347
e.Legal Debt Margin
The Village 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 t he amount and require referendum
approval of debt to be incurred by home rule municipalit ies, payable from ad
valo rem property tax receipts, only in excess of the following percentages of the
assessed value of its taxable property . . . (2) if its population is more than
25,000 and less than 500,000 an aggregate of one percent: . . . indebtedness
which is outstanding on the effective date (July 1, 1971) of this constitution or
which is t hereafter approved by referendum . . . shall not be included in the
fo regoing percentage amounts.”
To date, the General Assembly has set no limits fo r home rule municipalities.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-44 -
7.LONG-TERM DEBT (Continued)
f.Noncommit ment Debt
Special Service Area Bonds
Special service area bonds (other than No. 36 and No. 37) outstanding as of the date
of this report totaled $367,560. 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
fo rwarding the collections to the bondholders.
Conduit Debt
The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide
financial assistance to private organizations for the construction and acquisition of
industrial and commercial improvements deemed to be in the public interest. The
bonds are secured solely by the property financed and are payable solely from the
payments received on the underlying mortgage loans on the property. The Village is
not obligated in any manner for the repayment of the bonds. Accordingly, the bonds
outstanding are not reported as a liability in these financial statements. As of
December 31, 2007, there was one series of IDRBs outstanding. The aggregate
principal amount payable fo r the IDRBs outstanding was $8,430,000.
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 fo r certain Illino is
municipalit ies through April 30, 2008.
These amounts have been calculated using the Village’s current allocation percentage
of 9.77%. 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
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-45 -
8.CONTRACTUAL COMMITMENTS (Continued)
b.Solid Waste Agency of Northern Cook County (SWANCC)
The Village has committed to pay its share of the annual operating costs and fixed
costs of the SWANCC. The Village’s share of costs is expected to be funded
through tipping fees paid by refuse haulers. The Village began delivering refuse to
SWANCC in May of 1995.
SWANCC has entered into solid waste disposal contracts with the twenty-three
member municipalities. The contracts are irrevocable and may not be terminat ed 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
syst em.
The obligation of the Village to make all payments as required by t his contract is
unconditional and irrevocable, without regard to performance or nonperformance by
SWANCC of its obligations under this contract.
9.INTERFUND TRANSACTIONS
Due From/To Other Funds
Primary Government
Receivable Fund Payable Fund Amount
Major Governmental Funds
General Fund GNAS Redevelopment $49
GNAS Caretaker 57,240
Joint Dispatch 245,809
Capital Projects 62,727
Corporate Purpose Bond Series 2000 185,000
Corporate Purpose Bond Series 2004 5,000
Waterworks 48,858
North Maine Water and Sewerage 4,222
Wholesale Water 861
Sewerage 5,972
Commuter Parking 5,519
Escrow Deposit 471,894
1,093,151
Special Tax Allocation Corporate Purpose Bond Series 2006B 12,563
Village Permanent Special Tax Allocation 3,806,942
Total major governmental funds 4,912,656
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-46 -
9.INTERFUND TRANSACTIONS (Continued)
Due From/To Other Funds (Continued)
Primary Government (Continued)
Receivable Fund Payable Fund Amount
Nonmajor Governmental Funds
Motor Fuel Tax General $66,277
GNAS Caretaker General 8,337
GNAS Bond Series 1995 Waterworks 4,420
Capital Projects General 75,198
Escrow Deposit 21,875
Deposit Escrow Deposit 456,326
Total nonmajor governmental funds 632,433
Total governmental funds 5,545,089
Major Enterprise Funds
Waterworks General 6,619
Sewerage General 3,056
Total Waterworks and Sewerage 9,675
North Maine Water and Sewerage General 874
Waterworks 4,968
Total North Maine Water and Sewerage 5,842
Total major enterprise funds 15,517
Nonmajor Enterprise Funds
Wholesale Water General 1,118
Sewerage Waterworks 17,763
Commuter Parking Lot General 1,390
Total Nonmajor Enterprise Funds 20,271
Internal Service
Municipal Equipment Repair General 183,705
GNAS Redevelopment 785
GNAS Caretaker 1,506
Waterworks 16,612
North Maine Water and Sewerage 2,775
Sewerage 2,166
Facilities Replacement General 100,000
Total Internal Service 307,549
TOTAL $5,888,426
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-47 -
9.INTERFUND TRANSACTIONS (Continued)
Due From/To Other Funds (Continued)
Primary Government (Continued)
The purpose of the significant due from/to other funds is as follows:
•$245,809 due to the General Fund from the Joint Dispatch Fund is fo r IT
support service.
•$185,000 due to the General Fund from the Corporate Purpose Bond Series
2000 Fund is fo r debt payments.
•$471,894 due to the General Fund from the Escrow Deposit Fund int erest
inco me from 1998 -2007.
•$456,326 due to the Deposit Fund from the Escrow Deposit Fund for a short-
term lo an.
•$3,806,942 due to the Village Permanent Fund from the Special Tax Allocation
Fund is fo r debt payment s.
•$183,705 due to the Municipal Equipment Repair Fund from the General Fund
is fo r capital outlay.
•$100,000 due to the Facilit ies Replacement Fund from the General Fund is fo r
the balance of the annual transfer.
Component Unit
Receivable Fund Payable Fund Amount
Primary Government Component Unit $14,480
Advances To/From Other Funds
Primary Government
Receivable Fund Payable Fund Amount
Government
The Glen Land Sales Village Permanent $14,853,245
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-48 -
9.INTERFUND TRANSACTIONS (Continued)
Advances To/From Other Funds (Continued)
Primary Government (Continued)
The purpose of the significant advances to/from other funds is as follows:
•$14,853,245 advanced to the Village Permanent Fund from The Glen Land
Sales Fund for infrastructure improvements. Repayment is expected in more
than one year.
Component Unit
Receivable Fund Payable Fund Amount
Primary Government Component Unit $330,756
Library Capital Reserve Library General $298,262
The purpose of the significant advances to/from other funds is as follows:
•$330,756 advanced to the Library from the Village to provide funding for a
portion of the design phase expenses related to the construction of the new
Glenview Public Library. The Village will be reimbursed from bond proceeds
when a guaranteed maximum price for the project has been established.
Repayment is expected in more than one year.
Interfund Transfers
Primary Government
Transfers In Transfers Out Amount
Major Governmental Funds
General Foreign Fire Insurance Tax $62,000
Deposit 146,306
Total General 208,306
Village Permanent The Glen Land Sales 200,616
The Glen Land Sales 2006B Bond 22,617,218
Total Major Governmental Funds $23,026,140
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-49 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
Transfers In Transfers Out Amount
Nonmajor Governmental Funds
GNAS Redevelopment Special Tax Allocation $645,000
GNAS Caretaker Special Tax Allocation 1,525,000
Capital Projects General 5,216,843
Waterworks 229,856
North Maine Water and Sewerage 398,000
Wholesale Water 154,500
Total Capital Projects 5,999,199
GNAS Bond Fund Series 1995 2004 Glen Bond 1,461,153
Joint Dispatch General 1,310,000
Police Department Headquarters General 115,500
Total Nonmajor Governmental
Funds 11,055,852
Major Business-Type Funds
Waterworks GNAS Bond Fund Series 1995 1,708,781
Sewerage GNAS Bond Fund Series 1995 63,074
Total Major Business-Type Funds 1,771,855
TOTAL $35,853,847
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-50 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
The purpose of the significant int erfund transfers are as follows:
•$146,306 transfer to the General Fund from Deposit Fund for accumulated
int erest from 1998 to 2007.
•$200,616 transfer to Village Permanent Fund from The Glen Land Sales Fund
per redevelopment agreement for land sales.
•$22,617,218 transfer to The Glen Land Sales Fund from the 2006B Bond Fund
to fund Navy PPV purchase.
•$645,000 transfer to GNAS Redevelo pment Fund from the Special Tax
Allo cation Fund to fund operations.
•$1,525,000 transfer to GNAS Caretaker Fund from the Special Tax Allocation
Fund to fund operations.
•$5,216,843 transfer to Capital Projects Fund from the General Fund to fund
various projects.
•$229,856 transfer to the Capital Projects Fund from Waterworks Fund to fund
various projects.
•$398,000 transfer to Capital Projects Fund from the North Maine Water and
Sewerage Fund to fund various projects.
•$154,500 transfer to Capital Projects Fund from the Who lesale Water Fund to
fund various projects.
•$1,461,153 transfer to GNAS Bond Fund Series 1995 from the 2004 Glen
Bond Fund to fund various projects.
•$1,310,000 transfer to the Joint Dispatch Fund from the General Fund to fund
operations.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-51 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
•$115,500 transfer to the Police Department Headquarters Fund from the
General Fund to fund the police headquarters project.
•$1,708,781 transfer to the Waterworks Fund from the GNAS Bond Fund Series
1995 to fund various projects.
10.CONTINGENT LIABILITIES
a.Lit igation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is no t 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
Amo unts 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 disallo wed by the grantor
cannot be determined at this time although the Village expects such amounts, if any,
to be immat erial.
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 Amo unt
2008 $87,236
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-52 -
10.CONTINGENT LIABILITIES (Continued)
d.Solid Waste Agency of Northern Cook County (SWANCC)
The Village has committed to make payments to SWANCC for solid waste refuse
disposal and expects to pay the following amounts:
Year Ending
December 31 Amo unt
2008 $216,016
2009 216,016
2010 216,016
2011 216,016
2012 216,016
2013-2022 863,631
These amounts have been estimated based upon the Village’s commitment fo r 2007.
In future years, the annual expense will be subject to change based upon the actual
tonnage of refuse disposed of and current SWANCC costs.
11.JOINT VENTURES
Solid Waste Agency of Northern Cook County (SWANCC)
Description of Joint Venture
The Village is a member of the SWANCC which consists of twenty-three municipalities.
SWANCC is a municipal corporation and public body politic and corporate established
pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation
Act of the State of Illinois, as amended (the Act). SWANCC is empowered under the Act
to plan, construct, finance, operate and maintain a solid waste disposal system to serve its
members.
SWANCC is governed by a board of dir ectors which consists of one appointed mayor or
president from each member municipality. Each director has an equal vote. The officers of
SWANCC are appointed by the Board of Directors. The Board of Directors determines the
general policy of SWANCC; makes all appropriations; approves contracts; adopts
resolutions providing for the issuance of bonds or notes by SWANCC; adopts bylaws, rules
and regulations and exercises such powers and performs such duties as may be prescribed in
the SWANCC Agreement or the bylaws.
Complete financial statements for SWANCC can be obtained from the SWANCC’s
administ rative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illino is 60026 or
available on the web at www.swancc.com.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-53 -
11.JOINT VENTURES (Continued)
Solid Waste Agency of Northern Cook County (SWANCC) (Continued)
Description of Joint Venture (Continued)
SWANCC’s outstanding bonds are revenue obligations. They are limited obligations of
SWANCC with a claim for payment solely from and secured by a pledge of the revenues of
SWANCC and amounts in various funds and accounts established by agency resolutions.
The bonds are not the debt of any member. SWANCC has no power to levy t axes.
Revenues of SWANCC 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 mo nies and (3) all inco me, 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.
In accordance with the contract, the Village made $756,437 in payment s to SWANCC for
the year ended December 31,2007. The payments are recorded in the Refuse and
Recycling Fund. The Village does not have an equity int erest in SWANCC at
December 31, 2007.
12.OTHER POST-EMPLOYMENT BENEFITS
Plan Description
In addition to providing the pension benefits described, the Village provides post-
employment health care and life insurance benefits (OPEB) for retired employees through a
single employer defined benefit plan. The benefits, benefit levels, employee contributions
and employer contributions are governed by the Village and can be amended by the Village
through its personnel manual and union contracts. The plan is not accounted for as a trust
fund, as an irrevocable trust has not been established to account for the plan. The plan does
not issue a separate report.
Benefits Provided
The Village provides post-employment health care and life insurance benefits to its retirees.
To be eligible for benefits, an employee must qualify for retirement under one of the
Village’s retirement plans. Elected officials are eligible for benefits if they qualify for
retirement through the Illinois Municipal Retirement Fund.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-54 -
12.OTHER POST-EMPLOYMENT BENEFITS (Continued)
Benefits Provided (Continued)
All healt h care benefits are provided through the Village’s self-insured health plan. The
benefit levels are the same as those afforded to active employees. Benefits include general
inpatient and outpatient medical services; mental, nervous, and substance abuse care; vision
care; dental care; and prescriptions. Upon a retiree reaching Medicare eligible age,
Medicare becomes the primary insurer and the Village’s plan becomes secondary.
Membership
At December 31, 2007, membership consisted of:
Retirees and beneficiaries currently receiving
benefit s 69
Terminat ed emplo yees ent it led
to benefit s but not yet receiving them 78
Active emplo yees 362
TOTAL 509
Participating emplo yers 69
Funding Policy
The Village negotiates the contribution percentages between the Village and employees
through the union contracts and personnel policy. All retirees contribute 100% of the
actuarially det ermined premium to the plan and the Village contributes the remainder to
cover the cost of providing the benefits to the retirees via the self-insured plan (pay as you
go). Since the Village is self-insured, this amount fluctuates on an annual basis. For the
fiscal year ending December 31, 2007, retirees contributed $529,454 and the Village made
no contribut io ns. Active employees do not contribute to the plan until retirement.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-55 -
12.OTHER POST-EMPLOYMENT BENEFITS (Continued)
Annual OPEB Costs and Net OPEB Obligation
The Village first had an actuarial valuation performed for the plan as of December 31, 2007
to determine t he funded status of the plan as of that date as well as the employer’s annual
required contribution (ARC) for the fiscal year ended December 31, 2007. The Village’s
annual OPEB cost (expense) of $718,000 was equal to the ARC fo r the fiscal year, as the
transition liability was set at zero as of December 31, 2006. The Village’s annual OPEB
cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB
obligation for 2007 were as follows (information for 2005 and 2006 is no t available as an
actuarial valuation was performed for the first time as of December 31, 2007):
Fiscal
Year
Ended
Annual
OPEB
Cost
Employer
Contributions
Percentage of
Annual OPEB
Cost Contributed
Net OPEB
Obligation
December 31,2007*$718,000 $--%$718,000
* First valuation
The net OPEB obligation (NOPEBO) as December 31, 2007, was calculated as follows:
Annual required contribution $718,000
Interest on net OPEB obligat io n -
Adjustment to annual required contribution -
Annual OPEB cost 718,000
Contributions made -
Increase (decrease) in net OPEB obligat io n 718,000
Net OPEB o bligat io n beginning of year -
NET OPEB OBLIGATION END OF YEAR $718,000
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-56 -
12.OTHER POST-EMPLOYMENT BENEFITS (Continued)
Annual OPEB Costs and Net OPEB Obligation (Continued)
Funded Status and Funding Progress. The funded status of the plan as of December 31,
2007, was as follows:
Actuarial accrued liability (AAL)$12,391,000
Actuarial value of plan assets -
Unfunded actuarial accrued liability (UAAL)$12,391,000
Funded ratio (actuarial value of plan assets/AAL)-%
Covered payroll (active plan members)$24,911,602
UAAL as a percentage of covered payroll 49.74%
Actuarial valuations of an ongoing plan invo lve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amo unts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, presents multiyear trend information that shows
whether the actuarial value of plan assets is increasing or decreasing over time relative to
the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions. Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and
plan members) and include the types of benefits provided at the time of each valuation and
the historical pattern of sharing of benefit costs between the employer and plan members to
that point . The actuarial methods and assumptions used include techniques that are
designed to reduce short-term volatility in act uarial accrued liabilities and the actuarial value
of assets, consistent with the long-term perspective of the calculations.
In the December 31, 2007 actuarial valuation the entry age actuarial cost method was used.
The actuarial assumptions included 5.0% investment rate of return (net of administrative
expenses) and an annual healthcare cost trend rate of 11.0%. Both rates include a 3.0%
inflat io n assumption. The actuarial value of assets was not determined as the Village has
not advance funded it s obligation. The plan’s unfunded actuarial accrued liability is being
amo rtized as a level percentage of projected payroll on a closed basis. The remaining
amo rtization period at December 31, 2007, was twenty-eight years.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-57 -
13.TERMINATION BENEFITS
On April 10, 2007, the Village adopted an Early Retirement Incentive Program offered by
the Illino is Municipal Retirement Fund (IMRF). For an employee to be eligible to retire
under the ERI, the employee must have attained age fifty and have at least twent y years of
creditable service during the ERI window of July 1, 2007 to July 1, 2008. Thirty-six
Village employees met the criteria. Under the ERI program, the Village and the
participating employee are required to contribute up to an additional five years of
contributions to the plan giving the individuals additional creditable service of up to five
years. Through December 31, 2007, six Village employees accepted retirement under ERI
fo r a total liabilit y o f $1,055,088. As of May 6, 2008, an additional six emplo yees retired
under the ERI with a total liability of $932,507. The liability for all participating employees
will no t be available until the ERI window closes on July 1, 2008. While t he Village may
amo rtize its additional contribution over a ten year period with interest charged annual on
the remaining balance at 7.5%, it is the Village’s intent to eliminate the created liability
sooner by utilizing savings generated by the ERI, as well as using other one-time revenues
which may become available.In accordance with GASB Statement 47, the liability is not
reported on the Village’s financial statements and is recorded through their IMRF plan
under the rules prescribed in GASB Statement 27.
14.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-mult iple-employer public employee retirement
syst em; t he 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 Illino is
General Assembly. None of the pension plans issue separate reports on the pension
plans. However, IMRF does issue a publicly available report that includes financial
statements and supplementary information for the plan as a whole, but not for
individual employers. That report can be obtained from IMRF, 2211 York Road,
Suite 500, Oak Brook, Illino is 60523.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-58 -
14.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descriptions and Provisions (Continued)
Illino is Municipal Retirement Fund
All emplo yees (other than those covered by the Police Pension or Firefighters’
Pension plans) hired in positions that meet or exceed the prescribed annual hourly
standard must be enrolled in IMRF as participating members. Pension benefits vest
aft er 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
mo nt hly fo r 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, 2007 was 10.25% of covered
payroll.
Police Pension Plan
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
fo r the Police Pension Plan as a pension t rust fund. At December 31, 2007, the Police
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits 39
Terminated employees entitled to benefits but not yet
receiving them 1
Current employees
Vested 54
Nonvested 24
TOTAL 118
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-59 -
14.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descriptions and Provisions (Continued)
Police Pension Plan (Continued)
The Police Pension Plan provides retirement benefits as well as death and disability
benefit s. 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 o f
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 o f 75.00% of such salary. Employees with at least eight years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit . The monthly pension of a police officer who retired with 20 or more years of
service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3.00% of the original pension and 3.00% compounded annually thereafter.
Employees are required to contribute 9.91% of their base salary to the Police Pension
Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest.
The Village is required to contribute the remaining amounts necessary to finance the
plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the
Village’s contributions must accumulate to the point where the past service cost for
the Police Pension Plan is fully funded by the year 2033. For the year ended
December 31, 2007, the Village’s contribution was 21.06% of covered payroll.
Firefighters’ Pension Plan
Fire sworn personnel are covered by the Firefighters’ Pension Plan, which is a defined
benefit single-employer pension plan. Although this is a single-employer pension
plan, the defined benefits as well as the employee and employer contributions levels
are mandated by Illinois Compiled Statutes (Chapter 40 Article 5/4) and may be
amended only by the Illinois legislature. The Village accounts for the Firefighters’
Pension Plan as a pension trust fund. At December 31, 2007, the Firefighters’
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits 63
Terminated employees entitled to benefits but not yet
receiving them -
Current employees
Vested 49
Nonvested 36
TOTAL 148
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-60 -
14.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descriptions and Provisions (Continued)
Firefighters’ Pension Plan (Continued)
The Firefighters’ Pension Plan provides retirement benefits as well as death and
disabilit y benefit s. 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 o f
the mo nt hly salary at tached 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 addit io nal mo nt h over 20 years of service through 30 years of service
to a maximum o f 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
wit h 20 or more years of service after January 1, 1977 shall be increased annually,
fo llo wing 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.
Covered employees are required to contribute 9.455% of their salary to the
Firefighters’ Pension Plan. If an employee leaves covered employment with less than
20 years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the Firefighters’ Pension Plan as actuarially determined by an
enrolled actuary. Effective July 1, 1993, the Village’s contributions must accumulate
to the point where the past service cost for the Firefighters’ Pension Plan is fully
funded by the year 2033. For the year ended December 31, 2007, the Village’s
contribution was 17.49% of covered payroll.
b.Summary of Significant Accounting Policies
The pension trust funds use the accrual basis of accounting. Contributions and
benefit s are recognized when due. Administrative costs are financed by investment
inco me.
There are no investments (other than U.S. government and U.S. government
guaranteed obligations) in any one organization that represent 5.00% or more of net
assets for either the Police Pension or the Firefighter’s Pension Plans. Information for
IMRF is not available.
Contributions are recognized when due.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-61 -
14.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pension Costs
Employer contributions have been determined as follows:
Illinois
Municipal
Retirement
Police
Pension
Firefighters’
Pension
Actuarial Valuation Date December 31,
2007
December 31,
2007
December 31,
2007
Actuarial Cost Method Entry-age
Normal
Entry-age
Normal
Entry-age
Normal
Asset Valuation Method 5 Year
Smoothed
Market
Market Market
Amortization Method Level
Percentage of
Payroll
Level
Percentage of
Payroll
Level
Percentage of
Payroll
Amortization Period 25 Years,
Closed
27 Years,
Closed
27 Years,
Closed
Significant Actuarial Assumptions
a)Rate of Return on 7.50%7.50%7.50%
Present and Future Assets Compounded Compounded Compounded
Annually Annually Annually
b)Projected Salary Increase -4.00%3.00%3.00%
Attributable to Inflation Compounded Compounded Compounded
Annually Annually Annually
c)Additional Projected .40%to 10.00%2.50%2.50%
Salary Increases -
Seniority/Merit
d)Post-Retirement Benefit 3.00%3.00%3.00%
Increases
Employer annual required cont ribution (ARC), actual contributions and the net
pension obligation (asset) (NPO) are as follows. The NPO (asset) is the cumulative
difference between the (ARC)and the contributions actually made.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-62 -
14.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pension Costs (Continued)
Year
Illinois
Municipal
Retirement*Year
Police
Pension*
Firefighters’
Pension*
Annual Pension Cost 2005 $1,445,393 2005 $935,612 $898,388
(APC)2006 1,618,642 2006 915,955 899,549
2007 1,718,062 2007 1,078,186 1,546,654
Actual Contribution 2005 $1,445,393 2005 $906,158 $880,903
2006 1,618,642 2006 930,687 1,081,738
2007 1,718,062 2007 1,157,437 1,416,463
Percentage of APC 2005 100.00%2005 96.85%98.05%
Contributed 2006 100.00 2006 101.61 120.25
2007 100.00 2007 107.35 90.99
NPO (Asset)2005 $-2005 $(205,114)$(183,595)
2006 -2006 (220,846)(365,784)
2007 -2007 (300,097)(235,593)
The net pension obligation (asset) has been calculated as follows:
Police
Pension
Firefighters’
Pension
Annual required contributions $1,081,786 $1,556,654
Interest on net pension obligation (16,563)(27,434)
Adjustment to annual required contribution 12,963 17,434
Annual pension cost 1,078,186 1,546,654
Contributions made 1,157,437 1,416,463
(Increase) decrease in net pension obligation (asset)(79,251)130,191
Net pension obligation (asset) beginning of year (220,846)(365,784)
NET PENSION OBLIGATION (ASSET),
END OF YEAR $(300,097)$(235,593)
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-63 -
15.ECONOMIC DEVELOPMENT AGREEMENT
In 2000, the Village entered into an economic development agreement with a local retailer
who wished to relocate their operations to the Village. Under the terms of the agreement,
the Village agreed to rebate sales tax receipts to the retailer at a rate of 50% of the Village's
lo cal sales tax (1.0%) above a base amount of $1,000,000. The agreement is contingent on
the retailer’s agreement to maintain their facility within the Village for a period of at least
15 years from the effective date of the agreement. The Village made payments to the
retailer totaling $1,431,027 fo r sales tax receipts in 2007.
16.RESTATEMENTS
In 2007, the Village restated beginning fund balance fo r the GNAS Bond Fund Series 1995
fo r $554,293 to correct the amount due to/from other governments fo r Lake Avenue
improvements.The amount due from the Village of Wilmette was reduced by $107,558
and the amount due to Cook County was decreased by $661,851.
Original Final 2006
Budget Budget Actual Actual
REVENUES
Taxes 19,517,374$ 19,517,374$ 18,344,894$ 16,376,232$
Intergovernmental 22,495,978 22,495,978 23,210,409 21,771,071
Charges for services 1,110,250 1,110,250 1,092,393 1,345,987
Licenses and permits 1,978,000 1,978,000 1,317,359 1,444,631
Fines and forfeits 200,000 200,000 242,596 223,430
Investment income 410,000 410,000 747,452 755,729
Miscellaneous 788,975 788,975 1,657,503 474,465
Total revenues 46,500,577 46,500,577 46,612,606 42,391,545
EXPENDITURES
General government 7,495,646 9,025,031 9,821,208 6,796,392
Public safety 22,291,731 23,631,731 23,094,599 24,306,364
Highways and streets 10,816,467 11,995,529 12,229,547 11,667,955
Total expenditures 40,603,844 44,652,291 45,145,354 42,770,711
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,896,733 1,848,286 1,467,252 (379,166)
OTHER FINANCING SOURCES (USES)
Transfers in - - 208,306 -
Transfers (out)(7,216,570) (7,563,585) (6,642,343) (4,897,009)
Total other financing sources (uses)(7,216,570) (7,563,585) (6,434,037) (4,897,009)
NET CHANGE IN FUND BALANCE (1,319,837)$ (5,715,299)$ (4,966,785) (5,276,175)
FUND BALANCE, JANUARY 1 23,794,419 29,070,594
FUND BALANCE, DECEMBER 31 18,827,634$ 23,794,419$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
(See independent auditor's report.)
- 64 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Taxes
Property taxes 23,100,000$ 20,502,841$ 22,249,199$
Investment income 27,500 294,965 219,845
Total revenues 23,127,500 20,797,806 22,469,044
EXPENDITURES
General government
Contractual services 12,239,471 10,695,285 8,787,762
Debt service
Principal 9,039,000 8,010,000 7,740,000
Interest and fiscal charges 4,260,075 3,718,623 3,733,049
Total expenditures 25,538,546 22,423,908 20,260,811
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,411,046) (1,626,102) 2,208,233
OTHER FINANCING SOURCES (USES)
Transfers in - - 6,000,000
Transfers (out)(2,900,000) (2,170,000) (3,350,000)
Total other financing sources (uses)(2,900,000) (2,170,000) 2,650,000
NET CHANGE IN FUND BALANCE (5,311,046)$ (3,796,102) 4,858,233
FUND BALANCE (DEFICIT), JANUARY 1 1,736,407 (3,121,826)
FUND BALANCE (DEFICIT), DECEMBER 31 (2,059,695)$ 1,736,407$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL TAX ALLOCATION FUND
(See independent auditor's report.)
- 65 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 75,000$ 137,112$ 168,501$
Total revenues 75,000 137,112 168,501
EXPENDITURES
Administrative fee - General Fund 75,000 438,696 51,500
Total expenditures 75,000 438,696 51,500
NET CHANGE IN FUND BALANCE -$ (301,584) 117,001
FUND BALANCE, JANUARY 1 301,584 184,583
FUND BALANCE, DECEMBER 31 -$ 301,584$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
ESCROW DEPOSIT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 66 -
(4)UAAL
(2)Unfunded (OAAL)
Actuarial (Overfunded)As a
Actuarial (1)Accrued (3)AAL Percentage
Valuation Actuarial Liability Funded (UAAL)(5)of Covered
Date Value of (AAL)Ratio (OAAL)Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
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%
2006 35,302,566 39,555,254 89.25%4,252,688 15,776,237 26.96%
2007 32,021,095 39,682,349 80.69%7,661,254 16,761,580 45.71%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 67 -
UAAL
(2)(OAAL)
Actuarial (4)As a
Actuarial (1)Accrued (3)Unfunded Percentage
Valuation Actuarial Liability Funded AAL (5)of Covered
Date Value of (AAL)Ratio (UAAL)Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2002 29,380,377$ 31,728,241$ 92.60%2,347,864$ 4,583,354$ 51.23%
2003 31,060,435 34,312,189 90.52%3,251,754 4,731,354 68.73%
2004 31,723,999 37,716,603 84.11%5,992,604 5,050,308 118.66%
2005 36,515,447 41,086,401 88.87%4,570,954 5,311,550 86.06%
2006 38,840,397 45,524,891 85.32%6,684,494 5,591,810 119.54%
2007 41,723,979 47,510,348 87.82%5,786,369 5,853,046 98.86%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 68 -
(4)UAAL
(2)Unfunded (OAAL)
Actuarial (Overfunded)As a
Actuarial (1)Accrued (3)AAL Percentage
Valuation Actuarial Liability Funded (UAAL)(5)of Covered
Date Value of (AAL)Ratio (OAAL)Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
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%
2005 46,420,388 58,999,107 78.68%12,578,719 5,861,889 214.58%
2006 47,854,287 61,763,243 77.48%13,908,956 6,184,548 224.90%
2007 48,536,292 65,958,674 73.59%17,422,382 6,550,595 265.97%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 69 -
(4)
(2)Unfunded UAAL
Actuarial Actuarial (5)As a
Actuarial (1)Accrued (3)Accrued Active Percentage
Valuation Actuarial Liability Funded Liability Members of Covered
Date Value of (AAL)Ratio (UAAL)Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2007 -$ 12,391,000$ 0.00%12,391,000$ 24,911,602$ 49.74%
The Village implemented GASB Statement No. 45 for the fiscal year ended December 31, 2007. Information
for prior years is not available.
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
OTHER POST-EMPLOYMENT BENEFIT PLAN
December 31, 2007
(See independent auditor's report.)
- 70 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
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%
2006 1,618,642 1,618,642 100.00%
2007 1,718,062 1,718,062 100.00%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 71 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2002 540,072$ 549,860$ 98.22%
2003 680,190 681,930 99.74%
2004 758,954 748,235 101.43%
2005 906,158 940,502 96.35%
2006 930,687 918,552 101.32%
2007 1,157,437 1,081,786 106.99%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 72 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2002 527,906$ 536,220$ 98.45%
2003 581,665 584,350 99.54%
2004 715,994 693,046 103.31%
2005 880,903 904,808 97.36%
2006 1,081,738 899,549 120.25%
2007 1,416,463 1,556,654 90.99%
December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 73 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2007 -$ 718,000$ 0.00%
The Village implemented GASB Statement No. 45 for the fiscal year ended December 31,
2007. Information for prior years is not available.
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
December 31, 2007
(See independent auditor's report.)
- 74 -
-75 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2007
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 o f 2003) and
Capital Projects Funds (except the 2003 Projects Fund) on the modified accrual basis and
fo r 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 appropriat io ns lapse at fiscal year end.
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 informatio n
on the past year, current year estimates and requested appropriatio ns fo r the next fiscal
year.
The proposed budget is presented to the governing body for review. The governing body
ho lds public hearings and may add to, subtract from or change appropriatio ns, but may not
change the form of the budget.
The Village Manager is authorized to transfer budgeted amounts between departme nt s
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 appropriatio ns at the fund level. During the
year, a supplementary appropriat io n was necessary.
2.EXCESS OF ACTUAL EXPENDITURES/EXPENSES OVER BUDGET IN
INDIVIDUAL FUNDS
The fo llo wing funds had an excess of actual expenditures/expenses and transfers
(exclusive o f depreciat io n and amortizat io n) over budget for the fiscal year:
Fund Excess
Escrow Deposit $363,696
Joint Dispatch 872,331
GNAS Caretaker 122,954
2000 Project 37,871
2003 Project 298,068
Deposit 146,306
Firefighters’ Pension 83,572
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 liquidit y t o the Village’s TIF projects encompassing The
Glen.
Glen Land Sales Fund -to account fo r land sales related to The Glen.
General Obligation Bond Series of 2006A -to account for the $27,940,000 bond issued to
acquire land in the Glenview Naval Air Station Economic Development Project Area.
Original
and Final 2006
Budget Actual Actual
REVENUES
Charges for services -$ 14,300$ -$
Investment income 250,500 2,709,022 1,832,138
Total revenues 250,500 2,723,322 1,832,138
EXPENDITURES
General government
Contractual services - 33,939 -
Capital outlay 1,500,000 - -
Total expenditures 1,500,000 33,939 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,249,500) 2,689,383 1,832,138
OTHER FINANCING SOURCES (USES)
Transfers in - 200,616 3,781,800
Transfers (out)(145,530) - -
Total other financing sources (uses)(145,530) 200,616 3,781,800
NET CHANGE IN FUND BALANCE (1,395,030)$ 2,889,999 5,613,938
FUND BALANCE, JANUARY 1 48,115,495 42,501,557
FUND BALANCE, DECEMBER 31 51,005,494$ 48,115,495$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
VILLAGE PERMANENT FUND
(See independent auditor's report.)
- 76 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 10,500$ 237,627$ 82,712$
Miscellaneous
Lease fees 2,700 5,710 5,710
Land sales - 1,003,082 18,899,176
Total revenues 13,200 1,246,419 18,987,598
EXPENDITURES
General government
Contractual services - 9,820 180
Debt service
Interest and fiscal charges 296,000 682,465 895,334
Capital outlay 22,866,262 - 755,105
Total expenditures 23,162,262 692,285 1,650,619
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (23,149,062) 554,134 17,336,979
OTHER FINANCING SOURCES (USES)
Transfers in - 22,617,218 -
Transfers (out)- (200,616) (9,781,800)
Total other financing sources (uses)- 22,416,602 (9,781,800)
NET CHANGE IN FUND BALANCE (23,149,062)$ 22,970,736 7,555,179
FUND BALANCE (DEFICIT), JANUARY 1 (8,855,158) (16,410,337)
FUND BALANCE (DEFICIT), DECEMBER 31 14,115,578$ (8,855,158)$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
THE GLEN LAND SALES FUND
(See independent auditor's report.)
- 77 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income -$ 457,450$ 198$
Total revenues - 457,450 198
EXPENDITURES
Debt service
Bond issuance costs - - 39,991
Total expenditures - - 39,991
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - 457,450 (39,793)
OTHER FINANCING SOURCES (USES)
Bonds issued - - 10,000,000
Premium on bonds issued - - 11,371
Total other financing sources (uses)- - 10,011,371
NET CHANGE IN FUND BALANCE -$ 457,450 9,971,578
FUND BALANCE, JANUARY 1 9,971,578 -
FUND BALANCE, DECEMBER 31 10,429,028$ 9,971,578$
2007
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION BOND SERIES OF 2006A FUND
(See independent auditor's report.)
- 78 -
Original
and Final 2006
Budget Actual Actual
TAXES
Property taxes - current 6,844,674$ 6,632,184$ 7,263,640$
Property taxes - prior 75,000 64,087 67,840
Utility tax - N. I. Gas 1,364,750 1,067,581 1,135,483
Utility tax - Commonwealth Edison 2,530,000 2,187,089 2,094,860
Utility tax - telecommunications 3,239,350 2,653,127 2,542,954
Amusement tax 103,000 104,537 115,388
Hotel room tax 772,500 998,823 919,765
Home rule sales tax 4,588,100 4,637,466 2,236,302
Total taxes 19,517,374 18,344,894 16,376,232
INTERGOVERNMENTAL
Glenbrook Fire Protection District 2,814,921 2,473,694 2,654,850
Replacement taxes 200,000 273,958 229,116
Sales tax 13,860,000 13,600,730 13,291,472
Illinois income tax 3,500,000 3,933,680 3,342,154
Photo use tax 500,000 595,772 582,153
Road and bridge 215,000 234,814 234,361
Road and bridge - prior 3,500 3,612 3,323
Village of Golf Fire Protection Services 157,557 157,903 152,968
Miscellaneous intergovernmental 350,000 976,457 479,517
Make-whole payment 895,000 959,789 801,157
Total intergovernmental 22,495,978 23,210,409 21,771,071
CHARGES FOR SERVICES
Fire communications 440,000 - 380,991
Plan review fees 95,000 44,251 42,571
Reinspection fees 20,000 14,770 20,125
Elevator inspection fees 40,000 47,933 50,994
Planning fees 10,000 9,449 6,547
Electrical inspection 60,000 42,843 55,248
Engineering fees 110,000 155,200 239,132
Other service charges 50,000 59,468 74,770
Lease fees 283,250 358,258 324,976
Dog impounding fees 2,000 2,060 2,367
Development fees - 358,161 134,266
Total charges for services 1,110,250 1,092,393 1,345,987
2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2007
(This schedule is continued on the following page.)
- 79 -
Original
and Final 2006
Budget Actual Actual
LICENSES AND PERMITS
Business 95,000$ 69,281$ 72,827$
Liquor 190,000 204,505 176,790
Pet 2,500 2,471 2,430
Building permits 1,500,000 915,974 1,046,317
Certificate of occupancy 37,500 18,888 20,525
Contractors fees 65,000 58,277 63,017
Plumbing and sewer 75,000 38,611 54,409
Driveway permits 13,000 9,352 8,316
Total licenses and permits 1,978,000 1,317,359 1,444,631
FINES AND FORFEITS 200,000 242,596 223,430
INVESTMENT INCOME
Investment income 410,000 747,452 755,729
Total investment income 410,000 747,452 755,729
OTHER REVENUES
Franchise tax - cable TV 360,500 445,506 386,251
Nicor franchise tax 60,475 61,371 58,713
Map sales 500 132 236
Land sales 250,000 775,000 -
Miscellaneous 117,500 375,494 29,265
Total other revenues 788,975 1,657,503 474,465
TOTAL REVENUES 46,500,577$ 46,612,606$ 42,391,545$
2007
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
VILLAGE OF GLENVIEW, ILLINOIS
(See independent auditor's report.)
- 80 -
Original Final 2006
Budget Budget Actual Actual
GENERAL GOVERNMENT
Board of Trustees 59,066$ 59,066$ 64,406$ 27,340$
Special board appropriations 513,637 513,637 258,145 259,253
Legal 327,500 327,500 347,222 274,829
Emergency Service Disaster Agency 5,698 5,698 5,195 5,195
Village Manager 1,408,661 1,408,661 1,129,471 958,396
Finance 1,489,241 1,489,241 1,555,218 2,711,472
Human resources 1,499,935 1,499,935 1,651,708 503,278
Cable TV - - 48 106,146
Communications 107,535 207,653 244,979 -
Capital projects and planning administration 384,042 388,542 540,334 481,362
General government 1,741,797 1,741,797 2,581,513 -
Interfund charges - 2,000,000 2,000,000 1,487,538
Support services 789,077 1,422,906 1,508,465 1,150,073
Less administrative fees (830,543) (830,543) (1,208,239) (1,168,490)
Less charge-back line item - (1,209,062) (847,232) -
Less construction reimbursement - - (10,025) -
Total general government 7,495,646 9,025,031 9,821,208 6,796,392
PUBLIC SAFETY
Police department 10,358,473 11,698,473 11,633,583 11,400,348
Fire department 11,920,958 11,920,958 11,451,907 11,597,615
Printing 12,300 12,300 9,109 13,418
Interfund charges - - - 1,429,983
Less administrative fees - - - (135,000)
Total public safety 22,291,731 23,631,731 23,094,599 24,306,364
HIGHWAYS AND STREETS
Development and public services
Administration 533,993 533,993 549,867 458,306
Planning and zoning 653,879 653,879 703,705 532,869
Engineering 1,519,416 1,519,416 1,266,151 1,388,107
Public health 453,913 453,913 451,806 434,301
Buildings and grounds 202,256 1,411,318 1,208,764 786,690
Building inspection 1,343,246 1,343,246 1,594,075 1,283,984
Total development and public services 4,706,703 5,915,765 5,774,368 4,884,257
Public works
Administration 6,067,764 6,037,764 6,455,247 4,096,980
Overhead 42,000 42,000 (68) 276,122
Total public works 6,109,764 6,079,764 6,455,179 4,373,102
Interfund charges - - - 2,410,596
Total highways and streets 10,816,467 11,995,529 12,229,547 11,667,955
TOTAL EXPENDITURES 40,603,844$ 44,652,291$ 45,145,354$ 42,770,711$
2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2007
(See independent auditor's report.)
- 81 -
Original Final 2006
Budget Budget Actual Actual
GENERAL GOVERNMENT
Board of Trustees
Personal services 9,689$ 9,689$ 9,815$ 10,064$
Contractual services 32,227 32,227 30,869 6,650
Material and supplies 16,150 16,150 23,562 9,118
Other 1,000 1,000 160 1,508
Total Board of Trustees 59,066 59,066 64,406 27,340
Special Board Appropriations
Contractual services 256,787 256,787 258,145 256,414
Other 6,850 6,850 - 2,839
Capital outlay 250,000 250,000 - -
Total special Board appropriations 513,637 513,637 258,145 259,253
Legal
Contractual services 326,500 326,500 346,663 273,737
Material and supplies 1,000 1,000 559 1,092
Total legal 327,500 327,500 347,222 274,829
Emergency Service Disaster Agency
Contractual services 5,198 5,198 5,195 5,195
Other charges 500 500 - -
Total Emergency Service Disaster Agency 5,698 5,698 5,195 5,195
Village Manager
Personal services 712,083 712,083 779,168 699,996
Contractual services 139,473 139,473 187,477 152,602
Material and supplies - - - 73
Other 557,105 557,105 143,026 105,725
Capital outlay - - 19,800 -
Total Village Manager 1,408,661 1,408,661 1,129,471 958,396
Finance
Personal services 1,279,770 1,279,770 1,360,958 1,214,940
Contractual services 137,521 137,521 145,907 1,435,235
Material and supplies 55,000 55,000 38,839 50,168
Other 16,950 16,950 9,514 11,129
Total finance 1,489,241 1,489,241 1,555,218 2,711,472
2007
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL
GENERAL FUND
(With Comparative Actual for 2006)
(This schedule is continued on the following pages.)
- 82 -
Original Final 2006
Budget Budget Actual Actual
GENERAL GOVERNMENT (Continued)
Support services
Personal services -$ 21,560$ 268,741$ 282,377$
Contractual services 531,077 811,490 842,393 465,821
Material and supplies 78,000 109,856 63,323 81,456
Other - - 799 148,869
Capital outlay 180,000 480,000 333,209 171,550
Total information systems management 789,077 1,422,906 1,508,465 1,150,073
Human resources
Personal services 203,210 203,210 261,142 173,385
Contractual services 121,425 121,425 223,827 219,069
Other 1,175,300 1,175,300 1,166,739 110,824
Total support services 1,499,935 1,499,935 1,651,708 503,278
Cable TV department
Personal services - - - 70,467
Contractual services - - 48 7,276
Material and supplies - - - 9,694
Other - - - 13,417
Capital outlay - - - 5,292
Total cable TV department - - 48 106,146
Communications
Personal services - 79,936 117,583 -
Contractual services 107,535 127,717 127,396 -
Total communications 107,535 207,653 244,979 -
Capital projects and planning administration
Personal services 320,693 320,693 294,921 241,908
Contractual services 58,329 58,329 21,596 9,262
Material and supplies 5,020 9,520 4,995 11,157
Capital outlay - - 218,822 219,035
Total capital projects and planning administration 384,042 388,542 540,334 481,362
Interfund charges
Capital Equipment Replacement Fund - 2,000,000 2,000,000 521,600
Municipal Equipment Repair Fund - - - 15,938
Insurance Fund - - - 950,000
Total interfund charges - 2,000,000 2,000,000 1,487,538
GENERAL FUND
For the Year Ended December 31, 2007
2007
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
(This schedule is continued on the following pages.)
- 83 -
Original Final 2006
Budget Budget Actual Actual
GENERAL FUND
For the Year Ended December 31, 2007
2007
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
GENERAL GOVERNMENT (Continued)
General government
Personal services -$ -$ 214,212$ -$
Contractual services 491,797 491,797 588,513 -
Material and supplies - - 4,094 -
Other charges 1,250,000 1,250,000 1,774,694 -
Total general government 1,741,797 1,741,797 2,581,513 -
Less administrative fees
GNAS Redevelopment Fund (2,000) (2,000) (2,000) (2,000)
GNAS Caretaker Fund (2,000) (2,000) (2,000) (2,000)
Escrow Deposit Fund (75,000) (75,000) (438,696) (51,500)
911 Communications Fund - - - (45,000)
Waterworks Fund (310,012) (310,012) (310,012) (558,472)
Wholesale Water Fund (89,411) (89,411) (89,411) (86,807)
North Maine Utility Fund (317,883) (317,883) (317,883) (307,500)
Sewerage Fund (29,237) (29,237) (29,237) (87,111)
Commuter Parking Lot Fund (5,000) (5,000) (5,000) (28,100)
Library Fund - - (14,000) -
Total administrative fees (830,543) (830,543) (1,208,239) (1,168,490)
Less charge-back line item - (1,209,062) (847,232) -
Less construction reimbursement - - (10,025) -
TOTAL GENERAL GOVERNMENT 7,495,646$ 9,025,031$ 9,821,208$ 6,796,392$
PUBLIC SAFETY
Police department
Personal services 8,931,661$ 8,976,661$ 9,066,268$ 10,516,194$
Contractual services 899,660 899,660 893,852 260,540
Material and supplies 202,073 202,073 173,733 181,646
Other 325,079 1,620,079 1,499,730 416,957
Capital outlay - - - 25,011
Total police department 10,358,473 11,698,473 11,633,583 11,400,348
Fire department
Personal services 8,993,021 8,993,021 8,848,179 10,711,009
Contractual services 1,053,361 1,053,361 932,341 493,604
Material and supplies 96,776 96,776 66,745 106,049
Other 1,777,800 1,777,800 1,604,642 286,953
Total fire department 11,920,958 11,920,958 11,451,907 11,597,615
(This schedule is continued on the following pages.)
- 84 -
Original Final 2006
Budget Budget Actual Actual
GENERAL FUND
For the Year Ended December 31, 2007
2007
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
PUBLIC SAFETY (Continued)
Printing
Contractual services 300$ 300$ 540$ 30$
Material and supplies 12,000 12,000 8,569 13,388
Total printing 12,300 12,300 9,109 13,418
Interfund charges
Capital Equipment Replacement Fund - - - 864,558
Municipal Equipment Repair Fund - - - 565,425
Total interfund charges - - - 1,429,983
Less administrative fees - General Fund
911 Communications Fund - - - (135,000)
TOTAL PUBLIC SAFETY 22,291,731$ 23,631,731$ 23,094,599$ 24,306,364$
HIGHWAYS AND STREETS
Development and public service
Administration
Personal services 504,834$ 504,834$ 473,392$ 425,891$
Contractual services 27,159 27,159 74,211 29,425
Other 2,000 2,000 2,264 2,990
Total administration 533,993 533,993 549,867 458,306
Planning and zoning
Personal services 269,983 269,983 326,382 321,225
Contractual services 326,900 326,900 320,116 159,044
Other 56,996 56,996 57,207 52,600
Total planning and zoning 653,879 653,879 703,705 532,869
Engineering
Personal services 1,207,106 1,207,106 978,458 1,119,066
Contractual services 53,730 53,730 66,776 21,787
Material and supplies 44,214 44,214 48,792 14,607
Other 214,366 214,366 172,125 194,060
Capital outlay - - - 38,587
Total engineering 1,519,416 1,519,416 1,266,151 1,388,107
(This schedule is continued on the following pages.)
- 85 -
Original Final 2006
Budget Budget Actual Actual
GENERAL FUND
For the Year Ended December 31, 2007
2007
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
HIGHWAYS AND STREETS (Continued)
Development and public service (Continued)
Public health
Personal services 370,195$ 370,195$ 375,677$ 370,867$
Contractual services 16,657 16,657 13,656 2,908
Material and supplies 3,450 3,450 512 832
Other 63,611 63,611 61,961 59,694
Total public health 453,913 453,913 451,806 434,301
Buildings and grounds
Personal services 180,676 180,676 161,299 130,215
Contractual services 21,580 1,230,642 903,980 323,767
Material and supplies - - 83,167 150,404
Other - - - 161,169
Capital outlay - - 60,318 21,135
Total buildings and grounds 202,256 1,411,318 1,208,764 786,690
Building inspection
Personal services 1,072,668 1,072,668 1,289,939 1,057,406
Contractual services 82,992 82,992 75,699 46,366
Material and supplies 2,875 2,875 4,338 4,244
Other 184,711 184,711 224,099 175,968
Total building inspection 1,343,246 1,343,246 1,594,075 1,283,984
Total development and public service 4,706,703 5,915,765 5,774,368 4,884,257
Public works
Administration
Personal services 3,528,311 3,528,311 3,659,296 3,366,921
Contractual services 2,497,193 2,467,193 2,698,115 354,868
Material and supplies 33,800 33,800 80,355 339,817
Capital outlay - - - 24,941
Other 8,460 8,460 17,481 10,433
Total administration 6,067,764 6,037,764 6,455,247 4,096,980
Overhead
Capital outlay 42,000 42,000 (68) 276,122
Total overhead 42,000 42,000 (68) 276,122
Total public works 6,109,764 6,079,764 6,455,179 4,373,102
(This schedule is continued on the following page.)
- 86 -
Original Final 2006
Budget Budget Actual Actual
GENERAL FUND
For the Year Ended December 31, 2007
2007
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
HIGHWAYS AND STREETS (Continued)
Interfund charges
Capital Equipment Replacement Fund -$ -$ -$ 1,975,410$
Municipal Equipment Repair Fund - - - 435,186
Total interfund charges - - - 2,410,596
TOTAL HIGHWAYS AND STREETS 10,816,467$ 11,995,529$ 12,229,547$ 11,667,955$
(See independent auditor's report.)
- 87 -
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
wit hin t he Village.
Motor Fuel Tax Fund -to account for the activit ies invo lved 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.
Joint Dispatch Fund -to account for the activit y o f t he 911 emergency service system. Financial
activit y 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 of 2000 Fund -This issue in the amount of $4,970,000 was sold
to finance various capital improvements throughout the Village.
Corporate Purpose Bond Series of 2004 Fund -This issue 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.
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Corporate Purpose Bond Series of 2006A Fund -this issue in the amount of $10,000,000 was
sold to finance various infrastructure improvements within the Glenview Naval Air Station
Economic Development Project Area.
Corporate Purpose Bond Series of 2006B Fund -to account for the debt service of the
$27,940,000 bond issued to acquire land in the Glenview Naval Air station Economic
Development Project Area.
Capital Projects Fund -to account for revenues and expenditures involved with all other capital
improvements throughout the Village.
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.
GNAS Bond Fund Series 1995 -to account for various development and other projects related to
The Glen.
2004 Glen Bond Fund -to account for develo pment projects funded by the 2004 General
Obligation Bond issue.
2006B Bond Project Fund -to account for the $27,940,000 bond issued to acquire land in the
Glenview Naval Air Station Economic Development Area.
Police Department Headquarters Fund -to account for the funds to build a new police department
headquarters.
Foreign Motor Refuse
Fire Fuel and Joint
Insurance Tax Recycling Dispatch
Cash 228,543$ 202,661$ 52,464$ 211,740$
Investments - 1,139,490 989,972 -
Receivables
Property taxes - - - -
Accounts - - - -
Other - - 80,703 244,875
Due from other governments - 103,337 455,973 -
Due from other funds - 66,277 - -
TOTAL ASSETS 228,543$ 1,511,765$ 1,579,112$ 456,615$
LIABILITIES
Accounts payable 156$ 280,482$ 28,434$ 22,158$
Accrued payroll - - - 14,482
Refundable deposits - - - -
Due to other funds - - - 245,809
Due to other governments - - - -
Deferred property taxes - - - -
Deferred revenues - - - 23,130
Total liabilities 156 280,482 28,434 305,579
FUND BALANCES
Reserved for street improvements - 1,231,283 - -
Reserved for debt service - - - -
Reserved for public safety 228,387 - - 151,036
Reserved for capital development - - - -
Unreserved - undesignated
Special Revenue Funds - - 1,550,678 -
Debt Service Funds - - - -
Total fund balances (deficit)228,387 1,231,283 1,550,678 151,036
TOTAL LIABILITIES AND
FUND BALANCES 228,543$ 1,511,765$ 1,579,112$ 456,615$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2007
- 88 -
Police Corporate Corporate Corporate Corporate
Department Purpose Purpose Purpose Purpose
GNAS GNAS Special Bond Series Bond Series Bond Series Bond Series
Redevelopment Caretaker Deposit Account of 2000 of 2004 of 2006A of 2006B
92,010$ 36,221$ 354,734$ 72,944$ 2,748$ 14,356$ 12,563$ 401$
- - - - - - - 2,845,727
- - - - 1,096,603 901,368 - -
- - 2,594 - - - - -
- - - - - - - -
- - - - - - - -
- 8,337 456,326 - - - - -
92,010$ 44,558$ 813,654$ 72,944$ 1,099,351$ 915,724$ 12,563$ 2,846,128$
15,789$ 138,411$ 546$ -$ -$ -$ -$ -$
2,042 4,671 - - - - - -
- - 813,108 - - - - -
834 58,746 - - 185,000 5,000 12,563 -
- - - - - - - -
- - - - 948,052 886,198 - -
- - - - - - - -
18,665 201,828 813,654 - 1,133,052 891,198 12,563 -
- - - - - - - -
- - - - - 24,526 - 2,846,128
- - - 72,944 - - - -
- - - - - - - -
73,345 (157,270) - - - - - -
- - - - (33,701) - - -
73,345 (157,270) - 72,944 (33,701) 24,526 - 2,846,128
92,010$ 44,558$ 813,654$ 72,944$ 1,099,351$ 915,724$ 12,563$ 2,846,128$
Special Revenue Debt Service
(This statement is continued on the following pages.)
- 89 -
GNAS
Capital 2000 2003 Bond Fund
Projects Project Project Series 1995
Cash 204,868$ 37,871$ 361$ 32,737$
Investments 1,436,550 - - 717,712
Receivables
Property taxes - - - -
Accounts - - - -
Other - - - -
Due from other governments 98,459 - - 1,566,086
Due from other funds 97,073 - - 4,420
TOTAL ASSETS 1,836,950$ 37,871$ 361$ 2,320,955$
LIABILITIES
Accounts payable 1,103,454$ 37,871$ 361$ 1,486,854$
Accrued payroll - - - -
Refundable deposits - - - -
Due to other funds 62,727 - - -
Due to other governments 117,505 - - -
Deferred property taxes - - - -
Deferred revenues 146,057 - - -
Total liabilities 1,429,743 37,871 361 1,486,854
FUND BALANCES
Reserved for street improvements - - - -
Reserved for debt service - - - -
Reserved for public safety - - - -
Reserved for capital development - - - 834,101
Unreserved - undesignated
Special Revenue Funds - - - -
Debt Service Funds - - - -
Capital Project Funds 407,207 - - -
Total fund balances (deficit)407,207 - - 834,101
TOTAL LIABILITIES AND
FUND BALANCES 1,836,950$ 37,871$ 361$ 2,320,955$
ASSETS
LIABILITIES AND FUND BALANCES
Capital Projects
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET (Continued)
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2007
- 90 -
2004 Police
Glen 2006B Bond Department
Bond Project Headquarters Total
-$ 5,526$ 1,042$ 1,563,790$
- 2,254,329 - 9,383,780
- - - 1,997,971
- - - 2,594
- - - 325,578
- - - 2,223,855
- - - 632,433
-$ 2,259,855$ 1,042$ 16,130,001$
-$ -$ 10,350$ 3,124,866$
- - - 21,195
- - - 813,108
- - - 570,679
- - - 117,505
- - - 1,834,250
- - - 169,187
- - 10,350 6,650,790
- - - 1,231,283
- - - 2,870,654
- - - 452,367
- 2,259,855 - 3,093,956
- - - 1,466,753
- - - (33,701)
- - (9,308) 397,899
- 2,259,855 (9,308) 9,479,211
-$ 2,259,855$ 1,042$ 16,130,001$
Capital Projects
See accompanying notes to financial statements.
- 91 -
Foreign Motor Refuse
Fire Fuel and Joint
Insurance Tax Recycling Dispatch
REVENUES
Taxes 57,917$ -$ -$ -$
Intergovernmental - 1,298,591 455,973 -
Charges for services - - 1,010,419 1,230,303
Investment income 9,426 66,557 52,230 12,194
Contributions - - - -
Miscellaneous
Other - - - -
Total revenues 67,343 1,365,148 1,518,622 1,242,497
EXPENDITURES
Current
General government - - 1,211,801 -
Public safety 7,486 - - 2,316,217
Debt service
Principal - - - -
Interest and fiscal charges - - - -
Capital outlay - 1,260,000 - 470,766
Total expenditures 7,486 1,260,000 1,211,801 2,786,983
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 59,857 105,148 306,821 (1,544,486)
OTHER FINANCING SOURCES (USES)
Sale of capital assets - - - -
Transfers in - - - 1,310,000
Transfers (out)(62,000) - - -
Total other financing sources (uses)(62,000) - - 1,310,000
NET CHANGE IN FUND BALANCES (2,143) 105,148 306,821 (234,486)
FUND BALANCES (DEFICIT), JANUARY 1 230,530 1,126,135 1,243,857 385,522
Prior period adjustment - - - -
FUND BALANCES (DEFICIT), JANUARY 1, AS RESTATED 230,530 1,126,135 1,243,857 385,522
FUND BALANCES (DEFICIT), DECEMBER 31 228,387$ 1,231,283$ 1,550,678$ 151,036$
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
- 92 -
Police Corporate Corporate Corporate Corporate
Department Purpose Purpose Purpose Purpose
GNAS GNAS Special Bond Series Bond Series Bond Series Bond Series
Redevelopment Caretaker Deposit Account of 2000 of 2004 of 2006A of 2006B
-$ -$ -$ -$ 1,897,956$ 191,489$ -$ -$
- - - - - - - -
- - - - - - - -
710 790 42,424 1,202 33,854 29,024 - 192,786
- - - - - - - -
2 2,696 - 325 - - - -
712 3,486 42,424 1,527 1,931,810 220,513 - 192,786
727,417 2,043,752 - - - - - -
- - - - - - - -
- - - - 1,875,000 - - -
- - - - 128,100 930,584 - 1,218,339
- - - - - - - -
727,417 2,043,752 - - 2,003,100 930,584 - 1,218,339
(726,705) (2,040,266) 42,424 1,527 (71,290) (710,071) - (1,025,553)
- - - 15,675 - - - -
645,000 1,525,000 - - - - - -
- - (146,306) - - - - -
645,000 1,525,000 (146,306) 15,675 - - - -
(81,705) (515,266) (103,882) 17,202 (71,290) (710,071) - (1,025,553)
155,050 357,996 103,882 55,742 37,589 734,597 - 3,871,681
- - - - - - - -
155,050 357,996 103,882 55,742 37,589 734,597 - 3,871,681
73,345$ (157,270)$ -$ 72,944$ (33,701)$ 24,526$ -$ 2,846,128$
Special Revenue Debt Service
(This statement is continued on the following pages.)
- 93 -
GNAS
Capital 2000 2003 Bond Fund
Projects Project Project Series 1995
REVENUES
Taxes -$ -$ -$ -$
Intergovernmental 108,350 - - 1,324,732
Charges for services - - - -
Investment income 66,753 2,493 4,825 21,837
Contributions - - - 3,138
Miscellaneous
Other 176,160 - - 46,767
Total revenues 351,263 2,493 4,825 1,396,474
EXPENDITURES
Current
General government - - - -
Public safety - - - -
Debt service
Principal - - - -
Interest and fiscal charges - - - -
Capital outlay 4,924,242 37,871 298,068 1,861,064
Total expenditures 4,924,242 37,871 298,068 1,861,064
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,572,979) (35,378) (293,243) (464,590)
OTHER FINANCING SOURCES (USES)
Sale of capital assets - - - -
Transfers in 5,999,199 - - 1,461,153
Transfers (out)- - - (1,771,855)
Total other financing sources (uses)5,999,199 - - (310,702)
NET CHANGE IN FUND BALANCES 1,426,220 (35,378) (293,243) (775,292)
FUND BALANCES (DEFICIT), JANUARY 1 (1,019,013) 35,378 293,243 1,055,100
Prior period adjustment - - - 554,293
FUND BALANCES (DEFICIT), JANUARY 1, AS RESTATED (1,019,013) 35,378 293,243 1,609,393
FUND BALANCES (DEFICIT), DECEMBER 31 407,207$ -$ -$ 834,101$
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Capital Projects
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES (Continued)
- 94 -
2004 Police
Glen 2006B Bond Department
Bond Project Headquarters Total
-$ -$ -$ 2,147,362$
- - - 3,187,646
- - - 2,240,722
35,559 983,167 22 1,555,853
- - - 3,138
- - - 225,950
35,559 983,167 22 9,360,671
- - - 3,982,970
- - - 2,323,703
- - - 1,875,000
- 250 - 2,277,273
- - 66,973 8,918,984
- 250 66,973 19,377,930
35,559 982,917 (66,951) (10,017,259)
- - - 15,675
- - 115,500 11,055,852
(1,461,153) (22,617,218) - (26,058,532)
(1,461,153) (22,617,218) 115,500 (14,987,005)
(1,425,594) (21,634,301) 48,549 (25,004,264)
1,425,594 23,894,156 (57,857) 33,929,182
- - - 554,293
1,425,594 23,894,156 (57,857) 34,483,475
-$ 2,259,855$ (9,308)$ 9,479,211$
Capital Projects
See accompanying notes to financial statements.
- 95 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Foreign fire insurance tax 60,000$ 57,917$ 54,916$
Investment income - 9,426 4,467
Total revenues 60,000 67,343 59,383
EXPENDITURES
Public safety
Contractual services 161,600 7,486 6,881
Total expenditures 161,600 7,486 6,881
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (101,600) 59,857 52,502
OTHER FINANCING SOURCES (USES)
Transfers (out)- (62,000) -
Total other financing sources (uses)- (62,000) -
NET CHANGE IN FUND BALANCE (101,600)$ (2,143) 52,502
FUND BALANCE, JANUARY 1 230,530 178,028
FUND BALANCE, DECEMBER 31 228,387$ 230,530$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
FOREIGN FIRE INSURANCE FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 96 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Intergovernmental 1,260,000$ 1,298,591$ 1,309,623$
Investment income 28,850 66,557 56,734
Total revenues 1,288,850 1,365,148 1,366,357
EXPENDITURES
Capital outlay 1,260,000 1,260,000 1,380,596
Total expenditures 1,260,000 1,260,000 1,380,596
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 28,850 105,148 (14,239)
OTHER FINANCING SOURCES (USES)
Transfers in - - 27,009
Total other financing sources (uses)- - 27,009
NET CHANGE IN FUND BALANCE 28,850$ 105,148 12,770
FUND BALANCE, JANUARY 1 1,126,135 1,113,365
FUND BALANCE, DECEMBER 31 1,231,283$ 1,126,135$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
MOTOR FUEL TAX FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 97 -
Original Final 2006
Budget Budget Actual Actual
REVENUES
Intergovernmental -$ -$ 455,973$ -$
Charges for services 950,625 950,625 1,010,419 1,131,962
Investment income 15,213 15,213 52,230 19,831
Total revenues 965,838 965,838 1,518,622 1,151,793
EXPENDITURES
General government
Contractual services - - - 13,228
Materials and supplies 33,000 33,000 8,912 24,885
Other 785,000 1,685,000 1,202,889 748,342
Total expenditures 818,000 1,718,000 1,211,801 786,455
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 147,838 (752,162) 306,821 365,338
OTHER FINANCING SOURCES (USES)
Transfers (out)- - - (530,000)
Total other financing sources (uses)- - - (530,000)
NET CHANGE IN FUND BALANCE 147,838$ (752,162)$ 306,821 (164,662)
FUND BALANCE, JANUARY 1 1,243,857 1,408,519
FUND BALANCE, DECEMBER 31 1,550,678$ 1,243,857$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REFUSE AND RECYCLING FUND
(See independent auditor's report.)
- 98 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Charges for services 589,450$ 1,230,303$ 647,340$
Investment income 9,092 12,194 12,422
Total revenues 598,542 1,242,497 659,762
EXPENDITURES
Public safety
Personal services 1,528,337 1,863,741 286,556
Contractual services 255,315 442,558 80,940
Materials and supplies - 6,011 1,350
Other charges 100,000 3,907 46,713
Administrative fees - General Fund - - 180,000
Capital outlay 31,000 470,766 10,844
Total expenditures 1,914,652 2,786,983 606,403
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,316,110) (1,544,486) 53,359
OTHER FINANCING SOURCES (USES)
Transfers (out)1,310,000 1,310,000 -
Total other financing sources (uses)1,310,000 1,310,000 -
NET CHANGE IN FUND BALANCE (6,110)$ (234,486) 53,359
FUND BALANCE, JANUARY 1 385,522 332,163
FUND BALANCE, DECEMBER 31 151,036$ 385,522$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
JOINT DISPATCH FUND
(See independent auditor's report.)
- 99 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 150$ 710$ 355$
Miscellaneous - 2 887
Total revenues 150 712 1,242
EXPENDITURES
General government 1,034,960 727,417 980,097
Total expenditures 1,034,960 727,417 980,097
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,034,810) (726,705) (978,855)
OTHER FINANCING SOURCES (USES)
Transfers in 1,000,000 645,000 1,200,000
Total other financing sources (uses)1,000,000 645,000 1,200,000
NET CHANGE IN FUND BALANCE (34,810)$ (81,705) 221,145
FUND BALANCE (DEFICIT), JANUARY 1 155,050 (66,095)
FUND BALANCE, DECEMBER 31 73,345$ 155,050$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
GNAS REDEVELOPMENT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 100 -
Original
and Final 2006
Budget Actual Actual
GENERAL GOVERNMENT
Administ ration
Personal service 496,538$ 489,625$ 674,279$
Contractual services 503,072 218,384 170,273
Material and supplies 23,250 14,293 39,487
Administ rative fees 2,000 2,000 2,000
Other charges 8,100 2,824 75,832
Capital outlay 2,000 291 18,226
TOTAL EXPENDITURES 1,034,960$ 727,417$ 980,097$
2007
SCHEDULE OF EXPENDITURES -
VILLAGE OF GLENVIEW, ILLINOIS
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
ADMINISTRATION DEPARTMENT
GNAS REDEVELOPMENT FUND
BUDGET AND ACTUAL
(See independent auditor's report.)
- 101 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income -$ 790$ 566$
Miscellaneous - 2,696 140
Total revenues - 3,486 706
EXPENDITURES
General government 1,920,798 2,043,752 1,936,568
Total expenditures 1,920,798 2,043,752 1,936,568
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,920,798) (2,040,266) (1,935,862)
OTHER FINANCING SOURCES (USES)
Transfers in 1,900,000 1,525,000 2,150,000
Total other financing sources (uses)1,900,000 1,525,000 2,150,000
NET CHANGE IN FUND BALANCE (20,798)$ (515,266) 214,138
FUND BALANCE, JANUARY 1 357,996 143,858
FUND BALANCE (DEFICIT), DECEMBER 31 (157,270)$ 357,996$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GNAS CARETAKER FUND
(See independent auditor's report.)
- 102 -
Original
and Final 2006
Budget Actual Actual
GENERAL GOVERNMENT
Public works division
Personal service 236,335$ 423,225$ 327,079$
Contractual services 974,948 1,079,854 567,265
Material and supplies - - 218,903
Capital outlay - - 9,000
Total public works division 1,211,283 1,503,079 1,122,247
Overhead
Personal service 108,640 102,038 89,267
Contractual services 598,875 436,635 416,259
Material and supplies - - 98,693
Administ rative fees 2,000 2,000 2,000
Other - - 208,102
Total overhead 709,515 540,673 814,321
TOTAL EXPENDITURES 1,920,798$ 2,043,752$ 1,936,568$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
GNAS CARETAKER FUND
(See independent auditor's report.)
- 103 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 15,000$ 42,424$ 28,325$
Total revenues 15,000 42,424 28,325
EXPENDITURES
None - - -
Total expenditures - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 15,000 42,424 28,325
OTHER FINANCING SOURCES (USES)
Transfers (out)- (146,306) -
Total other financing sources (uses)- (146,306) -
NET CHANGE IN FUND BALANCE 15,000$ (103,882) 28,325
FUND BALANCE, JANUARY 1 103,882 75,557
FUND BALANCE, DECEMBER 31 -$ 103,882$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
DEPOSIT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 104 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 100$ 1,202$ 908$
Miscellaneous - 325 737
Total revenues 100 1,527 1,645
EXPENDITURES
Public safety
Other charges 7,500 - 1,602
Total expenditures 7,500 - 1,602
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,400) 1,527 43
OTHER FINANCING SOURCES (USES)
Sale of capital assets 2,000 15,675 5,035
Total other financing sources (uses)2,000 15,675 5,035
NET CHANGE IN FUND BALANCE (5,400)$ 17,202 5,078
FUND BALANCE, JANUARY 1 55,742 50,664
FUND BALANCE, DECEMBER 31 72,944$ 55,742$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE DEPARTMENT SPECIAL ACCOUNT FUND
(See independent auditor's report.)
- 105 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Taxes
Property 1,963,125$ 1,897,956$ 1,549,883$
Investment income 300 33,854 41,866
Total revenues 1,963,425 1,931,810 1,591,749
EXPENDITURES
Debt service
Principal 1,875,000 1,875,000 1,750,000
Interest and fiscal charges 128,500 128,100 205,100
Total expenditures 2,003,500 2,003,100 1,955,100
NET CHANGE IN FUND BALANCE (40,075)$ (71,290) (363,351)
FUND BALANCE, JANUARY 1 37,589 400,940
FUND BALANCE (DEFICIT), DECEMBER 31 (33,701)$ 37,589$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
CORPORATE PURPOSE BOND SERIES OF 2000 FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 106 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Taxes
Property 199,701$ 191,489$ -$
Investment income 5,100 29,024 (9,271)
Total revenues 204,801 220,513 (9,271)
EXPENDITURES
Debt service
Interest and fiscal charges 931,775 930,584 930,575
Total expenditures 931,775 930,584 930,575
NET CHANGE IN FUND BALANCE (726,974)$ (710,071) (939,846)
FUND BALANCE, JANUARY 1 734,597 1,674,443
FUND BALANCE, DECEMBER 31 24,526$ 734,597$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION BOND SERIES OF 2004 FUND
(See independent auditor's report.)
- 107 -
Original Final 2006
Budget Budget Actual Actual
REVENUES
Intergovernmental 515,852$ 515,852$ 108,350$ 2,496,123$
Investment income 11,000 11,000 66,753 119,100
Miscellaneous income 61,219 61,219 176,160 -
Total revenues 588,071 588,071 351,263 2,615,223
EXPENDITURES
Capital outlay 5,699,919 5,998,747 4,924,242 7,716,537
Total expenditures 5,699,919 5,998,747 4,924,242 7,716,537
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (5,111,848) (5,410,676) (4,572,979) (5,101,314)
OTHER FINANCING SOURCES (USES)
Transfers in 6,029,600 6,254,315 5,999,199 4,092,183
Transfers (out)- - - (709,040)
Total other financing sources (uses)6,029,600 6,254,315 5,999,199 3,383,143
NET CHANGE IN FUND BALANCE 917,752$ 843,639$ 1,426,220 (1,718,171)
FUND BALANCE (DEFICIT), JANUARY 1 (1,019,013) 699,158
FUND BALANCE (DEFICIT), DECEMBER 31 407,207$ (1,019,013)$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL PROJECTS FUND
(See independent auditor's report.)
- 108 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income -$ 2,493$ 31,240$
Miscellaneous income - - 5,703
Total revenues - 2,493 36,943
EXPENDITURES
Capital outlay - 37,871 331,819
Total expenditures - 37,871 331,819
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - (35,378) (294,876)
OTHER FINANCING SOURCES (USES)
Transfers (out)- - (540,184)
Total other financing sources (uses)- - (540,184)
NET CHANGE IN FUND BALANCE -$ (35,378) (835,060)
FUND BALANCE, JANUARY 1 35,378 870,438
FUND BALANCE, DECEMBER 31 -$ 35,378$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2000 PROJECT FUND
(See independent auditor's report.)
- 109 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 2,600$ 4,825$ 6,918$
Total revenues 2,600 4,825 6,918
EXPENDITURES
Capital outlay - 298,068 -
Total expenditures - 298,068 -
NET CHANGE IN FUND BALANCE 2,600$ (293,243) 6,918
FUND BALANCE, JANUARY 1 293,243 286,325
FUND BALANCE, DECEMBER 31 -$ 293,243$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2003 PROJECT FUND
(See independent auditor's report.)
- 110 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Intergovernmental -$ 1,324,732$ 244,098$
Investment income 100 21,837 448
Contributions - 3,138 136,862
Miscellaneous - 46,767 107,902
Total revenues 100 1,396,474 489,310
EXPENDITURES
Capital outlay 13,679,090 1,861,064 5,649,407
Total expenditures 13,679,090 1,861,064 5,649,407
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (13,678,990) (464,590) (5,160,097)
OTHER FINANCING SOURCES (USES)
Transfers in 13,679,090 1,461,153 10,047,209
Transfers (out)- (1,771,855) (3,761,752)
Total other financing sources (uses)13,679,090 (310,702) 6,285,457
NET CHANGE IN FUND BALANCE 100$ (775,292) 1,125,360
FUND BALANCE (DEFICIT), JANUARY 1 1,055,100 (70,260)
Prior period adjustment 554,293 -
FUND BALANCE (DEFICIT), JANUARY 1, AS RESTATED 1,609,393 (70,260)
FUND BALANCE, DECEMBER 31 834,101$ 1,055,100$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GNAS BOND FUND SERIES 1995
(See independent auditor's report.)
- 111 -
Original
and Final 2006
Budget Actual Actual
PROJECT COSTS
Village of Glenview Development
Department fees 243,780$ 358,161$ 134,266$
Surveys, plats, and maps 200,000 95,384 13,817
East Lake Ave. construction 6,500,000 96,822 500,000
Engineering - - 315,738
Sidewalks 130,000 - 8,535
SCADA system 40,000 - 64,487
Lehigh Avenue roadways 250,000 62,013 259,947
East Lake Ave. Engineering/
Construction management 25,000 4,871 8,894
Gallery Park landscape and amenities 79,100 49,553 4,494
Roadway median and parkway landscape 10,500 17,809 193,652
Prairie/wetland management and mitigation 325,000 206,921 2,928,726
W. Side reservoir and pump construction - 9,713 32,264
Rugen engineering - - 1,961
Rugen reservoir and pump construction - 22,663 115,282
Water source improvements 85,488 - -
Utility allowance - - 144,084
Electric utilities 200,000 - -
Union Pacific RR ditch improvements 199,500 - -
Potable wter construction 199,840 - -
Stormwater piping construction 3,190,000 - 7,365
Sanitary Sewer construction 300,000 - -
Construction fence 5,000 - 2,191
Public works campus - - 9,999
Roadway engineering, design and
construction management 200,000 284,143 -
Rugen Road - - 369,807
Miscellaneous restoration - - 45,059
Shermer Road public works 550,000 - 160,765
John's Drive 710,882 634,932 -
Street lighting and traffic signals 40,000 - -
Patriot Blvd. access road 125,000 - -
Park Lane fence project 40,000 - -
Prior Michael Joseph Foundation location 30,000 - -
Miscellaneous improvements - 18,079 328,074
TOTAL EXPENDITURES 13,679,090$ 1,861,064$ 5,649,407$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL
GNAS BOND FUND SERIES 1995
(See independent auditor's report.)
- 112 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income 1,500$ 35,559$ 381,710$
Total revenues 1,500 35,559 381,710
EXPENDITURES
None - - -
Total expenditures - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,500 35,559 381,710
OTHER FINANCING SOURCES (USES)
Transfers (out)(13,679,090) (1,461,153) (9,703,805)
Total other financing sources (uses)(13,679,090) (1,461,153) (9,703,805)
NET CHANGE IN FUND BALANCE (13,677,590)$ (1,425,594) (9,322,095)
FUND BALANCE, JANUARY 1 1,425,594 10,747,689
FUND BALANCE, DECEMBER 31 -$ 1,425,594$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2004 GLEN BOND FUND
(See independent auditor's report.)
- 113 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Investment income -$ 22$ 27,970$
Total revenues - 22 27,970
EXPENDITURES
Capital outlay 575,000 66,973 2,607,633
Total expenditures 575,000 66,973 2,607,633
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (575,000) (66,951) (2,579,663)
OTHER FINANCING SOURCES (USES)
Transfers in 575,000 115,500 1,370,000
Total other financing sources (uses)575,000 115,500 1,370,000
NET CHANGE IN FUND BALANCE -$ 48,549 (1,209,663)
FUND BALANCE (DEFICIT), JANUARY 1 (57,857) 1,151,806
FUND BALANCE (DEFICIT), DECEMBER 31 (9,308)$ (57,857)$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE DEPARTMENT HEADQUARTERS FUND
(See independent auditor's report.)
- 114 -
MAJOR ENTERPRISE FUNDS
Waterworks Fund -to account for the provisio n of water service to the residents of the Village.
All act ivit y necessary to provide such services is accounted for in this fund including, but not
limit ed to, administ ration, operation, maint enance, financing and related debt service and billing
and collection.
North Maine Water and Sewer Fund -to account for all financial act ivit y r elated 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.
Sewerage Fund -to account for the funds necessary to provide sanitary sewer service to both
inco rporated and unincorporated village customers.
Original Final 2006
Budget Budget Actual Actual
OPERATING REVENUES
Charges for services
Water charges 9,183,607$ 9,183,607$ 7,958,558$ 7,280,915$
Water connection charges 101,500 101,500 77,609 59,670
Water meters and remote readers 76,125 76,125 74,685 169,900
Water meter supplies 50,750 50,750 - -
Miscellaneous
Late payment fees 65,975 65,975 119,022 86,944
Water for construction 25,375 25,375 6,518 24,419
Recapture agreements 10,150 10,150 (11,895) 25,375
Other 7,613 7,613 26,916 6,794
Total operating revenues 9,521,095 9,521,095 8,251,413 7,654,017
OPERATING EXPENSES
Administration 10,011,470 10,056,524 6,794,233 6,771,457
Operations
Overhead 522,337 522,337 474,245 558,472
Depreciation - - 966,585 838,965
Total operating expenses 10,533,807 10,578,861 8,235,063 8,168,894
OPERATING INCOME (LOSS)(1,012,712) (1,057,766) 16,350 (514,877)
NONOPERATING REVENUES (EXPENSES)
Investment income 211,447 211,447 178,766 227,209
Interest and fiscal charges - - (6,778) -
Intergovernmental - grant revenue - - 73,908 -
Loss on sale of fixed assets - - (21,676) (48,424)
Total nonoperating revenues (expenses)211,447 211,447 224,220 178,785
NET INCOME (LOSS) BEFORE TRANSFERS (801,265) (846,319) 240,570 (336,092)
TRANSFERS
Transfers in - - 1,708,781 4,570,388
Transfers (out)- - (229,856) (721,561)
Total transfers - - 1,478,925 3,848,827
CHANGE IN NET ASSETS (801,265)$ (846,319)$ 1,719,495 3,512,735
NET ASSETS, JANUARY 1 32,657,806 26,353,227
Prior period adjustment - 2,791,844
NET ASSETS, JANUARY 1, RESTATED 32,657,806 29,145,071
NET ASSETS, DECEMBER 31 34,377,301$ 32,657,806$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
WATERWORKS FUND
(See independent auditor's report.)
- 115 -
Original Final 2006
Budget Budget Actual Actual
ADMINISTRATION
Personal services 1,991,165$ 1,991,165$ 1,643,397$ 1,889,536$
Contractual services 4,645,639 4,645,639 4,241,247 3,150,448
Materials and supplies 23,800 23,800 31,746 643,261
Capital outlay 3,340,366 3,385,420 833,640 555,762
Other 10,500 10,500 44,203 532,450
Total administration 10,011,470 10,056,524 6,794,233 6,771,457
OPERATIONS
Overhead
Capital outlay 212,325 212,325 164,233 -
Administrative fees - General Fund 310,012 310,012 310,012 558,472
Total operations 522,337 522,337 474,245 558,472
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 10,533,807$ 10,578,861$ 7,268,478$ 7,329,929$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
WATERWORKS FUND
(See independent auditor's report.)
- 116 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATERWORKS FUND
For the Year Ended December 31, 2007
Assets Accumulated Depreciation
Restated Restated 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 - - 243,645 138,751 4,873 - 143,624 100,021
Northfield Woods
System - acquisition
cost 2,239,534 - - 2,239,534 1,345,989 44,791 - 1,390,780 848,754
Illinois Municipal Water
Company System -
acquisition cost 1,415,017 - - 1,415,017 800,801 28,300 - 829,101 585,916
Transmission lines 19,252,716 1,537,034 - 20,789,750 4,339,798 401,090 - 4,740,888 16,048,862
Water storage facilities 1,810,484 137,500 - 1,947,984 524,759 37,786 - 562,545 1,385,439
Water mains 15,554,431 - - 15,554,431 3,174,255 276,787 - 3,451,042 12,103,389
Machinery and
equipment 1,886,705 176,450 - 2,063,155 1,443,136 55,232 - 1,498,368 564,787
Automotive equipment 1,024,410 80,515 118,400 986,525 756,982 146,989 96,724 807,247 179,278
Office furniture and
equipment 8,036 - - 8,036 7,778 258 - 8,036 -
TOTAL 43,502,829$ 1,931,499$ 118,400$ 45,315,928$ 12,532,249$996,106$ 96,724$ 13,431,631$31,884,297$
(See independent auditor's report.)
- 117 -
Original
and Final 2006
Budget Actual Actual
OPERATING REVENUES
Charges for services
Water charges 6,655,794$ 5,983,412$ 5,549,704$
Sewer charges 498,530 333,871 312,031
Miscellaneous
New water meters 1,000 288 2,765
Late payment fees 30,000 94,405 62,617
Other 500 6,601 1,406
Total operating revenues 7,185,824 6,418,577 5,928,523
OPERATING EXPENSES
Administration 7,245,610 5,389,947 4,939,124
Operations
Distribution system - - 345
Depreciation and amortization - 165,036 160,716
Total operating expenses 7,245,610 5,554,983 5,100,185
OPERATING INCOME (LOSS)(59,786) 863,594 828,338
NONOPERATING REVENUES (EXPENSES)
Investment income 55,779 75,756 50,767
Interest expense (269,897) (267,710) (295,980)
Total nonoperating revenues (expenses)(214,118) (191,954) (245,213)
NET INCOME (LOSS) BEFORE TRANSFERS
AND CONTRIBUTIONS (273,904) 671,640 583,125
TRANSFERS
Transfers (out)(398,000) (398,000) -
Total transfers (398,000) (398,000) -
CHANGE IN NET ASSETS (671,904)$ 273,640 583,125
NET ASSETS, JANUARY 1 828,038 212,007
Prior period adjustment - 32,906
NET ASSETS, JANUARY 1, RESTATED 828,038 244,913
NET ASSETS, DECEMBER 31 1,101,678$ 828,038$
2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
NORTH MAINE WATER AND SEWERAGE FUND
For the Year Ended December 31, 2007
(See independent auditor's report.)
- 118 -
Original
and Final 2006
Budget Actual Actual
ADMINISTRATION
Personal services 557,192$ 497,019$ 441,318$
Contractual services 4,320,485 4,134,322 3,640,512
Material and supplies 66,550 31,845 332,564
Debt service
Bond and note principal 505,056 505,056 -
Capital outlay 1,983,500 408,878 14,189
Other 317,883 317,883 510,541
7,750,666 5,895,003 4,939,124
Less nonoperating expenses
Bond and note principal paid (505,056) (505,056) -
Total administration 7,245,610 5,389,947 4,939,124
OPERATIONS
Distribution system
Contractual services - - 345
Total operations - - 345
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 7,245,610$ 5,389,947$ 4,939,469$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
NORTH MAINE WATER AND SEWERAGE FUND
(See independent auditor's report.)
- 119 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
NORTH MAINE WATER AND SEWERAGE FUND
For the Year Ended December 31, 2007
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 244,058 234,600 - 478,658 40,480 5,739 - 46,219 432,439
Water mains 5,209,114 287,615 - 5,496,729 1,200,830 109,219 - 1,310,049 4,186,680
Sewer mains 1,427,560 278,995 - 1,706,555 310,773 31,047 - 341,820 1,364,735
Machinery and
equipment 191,338 27,000 - 218,338 191,338 270 - 191,608 26,730
Automotive
equipment 317,633 - - 317,633 268,821 14,411 - 283,232 34,401
Office furniture
and fixtures 10,636 - - 10,636 10,636 - - 10,636 -
TOTAL 7,635,339$ 828,210$ -$ 8,463,549$ 2,022,878$ 160,686$ -$ 2,183,564$ 6,279,985$
(See independent auditor's report.)
- 120 -
Original
and Final 2006
Budget Actual Actual
OPERATING REVENUES
Charges for services
Sewer charges 1,470,267$ 1,493,449$ 1,394,958$
Sewer connection charges 5,075 4,820 10,998
Late payment fees 10,150 24,357 24,445
Total operating revenues 1,485,492 1,522,626 1,430,401
OPERATING EXPENSES
Administration 3,132,223 1,371,265 1,275,750
Operations
Collection - - 9,258
Depreciation - 302,901 259,506
Total operating expenses 3,132,223 1,674,166 1,544,514
OPERATING LOSS (1,646,731) (151,540) (114,113)
NONOPERATING REVENUES (EXPENSES)
Investment income 47,061 25,471 63,596
Interest and fiscal charges - (1,276) -
Miscellaneous income - 33,313 18,166
Total nonoperating revenues (expenses)47,061 57,508 81,762
NET LOSS BEFORE TRANSFERS (1,599,670) (94,032) (32,351)
TRANSFERS
Transfers in 122,300 63,074 1,179,516
Transfer (out)- - (180,622)
Total transfers 122,300 63,074 998,894
CHANGE IN NET ASSETS (1,477,370)$ (30,958) 966,543
NET ASSETS, JANUARY 1 12,885,865 11,919,322
NET ASSETS, DECEMBER 31 12,854,907$ 12,885,865$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
(See independent auditor's report.)
- 121 -
Original
and Final 2006
Budget Actual Actual
ADMINISTRATION
Personal services 465,922$ 440,417$ 477,858$
Contractual services 201,769 167,767 58,525
Materials and supplies 1,900 1,837 16,441
Other charges - 15,894 -
Insurance - - 39,000
Capital outlay 2,433,395 716,113 1,702,603
Municipal equipment repair - - 46,521
Administrative fees - General Fund 29,237 29,237 87,111
3,132,223 1,371,265 2,428,059
Less nonoperating expenses
Assets capitalized - - (1,152,309)
Total administration 3,132,223 1,371,265 1,275,750
OPERATIONS
Collection system
Contractual services - - 9,258
Total operations - - 9,258
TOTAL OPERATING EXPENSES 3,132,223$ 1,371,265$ 1,285,008$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
SEWERAGE FUND
(See independent auditor's report.)
- 122 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended December 31, 2007
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$ 199,272$ 10,243$ -$ 209,515$ 302,617$
Equipment and
vehicles 325,631 - - 325,631 233,782 21,966 - 255,748 69,883
Sewer mains 13,697,580 1,436,613 - 15,134,193 2,567,908 270,691 - 2,838,599 12,295,594
TOTAL 14,535,343$ 1,436,613$ -$ 15,971,956$ 3,000,962$ 302,900$ -$ 3,303,862$ 12,668,094$
Assets Accumulated Depreciation
(See independent auditor's report.)
- 123 -
NONMAJOR ENTERPRISE FUNDS
Who lesale Water Fund -to account for the provisio n of water service to the Illinois American
Water Company enabling the private utility to receive Lake Michigan water.
Commut er Parking Lot Fund -to account for the activity involved with, but not limited to, the
administ ration, sale of permits and maintenance of the commuter parking facilities within the
Village.
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
December 31, 2007
Wholesale Commuter
Water Parking Lot Total
CURRENT ASSETS
Cash 117,798$ 67,922$ 185,720$
Investments 1,758,686 100,091 1,858,777
Receivables
Accounts (net)297,601 - 297,601
Due from other funds 1,118 1,390 2,508
Deferred bond issuance costs 10,809 - 10,809
Total current assets 2,186,012 169,403 2,355,415
CAPITAL ASSETS
Capital assets not being depreciated - 500,000 500,000
Capital assets being depreciated 2,512,633 1,216,592 3,729,225
Accumulated depreciation (928,538) (336,589) (1,265,127)
Net capital assets 1,584,095 1,380,003 2,964,098
Total assets 3,770,107 1,549,406 5,319,513
CURRENT LIABILITIES
Accounts payable 81,986 35,783 117,769
Accrued payroll 408 9 417
Interest payable 3,014 - 3,014
Due to other funds 861 5,519 6,380
Current portion of general
obligation bonds payable 195,000 - 195,000
Total current liabilities 281,269 41,311 322,580
NONCURRENT LIABILITIES
Unamortized bond discount (7,913) - (7,913)
Unamortized loss on refunding (8,540) - (8,540)
General obligation bonds payable 860,000 - 860,000
Total noncurrent liabilities 843,547 - 843,547
Total liabilities 1,124,816 41,311 1,166,127
NET ASSETS
Invested in capital assets, net of related debt 556,357 1,380,003 1,936,360
Unrestricted 2,088,934 128,092 2,217,026
TOTAL NET ASSETS 2,645,291$ 1,508,095$ 4,153,386$
See accompanying notes to financial statements.
- 124 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2007
Wholesale Commuter
Water Parking Lot Total
OPERATING REVENUES
Charges for services
Water and sewer charges 1,762,694$ -$ 1,762,694$
Parking decals and meter fees - 470,693 470,693
Miscellaneous - 13,700 13,700
Total operating revenues 1,762,694 484,393 2,247,087
OPERATING EXPENSES
Administration - 322,047 322,047
Operations 1,112,752 95,174 1,207,926
Depreciation and amortization 67,779 41,365 109,144
Total operating expenses 1,180,531 458,586 1,639,117
OPERATING INCOME 582,163 25,807 607,970
NONOPERATING REVENUES (EXPENSES)
Investment income 67,159 4,034 71,193
Interest and fiscal charges (40,953) - (40,953)
Total nonoperating revenues (expenses)26,206 4,034 30,240
NET INCOME BEFORE TRANSFERS 608,369 29,841 638,210
TRANSFERS
Transfers in - - -
Transfers (out)(154,500) - (154,500)
Total transfers (154,500) - (154,500)
CHANGE IN NET ASSETS 453,869 29,841 483,710
NET ASSETS, JANUARY 1 2,191,422 1,478,254 3,669,676
NET ASSETS, DECEMBER 31 2,645,291$ 1,508,095$ 4,153,386$
See accompanying notes to financial statements.
- 125 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2007
Wholesale Commuter
Water Parking Lot Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 1,748,395$ 484,393$ 2,232,788$
Payments to suppliers (1,710,158) (295,717) (2,005,875)
Payments to employees (30,088) (89,859) (119,947)
Net cash from operating activities 8,149 98,817 106,966
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund transfers (out)(154,500) - (154,500)
Net cash from noncapital financing activities (154,500) - (154,500)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchase of capital assets - (500,000) (500,000)
Principal payments (190,000) - (190,000)
Interest payments (41,333) - (41,333)
Net cash from capital and related financing activities (231,333) (500,000) (731,333)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 67,159 4,034 71,193
Sale of investments 131,912 286,937 418,849
Net cash from investing activities 199,071 290,971 490,042
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (178,613) (110,212) (288,825)
CASH AND CASH EQUIVALENTS, JANUARY 1 296,411 178,134 474,545
CASH AND CASH EQUIVALENTS, DECEMBER 31 117,798$ 67,922$ 185,720$
RECONCILIATION OF OPERATING INCOME TO NET
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income 582,163$ 25,807$ 607,970$
Adjustments to reconcile operating income to net
cash from operating activities
Depreciation and amortization 67,779 41,365 109,144
Changes in current assets and liabilities
Accounts receivable (14,299) - (14,299)
Due from other funds 16,023 44,547 60,570
Accounts payable 7,567 (13,130) (5,563)
Accrued payroll 404 9 413
Due to other funds (651,488) 5,519 (645,969)
Deposits - (5,300) (5,300)
NET CASH FROM OPERATING ACTIVITIES 8,149$ 98,817$ 106,966$
See accompanying notes to financial statements.
- 126 -
Original
and Final 2006
Budget Actual Actual
OPERATING REVENUES
Water sales 1,470,049$ 1,762,694$ 1,692,776$
OPERATING EXPENSES
Operations
Supply and metering 1,044,840 1,112,752 1,034,428
Depreciation and amortization - 67,779 67,648
Total operating expenses 1,044,840 1,180,531 1,102,076
OPERATING INCOME 425,209 582,163 590,700
NONOPERATING REVENUES (EXPENSES)
Investment income 28,300 67,159 69,702
Interest expense (231,732) (40,953) (44,724)
Total nonoperating revenues (expenses)(203,432) 26,206 24,978
NET INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS 221,777 608,369 615,678
TRANSFERS
Transfers (out)(154,500) (154,500) (150,000)
Total transfers (154,500) (154,500) (150,000)
CHANGE IN NET ASSETS 67,277$ 453,869 465,678
NET ASSETS, JANUARY 1 2,191,422 1,725,744
NET ASSETS, DECEMBER 31 2,645,291$ 2,191,422$
2007
(With Comparative Actual for 2006)
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, 2007
(See independent auditor's report.)
- 127 -
Original
and Final 2006
Budget Actual Actual
OPERATIONS
Supply and metering
Personal services 13,984$ 30,492$ 27,095$
Contractual services 940,645 991,725 834,961
Material and supplies 800 1,124 73,261
Capital outlay - - 2,304
Administ rative fees - General Fund 89,411 89,411 86,807
Other - - 10,000
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 1,044,840$ 1,112,752$ 1,034,428$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
WHOLESALE WATER FUND
(See independent auditor's report.)
- 128 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WHOLESALE WATER FUND
For the Year Ended December 31, 2007
Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Citizens utility
transmission line 2,512,633$ -$ -$ 2,512,633$ 865,722$ 62,816$ -$ 928,538$ 1,584,095$
Assets Accumulated Depreciation
(See independent auditor's report.)
- 129 -
Original
and Final 2006
Budget Actual Actual
OPERATING REVENUES
Charges for services
Meter fees 95,000$ 99,712$ 101,603$
Parking decals 365,000 370,981 307,484
Miscellaneous 6,000 13,700 6,600
Total operating revenues 466,000 484,393 415,687
OPERATING EXPENSES
Administration 347,599 322,047 362,385
Operations 122,704 95,174 21,936
Depreciation - 41,365 48,132
Capital outlay 550,000 - 865
Total operating expenses 1,020,303 458,586 433,318
OPERATING INCOME (LOSS)(554,303) 25,807 (17,631)
NONOPERATING REVENUES (EXPENSES)
Investment income 5,500 4,034 16,167
Total nonoperating revenues (expenses)5,500 4,034 16,167
CHANGE IN NET ASSETS (548,803)$ 29,841 (1,464)
NET ASSETS, JANUARY 1 1,478,254 1,479,718
NET ASSETS, DECEMBER 31 1,508,095$ 1,478,254$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
(See independent auditor's report.)
- 130 -
Original
and Final 2006
Budget Actual Actual
ADMINISTRATION
Personal services 37,435$ 89,868$ 46,033$
Contractual services 126,400 107,859 106,891
Material and supplies 178,239 119,320 178,436
Other charges 525 - 2,925
Administ rative fees - General Fund 5,000 5,000 28,100
Total administ ration 347,599 322,047 362,385
OPERATIONS
Personal services 3,100 3,100 -
Contractual services 119,604 92,074 21,936
Total operations 122,704 95,174 21,936
CAPITAL OUTLAY 550,000 - 865
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 1,020,303$ 417,221$ 385,186$
2007
VILLAGE OF GLENVIEW, ILLINOIS
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
COMMUTER PARKING LOT FUND
BUDGET AND ACTUAL
SCHEDULE OF OPERATING EXPENSES -
(See independent auditor's report.)
- 131 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2007
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Land -$ 500,000$ -$ 500,000$ -$ -$ -$ -$ 500,000$
Leasehold
improvements 1,203,309 - - 1,203,309 281,941 41,365 - 323,306 880,003
Equipment and
vehicles 13,283 - - 13,283 13,283 - - 13,283 -
Construction in
progress - - - - - - - - -
TOTAL 1,216,592$ 500,000$ -$ 1,716,592$ 295,224$ 41,365$ -$ 336,589$ 1,380,003$
(See independent auditor's report.)
- 132 -
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
Liabilit y P ool (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.
Facilit ies Replacement Fund -to account for the funds set aside for the eventual replacement of
the Village’s various facilities
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2007
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
CURRENT ASSETS
Cash 34,486$ 430,958$ 208,361$ 34,033$ 707,838$
Investments 505,257 3,661,106 5,313,061 9,519,183 18,998,607
Receivables
Accounts, net 18,340 121,382 - - 139,722
Due from other funds 207,549 - - 100,000 307,549
Due from component unit 480 - - - 480
Due from other governments - - - 3,456 3,456
Deposits - 2,398,613 - - 2,398,613
Prepaid expenses - 568,130 - - 568,130
Inventory 183,637 - - - 183,637
Total current assets 949,749 7,180,189 5,521,422 9,656,672 23,308,032
CAPITAL ASSETS
Cost 94,469 - - - 94,469
Accumulated depreciation (35,895) - - - (35,895)
Net capital assets 58,574 - - - 58,574
Total assets 1,008,323 7,180,189 5,521,422 9,656,672 23,366,606
CURRENT LIABILITIES
Accounts payable 76,187 8,606 91,417 31,038 207,248
Accrued payroll 3,644 - - - 3,644
Claims payable - 299,411 - - 299,411
Total current liabilities 79,831 308,017 91,417 31,038 510,303
NET ASSETS
Invested in capital assets,
net of related debt 58,574 - - - 58,574
Unrestricted 869,918 6,872,172 5,430,005 9,625,634 22,797,729
TOTAL NET ASSETS 928,492$ 6,872,172$ 5,430,005$ 9,625,634$ 22,856,303$
See accompanying notes to financial statements.
- 133 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2007
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
OPERATING REVENUES
Charges for services 1,486,073$ 6,782,274$ 950,789$ 2,000,000$ 11,219,136$
Miscellaneous 19,570 - - - 19,570
Total operating revenues 1,505,643 6,782,274 950,789 2,000,000 11,238,706
OPERATING EXPENSES
Operations 1,501,564 5,957,270 - - 7,458,834
Depreciation 7,245 - - - 7,245
Capital outlay - - 696,403 183,786 880,189
Total operating expenses 1,508,809 5,957,270 696,403 183,786 8,346,268
OPERATING INCOME (LOSS)(3,166) 825,004 254,386 1,816,214 2,892,438
NONOPERATING REVENUES (EXPENSES)
Investment income 22,582 533,929 225,899 280,664 1,063,074
Intergovernmental revenue - - - 24,129 24,129
Gain on sale of capital assets - - 452,126 - 452,126
Total nonoperating revenues (expenses)22,582 533,929 678,025 304,793 1,539,329
CHANGE IN NET ASSETS 19,416 1,358,933 932,411 2,121,007 4,431,767
NET ASSETS, JANUARY 1 909,076 5,513,239 4,497,594 7,504,627 18,424,536
NET ASSETS, DECEMBER 31 928,492$ 6,872,172$ 5,430,005$ 9,625,634$ 22,856,303$
See accompanying notes to financial statements.
- 134 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2007
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 1,501,691$ 6,660,892$ 950,789$ 2,000,000$ 11,113,372$
Payments to suppliers (935,411) (6,430,088) (605,229) (256,204) (8,226,932)
Payments to employees (574,591) - - - (574,591)
Net cash from operating activities (8,311) 230,804 345,560 1,743,796 2,311,849
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Intergovernmental receipts - - - 24,129 24,129
Net cash from noncapital financing activities - - - 24,129 24,129
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from the sale of capital assets - - 452,126 - 452,126
Net cash from capital and related
financing activities - - 452,126 - 452,126
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 22,582 533,929 225,899 280,664 1,063,074
Sale of investments - (747,613) (1,480,587) - (2,228,200)
Purchase of investments (255,257) - - (2,080,643) (2,335,900)
Net cash from investing activities (232,675) (213,684) (1,254,688) (1,799,979) (3,501,026)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (240,986) 17,120 (457,002) (32,054) (712,922)
CASH AND CASH EQUIVALENTS, JANUARY 1 275,472 413,838 665,363 66,087 1,420,760
CASH AND CASH EQUIVALENTS, DECEMBER 31 34,486$ 430,958$ 208,361$ 34,033$ 707,838$
RECONCILIATION OF OPERATING INCOME
TO NET CASH FROM OPERATING ACTIVITIES
Operating income (loss)(3,166)$ 825,004$ 254,386$ 1,816,214$ 2,892,438$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 7,245 - - - 7,245
Changes in assets and liabilities
Accounts receivable (3,952) (121,382) - - (125,334)
Due from other funds 37,177 - 23,389 (100,000) (39,434)
Due from other governments - - - (3,456) (3,456)
Deposits - (382,144) - - (382,144)
Inventory (73,717) - - - (73,717)
Accounts payable 24,458 235 67,785 31,038 123,516
Due to other funds - (8,438) - - (8,438)
Accrued payroll 3,644 - - - 3,644
Claims payable - (82,471) - - (82,471)
NET CASH FROM OPERATING ACTIVITIES (8,311)$ 230,804$ 345,560$ 1,743,796$ 2,311,849$
See accompanying notes to financial statements.
- 135 -
Original
and Final 2006
Budget Actual Actual
OPERATING REVENUES
Charges for services 1,491,263$ 1,486,073$ 1,452,636$
Miscellaneous
Insurance recoveries 10,000 1,750 2,485
Other - 17,820 -
Total operating revenues 1,501,263 1,505,643 1,455,121
OPERATING EXPENSES
Operations 1,464,936 1,501,564 1,378,105
Depreciation - 7,245 8,806
Total operating expenses 1,464,936 1,508,809 1,386,911
OPERATING INCOME (LOSS)36,327 (3,166) 68,210
NONOPERATING REVENUES (EXPENSES)
Investment income 500 22,582 787
Total nonoperating revenues (expenses)500 22,582 787
NET INCOME BEFORE TRANSFERS 36,827 19,416 68,997
TRANSFERS
Transfers in - - 1,069,603
CHANGE IN NET ASSETS 36,827$ 19,416 1,138,600
NET ASSETS (DEFICIT), JANUARY 1 909,076 (229,524)
NET ASSETS, DECEMBER 31 928,492$ 909,076$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
MUNICIPAL EQUIPMENT REPAIR FUND
(See independent auditor's report.)
- 136 -
Original
and Final 2006
Budget Actual Actual
OPERATIONS
Personnel
Regular salaries 371,209$ 415,013$ 332,872$
Overtime salaries 15,000 8,791 10,867
Temporary salaries 5,200 4,223 4,076
Longevity pay 5,694 6,186 5,448
Health insurance 63,332 63,332 83,560
Deferred compensation - - 146
FICA expense 31,338 34,476 36,047
IMRF expense 38,372 46,214 48,239
Contractual services
Contractual professional services 145,060 191,048 147,638
Insurance 31,000 31,000 29,250
Dues subscription membership 1,960 1,640 25
Maintenance of vehicles 10,000 12,058 -
Maintenance of buildings - 2,850 890
Equipment rentals 14,731 14,731 -
Accident repairs 25,000 5,700 17,128
Telephone 3,600 2,801 1,504
Training 2,500 4,051 15,275
Chargebacks 2,950 2,995 -
Materials and supplies
Uniform allowance 4,600 5,647 7,379
Fuel 477,990 432,451 397,944
Office and other supplies/tools 162,400 206,502 192,687
Maintenance supplies 8,000 824 876
Capital outlay
Vehicles - 105 -
Capital equipment and replacement - - 11,620
Village wide info systems - - 18,224
Machinery and equipment 45,000 8,926 16,410
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 1,464,936$ 1,501,564$ 1,378,105$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
MUNICIPAL EQUIPMENT REPAIR FUND
(See independent auditor's report.)
- 137 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
MUNICIPAL EQUIPMENT REPAIR FUND
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Automotive
equipment 94,469$ -$ -$ 94,469$ 28,650$ 7,245$ -$ 35,895$ 58,574$
For the Year Ended December 31, 2007
(See independent auditor's report.)
- 138 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Charges for services
Fund charges 6,384,664$ 6,782,274$ 6,583,198$
Total revenues 6,384,664 6,782,274 6,583,198
OPERATING EXPENSES
Personnel
FICA - 28 -
IMRF - 21 -
Contractual services
Contractual professional services 15,000 11,266 24,539
General insurance program - 35,904 386,698
Dental insurance - 13,381 167,235
Excess liability 170,000 87,664 165,891
Unemployment benefits 30,000 13,206 23,710
Health and life insurance 6,076,625 5,876,535 4,677,216
VM disability policy 2,000 1,736 1,736
Property/casualty claims - - 662,156
Workers' compensation insurance 125,000 (82,471) 9,404
Total operating expenses 6,418,625 5,957,270 6,118,585
OPERATING INCOME (LOSS)(33,961) 825,004 464,613
NONOPERATING REVENUES
Investment income 51,500 533,929 241,685
CHANGE IN NET ASSETS 17,539$ 1,358,933 706,298
NET ASSETS, JANUARY 1 5,513,239 4,806,941
NET ASSETS, DECEMBER 31 6,872,172$ 5,513,239$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
INSURANCE FUND
(See independent auditor's report.)
- 139 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Charges for services 951,531$ 950,789$ 3,802,350$
Total revenues 951,531 950,789 3,802,350
EXPENSES
Contractual services - - 22,119
Capital outlay 1,752,242 696,403 1,194,899
Total expenses 1,752,242 696,403 1,217,018
OPERATING INCOME (LOSS)(800,711) 254,386 2,585,332
NONOPERATING REVENUES
Investment income - 225,899 486,543
Gain on sale of capital assets - 452,126 331,040
Total nonoperating revenues - 678,025 817,583
NET INCOME (LOSS) BEFORE TRANSFERS (800,711) 932,411 3,402,915
TRANSFERS
Transfers (out)- - (8,741,843)
Total transfers - - (8,741,843)
CHANGE IN NET ASSETS (800,711)$ 932,411 (5,338,928)
NET ASSETS, JANUARY 1 4,497,594 9,836,522
NET ASSETS, DECEMBER 31 5,430,005$ 4,497,594$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
CAPITAL EQUIPMENT REPLACEMENT FUND
(See independent auditor's report.)
- 140 -
Original
and Final 2006
Budget Actual Actual
REVENUES
Charges for services 2,000,000$ 2,000,000$ -$
Total revenues 2,000,000 2,000,000 -
EXPENSES
Capital outlay 2,900,000 183,786 85,770
Total expenses 2,900,000 183,786 85,770
OPERATING INCOME (LOSS)(900,000) 1,816,214 (85,770)
NONOPERATING REVENUES
Investment income - 280,664 10,489
Intergovernmental revenue - 24,129 -
Total nonoperating revenues - 304,793 10,489
NET INCOME (LOSS) BEFORE TRANSFERS (900,000) 2,121,007 (75,281)
TRANSFERS
Transfers in - - 7,579,908
CHANGE IN NET ASSETS (900,000)$ 2,121,007 7,504,627
NET ASSETS, JANUARY 1 7,504,627 -
NET ASSETS, DECEMBER 31 9,625,634$ 7,504,627$
2007
(With Comparative Actual for 2006)
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
FACILITIES REPLACEMENT FUND
(See independent auditor's report.)
- 141 -
FIDUCIARY FUNDS
Pension Trust
Police Pension Fund -to account for the resources necessary to provide disability and retirement
benefit s to personnel of the Glenview Police Department.
Firefighters’Pension Fund -to account for the resources necessary to provide disability and
retirement benefits to personnel of the Glenview Fire Department.
Agency
Special Service Areas Fund -to account for various special service area bond issues.
VILLAGE OF GLENVIEW, ILLINOIS
PENSION TRUST FUNDS
December 31, 2007
Police Firefighters'
Pension Pension Totals
ASSETS
Cash and cash equivalents 1,191,231$ 687,630$ 1,878,861$
Investments
U.S. Government and agency obligations 26,253,413 28,790,742 55,044,155
Mutual funds 17,337,263 18,529,539 35,866,802
Insurance contracts - 1,275,104 1,275,104
Total investments 43,590,676 48,595,385 92,186,061
Total assets 44,781,907 49,283,015 94,064,922
LIABILITIES
Accounts payable 6,250 - 6,250
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 44,775,657$ 49,283,015$ 94,058,672$
COMBINING STATEMENT OF PLAN NET ASSETS
See accompanying notes to financial statements.
- 142 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2007
Police Firefighters'
Pension Pension Total
ADDITIONS
Contributions - employer 1,157,437$ 1,416,463$ 2,573,900$
Contributions - plan members 584,099 628,306 1,212,405
Total contributions 1,741,536 2,044,769 3,786,305
Investment income
Net appreciation (depreciation) in fair
value of investments 927,024 (599,441) 327,583
Interest earned on investments 2,603,699 2,939,618 5,543,317
Total investment inco me 3,530,723 2,340,177 5,870,900
Less investment expense (44,954) (80,026) (124,980)
Net investment income 3,485,769 2,260,151 5,745,920
Total additions 5,227,305 4,304,920 9,532,225
DEDUCTIONS
Pensions and refunds 1,711,409 2,876,192 4,587,601
Total deductions 1,711,409 2,876,192 4,587,601
NET INCREASE 3,515,896 1,428,728 4,944,624
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 41,259,761 47,854,287 89,114,048
December 31 44,775,657$ 49,283,015$ 94,058,672$
See accompanying notes to financial statements.
- 143 -
Original
and Final 2006
Budget Actual Actual
ADDITIONS
Contributions - employer 1,295,000$ 1,157,437$ 930,687$
Contributions - employees 650,000 584,099 708,716
Total contributions 1,945,000 1,741,536 1,639,403
Investment income
Net appreciation (depreciation) in
fair value of investments - 927,024 680,148
Interest earned on investments 1,351,500 2,603,699 1,767,685
Total investment income 1,351,500 3,530,723 2,447,833
Less investment expense (40,000) (44,954) (53,455)
Net investment income 1,311,500 3,485,769 2,394,378
Total additions 3,256,500 5,227,305 4,033,781
DEDUCTIONS
Retirement pension 1,717,387 1,403,123 1,385,083
Widow pension 197,732 274,067 193,322
Contribution refund - - 1,793
Disability pension 34,220 34,219 34,219
Total deductions 1,949,339 1,711,409 1,614,417
NET INCREASE 1,307,161$ 3,515,896 2,419,364
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 41,259,761 38,840,397
December 31 44,775,657$ 41,259,761$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
BUDGET AND ACTUAL
POLICE PENSION FUND
(See independent auditor's report.)
- 144 -
Original
and Final 2006
Budget Actual Actual
ADDITIONS
Contributions - employer 1,560,000$ 1,416,463$ 1,081,738$
Contributions - employees 615,000 628,306 574,334
Total contributions 2,175,000 2,044,769 1,656,072
Investment income
Net appreciation (depreciation) in
fair value of investments - (599,441) (1,153,944)
Interest earned on investments 1,326,500 2,939,618 3,384,416
Total investment income 1,326,500 2,340,177 2,230,472
Less investment expense (40,000) (80,026) (12,400)
Net investment income 1,286,500 2,260,151 2,218,072
Total additions 3,461,500 4,304,920 3,874,144
DEDUCTIONS
Retirement pension 2,352,657 2,371,618 1,992,391
Widow pension 63,604 127,053 63,604
Contribution refunds - - 4,505
Disability pension 376,359 377,521 379,745
Total deductions 2,792,620 2,876,192 2,440,245
NET INCREASE 668,880$ 1,428,728 1,433,899
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 47,854,287 46,420,388
December 31 49,283,015$ 47,854,287$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
BUDGET AND ACTUAL
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 145 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended December 31, 2007
Balances Balances
January 1 Additions Deductions December 31
Cash 41,266$ 116,226$ 144,146$ 13,346$
Receivables - property taxes 135,362 115,920 115,920 135,362
TOTAL ASSETS 176,628$ 232,146$ 260,066$ 148,708$
Due to bondholders 176,628$ 232,146$ 260,066$ 148,708$
ASSETS
LIABILITIES
Special Service Areas Fund
See accompanying notes to financial statements.
- 146 -
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.
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS AND BALANCE SHEET
COMPONENT UNIT - LIBRARY FUND
December 31, 2007
Nonmajor
Governmental Statement
General Funds Total Adjustments of Net Assets
ASSETS
Cash 415,542$ 75,751$ 491,293$ -$ 491,293$
Investments 3,485,567 542,776 4,028,343 - 4,028,343
Receivables
Property taxes 4,265,755 - 4,265,755 - 4,265,755
Accounts 166 - 166 - 166
Due from other funds - 298,262 298,262 (298,262) -
Capital assets not being depreciated - - - 500,000 500,000
Capital assets net of accumulated
depreciation - - - 2,061,054 2,061,054
TOTAL ASSETS 8,167,030$ 916,789$ 9,083,819$ 2,262,792$ 11,346,611$
LIABILITIES
Accounts payable 210,039$ 19,762$ 229,801$ -$ 229,801$
Accrued payroll 44,639 - 44,639 - 44,639
Accrued compensated absences - - - 191,839 191,839
Deferred property taxes 3,858,994 - 3,858,994 - 3,858,994
Due to other funds 298,262 - 298,262 (298,262) -
Due to primary government 14,480 - 14,480 - 14,480
Advances from primary government - 330,756 330,756 - 330,756
Total liabilities 4,426,414 350,518 4,776,932 (106,423) 4,670,509
FUND BALANCE/NET ASSETS
Net assets
Invested in capital assets - - - 2,561,054 2,561,054
Restricted for gifts - 578,647 578,647 - 578,647
Restricted for capital development - 338,015 338,015 (191,839) 146,176
Restricted for culture and recreation 3,740,616 (350,391) 3,390,225 - 3,390,225
Total fund balance/net assets 3,740,616 566,271 4,306,887 2,369,215 6,676,102
TOTAL LIABILITIES AND
FUND BALANCE/NET ASSETS 8,167,030$ 916,789$ 9,083,819$ 2,262,792$ 11,346,611$
LIABILITIES AND FUND BALANCE/
NET ASSETS
See accompanying notes to financial statements.
- 147 -
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 31, 2007
Original and Nonmajor
Final Governental Statement
Budget General Funds Total Adjustments of Activities
REVENUES
Taxes
Property taxes - current 5,322,403$ 5,211,647$ -$ 5,211,647$ -$ 5,211,647$
Replacement taxes 29,000 29,000 - 29,000 - 29,000
Intergovernmental
Per capita grant 55,000 54,376 - 54,376 - 54,376
Make-whole payment 545,000 568,524 - 568,524 - 568,524
Charges for services 140,250 138,500 - 138,500 - 138,500
Investment income 82,000 174,762 24,538 199,300 - 199,300
Miscellaneous
Donations - - 39,692 39,692 - 39,692
Other 8,000 18,024 - 18,024 - 18,024
Total revenues 6,181,653 6,194,833 64,230 6,259,063 - 6,259,063
EXPENDITURES
Culture and recreation 33,192,444 5,411,393 8,524 5,419,917 333,806 5,753,723
Capital outlay - - 350,691 350,691 (350,691) -
Total expenditures 33,192,444 5,411,393 359,215 5,770,608 (16,885) 5,753,723
EXCESS OF (DEFICIENCY) REVENUES
OVER EXPENDITURES (27,010,791) 783,440 (294,985) 488,455 16,885 505,340
OTHER FINANCING SOURCES (USES)
Transfers in - - 298,262 298,262 (298,262) -
Transfers (out)- (298,262) - (298,262) 298,262 -
Total other financing sources (uses)- (298,262) 298,262 - - -
NET CHANGE IN FUND BALANCE (27,010,791)$ 485,178 3,277 488,455 16,885 505,340
FUND BALANCE, JANUARY 1 3,255,438 439,565 3,695,003 2,352,330 6,047,333
Prior period adjustment - 123,429 123,429 - 123,429
FUND BALANCE, JANUARY 1,
AS RESTATED 3,255,438 562,994 3,818,432 2,352,330 6,170,762
FUND BALANCE, DECEMBER 31 3,740,616$ 566,271$ 4,306,887$ 2,369,215$ 6,676,102$
(See independent auditor's report.)
- 148 -
Special Revenue
Watson Library Wavering
Gift Gift Gift
Cash 1,993$ 7,653$ 12,823$
Investments 128,514 111,963 63,106
Receivables
Due from other funds - - -
TOTAL ASSETS 130,507$ 119,616$ 75,929$
LIABILITIES
Accounts payable -$ 127$ -$
Advances from primary government - - -
Total liabilities - 127 -
FUND BALANCES
Reserved for gifts 130,507 119,489 75,929
Reserved for capital development - - -
Unreserved - undesignated
Capital Project Funds - - -
Total fund balances (deficit)130,507 119,489 75,929
TOTAL LIABILITIES AND
FUND BALANCES 130,507$ 119,616$ 75,929$
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2007
ASSETS
LIABILITIES AND FUND BALANCES
COMPONENT UNIT - LIBRARY FUNDS
- 149 -
Special
Revenue
GLA Library Library Capital
Gift Capital Building Reserve Total
13,529$ 39,753$ -$ -$ 75,751$
239,193 - - - 542,776
- - - 298,262 298,262
252,722$ 39,753$ -$ 298,262$ 916,789$
-$ -$ 19,635$ -$ 19,762$
- - 330,756 - 330,756
- - 350,391 - 350,518
252,722 - - - 578,647
- 39,753 - 298,262 338,015
- - (350,391) - (350,391)
252,722 39,753 (350,391) 298,262 566,271
252,722$ 39,753$ -$ 298,262$ 916,789$
Capital Projects
See accompanying notes to financial statements.
- 150 -
COMPONENT UNIT - LIBRARY FUNDS
Special Revenue
Watson Library Wavering
Gift Gift Gift
REVENUES
Investment income 7,128$ 4,632$ 2,549$
Miscellaneous
Donations - 600 -
Total revenues 7,128 5,232 2,549
EXPENDITURES
Current
Culture and recreaction 50 6,631 -
Capital outlay 300 -
Total expenditures 50 6,931 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 7,078 (1,699) 2,549
OTHER FINANCING SOURCES (USES)
Transfers in - - -
Total other financing sources (uses)- - -
NET CHANGE IN FUND BALANCES 7,078 (1,699) 2,549
FUND BALANCES, JANUARY 1 - 121,188 73,380
PRIOR PERIOD ADJUSTMENT 123,429 - -
FUND BALANCES, JANUARY 1, AS RESTATED 123,429 121,188 73,380
FUND BALANCES (DEFICIT), DECEMBER 31 130,507$ 119,489$ 75,929$
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
- 151 -
Special
Revenue
GLA Library Library Capital
Gift Capital Building Reserve Total
9,568$ 661$ -$ -$ 24,538$
- 39,092 - - 39,692
9,568 39,753 - - 64,230
1,843 - - - 8,524
- - 350,391 - 350,691
1,843 - 350,391 - 359,215
7,725 39,753 (350,391) - (294,985)
- - - 298,262 298,262
- - - 298,262 298,262
7,725 39,753 (350,391) 298,262 3,277
244,997 - - - 439,565
- - - - 123,429
244,997 - - - 562,994
252,722$ 39,753$ (350,391)$ 298,262$ 566,271$
Capital Projects
See accompanying notes to financial statements.
- 152 -
Original
and Final 2006
Budget Actual Actual
CULTURE AND RECREATION
Operations
Regular salaries 1,810,323$ 1,881,743$ 1,735,045$
Part time salaries 1,291,804 977,952 917,159
Overtime salaries - 94,465 87,073
Temporary/seasonal salaries - 6,541 -
F.I.C.A. payments 232,456 221,530 206,045
IMRF 311,461 268,135 247,161
Health insurance 348,200 348,200 371,136
Selection and promotion 5,000 8,501 1,678
Legal and professional fees 75,000 29,937 25,459
Public information 7,500 4,913 2,325
Electronic resources 156,600 166,009 126,097
Printing, binding and publication 40,800 42,142 28,465
Utilities 30,000 20,192 16,519
Postage 30,575 22,618 19,722
Telephone 32,150 23,809 29,157
Dues and subscriptions 7,950 8,157 7,674
Maintenance of equipment and vehicles 56,400 40,835 43,417
Maintenance of buildings 90,000 76,076 77,182
Maintenance supplies 14,500 9,560 14,913
General insurance 74,000 84,558 44,192
Training 57,025 40,308 34,162
Employee welfare 5,250 5,541 2,096
Trustee expenditures 5,000 3,785 5,417
Director expenditures 2,000 893 805
Library programs 40,600 37,556 29,925
ADA compliance 500 - -
Insurance 6,500 9,228 7,648
Contingencies 195,000 64,120 21,664
Miscellaneous 16,300 10,133 4,946
Office supplies 17,550 11,121 16,394
Computer supplies 10,200 10,955 10,280
Processing supplies 14,100 11,044 10,859
Circulation supplies 15,000 11,727 9,997
Audio visual supplies 14,000 14,959 4,773
Books, pamphlets and materials 453,950 461,052 414,019
Periodicals 54,800 43,282 41,616
Audiovisual 79,500 77,639 82,037
For the Year Ended December 31, 2007
2007
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
COMPONENT UNIT - LIBRARY FUND
(With Comparative Actual for 2006)
(This schedule is continued on the following page.)
- 153 -
Original
and Final 2006
Budget Actual Actual
CULTURE AND RECREATION (Continued)
Operations (Continued)
Micro-form 46,500$ 39,761$ 37,892$
Uniforms 1,400 902 1,122
Cataloging 35,000 27,447 31,759
Other supplies and tools 15,000 12,127 11,139
Machinery and equipment 16,650 17,037 15,877
Municipal equipment repair - - 3,552
Village wide information system 119,400 121,509 78,792
Automation project 42,500 29,394 182,286
Capital building project - - 153,147
Administrative charge - General Fund 14,000 14,000 14,000
Total Operations 5,892,444 5,411,393 5,226,623
Watson Gift
Miscellaneous - 50 -
Library Gift
Maintenance of buildings - 1,520 1,520
Library programs - 2,281 15,230
Audio visual supplies - 525 3,234
Other supplies and tools - 2,305 2,171
Machinery and equipment - 300 15,888
Total Library Gift - 6,931 38,043
GLA Gift
Miscellaneous - 1,843 1,848
Library Building
Capital building project 27,300,000 350,391 -
TOTAL EXPENDITURES 33,192,444$ 5,770,608$ 5,266,514$
2007
For the Year Ended December 31, 2007
(With Comparative Actual for 2006)
VILLAGE OF GLENVIEW, ILLINOIS
COMPONENT UNIT - LIBRARY FUND
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(See independent auditor's report.)
- 154 -
Date of Issue
Date of Maturity
Authorized Issue 6,175,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
001-717 4.875%
718-792 4.900%
793-1235 5.000%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
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
390,000$ 23,158$ 413,158$ 11,579$ 11,579$
NOTE:Debt service is payable from the North Maine Water and Sewerage Fund.
Bonds numbered 544 through 1,235 were refunded with the proceeds of the 2003B G. O. Bonds
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
August 15, 1997
December 1, 2017
June 1 and December 1
December 1
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1997
December 31, 2007
(See independent auditor's report.)
- 155 -
Date of Issue
Date of Maturity
Authorized Issue 2,850,000$
Interest Rates 4.942%
Interest Dates
Principal Maturity Date
Payable at North Suburban Public Utility
Overland Park, Kansas
Fiscal
Year Principal Interest Totals
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
1,915,164$ 669,347$ 2,584,511$
NOTE:Debt service is payable from the North Maine Water and Sewerage Fund.
Requirements
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
September 2, 1997
September 1, 2019
September 1
September 1
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE NOTES OF 1997
December 31, 2007
(See independent auditor's report.)
- 156 -
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates Bonds Rate
1-154 4.250%
155-2215 4.375%
2216-2589 4.400%
2590-4880 4.500%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 1,790,000$ 676,068$ 2,466,068$ 2008 338,034$ 2008 338,034$
2009 1,870,000 597,755 2,467,755 2009 298,878 2009 298,878
2010 1,955,000 515,475 2,470,475 2010 257,737 2010 257,737
2011 2,050,000 427,500 2,477,500 2011 213,750 2011 213,750
2012 1,450,000 335,250 1,785,250 2012 167,625 2012 167,625
2013 1,000,000 270,000 1,270,000 2013 135,000 2013 135,000
2014 1,000,000 225,000 1,225,000 2014 112,500 2014 112,500
2015 1,000,000 180,000 1,180,000 2015 90,000 2015 90,000
2016 1,000,000 135,000 1,135,000 2016 67,500 2016 67,500
2017 1,000,000 90,000 1,090,000 2017 45,000 2017 45,000
2018 1,000,000 45,000 1,045,000 2018 22,500 2018 22,500
15,115,000$ 3,497,048$ 18,612,048$ 1,748,524$ 1,748,524$
NOTE:
24,400,000$
5,000$
Debt service is payable from the Debt Service Fund using monies transferred from GNAS Redevelopment
project revenues.
June 1 and December 1
December 1
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
January 1, 1999
December 1, 2018
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1998B
December 31, 2007
(See independent auditor's report.)
- 157 -
Date of Issue
Date of Maturity
Authorized Issue 4,970,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-69 4.30%
70-795 4.40%
796-994 4.50%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
2008 796-994 1,000,000$ 45,000$ 1,045,000$ 2008 22,500$ 2008 22,500$
1,000,000$ 45,000$ 1,045,000$ 22,500$ 22,500$
NOTE:
Tax Levy Interest Due on
Principal and interest will be paid from a property tax levy. The bond proceeds will be used for infrastructure
improvements throughout the Village.
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2000
December 31, 2007
December 15, 2000
December 1, 2008
June 1 and December 1
December 1
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 158 -
Date of Issue
Date of Maturity
Authorized Issue 41,800,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-200 3.50%
201-1160 3.75%
1161-5160 4.00%
5161-6160 4.125%
6161-7260 4.25%
7261-8360 4.35%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
2008 3161-4160 5,000,000$ 1,079,250$ 6,079,250$ 2008 539,625$ 2008 539,625$
2009 4161-5160 5,000,000 879,250 5,879,250 2009 439,625 2009 439,625
2010 5161-6160 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625
2011 6161-7260 5,500,000 473,000 5,973,000 2011 236,500 2011 236,500
2012 7261-8360 5,500,000 239,250 5,739,250 2012 119,625 2012 119,625
26,000,000$ 3,350,000$ 29,350,000$ 1,675,000$ 1,675,000$
NOTE:
December 1
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
Debt service is payable from the Debt Service Fund using monies transferred from GNAS Redevelopment project
revenues.
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2001
December 31, 2007
August 1, 2001
December 1, 2012
June 1 and December 1
(See independent auditor's report.)
- 159 -
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003A
December 31, 2007
Date of Issue
Date of Maturity
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 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and Trust Co.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
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
5,540,000$ 874,568$ 6,414,568$ 437,284$ 437,284$
NOTE:
Interest Due OnTax Levy
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 Water and Sewerage
Fund 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.
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
April 1, 2003
December 1, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 160 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003B
December 31, 2007
Date of Issue
Date of Maturity
Authorized Issue 1,955,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-32 1.300%
33-68 1.600%
69-105 1.800%
106-142 2.000%
143-180 2.400%
181-219 2.800%
220-260 3.200%
261-302 3.500%
303-346 3.800%
347-391 3.850%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and Trust Co.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
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
1,055,000$ 116,500$ 1,171,500$ 58,250$ 58,250$
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.
VILLAGE OF GLENVIEW, ILLINOIS
Tax Levy Interest Due On
April 1, 2003
December 1, 2012
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 161 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2004A
December 31, 2007
Date of Issue
Date of Maturity
Authorized Issue 25,000,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-25 2.000%
26-50 2.125%
51-110 2.500%
111-215 2.750%
216-570 3.000%
571-980 3.250%
981-1340 3.375%
1341-3350 3.700%
3351-5000 4.000%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 525,000$ 896,912$ 1,421,912$ 2008 448,456$ 2008 448,456$
2009 1,775,000 882,476 2,657,476 2009 441,238 2009 441,238
2010 2,050,000 829,226 2,879,226 2010 414,613 2010 414,613
2011 1,800,000 762,600 2,562,600 2011 381,300 2011 381,300
2012 2,125,000 701,850 2,826,850 2012 350,925 2012 350,925
2013 7,925,000 623,226 8,548,226 2013 311,613 2013 311,613
2014 8,250,000 330,000 8,580,000 2014 165,000 2014 165,000
24,450,000$ 5,026,290$ 29,476,290$ 2,513,145$ 2,513,145$
NOTE:
Tax Levy Interest Due On
Principal and interest is payable from Glen Redevelopment project revenues.
VILLAGE OF GLENVIEW, ILLINOIS
August 1, 2004
December 1, 2014
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 162 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2004B
December 31, 2007
Date of Issue
Date of Maturity
Authorized Issue 22,315,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-413 3.500%
414-633 3.625%
634-863 3.875%
864-1863 4.000%
1864-2138 4.100%
2139-2428 4.200%
2429-2728 4.250%
2729-3043 4.375%
3044-3373 4.400%
3374-3718 4.500%
3719-4083 4.625%
4084-4463 4.700%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 -$ 930,576$ 930,576$ 2008 465,288$ 2008 465,288$
2009 1,015,000 930,576 1,945,576 2009 465,288 2009 465,288
2010 1,050,000 895,050 1,945,050 2010 447,525 2010 447,525
2011 1,100,000 858,300 1,958,300 2011 429,150 2011 429,150
2012 1,150,000 818,426 1,968,426 2012 409,213 2012 409,213
2013 1,175,000 773,862 1,948,862 2013 386,931 2013 386,931
2014 1,225,000 726,862 1,951,862 2014 363,431 2014 363,431
2015 1,275,000 677,862 1,952,862 2015 338,931 2015 338,931
2016 1,325,000 626,862 1,951,862 2016 313,431 2016 313,431
2017 1,375,000 573,862 1,948,862 2017 286,931 2017 286,931
2018 1,450,000 517,488 1,967,488 2018 258,744 2018 258,744
2019 1,500,000 456,588 1,956,588 2019 228,294 2019 228,294
2020 1,575,000 392,838 1,967,838 2020 196,419 2020 196,419
2021 1,650,000 323,932 1,973,932 2021 161,966 2021 161,966
2022 1,725,000 251,332 1,976,332 2022 125,666 2022 125,666
2023 1,825,000 173,706 1,998,706 2023 86,853 2023 86,853
2024 1,900,000 89,300 1,989,300 2024 44,650 2024 44,650
22,315,000$ 10,017,422$ 32,332,422$ 5,008,711$ 5,008,711$
NOTE:
Tax Levy Interest Due On
Principal and interest is payable from a property tax levy.
VILLAGE OF GLENVIEW, ILLINOIS
August 1, 2004
December 1, 2024
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 163 -
Date of Issue
Date of Maturity
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
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
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 1,275,000 347,812 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 1,600,000 193,124 1,793,124 2016 96,562 2016 96,562
2017 1,725,000 133,124 1,858,124 2017 66,562 2017 66,562
2018 1,825,000 68,438 1,893,438 2018 34,219 2018 34,219
10,000,000$ 3,164,750$ 13,164,750$ 1,582,375$ 1,582,375$
NOTE:Principal and interest is payable from Glen Redevelopment project revenues.
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
November 1, 2005
December 1, 2018
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2005
December 31, 2007
(See independent auditor's report.)
- 164 -
Date of Issue
Date of Maturity
Authorized Issue 10,000,000$
Denomination of Bonds 5,000$
Interest Rates 3.750%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 -$ 375,000$ 375,000$ 2008 187,500$ 2008 187,500$
2009 - 375,000 375,000 2009 187,500 2009 187,500
2010 - 375,000 375,000 2010 187,500 2010 187,500
2011 - 375,000 375,000 2011 187,500 2011 187,500
2012 - 375,000 375,000 2012 187,500 2012 187,500
2013 - 375,000 375,000 2013 187,500 2013 187,500
2014 - 375,000 375,000 2014 187,500 2014 187,500
2015 2,350,000 375,000 2,725,000 2015 187,500 2015 187,500
2016 2,450,000 286,876 2,736,876 2016 143,438 2016 143,438
2017 2,550,000 191,250 2,741,250 2017 95,625 2017 95,625
2018 2,650,000 99,376 2,749,376 2018 49,688 2018 49,688
10,000,000$ 3,577,502$ 13,577,502$ 1,788,751$ 1,788,751$
NOTE:Principal and interest is payable from Glen Redevelopment project revenues.
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2006A
December 31, 2007
December 1, 2006
December 1, 2018
(See independent auditor's report.)
- 165 -
Date of Issue
Date of Maturity
Authorized Issue 27,940,000$
Denomination of Bonds 5,000$
Interest Rates 4.700%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 -$ 1,313,180$ 1,313,180$ 2008 656,590$ 2008 656,590$
2009 27,940,000 1,313,180 29,253,180 2009 656,590 2009 656,590
27,940,000$ 2,626,360$ 30,566,360$ 1,313,180$ 1,313,180$
NOTE:Interest is payable from capitalized proceeds. Principal is payable from proceeds of land sales.
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND TAXABLE SERIES OF 2006B
December 31, 2007
December 1, 2006
December 1, 2009
(See independent auditor's report.)
- 166 -
Date of Issue
Date of Maturity
Authorized Issue 5,000,000$
Denomination of Bonds 5,000$
Interest Rates 3.50% - 3.75%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 480,000$ 171,974$ 651,974$ 2008 82,508$ 2008 89,466$
2009 500,000 162,132 662,132 2009 81,066 2009 81,066
2010 515,000 144,632 659,632 2010 72,316 2010 72,316
2011 535,000 126,608 661,608 2011 63,304 2011 63,304
2012 555,000 107,882 662,882 2012 53,941 2012 53,941
2013 570,000 88,180 658,180 2013 44,090 2013 44,090
2014 595,000 67,660 662,660 2014 33,830 2014 33,830
2015 615,000 45,942 660,942 2015 22,971 2015 22,971
2016 635,000 23,496 658,496 2016 11,748 2016 11,748
5,000,000$ 938,506$ 5,938,506$ 465,774$ 472,732$
NOTE:Principal and interest is payable from the Waterworks and Sewerage Funds.
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2007A
December 31, 2007
December 15, 2007
December 1, 2016
(See independent auditor's report.)
- 167 -
Date of Issue
Date of Maturity
Authorized Issue 1,200,000$
Denomination of Bonds 5,000$
Interest Rates 4.80% - 5.00%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2008 135,000$ 56,179$ 191,179$ 2008 26,953$ 2008 29,226$
2009 135,000 51,972 186,972 2009 25,986 2009 25,986
2010 135,000 45,494 180,494 2010 22,747 2010 22,747
2011 135,000 39,012 174,012 2011 19,506 2011 19,506
2012 135,000 32,534 167,534 2012 16,267 2012 16,267
2013 135,000 25,984 160,984 2013 12,992 2013 12,992
2014 130,000 19,370 149,370 2014 9,685 2014 9,685
2015 130,000 12,934 142,934 2015 6,467 2015 6,467
2016 130,000 6,500 136,500 2016 3,250 2016 3,250
1,200,000$ 289,979$ 1,489,979$ 143,853$ 146,126$
NOTE:Principal and interest is payable from the North Maine Water and Sewerage Fund.
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND TAXABLE SERIES OF 2007B
December 31, 2007
December 15, 2007
December 1, 2016
(See independent auditor's report.)
- 168 -
GNAS
GNAS GNAS Bond Fund
Redevelopment Caretaker Series 1995
Cash 92,010$ 36,221$ 32,737$
Investments - - 717,712
Receivables
Other - - -
Note receivable - - -
Land held for resale - - -
Due from other governments - - 1,566,086
Due from other funds - 8,337 4,420
TOTAL ASSETS 92,010$ 44,558$ 2,320,955$
LIABILITIES
Accounts payable 15,789$ 138,411$ 1,486,854$
Accrued payroll 2,042 4,671 -
Due to other funds 834 58,746 -
Advance to other funds - - -
Deferred revenues - - -
Total liabilities 18,665 201,828 1,486,854
FUND BALANCES
Reserved for capital development - - -
Reserved for long-term receivable - - -
Unreserved
Undesignated (deficit) for Special Revenue Fund 73,345 (157,270) -
Undesignated for Capital Projects Fund - - 834,101
Total fund balances (deficit)73,345 (157,270) 834,101
TOTAL LIABILITIES AND
FUND BALANCES 92,010$ 44,558$ 2,320,955$
ASSETS
LIABILITIES AND FUND BALANCES
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
GNAS FUNDS
December 31, 2007
- 169 -
Special 2004 Glen
Tax Glen Land
Allocation Bond Sales 2006A Bond 2006B Bond Total
154,684$ -$ 448,640$ 994$ 5,526$ 770,812$
- - 3,897,897 10,428,034 2,254,329 17,297,972
- - 750,000 - - 750,000
1,580,000 - - - - 1,580,000
- - 23,891,262 - - 23,891,262
- - - - - 1,566,086
12,563 - - - - 25,320
1,747,247$ -$ 28,987,799$ 10,429,028$ 2,259,855$ 45,881,452$
-$ -$ -$ -$ -$ 1,641,054$
- - - - - 6,713
3,806,942 - - - - 3,866,522
- - 14,853,245 - - 14,853,245
- - 18,976 - - 18,976
3,806,942 - 14,872,221 - - 20,386,510
- - - 10,429,028 2,259,855 12,688,883
1,580,000 - - - - 1,580,000
(3,639,695) - - - - (3,723,620)
- - 14,115,578 - - 14,949,679
(2,059,695) - 14,115,578 10,429,028 2,259,855 25,494,942
1,747,247$ -$ 28,987,799$ 10,429,028$ 2,259,855$ 45,881,452$
See accompanying notes to financial statements.
- 170 -
GNAS
GNAS GNAS Bond Fund
Redevelopment Caretaker Series 1995
REVENUES
Taxes -$ -$ -$
Intergovernmental - - 1,324,732
Charges for services 710 790 -
Investment income - - 21,837
Contributions - - 3,138
Miscellaneous
Land sales - - -
Other 2 2,696 46,767
Total revenues 712 3,486 1,396,474
EXPENDITURES
Current
General government 727,417 2,043,752 -
Debt service
Principal - - -
Interest and fiscal charges - - -
Capital outlay - - 1,861,064
Total expenditures 727,417 2,043,752 1,861,064
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (726,705) (2,040,266) (464,590)
OTHER FINANCING SOURCES (USES)
Transfers in 645,000 1,525,000 1,461,153
Transfers (out)- - (1,771,855)
Total other financing sources (uses)645,000 1,525,000 (310,702)
NET CHANGE IN FUND BALANCES (81,705) (515,266) (775,292)
FUND BALANCES (DEFICIT), JANUARY 1 155,050 357,996 1,055,100
Prior period adjustment - - 554,293
FUND BALANCES, JANUARY 1, AS RESTATED 155,050 357,996 1,609,393
FUND BALANCES (DEFICIT), DECEMBER 31 73,345$ (157,270)$ 834,101$
For the Year Ended December 31, 2007
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GNAS FUNDS
- 171 -
Special 2004 Glen
Tax Glen Land
Allocation Bond Sales 2006A Bond 2006B Bond Total
20,502,841$ -$ -$ -$ -$ 20,502,841$
- - - - - 1,324,732
- - - - - 1,500
294,965 35,559 237,627 457,450 983,167 2,030,605
- - - - - 3,138
- - 1,003,082 - - 1,003,082
- - 5,710 - - 55,175
20,797,806 35,559 1,246,419 457,450 983,167 24,921,073
10,695,285 - 9,820 - - 13,476,274
8,010,000 - - - - 8,010,000
3,718,623 - 682,465 - 250 4,401,338
- - - - - 1,861,064
22,423,908 - 692,285 - 250 27,748,676
(1,626,102) 35,559 554,134 457,450 982,917 (2,827,603)
- - 22,617,218 - - 26,248,371
(2,170,000) (1,461,153) (200,616) - (22,617,218) (28,220,842)
(2,170,000) (1,461,153) 22,416,602 - (22,617,218) (1,972,471)
(3,796,102) (1,425,594) 22,970,736 457,450 (21,634,301) (4,800,074)
1,736,407 1,425,594 (8,855,158) 9,971,578 23,894,156 29,740,723
- - - - - 554,293
1,736,407 1,425,594 (8,855,158) 9,971,578 23,894,156 30,295,016
(2,059,695)$ -$ 14,115,578$ 10,429,028$ 2,259,855$ 25,494,942$
(See independent auditor's report.)
- 172 -
STATISTICAL SECTION
This part of the Village’s comprehensive annual financial report presents detailed information as a
context for understanding what the information in the financial statements, note disclosures and
required supplementary information displays about the Village’s overall financial health.
Contents Page(s)
Financial Trends
These schedules contain trend information to help the reader understand
how the Village’s financial performance and well-being have been changed
over time.173-177
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
mo st significant local revenue source, the property tax.178-182
Debt Capacity
The schedules present information to help the reader assess the affordability
of the Village’s current levels of outstanding debt and the Village’s abilit y
to issue additional debt in the future.183-186
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the Village’s financial
activit ies take place.187-188
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to
the services the Village provides and the activities it performs.189-191
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports fo r the relevant year. The Village implement ed GASB
Statement No. 34 in 2003; schedules presenting government-wide information include information
beginning in t hat year.
VILLAGE OF GLENVIEW, ILLINOIS
NET ASSETS BY COMPONENT
Last Five Fiscal Years
Fiscal Year 2003 2004 2005 2006 2007
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 47,651,206$ 28,587,161$ 78,806,902$ 95,946,179$ 83,298,383$
Restricted 57,086,081 82,555,054 26,303,618 53,518,524 54,229,537
Unrestricted 23,515,126 34,693,402 58,039,098 38,168,571 55,636,297
TOTAL GOVERNMENTAL ACTIVITIES 128,252,413$ 145,835,617$ 163,149,618$ 187,633,274$ 193,164,217$
BUSINESS-TYPE ACTIVITIES
Invested in capital assets
net of related debt 25,625,660$ 25,037,005$ 29,095,596$ 42,488,713$ 40,143,214$
Restricted - - - - -
Unrestricted 15,802,389 13,235,513 12,594,422 7,552,672 12,344,058
TOTAL BUSINESS-TYPE ACTIVITIES 41,428,049$ 38,272,518$ 41,690,018$ 50,041,385$ 52,487,272$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 73,276,866$ 53,624,166$ 107,902,498$ 138,434,892$ 123,441,597$
Restricted 57,086,081 82,555,054 26,303,618 53,518,524 54,229,537
Unrestricted 39,317,515 47,928,915 70,633,520 45,721,243 67,980,355
TOTAL PRIMARY GOVERNMENT 169,680,462$ 184,108,135$ 204,839,636$ 237,674,659$ 245,651,489$
Data Source
Audited Financial Statements
- 173 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGE IN NET ASSETS
Last Five Fiscal Years
Fiscal Year 2003 2004 2005 2006 2007
EXPENSES
Governmental Activities
General government 16,286,886$ 20,361,570$ 20,282,723$ 13,929,198$ 24,038,572$
Public safety 19,048,844 19,521,633 25,343,033 28,395,261 25,405,356
Highways and streets 79,331,667 8,916,140 13,493,770 27,582,335 21,897,066
Interest 3,724,873 4,446,952 5,066,331 4,813,795 6,751,793
Total governmental activities expenses 118,392,270 53,246,295 64,185,857 74,720,589 78,092,787
Business-Type Activities
Waterworks 6,160,140 7,514,285 9,874,399 8,168,894 8,241,841
North Maine water and sewerage 5,042,768 5,021,042 4,923,144 5,396,165 5,822,693
Sewerage 635,561 921,736 1,083,937 1,544,514 1,221,484
Wholesale water 1,038,073 935,242 1,178,948 1,146,800 1,675,442
Commuter parking 196,475 335,308 412,459 433,318 458,586
Total business-type activities expenses 13,073,017 14,727,613 17,472,887 16,689,691 17,420,046
TOTAL PRIMARY GOVERNMENT EXPENSES 131,465,287$ 67,973,908$ 81,658,744$ 91,410,280$ 95,512,833$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 1,825,112$ 4,838,852$ 9,613,146$ 10,124,924$ 5,088,121$
Public safety 184,334 3,751,639 3,826,995 4,059,578 4,104,495
Other activities - 5,546 - - -
Operating grants and contributions - 1,323,171 1,684,597 1,576,594 2,644,741
Capital grants and contributions 2,628,122 4,188,201 2,603,905 702,691 1,473,479
Total governmental activities
program revenues 4,637,568 14,107,409 17,728,643 16,463,787 13,310,836
Business-Type Activities
Charges for services
Waterworks 8,739,735 7,446,294 8,726,117 7,654,017 8,251,413
North Maine water and sewerage 6,806,352 5,532,457 5,872,657 5,928,523 6,418,577
Sewerage 1,252,398 1,054,923 1,576,519 1,430,401 1,762,694
Wholesale water 1,709,155 1,655,339 1,707,316 1,692,776 1,522,626
Commuter parking 300,717 374,653 450,026 415,687 484,393
Operating grants and contributions - - - - -
Capital grants and contributions - - - - 73,908
Total business-type activities
program revenues 18,808,357 16,063,666 18,332,635 17,121,404 18,513,611
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 23,445,925$ 30,171,075$ 36,061,278$ 33,585,191$ 31,824,447$
- 174 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Five Fiscal Years
Fiscal Year 2003 2004 2005 2006 2007
NET (EXPENSE) REVENUE
Governmental activities (113,754,702)$ (39,138,886)$ (46,457,214)$ (58,256,802)$ (64,781,951)$
Business-type activities 5,735,340 1,336,053 859,748 431,713 1,093,565
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (108,019,362)$ (37,802,833)$ (45,597,466)$ (57,825,089)$ (63,688,386)$
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
Governmental Activities
Taxes
Property 14,983,339$ 20,500,281$ 27,379,366$ 31,368,247$ 29,533,794$
Other 6,354,530 865,343 8,932,829 7,674,636 7,938,804
Sales 10,830,776 13,588,877 16,410,735 17,797,774 18,238,196
Income 2,593,235 2,659,483 3,521,197 3,342,154 3,933,680
Intergovernmental 7,154,252 6,385,543 739,758 801,157 959,789
Investment income 2,941,206 1,093,764 2,911,937 3,553,730 7,202,556
Miscellaneous 1,012,998 1,637,093 367,096 271,124 2,473,480
Gain on sale of capital assets 8,844,386 2,829,367 91,504 18,899,176 467,801
Transfers 2,817,860 958,460 167,762 (4,697,721) (989,499)
Contributions - 6,088,573 12,330 - -
Total governmental activities 57,532,582 56,606,784 60,534,514 79,010,277 69,758,601
Business-Type Activities
Investment income 93,243 97,800 252,200 427,441 351,186
Miscellaneous 1,165,984 - 75,102 18,166 33,313
Gain (loss) on sale of capital assets - - (4,142) (48,424) (21,676)
Transfers (2,708,503) - (167,762) 4,697,721 989,499
Contributions 2,137,129 (958,460) 3,675,142 - -
Total business-type activities 687,853 (860,660) 3,830,540 5,094,904 1,352,322
TOTAL PRIMARY GOVERNMENT 58,220,435$ 55,746,124$ 64,365,054$ 84,105,181$ 71,110,923$
CHANGE IN NET ASSETS
Governmental activities (56,222,120)$ 17,467,898$ 14,077,300$ 20,753,475$ 4,976,650$
Business-type activities 6,423,193 475,393 4,690,288 5,526,617 2,445,887
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (49,798,927)$ 17,943,291$ 18,767,588$ 26,280,092$ 7,422,537$
Data Source
Audited Financial Statements
- 175 -
VILLAGE OF GLENVIEW, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
GENERAL FUND
Reserved 15,641$ 19,867$ 10,000$ 10,000$ 10,000$ -$ 30,860$ 150,800$ 250,974$ 202,583$
Unreserved 11,956,021 13,482,285 12,179,197 13,928,713 15,888,842 17,873,812 19,125,436 28,919,794 23,543,445 18,625,051
TOTAL GENERAL FUND 11,971,662$ 13,502,152$ 12,189,197$ 13,938,713$ 15,898,842$ 17,873,812$ 19,156,296$ 29,070,594$ 23,794,419$ 18,827,634$
ALL OTHER GOVERNMENTAL FUNDS
Reserved
Street improvements -$ -$ -$ -$ -$ 305,514$ 2,589,698$ 1,113,365$ 1,126,135$ 1,231,283$
Deposits - - - - - 186,780 - - - -
Prepaids 77,599 70,216 54,725 140,363 - - 19,350 - - -
Advance from other funds 476,344 476,344 - - 11,182,129 - 12,752,705 17,658,009 14,170,780 14,853,245
Debt service 2,388,599 3,651,914 2,431,244 2,811,524 1,048,923 1,067,757 3,293,488 1,674,443 4,606,278 2,870,654
Employee benefits - - - - - 460,141 201,060 - - -
Public safety - - - - - 661,661 674,732 560,855 671,794 452,367
Capital development 25,434,852 83,933,871 107,673,236 163,137,816 105,209,110 54,591,008 75,796,076 38,598,964 46,725,608 49,675,233
Long-term receivable - - - - - - - 800,000 800,000 1,580,000
Unreserved, reported in
Special Revenue Funds 732,645 407,898 2,191,399 2,382,204 3,764,779 2,394,290 2,508,852 (2,175,404) 3,098,776 (2,172,942)
Debt Service Funds - - - - - (2,557,215) (51,450) 400,940 37,589 (33,701)
Capital Project Funds - - - (4,845,694) (3,553,126) (5,172,490) (11,871,587) (16,480,597) 13,962,128 14,513,477
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 29,110,039$ 88,540,243$ 112,350,604$ 163,626,213$ 117,651,815$ 51,937,446$ 85,912,924$ 42,150,575$ 85,199,088$ 82,969,616$
Data Source
Audited Financial Statements
- 176 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
REVENUES
Taxes 12,013,364$ 11,726,935$ 12,930,782$ 13,450,855$ 15,725,219$ 21,337,869$ 28,087,345$ 38,404,632$ 40,230,230$ 40,995,097$
Intergovernmental 12,720,078 13,429,473 14,352,351 14,933,624 16,344,483 20,578,263 25,352,795 25,621,631 25,820,915 26,398,055
Charges for services 3,172,590 2,216,921 2,739,354 3,002,705 2,754,026 2,757,078 3,184,513 8,197,463 3,125,289 3,347,415
Licenses and permits 1,325,782 1,233,680 1,737,399 2,810,000 2,415,483 1,671,554 2,128,826 1,935,601 1,444,631 1,317,359
Fines and forfeitures 232,855 281,525 224,431 215,284 207,720 208,936 249,956 223,917 223,430 242,596
Investment income 3,262,767 3,667,513 6,053,910 8,188,234 4,431,745 2,941,206 1,814,903 3,863,413 3,766,389 6,139,481
Miscellaneous
Land sales - - - - - 8,919,398 2,893,460 - 18,899,176 1,003,082
Other 1,322,960 86,879,638 46,853,339 36,515,857 7,998,164 1,012,998 741,306 696,380 732,406 1,892,301
Total revenues 34,050,396 119,435,685 84,891,566 79,116,559 49,876,840 59,427,302 64,453,104 78,943,037 94,242,466 81,335,386
EXPENDITURES
General government 9,799,371 9,338,895 12,789,380 10,273,327 10,999,766 16,342,726 20,690,822 17,362,221 19,338,954 24,981,918
Public safety 12,156,617 12,608,278 13,564,127 15,879,536 16,314,536 18,536,695 19,439,605 24,629,821 24,910,406 25,418,302
Highways and streets 4,389,248 5,764,447 5,382,953 5,895,520 6,133,143 7,083,597 7,380,427 10,227,675 11,667,955 12,229,547
Debt service
Principal 19,424,500 22,660,850 2,690,000 2,590,000 4,180,000 4,700,000 4,762,700 9,124,652 9,490,000 9,885,000
Interest and fiscal charges 3,165,948 3,561,141 2,379,881 2,888,366 3,905,655 3,726,545 4,986,212 6,075,973 5,764,058 6,678,361
Bond issuance costs - - - - - - - 104,718 110,099 -
Capital outlay 18,623,503 29,042,321 33,147,088 33,170,259 54,651,582 70,331,142 19,988,453 46,376,551 18,451,941 8,918,984
Pension 1,440,061 1,356,790 1,403,581 - - - - - - -
Miscellaneous - - - 806,182 717,910 - - - - -
Total expenditures 68,999,248 84,332,722 71,357,010 71,503,190 96,902,592 120,720,705 77,248,219 113,901,611 89,733,413 88,112,112
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (34,948,852) 35,102,963 13,534,556 7,613,369 (47,025,752) (61,293,403) (12,795,115) (34,958,574) 4,509,053 (6,776,726)
OTHER FINANCING SOURCES (USES)
Transfers in 26,126,894 67,402,456 58,242,095 48,345,379 38,551,596 38,815,909 23,756,688 21,885,794 32,556,673 34,081,992
Transfers (out)(23,658,318) (65,271,154) (54,249,245) (45,104,660) (35,579,379) (35,975,800) (22,798,228) (21,718,032) (37,162,062) (35,071,491)
Bonds issued 10,309,462 23,726,429 4,970,000 41,800,000 6,885,000 6,150,000 47,315,000 10,000,000 37,940,000 -
Discount on bonds issued - - - - - (79,919) (164,724) - (87,732) -
Premium on bonds issued - - - - - - 65,614 44,658 11,371 -
Payment to escrow agent - - - - (6,891,305) (4,767,130) - (10,000,000) - -
Sale of capital assets - - - - - - 37,801 91,504 5,035 15,675
Total other financing sources (uses)12,778,038 25,857,731 8,962,850 45,040,719 2,965,912 4,143,060 48,212,151 303,924 33,263,285 (973,824)
NET CHANGE IN FUND BALANCES (22,170,814)$ 60,960,694$ 22,497,406$ 52,654,088$ (44,059,840)$ (57,150,343)$ 35,417,036$ (34,654,650)$ 37,772,338$ (7,750,550)$
DEBT SEVICE AS A PERCENTAGE
OF NONCAPITAL EXPENDITURES 44.84%47.43%13.27%14.29%19.14%16.34%12.43%22.51%21.40%20.92%
Data Source
Audited Financial Statements
- 177 -
VILLAGE OF GLENVIEW, ILLINOIS
ASSESSED AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
Total Estimated Estimated
Total Taxable Direct Actual Actual
Levy Residential Commercial In dustrial Assessed Tax Taxable Taxable
Year Property Property Property Railroad Farm Value Rate Value Value
1997 735,518,370$ 214,905,081$ 96,143,443$ 137,766$ 73,166$ 1,046,777,826$ 7.35 3,140,333,478$ 33.333%
1998 817,802,199 238,830,264 103,587,007 126,876 24,695 1,160,371,041 6.60 3,481,113,123 33.333%
1999 852,044,883 258,894,779 132,903,672 123,644 24,695 1,243,991,673 6.52 3,731,975,019 33.333%
2000 840,920,128 255,475,255 131,113,682 122,766 24,369 1,227,656,200 6.71 3,682,968,600 33.333%
2001 1,085,082,229 296,071,283 130,332,102 134,910 22,175 1,511,642,699 5.44 4,534,928,097 33.333%
2002 1,150,749,328 316,958,308 139,565,768 160,583 80,255 1,607,514,242 5.12 4,822,542,726 33.333%
2003 1,168,628,313 320,373,025 141,049,675 154,176 52,653 1,630,257,842 5.04 4,890,773,526 33.333%
2004 1,583,440,346 462,293,352 202,403,525 196,030 589 2,248,333,842 4.27 6,745,001,526 33.333%
2005 1,753,091,650 507,205,734 255,723,046 184,075 589 2,516,205,094 4.21 7,548,615,282 33.333%
2006 1,478,823,650 477,703,360 213,822,559 184,075 589 2,170,534,233 4.15 6,511,602,699 33.333%
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
Data Source
Office of the County Clerk - Information available as of the date of this report.
- 178 -
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, 2006 Glenview 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007**
Village of Glenview 2,170,534,233$ 100.00 0.660 0.652 0.671 0.545 0.512 0.505 0.427 0.421 0.415 N/A
Glenview Public Library 2,170,534,233 100.00 0.269 0.251 0.269 0.228 0.270 0.293 0.259 0.249 0.246 N/A
County of Cook 2,170,534,233 1.50 0.911 0.854 0.824 0.746 0.680 0.630 0.593 0.533 0.500 N/A
Forest Preserve District 2,170,534,233 1.50 0.072 0.070 0.069 0.067 0.061 0.059 0.060 0.060 0.057 N/A
Suburban T.B. Sanitarium 2,170,534,233 2.90 0.008 0.008 0.008 0.007 0.006 0.004 0.001 0.008 0.005 N/A
Metropolitan Water Reclamation
District 2,170,534,233 1.53 0.444 0.419 0.415 0.401 0.371 0.361 0.347 0.315 0.284 N/A
County Consolidated Elections 2,170,534,233 2.90 - 0.023 - 0.032 - 0.029 - 0.014 - -
North Shore Mosquito Abatement 1,665,988,912 11.26 0.011 0.011 0.011 0.010 0.010 0.009 0.008 0.008 0.009 N/A
Glenview Park District 2,155,131,556 84.54 0.587 0.578 0.612 0.511 0.492 0.516 0.505 0.490 0.511 N/A
Oakton Community College #535 2,170,534,233 10.15 0.205 0.203 0.213 0.186 0.179 0.186 0.161 0.158 0.166 N/A
Glenview School District #34 1,528,468,252 88.93 2.991 2.839 3.030 2.623 2.509 2.552 2.330 2.259 2.334 N/A
New Trier High School #203 112,549,753 2.39 1.871 1.845 1.936 1.611 1.611 1.799 1.621 1.577 1.662 N/A
Wilmette School District #39 75,161,937 4.97 3.087 3.193 3.454 2.742 2.742 2.707 2.238 2.151 2.261 N/A
Avoca School District #37 37,387,816 7.79 2.635 2.602 2.732 2.420 2.420 2.362 1.991 1.934 2.008 N/A
Niles High School #219 46,474,162 1.12 1.925 1.903 2.068 1.860 1.860 2.090 2.013 2.007 2.374 N/A
Golf School District #67 38,176,134 12.91 2.484 2.430 2.512 2.272 2.272 2.338 2.129 2.041 2.094 N/A
Northfield High School #225 1,960,944,701 38.13 1.840 1.870 1.992 1.740 1.682 1.736 1.516 1.475 1.623 N/A
Northbrook School District #30 238,457,827 36.62 3.119 2.850 3.223 2.765 2.659 2.745 2.416 2.331 2.471 N/A
West Northfield School District #31 202,316,650 29.04 1.910 1.894 2.040 1.813 1.631 1.811 1.605 1.542 1.624 N/A
East Maine School District #63 50,565,617 4.26 3.078 3.027 3.129 2.694 2.694 2.609 2.624 2.542 2.617 N/A
Maine High School #207 50,565,617 1.02 2.234 2.198 2.298 2.026 2.026 2.012 1.795 1.757 1.826 N/A
Maine Township - General 128,599,451 2.80 0.085 0.084 0.089 0.079 0.079 0.079 0.071 0.070 0.073 N/A
Maine Township - Road and Bridge 128,599,451 2.80 0.042 0.042 0.044 0.039 0.039 0.040 0.036 0.036 0.038 N/A
Maine Township - General Assistance 128,599,451 2.80 0.015 0.015 0.016 0.015 0.015 0.016 0.015 0.015 0.016 N/A
New Trier Township - General 109,565,675 2.58 0.054 0.054 0.056 0.044 0.044 0.045 0.037 0.037 0.073 N/A
New Trier Township - Road and Bridge 109,565,675 2.58 - - - - - - - - - -
New Trier Township - General Assistance 109,565,675 2.58 0.003 0.003 0.002 0.002 0.002 0.003 0.002 0.002 0.003 N/A
Niles Township - General 117,344,165 2.60 0.036 0.037 0.037 0.033 0.033 0.033 0.030 0.029 0.031 N/A
Niles Township - Road and Bridge 117,344,165 2.60 - - - - - - - - - -
Niles Township - General Assistance 117,344,165 2.60 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.002 0.003 N/A
Northfield Township - General 1,815,024,942 33.36 0.020 0.019 0.021 0.014 0.015 0.009 0.012 0.011 0.011 N/A
Northfield Township - Road and Bridge 1,815,024,942 33.36 0.039 0.038 0.041 0.036 0.035 0.037 0.033 0.033 0.035 N/A
- 179 -
Assessed Value Percent in
in Village of Village of
Tax Levy Year Glenview, 2006 Glenview 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007**
Northfield Township - General Assistance 1,815,024,942$ 33.36 0.009 - - - 0.002 0.010 0.006 0.008 0.008 N/A
Northfield Woods Sanitary District 212,748,510 42.23 0.170 0.167 0.074 0.007 0.007 0.062 0.055 0.053 0.056 N/A
North Maine Fire Protection District 7,755,864 2.11 1.189 1.161 1.205 1.030 1.030 0.862 0.717 0.785 0.914 N/A
Northbrook Park District 8,283,535 0.33 0.458 0.453 0.562 0.469 0.449 0.459 0.410 0.385 0.406 N/A
Glenview Special Service Area #5 611,242 100.00 1.980 1.916 0.970 - - - - - - -
Glenview Special Service Area #6 17,603,005 100.00 - - - - - - - - - -
Glenview Special Service Area #9 6,446,581 100.00 1.054 1.025 0.771 0.588 0.588 0.487 0.406 0.402 0.284 N/A
Glenview Special Service Area #10 6,236,318 100.00 1.144 1.112 0.819 0.628 0.628 0.511 0.427 0.421 0.293 N/A
Glenview Special Service Area #11 6,814,160 100.00 0.325 0.291 0.304 0.239 0.239 0.214 0.169 0.160 0.160 N/A
Glenview Special Service Area #12 4,101,405 100.00 0.639 0.608 0.624 0.511 0.511 0.365 0.285 0.252 0.242 N/A
Glenview Special Service Area #16 1,419,499 100.00 0.881 0.858 - - - - - - - -
Glenview Special Service Area #17 3,804,959 100.00 0.740 0.715 0.719 0.588 0.588 0.550 0.374 0.317 0.324 N/A
Glenview Special Service Area #18 1,414,040 100.00 0.626 0.602 0.616 0.521 0.521 0.461 0.388 0.363 0.363 N/A
Glenview Special Service Area #20 8,575,260 100.00 0.371 0.359 0.366 0.294 0.294 0.275 0.236 0.219 0.217 N/A
Glenview Special Service Area #22 2,888,427 100.00 0.437 0.399 0.401 0.304 0.304 0.290 0.214 0.196 0.193 N/A
Glenview Special Service Area #24 876,756 100.00 0.611 0.717 0.712 0.570 0.570 0.535 0.538 0.507 - -
Glenview Special Service Area #27 257,968 100.00 1.232 1.193 1.610 1.622 1.622 - - - - -
Glenview Special Service Area #31 836,708 100.00 0.687 0.664 0.669 0.486 0.486 0.237 - - - -
Glenview Special Service Area #32 5,652,967 100.00 0.139 0.134 0.136 0.115 0.115 0.095 0.086 0.081 0.082 N/A
Glenview Special Service Area #33 3,618,551 100.00 0.747 0.729 0.739 0.630 0.630 0.590 0.456 0.427 0.440 N/A
Glenview Special Service Area #35 1,856,645 100.00 0.494 0.477 0.482 0.394 0.394 0.370 0.313 0.284 0.292 N/A
Glenview Special Service Area #36 4,578,257 100.00 - - - - - - 0.233 0.200 0.191 N/A
Glenview Special Service Area #37 2,465,515 100.00 - - - - - - 0.207 0.176 0.163 N/A
Oak Meadow Sanitary District 90,634,091 39.48 0.120 0.116 0.124 0.009 0.009 0.059 0.048 0.045 0.045 N/A
Northwest Mosquito Abatement 62,004,932 0.23 0.010 0.010 0.011 0.010 0.010 0.010 0.009 0.009 0.009 N/A
*Property tax rates are per $100 of assessed valuation.
**2007 rates not available.
Data Source
Office of the County Clerk
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
Percentage Percentage
of Total of Total
Village Village
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Valuation Taxpayer Value Rank Valuation
Kraft General Foods 48,920,456$ 1 1.91%Kraft General Foods 34,423,796$ 1 2.97%
Grubb & Ellis 27,786,696 2 1.08%Signode, Division of ITW 15,243,521 2 1.31%
Illinois Tool Works 20,558,089 3 0.80%Zenith Electronics 13,338,416 3 1.15%
Classic Residence - Hyatt 19,709,361 4 0.77%Addison Wesley Education 9,937,897 4 0.86%
Anixter, Inc.17,130,303 5 0.67%RREEF Mid-America 7,178,663 5 0.62%
Abt Electronics 15,963,836 6 0.62%D & T Property Tax Group 6,948,283 6 0.60%
Mid American Asset 14,269,339 7 0.56%Evanston NW Healthcare 6,266,246 7 0.54%
Capmark Finance 13,329,610 8 0.52%Avon Products 5,174,819 8 0.45%
Pearson Tax Department 12,695,181 9 0.49%St. Andrews Properties 4,516,457 9 0.39%
Bethany Methodist 12,255,058 10 0.48%Baxter Management Corp.4,486,605 10 0.39%
202,617,929$ 7.89%107,514,703$ 9.28%
NOTE:
Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is possible that some
parcels and their valuations have been overlooked.
Data Source
Office of the County Clerk
2007 1998
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VILLAGE OF GLENVIEW, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Levy Years
Collections
Levy Percentage in Subsequent Percentage
Year Tax Levied Amount of Levy Years Amount of Levy
1998 10,733,670$ 10,633,824$ 99.07%-$ 10,633,824$ 99.07%
1999 11,215,498 11,134,514 99.28%- 11,134,514 99.28%
2000 11,525,245 11,375,966 98.70%- 11,375,966 98.70%
2001 11,664,605 11,518,964 98.75%- 11,518,964 98.75%
2002 12,562,794 12,520,624 99.66%- 12,520,624 99.66%
2003 13,000,619 12,445,914 95.73%- 12,445,914 95.73%
2004 13,218,991 13,094,363 99.06%172,392 13,266,755 100.36%
2005 13,885,406 11,957,340 86.11%2,012,424 13,969,764 100.61%
2006 14,322,403 12,857,920 89.77%1,329,682 14,187,602 99.06%
2007 13,917,000 - 0.00%- - 0.00%
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
Data Source
Office of the County Clerk
Collected within the
Fiscal Year of the Levy Total Collections to Date
- 182 -
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Activities Business-Type Activities Percentage
Fiscal General Special General Total of
Year Obligation Service Obligation Notes Primary Personal Per
Ended Bonds Area Bonds Payable Government Income*Capita*
1998 51,070,850$ -$ 8,784,150$ 2,775,477$ 62,630,477$ 4.58%1,629.43$
1999 52,810,000 - 8,170,000 2,697,270 63,677,270 4.56%1,656.67
2000 55,090,000 - 7,840,000 2,615,192 65,545,192 4.17%1,566.31
2001 94,300,000 - 7,500,000 2,529,058 104,329,058 6.49%2,493.11
2002 90,195,000 - 7,145,000 2,438,674 99,778,674 6.12%2,384.37
2003 86,980,000 - 7,030,000 2,343,822 96,353,822 5.80%2,302.53
2004 128,485,155 - 7,579,845 2,244,283 138,309,283 7.17%3,112.06
2005 119,275,000 85,503 6,699,933 2,139,824 128,200,260 6.65%2,884.60
2006 147,725,000 75,696 6,479,304 2,030,203 156,310,203 8.07%3,500.40
2007 137,840,000 65,713 12,099,287 1,915,164 151,920,164 7.84%3,402.09
Note: Details of the Village's outstanding debt can be found in the notes to the financial statements.
* See the Schedule of Demographic and Economic Statistics on page 187 for personal income and population data.
VILLAGE OF GLENVIEW, ILLINOIS
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VILLAGE OF GLENVIEW, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
Percentage of
Less Amounts Estimated
General Available Actual Taxable
Fiscal Obligation In Debt Value of Per
Year Bonds Service Fund Total Property*Capita
1998 59,855,000$ 2,388,599$ 57,466,401$ 5.49%1,641.90$
1999 60,980,000 3,651,914 57,328,086 4.94%1,637.95
2000 62,930,000 2,431,244 60,498,756 4.86%1,728.54
2001 101,800,000 2,811,524 98,988,476 8.06%2,828.24
2002 97,340,000 1,048,923 96,291,077 6.37%2,751.17
2003 94,010,000 (1,489,458) 95,499,458 5.94%2,728.56
2004 136,065,000 3,242,038 132,822,962 8.15%3,794.94
2005 125,974,933 2,075,383 123,899,550 7.08%3,539.99
2006 154,204,304 4,643,867 149,560,437 6.89%4,273.16
2007 149,939,287 2,870,654 147,068,633 N/A 4,201.96
Note: Details of the Village's outstanding debt can be found in the notes to the financial statements.
* See the Schedule of Assessed and Actual Value of Taxable Property on
page 178 for property value data.
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VILLAGE OF GLENVIEW, ILLINOIS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2007
Percentage Village of
Debt Applicable Glenview
Gross to the Village of Share
Governmental unit Debt Glenview (1)of Debt
Village of Glenview 150,005,000$ 100.00%150,005,000$
Cook County, including Forest Preserve District 3,074,880,000 1.50%46,123,200
Metropolitan Water Reclamation District 1,465,854,389 1.50%21,987,816
Glenview Park District 14,140,000 84.54%11,953,956
Northbrook Park District 17,450,000 0.33%57,585
Glenview Special Service Areas 367,560 100.00%367,560
Schools
Elementary
Glenview School District No. 34 31,845,000 88.93%28,319,759
Northbrook School District No. 30 4,518,067 36.62%1,654,516
West Northfield School District No. 31 4,000,000 29.04%1,161,600
Wilmette School District No. 39 12,605,000 4.97%626,469
East Maine School District No. 63 25,825,000 4.26%1,100,145
Golf School District No. 67 5,623,512 12.91%725,995
River Trails District No. 26 9,485,000 0.30%28,455
Avoca School District No. 38 4,093,945 7.79%318,918
High School
Northfield Township District No. 225 84,044,614 38.13%32,046,211
New Trier Township District No. 203 16,939,000 2.39%404,842
Niles Township District No. 219 145,578,952 1.12%1,630,484
Maine Township District No. 207 14,505,000 1.02%147,951
Oakton Community College No. 535 - 10.15%-
4,931,755,039 148,655,462
5,081,760,039$ 298,660,462$
(1) Determined by ratio of assessed valuation of property subject to taxation in the Village
to valuation of property subject to taxation in overlapping unit.
Note excludes installment contract.
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VILLAGE OF GLENVIEW, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
December 31, 2007
"The General Assembly may limit by law t he amount and require referendum approval
of debt to be incurred by home rule municipalities, payable from ad valorem property
tax receipts, only in excess of the following percentages of the assessed value of its
taxable property . . . (2) if its population is more than 25,000 and less than 500,000 an
aggregate of one per cent: . . . Indebtedness which is outstanding on the effective date
(July 1, 1971) of this constitution or which is thereafter approved by referendum . . .
shall no t be included in the foregoing percentage amounts"
To date, the General Assembly has set no limits for home rule municipalities.
Under the 1970 Illinois Constitution, there is no legal limit for home rule municipalities except
as set by the General Assembly.
- 186 -
Per
Capita
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
1998 38,437 1,367,511,586$ 35,578$ 2.5%
1999 38,437 1,395,839,655 36,315 2.3%
2000 41,847 1,572,024,402 37,566 2.5%
2001 41,847 1,608,180,210 38,430 3.7%
2002 41,847 1,629,103,710 38,930 4.5%
2003 41,847 1,661,660,676 39,708 4.6%
2004 44,443 1,928,115,112 43,384 4.6%
2005 44,443 1,928,115,112 43,384 4.6%
2006 44,655 1,937,312,520 43,384 4.6%
2007 44,655 1,937,312,520 43,384 4.6%
VILLAGE OF GLENVIEW, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
% of % of
Number of Total City Number of Total City
Employer Rank Employees Population Employer Rank Employees Population
Kraft General Foods 1 2,120 4.77%Kraft General Foods 1 2,100 5.66%
AON Insurance 2 1,200 2.70%Signode, Division of ITW 2 1,200 3.24%
Abt Electronics 3 1,100 2.48%Zenith Electronics 3 900 2.43%
Glenbrook Hospital 4 900 2.03%Glenbrook Hospital 4 600 1.62%
Illinois Tool Works 5 850 1.91%Scott Foresman 5 475 1.28%
Glenview School District #34 6 590 1.33%Glenview School District #34 6 400 1.08%
Scott Foresman 7 569 1.28%Avon Products 7 369 0.99%
Anixter, Inc.8 500 1.13%Glenbrook South High School 8 330 0.89%
Glenbrook South High School 9 413 0.93%Guarantee Trust Life Insurance 9 310 0.84%
Village of Glenview 10 332 0.75%Omni-Circuits, Inc.10 280 0.75%
19.31%18.78%
2007 1998
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Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
GENERAL GOVERNMENT
Management services 8 8 9 9 9 10 10 12 12 12
Finance 12 12 12 13 13 14 14 15 16 16
Planning 2 2 2 2 2 2 2 2 2 2
Code enforcement 13 15 16 16 16 16 16 16 16 16
Community development 9 11 13 13 13 13 13 14 14 14
PUBLIC SAFETY
Police
Officers 69 75 75 78 76 78 78 78 78 78
Civilians 19 19 20 19 20 19 19 18 18 18
Fire
Firefighters and officers 84 82 82 82 83 83 85 85 85 85
Civilians 12 13 13 12 12 13 12 12 11 11
PUBLIC WORKS
Administration 5 6 6 6 6 6 6 6 6 6
Engineering 8 8 8 8 8 8 8 8 8 8
Street maintenance 42 44 45 44 44 44 44 45 45 45
Water maintenance 19 21 21 20 20 20 21 21 21 21
302 316 322 322 322 326 328 332 332 332
Data Source
Village Budget Office
Last Ten Fiscal Years
FULL-TIME EQUIVALENT EMPLOYEES
VILLAGE OF GLENVIEW, ILLINOIS
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Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PUBLIC SAFETY
Police
Physical arrests 971 1,030 1,014 924 935 848 910 1,063 976 1,003
Parking violations 5,738 6,124 5,396 3,909 4,234 3,536 4,345 2,561 2,695 2,206
Traffic violations 7,447 7,418 7,467 6,551 6,847 5,916 5,360 6,998 6,266 5,800
Fire
Emergency responses
Emergency medical 2,991 3,262 3,375 3,610 3,833 4,007 4,035 4,297 4,487 4,707
Other responses 2,905 2,789 2,745 2,875 2,843 2,733 2,626 2,872 2,734 3,148
Fires extinguished 222 144 96 132 156 188 123 144 93 100
PUBLIC WORKS
Street resurfacing (miles)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Pothole repairs (hours)N/A N/A 1,035 4,177 2,777 4,785 4,632 5,201 1,311 1,062
WATER
Metered water customers 13,675 13,675 14,953 14,987 15,015 15,478 15,478 15,853 15,247 15,663
Water main breaks 92 160 67 107 163 148 101 210 99 130
Water purchased (gallons)3,129,780,000 3,109,820,000 3,033,150,000 2,990,810,000 3,200,685,000 3,321,375,000 3,321,375,000 3,625,336,000 3,122,184,000 3,183,801,000
Average daily consumption 223 222 199 196 210 217 205 223 192 196
BUILDING
Permits issued 1,670 1,749 2,109 N/A N/A 2,991 3,100 3,282 2,759 2,739
Value of construction 82,901,841$ 97,784,655$ 343,039,232$ N/A N/A 206,573,285$ 178,545,926$ 168,418,399$ 108,004,538$ 108,454,538$
Data Source
Various Village Departments
Last Ten Fiscal Years
OPERATING INDICATORS
VILLAGE OF GLENVIEW, ILLINOIS
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Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PUBLIC SAFETY
Police
Police stations 1 1 1 1 1 1 1 1 1 1
Marked patrol units 17 17 17 17 17 17 17 18 18 18
Unmarked patrol units 9 9 9 9 9 9 9 9 9 9
Motorcycles - - - - - 2 2 2 3 3
Fire
Fire stations 3 3 3 3 3 5 5 5 5 5
Ambulances 3 3 3 3 3 3 3 3 3 4
Fire engines 4 4 4 4 4 4 4 4 4 4
Aerial ladder truck 1 1 1 1 1 1 1 1 1 1
PUBLIC WORKS
Arterial streets (miles)7 7 7 7 7 7 7 7 7 7
Residential streets (miles)123 123 123 123 123 123 138 138 126 126
Streetlights 465 465 465 465 465 465 1,300 1,700 1,800 1,800
WATER
Water mains (miles)223 224 241 246 248 255 261 262 262 262
Fire hydrants 2,300 2,300 2,300 2,300 2,300 2,300 2,300 2,668 2,668 2,668
Storage capacity (gallons)9,500,000 9,500,000 9,500,000 9,500,000 9,500,000 15,000,000 15,000,000 18,000,000 18,000,000 18,000,000
WASTEWATER
Sanitary sewers (miles)81 81 81 81 81 81 128 128 128 128
Storm sewers (miles)74 74 74 74 74 74 175 175 175 175
PARKING FACILITIES
Number of parking spaces 666 668 1,168 1,168 1,168 1,168 1,168 1,450 1,450 1,450
Data Source
Various Village Departments
Last Ten Fiscal Years
CAPITAL ASSET STATISTICS
VILLAGE OF GLENVIEW, ILLINOIS
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192
VILLAGE OF GLENVIEW
Cook County,Illinois
ANNUAL FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
As Per Cent of Per Capita
Amount Applicable
as of Dec. 31, 2007
Assessed
Value
Estimated
True Value
(2007 Est.
Pop.44,500)
Assessed Valuation of Taxable Real Property, 2006(3)..............$ 2,566,740,379 100.00%33.33%$ 57,679.56
Estimated True Value of Taxable Real Property, 2006 ...............7,700,221,137 300.00 100.00 173,038.68
Direct General Obligation Bonded Debt(1):
Payable From Property Taxes ......................................................$ 23,315,000 .91%0.30%$ 523.93
Self-Supporting Debt ......................................................................126,690,000 4.94 1.65 2,846.97
Total Direct Bonded Debt.............................................................150,005,000 5.85 1.95 3,370.90
Overlapping Bonded Debt Payable from Property Taxes(2):
Schools...............................................................................................68,165,345 2.65 0.88 1,531.80
Other than Schools..........................................................................80,490,117 3.14 1.05 1,808.77
Total Overlapping Bonded Debt ................................................148,655,462 5.79 1.93 3,340.57
Total Direct and Overlapping Bonded Debt .................................. 298,660,462 11.64 3.88 6,711.47
Total Direct and Overlapping Excl. Self-Supporting ..........................$ 171,970,462 6.70%2.23%$ 3,864.50
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”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, 2007”.
3.Includes incremental valuation in the Village’s tax increment financing districts.
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT (Note 1)
(As of December 31, 2007)
From
Due Paid From Series Series 2003 Series 2007 Pre-Series Series Series 2006 Cumul.Levy Property
12-1 Prop Taxes (4)1997 A/B(5)A/B(6)2005 2005 A/B Amount Percent Year Taxes
2008 1,000,000$ 305,000$ 305,000$ 610,000$ 8,335,000$ 10,555,000$ 7.0%2007 1,975,575$
2009 1,015,000 85,000 550,000 635,000 8,645,000 27,940,000$ 38,870,000 32.9%2008 1,945,575
2010 1,050,000 0 665,000 650,000 9,005,000 11,370,000 40.5%2009 1,945,575
2011 1,100,000 690,000 670,000 9,350,000 25,000$ 11,835,000 48.4%2010 1,958,300
2012 1,150,000 710,000 685,000 9,075,000 700,000 12,320,000 56.6%2011 1,968,425
2013 1,175,000 500,000 710,000 8,925,000 1,275,000 12,585,000 65.0%2012 1,948,863
2014 1,225,000 505,000 730,000 9,250,000 1,375,000 13,085,000 73.7%2013 1,951,863
2015 1,275,000 525,000 745,000 1,000,000 1,475,000 2,350,000 7,370,000 78.7%2014 1,952,863
2016 1,325,000 545,000 765,000 1,000,000 1,600,000 2,450,000 7,685,000 83.8%2015 1,951,863
2017 1,375,000 580,000 0 1,000,000 1,725,000 2,550,000 7,230,000 88.6%2016 1,948,863
2018 1,450,000 0 1,000,000 1,825,000 2,650,000 6,925,000 93.2%2017 1,967,488
2019 1,500,000 0 0 0 1,500,000 94.2%2018 1,956,588
2020 1,575,000 1,575,000 95.3%2019 1,967,838
2021 1,650,000 1,650,000 96.4%2020 1,973,931
2022 1,725,000 1,725,000 97.5%2021 1,976,331
2023 1,825,000 1,825,000 98.7%2022 1,998,706
2024 1,900,000 1,900,000 100.0%2023 1,989,300
23,315,000$ 390,000$ 5,575,000$ 6,200,000$ 66,585,000$ 10,000,000$ 37,940,000$ 150,005,000$
Debt Service
Tax Levies
Principal Amounts
Tax Increment Revs. (3)
Self Supporting With Projected Abatement From:
TotalWater & Sewer Funds (2)
Notes:1.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
service areas, is shown as overlapping debt in the table “Detailed Overlapping Bonded Indebtedness Payable From Property Taxes.”
193
2.As a home rule unit under the 1970 Illinois Constitution, the Village has no debt limit and it can issue general obligation bonds
without referendum. The Village has chosen to fund various water/sewer improvements with general obligation bonds and abate
taxes from user charges.
3.The Series 1998B, Series 2001, a portion of the 2003A, Series 2004A, Series 2005 Bonds and the Series 2006 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.
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.Includes the $5,000,000 Series 2007A and $1,200,000 Series 2007B.
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2007
Village’s Applicable Share
of Gross Debt To Be Paid
Gross From Real Property Taxes
SCHOOL DISTRICTS:Bonded Debt Percent Amount
Elementary Districts:
Glenview School District No. 34 .................................................$31,845,000 88.93%$ 28,319,759
Northbrook School District No. 30 .............................................4,518,067 36.62 1,654,516
West Northfield School District No. 31 .....................................4,000,000 29.04 1,161,600
Wilmette School District No. 39 ..................................................12,605,000 4.97 626,469
East Maine School District No. 63 ..............................................25,825,000 4.26 1,100,145
Golf School District No. 67 ...........................................................5,623,512 12.91 725,995
Avoca School District No. 37 .......................................................4,093,945 7.79 318,918
River Trails District No. 26............................................................9,485,000 0.30 28,455
High School Districts:
Northfield Township High School District No. 225 ................84,044,614 38.13 32,046,211
New Trier Township High School District No. 203..................16,939,000 2.39 404,842
Niles Township High School District No. 219 ..........................145,578,952 1.12 1,630,484
Maine Township High School District No. 207 ........................14,505,000 1.02 147,951
Community College District:
Oakton Community College No. 535 ........................................0 10.15 0
Total School Districts ...................................................................................................................................................................................$ 68,165,345
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District ...................3,074,880,000 1.50 $ 46,123,200
Metropolitan Water Reclamation District .................................1,465,854,389 1.50 21,987,816
Glenview Park District ..................................................................14,140,000 84.54 11,953,956
Northbrook Park District ..............................................................17,450,000 0.33 57,585
Glenview Special Service Areas ..................................................367,560 100.00 367,560
Total Other Than School Districts ................................................................................................................................................................$ 80,490,117
194
DEBT RATIOS AND PER CAPITA DEBT—LAST TEN BOND SALES (Note 1)
Including
Self-
Sale Date Amount Supporting
August 5, 1997 $ 6,175,000 1.13 %0.42 %3.15 %2.44 %$ 2,544.13 $ 1,969.57
October 20, 1998 34,400,000 (3)2.12 0.37 3.98 2.23 3,125.64 1,752.00
December 5, 2000 4,970,000 1.68 0.33 3.28 1.93 3,109.34 1,831.83
August 7, 2001 41,800,000 2.47 0.33 4.90 2.43 4,377.57 2,172.83
February 5, 2002 6,885,000 (4)2.75 0.30 4.92 2.47 4,353.97 2,185.71
March 4, 2003 11,945,000 (5)2.14 0.21 4.35 2.42 4,834.24 2,686.75
July 20, 2004 47,315,000 2.71 0.58 4.79 2.66 5,958.11 3,304.34
October 19, 2005 10,000,000 (6)2.13 0.45 4.02 2.34 6,140.14 3,572.09
December 5, 2006 38,750,000 (7)2.05 0.33 4.02 2.02 6,752.69 3,648.52
December 3, 2007 6,200,000 1.95 0.30 4.02 2.37 6,946.78 4,099.81
Excluding
Self-
Supporting(2)
Ratio to Estimated Actual Value(1)Per Capita(1)
Direct & Overlapping
Excluding
Self-
Supporting(2)
Direct Debt Direct & Overlapping
Excluding
Self-
Supporting(2)
Including
Self-
Supporting
Village Issue
Including
Self-
Supporting
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.A portion of the proceeds of the Series 1998 Bonds was used to refund the December 1, 1998 maturity of the
BABS.
4.Proceeds used to redeem the Series 1993 and 1994.
5.Proceeds used to advance refund the callable maturities of the Series 1996 and 1997, to current refund the
Series 1992 and to provide approximately $1,900,000 for water and sewer projects.
6.Final issue amount was $10,000,000. Proceeds were used to current refund the Series 1998A Bonds.
7.Final issue amount was $37,940,000.
TOTAL VILLAGE TAX RATES
(Per $100 Assessed Valuation)
Village Tax Rate:2002 2003 2004 2005 2006
Bonds and Interest $ 0.113 $ 0.112 $ 0.075 $ 0.074 $ 0.099
Pensions (Police, Fire, IMRF & Social Security) 0.111 0.133 0.137 0.096 0.132
Corporate 0.288 0.259 0.214 0.252 0.184
Total Village(1) $ 0.512 $ 0.504 $ 0.426 $ 0.421 $ 0.415
Cook County (Incl. Forest Preserve) $ 0.751 $ 0.689 $ 0.653 $ 0.593 $ 0.557
Metropolitan Water Reclamation District 0.371 0.361 0.347 0.315 0.284
Glenview S.D. Number 34 2.509 2.552 2.330 2.259 2.334
Northfield Township H.S.D. Number 225 1.682 1.736 1.516 1.475 1.623
Oakton Community College Dist. Number 535 0.179 0.186 0.161 0.158 0.166
Glenview Park District 0.492 0.516 0.505 0.490 0.511
Glenview Public Library 0.270 0.293 0.259 0.249 0.246
Northfield Township and All Other 0.067 0.098 0.060 0.079 0.068
Total(2)$ 6.833 $ 6.935 $ 6.257 $ 6.039 $ 6.204
Village as a Percent of Total 7.5%7.3%6.8%7.0%6.7%
Levy Year
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 in the Village.
Source: Cook County Clerk
195
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year(2)Purposes (3)Valuation Purposes(3)Prior Year
2002 $ 1,627,042,822 $ 106,894,229 $ 1,733,937,051 11.8%
2003 1,630,257,841 195,634,725 1,825,892,566 5.3
2004 1,931,176,516 317,157,326 2,248,333,842 23.1
2005 2,141,980,698 374,224,968 2,516,205,666 11.9
2006 2,170,534,233 396,206,146 2,566,740,379 2.0
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.”
PROPERTY TAXES EXTENDED AND COLLECTED (Note 1)
Levy Taxes Total
Year Extended Collections(2)% Collected
2002 $12,562,794 $12,520,624 99.66%
2003 13,000,619 12,445,914 95.73
2004 13,218,991 13,266,755 100.36
2005 13,885,406 13,969,764 100.61
2006 14,322,403 14,187,602 99.06
Notes:1.Source: Village’s Comprehensive Annual Financial Report.
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.
196
TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Properties Valuation(1)Village (2)
1 Kraft General Foods Corporate Headquarters/Research Campus $ 48,920,456 1.91%
2 Grubb & Ellis Commercial Property 27,786,696 1.08
3 Illinois Tool Works Corporate Headquarters 20,558,089 0.80
4 Classic Residence -Hyatt Senior Residential 19,709,361 0.77
5 Anixter Commercial Property 17,130,303 0.67
6 Abt Electronics Electronics 15,963,836 0.62
7 Mid American Asset Commercial Property 14,269,339 0.56
8 Capmark Finance Hospitality 13,329,610 0.52
9 Pearson Tax Department Corporate Headquarters 12,695,181 0.49
10 Bethany Methodist Health care Services 12,255,058 0.48
Total Ten Largest Taxpayers $ 202,617,929 7.89%
Notes:1.Valuations as of January 1, 2006 for 2007 taxing purposes.
2.Total 2006 Village valuation of $2,566,740,379 (includes incremental valuation).
2001 AND 2006 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION
Village of Glenview
Taxable Valuation* Percent of Total
Property Classification:2001 2006 2001 2006
Residential $ 1,116,802,930 $1,795,788,567 72.0%70.0%
Commercial 300,036,371 517,323,975 19.3%20.1%
Industrial 134,297,190 253,443,173 8.7%9.9%
Railroad 134,910 184,075 NIL NIL
Farm 22,175 589 NIL NIL
Total $1,551,293,576 $2,566,740,379 100.0%100.0%
Percent Increase 2001 -2006 65.5%
* Includes incremental valuation in the Village’s tax increment financing districts.
197
GENERAL CORPORATE FUND
Statement of Revenues, Expenditures and Changes in Fund Balance (1)
(Fiscal Years Ending December 31)
2004 2005 2006 2007
Revenues/Transfers:
Property Taxes $ 5,517,792 $ 6,662,174 $ 7,331,480 $ 6,696,271
Property Taxes-Fire Protection District(2) 2,535,012 2,543,096 2,654,850 2,473,694
Sales Taxes 11,632,246 12,325,158 13,291,472 13,600,730
Home Rule Sales Tax (3) 1,106,632 3,035,577 2,236,302 4,637,466
Utility Taxes 5,948,422 7,279,696 5,773,297 5,907,797
State Income Tax/Local Use Tax 3,096,604 4,037,420 3,924,307 4,529,452
Franchise Taxes 337,969 376,296 444,964 506,877
Hotel Room/Amusement Tax(4) 799,918 864,358 1,035,153 1,103,360
Building Permits/Cert. Of Occup. 1,782,460 1,502,364 1,066,842 934,862
Other Licenses and Permits 346,366 433,237 377,789 382,497
Charges For Services 1,489,994 6,442,824 1,345,987 1,092,393
Fines and Forfeits 249,956 223,917 223,430 242,596
Interest 145,992 394,846 755,729 747,452
Transfers-In 506,602 1,903,718 - 208,306
All Other Revenues 1,537,629 1,860,882 1,929,943 3,757,159
Total Revenues/Transfers 37,033,594 49,885,563 42,391,545 46,820,912
Expenditures/Transfers:
General Government 9,273,332 5,717,887 6,796,392 9,821,208
Public Safety 18,895,113 24,025,703 24,306,364 23,094,599
Highways and Streets 7,380,427 10,227,675 11,667,955 12,229,547
Transfers-Out - - 4,897,009 6,642,343
Total Expenditures/Transfers (5)35,548,872 39,971,265 47,667,720 51,787,697
Revenues Over (Under) Expenditures:1,484,722 9,914,298 (5,276,175)(4,966,785)
Adjustments to Fund Balance (202,238)- - -
Fund Balance at December 31 $ 19,156,296 $ 29,070,594 $ 23,794,419 $ 18,827,634
Actual (Note 1)
198
GENERAL CORPORATE FUND
Balance Sheet
(Fiscal Years Ending December 31)
2004 2005 2006 2007
Assets:
Cash and Investments $ 12,249,112 $ 23,232,149 $ 18,476,745 $ 9,869,442
Receivables:
Property Taxes 5,776,698 7,255,917 6,675,380 8,325,853
Sales Tax 4,071,065 4,137,393 4,719,634 4,995,889
Utility Taxes 1,083,105 1,107,245 889,332 1,022,506
Other Receivables 577,374 885,996 714,407 707,869
Due From Other Funds 2,940,605 711,056 396,713 1,093,151
All Other Assets 923,470 300,789 840,975 2,397,513
Total Assets $ 27,621,429 $ 37,630,545 $ 32,713,186 $ 28,412,223
Liabilities and Fund Balance:
Accounts Payable $ 622,975 $ 416,237 $ 827,443 $ 692,891
Other Payables 1,001,860 47,325 50,735 91,729
Due To Other Funds 780,827 586,674 838,509 450,798
Deferred Revenues 5,927,203 7,437,517 6,885,743 7,992,287
All Other Liabilities 132,268 72,198 316,337 356,884
Fund Balance:
Reserved 30,860 150,800 250,974 202,583
Designated for Surcharge Receipts - - -
Undesignated 19,125,436 28,919,794 23,543,445 18,625,051
Total Fund Balance 19,156,296 29,070,594 23,794,419 18,827,634
Total Liabilities & Fund Balance $ 27,621,429 $ 37,630,545 $ 32,713,186 $ 28,412,223
Notes:1.This condensed financial information for the General Fund for the years ending December 31, 2004-2007 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”.
2.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.
3.The Village adopted a ½ of 1% sales tax effective July 1, 2004.
4.Effective May 6, 1985, the Village adopted a 5% hotel room tax. The Village adopted a 4% Amusement Tax effective January 1,
1998.
5.A Capital Equipment Replacement Fund (CERF)was established by ordinance in 1979 with the stated purpose of evening out the
annual expenditures for major capital expenditures. All of the Village’s on-road and off-road equipment, fire, public works, etc., is
included. Each Department is charged with the equivalent of a depreciation charge which is remitted in cash to the CERF (an
Internal Service Fund). As of December 31, 2007, cash and investments in the CERF totaled $5,521,422.The Village created a
similar Facilities Replacement Fund in fiscal year 2007 (total cash and investments of $9,553,216 at December 31, 2007).
199
COMBINED STATEMENT –ALL FUNDS
(Fiscal Years Ending December 31)
2004 2005 2006 2007
Governmental Fund Types:
General Fund* $ 19,156,296 $ 29,070,594 $ 23,794,419 $ 18,827,634
Special Revenue Funds:
IMRF 201,060 - - -
Motor Fuel Tax 2,589,698 1,113,365 1,126,135 1,231,283
Refuse and Recycling 2,362,052 1,408,519 1,243,857 1,550,678
Joint Dispatch 500,797 332,163 385,522 151,036
GNAS Redevelopment(2) (71,074)(66,095)155,050 73,345
GNAS Caretaker (63,447)143,858 357,996 (157,270)
Foreign Fire Insurance 134,694 178,028 230,530 228,387
Special Tax Allocation* 80,410 (3,121,826)1,736,407 (2,059,695)
Escrow Deposit*136,091 184,583 301,584 -
Deposit 64,820 75,557 103,882 -
Police Dept Special Account 39,241 50,664 55,742 72,944
Total Special Revenue 5,974,342 298,816 5,696,705 1,090,708
Debt Service Funds 3,292,038 2,075,383 4,643,867 2,836,953
Capital Project Funds* 76,696,544 39,776,376 74,858,516 79,041,955
Total Governmental Funds 105,119,220 71,221,169 108,993,507 101,797,250
Proprietary Fund Type(3):
Enterprise Funds:
Waterworks*(4) 28,873,259 26,353,227 32,657,806 34,377,301
Sewerage(4) 7,049,530 11,919,322 12,885,865 12,854,907
Wholesale Water(4) 1,276,869 1,725,744 2,191,422 2,645,291
No. Maine Water and Sewer*(4) (364,526)212,007 828,038 1,101,678
Commuter Parking Lot 1,437,386 1,479,718 1,478,254 1,508,095
Total Enterprise Funds 38,272,518 41,690,018 50,041,385 52,487,272
Internal Service Funds:
Municipal Equipment Repair(5) (162,590)(229,524)909,076 928,492
Insurance 3,918,016 4,806,941 5,513,239 6,872,172
Capital Equipment Replace. 9,671,193 9,836,522 4,497,594 5,430,005
Facilities Replacement - - 7,504,627 9,625,634
Total Internal Service Funds 13,426,619 14,413,939 18,424,536 22,856,303
Total Proprietary Funds 51,699,137 56,103,957 68,465,921 75,343,575
Fiduciary Fund Types(6):
Police Pension 36,515,448 38,840,397 41,259,761 44,775,657
Firefighters' Pension 45,951,188 46,420,388 47,854,287 49,283,015
Total Fiduciary Funds 82,466,636 85,260,785 89,114,048 94,058,672
Component Unit:
Library Fund 1,923,311 2,811,896 3,695,003 6,676,102
Total All Funds(7) $ 241,208,304 $ 215,397,807 $ 270,268,479 $ 277,875,599
Fund Balances (Note1)
200
2004 2005 2006 2007
Cash and Investments at Dec. 31:
General Fund $ 12,249,112 $ 23,232,149 $ 18,476,745 $ 9,869,442
Special Revenue Funds 10,683,611 8,069,925 25,993,870 8,120,126
Debt Service Funds 3,322,896 2,075,383 4,677,140 2,875,795
Capital Project Funds 80,855,481 37,473,901 74,343,865 44,983,530
Proprietary Funds 24,353,331 23,057,444 24,330,784 31,459,986
Fiduciary Funds(6) 82,471,552 85,260,785 89,128,373 94,064,922
Component Unit - Library Fund 2,114,602 2,963,097 3,900,948 4,519,636
Total Cash and Investments $ 216,050,585 $ 182,132,684 $ 240,851,725 $ 195,893,437
*Designated as major funds under GASB Statement 34. Within the Capital Funds, the following funds are major funds:
Village Permanent Fund, Glen Land Sales Fund, and 2006A Bond Fund.
Notes:1.This condensed financial information for the years ending December 31, 2004-2007 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. 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 Governmental Funds are the General Fund (the general
operation fund) which is used to account for all financial resources except those required to be accounted for in
another fund; Special Revenue Funds which are used to account for the proceeds of specific revenue sources that are
legally restricted to expenditures for specified purposes; Debt Service Funds; and Capital Project Funds. The
modified accrual basis of accounting is followed for all Governmental Fund Types and Expendable Trust Funds (in
the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and Proprietary Funds are
accounted for using the accrual basis of accounting.
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.
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.As of January 1, 2003 (for fiscal years ending December 31, 2003 and thereafter), the Village adopted the provisions of:
Governmental Accounting Standards Board Statements No. 34, Basic Financial Statements –and Management’s
Discussion and Analysis –For State and Local Governments;Statement No. 37, Basic Financial Statements and
Management’s Discussion and Analysis –For State and Local Governments: 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.
201
CAPITAL ASSETS (Note)
(At December 31, 2007)
Governmental Business Type
Activities Activities
Capital Assets Not Being Depreciated:Capital Assets Not Being Depreciated:
Land $ 11,860,698 Land $ 802,851
Land Right of Way 55,140,813 Construction in Progress -
Construction in Progress - Total Capital Assets Not Being
Total Capital Assets Not Being Depreciated 802,851
Depreciated 67,001,511
Capital Assets Being Depreciated:
Capital Assets Being Depreciated:Buildings and Improvements 1,446,954
Buildings and Improvements 71,603,062 Water System 50,478,584
Machinery and Equipment 9,694,230 Sewer System 17,512,480
Infrastructure 123,595,155 Equipment and Vehicles 3,739,787
Total Capital Assets Being Total Capital Assets Being
Depreciated 204,892,447 Depreciated 73,177,805
Less: Accumulated Depreciation (63,562,868)Less: Accumulated Depreciation (20,184,182)
Total Capital Assets Being Total Capital Assets Being
Depreciated, Net 141,329,579 Depreciated, Net 52,993,623
Governmental Activities Capital Assets, Net $ 208,331,090 Business-Type Activities Capital Assets, Net $ 53,796,474
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.