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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 -i - 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 GI S In f o r m a t i o n T e c h n o l o g y Traffic Unit El e c t o r a t e General Patrol Or g a n i z a t i o n C h a r t Ma y 2 0 0 7 Mu n i s Na t u r a l R e s o u r c e s RecordsCrime Prevention Criminal InvestigationsCommunity Relations Emergency Management First Response -Suppression /WaterCrossing GuardsPublic Education Fo r e s t r y a n d G r o u n d s Gl e n C a r e t a k e r Sewers StreetsRescue (EMS)Animal Control Community Relations Pr o c u r e m e n t / As s i s t a n t F i n a n c e D i r e c t o r Ac c o u n t i n g Au d i t i n g In s p e c t i o n S e r v i c e s Li q u o r L i c e n s i n g Di r e c t o r o f D e v e l o p m e n t Ma r y B a k Co m m u n i c a t i o n s Bu d g e t i n g Ap p o i n t e d B o a r d s & C o m m i s s i o n s Vi l l a g e M a n a g e r Fl e e t CI P E n g i n e e r i n g Fa c i l i t i e s Gl e n P r o j e c t s Ch r i s C l a r k Police Chief Bill Fitzpatrick Vi l l a g e P r e s i d e n t Bo a r d o f T r u s t e e s Fire Chief Wayne Globerger To d d H i l e m a n Vi l l a g e A t t o r n e y / P r o s e c u t o r Je f f r e y R a n d a l l De p u t y V i l l a g e M a n a g e r Bill Porter (A m y A h n e r ) Di r e c t o r o f C a p i t a l P r o j e c t s Do n O w e n Di r e c t o r o f S u p p o r t S e r v i c e s D i r e c t o r o f P u b l i c W o r k s Fi n a n c e D i r e c t o r In t e r g o v e r n m e n t a l Re l a t i o n s Da n W i e r s m a Co n s o l i d a t e d D i s p a t c h Tr a f f i c C o m m i t t e e Ri s k M a n a g e m e n t Hu m a n R e s o u r c e s (w i t h F i r e a n d P o l i c e C h i e f s ) Pl a n n i n g He a l t h / C o d e Bu i l d i n g Fi r e Pl a n R e v i e w Social ServicesRecordsPublic Service Officers Wa t e r B i l l i n g - i i - - v - 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) -26 - 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 $100 of assessed valuation. **2007 rates not available. Data Source Office of the County Clerk - 180 - VILLAGE OF GLENVIEW, ILLINOIS PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago Percentage Percentage of Total of Total Village Village Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Valuation Taxpayer Value Rank Valuation Kraft General Foods 48,920,456$ 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 - 181 - 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 - 183 - 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. - 184 - 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. - 185 - 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 - 187 - 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 - 188 - 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 - 189 - 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 - 190 - 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 - 191 - 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.