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HomeMy Public PortalAboutFY 2019 - Comprehensive Annual Financial Report VILLAGE OF PLAINFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2019 For the Year Ended April 30, 2018 Prepared by the Management Services Department Traci Pleckham, Director Colleen Thornton, Accounting Services Supervisor VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Principal Officials ............................................................................................................. i Organization Chart ............................................................................................................ ii Certificate of Achievement for Excellence in Financial Reporting .................................. iii Letter of Transmittal ......................................................................................................... iv-vii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT........................................................................ 1-3 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ....................... 4-5 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis ...................................................................... MD&A 1-12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ................................................................................... 6-7 Statement of Activities ....................................................................................... 8-9 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................ 10-11 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ................... 12 Statement of Revenues, Expenditures, and Changes in Fund Balances ....... 13 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 14 VILLAGE OF PLAINFIELD, 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 Fund Statement of Net Position .............................................................................. 15-16 Statement of Revenues, Expenses, and Changes in Fund Net Position........ 17 Statement of Cash Flows ............................................................................... 18-19 Fiduciary Funds Statement of Fiduciary Net Position ............................................................. 20 Statement of Changes in Fiduciary Net Position .......................................... 21 Notes to Financial Statements ............................................................................. 22-60 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund .............................................. 61 Schedule of Employer Contributions Illinois Municipal Retirement Fund ................................................................... 62 Police Pension Fund ........................................................................................... 63 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Illinois Municipal Retirement Fund ................................................................... 64 Police Pension Fund ........................................................................................... 65 Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefit Plan .................................................................. 66 Schedule of Investment Returns Police Pension Fund ........................................................................................... 67 Notes to Required Supplementary Information .................................................. 68 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues - Budget and Actual - General Fund .................................. 69-70 Schedule of Expenditures - Budget and Actual - General Fund ............................. 71-72 Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 73-83 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund.......................................................................................... 84 Debt Service Fund .......................................................................................... 85 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 86-87 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................................ 88-89 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 90 Audit Fund .......................................................................................................... 91 Alcohol Enforcement Fund ................................................................................ 92 Motor Fuel Tax Fund.......................................................................................... 93 D.A.R.E. Fund .................................................................................................... 94 Downtown TIF Fund .......................................................................................... 95 MAJOR ENTERPRISE FUND Water and Sewer Department Accounts Combining Schedule of Net Position ................................................................. 96-97 Combining Schedule of Revenues, Expenses, and Changes in Net Position ................................................................................... 98 Combining Schedule of Cash Flows .................................................................. 99-100 Schedule of Operating Expenses - Budget and Actual ...................................... 101-103 FIDUCIARY FUND Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Fund ............................................................. 104 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 105 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 106-107 Change in Net Position ................................................................................................. 108-111 Fund Balances of Governmental Funds ....................................................................... 112-113 Changes in Fund Balances of Governmental Funds .................................................... 114-115 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 116 Property Tax Rates - Direct and Overlapping Governments ....................................... 117 Principal Property Taxpayers ....................................................................................... 118 Property Tax Levies and Collections ........................................................................... 119 Property Tax Assessed Valuations, Rates, and Tax Extensions .................................. 120-121 Sales Tax by Category .................................................................................................. 122 Direct and Overlapping Sales Tax Rates ..................................................................... 123 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 124 Ratios of General Bonded Debt Outstanding ............................................................... 125 Direct and Overlapping Governmental Activities Debt ............................................... 126 Pledged-Revenue Coverage ......................................................................................... 127 Demographic and Economic Information Demographic and Economic Information .................................................................... 128 Principal Employers ..................................................................................................... 129 Operating Information Full-Time Equivalent Employees................................................................................. 130 Operating Indicators ..................................................................................................... 131-132 Capital Asset Statistics ................................................................................................. 133 INTRODUCTORY SECTION - i - VILLAGE OFFICIALS PRESIDENT Michael P. Collins TRUSTEES Margie Bonuchi Cally Larson Bill Lamb Larry Newton Edward O’Rourke Brian Wojowski Brian P. Murphy Village Administrator Allen Persons Public Works Director Traci Pleckham Management Services Director Jon Proulx Planning Director John Konopek Police Chief Ken Goska Building Official Michelle Gibas Village Clerk Citizens of the Village Mayor and Board of Trustees Village Administrator Management Services Department Police Department Public Works Department Planning Department Building Department IT Community Relations Village Clerk Village of Plainfield Organizational Chart - ii - - iii - - v - Profile of the Village of Plainfield The Village of Plainfield is Will County’s oldest community. Originally settled in 1834, the Village was incorporated in 1877. The Village was recognized as a home rule community, as defined by the Illinois Constitution, following a special census in 2005. The Village operates under the Trustee/Administrator form of government by Village ordinance. Policymaking and legislative authority are vested with the Village Board which consists of a Village President and six Trustees elected at large on a nonpartisan basis. The Village President is elected to a four-year term. The Board members are elected to four-year staggered terms, with three Board members elected every two years. The Administrator is responsible for the daily affairs of the organization and for carrying out the policies and ordinances of the Village Board. The Village is served by approximately 144 FTE employees, providing public/municipal/ enterprise services, including: police protection, community development, building and zoning services, public works operations, road & bridge maintenance, potable water distribution services, sanitary sewer services, and storm water services. The Village residents are also provided a variety of services, at the local level, by three school districts, two park districts, four townships, two fire protection districts, and two library districts. The annual budget serves as the spending authority for the Village. Budgetary control is maintained at the fund level for all budgeted funds. An annual budget is prepared for the General Fund, Water/Sewer & Expansion Fund, Capital Fund, and other miscellaneous funds. The budget process begins in the fall with an update to the Village’s long-term financial forecast and capital project demands. The annual budget must be adopted by the Village Board before the start of the fiscal year which begins on May 1st. Economic Condition and Outlook Local Economy The Village remained stable in its economic indicators last year, especially in retail sales. Overall, retail sales improved by 2.0% in comparison to the previous fiscal year. Housing development also remained steady in 2019. During the fiscal year, 169 single family building permits were issued for new construction within the Village. During fiscal year 2018, 163 single family building permits were issued and 134 were issued in 2017. Building permit revenues represented 4.1% of the General Fund revenue for fiscal year 2019 compared to 3.4% in fiscal year 2018. The Village’s Fund Balance Policy, which is reviewed on an annual basis, includes the ability to transfer unassigned General Fund balance in excess of 40% of the total General Fund annual expenditures to the Village’s Capital Fund. Fiscal year 2019 reflected a $1,009,212 transfer from the Village’s General Fund to the Capital Fund, resulting in an ending fund balance of just over $17.6 million. This key financial policy will continue to help the Village position itself for future capital infrastructure needs. - vi - Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to meet its ongoing obligations. Standard & Poor’s rating for the Village's debt is AA+. S&P notes factors such as budgetary flexibility, management, and good financial policies as reasons for the strong rating. Moody’s also issued a strong bond rating for the Village’s debt at Aa1. Moody’s states that the bond rating “reflects the Village’s healthy financial operations and ample reserves supported by strong management and long-term fiscal planning.” Economic Development, Infrastructure, & Transportation Highlights Economic development and infrastructure improvements are key components of the Village’s Strategic Plan; this year, we made significant progress on several important projects. • While the Village has worked on the Boulevard project at Route 30 and I-55 for some time, visible progress is now underway with the developer starting earthwork. The project is off to a good start and Costco is projected to open in November of next year. Plus, there is interest from national restaurants, hotels, and other retailers and we expect those to begin moving forward next year. We worked with the City of Joliet on an intergovernmental agreement that benefits both municipalities and helps to spur economic development in the area. • Diageo’s new 1.5 million square foot warehouse facility is under construction and they plan to move into the building next spring. Diageo is a wonderful corporate citizen and we are fortunate that they call Plainfield home. • The first phase of the Village Green project was completed last year and included the lining of the sanitary sewer main and services. We are currently in the second phase of construction which includes the installation of new water main, water service replacement, sanitary sewer main construction, and storm sewer construction. This project is a tremendous investment in our Downtown. • Plainfield’s Park-n-Ride has been open for a year now and ridership continues to increase. The service is popular with those commuting for work as well as students. This facility is a wonderful asset to the community and helps to further our goal of improving public transportation options in the community. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Plainfield for its Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended April 30, 2018. This was the fifth year the Village submitted and received this prestigious award. In order to be awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized CAFR. The report must also satisfy both generally accepted accounting principles and applicable legal requirements. - vii - A Certificate of Achievement is valid for a period of only one year. We believe that our current CAFR continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. This report would not been possible without the dedicated support and involvement of the Village Department Heads and Staff. The entire Management Services Staff is extended a special appreciation for all of their assistance in the completion of the annual audit and preparation of this report. We would also like to thank the Village President and Board of Trustees for their support in maintaining the highest standards of professionalism in the management of the Village’s finances. Respectfully submitted, Brian Murphy Traci Pleckham Village Administrator Management Services Director FINANCIAL SECTION 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT The Honorable President Members of the Board of Trustees Village of Plainfield, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois (the Village) as of and for the year ended April 30, 2019, and the related notes to financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Village’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. - 1 - We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois, as of April 30, 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole. - 2 - The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 16, 2019, on our consideration of the Village’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village’s internal control over financial reporting and compliance. Naperville, Illinois September 16, 2019 - 3 - 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Honorable President Members of the Board of Trustees Village of Plainfield, Illinois We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois (the Village) as of and for the year ended April 30, 2019, and the related notes to financial statements, which collectively comprise the Village’s basic financial statements, and have issued our report thereon dated September 16, 2019. Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Village’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Village’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. - 4 - - 2 - Compliance and Other Matters As part of obtaining reasonable assurance about whether the Village’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Naperville, Illinois September 16, 2019 - 5 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditor's report) MD&A 1 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS APRIL 30, 2019 _____________________________________________________________________________________________ The Village of Plainfield’s (the "Village") Management Discussion and Analysis (MD&A) is designed to provide an overview of the Village’s financial position and activity at and for the year ended April 30, 2019. Since the MD&A is designed to focus on the Village’s current year activities, changes in the Village’s financial position, and to identify any material deviations from approved budget and financial plans, the information contained within this MD&A should be considered as a part of a greater whole. Readers of this report should read and evaluate all sections of this report, including the Notes to the Financial Statements and the Statistical Section that is provided in addition to the MD&A, in order to form an opinion on the financial position and activities of the Village. Financial Highlights • The Village’s total net position as of April 30, 2019 equaled $319,921,420, a decrease of $1,598,468 or 0.5% over the April 30, 2018 net position. Governmental Activities recognized a decrease in net position of $4,242,906. The Business-Type activities recognized an increase of $2,644,438 in net position. • Total revenues (including transfers) of all governmental activities increased by $2,942,569, or 7.5%. Total expenses increased by $1,161,467 or 2.6% as compared to fiscal year 2018. • Total revenues of all business-type activity programs increased by $1,857,590, or 10.3%, while the total expenses increased by $677,276, or 4.1% as compared to fiscal year 2018. • Governmental Funds reported combined ending fund balances of $33,938.391, an increase of $3,751,299 over the prior fiscal year. o Total fund balance for the General Fund was $11,908,569, an increase of $256,526 over fiscal year 2018. This represents 48% of General Fund expenditures. $9,955,142 of the General Fund balance is considered unassigned. This unassigned fund balance represents 40% of General Fund expenditures.. o Total fund balance for the Capital Projects Fund was $17,678,526, an increase of $2,872,984 over fiscal year 2018. In March of 2014, the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund. Consistent with the Village’s Financial Policies, fiscal year 2019 reflected a $1,009,212 transfer from the Village’s General Fund to the Capital Fund. USING THE FINANCIAL SECTION OF THIS 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. The Village’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report contains other supplementary information in addition to the basic financial statements. Government-Wide Financial Statements The Government-Wide Financial Statements 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 Statement of Net Position presents information on all of the Village’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources reported as the net position. The "Unrestricted Net Position" is designed to be similar to bottom line results for the Village’s governmental and business-type activities. This statement combines and consolidates governmental funds' current financial resources (short-term spendable resources) with capital assets and long- term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether or not the financial position of the Village is improving. The Statement of Activities presents information showing how the Village’s net position changed during the most recent fiscal year. 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, highways and streets, planning, building, and administration. Property taxes, sales taxes, local utility taxes, and shared State income taxes finance the majority of these activities. The Business-Type Activities reflect private sector-type operations (Water and Sewer Fund), where the fee for service typically covers all or most of the cost of operation, including depreciation. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 2 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 Statements allow the demonstration of sources and uses of funds and/or the related budgeting compliance. Traditional users of governmental financial statements will find the Fund Financial Statements presentation more familiar. The focus is on major funds, rather than fund types. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds (see pages 10-14) are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of resources available for spending, as well as on balances of resources available for spending at the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. The governmental fund’s Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains 10 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, the Capital Projects Fund, and the Debt Service Fund which are 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 non- major governmental funds is provided in the form of combining statements elsewhere in this report. Proprietary Funds Proprietary fund financial statements (see pages 15-19) provide the same type of information as the government-wide financial statements, only in more detail. Proprietary funds account for services that are generally fully supported by user fees charged to customers. The Water and Sewer Fund is considered a major fund of the Village and is presented in a separate column in the Fund Financial Statements. A more detailed analysis of Water and Sewer Fund activities can be found on pages 96-103 of this report. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside Village government (Police Pension Fund, see pages 20-21). While these funds represent trust responsibilities of the government, these assets are restricted in purpose and do not represent discretionary assets of the government. Therefore, these assets are not presented as part of the Government-Wide Statements. Notes to the Financial Statements The notes provide additional information that is essential to obtaining a full understanding of the data provided in the government-wide and fund financial statements. Notes to the Financial Statements can be found on pages 22-60 of this report. Other Information Required Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information including the general fund budgetary schedules and data concerning the Village’s progress in funding its obligation to provide pension and other postemployment benefits to its employees. Required supplementary information can be found on pages 61-68 of this report. Other Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents combining and individual fund financial statements and schedules for each of the Village’s funds, as well as supplemental schedules and historical statistical data, which are presented on pages 69-133 of this report. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 3 GOVERNMENT-WIDE STATEMENT Statement of Net Position Net position may serve over time as a useful indicator of a government's financial position. For the Village of Plainfield, assets exceeded liabilities by $319,921,419 as of April 30, 2019 and $321,519,888 for April 30, 2018. In comparison, this amount reflects a decrease of $1,598,469 in total net position. For more detailed information see the Statement of Net Position (pages 6-7). The following table reflects the condensed Statement of Net Position: The largest portion of the Village’s total net position (89%) reflects its investment in capital assets (land and improvements, building, machinery, vehicles, equipment and infrastructure), less any related debt still outstanding. Although the Village’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 the capital assets themselves cannot be used to liquidate these liabilities. A small portion of the Village’s total net position (2%) represents resources that are subject to restrictions on how they may be used. The remaining balance of unrestricted net position of $28,572,905 may be used to meet the Village’s ongoing obligations. Of this amount, $12,807,949 represents the governmental activities portion and $15,764,956 is available for the Village’s business-type activities (water and sewer operations). 2019 2018 2019 2018 2019 2018 Assets Current Assets 45,039,697$ 40,857,281$ 20,864,411$ 18,910,656$ 65,904,108$ 59,767,937$ Capital Assets 215,957,855$ 225,823,680$ 101,897,685$ 103,209,957$ 317,855,540$ 329,033,637$ Total Assets 260,997,552$ 266,680,961$ 122,762,096$ 122,120,613$ 383,759,648$ 388,801,574$ Deferred Outflows of Resources IMRF 2,038,616$ 280,452$ 418,862$ 58,756$ 2,457,478$ 339,208$ OPEB 576,417$ 397,529$ 19,912$ 15,887$ 596,329$ 413,416$ Police Pension 3,349,826$ 2,600,361$ -$ -$ 3,349,826$ 2,600,361$ Unamortized loss on refundings 1,507,516$ 1,692,638$ 2,077,480$ 2,238,434$ 3,584,996$ 3,931,072$ Total Assets and Deferred Outflows of Resources 268,469,927$ 271,651,941$ 125,278,350$ 124,433,690$ 393,748,277$ 396,085,631$ Liabilities Current Liabilities 3,839,651$ 3,720,777$ 2,800,176$ 2,358,736$ 6,639,827$ 6,079,513$ Long-Term Liabilities 33,666,164$ 36,149,650$ 19,285,726$ 21,367,764$ 52,951,890$ 57,517,414$ Total Liabilities 37,505,815$ 39,870,427$ 22,085,902$ 23,726,500$ 59,591,717$ 63,596,927$ Deferred Inflows of Resources IMRF 417,941$ 1,216,502$ 85,156$ 248,717$ 503,097$ 1,465,219$ OPEB 578,073$ 390,062$ 19,971$ 15,589$ 598,044$ 405,651$ Police Pension 5,658,126$ 1,904,728$ -$ -$ 5,658,126$ 1,904,728$ Deferred property tax 7,475,874$ 7,193,218$ -$ -$ 7,475,874$ 7,193,218$ Total Liabilities and Deferred Inflows of Resources 51,635,829$ 50,574,937$ 22,191,029$ 23,990,806$ 73,826,858$ 74,565,743$ Net Position: Net Investmant in Capital Assets 199,080,764$ 206,531,017$ 85,596,840$ 84,489,070$ 284,677,604$ 291,020,087$ Restricted 4,945,385$ 4,361,935$ 1,725,525$ 2,248,925$ 6,670,910$ 6,610,860$ Unrestricted 12,807,949$ 10,184,052$ 15,764,956$ 13,704,889$ 28,572,905$ 23,888,941$ Total Net Position 216,834,098$ 221,077,004$ 103,087,321$ 100,442,884$ 319,921,419$ 321,519,888$ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2019 and April 30, 2018 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 4 Current Year Impacts The Village of Plainfield’s April 30, 2019 General Fund reflects a positive fund balance of $11,908,569, reflecting an increase of fund balance of $256,526 from the 2018 fiscal year. The 2019 total combined General Fund balance represents 48% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General Fund expenditures or $9,955,142. The Village’s Capital Projects fund balance improved its fund balance by $2,872,984 resulting in a fund balance of $17,678,526 as of April 30, 2019. The Village’s overall combined fund balance is $33,938,391, an increase of $3,751,299 from fiscal year 2018. Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2019 compared to the year ended April 30, 2018. 2019 Governmental activities decreased the Village’s net position by $4,242,906 and business-type activities increased the Village’s net position by $2,644,438. Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets expenses of $26,894,226 include depreciation expenses of $14,066,332. 2019 2018 2019 2018 2019 2018 Revenues Program Revenues Charges for Services 8,299,691$ 8,045,799$ 16,819,225$ 16,004,417$ 25,118,916$ 24,050,216$ Operating Grants & Contributions 1,401,888$ 1,213,779$ -$ -$ 1,401,888$ 1,213,779$ Capital Grants & Contributions 3,881,551$ 3,173,077$ 97,847$ 270,424$ 3,979,398$ 3,443,501$ General Revenues Property Taxes 7,358,761$ 7,096,972$ -$ -$ 7,358,761$ 7,096,972$ Other Taxes 19,217,010$ 17,859,862$ 1,862,431$ 1,808,980$ 21,079,441$ 19,668,842$ Other 1,001,952$ 826,295$ 2,073,928$ 914,520$ 3,075,880$ 1,740,815$ Total Revenues 41,160,853$ 38,215,784$ 20,853,431$ 18,998,341$ 62,014,284$ 57,214,125$ Expenses General Government 4,485,123$ 5,661,695$ -$ -$ 4,485,123$ 5,661,695$ Public Safety 14,321,219$ 13,601,471$ -$ -$ 14,321,219$ 13,601,471$ Highways and Streets 26,894,226$ 25,231,666$ -$ -$ 26,894,226$ 25,231,666$ Interest 679,991$ 724,260$ -$ -$ 679,991$ 724,260$ Water and Sewer -$ -$ 17,232,193$ 16,554,917$ 17,232,193$ 16,554,917$ Total Expenses 46,380,559$ 45,219,092$ 17,232,193$ 16,554,917$ 63,612,752$ 61,774,009$ (5,219,706)$ (7,003,308)$ 3,621,238$ 2,443,424$ (1,598,468)$ (4,559,884)$ Transfers 976,800$ 979,300$ (976,800)$ (979,300)$ -$ -$ Change in Net Position (4,242,906)$ (6,024,008)$ 2,644,438$ 1,464,124$ (1,598,468)$ (4,559,884)$ Net Position May 1 221,077,004$ 228,129,919$ 100,442,884$ 99,030,478$ 321,519,888$ 327,160,397$ Change in accounting principle -$ (1,028,907)$ -$ (51,718)$ -$ (1,080,625)$ Net Position May 1, RESTATED -$ 227,101,012$ -$ 98,978,760$ -$ 326,079,772$ Ending Net Position 216,834,098$ 221,077,004$ 103,087,322$ 100,442,884$ 319,921,420$ 321,519,888$ Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2019 and April 30, 2018 Governmental Activities Business-Type Activities Total Primary Government Change in Net Position before Transfers VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 5 Normal Impacts – There are eight basic impacts on revenues and expenses as reflected below: Revenues: Economic Condition - can reflect a declining, stable, or growing economic environment and can have an impact on state income, sales, and utility tax revenue as well as public spending habits for consumers and builders/developers. Increase/Decrease in Village-Approved Rates - while certain tax rates are set by statute, the Village Board has authority to impose and increase/decrease rates (water, sewer, impact fees, connection fees, building permit fees, home rule sales tax, utility tax etc.) Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) – certain recurring revenues (State-shared revenues: sales, income, use etc.) may experience changes periodically, while nonrecurring (or one-time) grants are less predictable and often distort 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/Modifications of New/Existing Programs - within the functional expense categories (General Government, Public Safety, and Highways and Streets, etc.), individual programs may be added, modified or deleted to meet changing community needs. Changes in Authorized Personnel - changes in service demands may cause the Village Board to increase/decrease authorized staffing. Staffing costs (salary and related benefits) represent 62.4% of the Village's General Fund and 13.9% of the Water and Sewer Fund operating costs. Changes in Salary and/or benefits (annual adjustments and merit) - the ability to attract and retain human and intellectual resources requires the Village to strive to position themselves with competitive salary and benefits in the marketplace. In addition, reductions or freezes in salary and changes to benefits can also impact overall expenses. Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts, particularly in years of significant construction activity. Some functions may experience unusual commodity-specific increases. Current Year Impacts – Governmental Activities Revenues VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 6 For the fiscal year ended April 30, 2019, revenues from Governmental Activities totaled $42,137,653, an increase of $2,942,569, or 7.5% from fiscal year 2018. The increase is primarily driven from an additional $708,474 in capital grants and contributions and an additional $1,792,094 in general revenues (property, sales, income tax). Sales and Use Tax were the Village's largest revenue source at $10,704,150, representing 25.40% of the total Governmental Activity revenue. Charges for Services were the Village's second largest revenue source at $8,299,691, representing 19.70%. The primary Charges for Services revenues include refuse fees ($4,376,180), building permit revenues ($1,087,619), and franchise fees ($658,354). Property and Replacement Taxes represent $7,358,761 or 17.46% of the total Governmental Activity revenue. Development activity has remained steady in 2019. During the fiscal year, 169 single family building permits were issued for new construction within the Village. During fiscal year 2018, 163 single family building permits were issued and 134 in 2017. The Village’s property tax revenues increased to $7,358,761 in fiscal year 2019 from $7,096,972 in fiscal year 2018. The Equalized Assessed Valuation (EAV) of the Village increased to $1,331,313,906 in calendar year 2017 from $1,282,556,687 in calendar year 2016, representing $48,757,219 or 3.8%. The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $542,921. Details of the Village’s portion of State-Shared Taxes are as follows: State-Shared Tax Fiscal Year 2018 Fiscal Year 2019 Increase / (Decrease) Sales Tax 5,642,698 5,754,207 111,509 State Income Tax 3,589,279 3,842,879 253,600 Use Tax 1,046,709 1,224,521 177,812 Total 10,278,686 10,821,607 542,921 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 7 Current Year Impacts – Governmental Activities Expenses For the fiscal year ended April 30, 2019, expenses from Governmental Activities totaled $46,380,559, an increase of $1,161,467 over fiscal year 2018. In comparison, expenses from Governmental Activities in fiscal year 2018 increased by $2,020,944. In fiscal year 2017, expenses increased by $389,237. For the fiscal year ended April 30, 2019, Highways and Streets represented 57.99% of expenditures or $26,894,226. Included in this figure is depreciation expense of $14,066,332. Some of the Village’s capital expenditures include $3,876,751 for roadway improvements, $520,401 for machinery and equipment for the Police and Public Works Departments, and $194,312 for tree removal due to the emerald ash borer. Fiscal year 2019 also included capital expenses of $3,771,845 relating to the PACE park and ride parking lot/facility project, whereby PACE is providing the funding for the engineering and construction costs. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 8 Current Year Impacts – Business Type Activities Revenues The Village’s business-type activities are those that the Village charges a fee to customers to help cover all or most of the cost of the services it provides. The Village’s net position for its business-type activities increased in the amount of $2,644,438 to $103,087,322 (see Table 2 – MD&A page 4). Total revenue for the Village’s business-type activities increased by $1,855,090; to $20,853,431 in fiscal year 2019 from $18,998,341 in fiscal year 2018. Charges for Services revenues for fiscal year end 2019 totaled $16,819,225, an increase of $814,808. The Village has contracted with Illinois American Water to supply drinking water from the City of Chicago to the Village via Illinois American’s pipeline. Current Year Impacts – Business Type Activities Expenses Operating expenses from all Business-Type Activities increased by $677,276 or 4.1%. Lake Michigan water purchase accounted for $178,329 in additional expenses. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $34,503 to $3,198,921 for fiscal year 2019. FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS Governmental Funds The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. In particular, unassigned fund balance may serve as the useful measure of a government’s net resources available for spending at the end of the fiscal year. At April 30, 2019 the Governmental Funds (as presented on page 11) reported a combined fund balance of $33,938,391 which is an increase from the beginning of the year balance of $30,187,092. Of the $3,751,299 overall fund balance increase, the Village’s Capital Fund increased its fund balance by $2,872,984 and General Fund increased its fund balance by $256,526. Of the $33,938,391 total fund balance, $9,955,142 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $23,983,249 includes $17,678,526 for capital projects, $3,474,726 for street maintenance, $1,341,972 for healthcare, $519,414 for public safety, and smaller statutory restrictions or assignments for economic development, audit, liability insurance, retirement obligations, and debt service. The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. Total General Fund balance increased by $256,526 in fiscal year 2019. General Fund actual revenues were $1,348,764 more than budgeted. This amount is primarily related to higher actual state sales, income and use tax revenues ($671,607) then what was budgeted as well as investment income ($191,584). Total General Fund revenues increased by $1,218,805 in fiscal year 2019. General Fund expenditures increased by $971,279 from the prior year. VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 9 GENERAL FUND BUDGETARY HIGHLIGHTS Other financing sources include a $1,009,212 transfer to the Capital Fund per the Village’s Financial Policies. In March of 2014, the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund. The Capital Projects Fund is used to account for the acquisition or construction of major capital assets (other than those financed by proprietary funds). The Capital Projects Fund expended approximately $9 million in capital projects in fiscal year 2019 and increased its fund balance by $2,872,984 resulting in an ending fund balance of $17,678,526. The $2,872,984 increase consisted of a $1,009,212 General Fund transfer based on the Village’s Fund balance policy, and actual capital expenditures lower than budgeted This fund balance will be utilized for future capital projects. Proprietary Funds At April 30, 2019 the Proprietary Funds total net position increased by $2,644,438. This increase is related to an increase in Charges for Services revenue due to increased water demand and additional water and sewer connection fees. Capital grants and contributions consisted of $97,847 in fiscal year 2019. In fiscal year 2018, capital contributions totaled $270,424, with no capital contributions. There were no contributions of infrastructure in fiscal years 2014-2017. Infrastructure contributions totaled $2,145,000 in fiscal year 2013, compared to $90,791 and $372,147 in fiscal years 2012 and 2011 respectively. The Village’s Water and Sewer Accounts recorded an operating income of $278,351 in fiscal year 2019 (page 98). Fiscal year 2018 reported an operating income of $225,250. CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2019, amounts to $317,855,540. The investment in capital assets includes land, buildings, equipment, improvements other than buildings, underground sewer and water systems, infrastructure, and construction in progress. This amount represents a net decrease (including additions and deductions) of $11,178,097. The Governmental Activities net capital assets decreased by $9,865,825. The Business-Type Activities net capital assets decreased by $1,312,272. Detailed information regarding the change in capital assets is included in Note 4 to the Financial Statements. Original Budget Final Budget Actual Revenues 25,129,830$ 25,129,830$ 26,478,594$ Expenditures 25,006,830$ 25,006,830$ 24,887,856$ Excess of Revenues over Expenditures 123,000$ 123,000$ 1,590,738$ Other Financing Sources (Uses)(123,000)$ (123,000)$ (1,334,212)$ Net Changes in Fund Balance -$ -$ 256,526$ Table 3: General Fund Budgetary Highlights 2019 2018 2019 2018 2019 2018 Land and Right of Way 99,620,465$ 99,620,465$ 3,043,544$ 3,043,544$ 102,664,009$ 102,664,009$ Buildings 20,432,798$ 21,191,919$ 11,346,996$ 11,695,958$ 31,779,794$ 32,887,877$ Machinery and Equipment 1,638,981$ 1,525,863$ 486,571$ 487,748$ 2,125,552$ 2,013,611$ Water & Sewer System -$ -$ 86,304,434$ 87,627,299$ 86,304,434$ 87,627,299$ Infrastructure 82,500,169$ 96,085,295$ -$ -$ 82,500,169$ 96,085,295$ Construction in progress 11,765,442$ 7,400,138$ 716,140$ 355,408$ 12,481,582$ 7,755,546$ Total Capital Assets 215,957,855$ 225,823,680$ 101,897,685$ 103,209,957$ 317,855,540$ 329,033,637$ Governmental Activities Business-Type Activities Total Primary Government Table 4: Total Capital Assets (Net of Depreciation) VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 10 DEBT OUTSTANDING As of April 30, 2019, the Village has five general obligation bond series, one Illinois EPA low interest loan, and two revenue bond series outstanding. At April 30, 2019, $19.3 million in general obligation bonds, $2.2 million in Illinois EPA loans, and $13.5 million in revenue bonds are outstanding. By continuing to monitor bond market conditions, the Village has been able to achieve cost savings of over $3.6 million between 2009-2014 through refunding/refinancing existing debt. Maturity dates and par amounts continue to remain the same on these refunding issues. State statutes that limit the amount of general obligation debt a government entity has outstanding does not apply to home rule municipalities. The Village of Plainfield was certified a home rule unit in fiscal year 2006. Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to meet its ongoing obligations. In December of 2013, the Village refunded the Series 2004 bonds for net present value cash flow savings of approximately $754,000. Upon their review of the refunding, S&P upgraded the Village's AA debt rating to AA+. S&P noted very strong budgetary flexibility and performance, strong management with good financial policies and practices as key factors of the upgrade. S & P also noted, "The stable outlook reflects our view of the Village's strong economy and our anticipation that the Village will maintain very strong budgetary flexibility and liquidity." In July of 2015, Moody’s, as part of their annual review process, noticed positive trends in the Village’s finances. Upon completion of their analysis, Moody’s upgraded the Village’s rating from Aa2 to Aa1. In summary, Moody states that the rating, “reflects the Village’s healthy financial operations and ample reserves supported by strong management and long term fiscal planning”. In Moody’s 2019 annual review, they continue to highlight the Village’s solid financial position, healthy economy, manageable debt burden and good credit position. The following charts depict a comparison of the debt ratings used and issued by Moody’s and Standard and Poor’s (S&P) for both the Village’s General Obligation and Water and Sewer Revenue Bonds: Additional information of the Village’s long-term debt can be found in Note 6 to the Financial Statements. Moody's S&P Aaa AAA Aa1 AA+*** Aa2 *AA Aa3 **AA- A1 A+ A2 A A3 A- Baa1 BBB+ Baa2 BBB Baa3 BBB- *Water & Sewer 1st lien revenue bond **Water & Sewer 2nd lien revenue bond *** S&P rated all of the Village's debt the same Comparison of Ratings Used by Moody's and Standard and Poor's (S&P) Village of Plainfield's Debt Rating is Highlighted. The Village holds both General Obligation Bonds and Water & Sewer System Revenue Bonds VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 11 ECONOMIC FACTORS According to the Metropolitan Mayors Caucus, “Plainfield is an upscale southwest suburban community that has reached a key transition point in its history. Formerly a small farming community as late as 1990, it has seen its population skyrocket from about 4,500 in 1990 to 39,581 in 2010 as numerous family farms were converted into large housing subdivisions. Thanks to careful planning, the Village’s infrastructure has, to a large degree, been able to keep up with the growth.” Although currently growing at a slower pace, the population of the Village of Plainfield has increased rapidly over the past 20 years bringing an influx of new residents and consumers to the Village. The challenge now before the Village, given the current economic situation, is to be able to position itself to provide a sustainable community that promotes a quality of life that attracts residents, commercial developments and visitors alike. Based on information from the Illinois Department of Employment Security, the 2018 average unemployment for the Village of Plainfield was 3.1%, which favorably compares to Will County’s rate of 4.0%, the State of Illinois rate of 4.3% and the national average of 3.9%. As of July 2019, the average unemployment for the Village was 3.6%, which still favorably compares to Will County’s rate of 4.2% and the State of Illinois rate of 4.2%. The national average unemployment rate for July 2019 was 4.0%. Information from the US Census Bureau via the 2000 Census and the 2013-2017 American Community Survey lists the following comparable data for the Village of Plainfield, Will County, Illinois and the United States: Plainfield Will County Illinois USA 2000 2013-2017 2000 2013-2017 2000 2013-2017 2000 2013-2017 Median value of owner- occupied housing units $198,300 $296,800 $154,300 $216,400 $130,800 $179,700 $119,600 $193,500 Plainfield Will County Illinois USA 2000 2013-2017 2000 2013-2017 2000 2013-2017 2000 2013-2017 Median household income $80,799 $121,746 $62,238 $80,782 $46,590 $61,229 $41,994 $57,652 Per the data above, the median value of owner-occupied housing units increased an estimated 50% for the Village within approximately the past 17 years. In addition, the median household income increased by 51% during the same timeframe. Data Sources: • 1990 - U.S. Census • 2000 - U.S. Census • 2003 - Village of Plainfield Special Census • 2005 - Village of Plainfield Special Census • 2007 - Village of Plainfield Special Census • 2010 - U.S. Census • 2018 – ESTIMATE - U.S. Census VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 12 Consistent with past budgets, the Village’s 2020 fiscal year budget was developed in a prudent and conservative manner. Continued cost containments across all departments enabled the Village to approve a balanced 2020 budget, with the main principle of providing quality services in an efficient and cost-effective manner, while keeping the Village’s property tax rate stable. The budget for fiscal year beginning May 1, 2019 totals $61,389,783, a 1.5% decrease from the previous year. The General Fund operating budget totals $26,646,976 resulting in a 5.5% increase over the previous year. The 2020 operating budget anticipates a stable housing market and continues to be conservative in revenue projections, reflecting level state shared revenues and property taxes. The 2020 Capital Fund budget includes over $8.8 million in projects, including $6 million for roadway improvements and maintenance programs. The Village’s Motor Fuel Tax Fund includes an additional $1 million for the Village’s roadway maintenance program. State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues at 40%. Sales tax revenue improved by 2.0% in fiscal year 2019 as compared to fiscal year 2018. Sales tax for the 2020 fiscal year budget reflects a 2.5% increase as compared to the fiscal year 2019 actual amount. Given the continued uncertainties of the State of Illinois, the Village continues to remain cautious regarding budgeting for income and use tax revenues and will continue to be monitored closely in the 2020 fiscal year and forward. Property tax revenues represent approximately 23% of the overall General Fund revenues. Consistent with Village Board direction, the Village’s tax levy rate has remained unchanged for the past six years. For the 2018 levy year, the Village of Plainfield’s property tax rate represents 5.39% of a resident’s overall tax bill. Or, for every dollar paid in property taxes by Village residents, 5.39 cents is paid to the Village of Plainfield. The Village's composition is approximately 87% residential with smaller commercial and industrial components. As economic development growth and sustainability is a key component of the Village’s Strategic Plan, the Village will continue to explore economic development opportunities to better assist in diversifying the Village’s tax base. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham, Director of Management Services, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544. Governmental Business-Type Activities Activities Total ASSETS Cash and investments 31,096,663$ 17,988,062$ 49,084,725$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 7,475,874 - 7,475,874 Sales tax 2,505,563 423,226 2,928,789 Utility/telecommunications taxes 332,402 - 332,402 Allotments 87,611 - 87,611 Grants 556,451 - 556,451 Interest 50,839 37,673 88,512 Other 1,578,920 2,171,179 3,750,099 Prepaid expenses 14,236 - 14,236 Deposits 1,341,138 239,399 1,580,537 Other - 4,872 4,872 Capital assets Nondepreciable 111,385,907 3,759,684 115,145,591 Depreciable, net of accumulated depreciation 104,571,948 98,138,001 202,709,949 Total assets 260,997,552 122,762,096 383,759,648 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 2,038,616 418,862 2,457,478 Deferred outflows of resources - OPEB 576,417 19,912 596,329 Deferred outflows of resources - Police Pension 3,349,826 - 3,349,826 Unamortized loss on refundings 1,507,516 2,077,480 3,584,996 Total deferred outflows of resources 7,472,375 2,516,254 9,988,629 Total assets and deferred outflows of resources 268,469,927 125,278,350 393,748,277 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2019 (This statement is continued on the following page.) - 6 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 2,471,805$ 2,427,367$ 4,899,172$ Accrued payroll 519,745 55,877 575,622 Deposits payable 104,718 22,762 127,480 Accrued interest payable 214,219 294,169 508,388 Other accrued liabilities 76,197 - 76,197 Unearned revenue 452,967 - 452,967 Noncurrent liabilities Due within one year 3,461,703 2,627,562 6,089,265 Due in more than one year 30,204,461 16,658,164 46,862,625 Total liabilities 37,505,815 22,085,901 59,591,716 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 417,941 85,156 503,097 Deferred inflows of resources - OPEB 578,073 19,971 598,044 Deferred inflows of resources - Police Pension 5,658,126 - 5,658,126 Deferred property tax 7,475,874 - 7,475,874 Total deferred inflows of resources 14,130,014 105,127 14,235,141 Total liabilities and deferred inflows of resources 51,635,829 22,191,028 73,826,857 NET POSITION Net investment in capital assets 199,080,764 85,596,840 284,677,604 Restricted for Street maintenance 3,474,726 - 3,474,726 Public safety 519,414 - 519,414 Debt service - 1,725,525 1,725,525 Audit 22,593 - 22,593 Liability insurance 442,523 - 442,523 Retirement obligations 131,092 - 131,092 Economic development 355,037 - 355,037 Unrestricted 12,807,949 15,764,957 28,572,906 TOTAL NET POSITION 216,834,098$ 103,087,322$ 319,921,420$ April 30, 2019 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 7 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 4,485,123$ 6,597,384$ 17,083$ -$ Public safety 14,321,219 1,642,372 281,454 - Highways and streets 26,894,226 59,935 1,103,351 3,881,551 Interest 679,991 - - - Total governmental activities 46,380,559 8,299,691 1,401,888 3,881,551 Business-Type Activities Water and sewer 17,232,193 16,819,225 - 97,847 Total business-type activities 17,232,193 16,819,225 - 97,847 TOTAL PRIMARY GOVERNMENT 63,612,752$ 25,118,916$ 1,401,888$ 3,979,398$ Program Revenues VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF ACTIVITIES April 30, 2019 - 8 - Governmental Business-Type Activities Activities Total 2,129,344$ -$ 2,129,344$ (12,397,393) - (12,397,393) (21,849,389) - (21,849,389) (679,991) - (679,991) (32,797,429) - (32,797,429) - (315,121) (315,121) - (315,121) (315,121) (32,797,429) (315,121) (33,112,550) General Revenues Taxes Property and replacement 7,358,761 - 7,358,761 Home rule sales 3,725,422 1,862,431 5,587,853 Utility/telecommunications 2,995,191 - 2,995,191 Local motor fuel 1,674,790 - 1,674,790 Other 8,265 - 8,265 Intergovernmental revenue - unrestricted Sales and use tax 6,978,728 - 6,978,728 Income tax 3,842,879 - 3,842,879 Investment income 672,108 375,621 1,047,729 Miscellaneous 321,579 1,698,307 2,019,886 Transfers 976,800 (976,800) - Total 28,554,523 2,959,559 31,514,082 CHANGE IN NET POSITION (4,242,906) 2,644,438 (1,598,468) NET POSITION, MAY 1 221,077,004 100,442,884 321,519,888 NET POSITION, APRIL 30 216,834,098$ 103,087,322$ 319,921,420$ Primary Government Net (Expense) Revenue and Change in Net Position See accompanying notes to financial statements. - 9 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds ASSETS Cash and investments 9,788,772$ 16,976,266$ 3,130$ 4,328,495$ 31,096,663$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 6,198,929 - 113,014 1,163,931 7,475,874 Sales tax 1,658,985 846,578 - - 2,505,563 Utility tax - 332,402 - - 332,402 Allotments - - - 87,611 87,611 Grants 12,920 543,531 - - 556,451 Interest 50,839 - - - 50,839 Other 751,989 825,206 - 1,725 1,578,920 Prepaid items 14,236 - - - 14,236 Deposits 1,341,138 - - - 1,341,138 Total assets 19,817,808 19,523,983 116,144 5,581,762 45,039,697 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 19,817,808$ 19,523,983$ 116,144$ 5,581,762$ 45,039,697$ OUTFLOWS OF RESOURCES ASSETS AND DEFERRED VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2019 (This statement is continued on the following page.) - 10 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 972,643$ 1,429,497$ -$ 69,665$ 2,471,805$ Accrued payroll 519,745 - - - 519,745 Impact fee 60,925 - - - 60,925 Recapture fee - 15,272 - - 15,272 Unearned revenue 52,279 400,688 - - 452,967 Developer deposit 104,718 - - - 104,718 Total liabilities 1,710,310 1,845,457 - 69,665 3,625,432 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 6,198,929 - 113,014 1,163,931 7,475,874 Total deferred inflows of resources 6,198,929 - 113,014 1,163,931 7,475,874 Total liabilities and deferred inflows of resources 7,909,239 1,845,457 113,014 1,233,596 11,101,306 FUND BALANCES Nonspendable Prepaid items 14,236 - - - 14,236 Restricted Street maintenance - - - 3,474,726 3,474,726 Public safety 466,127 - - 53,287 519,414 Audit - - - 22,593 22,593 Liability insurance - - - 442,523 442,523 Retirement obligations 131,092 - - - 131,092 Economic development - - - 355,037 355,037 Unrestricted Assigned Capital projects - 17,678,526 - - 17,678,526 Debt service - - 3,130 - 3,130 Insurance 1,341,972 - - - 1,341,972 Unassigned 9,955,142 - - - 9,955,142 Total fund balances 11,908,569 17,678,526 3,130 4,348,166 33,938,391 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 19,817,808$ 19,523,983$ 116,144$ 5,581,762$ 45,039,697$ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS April 30, 2019 OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS See accompanying notes to financial statements. - 11 - FUND BALANCES OF GOVERNMENTAL FUNDS 33,938,391$ Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds 215,957,855 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (909,607) Unamortized loss on refunding 1,507,516 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (214,219) Differences between expected and actual experiences, assumption changes, net differences between projected and actual earnings, and contributions subsequent to the measurement date for the Illinois Municipal Retirement Fund are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position Deferred outflows of resources 2,038,616 Deferred inflows of resources (417,941) Differences between expected and actual experiences, assumption changes, and net differences between projected and actual earnings for the Police Pension Plan are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position Deferred outflows of resources 3,349,826 Deferred inflows of resources (5,658,126) Differences between expected and actual experiences, assumption changes, and net differences between projected and actual earnings for the OPEB Plan are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position Deferred outflows of resources 576,417 Deferred inflows of resources (578,073) Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds General obligation bonds (17,475,000) Net pension liability - IMRF (3,868,772) Net pension liability - Police Pension (8,822,905) Net pension liability - OPEB (1,377,703) Compensated absences payable (1,212,177) NET POSITION OF GOVERNMENTAL ACTIVITIES 216,834,098$ April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION See accompanying notes to financial statements. - 12 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended April 30, 2019 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 7,102,335$ 3,725,422$ 118,114$ 1,262,653$ 12,208,524$ Licenses and permits 1,318,572 - - - 1,318,572 Intergovernmental 10,969,600 3,749,178 - 1,103,351 15,822,129 Charges for services 5,788,953 59,935 - - 5,848,888 Fines and forfeits 614,013 396,073 - 22,680 1,032,766 Investment income 271,584 287,669 12,402 100,453 672,108 Miscellaneous 413,537 3,819,059 - 25,270 4,257,866 Total revenues 26,478,594 12,037,336 130,516 2,514,407 41,160,853 EXPENDITURES Current General government 4,309,841 - - 196,603 4,506,444 Public safety 12,633,395 - - 246,263 12,879,658 Highways and streets 7,944,620 - - 925,649 8,870,269 Capital outlay - 9,032,558 - - 9,032,558 Debt service Principal retirement - - 2,475,000 - 2,475,000 Interest and fiscal charges - - 650,150 - 650,150 Total expenditures 24,887,856 9,032,558 3,125,150 1,368,515 38,414,079 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,590,738 3,004,778 (2,994,634) 1,145,892 2,746,774 OTHER FINANCING SOURCES (USES) Transfers in 25,000 1,859,212 2,995,531 - 4,879,743 Transfers (out)(1,359,212) (2,018,731) - (525,000) (3,902,943) Sale of capital assets - 27,725 - - 27,725 Total other financing sources (uses)(1,334,212) (131,794) 2,995,531 (525,000) 1,004,525 NET CHANGE IN FUND BALANCES 256,526 2,872,984 897 620,892 3,751,299 FUND BALANCES, MAY 1 11,652,043 14,805,542 2,233 3,727,274 30,187,092 FUND BALANCES, APRIL 30 11,908,569$ 17,678,526$ 3,130$ 4,348,166$ 33,938,391$ See accompanying notes to financial statements. - 13 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 3,751,299$ 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 5,160,301 The repayment of the principal portion long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities Principal on bonds 2,475,000 Governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities (59,428) The change in the Illinois Municipal Retirement Fund net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource 56,382 The change in the Police Pension Plan net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource (518,493) The change in the OPEB net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource (49,360) Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds Depreciation (15,026,126) Change in compensated absences (62,068) Change in accrued interest payable 29,587 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (4,242,906)$ For the Year Ended April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE See accompanying notes to financial statements. - 14 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUND April 30, 2019 Water and Sewer CURRENT ASSETS Cash and investments 17,988,062$ Receivables Accounts 2,171,179 Sales tax 423,226 Other 4,872 Interest 37,673 Total current assets 20,625,012 NONCURRENT ASSETS Capital assets Nondepreciable 3,759,684 Depreciable, net of accumulated depreciation 98,138,001 Total capital assets 101,897,685 Other assets Deposits 239,399 Total other assets 239,399 Total noncurrent assets 102,137,084 Total assets 122,762,096 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 418,862 Deferred outflows of resources - OPEB 19,912 Unamortized loss on refundings 2,077,480 Total deferred outflows of resources 2,516,254 Total assets and deferred outflows of resources 125,278,350 (This statement is continued on the following page.) - 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) PROPRIETARY FUND April 30, 2019 Water and Sewer CURRENT LIABILITIES Accounts payable 2,427,367$ Accrued payroll 55,877 Accrued interest 294,169 Compensated absences payable 65,202 Total OPEB liability 968 Illinois EPA loan 161,392 Bonds payable 2,400,000 Developer deposit 22,762 Total current liabilities 5,427,737 LONG-TERM LIABILITIES Compensated absences payable 8,774 Net pension liability 785,832 Total OPEB liability 46,625 Illinois EPA loan 2,008,040 Bonds payable 13,808,893 Total long-term liabilities 16,658,164 Total liabilities 22,085,901 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 85,156 Deferred inflows of resources - OPEB 19,971 Total deferred inflows of resources 105,127 Total liabilities and deferred inflows of resources 22,191,028 NET POSITION Net investment in capital assets 85,596,840 Restricted for debt service 1,725,525 Unrestricted 15,764,957 TOTAL NET POSITION 103,087,322$ See accompanying notes to financial statements. - 16 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUND For the Year Ended April 30, 2019 Water and Sewer OPERATING REVENUES Charges for services 16,819,225$ Total operating revenues 16,819,225 OPERATING EXPENSES Water operations 10,748,671 Sewer operations 2,593,282 Depreciation 3,198,921 Total operating expenses 16,540,874 OPERATING INCOME 278,351 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,862,431 Miscellaneous revenue 1,698,307 Investment income 375,621 Interest expense (691,319) Total non-operating revenues (expenses)3,245,040 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 3,523,391 TRANSFERS (OUT)(976,800) CAPITAL CONTRIBUTIONS 97,847 CHANGE IN NET POSITION 2,644,438 NET POSITION, MAY 1 100,442,884 NET POSITION, APRIL 30 103,087,322$ See accompanying notes to financial statements. - 17 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2019 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 16,714,194$ Reimbursements to other funds (250,000) Payments to suppliers (11,094,696) Payments to employees (1,541,591) Net cash from operating activities 3,827,907 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out) (976,800) Non-operating revenues 3,568,496 Net cash from noncapital financing activities 2,591,696 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (1,788,802) Principal payments on long-term debt (2,459,393) Interest paid (691,765) Net cash from capital and related financing activities (4,939,960) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments (89,844) Interest received 366,374 Net cash from investing activities 276,530 NET INCREASE IN CASH AND CASH EQUIVALENTS 1,756,173 CASH AND CASH EQUIVALENTS, MAY 1 14,849,438 CASH AND CASH EQUIVALENTS, APRIL 30 16,605,611$ (This statement is continued on the following page.) - 18 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUND For the Year Ended April 30, 2019 Water and Sewer RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 278,351$ Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 3,198,921 Changes in assets and liabilities Accounts receivable (105,031) Prepaid fees 15,318 Deposits (16,536) Pension items - IMRF (11,549) Pension items - OPEB (5,500) Accounts payable 472,815 Accrued expenses 1,118 NET CASH FROM OPERATING ACTIVITIES 3,827,907$ CASH AND INVESTMENTS Cash and cash equivalents 16,605,611$ Investments 1,382,451 TOTAL CASH AND INVESTMENTS 17,988,062$ NONCASH TRANSACTIONS Capital contributions 97,847$ See accompanying notes to financial statements. - 19 - STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS April 30, 2019 Police Pension ASSETS Cash and short-term investments 230,525$ Investments U.S. Government and U.S. agency obligations 12,694,380 Municipal bonds 1,754,998 Mutual funds 19,877,856 Receivables Accrued interest receivable 108,865 Total assets 34,666,624 LIABILITIES Accounts payable 1,453 Total liabilities 1,453 NET POSITION RESTRICTED FOR PENSIONS 34,665,171$ VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 20 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS ADDITIONS Contributions Employer 1,402,674$ Employee 555,362 Total contributions 1,958,036 Investment income Net appreciation in fair value of investments 575,422 Interest and dividends 1,219,956 Total investment income 1,795,378 Less investment expense (106,456) Net investment income 1,688,922 Total additions 3,646,958 DEDUCTIONS Benefits and refunds 510,423 Administration 49,718 Total deductions 560,141 NET INCREASE 3,086,817 NET POSITION RESTRICTED FOR PENSIONS May 1 31,578,354 April 30 $ 34,665,171 VILLAGE OF PLAINFIELD, ILLINOIS For the Year Ended April 30, 2019 See accompanying notes to financial statements. - 21 - - 20 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2019 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Plainfield, 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 below. a. Reporting Entity The Village was incorporated June 1, 1877. The Village operates under a President-Board of Trustees form of government and provides the following services as authorized by its charter: public safety (police), highways and streets, water distribution, wastewater treatment, public improvements, planning and zoning, and general administrative services. As required by GAAP, these financial statements present the Village (the primary government). In evaluating how to define the reporting entity, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was based upon the significance of its operational or financial relationship with the primary government. There are no component units that are required to be included in the Village’s basic financial statements. b. Fund Accounting The Village uses funds to report on its financial position and the changes in financial position. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain Village functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Governmental funds are used to account for all or most of the Village’s general activities, including the collection and disbursement of restricted or committed monies (special revenue funds), the funds restricted, committed, or assigned for the acquisition or construction of major capital assets (capital projects funds), and the funds restricted, committed, or assigned for the servicing of general long-term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in some other fund. - 22 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 21 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. 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. The Village utilizes a pension trust fund, which is used to account for assets that the Village holds in a fiduciary capacity. c. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Village. The effect of material interfund activity has been eliminated from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment, or program are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (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 contributions 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. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: The General Fund is the general operating fund of the Village. It is used to account for all financial resources not accounted for in another fund. The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of major capital assets (other than those financed by proprietary funds). - 23 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 22 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c. Government-Wide and Fund Financial Statements (Continued) The Debt Service Fund is used to account for the accumulation of resources for, and the payment of bond principal, interest, and related costs (other than those repaid by proprietary funds). The Village has elected to present this fund as a major fund. The Village reports the following major proprietary fund: The Water and Sewer Fund is used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. The Village reports a pension trust fund as a fiduciary fund to account for the Police Pension Fund. d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting as are the proprietary fund and fiduciary fund financial statements. Revenues and additions are recorded when earned and expenses and deductions are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues and expenses are directly attributable to the operation of the proprietary funds. Non-operating revenue/expenses are incidental to the operations of these funds. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. 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 or soon enough thereafter to be used to pay liabilities of the current period, generally 60 days except for certain revenues collected by the State (e.g., sales and telecom taxes) which use a 90-day period. The Village recognizes property taxes when they become both measurable and available in the year in which they are intended to finance. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as expenditures when due. - 24 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 23 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Those revenues susceptible to accrual are property taxes, franchise fees, licenses, interest revenue, and charges for services. Personal property replacement taxes owed to the State at year end on behalf of the Village also are recognized as revenue. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidelines. Monies that are virtually unrestricted as to purpose of expenditure, which are usually revocable only for failure to comply with prescribed compliance requirements, are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria is met. The Village reports unavailable/deferred revenue and unearned revenue on its financial statements. Unavailable/deferred revenues arise when a potential revenue does not meet the measurable and available or earned criteria for recognition in the current period. Unearned revenues 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 deferred inflow for unavailable/deferred revenue or the liability for unearned revenue is removed from the financial statements and revenue is recognized. e. Cash and Investments Cash and Cash Equivalents For purposes of the statement of cash flows, the Village’s proprietary funds consider their equity in pooled cash and all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments Investments with a maturity of less than one year when purchased, non-negotiable certificates of deposit, and money market mutual funds are stated at cost or amortized cost. Investments with a maturity greater than one year when purchased and all investments of the pension trust fund are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. - 25 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 24 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Cash and Investments (Continued) Investments (Continued) The Village categorizes the fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. f. 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 to/from other funds” on the financial statements. Long-term interfund loans are classified as “advances to/from other funds.” g. 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 on the consumption method. h. Capital Assets Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, bridges, stormwater systems), and intangibles (easements and software), 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 of $5,000 for machinery and equipment, $20,000 for building and improvements, and $50,000 for infrastructure and an estimated useful life in excess of one year. All land and land improvements are capitalized, regardless of cost. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition 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. - 26 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 25 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) h. Capital Assets (Continued) Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant, and equipment is depreciated using the straight-line method over the following estimated useful lives: Assets Years Building and improvements 5-50 Vehicles, equipment, and software 3-20 Infrastructure 15-50 i. Compensated Absences Vested or accumulated vacation leave that is due to employees who have retired or been terminated by the end of the year is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. j. Fund Balance/Net Position In the fund financial statements, governmental funds report nonspendable fund balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts constrained by legal restrictions from outside parties for use for a specific purpose, or externally imposed by outside entities. Committed fund balance is constrained by formal actions of the Village Board of Trustees, which is considered the Village’s highest level of decision-making authority. Formal actions include resolutions and ordinances (equally binding) approved by the Board of Trustees. Assigned fund balance represents amounts constrained by the Village’s intent to use them for a specific purpose. In accordance with the Village’s financial policies, the authority to assign fund balance has been delegated to the Village’s Director of Management Services, consistent with the intentions of the Village Board of Trustees. Any residual fund balance of the General Fund and any deficit balances in other governmental funds are reported as unassigned. - 27 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 26 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) j. Fund Balance/Net Position (Continued) The Village has adopted targeted fund balances for two of its funds. The General Fund has a targeted unassigned fund balance of at least 25% of the total General Fund annual expenditures. General Fund unassigned fund balance in excess of 40% may be transferred to the Capital Improvement Fund. The Water and Sewer Fund has a targeted unrestricted net position of 25% of the total Water and Sewer Fund annual expenditures. If the balances exceed 40%, the overage may be used to offset rate increases or be transferred to the Village’s Capital Projects Fund, or a combination thereof. The Village’s flow of funds assumption prescribes that the funds with the highest level of constraint are expended first. If restricted or unrestricted funds are available for spending, the restricted funds are spent first. Additionally, if different levels of unrestricted funds are available for spending, the Village considers committed funds to be expended first followed by assigned and then unassigned funds. In the government-wide financial statements, restricted net position is legally restricted by outside parties for a specific purpose. Net investment in capital assets represents the Village’s investment in the book value of capital assets, less any outstanding debt that was issued to construct or acquire the capital asset. k. 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, or business-type activities columns, or proprietary fund financial statements. Bond premiums and discounts, as well as gains and losses on refundings, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premiums or discounts. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as an other financing source. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Bond issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. - 28 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 27 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) l. Interfund Transactions Interfund service transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except interfund service transactions and reimbursements, are reported as transfers. m. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. n. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. 2. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust fund. Each fund type’s portion of this pool is displayed as “cash and investments.” In addition, deposits and investments are separately held by several of the Village’s funds. - 29 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 28 - 2. DEPOSITS AND INVESTMENTS (Continued) Permitted Deposits and Investments - the Village’s investment policy authorizes the Village to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States Government 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 (a money market fund created by the State of Illinois under the State Treasurer that maintains a $1 per share value). The Illinois Public Treasurers’ Investment Pool, known as The Illinois Funds, operates as a qualified external investment pool in accordance with the criteria established in GASB Statement No. 79, Certain External Investment Pools and Pool Participants, and thus, reports all investments at amortized cost rather than fair value. The investment in The Illinois Funds by participants is also reported at amortized cost. The Illinois Funds does not have any limitations or restrictions on participant withdrawals. The Illinois Treasurer’s Office issues a separate financial report for The Illinois Funds which may be obtained by contacting the Administrative Office at Illinois Business Center, 400 West Monroe Street, Suite 401, Springfield, Illinois 62704. Illinois Metropolitan Investment Fund (IMET) is a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an investment company. Investments in IMET are valued at IMET’s share price, the price for which the investment could be sold. a. Village Deposits and Investments It is the policy of the Village to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the “prudent person” standard for managing the overall portfolio. The primary objectives of the policy are, in order of priority, safety, liquidity, and yield. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the Village’s deposits may not be returned to it. The Village’s investment policy requires bank balances to be secured by some form of collateral, witnessed by a written agreement, and held at an independent third party institution in the name of the municipality. - 30 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 29 - 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Deposits and Investments (Continued) Investments The following table presents the investments and maturities of the Village’s securities that are subject to interest rate risk as of April 30, 2019: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 IMET $ 5,556,639 $ - $ 5,556,639 $ - $ - Negotiable certificates of deposit 6,319,004 3,899,283 2,419,721 - - Municipal bonds 1,060,106 1,060,106 - - - TOTAL $ 12,935,749 $ 4,959,389 $ 7,976,360 $ - $ - Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. In accordance with its investment policy, the Village limits its exposure to interest rate risk by matching its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the Village does not directly invest in securities maturing more than two years from the date of purchase. Reserved funds and other funds with longer term investment horizons may be invested in securities exceeding two years if the maturities of such investments are made to coincide as nearly as practicable with the expected use of the funds. Credit risk is the risk that the issuer of a debt security will not pay its par value upon maturity. The Village limits its exposure to credit risk by limiting investments to the types of securities listed above and diversifying the investment portfolio to the best of its abilities based on the type of funds invested and the cash flow needs of those funds. The Illinois Funds and IMET are rated AAA. The Village’s negotiable certificates of deposits are not rated. The municipal bonds are rated AA-. Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the Village will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Village’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by an independent third party custodian and evidenced by safekeeping receipts and a written custodial agreement. The Illinois Funds and IMET are not subject to custodial credit risk. - 31 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 30 - 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Deposits and Investments (Continued) Investments (Continued) Concentration of credit risk is the risk that the Village has a high percentage of its investments invested in one type of investment. The Village’s investment policy requires diversification of investments to avoid unreasonable risk. The investments shall be diversified by type of investment, number of institutions invested in, and length of maturity. In addition, a portion of the Village’s portfolio should continuously be invested in readily available funds such as Local Government Investment Pools (LGIPS), money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing obligations. The Village has the following recurring fair value measurements as of April 30, 2019: The IMET 1 to 3 Year Fund, a mutual fund, is measured based on the net asset value of the shares in IMET, which is based on the fair value of the underlying investments in the mutual fund (Level 3 input). The negotiable certificates of deposit and municipal bonds are valued using a multi-dimensional relational model (Level 2 inputs). 3. RECEIVABLES - PROPERTY TAXES Property taxes for the 2018 levy year attach as an enforceable lien on January 1, 2018, on property values assessed as of the same date. Taxes are levied by December 31 of the subsequent fiscal year by passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or about May 1, 2019, and are payable in two installments, on or about June 1, 2019 and September 1, 2019. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 1% to 2% of the tax levy, to reflect actual collection experience. The 2018 taxes are intended to finance the 2020 fiscal year and are not considered available for current operations and are, therefore, shown as unavailable/deferred revenue. The 2019 tax levy has not been recorded as a receivable at April 30, 2019, as the tax attached as a lien on property as of January 1, 2019; however, the tax will not be levied until December 2019 and, accordingly, is not measurable at April 30, 2019. - 32 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 31 - 4. CAPITAL ASSETS a. Capital Assets Capital asset activity for the year ended April 30, 2019 was as follows: Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 9,429,279 $ - $ - $ 9,429,279 Land right of way 90,191,186 - - 90,191,186 Construction in progress 7,400,138 4,365,304 - 11,765,442 Total capital assets not being depreciated 107,020,603 4,365,304 - 111,385,907 Capital assets being depreciated Buildings and improvements 32,189,757 - - 32,189,757 Vehicles and equipment 7,673,040 794,997 37,180 8,430,857 Infrastructure 321,112,113 - - 321,112,113 Total capital assets being depreciated 360,974,910 794,997 37,180 361,732,727 Less accumulated depreciation for Buildings 10,997,838 759,121 - 11,756,959 Vehicles and equipment 6,147,177 681,879 37,180 6,791,876 Infrastructure 225,026,818 13,585,126 - 238,611,944 Total accumulated depreciation 242,171,833 15,026,126 37,180 257,160,779 Total capital assets being depreciated, net 118,803,077 (14,231,129) - 104,571,948 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 225,823,680 $ (9,865,825) $ - $ 215,957,855 BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 3,043,544 $ - $ - $ 3,043,544 Construction in progress 355,408 360,732 - 716,140 Total capital assets not being depreciated 3,398,952 360,732 - 3,759,684 Capital assets being depreciated Buildings 17,448,092 - - 17,448,092 Vehicles and equipment 1,692,713 98,753 - 1,791,466 Water transmission system 70,266,888 - - 70,266,888 Sewer collection system 54,698,904 1,427,164 - 56,126,068 Total capital assets being depreciated 144,106,597 1,525,917 - 145,632,514 Less accumulated depreciation for Buildings 5,752,134 348,962 - 6,101,096 Vehicles and equipment 1,204,965 99,930 - 1,304,895 Water transmission system 21,037,164 1,601,860 - 22,639,024 Sewer collection system 16,301,329 1,148,169 - 17,449,498 Total accumulated depreciation 44,295,592 3,198,921 - 47,494,513 Total capital assets being depreciated, net 99,811,005 (1,673,004) - 98,138,001 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 103,209,957 $ (1,312,272) $ - $ 101,897,685 - 33 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 32 - 4. CAPITAL ASSETS (Continued) a. Capital Assets (Continued) Depreciation expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General government $ 294,031 Public safety 665,763 Highways and streets 14,066,332 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 15,026,126 b. Construction Contracts The Village had no significant construction commitments at April 30, 2019. 5. 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; and net income losses. To insure against the losses, the Village participates in the Southwest Agency for Risk Management (SWARM), a public entity risk pool with transfers of risk. The Village pays an annual premium to SWARM for property, general liability, employee benefit administration liability, auto liability, law enforcement liability, public officials’ liability, employment practices liability, and workers’ compensation coverage. The following table is a summary of coverage in effect for the period May 1, 2018 through April 30, 2019: Coverage SWARM Self-Insured Retention/ Deductible Limits Property $ 50,000 $ 300,000,000/member General liability 100,000 4,000,000/member Employee benefit administration liability 100,000 3,000,000/member Auto liability 100,000 2,000,000/member Law enforcement liability 100,000 2,000,000/member Public officials liability 100,000 2,000,000/member Employment practices liability 100,000 2,000,000/member Workers’ compensation 600,000/occurrence Statutory Umbrella policy N/A 8,000,000/member Excess liability N/A $10MM xs $10MM The Village is not aware of any additional premiums owed to SWARM as of April 30, 2019 for the current or prior claim years. - 34 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 33 - 6. LONG-TERM DEBT a. General Obligation Bonds 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 May 1 Issuances Refundings/ Retirements Balances April 30 Current Portion $15,135,000 General Obligation Bonds of 2007, annual installments of $515,000 to $1,175,000 through December 15, 2026, interest at 4% to 5% payable each June 15 and December 15. Debt Service $ 170,000 $ - $ 170,000 $ - $ - $865,000 General Obligation Refunding Bonds of 2009, annual installments of $5,000 to $110,000 through December 15, 2019, interest at 2% to 4% payable each June 15 and December 15. Debt Service 215,000 - 105,000 110,000 110,000 $9,280,000 General Obligation Refunding Bonds of 2010, annual installments of $640,000 to $960,000 through December 15, 2023, interest at 2% to 4% payable each June 15 and December 15. Debt Service 5,170,000 - 770,000 4,400,000 805,000 $6,820,000 General Obligation Refunding Bonds of 2012, annual installments of $75,000 to $805,000 through December 15, 2024, interest at 2% to 3% payable each June 15 and December 15. Debt Service 5,180,000 - 680,000 4,500,000 695,000 $7,370,000 General Obligation Refunding Bonds of 2013, annual installments of $355,000 to $1,780,000 through December 15, 2019, interest at 2% to 4% payable each June 15 and December 15. Water and Sewer 3,490,000 - 1,710,000 1,780,000 1,780,000 $9,665,000 General Obligation Refunding Bonds of 2014, annual installments of $70,000 to $1,160,000 through December 15, 2026, interest at 2.00% to 3.50% payable each June 15 and December 15. Debt Service 9,215,000 - 750,000 8,465,000 950,000 TOTAL GENERAL OBLIGATION BONDS $ 23,440,000 $ - $ 4,185,000 $ 19,255,000 $ 4,340,000 - 35 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 34 - 6. LONG-TERM DEBT (Continued) b. Revenue Bonds Payable Revenue bonds currently outstanding are shown in the table that follows. Both issuances are collateralized by the revenue of the water and sewer system and the various restricted accounts established by the bond ordinances. Issue. Fund Debt Retired by Balances May 1 Issuances Refundings/ Retirements Balances April 30 Current Portion $16,385,000 Water and Sewer System Revenue Bonds of 2008, annual installments of $355,000 to $1,140,000 through May 1, 2034, interest at 4.185% to 5.625% payable each May 1 and November 1. Water and Sewer $ 500,000 $ - $ 500,000 $ - $ - $13,740,000 Water and Sewer System Revenue Refunding Bonds of 2015, annual installments of $90,000 to $1,100,000 through May 1, 2034, interest at 2% to 4% payable each May 1 and November 1. Water and Sewer 13,560,000 - 90,000 13,470,000 620,000 TOTAL REVENUE BONDS $ 14,060,000 $ - $ 590,000 $ 13,470,000 $ 620,000 The amount of pledge remaining as of April 30, 2019 is as follows: Pledged Revenue Source Pledge Remaining Commitment End Date Pledged Revenue Collected Principal and Interest Paid Water and Sewer System Revenue Bonds of 2015 Revenues of the System $ 18,059,375 5/1/34 $ 16,819,225 $ 618,850 c. Illinois EPA Loans Issue Fund Debt Retired by Balances May 1 Issuances Refundings/ Retirements Balances April 30 Current Portion $3,309,451 Illinois EPA low interest loan, semiannual installments through June 15, 2031, interest at 1.25% payable each June 15 and December 15. Water and Sewer $ 2,328,825 $ - $ 159,393 $ 2,169,432 $ 161,392 TOTAL ILLINOIS EPA LOANS $ 2,328,825 $ - $ 159,393 $ 2,169,432 $ 161,392 - 36 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 35 - 6. LONG-TERM DEBT (Continued) d. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Governmental Activities Fiscal General Obligation Bonds Year Principal Interest 2020 $ 2,560,000 $ 571,250 2021 2,520,000 494,800 2022 2,635,000 410,800 2023 2,745,000 323,000 2024 2,840,000 231,450 2025 1,895,000 136,650 2026 1,120,000 79,800 2027 1,160,000 40,600 TOTAL $ 17,475,000 $ 2,288,350 Business-Type Activities Fiscal General Obligation Bonds Revenue Bonds Year Principal Interest Principal Interest 2020 $ 1,780,000 $ 53,400 $ 620,000 $ 515,550 2021 - - 645,000 490,250 2022 - - 665,000 464,050 2023 - - 700,000 436,750 2024 - - 725,000 408,250 2025 - - 750,000 378,750 2026 - - 780,000 348,150 2027 - - 810,000 316,350 2028 - - 840,000 283,350 2029 - - 875,000 249,050 2030 - - 920,000 213,150 2031 - - 950,000 175,750 2032 - - 990,000 136,950 2033 - - 1,030,000 96,550 2034 - - 1,070,000 57,225 2035 - - 1,100,000 19,250 TOTAL $ 1,780,000 $ 53,400 $ 13,470,000 $ 4,589,375 - 37 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 36 - 6. LONG-TERM DEBT (Continued) d. Debt Service Requirements to Maturity (Continued) Business-Type Activities Fiscal Illinois EPA Loans Year Principal Interest 2020 $ 161,392 $ 26,615 2021 163,416 24,591 2022 165,465 22,542 2023 167,540 20,467 2024 169,640 18,367 2025 171,767 16,240 2026 173,921 14,086 2027 176,102 11,905 2028 178,310 9,697 2029 180,546 7,461 2030 182,810 5,197 2031 185,102 2,905 2032 93,421 584 TOTAL $ 2,169,432 $ 180,657 e. Changes in Long-Term Liabilities The following is a summary of changes in bonds, installment notes payable, debt certificates, and other long-term liabilities during fiscal year 2019: Balances May 1, Restated Additions Reductions Balances April 30 Current Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 19,950,000 $ - $ 2,475,000 $ 17,475,000 $ 2,560,000 Compensated absences payable* 1,150,109 884,195 822,127 1,212,177 870,413 Net pension liability - IMRF* 1,368,429 2,500,343 - 3,868,772 - Net pension liability - Police Pension Plan* 11,308,345 - 2,485,440 8,822,905 - Total OPEB liability* 1,337,466 40,237 - 1,377,703 31,290 Unamortized bond premiums 1,035,301 - 125,694 909,607 - TOTAL GOVERNMENTAL ACTIVITIES $ 36,149,650 $ 3,424,775 $ 5,908,261 $ 33,666,164 $ 3,461,703 *These obligations have typically been liquidated by the General Fund. - 38 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 37 - 6. LONG-TERM DEBT (Continued) e. Changes in Long-Term Liabilities (Continued) Balances May 1, Restated Additions Reductions Balances April 30 Current Portion BUSINESS-TYPE ACTIVITIES General obligation bonds $ 3,490,000 $ - $ 1,710,000 $ 1,780,000 $ 1,780,000 Revenue bonds 14,060,000 - 590,000 13,470,000 620,000 Illinois EPA loan 2,328,825 - 159,393 2,169,432 161,392 Compensated absences payable 81,279 65,935 73,238 73,976 65,202 Net pension liability - IMRF 273,714 512,118 - 785,832 - Total OPEB liability 53,450 - 5,857 47,593 968 Unamortized bond premium 1,080,496 - 121,603 958,893 - TOTAL BUSINESS-TYPE ACTIVITIES $ 21,367,764 $ 578,053 $ 2,660,091 $ 19,285,726 $ 2,627,562 7. INTERFUND ACTIVITY Individual fund transfers were as follows: Fund Transfers In Transfers Out General $ 25,000 $ 1,359,212 Capital Projects 1,859,212 2,018,731 Debt Service 2,995,531 - Nonmajor Governmental - 525,000 Water and Sewer - 976,800 TOTAL $ 4,879,743 $ 4,879,743 The purposes of significant transfers are as follows: • $2,995,531 transferred from the Capital Projects Fund and the Water and Sewer Fund to the Debt Service Fund to provide funds for a portion of various debt service payments. • $1,009,212 transferred from the General Fund to the Capital Projects Fund to finance future capital projects in accordance with the Village’s fund balance policy. - 39 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 38 - 8. CONTINGENT LIABILITIES a. Litigation The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village’s attorneys, the resolution of these matters will not have a material adverse effect on the financial condition of the Village. b. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. 9. COMMITMENTS The Village is a member of the Southwest Agency for Health Management (SWAHM), an agency comprised of seventeen communities formed to be a single member in an Intergovernmental Personnel Benefits Cooperative (IPBC) which administers the personnel benefits according to its members. Premiums are paid monthly to another member of SWAHM which is responsible for collecting all monies and remitting them to IPBC. The Village is a member of the Western Will County Communications Center (WESCOM), an agency comprised of five communities and eight fire protection districts formed to jointly establish, maintain, and operate a centralized public safety communication system. The expenses of WESCOM are funded by monthly charges to the participating agencies. 10. DEVELOPMENT ASSISTANCE The Village has entered into various agreements with private organizations to encourage economic development in the Village. These agreements provide for rebating a portion of state shared sales taxes to the private organizations if certain benchmarks of development are achieved. During the fiscal year ended April 30, 2019, approximately $71,699 in state shared sales tax rebates were incurred under these agreements. Future contingent rebates of approximately $192,509 in state shared sales taxes may be rebated if certain criteria are met in future years. - 40 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 39 - 11. TAX ABATEMENTS The Village rebates local motor fuel taxes to encourage economic development in the Village. The terms of these rebate arrangements are specified within written agreements with the business concerned as allowed under the Illinois Compiled Statute Municipal Code (65 ILCS 5/8-11-20). Certain rebates may be recaptured if the subject development ceases to operate as intended for a period of more than 24 consecutive months. These agreements are authorized through formal approval by the Village Board of Trustees. The Village rebated $118,097 of local motor fuel taxes during the year ended April 30, 2019. Future contingent rebates of approximately $116,155 in motor fuel taxes may be rebated if certain criteria are met in future years. 12. DEFINED BENEFIT PENSION PLANS The Village contributes to two defined benefit pension plans: the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer public employee retirement system, and the Police Pension Plan which is a single-employer pension plan. The benefits, benefit levels, employee contributions, and employer contributions for both plans are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. Neither 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 at www.imrf.org or by writing to Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. a. Plan Descriptions Illinois Municipal Retirement Fund Plan Administration All employees (other than those covered by the Police Pension Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable. - 41 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 40 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Plan Membership At December 31, 2018, membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 61 Inactive employees entitled to but not yet receiving benefits 70 Active employees 87 TOTAL 218 Benefits Provided All employees (other than those covered by the Police Pension Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions are established by state statute. Contributions Participating members are required to contribute 4.50% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution for the fiscal year ended April 30, 2019 was 10.63% of covered payroll. - 42 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 41 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Actuarial Assumptions The Village’s net pension liability was measured as of December 31, 2018 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation performed as of the same date using the following actuarial methods and assumptions. Actuarial valuation date December 31, 2018 Actuarial cost method Entry-age normal Assumptions Price inflation 2.50% Salary increases 3.39% to 14.25% Investment rate of return 7.25% Cost of living adjustments 3.00% Asset valuation method Market value of assets For nondisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustments that were applied for nondisabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. - 43 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 42 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Discount Rate The discount rate used to measure the total pension liability was 7.25% at December 31, 2018. The discount rate used to measure the total pension liability was 7.50% at December 31, 2017. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that the village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the IMRF’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Changes in the Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2018 $ 23,558,943 $ 21,916,800 $ 1,642,143 Changes for the period Service cost 621,641 - 621,641 Interest 1,765,752 - 1,765,752 Difference between expected and actual experience 159,846 - 159,846 Employer contributions - 703,864 (703,864) Assumption changes 882,365 - 882,365 Employee contributions - 297,890 (297,890) Net investment income - (914,219) 914,219 Benefit payments and refunds (652,817) (652,817) - Other (net transfer) - 329,608 (329,608) Net changes 2,776,787 (235,674) 3,012,461 BALANCES AT DECEMBER 31, 2018 $ 26,335,730 $ 21,681,126 $ 4,654,604 Changes in assumptions related to the discount rate were made in 2018. - 44 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 43 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended April 30, 2019, the Village recognized pension expense of $616,919. At April 30, 2019, the Village reported deferred outflows of resources and deferred inflows of resources related to IMRF from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 194,363 $ 37,132 Assumption changes 690,676 465,965 Net difference between projected and actual earnings on pension plan investments 1,383,564 - Employer contributions after the measurement date 188,875 - TOTAL $ 2,457,478 $ 503,097 $188,875 reported as deferred outflows of resources related to pensions resulting from village contributions subsequent to the measurement date will be recognized as a reduction of net pension liability in the reporting year ending April 30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to IMRF will be recognized in pension expense as follows: Year Ending April 30, 2020 $ 517,394 2021 308,603 2022 313,638 2023 625,871 2024 - Therafter - TOTAL $ 1,765,506 - 45 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 44 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the Village calculated using the discount rate of 7.25% as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.25%) or 1 percentage point higher (8.25%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (6.25%) (7.25%) (8.25%) Net pension liability $ 8,717,525 $ 4,654,604 $ 1,381,502 Police Pension Plan Plan Administration Police sworn personnel are covered by the Police Pension Plan (the Plan). Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The Village accounts for the Plan as a pension trust fund. The Plan is governed by a five-member Board of Trustees. Two members of the Board of Trustees are appointed by the Village President, one member is elected by pension beneficiaries, and two members are elected by active police employees. The Plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required and benefits and refunds are recognized as an expense and liability when due and payable. Administrative costs are financed through contributions and investment income. - 46 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 45 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Plan Membership At April 30, 2019, the measurement date, membership consisted of: Inactive plan members or beneficiaries currently receiving benefits 9 Inactive plan members entitled to but not yet receiving benefits 2 Active plan members 57 TOTAL 68 Benefits Provided The Plan provides retirement benefits as well as death and disability benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of 50 or older with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least eight years but less than 20 years of creditable service may retire at or after age 60 and receive a reduced benefit. The monthly benefit 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% of the original pension, and 3% compounded annually thereafter. Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or older with ten or more years of creditable service are entitled to receive an annual retirement benefit equal to the average monthly salary obtained by dividing the total salary of the police officer during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of months of service in that period. Police officers’ salary for pension purposes is capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index or 3% compounded. The annual benefit shall be increased by 2.50% of such - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 46 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Benefits Provided (Continued) salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least ten years may retire at or after age 50 and receive a reduced benefit (i.e., ½% for each month under 55). The monthly benefit of a Tier 2 police officer shall be increased annually at age 60 on the January 1st after the police officer retires, or the first anniversary of the pension starting date, whichever is later. Noncompunding increases occur annually, each January thereafter. The increase is the lesser of 3% or ½ of the change in the Consumer Price Index for the preceding calendar year. Contributions Employees are required by ILCS to contribute 9.91% of their base salary to the 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 and the administrative costs as actuarially determined by an enrolled actuary. Effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past service cost for the Plan. However, the Village has elected to fund 100% of the past service cost on a closed basis by the year 2040. For the year ended April 30, 2019, the Village’s contribution was 24.07% of covered payroll. Investment Policy ILCS limits the Plan’s investments to those allowable by ILCS and require the Plan’s Board of Trustees to adopt an investment policy which can be amended by a majority vote of the Board of Trustees. The Plan’s investment policy authorizes it to make deposits/invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States Government 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. The Plan may also invest in certain non-U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts, mutual funds, and equities. - 48 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 47 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Investment Policy (Continued) During the year, there were no changes to the investment policy. The Plan’s investment policy in accordance with ILCS establishes the following target allocation across asset classes: Asset Class Target Long-Term Expected Real Rate of Return Large cap domestic equity 35% 6.6% Small cap domestic equity 12% 8.4% International equity 8% 6.4% Fixed income 45% 1.6% ILCS limits the Plan’s investments in equities, mutual funds, and variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. The long-term expected real rates of return are net of inflation and investment expense. Long-term returns for the asset classes are calculated on a geometric mean basis. Asset class returns and risk premium data are from Morningstar Analyst Research Center - SBBI Data for the period of December 31, 1925 through December 31, 2018. International Equity = the MSCI EAFE Index from December 31, 1969 through December 31, 2018. Investments with a maturity of less than one year when purchased, non-negotiable certificates of deposit, and money market mutual funds are stated at cost or amortized cost. Investments with a maturity greater than one year when purchased and all investments of the pension trust fund are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. - 49 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 48 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Investment Valuations The Plan categorizes the fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. The Plan had the following recurring fair value measurements as of April 30, 2019: The U.S. Treasury obligations and equity mutual funds are valued using daily quoted prices (Level 1 inputs). The U.S. agency obligations and municipal bonds are valued using evaluated pricing (Level 2 inputs). The equity securities and mutual funds are valued using quoted prices in active markets for identical assets (Level 1 inputs). The real estate investment trust is valued using appraisals, internally prepared valuations, and discounted cash flow analysis (Level 3 inputs). Investment Rate of Return For the year ended April 30, 2019, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 5.18%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the Plan’s deposits may not be returned to it. The Plan’s investment policy does not require pledging of collateral for all bank balances in excess of federal depository insurance, since flow-through FDIC insurance is available for the Plan’s deposits with financial institutions. - 50 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 49 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Interest Rate Risk The following table presents the investments and maturities of the Plan’s debt securities as of April 30, 2019: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 4,037,473 $ 573,301 $ 2,404,578 $ 1,059,594 $ - U.S. agency obligations 8,656,907 998,541 5,375,535 2,191,720 91,111 Municipal bonds 1,754,998 99,826 1,245,478 409,694 - TOTAL $ 14,449,378 $ 1,671,668 $ 9,025,591 $ 3,661,008 $ 91,111 Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. In accordance with its investment policy, the Plan limits its exposure to interest rate risk through the proper diversifications of maturities and sectors while maintaining cash flow adequate to meet anticipated disbursements for at least six months by utilizing short-term money market investments. There are no constraints on any of the fixed income portfolio’s average maturity. The average duration of any fixed income portfolio shall not exceed 12 years at any given time unless deemed otherwise by the Board of Trustees. Credit Risk Credit risk is the risk that the issuer of a debt security will not pay its par value upon maturity. The Plan limits its exposure to credit risk by primarily investing in U.S. Treasury or U.S. agency obligations. The U.S. agency obligations are rated Aaa or are not rated. The money market mutual funds are rated AAA. The municipal bonds are rated Aa3 to Aaa. Custodial Credit Risk Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the Plan will not be able to recover the value of its investments that are in possession of an outside party. To limit its exposure, the Plan’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by a third party custodian. The money market mutual funds and equity mutual funds are not subject to custodial credit risk. - 51 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 50 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Concentration of Credit Risk Concentration of credit risk is the risk that the Plan has a high percentage of its investments invested in one type of investment. The Plan’s investment policy limits the amount of the debt portfolio that can be invested in any one debt security as follows: Diversification by Instrument Minimum Target Maximum Cash equivalents 0% 0% 30% Government bonds 40% 45% 70% U.S. stocks 35% 40% 45% Non-U.S. stocks 0% 15% 20% Discount Rate The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that the village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current members. Therefore, the long-term expected rate of return on pension plan investments of 6.75% was applied to all periods of projected benefit payments to determine the total pension liability. - 52 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 51 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Changes in Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT MAY 1, 2018 $ 42,886,699 $ 31,578,354 $ 11,308,345 Changes for the period Service cost 1,313,637 - 1,313,637 Interest 3,076,159 - 3,076,159 Difference between expected and actual experience (4,863,845) - (4,863,845) Employer contributions - 1,402,674 (1,402,674) Assumption changes 1,585,849 - 1,585,849 Employee contributions - 555,362 (555,362) Net investment income - 1,688,922 (1,688,922) Benefit payments and refunds (510,423) (510,423) - Administrative expense - (49,718) 49,718 Net changes 601,377 3,086,817 (2,485,440) BALANCES AT APRIL 30, 2019 $ 43,488,076 $ 34,665,171 $ 8,822,905 There was a change with respect to actuarial assumptions in 2019 to reflect revised expectations with respect to mortality rates. - 53 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 52 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation performed as of April 30, 2019 using the following actuarial methods and assumptions: Actuarial valuation date April 30, 2019 Actuarial cost method Entry-age normal Assumptions Inflation 2.50% Salary increases 3.50% to 11.00% Investment rate of return 6.75% Cost of living adjustments Tier 1 - 3.00% Tier 2 – 1.25% Asset valuation method Market value Mortality rates were based on PubS-2010 Employee mortality, projected 5 years past the valuation date with Scale MP-2018 for active lives. 10% of active deaths are assumed to be in the line of duty. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the Village calculated using the discount rate of 6.75% as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (5.75%) or 1 percentage point higher (7.75%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (5.75%) (6.75%) (7.75%) Net pension liability $ 17,175,861 $ 8,822,905 $ 2,171,642 - 54 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 53 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended April 30, 2019, the Village recognized police pension expense of $1,921,167. At April 30, 2019, the Village reported deferred outflows of resources and deferred inflows of resources related to the police pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ - $ 5,042,310 Changes in assumptions 2,693,950 615,816 Net difference between projected and actual earnings on pension plan investments 655,876 - TOTAL $ 3,349,826 $ 5,658,126 Amounts reported as deferred outflows of resources and deferred inflows of resources related to the police pension will be recognized in pension expense as follows: Year Ending April 30, 2020 $ 215,730 2021 (267,309) 2022 (423,072) 2023 (427,072) 2024 (219,970) Thereafter (1,186,607) TOTAL $ (2,308,300) - 55 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 54 - 13. OTHER POSTEMPLOYMENT BENEFITS a. Plan Description In addition to providing the pension benefits described, the Village provides postemployment health care (OPEB) benefits for retirees and disabled employees through a single-employer defined benefit plan (the Plan). The benefits, benefit levels, employee contributions, and any employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. The Plan does not issue a separate report. The activity of the Plan is reported in the Village’s govermental activities and Water and Sewer Fund. b. Benefits Provided The Village provides OPEB to its retirees and certain disabled employees. To be eligible for benefits, an employee must qualify for retirement under one of the Village’s retirement plans or meet COBRA requirements. All retirees contribute 100% of the premium to the Plan to cover the cost of providing the benefits to the retirees via the health insurance plan (pay as you go), which results in an implicit subsidy to the Village. For certain disabled employees who qualify for health insurance benefits under the Public Safety Employee Benefits Act (PSEBA), the Village is required to pay 100% of the cost of basic health insurance for the employee and their dependents for their lifetime. As of April 30, 2019, the Village had one disabled retiree receiving benefits under this statute. All health care benefits are provided through the Village’s 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. Eligibility in village sponsored health care plans is discontinued upon eligibility for federally sponsored health care benefits. c. Membership At May 1, 2019 (census date), membership consisted of: Inactive employees or beneficiaries currently receiving benefit payments 3 Inactive employees entitled to but not yet receiving benefit payments - Active employees 137 TOTAL 140 - 56 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 55 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) d. Total OPEB Liability The Village’s total OPEB liability of $1,425,295 was measured as of April 30, 2019 and was determined by an actuarial valuation as of that date. e. Actuarial Assumptions and Other Inputs The total OPEB liability at April 30, 2019, as determined by an actuarial valuation as of April 30, 2019 actuarial valuation, was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified. Actuarial cost method Entry-age normal Actuarial value of assets Market value Inflation 2.50% Salary Increases 4.00% Discount rate 3.21% Healthcare cost trend rates 0.96% to 4.95% 4.50% Ultimate Police employees that suffer a catastrophic injury or are killed in the line of duty may receive 100% village paid lifetime coverage for the employee, their spouse, and each dependent child under the Public Safety Employee Benefits Act. The discount rate was based on the index rate for tax exempt general obligation municipal bonds rated AA or better at April 30, 2019. Mortality rates were based on the RP-2014 Healthy Annuitant Mortality Table for Males or Females, as appropriate, with adjustments for mortality improvements based on scale AA. The actuarial assumptions used in the May 1, 2019 valuation are based on 10% participation assumed, with 50% electing spouse coverage. - 57 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 56 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Changes in the Total OPEB Liability Total OPEB Liability BALANCES AT MAY 1, 2018 $ 1,390,916 Changes for the period Service cost 26,190 Interest 49,905 Difference between expected and actual experience (221,712) Changes in benefit terms - Changes in assumptions 175,872 Benefit payments (32,258) Other changes 36,382 Net changes 34,379 BALANCES AT APRIL 30, 2019 $ 1,425,295 There were changes in assumptions related to the discount rate and health care trend rate, in addition the decrements were changed to those in the most recent IMRF and the Police Pension Fund pension plan valuation reports. g. Rate Sensitivity The following is a sensitivity analysis of the total OPEB liability to changes in the discount rate and the healthcare cost trend rate. The table below presents the total OPEB liability of the Village calculated using the discount rate of 3.21% as well as what the Village total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (2.21%) or 1 percentage point higher (4.21%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (2.21%) (3.21%) (4.21%) Total OPEB liability $ 1,708,227 $ 1,425,295 $ 1,207,707 - 58 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 57 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) g. Rate Sensitivity (Continued) The table below presents the total OPEB liability of the Village calculated using the healthcare rate of 0.96% to 4.95% as well as what the Village’s total OPEB liability would be if it were calculated using a healthcare rate that is 1 percentage point lower ((0.04)% to 3.95%) or 1 percentage point higher (1.96% to 5.95%) than the current rate: 1% Decrease Current Healthcare Rate 1% Increase ((0.04)% to 3.95%) (0.96% to 4.95%) (1.96% to 5.95%) Total OPEB liability $ 1,192,857 $ 1,425,295 $ 1,723,792 h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2019, the Village recognized OPEB expense of $76,116. At April 30, 2019, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 249,295 $ 422,378 Changes in assumptions 347,034 175,666 TOTAL $ 596,329 $ 598,044 - 59 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 58 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in OPEB expense as follows: Year Ending April 30, 2020 $ 21 2021 21 2022 21 2023 21 2024 21 Thereafter (1,820) TOTAL $ (1,715) - 60 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual REVENUES Taxes 7,118,180$ 7,118,180$ 7,102,335$ Licenses and permits 1,103,200 1,103,200 1,318,572 Intergovernmental 10,185,750 10,185,750 10,969,600 Charges for services 5,793,200 5,793,200 5,788,953 Fines and forfeits 725,500 725,500 614,013 Investment income 80,000 80,000 271,584 Miscellaneous 124,000 124,000 413,537 Total revenues 25,129,830 25,129,830 26,478,594 EXPENDITURES Current General government 4,469,946 4,469,946 4,309,841 Public safety 12,771,955 12,771,955 12,633,395 Highways and streets 7,764,929 7,764,929 7,944,620 Total expenditures 25,006,830 25,006,830 24,887,856 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 123,000 123,000 1,590,738 OTHER FINANCING SOURCES (USES) Transfers in 225,000 225,000 25,000 Transfers (out)(350,000) (350,000) (1,359,212) Sale of capital assets 2,000 2,000 - Total other financing sources (uses)(123,000) (123,000) (1,334,212) NET CHANGE IN FUND BALANCE -$ -$ 256,526 FUND BALANCE, MAY 1 11,652,043 FUND BALANCE, APRIL 30 11,908,569$ (See independent auditor's report.) - 61 - FISCAL YEAR ENDED APRIL 30,2016 2017 2018 2019 Actuarially determined contribution 632,404$ 651,811$ 683,524$ 673,301$ Contributions in relation to the actuarially determined contribution 632,404 651,811 683,524 673,301 CONTRIBUTION DEFICIENCY (Excess)-$ -$ -$ -$ Covered payroll 5,619,601$ 5,820,182$ 6,159,861$ 6,335,963$ Contributions as a percentage of covered payroll 11.25%11.20%11.10%10.63% Notes to Required Supplementary Information Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled, information will be presented for as many years as is available. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND Last Four Fiscal Years The information presented was determined as part of the actuarial valuation as of January 1 of the prior calendar year.Additional information as of the latest actuarial valuation presented is as follows:the actuarial cost method was aggregate entry-age normal;the amortization method was level percentage of payroll,closed; the amortization period was 25 years,closed until the remaining period reaches 15 years (then a 15-year rolling period);the asset valuation method was five-year smoothed market with a 20.00%corridor;and the significant actuarial assumptions were wage growth at 3.50%,price inflation at 2.75%,salary increases of 3.75%to 14.50%, including inflation, and an investment rate of return at 7.50% annually. (See independent auditor's report.) - 62 - FISCAL YEAR ENDED APRIL 30,2011 2012 2013 2014 2015 2016 2017 2018 2019 Actuarially determined contribution 845,701$ 806,757$ 808,308$ 808,112$ 935,192$ 902,596$ 1,099,147$ 1,295,962$ 1,246,616$ Contributions in relation to the actuarially determined contribution 704,076 897,431 888,578 886,519 898,172 948,549 1,101,142 1,364,479 1,402,674 CONTRIBUTION DEFICIENCY (Excess)141,625$ (90,674)$ (80,270)$ (78,407)$ 37,020$ (45,953)$ (1,995)$ (68,517)$ (156,058)$ Covered payroll 4,173,528$ 4,375,606$ 4,563,700$ 4,732,754$ 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ Contributions as a percentage of covered payroll 16.87%20.51%19.47%18.73%18.66%18.62%20.97%24.70%24.07% Notes to Required Supplementary Information Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years as is available. The information presented was determined as part of the actuarial valuations as of the beginning of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the actuarial cost method was entry age normal;the amortization method was level percent of pay,closed,and the amortization period was 22 years;the asset valuation method was at market value;and the significant actuarial assumptions were an investment rate of return at 6.75%annually,projected salary increases assumption of 3.50%to 11.00%compounded annually, and inflation of 2.50% compounded annually. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND Last Nine Fiscal Years (See independent auditor's report.) - 63 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 TOTAL PENSION LIABILITY Service cost 655,050$ 653,238$ 667,207$ 621,641$ Interest 1,440,465 1,549,109 1,691,702 1,765,752 Differences between expected and actual experience (198,500) 173,858 7,116 159,846 Changes of assumptions 30,956 (66,399) (765,062) 882,365 Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) Net change in total pension liability 1,442,834 1,897,140 1,072,079 2,776,787 Total pension liability - beginning 19,146,890 20,589,724 22,486,864 23,558,943 TOTAL PENSION LIABILITY - ENDING 20,589,724$ 22,486,864$ 23,558,943$ 26,335,730$ PLAN FIDUCIARY NET POSITION Contributions - employer 637,826$ 669,937$ 669,286$ 703,864$ Contributions - member 253,640 267,974 271,577 297,890 Net investment income 85,777 1,184,782 3,015,203 (914,219) Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) Administrative expense/other (466,427) 5,449 (203,705) 329,608 Net change in plan fiduciary net position 25,679 1,715,476 3,223,477 (235,674) Plan fiduciary net position - beginning 16,952,168 16,977,847 18,693,323 21,916,800 PLAN FIDUCIARY NET POSITION - ENDING 16,977,847$ 18,693,323$ 21,916,800$ 21,681,126$ EMPLOYER'S NET PENSION LIABILITY 3,611,877$ 3,793,541$ 1,642,143$ 4,654,604$ Plan fiduciary net position as a percentage of the total pension liability 82.46%83.13%93.03%82.33% Covered payroll 5,619,601$ 5,954,999$ 6,035,047$ 6,335,404$ Employer's net pension liability as a percentage of covered payroll 64.30%63.70%27.20%73.50% Notes to Required Supplementary Information Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled, information will be presented for as many years as is available. There was a change in the actuarial assumptions for the discount rate in 2015 and 2016. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS ILLINOIS MUNICIPAL RETIREMENT FUND Last Four Fiscal Years Changes in assumptions related to price inflation, salary increases, retirement age, and mortality rates were made in 2017. Changes in assumptions related to the discount rate were made in 2018. (See independent auditor's report.) - 64 - MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 TOTAL PENSION LIABILITY Service cost 1,098,445$ 1,194,830$ 1,290,807$ 1,273,722$ 1,313,637$ Interest 2,039,130 2,374,855 2,718,699 2,879,343 3,076,159 Changes of benefit terms - - - - - Differences between expected and actual experience (319,230) (220,856) (469,897) (549,216) (4,863,845) Changes of assumptions 2,082,221 1,674,600 (928,943) 1,138,995 1,585,849 Benefit payments, including refunds of member contributions (413,533) (434,932) (442,742) (494,765) (510,423) Net change in total pension liability 4,487,033 4,588,497 2,167,924 4,248,079 601,377 Total pension liability - beginning 27,395,166 31,882,199 36,470,696 38,638,620 42,886,699 TOTAL PENSION LIABILITY - ENDING 31,882,199$ 36,470,696$ 38,638,620$ 42,886,699$ 43,488,076$ PLAN FIDUCIARY NET POSITION Contributions - employer 898,172$ 948,599$ 1,101,142$ 1,364,479$ 1,402,674$ Contributions - member 522,107 490,958 509,526 524,835 555,362 Net investment income 1,466,441 (72,695) 2,276,889 2,098,694 1,688,922 Benefit payments, including refunds of member contributions (413,533) (434,932) (442,742) (494,765) (510,423) Administrative expense (33,752) (32,827) (41,812) (42,745) (49,718) Net change in plan fiduciary net position 2,439,435 899,103 3,403,003 3,450,498 3,086,817 Plan fiduciary net position - beginning 21,386,315 23,825,750 24,724,853 28,127,856 31,578,354 PLAN FIDUCIARY NET POSITION - ENDING 23,825,750$ 24,724,853$ 28,127,856$ 31,578,354$ 34,665,171$ EMPLOYER'S NET PENSION LIABILITY 8,056,449$ 11,745,843$ 10,510,764$ 11,308,345$ 8,822,905$ Plan fiduciary net position as a percentage of the total pension liability 74.73%67.79%72.80%73.63%79.71% Covered payroll 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ Employer's net pension liability as a percentage of covered payroll 167.34%230.58%200.21%204.67%151.40% Notes to Required Supplementary Information There was a change with respect to actuarial assumptions in 2017 to reflect revised expectations with respect to mortality rates. Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years as is available. There was a change with respect to actuarial assumptions in 2015 and 2016 to reflect revised expectations with respect to mortality rates,disability rates, turnover rates, and retirement rates. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS POLICE PENSION FUND Last Five Fiscal Years There was a change with respect to actuarial assumptions in 2018 to reflect revised expectations with respect to mortality rate and the new Department of Insurance assumptions reported in the GRS Experience Study released in 2017. The discount rate was also changed in 2018. There was a change with respect to actuarial assumptions in 2019 to reflect revised expectations with respect to mortality rates. (See independent auditor's report.) - 65 - MEASUREMENT DATE APRIL 30,2018 2019 TOTAL OPEB LIABILITY Service cost 20,960$ 26,190$ Interest 48,256 49,905 Changes of benefit terms - - Differences between expected and actual experience (293,399) (221,712) Changes of assumptions 302,198 175,872 Benefit payments (32,954) (32,258) Other changes - 36,381 Net change in total OPEB liability 45,061 34,378 Total OPEB liability - beginning 1,345,855 1,390,916 TOTAL OPEB LIABILITY - ENDING 1,390,916$ 1,425,294$ Covered payroll 10,735,898$ 11,381,178$ Employer's total OPEB liability as a percentage of covered payroll 12.96%12.52% Notes to Required Supplementary Information No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. Last Two Fiscal Years Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled, information will be presented for as many years as is available. VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S TOTAL OPEB LIABILITY AND RELATED RATIOS OTHER POSTEMPLOYMENT BENEFIT PLAN There were changes in assumptions related to the discount rate and health care trend rate in 2019. In addition,the decrements were changed to those in the most recent IMRF and Plainfield Police Pension Fund pension plan actuarial valuation reports. There were changes in assumptions related to the discount rate and health care trend rate in 2018. In addition,the decrements were changed to those in the most recent IMRF and Plainfield Police Pension Fund pension plan actuarial valuation reports. (See independent auditor's report.) - 66 - FISCAL YEAR ENDED APRIL 30,2015 2016 2017 2018 2019 Annual money-weighted rate of return,6.64%(0.29%)8.93%7.21%5.18% net of investment expense Notes to Required Supplementary Information VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF INVESTMENT RETURNS POLICE PENSION FUND Last Five Fiscal Years Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled, information will be presented for as many years as is available. (See independent auditor's report.) - 67 - - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 2019 1. BUDGETS Budgets are adopted on a basis consistent with GAAP. Annual appropriated budgets are adopted (at the fund level) for the General, Special Revenue (except for the Route 30 TIF Fund), Debt Service, Capital Projects, Enterprise, and Police Pension Trust Funds. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations lapse at fiscal year end. The Village follows these procedures in establishing the budgetary data reflected in the financial statements. a. Prior to May 1, the Budget Officer submits to the Village Board of Trustees a proposed operating budget for the fiscal year commencing the following May 1. The operating budget includes proposed expenditures and the means of financing them. b. Public hearings are conducted to obtain taxpayer comment. c. Prior to May 1, the budget is legally enacted through passage of a budget ordinance. d. The Budget Officer is authorized to transfer budgeted amounts between departments within any fund; however, the Village Board of Trustees approves any revisions that alter the total expenditures of any fund. The budgetary information presented in the accompanying financial statements is the legally enacted budget ordinance adjusted for the approved revisions. 2. EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS The following funds had expenditures that exceeded budget: Fund Budget Expenditures Water and Sewer $ 14,779,943 $ 15,147,805 Police Pension 656,300 666,597 - 68 - COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual TAXES Property taxes 3,739,680$ 3,739,680$ 3,607,982$ Property tax - police pension 1,370,000 1,370,000 1,402,475 Property taxes - road and bridge 375,000 375,000 377,733 Property taxes - IMRF 525,000 525,000 541,139 Personal property replacement tax 50,000 50,000 48,665 Hotel/motel tax 1,500 1,500 1,097 Amusement tax 7,000 7,000 7,168 Local motor fuel tax 1,050,000 1,050,000 1,116,076 Total taxes 7,118,180 7,118,180 7,102,335 LICENSES AND PERMITS Licenses Liquor 100,000 100,000 103,150 Contractors 45,000 45,000 44,400 Cigarette 6,000 6,000 8,000 Scavenger 200 200 100 Business 40,000 40,000 41,438 Total licenses 191,200 191,200 197,088 Permits Building 900,000 900,000 1,087,619 Sign 5,000 5,000 3,895 Special movement 6,000 6,000 26,540 Solicitors 1,000 1,000 3,430 Total permits 912,000 912,000 1,121,484 Total licenses and permits 1,103,200 1,103,200 1,318,572 INTERGOVERNMENTAL Grant revenue 35,750 35,750 147,993 Sales tax 5,575,000 5,575,000 5,754,207 Use tax 975,000 975,000 1,224,521 Income tax 3,600,000 3,600,000 3,842,879 Total intergovernmental 10,185,750 10,185,750 10,969,600 CHARGES FOR SERVICES Rental income 49,200 49,200 49,200 Zoning applications 10,000 10,000 37,634 Accident report copies 4,500 4,500 5,969 Maps and ordinances copies 2,000 2,000 2,512 Garbage fees 4,374,000 4,374,000 4,376,180 Engineering services 20,000 20,000 - (This schedule is continued on the following page.) - 69 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued) Special detail reimbursement 50,000$ 50,000$ 117,965$ Tower rent 45,000 45,000 42,910 Telephone franchise fee 200,000 200,000 126,384 Cable franchise fee 530,000 530,000 531,970 Amphitheater rent 500 500 250 School liaison reimbursement 460,000 460,000 441,774 HIDTA/organized crime reimbursement 15,000 15,000 10,306 Community room rental 4,000 4,000 3,740 Sex offenders registration - - 830 Parking lot revenues 4,000 4,000 8,566 Impound fees 25,000 25,000 32,763 Total charges for services 5,793,200 5,793,200 5,788,953 FINES AND FORFEITS Will County Circuit Court fines 350,000 350,000 353,322 Kendall County Circuit Court fines 1,500 1,500 2,213 Traffic and ordinance fines 130,000 130,000 179,769 Drug forfeiture 225,000 225,000 43,815 False alarm fees 3,000 3,000 650 Administrative fines - late fees 10,000 10,000 9,020 Asset seizure - federal (Department of Justice equitable sharing)5,000 5,000 22,888 Asset seizure - federal (U.S. Treasury equitable sharing)1,000 1,000 - Court fines - drug account - - 2,336 Total fines and forfeits 725,500 725,500 614,013 INVESTMENT INCOME 80,000 80,000 271,584 MISCELLANEOUS Other reimbursements 80,000 80,000 99,015 Other receipts 25,000 25,000 49,185 Other miscellaneous - - 238,525 PEMA donation - - 4,000 Miscellaneous donations 15,000 15,000 17,083 Event sponsorship program 4,000 4,000 5,729 Total miscellaneous 124,000 124,000 413,537 TOTAL REVENUES 25,129,830$ 25,129,830$ 26,478,594$ (See independent auditor's report.) - 70 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative 410,230$ 410,230$ 406,348$ Administration 1,100,000 1,100,000 1,082,711 Community relations 176,650 176,650 167,722 Facility management 168,600 168,600 139,631 Human resources 281,000 281,000 269,892 Information technology 716,741 716,741 709,406 Planning 595,950 595,950 593,847 Building 1,020,775 1,020,775 964,166 Subtotal 4,469,946 4,469,946 4,333,723 Insurance allocation - - (23,882) Total general government 4,469,946 4,469,946 4,309,841 PUBLIC SAFETY Police department Executive 598,944 598,944 568,614 Police operations 7,990,899 7,990,899 8,046,948 Police administration 1,612,969 1,612,969 1,526,159 Police records 385,407 385,407 378,069 Seizure/forfeiture 225,000 225,000 123,515 Police special activities 36,000 36,000 83,618 Community services 1,326,880 1,326,880 1,326,838 Court services 279,685 279,685 267,242 Nondivisional 170,000 170,000 284,720 Total police department 12,625,784 12,625,784 12,605,723 Police commission 20,521 20,521 7,250 PEMA 125,650 125,650 73,480 Subtotal 12,771,955 12,771,955 12,686,453 Insurance allocation - - (53,058) Total public safety 12,771,955 12,771,955 12,633,395 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.) - 71 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual HIGHWAYS AND STREETS Waste hauler 3,940,079$ 3,940,079$ 3,982,891$ Administration 585,950 585,950 567,577 Street maintenance 2,782,000 2,782,000 3,007,586 Vehicle maintenance 294,600 294,600 264,167 Forestry 162,300 162,300 139,160 Subtotal 7,764,929 7,764,929 7,961,381 Insurance allocation - - (16,761) Total highways and streets 7,764,929 7,764,929 7,944,620 TOTAL EXPENDITURES 25,006,830$ 25,006,830$ 24,887,856$ (See independent auditor's report.) - 72 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative Salaries - President 24,000$ 24,000$ 24,000$ Salaries - Elected Officials 25,000 25,000 23,800 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 3,300 3,300 3,037 Medicare 780 780 710 Employee insurance 150 150 139 Travel/training 10,000 10,000 4,393 Replacement equipment 3,000 3,000 - Dues and subscriptions 40,000 40,000 56,001 Public relations 115,000 115,000 100,472 Cable TV 10,000 10,000 - Economic incentive rebate 175,000 175,000 189,796 Total legislative 410,230 410,230 406,348 Administration Salaries - full-time 745,000 745,000 744,712 Salaries - part-time 50,000 50,000 53,127 Salaries - overtime 1,800 1,800 878 FICA 48,800 48,800 45,116 Medicare 11,400 11,400 11,560 IMRF 86,500 86,500 84,813 Employee insurance 119,000 119,000 103,736 Deferred compensation contribution 28,000 28,000 23,458 Travel/training 15,000 15,000 12,055 Unemployment insurance 5,000 5,000 4,043 Telephone/internet 5,000 5,000 6,346 Cellular phones/pagers 3,000 3,000 2,145 Dues and subscriptions 5,000 5,000 3,716 Office supplies/postage 30,000 30,000 32,003 Gas, oil, wash, and mileage 9,500 9,500 8,919 Maintenance contract/lease 8,000 8,000 8,719 Recording fees 1,500 1,500 1,579 Legal notices 2,500 2,500 2,328 Attorney legal fees 45,000 45,000 48,478 Contractual services 80,000 80,000 95,536 Office furniture and equipment 5,000 5,000 1,748 Contingencies 45,000 45,000 37,696 Subtotal administration 1,350,000 1,350,000 1,332,711 Less water and sewer reimbursement (250,000) (250,000) (250,000) Total administration 1,100,000 1,100,000 1,082,711 (This schedule is continued on the following pages.) - 73 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Community relations Salaries - full-time 103,000$ 103,000$ 102,252$ FICA 6,400 6,400 5,901 Medicare 1,500 1,500 1,380 IMRF 11,700 11,700 11,010 Employee insurance 22,500 22,500 21,094 Deferred compensation contribution 4,000 4,000 3,656 Travel/training 1,500 1,500 251 Telephone/internet 500 500 635 Public relations 12,000 12,000 10,799 Office supplies/postage 700 700 - Dues and subscriptions 750 750 530 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 2,250 2,250 173 Settler's Park 7,500 7,500 6,191 Contractual services 2,250 2,250 3,850 Total community relations 176,650 176,650 167,722 Facility management Salaries - full-time 51,000 51,000 50,139 Salaries - overtime 2,500 2,500 4,226 FICA 3,400 3,400 3,227 Medicare 800 800 755 IMRF 5,900 5,900 5,766 Building maintenance supplies 10,000 10,000 10,387 Deferred compensation contribution - - 777 Contractual services 40,000 40,000 43,067 Employee insurance 15,000 15,000 15,300 Building improvements 40,000 40,000 5,987 Total facility management 168,600 168,600 139,631 Human resources Salaries - full-time 167,000 167,000 166,248 Salaries - overtime 500 500 50 FICA 10,500 10,500 9,972 Medicare 2,500 2,500 2,332 IMRF 19,000 19,000 17,738 Employee insurance 40,000 40,000 38,063 Deferred compensation contribution 7,000 7,000 6,580 Travel/training 6,500 6,500 8,688 Telephone/internet 1,000 1,000 1,269 Cellular telephone/pager 600 600 667 Office supplies/postage 1,500 1,500 518 Dues and subscriptions 3,200 3,200 7,804 Gas, oil, wash, and mileage 1,400 1,400 341 (This schedule is continued on the following pages.) - 74 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Human resources (Continued) Public relations 12,300$ 12,300$ 4,149$ Contractual services 8,000 8,000 5,473 Total human resources 281,000 281,000 269,892 Information technology Salaries - full-time 247,000 247,000 245,653 Salaries - overtime 500 500 - FICA 15,500 15,500 15,004 Medicare 2,600 2,600 3,509 IMRF 28,000 28,000 26,162 Employee insurance 46,000 46,000 42,083 Deferred compensation contribution 9,500 9,500 6,926 Travel/training 14,500 14,500 12,046 Telephone/internet 500 500 669 Cellular telephone/pagers 2,966 2,966 2,657 Office supplies/postage 1,400 1,400 1,869 Dues and subscriptions 700 700 675 Gas, oil, wash, and mileage 400 400 340 Uniforms/clothing 300 300 368 Software licensing/renewals 252,375 252,375 256,683 Software 55,200 55,200 55,355 Contractual services 19,300 19,300 16,611 Computers 20,000 20,000 22,796 Total information technology 716,741 716,741 709,406 Planning Salaries - full-time 355,000 355,000 343,839 Compensation - plan commission 3,500 3,500 2,845 Salaries - overtime 2,500 2,500 1,138 FICA 22,300 22,300 21,162 Medicare 5,200 5,200 4,949 IMRF 39,000 39,000 37,019 Employee insurance 78,500 78,500 76,347 Deferred compensation contribution 8,500 8,500 5,420 Travel/training 7,000 7,000 8,341 Unemployment insurance 900 900 878 Telephone/internet 3,000 3,000 3,173 Cellular phones/pagers 1,800 1,800 973 Office supplies/postage 11,000 11,000 22,702 Dues and subscriptions 4,000 4,000 3,776 Gas, oil, wash, and mileage 750 750 250 Maintenance contract/lease 3,500 3,500 550 Vehicle maintenance 1,500 1,500 - Legal fees 5,000 5,000 4,199 Special projects/programs 15,000 15,000 9,925 (This schedule is continued on the following pages.) - 75 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Planning (Continued) Contractual services 20,000$ 20,000$ 30,913$ Engineer fees 8,000 8,000 15,450 Total planning 595,950 595,950 593,847 Building Salaries - full-time 645,000 645,000 642,943 Salaries - overtime 3,000 3,000 2,561 FICA 40,175 40,175 38,083 Medicare 9,400 9,400 8,906 IMRF 71,300 71,300 67,963 Employee insurance 183,000 183,000 152,094 Deferred compensation contribution 10,000 10,000 16,344 Travel/training 10,000 10,000 11,188 Unemployment insurance 1,500 1,500 1,477 Telephone/internet 1,000 1,000 811 Cellular phones/pagers 4,500 4,500 3,811 Office supplies/postage 13,000 13,000 6,265 Dues and subscriptions 4,000 4,000 675 Gas, oil, wash, and mileage 1,000 1,000 57 Uniforms/clothing 900 900 492 Recording fees 3,000 3,000 1,079 Contractual services 20,000 20,000 9,417 Total building 1,020,775 1,020,775 964,166 Subtotal 4,469,946 4,469,946 4,333,723 Insurance allocation - - (23,882) Total general government 4,469,946 4,469,946 4,309,841 PUBLIC SAFETY Police department Executive Salaries - full-time 316,160 316,160 309,660 Salaries - part-time 32,364 32,364 34,245 Salaries - overtime 1,000 1,000 361 FICA 21,794 21,794 20,055 Medicare 5,105 5,105 4,773 IMRF 24,333 24,333 21,272 Employee insurance 69,226 69,226 63,618 Deferred compensation contribution 8,000 8,000 6,068 Travel/training 6,000 6,000 4,058 Education/school 3,000 3,000 - Unemployment insurance 20,000 20,000 18,634 Telephone/internet 1,300 1,300 1,741 (This schedule is continued on the following pages.) - 76 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Executive (Continued) Cellular phones/pagers 672$ 672$ 748$ Office supplies/postage 8,000 8,000 4,680 Replacement supplies 1,500 1,500 907 Dues and subscriptions 4,500 4,500 2,967 Gas, oil, wash, and mileage 1,500 1,500 1,178 Uniforms/clothing 1,800 1,800 1,871 Maintenance contract/lease 7,190 7,190 7,385 Custodian 55,000 55,000 58,936 Vehicle equipment maintenance 2,500 2,500 2,115 Contractual services 8,000 8,000 3,002 Sex offender's registration fee - - 340 Total executive 598,944 598,944 568,614 Police operations Salaries - full-time 3,880,842 3,880,842 3,972,682 Salaries - part-time 275,000 275,000 245,263 Salaries - overtime 350,000 350,000 306,702 FICA 279,350 279,350 271,691 Medicare 65,350 65,350 64,010 IMRF 53,500 53,500 41,580 Police pension contribution 1,370,000 1,370,000 1,402,475 Employee insurance 645,885 645,885 615,423 Deferred compensation contribution 95,000 95,000 122,332 Travel/training 48,000 48,000 32,232 Telephone/insurance 27,180 27,180 29,305 Cellular phones/pagers 5,500 5,500 5,365 Office supplies/postage 13,500 13,500 14,553 Replacement supplies 18,000 18,000 18,178 Dues and subscriptions 3,400 3,400 1,124 Gas, oil, wash, and mileage 80,000 80,000 91,570 Uniforms/clothing 38,000 38,000 37,983 Traffic programs 23,000 23,000 20,302 Ammunition/weapons 28,000 28,000 32,521 Radio maintenance 2,000 2,000 955 Maintenance contracts/lease 11,392 11,392 15,656 Bike unit 2,000 2,000 825 Vehicle maintenance 50,000 50,000 78,393 K-9 Unit 4,000 4,000 4,655 Animal control 14,000 14,000 4,440 Contractual services 15,000 15,000 13,887 Contractual services - WESCOM 593,000 593,000 602,845 Total police operations 7,990,899 7,990,899 8,046,948 (This schedule is continued on the following pages.) - 77 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police administration Salaries - full-time 1,073,460$ 1,073,460$ 1,042,705$ Salaries - overtime 100,000 100,000 79,262 FICA 73,561 73,561 68,145 Medicare 17,204 17,204 15,999 IMRF - - 6,774 Employee insurance 187,774 187,774 177,746 Deferred compensation contribution 45,000 45,000 39,548 Travel/training 15,600 15,600 10,445 Telephone/internet 1,500 1,500 2,238 Cellular phones/pagers 9,800 9,800 11,609 Office supplies/postage 5,500 5,500 2,488 Replacement supplies 5,000 5,000 893 Dues and subscriptions 4,070 4,070 5,050 Gas, oil, wash, and mileage 25,000 25,000 16,974 Uniforms/clothing 7,400 7,400 7,199 Crime scene/evidence tech support 10,000 10,000 7,851 Community programs - explorer program 5,000 5,000 6,471 Radio maintenance 500 500 - Maintenance contract/lease 5,000 5,000 3,735 Vehicle maintenance 15,000 15,000 14,102 Background check services 2,500 2,500 2,330 Accreditation 4,100 4,100 4,595 Total police administration 1,612,969 1,612,969 1,526,159 Police records Salaries - full-time 220,344 220,344 216,142 Salaries - part-time 35,426 35,426 27,636 Salaries - overtime 6,000 6,000 6,235 FICA 16,230 16,230 15,877 Medicare 3,796 3,796 3,713 IMRF 23,879 23,879 26,816 Employee insurance 49,097 49,097 56,492 Deferred compensation contribution 10,000 10,000 8,966 Travel/training 2,750 2,750 2,136 Telephone/internet 1,500 1,500 2,238 Office supplies/postage 10,000 10,000 8,624 Dues and subscriptions 425 425 15 Uniforms/clothing 1,500 1,500 1,019 Maintenance contracts/lease 4,460 4,460 2,160 Total police records 385,407 385,407 378,069 Seizure/forfeiture Seizure/forfeiture expenditures 225,000 225,000 123,515 (This schedule is continued on the following pages.) - 78 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police special activities FICA 2,016$ 2,016$ 4,927$ Medicare 471 471 1,169 Mobile field force 1,000 1,000 - Salaries - special activities 32,513 32,513 77,522 Total police special activities 36,000 36,000 83,618 Community services Salaries - full-time 920,203 920,203 909,075 Salaries - part-time - - 203 Salaries - overtime 30,000 30,000 46,408 FICA 58,913 58,913 57,350 Medicare 13,778 13,778 13,508 IMRF 6,445 6,445 5,514 Employee insurance 169,861 169,861 164,841 Deferred compensation contribution 10,000 10,000 26,999 Travel/training 14,000 14,000 12,670 Telephone/internet 2,000 2,000 2,238 Cellular phones/pagers 3,000 3,000 2,709 Office supplies/postage 3,100 3,100 2,661 Replacement supplies 4,100 4,100 931 Dues and subscriptions 1,900 1,900 1,319 Gas, oil, wash, and mileage 16,000 16,000 9,783 Uniform/clothing 5,100 5,100 4,443 Radio maintenance 25,800 25,800 25,962 Maintenance contracts/lease 2,180 2,180 - Vehicle maintenance 15,000 15,000 16,321 D.A.R.E program 5,000 5,000 4,159 Shop with a cop 10,000 10,000 13,600 Chaplaincy program 3,000 3,000 1,097 Community programs 5,000 5,000 4,895 Community programs - alcohol/tobacco 2,500 2,500 152 Total community services 1,326,880 1,326,880 1,326,838 Court services Salaries - full-time 131,451 131,451 129,880 Salaries - part-time 24,252 24,252 25,268 Salaries - overtime 1,000 1,000 100 FICA 9,716 9,716 9,283 Medicare 2,272 2,272 2,171 IMRF 18,000 18,000 16,579 Employee insurance 41,474 41,474 40,436 Deferred compensation contribution 5,500 5,500 4,879 Travel/training 3,000 3,000 2,252 Telephone/internet 1,500 1,500 1,741 (This schedule is continued on the following pages.) - 79 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Court services (Continued) Office supplies/postage 10,000$ 10,000$ 8,300$ Dues and subscriptions 9,000 9,000 9,808 Uniforms/clothing 600 600 809 Maintenance contract/lease 1,920 1,920 1,920 Legal fees 20,000 20,000 13,816 Total court services 279,685 279,685 267,242 Nondivisional Office furniture and equipment 8,000 8,000 4,590 Capital equipment 150,000 150,000 262,011 Contingencies 12,000 12,000 18,119 Total nondivisional 170,000 170,000 284,720 Total police department 12,625,784 12,625,784 12,605,723 Police commission Salaries - part-time 5,500 5,500 2,101 FICA 341 341 118 Medicare 80 80 28 Travel/training 1,000 1,000 138 Office supplies/postage 2,000 2,000 412 Dues and subscriptions 600 600 375 Legal fees 1,000 1,000 - Police test/hiring 10,000 10,000 4,078 Total police commission 20,521 20,521 7,250 PEMA Travel/training 4,000 4,000 1,377 Telephone/internet 6,000 6,000 6,590 Office supplies 1,000 1,000 739 Cellular phones/pager 5,200 5,200 2,117 Replacement supplies 8,000 8,000 2,215 Dues and subscriptions 4,000 4,000 3,153 Gas, oil, wash, and mileage 10,000 10,000 4,461 Supplies and hardware 1,000 1,000 1,245 Uniforms/clothing 5,000 5,000 2,094 Emergency operation center 1,000 1,000 933 Public relations 2,000 2,000 524 Disaster plan/exercises/NIMS 3,000 3,000 216 Radio maintenance 15,000 15,000 10,939 Building maintenance 5,000 5,000 1,059 Vehicle maintenance 15,000 15,000 17,620 Maintenance contract/lease 1,200 1,200 1,269 (This schedule is continued on the following pages.) - 80 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) PEMA (Continued) Bike unit 500$ 500$ -$ Siren maintenance 13,000 13,000 10,246 Contractual services 5,250 5,250 194 Cadet program 5,500 5,500 2,001 Search and rescue 4,000 4,000 1,500 Furniture/equipment 2,000 2,000 228 Supplies and hardware - ESDA 1,000 1,000 514 Machinery and equipment 5,000 5,000 1,710 Contingencies 3,000 3,000 536 Total PEMA 125,650 125,650 73,480 Subtotal 12,771,955 12,771,955 12,686,453 Insurance allocation - - (53,058) Total public safety 12,771,955 12,771,955 12,633,395 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 3,940,079 3,940,079 3,982,891 Total waste hauler 3,940,079 3,940,079 3,982,891 Administration Salaries - full-time 355,000 355,000 351,002 FICA 22,000 22,000 21,110 Medicare 5,150 5,150 5,062 IMRF 39,000 39,000 37,925 Employee insurance 80,000 80,000 69,871 Deferred compensation contribution 9,500 9,500 9,433 Travel/training 10,000 10,000 12,212 Unemployment insurance 4,000 4,000 4,000 Telephone/internet 25,000 25,000 31,749 Cellular phones/pagers 8,500 8,500 8,948 Office supplies/postage 3,000 3,000 5,237 Dues and subscriptions 3,000 3,000 2,881 Supplies/hardware 500 500 705 Gas, oil, wash, and mileage 300 300 318 Building maintenance 20,000 20,000 7,124 Legal notices 1,000 1,000 - Total administration 585,950 585,950 567,577 (This schedule is continued on the following pages.) - 81 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Street maintenance Salaries - full-time 820,000$ 820,000$ 813,414$ Salaries - part-time 70,000 70,000 71,643 Salaries - overtime 90,000 90,000 134,402 FICA 61,000 61,000 60,326 Medicare 15,000 15,000 14,109 IMRF 94,000 94,000 98,715 Employee insurance 218,000 218,000 199,481 Deferred compensation contribution 25,000 25,000 21,725 Electricity/gas 250,000 250,000 208,957 Gas, oil, wash, and mileage 65,000 65,000 51,796 Supplies/hardware 15,000 15,000 17,352 Street signs maintenance 30,000 30,000 37,318 Aggregate materials 4,000 4,000 2,711 Uniforms/clothing 10,000 10,000 10,428 Radio maintenance 5,000 5,000 3,956 Vehicle maintenance 35,000 35,000 26,194 Street light maintenance 95,000 95,000 94,787 Street maintenance 130,000 130,000 97,537 Storm sewer improvements 10,000 10,000 16,940 Contractual services 115,000 115,000 95,073 Sidewalk maintenance 5,000 5,000 - Equipment maintenance 90,000 90,000 105,630 Supplies/hardware - salt purchase 280,000 280,000 356,106 Snow removal 250,000 250,000 468,986 Total street maintenance 2,782,000 2,782,000 3,007,586 Vehicle maintenance Salaries - full-time 200,000 200,000 183,376 Salaries - overtime 8,000 8,000 8,231 FICA 13,000 13,000 11,381 Medicare 3,100 3,100 2,662 IMRF 22,000 22,000 20,495 Employee insurance 41,000 41,000 34,877 Deferred compensation contribution 7,500 7,500 3,145 Total vehicle maintenance 294,600 294,600 264,167 Forestry Salaries - full-time 80,000 80,000 74,795 Salaries - overtime 6,000 6,000 7,219 FICA 5,500 5,500 5,558 Medicare 1,300 1,300 1,300 IMRF 9,000 9,000 9,785 Employee insurance 19,000 19,000 13,719 Deferred compensation contribution 3,000 3,000 2,253 Supplies/hardware 8,000 8,000 11,557 (This schedule is continued on the following page.) - 82 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Forestry (Continued) Contractual services 10,000$ 10,000$ 1,137$ Tree removal 20,000 20,000 11,765 Uniforms/clothing 500 500 72 Total forestry 162,300 162,300 139,160 Subtotal 7,764,929 7,764,929 7,961,381 Insurance allocation - - (16,761) Total highways and streets 7,764,929 7,764,929 7,944,620 TOTAL EXPENDITURES 25,006,830$ 25,006,830$ 24,887,856$ (See independent auditor's report.) - 83 - CAPITAL PROJECTS FUND Original Final Budget Budget Actual REVENUES Home rule sales tax 3,500,000$ 3,500,000$ 3,725,422$ Intergovernmental 5,415,000 5,415,000 3,749,178 Charges for services Impact fee 5,500 5,500 59,935 Fines and forfeits 306,500 306,500 396,073 Investment income 105,000 105,000 287,669 Miscellaneous 5,255,000 5,255,000 3,819,059 Total revenues 14,587,000 14,587,000 12,037,336 EXPENDITURES Capital outlay Contractual services 110,000 110,000 92,411 Engineering 100,000 100,000 66,889 Building improvements 200,000 200,000 125,050 Sidewalk and curb replacement 500,000 500,000 15,611 Machinery and equipment - police 225,000 225,000 202,666 Machinery and equipment - public works 325,000 325,000 317,735 Bridge repairs and reconstructions 295,000 295,000 152,933 Roadway improvements 3,620,000 3,620,000 3,876,751 Storm and drainage improvements 40,000 40,000 57,345 I-55 interchange design 200,000 200,000 59,290 PACE Park-n-Ride 5,000,000 5,000,000 3,771,845 Gateway signage 50,000 50,000 - Emerald ash borer 200,000 200,000 194,312 127th Street-Plainfield/Naperville Rd.2,600,000 2,600,000 15,219 Settler's park campus refresh 90,000 90,000 84,501 Total expenditures 13,555,000 13,555,000 9,032,558 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,032,000 1,032,000 3,004,778 OTHER FINANCING SOURCES (USES) Transfers in 850,000 850,000 1,859,212 Transfers (out)(2,034,750) (2,034,750) (2,018,731) Sale of capital assets 5,000 5,000 27,725 Total other financing sources (uses)(1,179,750) (1,179,750) (131,794) NET CHANGE IN FUND BALANCE (147,750)$ (147,750)$ 2,872,984 FUND BALANCE, MAY 1 14,805,542 FUND BALANCE, APRIL 30 17,678,526$ For the Year Ended April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (See independent auditor's report.) - 84 - Original Final Budget Budget Actual REVENUES Taxes Property tax 113,600$ 113,600$ 118,114$ Investment income 1,000 1,000 12,402 Total revenues 114,600 114,600 130,516 EXPENDITURES Debt service Principal 2,470,000 2,470,000 2,475,000 Interest and fiscal charges 655,150 655,150 650,150 Total expenditures 3,125,150 3,125,150 3,125,150 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,010,550) (3,010,550) (2,994,634) OTHER FINANCING SOURCES (USES) Transfers in 3,011,550 3,011,550 2,995,531 Total other financing sources (uses)3,011,550 3,011,550 2,995,531 NET CHANGE IN FUND BALANCE 1,000$ 1,000$ 897 FUND BALANCE, MAY 1 2,233 FUND BALANCE, APRIL 30 3,130$ For the Year Ended April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.) - 85 - NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes. Liability Insurance Fund - accounts for the restricted revenue and expenditures of property tax levied for the payment of premiums of public liability insurance carried by the Village. Audit Fund - accounts for the restricted revenue and expenditures of taxes levied for payment of the cost of the annual audit of the Village’s financial statements. Alcohol Enforcement Fund - accounts for restricted revenue collected on DUI arrests and expenditures for the purchase of video cameras to combat drunk driving. Motor Fuel Tax Fund - accounts for expenditures related to approved motor fuel tax projects and restricted revenue from the state gasoline tax as collected and distributed by the State of Illinois. D.A.R.E. Fund - accounts for the revenue and expenditures of restricted contributions made to the Drug Abuse Resistance Education (D.A.R.E.) program. Downtown TIF Fund - accounts for restricted revenue generated by the Downtown TIF District and expenditures budgeted to be paid with TIF revenue. Route 30 TIF Fund - accounts for restricted revenue generated by the Route 30 TIF District and expenditures budgeted to be paid with TIF revenue. VILLAGE OF PLAINFIELD, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS April 30, 2019 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 443,023$ 22,593$ 39,322$ Receivables Property tax 392,346 35,349 - Allotments - - - Other - - 1,725 Total assets 835,369 57,942 41,047 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 835,369$ 57,942$ 41,047$ LIABILITIES Accounts payable 500$ -$ -$ Total liabilities 500 - - DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 392,346 35,349 - Total liabilities and deferred inflows of resources 392,846 35,349 - FUND BALANCES Restricted Street maintenance - - - Public safety - - 41,047 Audit - 22,593 - Liability insurance 442,523 - - Economic development - - - Total fund balances 442,523 22,593 41,047 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 835,369$ 57,942$ 41,047$ Special Revenue OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS - 86 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total 3,429,874$ 18,339$ 375,344$ -$ 4,328,495$ - - 735,269 967 1,163,931 87,611 - - - 87,611 - - - - 1,725 3,517,485 18,339 1,110,613 967 5,581,762 - - - - - 3,517,485$ 18,339$ 1,110,613$ 967$ 5,581,762$ 42,759$ 6,099$ 20,307$ -$ 69,665$ 42,759 6,099 20,307 - 69,665 - - 735,269 967 1,163,931 42,759 6,099 755,576 967 1,233,596 3,474,726 - - - 3,474,726 - 12,240 - - 53,287 - - - - 22,593 - - - - 442,523 - - 355,037 - 355,037 3,474,726 12,240 355,037 - 4,348,166 3,517,485$ 18,339$ 1,110,613$ 967$ 5,581,762$ Special Revenue (See independent auditor's report.) - 87 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2019 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 491,668$ 44,169$ -$ Intergovernmental - - - Fines and forfeits - - 22,680 Investment income 8,101 532 1,164 Miscellaneous 451 - - Total revenues 500,220 44,701 23,844 EXPENDITURES Current General government 74,150 38,085 - Public safety 227,315 - - Highways and streets 50,318 - - Total expenditures 351,783 38,085 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 148,437 6,616 23,844 OTHER FINANCING SOURCES (USES) Transfers (out)- - (25,000) Total other financing sources (uses)- - (25,000) NET CHANGE IN FUND BALANCES 148,437 6,616 (1,156) FUND BALANCES, MAY 1 294,086 15,977 42,203 FUND BALANCES, APRIL 30 442,523$ 22,593$ 41,047$ Special Revenue - 88 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total -$ -$ 726,816$ -$ 1,262,653$ 1,103,351 - - - 1,103,351 - - - - 22,680 72,788 315 17,553 - 100,453 - 24,819 - - 25,270 1,176,139 25,134 744,369 - 2,514,407 - - 84,368 - 196,603 - 18,948 - - 246,263 875,331 - - - 925,649 875,331 18,948 84,368 - 1,368,515 300,808 6,186 660,001 - 1,145,892 - - (500,000) - (525,000) - - (500,000) - (525,000) 300,808 6,186 160,001 - 620,892 3,173,918 6,054 195,036 - 3,727,274 3,474,726$ 12,240$ 355,037$ -$ 4,348,166$ Special Revenue (See independent auditor's report.) - 89 - Original Final Budget Budget Actual REVENUES Taxes Property tax 475,000$ 475,000$ 491,668$ Investment income 500 500 8,101 Other reimbursements - - 451 Total revenues 475,500 475,500 500,220 EXPENDITURES General government Treasurer bond 500 500 336 Commercial umbrella liability insurance 37,805 37,805 35,906 Workman's compensation insurance 52,506 52,506 37,908 Public safety Commercial umbrella liability insurance 116,424 116,424 110,576 Workman's compensation insurance 161,700 161,700 116,739 Highways and streets Commercial umbrella liability insurance 25,771 25,771 24,477 Workman's compensation insurance 35,794 35,794 25,841 Total expenditures 430,500 430,500 351,783 NET CHANGE IN FUND BALANCE 45,000$ 45,000$ 148,437 FUND BALANCE, MAY 1 294,086 FUND BALANCE, APRIL 30 442,523$ For the Year Ended April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.) - 90 - Original Final Budget Budget Actual REVENUES Taxes Property tax 42,000$ 42,000$ 44,169$ Investment income 100 100 532 Total revenues 42,100 42,100 44,701 EXPENDITURES General government Audit 42,000 42,000 38,085 Total expenditures 42,000 42,000 38,085 NET CHANGE IN FUND BALANCE 100$ 100$ 6,616 FUND BALANCE, MAY 1 15,977 FUND BALANCE, APRIL 30 22,593$ For the Year Ended April 30, 2019 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.) - 91 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ALCOHOL ENFORCEMENT FUND For the Year Ended April 30, 2019 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 15,000$ 15,000$ 22,680$ Investment income 250 250 1,164 Total revenues 15,250 15,250 23,844 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 15,250 15,250 23,844 OTHER FINANCING SOURCES (USES) Transfers (out)(25,000) (25,000) (25,000) NET CHANGE IN FUND BALANCE (9,750)$ (9,750)$ (1,156) FUND BALANCE, MAY 1 42,203 FUND BALANCE, APRIL 30 41,047$ (See independent auditor's report.) - 92 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,100,000$ 1,100,000$ 1,103,351$ Investment income 25,000 25,000 72,788 Total revenues 1,125,000 1,125,000 1,176,139 EXPENDITURES Highways and streets Street maintenance 1,000,000 1,000,000 875,331 Total expenditures 1,000,000 1,000,000 875,331 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 125,000 125,000 300,808 OTHER FINANCING SOURCES (USES) Transfers (out)(150,000) (150,000) - Total other financing sources (uses)(150,000) (150,000) - NET CHANGE IN FUND BALANCE (25,000)$ (25,000)$ 300,808 FUND BALANCE, MAY 1 3,173,918 FUND BALANCE, APRIL 30 3,474,726$ (See independent auditor's report.) - 93 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL D.A.R.E. FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual REVENUES Investment income 50$ 50$ 315$ Miscellaneous 20,000 20,000 24,819 Total revenues 20,050 20,050 25,134 EXPENDITURES Public safety Program expenditures 20,000 20,000 18,948 Total expenditures 20,000 20,000 18,948 NET CHANGE IN FUND BALANCE 50$ 50$ 6,186 FUND BALANCE, MAY 1 6,054 FUND BALANCE, APRIL 30 12,240$ (See independent auditor's report.) - 94 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DOWNTOWN TIF FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual REVENUES Taxes Property taxes 725,000$ 725,000$ 726,816$ Investment income 5,000 5,000 17,553 Total revenues 730,000 730,000 744,369 EXPENDITURES General government Contractual services 250,000 250,000 81,868 Facade improvements 50,000 50,000 2,500 Total expenditures 300,000 300,000 84,368 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 430,000 430,000 660,001 OTHER FINANCING SOURCES (USES) Transfers (out)(500,000) (500,000) (500,000) Total other financing sources (uses)(500,000) (500,000) (500,000) NET CHANGE IN FUND BALANCE (70,000)$ (70,000)$ 160,001 FUND BALANCE, MAY 1 195,036 FUND BALANCE, APRIL 30 355,037$ (See independent auditor's report.) - 95 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2019 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 14,637,099$ 3,350,963$ 17,988,062$ Receivables Accounts 2,171,179 - 2,171,179 Sales tax 423,226 - 423,226 Other 4,872 - 4,872 Interest 20,943 16,730 37,673 Total current assets 17,257,319 3,367,693 20,625,012 CAPITAL ASSETS Nondepreciable 3,759,684 - 3,759,684 Depreciable, net of accumulated depreciation 98,138,001 - 98,138,001 Net capital assets 101,897,685 - 101,897,685 OTHER ASSETS Deposits 239,399 - 239,399 Total other assets 239,399 - 239,399 Total assets 119,394,403 3,367,693 122,762,096 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 418,862 - 418,862 Deferred outflows of resources - OPEB 19,912 - 19,912 Unamortized loss on refundings 2,077,480 - 2,077,480 Total deferred outflows of resources 2,516,254 - 2,516,254 Total assets and deferred outflows of resources 121,910,657 3,367,693 125,278,350 (This schedule is continued on the following page.) - 96 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2019 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 2,427,367$ -$ 2,427,367$ Accrued payroll 55,877 - 55,877 Accrued interest 294,169 - 294,169 Compensated absences payable - current 65,202 - 65,202 Illinois EPA loan payable - current 161,392 - 161,392 Bonds payable - current 2,400,000 - 2,400,000 Total OPEB liability - current 968 - 968 Developer deposit 22,762 - 22,762 Total current liabilities 5,427,737 - 5,427,737 LONG-TERM LIABILITIES Compensated absences payable - long-term 8,774 - 8,774 Net pension liability - IMRF 785,832 - 785,832 Total OPEB liability 46,625 - 46,625 Illinois EPA loan payable - long-term 2,008,040 - 2,008,040 Bonds payable - long-term 13,808,893 - 13,808,893 Total long-term liabilities 16,658,164 - 16,658,164 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 85,156 - 85,156 Deferred inflows of resources - OPEB 19,971 - 19,971 Total deferred inflows of resources 105,127 - 105,127 Total liabilities and deferred inflows of resources 22,191,028 - 22,191,028 NET POSITION Net investment in capital assets 85,596,840 - 85,596,840 Restricted for debt service 1,725,525 - 1,725,525 Unrestricted 12,397,264 3,367,693 15,764,957 TOTAL NET POSITION 99,719,629$ 3,367,693$ 103,087,322$ (See independent auditor's report.) - 97 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2019 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 16,729,535$ -$ -$ 16,729,535$ Meter sales 89,690 - - 89,690 Total operating revenues 16,819,225 - - 16,819,225 OPERATING EXPENSES Water operations 10,748,671 - - 10,748,671 Sewer operations 2,593,282 - - 2,593,282 Depreciation 3,198,921 - - 3,198,921 Total operating expenses 16,540,874 - - 16,540,874 OPERATING INCOME 278,351 - - 278,351 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,862,431 - - 1,862,431 Miscellaneous income 1,698,307 - - 1,698,307 Investment income 300,235 75,386 - 375,621 Interest expense (691,319) - - (691,319) Total non-operating revenues (expenses)3,169,654 75,386 - 3,245,040 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 3,448,005 75,386 - 3,523,391 TRANSFERS (OUT)(976,800) - - (976,800) CAPITAL CONTRIBUTIONS 97,847 - - 97,847 CHANGE IN NET POSITION 2,569,052 75,386 - 2,644,438 NET POSITION, MAY 1 97,150,577 3,292,307 - 100,442,884 NET POSITION, APRIL 30 99,719,629$ 3,367,693$ -$ 103,087,322$ (See independent auditor's report.) - 98 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2019 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 16,714,194$ -$ -$ 16,714,194$ Reimbursements to other funds (250,000) - - (250,000) Payments to suppliers (11,094,696) - - (11,094,696) Payments to employees (1,541,591) - - (1,541,591) Net cash from operating activities 3,827,907 - - 3,827,907 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out)(976,800) - - (976,800) Non-operating revenues 3,568,496 - - 3,568,496 Net cash from noncapital financing activities 2,591,696 - - 2,591,696 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (1,788,802) - - (1,788,802) Principal payments on long-term debt (2,459,393) - - (2,459,393) Interest paid (691,765) - - (691,765) Net cash from capital and related financing activities (4,939,960) - - (4,939,960) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments - (89,844) - (89,844) Interest received 291,918 74,456 - 366,374 Net cash from investing activities 291,918 (15,388) - 276,530 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,771,561 (15,388) - 1,756,173 CASH AND CASH EQUIVALENTS, MAY 1 12,865,538 1,983,900 - 14,849,438 CASH AND CASH EQUIVALENTS, APRIL 30 14,637,099$ 1,968,512$ -$ 16,605,611$ (This schedule is continued on the following page.) - 99 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2019 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 278,351$ -$ -$ 278,351$ Adjustments to reconcile operating income to net cash from operating activities Depreciation 3,198,921 - - 3,198,921 (Increase) decrease in Accounts receivable (105,031) - - (105,031) Prepaid items 15,318 - - 15,318 Deposits (16,536) - - (16,536) Increase (decrease) in Pension items - IMRF (11,549) - - (11,549) Pension items - OPEB (5,500) - - (5,500) Accounts payable 472,815 - - 472,815 Accrued expenses 1,118 - - 1,118 Total adjustments 3,549,556 - - 3,549,556 NET CASH FROM OPERATING ACTIVITIES 3,827,907$ -$ -$ 3,827,907$ CASH AND INVESTMENTS Cash and cash equivalents 14,637,099$ 1,968,512$ -$ 16,605,611$ Investments - 1,382,451 - 1,382,451 TOTAL CASH AND INVESTMENTS 14,637,099$ 3,350,963$ -$ 17,988,062$ NONCASH TRANSACTIONS Capital contributions 97,847$ -$ -$ 97,847$ (See independent auditor's report.) - 100 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2019 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries - full-time 250,000$ 250,000$ 232,990$ FICA 15,500 15,500 14,338 Medicare 3,700 3,700 3,445 IMRF 29,000 29,000 25,892 Employee insurance 42,000 42,000 39,786 Deferred compensation contribution 10,000 10,000 6,511 Travel/training 7,000 7,000 2,857 Unemployment insurance 2,500 2,500 1,518 Telephone/internet 5,600 5,600 7,758 Cellular phones/pagers 7,000 7,000 4,679 Office supplies/postage 30,000 30,000 31,871 Dues and subscriptions 1,500 1,500 2,256 Gas, oil, wash, and mileage 500 500 227 Software 2,000 2,000 1,950 Sand and gravel 800 800 698 Supplies/hardware 500 500 878 Water meters 150,000 150,000 115,111 Building maintenance 10,000 10,000 6,217 Legal notices 500 500 - Attorney legal fees 1,000 1,000 176 Contractual services 50,000 50,000 29,094 Equipment maintenance 500 500 807 Engineer fees 4,000 4,000 17,306 Insurance surplus allocation - - (16,535) Administrative service charge 125,000 125,000 125,000 Total administration 748,600 748,600 654,830 Water provision Salaries - full-time 375,000 375,000 366,934 Salaries - part-time 15,000 15,000 7,706 Salaries - overtime 35,000 35,000 34,420 FICA 27,000 27,000 24,758 Medicare 6,500 6,500 5,828 IMRF 50,000 50,000 42,623 Employee insurance 73,000 73,000 67,962 Deferred compensation contribution 16,500 16,500 11,682 Telephone/internet 9,000 9,000 16,673 Cellular phones/pagers 500 500 - Electricity/gas 140,000 140,000 137,244 Office supplies/postage 2,000 2,000 702 Replacement supplies 5,000 5,000 10,458 Gas, oil, wash, and mileage 15,000 15,000 13,764 (This schedule is continued on the following pages.) - 101 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2019 Original Final Budget Budget Actual WATER OPERATIONS (Continued) Water provision (Continued) Chemicals 6,000$ 6,000$ 5,807$ Supplies/hardware 4,000 4,000 5,359 Uniforms/clothing 2,000 2,000 2,775 Building maintenance 5,000 5,000 3,209 Vehicle maintenance 7,500 7,500 12,100 Contractual services 65,000 65,000 30,800 Water purchase 8,492,000 8,492,000 9,273,434 Equipment maintenance 10,000 10,000 10,747 System maintenance 60,000 60,000 8,098 Water/fire hydrant 20,000 20,000 - EPA analytical 16,000 16,000 9,282 Total water provision 9,457,000 9,457,000 10,102,365 Total water operations 10,205,600 10,205,600 10,757,195 SEWER OPERATIONS Administration Salaries - full-time 250,000 250,000 233,085 FICA 15,500 15,500 14,283 Medicare 4,000 4,000 3,431 IMRF 29,000 29,000 25,837 Employee insurance 42,000 42,000 37,563 Deferred compensation contribution 10,000 10,000 6,612 Travel/training 12,000 12,000 3,306 Unemployment insurance 2,500 2,500 1,034 Telephone/internet 13,000 13,000 12,140 Cellular phones/pagers 3,500 3,500 3,319 Office supplies/postage 30,000 30,000 32,872 Dues and subscriptions 72,300 72,300 65,015 Gas, oil, wash, and mileage 1,000 1,000 457 Supplies/hardware 2,500 2,500 3,022 Building maintenance 20,000 20,000 8,090 Attorney legal fees 1,500 1,500 176 Contractual services 50,000 50,000 27,915 Equipment maintenance 2,000 2,000 2,857 Engineer fees 10,000 10,000 13,077 Administrative service charge 125,000 125,000 125,000 Total administration 695,800 695,800 619,091 (This schedule is continued on the following page.) - 102 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2019 Original Final Budget Budget Actual SEWER OPERATIONS (Continued) Sewer treatment Salaries - full-time 395,000$ 395,000$ 376,342$ Salaries - part-time 10,000 10,000 7,706 Salaries - overtime 30,000 30,000 31,495 FICA 27,000 27,000 24,790 Medicare 6,543 6,543 5,832 IMRF 48,000 48,000 43,025 Employee insurance 57,000 57,000 52,579 Deferred compensation contribution 15,000 15,000 12,873 Telephone/internet 22,000 22,000 34,051 Electricity/gas 525,000 525,000 449,365 Replacement supplies 6,500 6,500 6,737 Gas, oil, wash, and mileage 12,000 12,000 15,850 Supplies/hardware 10,000 10,000 7,385 Chemicals/supplies 115,000 115,000 129,880 Sand and gravel 500 500 - Industrial flow monitor 18,000 18,000 2,088 Uniforms/clothing 6,000 6,000 7,063 Vehicle maintenance 10,000 10,000 2,177 Contractual services 170,000 170,000 196,551 Equipment maintenance 25,000 25,000 22,814 System maintenance 125,000 125,000 118,082 Maintenance - James Street 5,000 5,000 - Total sewer treatment 1,638,543 1,638,543 1,546,685 Other Capital repair and replacement - sewer 2,240,000 2,240,000 2,224,833 Total other 2,240,000 2,240,000 2,224,833 Total sewer operations 4,574,343 4,574,343 4,390,609 Total water and sewer operating expenses 14,779,943$ 14,779,943$ 15,147,804 ADJUSTMENTS TO GAAP BASIS Pension expense - IMRF - water division (5,774) Pension expense - IMRF - sewer division (5,775) Change in OPEB - water division (2,750) Change in OPEB - sewer division (2,750) Capital assets capitalized (1,788,802) Depreciation 3,198,921 Total adjustments to GAAP basis 1,393,070 TOTAL WATER AND SEWER OPERATING EXPENSES GAAP BASIS 16,540,874$ (See independent auditor's report.) - 103 - FIDUCIARY FUND SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2019 Original Final Budget Budget Actual ADDITIONS Contributions Employer 1,370,000$ 1,370,000$ 1,402,674$ Employee 550,000 550,000 555,362 Total contributions 1,920,000 1,920,000 1,958,036 Investment income Net appreciation in fair value of investments 450,000 450,000 575,422 Interest and dividends 700,000 700,000 1,219,956 Total investment income 1,150,000 1,150,000 1,795,378 Less investment expense (90,000) (90,000) (106,456) Net investment income 1,060,000 1,060,000 1,688,922 Total additions 2,980,000 2,980,000 3,646,958 DEDUCTIONS Pension benefits 525,000 525,000 510,423 Administrative expenses 41,300 41,300 49,718 Total deductions 566,300 566,300 560,141 NET INCREASE 2,413,700$ 2,413,700$ 3,086,817 NET POSITION RESTRICTED FOR PENSIONS May 1 31,578,354 April 30 34,665,171$ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 104 - SUPPLEMENTAL DATA 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE The Honorable President Members of the Board of Trustees Village of Plainfield, Illinois We have examined management’s assertion that the Village of Plainfield, Illinois (the Village) complied with the provisions of subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act 85-1142) applicable to the Downtown TIF during the year ended April 30, 2019. Management is responsible for the Village’s assertion. Our responsibility is to express an opinion on management’s assertion about the Village’s compliance with the specific requirements based on our examination. Our examination was made in accordance with the standards established by the American Institute of Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the Village’s compliance with the specified requirements. In our opinion, management’s assertion that the Village of Plainfield, Illinois, complied with the aforementioned requirements for the year ended April 30, 2019, is fairly stated in all material respects. This report is intended solely for the information and use of the Board of Trustees, management and the Illinois Department of Revenue, Illinois State Comptrollers Office, and the Joint Review Board and should not be used by anyone other than these specified parties. Naperville, Illinois September 16, 2019 - 105 - STATISTICAL SECTION This part of the Village of Plainfield, Illinois’ 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 says 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. 106-115 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the property tax. 116-123 Debt Capacity These schedules present information to help the reader assess the affordability of the Village’s current levels of outstanding debt and the Village’s ability to issue additional debt in the future. 124-127 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village’s financial activities take place. 128-129 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. 130-133 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Fiscal Year 2010 2011 2012 2013 GOVERNMENTAL ACTIVITIES Net investment in capital assets 298,048,879$ 287,247,440$ 273,588,903$ 261,247,144$ Restricted 646,481 679,852 2,258,412 2,874,252 Unrestricted (6,273,817) (999,983) 3,010,321 8,503,651 TOTAL GOVERNMENTAL ACTIVITIES 292,421,543$ 286,927,309$ 278,857,636$ 272,625,047$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 85,624,259$ 86,260,116$ 84,915,466$ 85,745,939$ Restricted 603,727 601,299 601,161 603,205 Unrestricted 14,338,009 10,526,199 10,420,908 12,265,523 TOTAL BUSINESS-TYPE ACTIVITIES 100,565,995$ 97,387,614$ 95,937,535$ 98,614,667$ PRIMARY GOVERNMENT Net investment in capital assets 383,673,138$ 373,507,556$ 358,504,369$ 346,993,083$ Restricted 1,250,208 1,281,151 2,859,573 3,477,457 Unrestricted 8,064,192 9,526,216 13,431,229 20,769,174 TOTAL PRIMARY GOVERNMENT 392,987,538$ 384,314,923$ 374,795,171$ 371,239,714$ *The Village implemented GASB Statement No. 68 for the fiscal year ended April 30, 2016. Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 106 - 2014 2015 2016*2017 2018 2019 248,456,183$ 236,161,456$ 224,437,029$ 214,068,963$ 206,531,017$ 199,080,764$ 3,006,647 3,783,480 4,260,303 4,203,118 4,361,935 4,945,385 12,390,475 16,035,847 6,885,635 9,857,838 10,184,052 12,807,949 263,853,305$ 255,980,783$ 235,582,967$ 228,129,919$ 221,077,004$ 216,834,098$ 85,192,902$ 83,998,867$ 83,393,179$ 84,275,866$ 84,489,070$ 85,596,840$ 602,080 2,106,291 2,247,562 2,248,756 2,248,925 1,725,525 12,652,914 12,027,445 12,492,289 12,505,856 13,704,889 15,764,957 98,447,896$ 98,132,603$ 98,133,030$ 99,030,478$ 100,442,884$ 103,087,322$ 333,649,085$ 320,160,323$ 307,830,208$ 298,344,829$ 291,020,087$ 284,677,604$ 3,608,727 5,889,771 6,507,865 6,451,874 6,610,860 6,670,910 25,043,389 28,063,292 19,377,924 22,363,694 23,888,941 28,572,906 362,301,201$ 354,113,386$ 333,715,997$ 327,160,397$ 321,519,888$ 319,921,420$ - 107 - Fiscal Year 2010 2011 2012 2013 EXPENSES Governmental activities General government 3,634,146$ 2,754,319$ 3,808,990$ 3,442,249$ Public safety 10,192,710 10,703,278 11,247,015 11,273,628 Highways and streets 21,864,844 21,833,556 22,554,164 21,995,249 Interest 1,567,529 1,333,022 1,347,798 1,213,432 Total governmental activities expenses 37,259,229 36,624,175 38,957,967 37,924,558 BUSINESS-TYPE ACTIVITIES Water and sewer 13,020,412 13,563,407 13,215,950 14,648,769 Total business-type activities expenses 13,020,412 13,563,407 13,215,950 14,648,769 TOTAL PRIMARY GOVERNMENT EXPENSES 50,279,641$ 50,187,582$ 52,173,917$ 52,573,327$ PROGRAM REVENUES Governmental activities Charges for services General government 3,914,078$ 4,257,608$ 4,595,180$ 4,989,871$ Public safety 1,702,528 1,913,421 1,937,666 1,756,994 Highways and streets 34,238 3,783 13,909 178,221 Operating grants and contributions 1,155,527 1,508,358 2,239,921 1,372,279 Capital grants and contributions 7,426,001 2,328,859 257,817 1,009,182 Total governmental activities program revenues 14,232,372 10,012,029 9,044,493 9,306,547 Business-type activities Charges for services Water/sewer 9,510,526 10,135,734 11,482,986 14,066,990 Operating grants and contributions 495,793 - - - Capital grants and contributions 1,943,525 372,147 90,791 2,145,000 Total business-type activities program revenues 11,949,844 10,507,881 11,573,777 16,211,990 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 26,182,216$ 20,519,910$ 20,618,270$ 25,518,537$ NET (EXPENSE) REVENUE Governmental activities (23,026,857)$ (26,612,146)$ (29,913,474)$ (28,618,011)$ Business-type activities (1,070,568) (3,055,526) (1,642,173) 1,563,221 TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (24,097,425)$ (29,667,672)$ (31,555,647)$ (27,054,790)$ VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 108 - 2014 2015*2016 2017 2018 2019 4,437,507$ 3,974,582$ 4,461,409$ 4,547,120$ 4,547,120$ 4,485,123$ 11,321,562 11,778,078 12,608,966 14,062,875 14,062,875 14,321,219 23,977,254 23,731,474 24,868,163 23,787,789 23,787,789 26,894,226 1,154,112 1,059,100 870,373 800,364 800,364 679,991 40,890,435 40,543,234 42,808,911 43,198,148 43,198,148 46,380,559 15,233,480 15,513,750 15,976,198 16,324,022 16,324,022 17,232,193 15,233,480 15,513,750 15,976,198 16,324,022 16,324,022 17,232,193 56,123,915$ 56,056,984$ 58,785,109$ 59,522,170$ 59,522,170$ 63,612,752$ 5,178,547$ 5,472,089$ 5,814,964$ 6,151,486$ 6,151,486$ 6,597,384$ 1,658,959 1,611,233 1,418,860 1,593,981 1,593,981 1,642,372 141,846 9,193 37,417 43,621 43,621 59,935 1,386,766 1,492,593 1,203,530 1,184,693 1,184,693 1,401,888 118,359 44,267 360,507 1,207,122 1,207,122 3,881,551 8,484,477 8,629,375 8,835,278 10,180,903 10,180,903 13,583,130 13,361,542 13,407,793 14,224,684 15,071,122 15,071,122 16,819,225 - - - - - - - - - 389,353 389,353 97,847 13,361,542 13,407,793 14,224,684 15,460,475 15,460,475 16,917,072 21,846,019$ 22,037,168$ 23,059,962$ 25,641,378$ 25,641,378$ 30,500,202$ (32,405,958)$ (31,913,859)$ (33,973,633)$ (33,017,245)$ (33,017,245)$ (32,797,429)$ (1,871,938) (2,105,957) (1,751,514) (863,547) (863,547) (315,121) (34,277,896)$ (34,019,816)$ (35,725,147)$ (33,880,792)$ (33,880,792)$ (33,112,550)$ - 109 - Fiscal Year 2010 2011 2012 2013 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and replacement 6,428,427$ 6,651,509$ 6,306,567$ 6,300,458$ Home rule sales tax - - - - Utility/telecommunications 2,271,926 2,980,148 3,066,185 2,981,462 Local motor fuel - 296,235 489,711 838,419 Other 4,860 4,447 7,069 5,804 Sales and use tax 7,377,482 7,670,219 8,143,910 8,495,268 Income tax 2,965,208 2,910,807 3,203,518 3,567,060 Investment income 15,166 8,190 6,770 20,956 Miscellaneous 87,030 68,237 103,695 72,956 Transfers 524,770 528,120 516,376 493,650 Total governmental activities 19,674,869 21,117,912 21,843,801 22,776,033 Business-type activities Home rule sales tax - - - 1,415,262 Investment income 93,583 26,906 8,480 9,010 Miscellaneous 30,480 378,359 699,990 1,169,633 Transfers (524,770) (528,120) (516,376) (493,650) Total business-type activities (400,707) (122,855) 192,094 2,100,255 TOTAL PRIMARY GOVERNMENT 19,274,162$ 20,995,057$ 22,035,895$ 24,876,288$ CHANGE IN NET POSITION Governmental activities (3,351,988)$ (5,494,234)$ (8,069,673)$ (5,841,978)$ Business-type activities (1,471,275) (3,178,381) (1,450,079) 3,663,476 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (4,823,263)$ (8,672,615)$ (9,519,752)$ (2,178,502)$ *Beginning in fiscal year 2015, home rule sales tax is presented separately from sales and use tax. Data Source Audited Financial Statements Last Ten Fiscal Years VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION (Continued) - 110 - 2014 2015*2016 2017 2018 2019 6,352,505$ 6,538,805$ 6,633,529$ 6,795,465$ 6,795,465$ 7,358,761$ - 3,286,980 3,403,167 3,492,459 3,492,459 3,725,422 3,198,840 3,107,995 2,816,908 2,915,445 2,915,445 2,995,191 790,158 813,718 897,404 959,052 959,052 1,674,790 4,966 8,250 7,587 10,092 10,092 8,265 8,848,545 5,842,343 6,199,078 6,328,246 6,328,246 6,978,728 3,857,016 3,876,349 4,218,244 3,741,387 3,741,387 3,842,879 27,857 (120,582) 53,007 140,553 140,553 672,108 63,581 197,627 267,223 210,598 210,598 321,579 490,748 489,852 498,100 970,900 970,900 976,800 23,634,216 24,041,337 24,994,247 25,564,197 25,564,197 28,554,523 1,630,710 1,643,244 1,701,328 1,745,968 1,745,968 1,862,431 14,986 141 61,902 62,358 62,358 375,621 550,219 637,131 822,046 923,569 923,569 1,698,307 (490,748) (489,852) (498,100) (970,900) (970,900) (976,800) 1,705,167 1,790,664 2,087,176 1,760,995 1,760,995 2,959,559 25,339,383$ 25,832,001$ 27,081,423$ 27,325,192$ 27,325,192$ 31,514,082$ (8,771,742)$ (7,872,522)$ (8,979,386)$ (7,453,048)$ (7,453,048)$ (4,242,906)$ (166,771) (315,293) 335,662 897,448 897,448 2,644,438 (8,938,513)$ (8,187,815)$ (8,643,724)$ (6,555,600)$ (6,555,600)$ (1,598,468)$ - 111 - Fiscal Year 2010 2011 2012 2013 GENERAL FUND Reserved 1,259,966$ 3,393,753$ -$ -$ Unreserved - designated 638,341 750,040 - - Unreserved - undesignated 2,964,485 4,151,179 - - Nonspendable for Advances - - 1,193,937 1,153,506 Long-term receivables - - 909,968 705,953 Prepaid items - - 123,321 133,497 Restricted Retirement obligations - - - - Public safety - - - - Unrestricted Assigned for bridge construction - - 20,000 - Assigned for insurance - - 845,155 1,006,427 Unassigned - - 6,814,424 9,658,183 TOTAL GENERAL FUND 4,862,792$ 8,294,972$ 9,906,805$ 12,657,566$ ALL OTHER GOVERNMENTAL FUNDS Reserved 646,481$ 679,852$ -$ -$ Unreserved, reported in Capital Projects Fund (12,268,499) (10,889,373) - - Special Revenue Fund 713,258 1,174,378 - - Restricted for Street maintenance - - 1,115,600 1,509,744 Public safety - - 42,389 40,585 Audit - - 4,106 5,360 Liability insurance - - 310,733 219,288 Economic development - - 785,584 1,099,275 Unrestricted Assigned for debt service - - 1,347 881 Assigned for capital projects - - - - Unassigned - - (7,414,412) (4,328,519) TOTAL ALL OTHER GOVERNMENTAL FUNDS (10,908,760)$ (9,035,143)$ (5,154,653)$ (1,453,386)$ TOTAL FUND BALANCES (6,045,968)$ (740,171)$ 4,752,152$ 11,204,180$ Note: The Village implemented GASB Statement No. 54 for the fiscal year ended April 30, 2012. Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 112 - 2014 2015 2016 2017 2018 2019 -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - 687,538 669,986 363,498 221,763 - - 133,536 135,867 142,187 150,893 212,479 14,236 - - 16,709 92,012 125,878 131,092 - - 471,209 393,352 508,783 466,127 - - - - - - 1,065,860 1,158,291 1,127,527 1,305,917 1,248,272 1,341,972 9,841,030 8,322,103 8,485,950 8,655,225 9,556,631 9,955,142 11,727,964$ 10,286,247$ 10,607,080$ 10,819,162$ 11,652,043$ 11,908,569$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - 1,915,321 2,690,722 2,819,181 3,077,064 3,173,918 3,474,726 42,443 32,058 40,651 42,749 48,257 53,287 3,511 3,970 6,161 9,342 15,977 22,593 86,172 70,626 21,126 48,059 294,086 442,523 959,200 986,104 885,266 540,540 195,036 355,037 918 1,700 2,133 2,159 2,233 3,130 405,138 5,447,573 8,837,434 13,490,725 14,805,542 17,678,526 - - - (435) - - 3,412,703$ 9,232,753$ 12,611,952$ 17,210,203$ 18,535,049$ 22,029,822$ 15,140,667$ 19,519,000$ 23,219,032$ 28,029,365$ 30,187,092$ 33,938,391$ - 113 - Fiscal Year 2010 2011 2012 2013 REVENUES Taxes 16,775,978$ 17,533,217$ 18,150,775$ 19,207,009$ Licenses and permits 495,063 497,966 611,529 735,905 Intergovernmental 3,359,417 5,507,812 5,340,409 5,298,633 Charges for services 4,712,486 4,152,165 4,380,366 4,822,592 Fines and forfeits 1,103,323 1,329,951 1,325,854 1,169,501 Investment income 15,166 8,190 6,770 20,956 Miscellaneous 356,964 385,686 479,606 334,334 Total revenues 26,818,397 29,414,987 30,295,309 31,588,930 EXPENDITURES General government 3,133,119 2,401,600 3,477,890 3,141,185 Public safety 10,303,037 10,100,410 10,654,797 10,686,447 Highways and streets 6,432,461 6,388,974 6,431,829 6,623,648 Capital outlay 3,947,891 2,786,336 1,950,478 2,042,968 Debt service Principal 1,580,000 1,580,000 1,720,000 1,915,000 Interest and fiscal charges 1,655,506 1,485,744 1,581,506 1,221,304 Total expenditures 27,052,014 24,743,064 25,816,500 25,630,552 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (233,617) 4,671,923 4,478,809 5,958,378 OTHER FINANCING SOURCES (USES) Transfers in 3,659,728 3,610,948 3,096,035 3,102,780 Transfers (out)(3,134,958) (3,082,828) (2,579,659) (2,609,130) Refunding bonds issued 865,000 9,280,000 6,820,000 - Premium (discount) on refunding bonds 37,806 564,424 532,928 - Bonds issued - - - - Premium (discount) on bonds issued - - - - Payment to escrow agent (883,953) (9,913,670) (7,251,451) - Installment notes issued 114,754 - - - Sale of capital assets - 175,000 395,661 - Total other financing sources (uses)658,377 633,874 1,013,514 493,650 NET CHANGE IN FUND BALANCES 424,760$ 5,305,797$ 5,492,323$ 6,452,028$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 14.00%13.96%13.03%12.94% *Beginning in fiscal year 2015, state sales tax, use tax, and income tax are reported as intergovernmental revenue. Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 114 - 2014 2015*2016 2017 2018 2019 19,853,191$ 10,647,752$ 10,941,684$ 11,257,069$ 11,822,426$ 12,208,524$ 862,916 976,464 1,177,055 1,166,151 1,094,102 1,318,572 4,661,759 14,308,398 14,596,272 14,772,754 14,513,737 15,822,129 4,887,938 4,932,519 5,100,794 5,485,364 5,664,929 5,848,888 1,122,269 1,094,229 907,956 1,052,355 1,067,168 1,032,766 27,857 (120,582) 53,007 140,553 311,646 672,108 212,015 342,080 554,657 432,609 2,209,121 4,257,866 31,627,945 32,180,860 33,331,425 34,306,855 36,683,129 41,160,853 4,029,639 3,677,375 3,966,293 4,211,656 5,460,233 4,506,444 10,746,430 11,266,927 11,453,755 11,675,600 12,210,028 12,879,658 7,404,103 7,197,622 7,809,942 7,856,257 8,801,462 8,870,269 2,870,609 3,048,345 3,897,730 3,606,528 5,909,454 9,032,558 1,945,000 2,085,000 2,215,000 2,315,000 2,395,000 2,475,000 1,191,213 1,138,302 890,875 806,150 733,025 650,150 28,186,994 28,413,571 30,233,595 30,471,191 35,509,202 38,414,079 3,440,951 3,767,289 3,097,830 3,835,664 1,173,927 2,746,774 6,094,911 6,845,397 5,939,207 5,704,731 3,554,123 4,879,743 (5,604,163) (6,355,545) (5,441,107) (4,733,831) (2,574,823) (3,902,943) - 9,665,000 - - - - - 331,514 - - - - - - - - - - - - - - - - (9,875,322) - - - - - - - - - - 4,788 - 104,102 3,769 4,500 27,725 495,536 611,044 602,202 974,669 983,800 1,004,525 3,936,487$ 4,378,333$ 3,700,032$ 4,810,333$ 2,157,727$ 3,751,299$ 11.53%11.78%10.79%11.01%10.00%9.40% - 115 - ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years Total Taxable Total Estimated Estimated Levy Residential Commercial Industrial Farm Railroad Equalized Direct Tax Actual Taxable Actual Taxable Year Property Property Property Property Property Assessed Value Rate Value Value 2009 1,229,229,102$ 140,306,598$ 27,907,094$ 3,613,294$ 42,287$ 1,401,098,375$ 0.4079 4,203,295,125$ 33.333% 2010 1,152,059,670 143,199,078 20,391,687 3,034,973 211,437 1,318,896,845 0.4079 3,956,690,535 33.333% 2011 1,074,299,342 147,453,901 20,061,439 2,975,154 193,049 1,244,982,885 0.4297 3,734,948,655 33.333% 2012 1,018,036,579 136,459,597 20,522,201 3,436,478 155,202 1,178,610,057 0.4567 3,535,830,171 33.333% 2013 992,808,661 133,086,233 20,156,072 3,351,502 344,192 1,149,746,660 0.4669 3,449,239,980 33.333% 2014 1,001,328,597 147,923,967 19,980,960 3,691,038 403,047 1,173,327,609 0.4669 3,519,982,827 33.333% 2015 1,047,526,457 139,342,944 20,657,279 3,905,874 486,066 1,211,918,620 0.4669 3,635,755,860 33.333% 2016 1,115,247,993 144,540,932 18,305,506 3,925,296 536,960 1,282,556,687 0.4669 3,847,670,061 33.333% 2017 1,163,630,631 145,895,711 17,159,173 4,184,880 443,511 1,331,313,906 0.4669 3,993,941,718 33.333% 2018 1,218,694,154 149,409,999 17,114,459 4,494,831 466,959 1,390,180,402 0.4669 4,170,541,206 33.333% Note: Property in the Village is reassessed each year. Property is assessed at 33% of estimated actual value. Data Sources Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS - 116 - Levy Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 DIRECT TAX RATES General 0.2053 0.2012 0.2032 0.2158 0.2210 0.2099 0.1974 0.1921 0.2002 0.2159 Debt service 0.0024 0.0086 0.0090 0.0098 0.0098 0.0098 0.0097 0.0088 0.0089 0.0083 Police Pension 0.0503 0.0682 0.0721 0.0767 0.0783 0.0811 0.0911 0.1068 0.1057 0.0936 IMRF 0.0413 0.0436 0.0461 0.0490 0.0500 0.0492 0.0476 0.0448 0.0407 0.0389 Police protection 0.0575 0.0607 0.0641 0.0682 0.0696 0.0683 0.0662 0.0624 0.0711 0.0788 Audit 0.0008 0.0029 0.0031 0.0030 0.0034 0.0033 0.0035 0.0033 0.0033 0.0026 Liability insurance 0.0503 0.0227 0.0321 0.0342 0.0348 0.0453 0.0514 0.0487 0.0370 0.0288 Total direct rates 0.4079 0.4079 0.4297 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 OVERLAPPING TAX RATES Will County Including Forest Preserve 0.6543 0.6841 0.7244 0.7244 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 Plainfield CUSD #202 4.5876 4.8618 5.2705 5.8323 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 Joliet Jr. Community College #525 0.2144 0.2270 0.2463 0.2768 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 Plainfield Township Park District 0.1740 0.1959 0.2126 0.2433 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 Plainfield Public Library District 0.1421 0.1573 0.1720 0.1894 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 Plainfield Fire Protection District 0.8419 0.8656 0.8872 0.9216 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 Township and all other 0.1483 0.1653 0.1804 0.1960 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 Total overlapping rates 6.7626 7.1570 7.6934 8.3838 9.0030 9.1163 9.0610 8.6295 8.4006 8.2016 TOTAL TAX RATES 7.1705 7.5649 8.1231 8.8405 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 Property tax rates are per $100 of assessed valuation. Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years - 117 - Percentage Percentage of Total of Total 2017 Taxable Village 2008 Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation JVM Realty Corporation Springs at 127th 11,361,592$ 1 0.82% Diageo North America, Inc.Manufacturer of liquors 9,479,479 2 0.68% Edward Health Ventures Healthcare 5,617,394 3 0.40% Wal-Mart Stores Inc.Discount department store 4,581,409 4 0.33% Menard's Inc.Home improvement center 4,135,064 5 0.30% Meijer Discount department store 3,973,157 6 0.29% American House Senior Living Senior care facility 3,825,000 7 0.28% Target Discount department store 3,336,886 8 0.24% Chicago Bridge & Iron Engineering & technical center 2,921,250 9 0.21% Coilplus Illinois Inc.Flat rolled steel processing 2,720,001 10 0.20% Diageo North America, Inc.Manufacturer of liquors 13,173,470$ 1 0.94% Edward Health Ventures Healthcare 9,196,905 2 0.66% Wal-Mart Stores Inc.Discount department store 6,626,576 3 0.47% Meijer Discount department store 6,084,457 4 0.43% Menard's Inc.Home improvement center 4,479,464 5 0.32% Dayfield Properties Developer 4,261,630 6 0.30% Target Discount department store 4,191,105 7 0.30% Coilplus Illinois Inc.Flat rolled steel processing 3,599,430 8 0.26% Mars-Kensington North LLC Land development 2,660,396 9 0.19% Sun-Times Media Plainfield LLC Newspaper publisher 2,635,589 10 0.19% TOTAL 51,951,232$ 3.75%56,909,022$ 4.06% ** Formerly called United Distillers Manufacturing Inc. Data Source Will County Clerk's Office Because of the Village’s small valuation in Kendall County, only Will County information was used in this statement. Reasonable efforts have been made to determine and report the largest taxpayers and to include all taxable property of those taxpayers listed.Many of the taxpayers listed, however, may own multiple parcels, and it is possible that some parcels and their valuations have been overlooked. VILLAGE OF PLAINFIELD, ILLINOIS 2019 2010 PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago - 118 - Levy Collection Fiscal Percentage Collections in Total Collections Total Collections Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date 2008 2009 2010 5,361,674$ 5,352,303$ 99.83%N/A 5,352,303$ 99.83% 2009 2010 2011 5,407,741 5,399,892 99.85%N/A 5,399,892 99.85% 2010 2011 2012 5,069,976 5,054,072 99.69%N/A 5,054,072 99.69% 2011 2012 2013 5,366,861 5,294,951 98.66%N/A 5,294,951 98.66% 2012 2013 2014 5,370,957 5,279,123 98.29%N/A 5,279,123 98.29% 2013 2014 2015 5,368,140 5,355,819 99.77%N/A 5,355,819 99.77% 2014 2015 2016 5,478,241 5,462,475 99.71%N/A 5,462,475 99.71% 2015 2016 2017 5,658,448 5,644,737 99.76%N/A 5,644,737 99.76% 2016 2017 2018 5,988,257 5,959,759 99.52%N/A 5,959,759 99.52% 2017 2018 2019 6,215,904 6,205,547 99.83%N/A 6,205,547 99.83% Note: Levies and collections for tax levy years 2008 - 2010 include Will County only. N/A - Information not available Data Sources Office of the County Clerk - Will County, Illinois Office of the County Clerk - Kendall County, Illinois Total Collections within the Levy Year VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Levy Years - 119 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2009 2010 2011 2012 2013 ASSESSED VALUATION 1,401,098,375$ 1,318,896,845$ 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2067 2,877,525$ 0.2012 2,643,631$ 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ Debt service 0.0024 33,611 0.0086 113,418 0.0090 112,021 0.0098 115,469 0.0098 112,648 Police Pension 0.0500 704,504 0.0682 899,517 0.0721 897,766 0.0767 903,769 0.0783 900,238 IMRF 0.0410 578,458 0.0436 573,793 0.0461 574,000 0.0490 577,376 0.0500 574,887 Police protection 0.0571 805,330 0.0607 799,295 0.0641 798,146 0.0682 803,595 0.0696 800,217 Audit 0.0007 11,148 0.0029 38,241 0.0031 38,567 0.0030 35,338 0.0034 39,030 Liability insurance 0.0500 704,504 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.0348 400,106 TOTAL TAX EXTENSIONS 0.4079 5,715,080$ 0.4079 5,367,321$ 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ - 120 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued) Last Ten Levy Years Tax Levy Year 2014 2015 2016 2017 2018 ASSESSED VALUATION 1,173,327,609$ 1,211,918,620$ 1,282,556,687$ 1,331,313,906$ 1,390,180,402$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2099 2,463,239$ 0.1974 2,393,149$ 0.1974 2,452,961$ 0.2002 2,671,680$ 0.2159 3,001,704$ Debt service 0.0098 114,957 0.0097 117,462 0.0097 118,846 0.0089 118,180 0.0083 115,321 Police Pension 0.0811 951,470 0.0911 1,103,800 0.0911 1,370,987 0.1057 1,404,818 0.0936 1,301,135 IMRF 0.0492 577,137 0.0476 576,756 0.0476 575,818 0.0407 540,770 0.0389 540,734 Police protection 0.0683 801,299 0.0662 802,149 0.0662 801,498 0.0711 945,182 0.0788 1,095,434 Audit 0.0033 38,713 0.0035 42,394 0.0035 42,308 0.0033 43,814 0.0026 36,071 Liability insurance 0.0453 531,426 0.0514 622,738 0.0514 625,839 0.0370 491,460 0.0288 400,353 TOTAL TAX EXTENSIONS 0.4669 5,478,241$ 0.4669 5,658,448$ 0.4669 5,988,257$ 0.4669 6,215,904$ 0.4669 6,490,752$ - 121 - Calendar Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 General merchandise 1,619,652$ 1,704,879$ 1,422,877$ 1,888,789$ 2,014,318$ 2,957,023$ 2,923,484$ 2,872,245$ 2,810,504$ 2,878,191$ Food 530,171 469,346 447,894 377,464 405,981 619,855 920,851 760,833 862,417 1,063,115 Drinking and eating places 904,118 942,498 1,038,892 1,259,374 1,481,747 1,547,675 1,656,683 1,749,367 1,767,933 1,893,015 Apparel 104,996 120,139 347,612 127,335 121,980 87,001 139,606 162,603 179,296 179,438 Furniture, H.H., and radio 142,158 145,517 141,098 157,320 125,553 133,673 147,176 140,391 133,176 134,476 Lumber, building hardware 547,665 535,803 552,466 675,008 812,648 888,333 938,009 999,130 1,002,964 1,009,777 Automobile and filling stations 1,355,716 1,443,543 1,867,893 2,364,926 2,738,000 1,593,137 1,511,396 1,595,968 1,939,282 2,183,218 Drugs and miscellaneous retail 889,549 959,238 1,036,231 1,384,198 1,564,115 1,588,279 919,458 1,449,363 1,375,599 1,279,519 Agriculture and all others 480,942 465,556 468,099 291,404 300,709 376,539 877,983 545,409 556,959 594,384 Manufacturers 208,888 184,640 64,035 82,726 125,084 150,191 140,846 187,450 232,970 245,528 TOTAL 6,783,855$ 6,971,159$ 7,387,097$ 8,608,544$ 9,690,135$ 9,941,706$ 10,175,492$ 10,462,759$ 10,861,100$ 11,460,661$ Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00% Village home rule sales tax rate*1.00%1.00%1.00%1.00%1.50%1.50%1.50%1.50%1.50%1.50% *1.50% effective July 1, 2012. Data Source Illinois Department of Revenue - Will County only VILLAGE OF PLAINFIELD, ILLINOIS SALES TAX BY CATEGORY Last Ten Calendar Years - 122 - DIRECT AND OVERLAPPING SALES TAX RATES Last Ten Calendar Years Village Village Calendar Direct Home Rule Will County RTA State Total Year Rate Rate Rate Rate Rate Rate 2009 1.00%1.00%0.25%0.75%5.00%8.00% 2010 1.00%1.00%0.25%0.75%5.00%8.00% 2011 1.00%1.00%0.25%0.75%5.00%8.00% 2012 1.00%1.50%0.25%0.75%5.00%8.50% 2013 1.00%1.50%0.25%0.75%5.00%8.50% 2014 1.00%1.50%0.25%0.75%5.00%8.50% 2015 1.00%1.50%0.25%0.75%5.00%8.50% 2016 1.00%1.50%0.25%0.75%5.00%8.50% 2017 1.00%1.50%0.25%0.75%5.00%8.50% 2018 1.00%1.50%0.25%0.75%5.00%8.50% Note: The home rule sales tax rate increases for the Village were effective January 1, 2008 and July 1, 2012. The tax rate for the Regional Transit Authority increased effective April 1, 2008. Data Source Village and Illinois Department of Revenue VILLAGE OF PLAINFIELD, ILLINOIS - 123 - RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years Percentage Fiscal General Installment General Illinois Total of Year Obligation Notes Obligation Revenue EPA Primary Personal Per Ended Bonds Payable Bonds Bonds Loan Government Income*Capita* 2010 34,655,000$ 12,398$ 15,530,000$ 16,385,000$ -$ 66,582,398$ 5.00%1,682$ 2011 32,980,000 -14,265,000 16,030,000 1,710,999 64,985,999 5.00%1,642 2012 31,845,000 -12,945,000 15,665,000 3,273,202 63,728,202 5.00%1,610 2013 29,930,000 -11,575,000 15,285,000 3,093,385 59,883,385 4.12%1,435 2014 27,985,000 -9,735,000 14,885,000 2,946,902 55,551,902 3.67%1,320 2015 28,162,546 -8,816,853 16,449,941 2,795,259 56,224,599 3.53%1,323 2016 25,895,431 -7,201,017 16,019,942 2,641,714 51,758,104 3.08%1,206 2017 23,481,950 -5,494,025 15,474,342 2,486,244 46,936,561 2.63%1,069 2018 20,985,301 -3,726,754 14,903,742 2,328,825 41,944,622 N/A 955 2019 18,384,607 -1,900,751 14,308,142 2,169,432 36,762,932 N/A 837 Note: Details of the Village's outstanding debt can be found in the notes to financial statements. *See the schedule of Demographic and Economic Information for personal income and population data. N/A - information not available Data Source Audited Financial Statements Activities VILLAGE OF PLAINFIELD, ILLINOIS Governmental Business-Type Activities - 124 - RATIOS OF GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Percentage of Less Amounts Equalized General Available Assessed Fiscal Obligation In Debt Value of Per Year Bonds Service Fund Total Property Capita 2010 34,655,000$ -$ 34,654,887$ 2.63%876$ 2011 32,980,000 - 32,979,882 2.65%833 2012 31,845,000 - 31,843,653 2.70%805 2013 29,930,000 - 29,929,119 2.60%756 2014 27,985,000 - 27,984,082 2.43%707 2015 36,979,399 - 36,979,399 3.05%870 2016 33,096,448 - 33,096,448 2.58%771 2017 28,975,975 - 28,975,975 2.18%660 2018 24,712,055 - 24,712,055 1.78%560 2019 20,285,358 - 20,285,358 N/A N/A N/A - information not available VILLAGE OF PLAINFIELD, ILLINOIS - 125 - DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Percentage Village's Gross Debt Applicable Share Governmental Unit Debt to the Village*of Debt Village of Plainfield 18,384,607$ 100.000%18,384,607$ Will County - (2)(3)6.131%- Will County Forest Preserve District 97,975,000 (1)6.131%6,006,847 Kendall County - (2)2.862%- Kendall County Forest Preserve District 35,860,000 2.862%1,026,313 Plainfield Fire Protection District - (2)78.511%- Oswegoland Park District 7,485,000 7.990%598,052 Plainfield Park District 11,649,000 45.619%5,314,157 Oswego Public Library District 5,780,000 7.644%441,823 Plainfield Unit School District #202 189,625,000 (3)35.381%67,091,221 Indian Prairie Unit School District #204 168,830,000 (3)0.593%1,001,162 Oswego Unit School District #308 290,728,062 (1)6.767%19,673,568 DuPage Community College #502 151,525,000 (2)0.066%100,007 Waubonsee Community College #516 52,510,000 1.444%758,244 Joliet Community College #525 69,785,000 (2)5.869%4,095,682 Total Overlapping Debt 1,081,752,062 106,107,076 TOTAL DIRECT AND OVERLAPPING DEBT 1,100,136,669$ 124,491,683$ (1) Includes original principal amounts of outstanding General Obligation Capital Appreciation Bonds. (3) Excludes outstanding debt certificates. Data Sources The Village, Will, and Kendall County Clerk's Offices VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2019 (2)Excludes principal amounts of outstanding General Obligation Alternate Revenue Source Bonds which are expected to be paid from sources other than general taxation. *The percentage of overlapping debt applicable is estimated using taxable assessed property values.Applicable percentages were estimated by determining the portion of the Village's taxable assessed value that is within the government's boundaries and dividing it by the Village's total taxable assessed value. - 126 - PLEDGED-REVENUE COVERAGE WATER REVENUE BONDS Last Ten Fiscal Years Water Fiscal Charges Debt Service Year and Other Principal Interest Coverage 2010 9,510,526$ -$ 812,199$ 11.71$ 2011 10,135,734 355,000 845,026 8.45 2012 11,482,986 365,000 829,960 9.61 2013 14,066,990 380,000 814,366 11.78 2014 13,361,542 400,000 797,785 11.16 2015 13,407,793 415,000 893,871 10.24 2016 14,224,684 430,000 514,054 15.07 2017 15,071,122 540,000 590,719 13.33 2018 16,004,417 565,000 567,081 14.14 2019 16,819,225 590,000 541,350 14.87 Data Source Audited financial statements VILLAGE OF PLAINFIELD, ILLINOIS Note:Details of the Village's outstanding debt can be found in the notes to financial statements. - 127 - DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Median Capita Fiscal Household Personal Personal Unemployment Year Population Income Income Income Rate 2010 39,581 105,897$ 1,309,814,452$ 33,092$ 8.6% 2011 40,151 *108,239 1,381,274,702 34,402 8.4% 2012 40,446 *111,637 1,428,229,152 35,312 7.5% 2013 41,739 *108,928 1,454,437,194 34,846 7.7% 2014 42,085 *111,536 1,515,354,595 36,007 6.0% 2015 42,484 *111,521 1,592,385,288 37,482 5.0% 2016 42,933 *116,896 1,678,937,898 39,106 4.7% 2017 43,926 121,746 1,785,020,862 40,637 4.0% 2018 44,138 N/A N/A N/A 3.5% 2019 N/A N/A N/A N/A 3.6% N/A - information not available Data Sources U.S. Census Bureau - 2010 census data *Census.gov estimate Household and per capita income: U.S. Census Bureau - American Fact Finder 2005-2009 American Community Survey 5-Yr Estimates 2006-2010 American Community Survey 5-Yr Estimates 2007-2011 American Community Survey 5-Yr Estimates 2008-2012 American Community Survey 5-Yr Estimates 2009-2013 American Community Survey 5-Yr Estimates 2010-2014 American Community Survey 5-Yr Estimates 2011-2015 American Community Survey 5-Yr Estimates 2012-2016 American Community Survey 5-Yr Estimates Unemployment Rate: Illinois Department of Employment Security (2018 through June - not seasonally adjusted) VILLAGE OF PLAINFIELD, ILLINOIS - 128 - PRINCIPAL EMPLOYERS Current Year and Nine Years Ago Percent Percent of Total of Total No. of Village No. of Village Employer Rank Employees Population Employer Rank Employees Population Plainfield CUSD #202 1 3,500 7.93%Plainfield CUSD #202 1 3,395 8.58% Diageo North America, Inc.2 581 1.32%Chicago Bridge & Iron Co.2 730 1.84% Wal-Mart 3 385 0.87%Jewel 3 380 0.96% Jewel-Osco 4 335 0.76%Diageo North America 4 300 0.76% McDermott Intl (Chicago Bridge & Iron)5 300 0.68%Wal-Mart 5 285 0.72% Meijer 6 216 0.49%Meijer 6 275 0.69% Target 7 170 0.39%Target 7 160 0.40% Village of Plainfield 8 144 0.33%Village of Plainfield 8 130 0.33% Lakewood Nursing and Rehab Center 9 135 0.31%HPD, A Veolia Water Solutions Co.9 120 0.30% Community Unit School District 308 10 133 0.30%Plainfield Precision 10 95 0.24% Population Population 44,138 39,581 Note: May include both full-time and full-time equivalent employees. Data Source From a canvas of employers, IL Services and Manufacturers Directory, Harris Illinois Industrial Directory VILLAGE OF PLAINFIELD, ILLINOIS 20102019 - 129 - Function/Program 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Administration/Finance 14.50 14.50 14.50 15.00 14.50 15.50 16.00 16.00 16.00 16.00 Police Department 77.00 73.50 75.50 75.50 76.50 76.50 77.50 76.50 76.50 80.00 Streets Department 19.50 17.00 17.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 Community Development 7.00 7.50 7.50 8.00 8.00 8.00 9.50 14.00 15.00 15.00 Water and Sewer Department 12.00 11.50 12.50 11.50 11.50 11.50 11.50 11.50 11.50 10.50 Public Works Engineering 3.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 4.00 TOTAL 133.00 126.00 130.50 131.50 132.00 133.00 136.00 139.50 140.50 144.00 Data Source Village Human Resources Department VILLAGE OF PLAINFIELD, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 130 - Function/Program 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 PUBLIC SAFETY Police Calls for service 39,228 41,048 40,490 37,529 34,570 33,252 34,031 34,176 33,476 37,915 Total traffic citations 12,455 12,125 14,037 11,086 9,819 7,951 6,974 6,842 6,285 7,464 Total DUI arrests 187 154 104 119 107 89 69 66 76 99 Total crashes 984 1,109 980 1,010 1,121 1,200 1,272 1,020 1,151 1,347 D.A.R.E Program student attendance 1,100 1,100 1,150 1,200 4,544 1,200 1,631 2,100 2,100 790 BUILDING PERMITS ISSUED New residential units 66 58 88 111 135 166 138 143 144 180 General construction inspections 5,335 4,300 4,884 6,619 8,016 6,367 7,801 8,095 8,816 8,453 Commercial/office/industrial added (sq ft.)24,659 172,926 90,770 71,414 194,250 - 59,399 342,429 38,757 95,421 Acreage annexed 24 5 2.1 277 6 87 177 6 59 207 BUILDING PERMIT REVENUE (*fiscal year)592,852$ 294,862$ 275,144$ 447,103$ 561,591$ 677,304$ 983,448$ 952,317$ 855,481$ 1,087,619$ PUBLIC WORKS Asphalt patching/pothole repairs (tons)292 285 195 136 109 104 72 55 156 122 Shoulder stone repaired (tons)430 464 843 1,173 824 945 390 277 748 1,096 Snow removal events 45 29 20 12 26 27 23 21 19 30 Street sweeping (lane miles)1,976 1,760 1,627 1,958 1,635 1,334 1,398 1,906 2,180 1,964 Grounds maintenance and mowing (hours)2,070 1,974 2,280 1,709 1,904 1,552 1,674 1,026 1,483 2,949 UTILITY BILLING (*fiscal year) Number of metered accounts 149,687 149,687 148,031 151,816 153,205 154,914 156,826 159,281 161,083 162,422 Water consumption billed (cubic feet) Residential 116,145,176 110,246,350 111,002,800 123,367,085 123,441,600 125,383,157 115,777,283 107,567,800 112,559,000 110,776,966 Commercial 16,569,010 17,304,912 20,570,922 16,671,638 22,609,487 13,257,815 13,161,991 17,301,547 20,934,889 18,481,670 Industrial 17,298,465 17,259,429 13,933,361 14,311,880 17,775,104 19,647,597 18,882,494 18,682,642 19,888,798 23,267,214 WATER Average daily flow (MGD)3.096 3.062 3.091 3.49 3.205 3.098 3.136 3.092 3.234 3.34 Peak daily flow (MGD)5.732 5.841 6.324 6.644 5.941 4.656 5.292 5.768 5.218 6 Water main breaks 6 4 5 2 1 6 4 4 9 4 Number of valves exercised 166 2061 28 19 513 1,096 441 28 1,700 1,200 VILLAGE OF PLAINFIELD, ILLINOIS OPERATING INDICATORS Last Ten Calendar Years - 131 - Function/Program 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 WASTEWATER Miles of sanitary sewer main 220 220 220 220 220 220 220 221 221 220 Average daily flow (MGD)3.746 3.55 3.964 3.21 4.441 4.663 4.460 4.372 4.763 4.587 Bio-solids treated (tons)605 730 642 799 771 945 879 888 893 972 Sewers inspected/cleaned (feet)12,000 9,000 3,308 23,200 13,200 6,200 14,006 13,450 13,197 24,568 Data Source Various Village departments - 132 - CAPITAL ASSET STATISTICS Last Ten Fiscal Years Function/Program 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Area patrols 6 6 6 6 6 6 6 6 6 6 Patrol units/shift 6 6 7 6 6 6 6 6 6 6 PUBLIC WORKS Lane miles of streets 410 410 410 410 410 410 410 410 410 410 Traffic signals 7 7 7 4 4 4 4 4 4 4 WATER Water mains (miles)226 226 226 229 229 229 229 230 230 230 Storage capacity (gallons)9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 WASTEWATER Sanitary sewers (miles)220 220 220 220 220 220 220 221 221 221 Treatment capacity (gallons)7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 Data Source Various Village departments VILLAGE OF PLAINFIELD, ILLINOIS - 133 -