The URL can be used to link to this page

Home My Public Portal AboutFY 2020 - Comprehensive Annual Financial Report Village of Plainfield Comprehensive Annual Financial Report For the Fiscal Year Ended April 30, 2020 24401 West Lockport Street | Plainfield, Illinois 60544 VILLAGE OF PLAINFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2020 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 ............................................................................. 22-59 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund .............................................. 60 Schedule of Employer Contributions Illinois Municipal Retirement Fund ................................................................... 61 Police Pension Fund ........................................................................................... 62 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Illinois Municipal Retirement Fund ................................................................... 63 Police Pension Fund ........................................................................................... 64 Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefit Plan .................................................................. 65 Schedule of Investment Returns Police Pension Fund ........................................................................................... 66 Notes to Required Supplementary Information .................................................. 67 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 .................................. 68-69 Schedule of Expenditures - Budget and Actual - General Fund ............................. 70-71 Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 72-82 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund.......................................................................................... 83 Debt Service Fund .......................................................................................... 84 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 85-86 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................................ 87-88 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 89 Audit Fund .......................................................................................................... 90 Alcohol Enforcement Fund ................................................................................ 91 Motor Fuel Tax Fund.......................................................................................... 92 D.A.R.E. Fund .................................................................................................... 93 Downtown TIF Fund .......................................................................................... 94 MAJOR ENTERPRISE FUND Water and Sewer Department Accounts Combining Schedule of Net Position ................................................................. 95-96 Combining Schedule of Revenues, Expenses, and Changes in Net Position ................................................................................... 97 Combining Schedule of Cash Flows .................................................................. 98-99 Schedule of Operating Expenses - Budget and Actual ...................................... 100-102 FIDUCIARY FUND Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Fund ............................................................. 103 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 104 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 105-106 Change in Net Position ................................................................................................. 107-110 Fund Balances of Governmental Funds ....................................................................... 111-112 Changes in Fund Balances of Governmental Funds .................................................... 113-114 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 115 Property Tax Rates - Direct and Overlapping Governments ....................................... 116 Principal Property Taxpayers ....................................................................................... 117 Property Tax Levies and Collections ........................................................................... 118 Property Tax Assessed Valuations, Rates, and Tax Extensions .................................. 119-120 Sales Tax by Category .................................................................................................. 121 Direct and Overlapping Sales Tax Rates ..................................................................... 122 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 123 Ratios of General Bonded Debt Outstanding ............................................................... 124 Direct and Overlapping Governmental Activities Debt ............................................... 125 Pledged-Revenue Coverage ......................................................................................... 126 Demographic and Economic Information Demographic and Economic Information .................................................................... 127 Principal Employers ..................................................................................................... 128 Operating Information Full-Time Equivalent Employees................................................................................. 129 Operating Indicators ..................................................................................................... 130-131 Capital Asset Statistics ................................................................................................. 132 INTRODUCTORY SECTION - i - VILLAGE OFFICIALS PRESIDENT Michael P. Collins TRUSTEES Harry Benton Patricia T. Kalkanis Margie Bonuchi Cally Larson Kevin M. Calkins Brian Wojowski Brian Murphy Village Administrator Traci Pleckham Assistant Village Admin. Management Services Director John Konopek Police Chief Allen Persons Public Works Director Lonnie Spires Building Official Jonathan Proulx Planning Director Michelle Gibas Village Clerk - i - 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 - Certificate of Presented to Village of Plainfield For its Comprehensive Annual April 30, 2019 Executive Director/CEO Financial Report for the Fiscal Year Ended Reporting in Financial for Excellence Achievement Text38:Illinois Government Finance Officers Association - iii - - v - 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 146 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 remained relatively unchanged in comparison to the previous fiscal year; however, state income and use tax improved by 11.6% and 16.5% respectively. Housing development showed slight improvement in 2020. During the fiscal year, 220 single family building permits were issued for new construction within the Village. During fiscal year 2019, 169 single family building permits were issued and 163 were issued in 2018. Building permit revenues represented 4.2% of the General Fund revenue for fiscal year 2020 compared to 4.1% in fiscal year 2019. 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 2020 reflected a $2,008,012 transfer from the Village’s General Fund to the Capital Fund, resulting in an ending fund balance of just over $18.7 million. This key financial policy will continue to help the Village position itself for future capital infrastructure needs. 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. - v - - vi - 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 As the fiscal year was winding down, the pandemic was just beginning. With all of the changes that the pandemic has brought, the Village continues to see economic development and infrastructure improvements which are key components of the Village’s Strategic Plan. Here are a few of the year’s highlights: • Construction of the new Costco store at the Boulevard began in 2019. This store will be the first to open at the new Boulevard development and additional development will follow. • Late in fiscal 2019, Seefried Properties completed construction of a 1.3 million-square-foot warehouse and distribution center north of 143rd Street and west of Steiner Road. Diageo, with its existing manufacturing facility nearby, leases the distribution center and began operations in May of 2020. The project is expected to generate in excess of $1 million in annual property tax revenue to local units of government. • The Seefried/Diageo project also brought the extension of 143rd Street to the west. The roadway was extended approximately 2,500 feet west of Steiner Road to connect the development to the Village's roadway network and a new traffic signal was installed at Meadow Lane. The project also included the installation of 5,700 feet of public water main and 3,100 feet of public sanitary sewer main. • The Village Green project is a multi-year program which includes significant improvements to the Village's utility infrastructure by upgrading water and sanitary sewer mains in the Village Green neighborhood along with the removal and replacement of lead service lines. Over 4,400 feet of new water main and 700 feet of new sanitary sewer main were completed and added to the Village's water and wastewater systems. • In the recently concluded fiscal year, the Village experienced the strongest residential housing demand since the Great Recession. The Village issued its highest number of single-family home permits since 2008, 220, while also witnessing interest in new residential developments. The 169-unit Northpointe, developed by Pulte and approved in late 2018, moved rapidly into construction in 2019 with strong demand throughout 2019 and 2020. Willow Tree Farm (116 lots) is also approved and poised for development. Separately, construction is underway on the 284-unit Sixteen30 luxury apartment development in the downtown area. 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, 2019. This was the sixth 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. - vi - - 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 Assistant Village Administrator Management Services Director - vii - 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, 2020, 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, 2020, 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. Change in Accounting Principle The Village adopted GASB Statement No. 83, Certain Asset Retirement Obligations, which established standards for measuring and recognizing liabilities, deferred outflows of resources, and expenses for asset retirement obligations; and modified certain disclosures in the notes to financial statements. The Village also adopted GASB Statement No. 84, Fiduciary Activities, which modified certain disclosures in the notes to the financial statements. Our opinion is not modified with respect to these matters. 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. - 2 - 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. 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 29, 2020, 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 29, 2020 - 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, 2020, and the related notes to financial statements, which collectively comprise the Village’s basic financial statements, and have issued our report thereon dated September 29, 2020. 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 29, 2020 - 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, 2020 _____________________________________________________________________________________________ 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, 2020. 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, 2020 equaled $323,783,145, an increase of $3,861,725 or 1.2% over the April 30, 2019 net position. Governmental Activities recognized a decrease in net position of $1,250,894. The Business-Type activities recognized an increase of $5,112,709 in net position. • Total revenues (including transfers) of all governmental activities increased by $4,580,888, or 10.9%. Total expenses increased by $1,588,966 or 3.4% as compared to fiscal year 2019. • Total revenues of all business-type activity programs increased by $2,305,013, or 11.6%, while the total expenses decreased by $163,258, or 1% as compared to fiscal year 2019. • Governmental Funds reported combined ending fund balances of $36,446,822, an increase of $2,508,431 over the prior fiscal year. o Total fund balance for the General Fund was $12,349,676, an increase of $441,107 over fiscal year 2019. This represents 49% of General Fund expenditures. $10,028,321 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 $18,762,050, an increase of $1,083,524 over fiscal year 2019. 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 2020 reflected a $2,008,012 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 94-101 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 69-134 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 $323,783,145 as of April 30, 2020 and $319,921,419 for April 30, 2019. In comparison, this amount reflects an increase of $3,861,725 in total net position. For more detailed information see the Statement of Net Position (page 6). 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 (2.6%) represents resources that are subject to restrictions on how they may be used. The remaining balance of unrestricted net position of $27,769,716 may be used to meet the Village’s ongoing obligations. Of this amount, $12,836,052 represents the governmental activities portion and $14,933,664 is available for the Village’s business-type activities (water and sewer operations). 2020 2019 2020 2019 2020 2019 Assets Current Assets 48,186,277$ 45,039,697$ 20,642,264$ 20,864,411$ 68,828,541$ 65,904,108$ Capital Assets 211,081,712$ 215,957,855$ 104,838,558$ 101,897,685$ 315,920,270$ 317,855,540$ Total Assets 259,267,989$ 260,997,552$ 125,480,822$ 122,762,096$ 384,748,811$ 383,759,648$ Deferred Outflows of Resources IMRF 861,770$ 2,038,616$ 177,821$ 418,862$ 1,039,591$ 2,457,478$ OPEB 569,245$ 576,417$ 19,483$ 19,912$ 588,728$ 596,329$ Police Pension 4,111,110$ 3,349,826$ -$ -$ 4,111,110$ 3,349,826$ Asset retirement obligation -$ -$ 360,677$ -$ 360,677$ -$ Unamortized loss on refundings 1,300,002$ 1,507,516$ 1,834,786$ 2,077,480$ 3,134,788$ 3,584,996$ Total Assets and Deferred Outflows of Resources 266,110,116$ 268,469,927$ 127,873,589$ 125,278,350$ 393,983,705$ 393,748,277$ Liabilities Current Liabilities 4,043,074$ 3,839,651$ 2,825,211$ 2,800,176$ 6,868,285$ 6,639,827$ Long-Term Liabilities 32,882,528$ 33,666,164$ 16,636,028$ 19,285,726$ 49,518,556$ 52,951,890$ Total Liabilities 36,925,602$ 37,505,815$ 19,461,239$ 22,085,902$ 56,386,841$ 59,591,717$ Deferred Inflows of Resources IMRF 955,280$ 417,941$ 195,213$ 85,156$ 1,150,493$ 503,097$ OPEB 499,773$ 578,073$ 17,106$ 19,971$ 516,879$ 598,044$ Police Pension 4,264,416$ 5,658,126$ -$ -$ 4,264,416$ 5,658,126$ Deferred property tax 7,881,931$ 7,475,874$ -$ -$ 7,881,931$ 7,475,874$ Total Liabilities and Deferred Inflows of Resources 50,527,002$ 51,635,829$ 19,673,558$ 22,191,029$ 70,200,560$ 73,826,858$ Net Position: Net Investmant in Capital Assets 196,692,962$ 199,080,764$ 91,015,742$ 85,596,840$ 287,708,704$ 284,677,604$ Restricted 6,054,100$ 4,945,385$ 2,250,625$ 1,725,525$ 8,304,725$ 6,670,910$ Unrestricted 12,836,052$ 12,807,949$ 14,933,664$ 15,764,956$ 27,769,716$ 28,572,905$ Total Net Position 215,583,114$ 216,834,098$ 108,200,031$ 103,087,321$ 323,783,145$ 319,921,419$ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2020 and April 30, 2019 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, 2020 General Fund reflects a positive fund balance of $12,349,676, reflecting an increase of fund balance of $441,107 from the 2019 fiscal year. The 2020 total combined General Fund balance represents 49% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General Fund expenditures or $10,028,321. The Village’s Capital Projects fund balance improved its fund balance by $1,083,524 resulting in a fund balance of $18,762,050 as of April 30, 2020. The Village’s overall combined fund balance is $36,446,822, an increase of $2,508,431 from fiscal year 2019. Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2020 compared to the year ended April 30, 2019. 2020 Governmental activities decreased the Village’s net position by $1,250,984 and business-type activities increased the Village’s net position by $5,112,709. Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets expenses of $28,018,871 include depreciation expenses of $13,691,810. 2020 2019 2020 2019 2020 2019 Revenues Program Revenues Charges for Services 8,600,758$ 8,299,691$ 16,955,783$ 16,819,225$ 25,556,541$ 25,118,916$ Operating Grants & Contributions 1,776,109$ 1,401,888$ -$ -$ 1,776,109$ 1,401,888$ Capital Grants & Contributions 7,461,245$ 3,881,551$ 2,415,839$ 97,847$ 9,877,084$ 3,979,398$ General Revenues Property Taxes 7,589,824$ 7,358,761$ -$ -$ 7,589,824$ 7,358,761$ Other Taxes 19,467,325$ 19,217,010$ 1,801,904$ 1,862,431$ 21,269,229$ 21,079,441$ Other 842,280$ 1,001,952$ 1,989,118$ 2,073,928$ 2,831,398$ 3,075,880$ Total Revenues 45,737,541$ 41,160,853$ 23,162,644$ 20,853,431$ 68,900,185$ 62,014,284$ Expenses General Government 4,558,737$ 4,485,123$ -$ -$ 4,558,737$ 4,485,123$ Public Safety 14,777,677$ 14,321,219$ -$ -$ 14,777,677$ 14,321,219$ Highways and Streets 28,018,871$ 26,894,226$ -$ -$ 28,018,871$ 26,894,226$ Interest 614,240$ 679,991$ -$ -$ 614,240$ 679,991$ Water and Sewer -$ -$ 17,068,935$ 17,232,193$ 17,068,935$ 17,232,193$ Total Expenses 47,969,525$ 46,380,559$ 17,068,935$ 17,232,193$ 65,038,460$ 63,612,752$ (2,231,984)$ (5,219,706)$ 6,093,709$ 3,621,238$ 3,861,725$ (1,598,468)$ Transfers 981,000$ 976,800$ (981,000)$ (976,800)$ -$ -$ Change in Net Position (1,250,984)$ (4,242,906)$ 5,112,709$ 2,644,438$ 3,861,725$ (1,598,468)$ Net Position May 1 216,834,098$ 221,077,004$ 103,087,322$ 100,442,884$ 319,921,420$ 321,519,888$ Ending Net Position 215,583,114$ 216,834,098$ 108,200,031$ 103,087,322$ 323,783,145$ 319,921,420$ Governmental Activities Business-Type Activities Total Primary Government Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2020 and April 30, 2019 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 61% of the Village's General Fund and 17% 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, 2020, revenues (including transfers) from Governmental Activities totaled $46,718,541, an increase of $4,580,888, or 10.9% from fiscal year 2019. The increase is primarily driven from an additional $3,953,915 in capital and operating grants and contributions. Sales and Use Tax were the Village's largest revenue source at $10,806,701, representing 23.13% of the total Governmental Activity revenue. Charges for Services were the Village's second largest revenue source at $8,600,758, representing 18.41%. The primary Charges for Services revenues include refuse fees ($4,550,416), building permit revenues ($1,171,669), and franchise fees ($601,567). Property and Replacement Taxes represent $7,589,724 or 16.38% of the total Governmental Activity revenue. Development activity has remained steady in 2020. During the fiscal year, 220 single family building permits were issued for new construction within the Village. During fiscal year 2019, 169 single family building permits were issued and 163 in 2018. The Village’s property tax revenues increased to $7,589,724 in fiscal year 2020 from $7,358,761 in fiscal year 2019. The Equalized Assessed Valuation (EAV) of the Village increased to $1,390,180,402 in calendar year 2018 from $1,331,313,906 in calendar year 2017, representing $58,866,496 or 4.4%. The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $670,705. Details of the Village’s portion of State-Shared Taxes are as follows: State-Shared Tax Fiscal Year 2019 Fiscal Year 2020 Increase / (Decrease) Sales Tax 5,754,207 5,775,938 21,731 State Income Tax 3,842,879 4,289,960 447,081 Use Tax 1,224,521 1,426,414 201,893 Total 10,821,607 11,492,312 670,705 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, 2020, expenses from Governmental Activities totaled $47,969,525, an increase of $1,588,966 over fiscal year 2019. In comparison, expenses from Governmental Activities in fiscal year 2019 increased by $1,161,467. In fiscal year 2018, expenses increased by $2,020,944. For the fiscal year ended April 30, 2020, Highways and Streets represented 58.41% of expenditures or $28,018,871. Included in this figure is depreciation expense of $13,691,810. Some of the Village’s capital expenditures include $5,633,730 for roadway improvements, $602,964 for machinery and equipment for the Police and Public Works Departments, and $431,540 for sidewalk and curb installation and replacement. Fiscal year 2020 also included capital expenses of $308,956 relating to final costs of 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 $5,112,709 to $108,200,031 (see Table 2 – MD&A page 4). Total revenue for the Village’s business-type activities increased by $2,309,213; to $23,162,644 in fiscal year 2020 from $20,853,431 in fiscal year 2019. Charges for Services revenues for fiscal year end 2020 totaled $16,955,783, an increase of $136,558. 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 decreased by $163,258 or 1%. Expenses for Lake Michigan water purchase in fiscal year 2020 was $372,458 less as compared to 2019. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $176,232 to $3,375,153 for fiscal year 2020. 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, 2020 the Governmental Funds (as presented on page 11) reported a combined fund balance of $36,446,822 which is an increase from the beginning of the year balance of $33,938,391. Of the $2,508,431 overall fund balance increase, the Village’s Capital Fund increased its fund balance by $1,083,524 and General Fund increased its fund balance by $441,107. Of the $36,446,822 total fund balance, $10,028,321 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $26,418,501 includes $18,762,050 for capital projects, $3,773,572 for street maintenance, $1,587,724 for healthcare, $606,727 for public safety, $995,354 for economic development, and smaller statutory restrictions or assignments 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 $441,107 in fiscal year 2020. General Fund actual revenues were $1,420,206 more than budgeted and expenses were $776,173 less than budgeted. The revenue difference is primarily related to higher actual state income and use tax revenues ($1,031,374), permit revenues ($312,526), and investment income ($255,579) then what was budgeted. Total General Fund revenues increased by $1,011,588 in fiscal year 2020. General Fund expenditures increased by $182,947 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 $2,008,012 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 $7.7 million in capital projects in fiscal year 2020 and increased its fund balance by $1,083,524 resulting in an ending fund balance of $18,762,050. This fund balance will be utilized for future capital projects. Proprietary Funds At April 30, 2020 the Proprietary Funds total net position increased by $5,112,709. This increase is related to an increase in fixed asset contributions and water and sewer connection fees in excess of $778,149 than what was budgeted. Capital grants and contributions consisted of $2,415,839 in fiscal year 2020. In fiscal year 2019, capital contributions totaled $97,847 and $270,424 in fiscal year 2018. The Village’s Water and Sewer Accounts recorded an operating income of $532,596 in fiscal year 2020 (page 97). Fiscal year 2019 reported an operating income of $278,351. CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2020, amounts to $315,920,270. 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 $1,935,270. The Governmental Activities net capital assets decreased by $4,876,143. The Business-Type Activities net capital assets increased by $2,940,873. Detailed information regarding the change in capital assets is included in Note 4 to the Financial Statements. Original Budget Final Budget Actual Revenues 26,069,976$ 26,069,976$ 27,490,182$ Expenditures 25,846,976$ 25,846,976$ 25,070,803$ Excess of Revenues over Expenditures 223,000$ 223,000$ 2,419,379$ Other Financing Sources (Uses)(223,000)$ (223,000)$ (1,978,272)$ Net Changes in Fund Balance -$ -$ 441,107$ Table 3: General Fund Budgetary Highlights 2020 2019 2020 2019 2020 2019 Land and Right of Way 103,481,126$ 99,620,465$ 3,043,544$ 3,043,544$ 106,524,670$ 102,664,009$ Buildings 25,143,605$ 20,432,798$ 10,998,035$ 11,346,996$ 36,141,640$ 31,779,794$ Machinery and Equipment 1,673,120$ 1,638,981$ 753,198$ 486,571$ 2,426,318$ 2,125,552$ Water & Sewer System -$ -$ 89,869,284$ 86,304,434$ 89,869,284$ 86,304,434$ Infrastructure 72,114,638$ 82,500,169$ -$ -$ 72,114,638$ 82,500,169$ Construction in progress 8,669,223$ 11,765,442$ 174,497$ 716,140$ 8,843,720$ 12,481,582$ Total Capital Assets 211,081,712$ 215,957,855$ 104,838,558$ 101,897,685$ 315,920,270$ 317,855,540$ 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, 2020, the Village has three general obligation bond series, one Illinois EPA low interest loan, and one revenue bond series outstanding. At April 30, 2020, $14.9 million in general obligation bonds, $2 million in Illinois EPA loans, and $12.8 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 February 2020 annual review, they continue to highlight the Village’s robust financial position, healthy economy and tax base, negligible debt burden and very strong 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 2019 average unemployment for the Village of Plainfield was 2.9%, which favorably compares to Will County’s rate of 3.8%, the State of Illinois rate of 4.0% and the national average of 3.7%. As of July 2020, the average unemployment for the Village was 9.7%, which still favorably compares to Will County’s rate of 11.1% and the State of Illinois rate of 11.3%. The national average unemployment rate for July 2020 was 10.5%. Information from the US Census Bureau via the 2000 Census and the 2014-2018 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 2014-2018 2000 2014-2018 2000 2014-2018 2000 2014-2018 Median value of owner- occupied housing units $198,300 $311,600 $154,300 $224,800 $130,800 $187,200 $119,600 $204,900 Plainfield Will County Illinois USA 2000 2014-2018 2000 2014-2018 2000 2014-2018 2000 2014-2018 Median household income $80,799 $126,127 $62,238 $83,504 $46,590 $63,575 $41,994 $60,293 Per the data above, the median value of owner-occupied housing units increased an estimated 57% for the Village within approximately the past 18 years. In addition, the median household income increased by 56% 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 • 2019 – 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 2021 fiscal year budget was developed in a prudent and conservative manner. Continued cost containments across all departments enabled the Village to approve a balanced 2021 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. As the fiscal year 2021 budget was adopted, the Village was faced with and continues to be tasked with serving and responding to the COVID-19 pandemic. Given this ongoing challenge and uncertain economic impact of this virus, the Village continues to closely monitor possible revenue or expense setbacks and adjust accordingly. The budget for fiscal year beginning May 1, 2020 totals $72,015,325, a 17.3% increase from the previous year. Of this increase, $9,728,000 (16%) is directly related to capital projects, of which $8.9 million is funded by grants. The General Fund operating budget totals $27,595,062 resulting in a 3.6% increase over the previous year. The 2021 operating budget anticipates a stable housing market and continues to be conservative in revenue projections, reflecting level state shared revenues and property taxes. The 2021 Capital Fund budget includes over $17 million in projects, including $13.3 million for roadway improvements and maintenance programs. The Village’s Motor Fuel Tax Fund includes an additional $2 million for the Village’s roadway maintenance program. State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues at 39%. Sales tax revenue remained flat in fiscal year 2020 as compared to fiscal year 2019. Sales tax for the 2021 fiscal year budget reflects a 2% increase as compared to the fiscal year 2020 actual amount. Property tax revenues represent approximately 25% of the overall General Fund revenues. Consistent with Village Board direction, the Village’s tax levy rate has remained unchanged for the past seven years. For the 2019 levy year, the Village of Plainfield’s property tax rate represents 5.5% of a resident’s overall tax bill. Or, for every dollar paid in property taxes by Village residents, 5.5 cents is paid to the Village of Plainfield. The Village's composition is approximately 87% residential with smaller commercial and industrial components. As economic development growth and sustainability is a key component of the Village’s Strategic Plan, the Village will continue to explore economic development opportunities to better assist in diversifying the Village’s tax base. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham, Assistant Village Administrator/Management Services Director, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544. Governmental Business-Type Activities Activities Total ASSETS Cash and investments 34,243,100$ 17,498,764$ 51,741,864$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 7,881,931 - 7,881,931 Sales tax 2,394,242 376,615 2,770,857 Utility/telecommunications taxes 295,523 - 295,523 Allotments 117,392 - 117,392 Grants 697,117 - 697,117 Interest 53,079 27,801 80,880 Other 904,206 2,456,065 3,360,271 Prepaid expenses 12,797 - 12,797 Deposits 1,586,890 282,767 1,869,657 Other - 252 252 Capital assets Nondepreciable 112,150,349 3,218,041 115,368,390 Depreciable, net of accumulated depreciation 98,931,363 101,620,517 200,551,880 Total assets 259,267,989 125,480,822 384,748,811 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 861,770 177,821 1,039,591 Deferred outflows of resources - OPEB 569,245 19,483 588,728 Deferred outflows of resources - Police Pension 4,111,110 - 4,111,110 Asset retirement obligation - 360,677 360,677 Unamortized loss on refundings 1,300,002 1,834,786 3,134,788 Total deferred outflows of resources 6,842,127 2,392,767 9,234,894 Total assets and deferred outflows of resources 266,110,116 127,873,589 393,983,705 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2020 (This statement is continued on the following page.) - 6 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 2,537,025$ 2,465,605$ 5,002,630$ Accrued payroll 679,655 76,771 756,426 Deposits payable 114,518 21,847 136,365 Accrued interest payable 185,550 260,988 446,538 Other accrued liabilities 63,781 - 63,781 Unearned revenue 462,545 - 462,545 Noncurrent liabilities Due within one year 3,543,251 882,783 4,426,034 Due in more than one year 29,339,277 15,753,245 45,092,522 Total liabilities 36,925,602 19,461,239 56,386,841 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 955,280 195,213 1,150,493 Deferred inflows of resources - OPEB 499,773 17,106 516,879 Deferred inflows of resources - Police Pension 4,264,416 - 4,264,416 Deferred property tax 7,881,931 - 7,881,931 Total deferred inflows of resources 13,601,400 212,319 13,813,719 Total liabilities and deferred inflows of resources 50,527,002 19,673,558 70,200,560 NET POSITION Net investment in capital assets 196,692,962 91,015,742 287,708,704 Restricted for Street maintenance 3,773,572 - 3,773,572 Public safety 606,727 - 606,727 Debt service - 2,250,625 2,250,625 Audit 19,693 - 19,693 Liability insurance 502,907 - 502,907 Retirement obligations 155,847 - 155,847 Economic development 995,354 - 995,354 Unrestricted 12,836,052 14,933,664 27,769,716 TOTAL NET POSITION 215,583,114$ 108,200,031$ 323,783,145$ April 30, 2020 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 4,558,737$ 6,827,970$ 21,580$ -$ Public safety 14,777,677 1,673,839 269,433 - Highways and streets 28,018,871 98,949 1,485,096 7,461,245 Interest 614,240 - - - Total governmental activities 47,969,525 8,600,758 1,776,109 7,461,245 Business-Type Activities Water and sewer 17,068,935 16,955,783 - 2,415,839 Total business-type activities 17,068,935 16,955,783 - 2,415,839 TOTAL PRIMARY GOVERNMENT 65,038,460$ 25,556,541$ 1,776,109$ 9,877,084$ Program Revenues VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended April 30, 2020 - 8 - Governmental Business-Type Activities Activities Total 2,290,813$ -$ 2,290,813$ (12,834,405) - (12,834,405) (18,973,581) - (18,973,581) (614,240) - (614,240) (30,131,413) - (30,131,413) - 2,302,687 2,302,687 - 2,302,687 2,302,687 (30,131,413) 2,302,687 (27,828,726) General Revenues Taxes Property 7,589,824 - 7,589,824 Home rule sales 3,604,349 1,801,904 5,406,253 Utility/telecommunications 2,797,119 - 2,797,119 Local motor fuel 1,504,478 - 1,504,478 Other 5,268 - 5,268 Intergovernmental revenue - unrestricted Personal property replacement tax 63,799 - 63,799 Sales and use tax 7,202,352 - 7,202,352 Income tax 4,289,960 - 4,289,960 Investment income 808,901 479,317 1,288,218 Miscellaneous 33,379 1,509,801 1,543,180 Transfers 981,000 (981,000) - Total 28,880,429 2,810,022 31,690,451 CHANGE IN NET POSITION (1,250,984) 5,112,709 3,861,725 NET POSITION, MAY 1 216,834,098 103,087,322 319,921,420 NET POSITION, APRIL 30 215,583,114$ 108,200,031$ 323,783,145$ 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 10,154,861$ 18,719,551$ 1,830$ 5,366,858$ 34,243,100$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 6,906,816 - - 975,115 7,881,931 Sales tax 1,640,899 753,343 - - 2,394,242 Utility tax - 295,523 - - 295,523 Allotments - - - 117,392 117,392 Grants 13,418 683,699 - - 697,117 Interest 53,079 - - - 53,079 Other 556,367 345,739 - 2,100 904,206 Prepaid items 12,797 - - - 12,797 Deposits 1,586,890 - - - 1,586,890 Total assets 20,925,127 20,797,855 1,830 6,461,465 48,186,277 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 20,925,127$ 20,797,855$ 1,830$ 6,461,465$ 48,186,277$ OUTFLOWS OF RESOURCES ASSETS AND DEFERRED VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2020 (This statement is continued on the following page.) - 10 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 764,096$ 1,619,845$ -$ 153,084$ 2,537,025$ Accrued payroll 679,655 - - - 679,655 Impact fee 48,509 - - - 48,509 Recapture fee - 15,272 - - 15,272 Unearned revenue 61,857 400,688 - - 462,545 Developer deposit 114,518 - - - 114,518 Total liabilities 1,668,635 2,035,805 - 153,084 3,857,524 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 6,906,816 - - 975,115 7,881,931 Total deferred inflows of resources 6,906,816 - - 975,115 7,881,931 Total liabilities and deferred inflows of resources 8,575,451 2,035,805 - 1,128,199 11,739,455 FUND BALANCES Nonspendable Prepaid items 12,797 - - - 12,797 Restricted Street maintenance - - - 3,773,572 3,773,572 Public safety 564,987 - - 41,740 606,727 Audit - - - 19,693 19,693 Liability insurance - - - 502,907 502,907 Retirement obligations 155,847 - - - 155,847 Economic development - - - 995,354 995,354 Unrestricted Assigned Capital projects - 18,762,050 - - 18,762,050 Debt service - - 1,830 - 1,830 Insurance 1,587,724 - - - 1,587,724 Unassigned 10,028,321 - - - 10,028,321 Total fund balances 12,349,676 18,762,050 1,830 5,333,266 36,446,822 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 20,925,127$ 20,797,855$ 1,830$ 6,461,465$ 48,186,277$ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS April 30, 2020 OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS See accompanying notes to financial statements. - 11 - FUND BALANCES OF GOVERNMENTAL FUNDS 36,446,822$ 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 211,081,712 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (773,752) Unamortized loss on refunding 1,300,002 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (185,550) 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 861,770 Deferred inflows of resources (955,280) 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 4,111,110 Deferred inflows of resources (4,264,416) 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 569,245 Deferred inflows of resources (499,773) 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 (14,915,000) Net pension liability - IMRF (2,309,905) Net pension liability - Police Pension (12,043,233) Net pension liability - OPEB (1,504,799) Compensated absences payable (1,335,839) NET POSITION OF GOVERNMENTAL ACTIVITIES 215,583,114$ April 30, 2020 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, 2020 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 7,311,147$ 3,604,349$ 114,802$ 1,172,181$ 12,202,479$ Licenses and permits 1,460,594 - - - 1,460,594 Intergovernmental 11,621,533 3,556,778 - 1,485,096 16,663,407 Charges for services 5,894,067 98,949 - - 5,993,016 Fines and forfeits 680,331 350,361 - 21,203 1,051,895 Investment income 381,905 320,736 11,223 95,037 808,901 Miscellaneous 140,605 828,355 - 14,199 983,159 Total revenues 27,490,182 8,759,528 126,025 2,787,716 39,163,451 EXPENDITURES Current General government 4,087,917 - - 186,454 4,274,371 Public safety 12,589,352 - - 280,643 12,869,995 Highways and streets 8,393,534 - - 1,310,519 9,704,053 Capital outlay - 7,727,009 - - 7,727,009 Debt service Principal retirement - - 2,560,000 - 2,560,000 Interest and fiscal charges - - 571,250 - 571,250 Total expenditures 25,070,803 7,727,009 3,131,250 1,777,616 37,706,678 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,419,379 1,032,519 (3,005,225) 1,010,100 1,456,773 OTHER FINANCING SOURCES (USES) Transfers in 25,000 2,008,012 3,003,925 - 5,036,937 Transfers (out)(2,008,012) (2,022,925) - (25,000) (4,055,937) Sale of capital assets 4,740 65,918 - - 70,658 Total other financing sources (uses)(1,978,272) 51,005 3,003,925 (25,000) 1,051,658 NET CHANGE IN FUND BALANCES 441,107 1,083,524 (1,300) 985,100 2,508,431 FUND BALANCES, MAY 1 11,908,569 17,678,526 3,130 4,348,166 33,938,391 FUND BALANCES, APRIL 30 12,349,676$ 18,762,050$ 1,830$ 5,333,266$ 36,446,822$ See accompanying notes to financial statements. - 13 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 2,508,431$ 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 3,177,736 Contributions of capital assets are reported only in the statement of activities 6,574,090 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 2,560,000 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 (71,659) 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 (155,318) 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 (1,065,334) The change in the OPEB net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource (55,968) 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 (14,627,969) Change in compensated absences (123,662) Change in accrued interest payable 28,669 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (1,250,984)$ For the Year Ended April 30, 2020 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, 2020 Water and Sewer CURRENT ASSETS Cash and investments 17,498,764$ Receivables Accounts 2,456,065 Sales tax 376,615 Other 252 Interest 27,801 Total current assets 20,359,497 NONCURRENT ASSETS Capital assets Nondepreciable 3,218,041 Depreciable, net of accumulated depreciation 101,620,517 Total capital assets 104,838,558 Other assets Deposits 282,767 Total other assets 282,767 Total noncurrent assets 105,121,325 Total assets 125,480,822 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 177,821 Deferred outflows of resources - OPEB 19,483 Asset retirement obligation 360,677 Unamortized loss on refundings 1,834,786 Total deferred outflows of resources 2,392,767 Total assets and deferred outflows of resources 127,873,589 (This statement is continued on the following page.) - 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) PROPRIETARY FUND April 30, 2020 Water and Sewer CURRENT LIABILITIES Accounts payable 2,465,605$ Accrued payroll 76,771 Accrued interest 260,988 Compensated absences payable 73,533 Total OPEB liability 834 Illinois EPA loan 163,416 Bonds payable 645,000 Developer deposit 21,847 Total current liabilities 3,707,994 LONG-TERM LIABILITIES Compensated absences payable 11,844 Net pension liability 466,546 Total OPEB liability 50,669 Illinois EPA loan 1,844,623 Asset retirement obligation 375,000 Bonds payable 13,004,563 Total long-term liabilities 15,753,245 Total liabilities 19,461,239 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 195,213 Deferred inflows of resources - OPEB 17,106 Total deferred inflows of resources 212,319 Total liabilities and deferred inflows of resources 19,673,558 NET POSITION Net investment in capital assets 91,015,742 Restricted for debt service 2,250,625 Unrestricted 14,933,664 TOTAL NET POSITION 108,200,031$ 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, 2020 Water and Sewer OPERATING REVENUES Charges for services 16,955,783$ Total operating revenues 16,955,783 OPERATING EXPENSES Water operations 10,529,682 Sewer operations 2,518,352 Depreciation 3,375,153 Total operating expenses 16,423,187 OPERATING INCOME 532,596 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,801,904 Miscellaneous revenue 1,509,801 Investment income 479,317 Interest expense (645,748) Total non-operating revenues (expenses)3,145,274 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 3,677,870 TRANSFERS (OUT)(981,000) CAPITAL CONTRIBUTIONS 2,415,839 CHANGE IN NET POSITION 5,112,709 NET POSITION, MAY 1 103,087,322 NET POSITION, APRIL 30 108,200,031$ See accompanying notes to financial statements. - 17 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2020 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 16,670,897$ Reimbursements to other funds (350,000) Payments to suppliers (11,151,000) Payments to employees (1,473,172) Net cash from operating activities 3,696,725 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out) (981,000) Home rule sales tax 1,848,515 Other non-operating revenues 1,514,421 Net cash from noncapital financing activities 2,381,936 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (3,900,187) Principal payments on long-term debt (2,561,392) Interest paid (595,569) Net cash from capital and related financing activities (7,057,148) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments 149,679 Interest received 485,744 Net cash from investing activities 635,423 NET DECREASE IN CASH AND CASH EQUIVALENTS (343,064) CASH AND CASH EQUIVALENTS, MAY 1 16,605,611 CASH AND CASH EQUIVALENTS, APRIL 30 16,262,547$ (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, 2020 Water and Sewer RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 532,596$ Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 3,375,153 Changes in assets and liabilities Accounts receivable (284,886) Prepaid fees - Deposits (43,365) Pension items - IMRF 31,812 Pension items - OPEB 1,474 Accounts payable 38,238 Asset retirement obligation 14,323 Accrued expenses 31,380 NET CASH FROM OPERATING ACTIVITIES 3,696,725$ CASH AND INVESTMENTS Cash and cash equivalents 16,262,547$ Investments 1,236,217 TOTAL CASH AND INVESTMENTS 17,498,764$ NONCASH TRANSACTIONS Capital contributions 2,415,839$ See accompanying notes to financial statements. - 19 - STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS April 30, 2020 Police Pension ASSETS Cash and short-term investments 296,384$ Investments U.S. Government and U.S. agency obligations 14,218,155 Municipal bonds 1,786,399 Mutual funds 19,978,484 Receivables Other receivables 113,254 Total assets 36,392,676 LIABILITIES Accounts payable 1,500 Total liabilities 1,500 NET POSITION RESTRICTED FOR PENSIONS 36,391,176$ VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 20 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS ADDITIONS Contributions Employer 1,297,308$ Employee 580,065 Total contributions 1,877,373 Investment income Net depreciation in fair value of investments (364,068) Interest and dividends 1,012,047 Total investment income 647,979 Less investment expense (115,940) Net investment income 532,039 Total additions 2,409,412 DEDUCTIONS Benefits and refunds 640,262 Administration 43,145 Total deductions 683,407 NET INCREASE 1,726,005 NET POSITION RESTRICTED FOR PENSIONS May 1 34,665,171 April 30 $ 36,391,176 VILLAGE OF PLAINFIELD, ILLINOIS For the Year Ended April 30, 2020 See accompanying notes to financial statements. - 21 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2020 - 20 - 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. The Village’s financial statements include the Police Pension System (the PPS) as a fiduciary component unit reported as a Pension Trust Fund. The Village’s sworn police employees participate in the PPS. The PPS functions for the benefit of those employees and is governed by a five-member pension board. Two members appointed by the Mayor, the Village Treasurer and two elected police officers constitute the pension board. The Village and the PPS participants are obligated to fund all the PPS costs based upon actuarial valuations, including administrative costs. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of the contribution levels. Accordingly, the PPS is fiscally dependent on the Village. Separate financial statements are not available for the PPS. 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. - 22 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 21 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) 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. 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. 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, except for interfund services provided and used between functions. 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. - 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 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). 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 component unit 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. - 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) 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. 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 year intended to finance 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. - 25 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 24 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. 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. - 26 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 25 - 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) h. Capital Assets (Continued) The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. 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 expenses. 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, 2020: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 IMET $ 5,837,306 $ - $ 5,837,306 $ - $ - Negotiable certificates of deposit 5,740,301 5,233,398 506,903 - - Municipal bonds 850,587 850,587 - - - TOTAL $ 12,428,194 $ 6,083,985 $ 6,344,209 $ - $ - 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, 2020: 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 2019 levy year attach as an enforceable lien on January 1, 2019, 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, 2020, and are payable in two installments, on or about June 1, 2020 and September 1, 2020. 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 2019 taxes are intended to finance the 2021 fiscal year and are not considered available for current operations and are, therefore, shown as unavailable/deferred revenue. The 2020 tax levy has not been recorded as a receivable at April 30, 2020, as the tax attached as a lien on property as of January 1, 2020; however, the tax will not be levied until December 2020 and, accordingly, is not measurable at April 30, 2020. - 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, 2020 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 3,860,661 - 94,051,847 Construction in progress 11,765,442 2,136,713 5,232,932 8,669,223 Total capital assets not being depreciated 111,385,907 5,997,374 5,232,932 112,150,349 Capital assets being depreciated Buildings and improvements 32,189,757 5,541,887 - 37,731,644 Vehicles and equipment 8,430,857 732,068 462,001 8,700,924 Infrastructure 321,112,113 2,713,429 - 323,825,542 Total capital assets being depreciated 361,732,727 8,987,384 462,001 370,258,110 Less accumulated depreciation for Buildings 11,756,959 831,080 - 12,588,039 Vehicles and equipment 6,791,876 697,929 462,001 7,027,804 Infrastructure 238,611,944 13,098,960 - 251,710,904 Total accumulated depreciation 257,160,779 14,627,969 462,001 271,326,747 Total capital assets being depreciated, net 104,571,948 (5,640,585) - 98,931,363 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 215,957,855 $ 356,789 $ 5,232,932 $ 211,081,712 BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 3,043,544 $ - $ - $ 3,043,544 Construction in progress 716,140 - 541,643 174,497 Total capital assets not being depreciated 3,759,684 - 541,643 3,218,041 Capital assets being depreciated Buildings 17,448,092 - - 17,448,092 Vehicles and equipment 1,791,466 413,916 34,184 2,171,198 Water transmission system 70,266,888 5,519,676 - 75,786,564 Sewer collection system 56,126,068 924,077 - 57,050,145 Total capital assets being depreciated 145,632,514 6,857,669 34,184 152,455,999 Less accumulated depreciation for Buildings 6,101,096 348,961 - 6,450,057 Vehicles and equipment 1,304,895 147,289 34,184 1,418,000 Water transmission system 22,639,024 1,712,254 - 24,351,278 Sewer collection system 17,449,498 1,166,649 - 18,616,147 Total accumulated depreciation 47,494,513 3,375,153 34,184 50,835,482 Total capital assets being depreciated, net 98,138,001 3,482,516 - 101,620,517 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 101,897,685 $ 3,482,516 $ 541,643 $ 104,838,558 - 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 $ 276,515 Public safety 659,644 Highways and streets 13,691,810 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 14,627,969 b. Construction Contracts The Village had no significant construction commitments at April 30, 2020. 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, 2019 through April 30, 2020: 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, 2020 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 $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 $ 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 4,400,000 - 805,000 3,595,000 840,000 $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 4,500,000 - 695,000 3,805,000 715,000 $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 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 8,465,000 - 950,000 7,515,000 965,000 TOTAL GENERAL OBLIGATION BONDS $ 19,255,000 $ - $ 4,340,000 $ 14,915,000 $ 2,520,000 - 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 $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 $ 13,470,000 $ - $ 620,000 $ 12,850,000 $ 645,000 TOTAL REVENUE BONDS $ 13,470,000 $ - $ 620,000 $ 12,850,000 $ 645,000 The amount of pledge remaining as of April 30, 2020 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 $ 16,923,825 5/1/34 $ 16,955,783 $ 1,135,550 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 $ 2,169,432 $ - $ 161,393 $ 2,008,039 $ 163,416 TOTAL ILLINOIS EPA LOANS $ 2,169,432 $ - $ 161,393 $ 2,008,039 $ 163,416 - 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 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 $ 14,915,000 $ 1,717,100 Business-Type Activities Fiscal Revenue Bonds Year Principal Interest 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 $ 12,850,000 $ 4,073,825 - 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 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 93,420 584 TOTAL $ 2,008,039 $ 154,042 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 2020: Balances May 1 Additions Reductions Balances April 30 Current Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 17,475,000 $ - $ 2,560,000 $ 14,915,000 $ 2,520,000 Compensated absences payable* 1,212,177 994,075 870,413 1,335,839 998,879 Net pension liability - IMRF* 3,868,772 - 1,558,867 2,309,905 - Net pension liability - Police Pension Plan* 8,822,905 3,220,328 - 12,043,233 - Total OPEB liability* 1,377,703 127,096 - 1,504,799 24,372 Unamortized bond premiums 909,607 - 135,855 773,752 - TOTAL GOVERNMENTAL ACTIVITIES $ 33,666,164 $ 4,341,499 $ 5,125,135 $ 32,882,528 $ 3,543,251 *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 $ 1,780,000 $ - $ 1,780,000 $ - $ - Revenue bonds 13,470,000 - 620,000 12,850,000 645,000 Illinois EPA loan 2,169,432 - 161,393 2,008,039 163,416 Asset retirement obligation 375,000 - - 375,000 - Compensated absences payable 73,976 76,603 65,202 85,377 73,533 Net pension liability - IMRF 785,832 - 319,286 466,546 - Total OPEB liability 47,593 3,910 - 51,503 834 Unamortized bond premium 958,893 - 159,330 799,563 - TOTAL BUSINESS-TYPE ACTIVITIES $ 19,660,726 $ 80,513 $ 3,105,211 $ 16,636,028 $ 882,783 f. Asset Retirement Obligation The Village has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in connection with its obligation to seal and abandon various water wells at the end of their estimated useful lives in accordance with federal, state and/or local requirements. The ARO was measured using actual historical costs for similar abandonments, adjusted for inflation through the end of the year. The estimated remaining useful lives of the water wells range from 20 to 32 years. 7. INTERFUND ACTIVITY Individual fund transfers were as follows: Fund Transfers In Transfers Out General $ 25,000 $ 2,008,012 Capital Projects 2,008,012 2,022,925 Debt Service 3,003,925 - Nonmajor Governmental - 25,000 Water and Sewer - 981,000 TOTAL $ 5,036,937 $ 5,036,937 The purposes of significant transfers are as follows: • $3,003,925 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. • $2,008,012 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, 2020, approximately $52,241 in state shared sales tax rebates were incurred under these agreements. Future contingent rebates of approximately $140,268 in state shared sales taxes may be rebated if certain criteria are met in future years. The Village entered into an agreement in August 2019 with a private organization for the construction of a new facility in the Village. The agreement provides for rebating a portion of the state shared sales tax. The company is to receive 50% of any regular sales tax (1%) generated by the project. The commencement date of the project is the earlier of the date on which the project is open for retail, wholesale and gasoline sales or December 1, 2022; therefore, no rebate has been paid or accrued under this agreement through April 30, 2020. - 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 six consecutive months. These agreements are authorized through formal approval by the Village Board of Trustees. The Village rebated $81,743 of local motor fuel taxes during the year ended April 30, 2020. Future contingent rebates of approximately $34,412 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. The total pension expense for IMRF and the Police Pension Plan was $3,190,131 for the year ended April 30, 2020. 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, 2019, membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 63 Inactive employees entitled to but not yet receiving benefits 69 Active employees 87 TOTAL 219 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, 2020 was 9.92% 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, 2019 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, 2019 Actuarial cost method Entry-age normal Assumptions Price inflation 2.50% Salary increases 3.35% to 14.25% Investment rate of return 7.25% Inflation 2.50% Asset valuation method Fair value 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, 2019. 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, 2019 $ 26,335,730 $ 21,681,126 $ 4,654,604 Changes for the period Service cost 671,606 - 671,606 Interest 1,903,522 - 1,903,522 Difference between expected and actual experience 282,268 - 282,268 Employer contributions - 617,053 (617,053) Employee contributions - 290,454 (290,454) Net investment income - 3,812,685 (3,812,685) Benefit payments and refunds (832,123) (832,123) - Other (net transfer) - 15,357 (15,357) Net changes 2,025,273 3,903,426 (1,878,153) BALANCES AT DECEMBER 31, 2019 $ 28,361,003 $ 25,584,552 $ 2,776,451 There were no assumption or method changes since the prior valuation. - 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, 2020, the Village recognized pension expense of $827,489. At April 30, 2020, 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 $ 340,007 $ - Assumption changes 487,403 290,070 Net difference between projected and actual earnings on pension plan investments - 860,423 Employer contributions after the measurement date 212,181 - TOTAL $ 1,039,591 $ 1,150,493 $212,181 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, 2021. 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, 2021 $ (75,448) 2022 (70,413) 2023 241,820 2024 (419,042) 2025 - Thereafter - TOTAL $ (323,083) - 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 (asset) to changes in the discount rate. The table below presents the net pension liability (asset) of the Village calculated using the discount rate of 7.25% as well as what the Village’s net pension liability (asset) 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 (asset) $ 7,149,613 $ 2,776,451 $ (755,735) 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, 2020, the measurement date, membership consisted of: Inactive plan members or beneficiaries currently receiving benefits 10 Inactive plan members entitled to but not yet receiving benefits 3 Active plan members 59 TOTAL 72 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, 2020, the Village’s contribution was 21.32% 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 30% 6.2% Small cap domestic equity 10% 8.0% International equity 15% 6.7% Fixed income 45% 1.2% 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, 2019. Bond yield inputs were updated to December 31, 2019. International Equity = the MSCI EAFE Index from December 31, 1969 through December 31, 2019. 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, 2020: 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). Investment Rate of Return For the year ended April 30, 2020, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 1.49%. 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. Interest Rate Risk The following table presents the investments and maturities of the Plan’s debt securities as of April 30, 2020: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 3,955,242 $ 554,195 $ 2,804,602 $ 596,445 $ - U.S. agency obligations 10,262,913 281,757 5,823,093 4,081,206 76,857 Municipal bonds 1,786,399 105,378 1,474,568 206,453 - TOTAL $ 16,004,554 $ 941,330 $ 10,102,263 $ 4,884,104 $ 76,857 - 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 (Continued) 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 municipal bonds are rated A2 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. 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% - 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) 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. Changes in Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT MAY 1, 2019 $ 43,488,076 $ 34,665,171 $ 8,822,905 Changes for the period Service cost 1,452,555 - 1,452,555 Interest 3,011,884 - 3,011,884 Difference between expected and actual experience 1,003,729 - 1,003,729 Employer contributions - 1,297,308 (1,297,308) Benefit terms changes 118,430 - 118,430 Employee contributions - 580,065 (580,065) Net investment income - 532,042 (532,042) Benefit payments and refunds (640,262) (640,262) - Administrative expense - (43,145) 43,145 Net changes 4,946,336 1,726,008 3,220,328 BALANCES AT APRIL 30, 2020 $ 48,434,412 $ 36,391,179 $ 12,043,233 There were no assumption or method changes since the prior valuation. - 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) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation performed as of April 30, 2020 using the following actuarial methods and assumptions: Actuarial valuation date April 30, 2020 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 Fair value Mortality rates were based on PubS-2010 Employee mortality, projected five 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 $ 21,216,382 $ 12,043,233 $ 4,733,350 - 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) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended April 30, 2020, the Village recognized police pension expense of $2,362,642. At April 30, 2020, 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 $ 892,200 $ 4,264,416 Changes in assumptions 1,497,933 - Net difference between projected and actual earnings on pension plan investments 1,720,977 - TOTAL $ 4,111,110 $ 4,264,416 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, 2021 $ 213,847 2022 58,084 2023 54,084 2024 261,186 2025 (346,638) Thereafter (393,869) TOTAL $ (153,306) - 54 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 53 - 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 governmental 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, 2020, 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 April 30,2019 (most recent data available), 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 - 55 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 54 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) d. Total OPEB Liability The Village’s total OPEB liability of $1,556,302 was measured as of April 30, 2020 and was determined by an actuarial valuation as of May 1, 2019. e. Actuarial Assumptions and Other Inputs The total OPEB liability at April 30, 2020, as determined by an actuarial valuation as of May 1, 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 N/A Inflation 3.00% Salary Increases 4.00% Discount rate 2.85% 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, 2020. 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. - 56 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 55 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Changes in the Total OPEB Liability Total OPEB Liability BALANCES AT MAY 1, 2019 $ 1,425,295 Changes for the period Service cost 28,320 Interest 45,347 Changes in assumptions 85,282 Benefit payments (25,206) Other changes (2,736) Net changes 131,007 BALANCES AT APRIL 30, 2020 $ 1,556,302 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 2.85% 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 (1.85%) or 1 percentage point higher (3.85%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (1.85%) (2.85%) (3.85%) Total OPEB liability $ 1,865,268 $ 1,556,302 $ 1,318,479 - 57 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 56 - 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 $ 1,302,879 $ 1,556,302 $ 1,881,126 h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2020, the Village recognized OPEB expense of $82,649. At April 30, 2020, 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 $ 212,075 $ 366,577 Changes in assumptions 376,653 150,302 TOTAL $ 588,728 $ 516,879 Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in OPEB expense as follows: Year Ending April 30, 2021 $ 8,983 2022 8,983 2023 8,983 2024 8,983 2025 8,983 Thereafter 26,934 TOTAL $ 71,849 - 58 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 57 - 14. DEFINED CONTRIBUTION PENSION PLAN The Village provides a voluntary retirement benefit for all of its employees through a defined contribution plan, which is administered by either Illinois Public Pension Fund Association (IPPFA), ICMA-RC, or MetLife. Benefits depend solely on amounts contributed to the Plan plus investment earnings. All the Village employees are eligible to participate from the date of employment and the Village provides a platform for employees to participate and invest. Employees are fully vested immediately and there are no forfeitures executed by the Village. The Village contributes amounts to the defined contribution plans based on the employee’s minimum annual contributions. Employees can voluntarily contribute any dollar amount up to the IRS respective annual limit. The Board of Trustees amended the by-laws of the Plan effective January 1, 2011. The Village contributed $230,350 to the Deferred Compensation Plan 457(b) Plan during the year ended April 30, 2020. 15. SUBSEQUENT EVENT On September 22, 2020, the Village issued $2,845,100 General Obligation Refunding Bonds, Series 2020, for the purpose of refinancing $2,755,000 of the General Obligation Refunding Bonds, Series 2010. - 59 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual REVENUES Taxes 7,392,000$ 7,392,000$ 7,311,147$ Licenses and permits 1,132,200 1,132,200 1,460,594 Intergovernmental 10,675,750 10,675,750 11,621,533 Charges for services 5,914,200 5,914,200 5,894,067 Fines and forfeits 705,500 705,500 680,331 Investment income 126,326 126,326 381,905 Miscellaneous 124,000 124,000 140,605 Total revenues 26,069,976 26,069,976 27,490,182 EXPENDITURES Current General government 4,463,725 4,463,725 4,087,917 Public safety 13,205,216 13,205,216 12,589,352 Highways and streets 8,178,035 8,178,035 8,393,534 Total expenditures 25,846,976 25,846,976 25,070,803 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 223,000 223,000 2,419,379 OTHER FINANCING SOURCES (USES) Transfers in 225,000 225,000 25,000 Transfers (out)(450,000) (450,000) (2,008,012) Sale of capital assets 2,000 2,000 4,740 Total other financing sources (uses)(223,000) (223,000) (1,978,272) NET CHANGE IN FUND BALANCE -$ -$ 441,107 FUND BALANCE, MAY 1 11,908,569 FUND BALANCE, APRIL 30 12,349,676$ (See independent auditor's report.) - 60 - FISCAL YEAR ENDED APRIL 30,2016 2017 2018 2019 2020 Actuarially determined contribution 632,404$ 651,811$ 683,524$ 673,301$ 641,018$ Contributions in relation to the actuarially determined contribution 632,404 651,811 683,524 673,301 641,018 CONTRIBUTION DEFICIENCY (Excess)-$ -$ -$ -$ -$ Covered payroll 5,619,601$ 5,820,182$ 6,159,861$ 6,335,963$ 6,464,299$ Contributions as a percentage of covered payroll 11.25%11.20%11.10%10.63%9.92% 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 Five 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 24 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 3.25%,price inflation at 2.50%,salary increases of 3.35%to 14.25%,including inflation,and an investment rate of return at 7.50% annually. (See independent auditor's report.) - 61 - FISCAL YEAR ENDED APRIL 30,2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Actuarially determined contribution 845,701$ 806,757$ 808,308$ 808,112$ 935,192$ 902,596$ 1,099,147$ 1,295,962$ 1,246,616$ 1,274,674$ 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 1,297,308 CONTRIBUTION DEFICIENCY (Excess)141,625$ (90,674)$ (80,270)$ (78,407)$ 37,020$ (45,953)$ (1,995)$ (68,517)$ (156,058)$ (22,634)$ 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$ 6,084,253$ 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%21.32% Notes to Required Supplementary Information 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 Ten Fiscal Years (See independent auditor's report.) - 62 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 TOTAL PENSION LIABILITY Service cost 655,050$ 653,238$ 667,207$ 621,641$ 671,606$ Interest 1,440,465 1,549,109 1,691,702 1,765,752 1,903,522 Differences between expected and actual experience (198,500) 173,858 7,116 159,846 282,268 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) (832,123) Net change in total pension liability 1,442,834 1,897,140 1,072,079 2,776,787 2,025,273 Total pension liability - beginning 19,146,890 20,589,724 22,486,864 23,558,943 26,335,730 TOTAL PENSION LIABILITY - ENDING 20,589,724$ 22,486,864$ 23,558,943$ 26,335,730$ 28,361,003$ PLAN FIDUCIARY NET POSITION Contributions - employer 637,826$ 669,937$ 669,286$ 703,864$ 617,053$ Contributions - member 253,640 267,974 271,577 297,890 290,454 Net investment income 85,777 1,184,782 3,015,203 (914,219) 3,812,685 Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) (832,123) Administrative expense/other (466,427) 5,449 (203,705) 329,608 15,357 Net change in plan fiduciary net position 25,679 1,715,476 3,223,477 (235,674)3,903,426 Plan fiduciary net position - beginning 16,952,168 16,977,847 18,693,323 21,916,800 21,681,126 PLAN FIDUCIARY NET POSITION - ENDING 16,977,847$ 18,693,323$ 21,916,800$ 21,681,126$ 25,584,552$ EMPLOYER'S NET PENSION LIABILITY 3,611,877$ 3,793,541$ 1,642,143$ 4,654,604$ 2,776,451$ Plan fiduciary net position as a percentage of the total pension liability 82.46%83.13%93.03%82.33%90.21% Covered payroll 5,619,601$ 5,954,999$ 6,035,047$ 6,335,404$ 6,454,529$ Employer's net pension liability as a percentage of covered payroll 64.30%63.70%27.20%73.50%43.00% 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 Five 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.) - 63 - MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 2020 TOTAL PENSION LIABILITY Service cost 1,098,445$ 1,194,830$ 1,290,807$ 1,273,722$ 1,313,637$ 1,452,555$ Interest 2,039,130 2,374,855 2,718,699 2,879,343 3,076,159 3,011,884 Changes of benefit terms - - - - - 118,430 Differences between expected and actual experience (319,230) (220,856) (469,897) (549,216) (4,863,845) 1,003,729 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) (640,262) Net change in total pension liability 4,487,033 4,588,497 2,167,924 4,248,079 601,377 4,946,336 Total pension liability - beginning 27,395,166 31,882,199 36,470,696 38,638,620 42,886,699 43,488,076 TOTAL PENSION LIABILITY - ENDING 31,882,199$ 36,470,696$ 38,638,620$ 42,886,699$ 43,488,076$ 48,434,412$ PLAN FIDUCIARY NET POSITION Contributions - employer 898,172$ 948,599$ 1,101,142$ 1,364,479$ 1,402,674$ 1,297,308$ Contributions - member 522,107 490,958 509,526 524,835 555,362 580,065 Net investment income 1,466,441 (72,695) 2,276,889 2,098,694 1,688,922 532,039 Benefit payments, including refunds of member contributions (413,533) (434,932) (442,742) (494,765) (510,423) (640,262) Administrative expense (33,752) (32,827) (41,812) (42,745) (49,718) (43,145) Net change in plan fiduciary net position 2,439,435 899,103 3,403,003 3,450,498 3,086,817 1,726,005 Plan fiduciary net position - beginning 21,386,315 23,825,750 24,724,853 28,127,856 31,578,354 34,665,171 PLAN FIDUCIARY NET POSITION - ENDING 23,825,750$ 24,724,853$ 28,127,856$ 31,578,354$ 34,665,171$ 36,391,176$ EMPLOYER'S NET PENSION LIABILITY 8,056,449$ 11,745,843$ 10,510,764$ 11,308,345$ 8,822,905$ 12,043,236$ Plan fiduciary net position as a percentage of the total pension liability 74.73%67.79%72.80%73.63%79.71%75.13% Covered payroll 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ 6,084,253$ Employer's net pension liability as a percentage of covered payroll 167.34%230.58%200.21%204.67%151.40%197.94% 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 mortalityrates,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 Six 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.) - 64 - MEASUREMENT DATE APRIL 30,2018 2019 2020 TOTAL OPEB LIABILITY Service cost 20,960$ 26,191$ 28,320$ Interest 48,256 49,905 45,347 Changes of benefit terms - - - Differences between expected and actual experience (293,399) (221,712) - Changes of assumptions 302,198 175,872 85,282 Benefit payments (32,954) (32,258) (25,206) Other changes - 36,381 (2,736) Net change in total OPEB liability 45,061 34,379 131,007 Total OPEB liability - beginning 1,345,855 1,390,916 1,425,295 TOTAL OPEB LIABILITY - ENDING 1,390,916$ 1,425,295$ 1,556,302$ Covered-employee payroll 10,735,898$ 11,381,178$ 11,381,178$ Employer's total OPEB liability as a percentage of covered-employee payroll 12.96%12.52%13.67% 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 Three 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. There were changes in assumptions related to the discount rate and health care trend rate in 2020.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.) - 65 - FISCAL YEAR ENDED APRIL 30,2015 2016 2017 2018 2019 2020 Annual money-weighted rate of return, net of investment expense 6.64%(0.29%)8.93%7.21%5.18%1.49% Notes to Required Supplementary Information VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF INVESTMENT RETURNS POLICE PENSION FUND Last Six 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.) - 66 - - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 2020 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 D.A.R.E. $ 23,000 $ 23,142 Motor Fuel Tax 1,000,000 1,254,866 Police Pension 771,300 799,347 - 67 - 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, 2020 Original Final Budget Budget Actual TAXES Property taxes 4,018,500$ 4,018,500$ 4,084,845$ Property tax - police pension 1,300,000 1,300,000 1,297,308 Property taxes - road and bridge 375,000 375,000 381,556 Property taxes - IMRF 540,000 540,000 539,134 Hotel/motel tax 1,500 1,500 673 Amusement tax 7,000 7,000 4,595 Local motor fuel tax 1,150,000 1,150,000 1,003,036 Total taxes 7,392,000 7,392,000 7,311,147 LICENSES AND PERMITS Licenses Liquor 100,000 100,000 112,523 Contractors 45,000 45,000 48,150 Cigarette 6,000 6,000 6,045 Scavenger 200 200 100 Business 40,000 40,000 42,250 Total licenses 191,200 191,200 209,068 Permits Building 925,000 925,000 1,171,669 Sign 5,000 5,000 4,937 Special movement 10,000 10,000 72,155 Solicitors 1,000 1,000 2,765 Total permits 941,000 941,000 1,251,526 Total licenses and permits 1,132,200 1,132,200 1,460,594 INTERGOVERNMENTAL Grant revenue 35,750 35,750 65,422 Personal property replacement tax 55,000 55,000 63,799 Sales tax 5,900,000 5,900,000 5,775,938 Use tax 1,085,000 1,085,000 1,426,414 Income tax 3,600,000 3,600,000 4,289,960 Total intergovernmental 10,675,750 10,675,750 11,621,533 CHARGES FOR SERVICES Rental income 49,200 49,200 49,200 Zoning applications 10,000 10,000 22,544 Accident report copies 4,500 4,500 7,905 Maps and ordinances copies 2,000 2,000 2,391 Garbage fees 4,525,000 4,525,000 4,550,416 Engineering services 15,000 15,000 - (This schedule is continued on the following page.) - 68 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued) Special detail reimbursement 50,000$ 50,000$ 115,398$ Tower rent 45,000 45,000 45,110 Telephone franchise fee 160,000 160,000 127,184 Cable franchise fee 530,000 530,000 474,383 Amphitheater rent 500 500 125 School liaison reimbursement 475,000 475,000 460,772 HIDTA/organized crime reimbursement 15,000 15,000 7,510 Community room rental 4,000 4,000 3,165 Sex offenders registration - - 330 Parking lot revenues 4,000 4,000 1,484 Impound fees 25,000 25,000 26,150 Total charges for services 5,914,200 5,914,200 5,894,067 FINES AND FORFEITS Will County Circuit Court fines 325,000 325,000 376,964 Kendall County Circuit Court fines 1,500 1,500 3,141 Traffic and ordinance fines 135,000 135,000 144,555 Drug forfeiture 225,000 225,000 13,338 False alarm fees 3,000 3,000 500 Administrative fines - late fees 10,000 10,000 8,010 Asset seizure - federal (Department of Justice equitable sharing)5,000 5,000 131,988 Asset seizure - federal (U.S. Treasury equitable sharing)1,000 1,000 - Court fines - drug account - - 1,835 Total fines and forfeits 705,500 705,500 680,331 INVESTMENT INCOME 126,326 126,326 381,905 MISCELLANEOUS Other reimbursements 80,000 80,000 95,255 Other receipts 25,000 25,000 17,771 Other miscellaneous - - 199 PEMA donation - - 2,500 Miscellaneous donations 15,000 15,000 21,580 Event sponsorship program 4,000 4,000 3,300 Total miscellaneous 124,000 124,000 140,605 TOTAL REVENUES 26,069,976$ 26,069,976$ 27,490,182$ (See independent auditor's report.) - 69 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative 410,230$ 410,230$ 368,293$ Administration 1,012,200 1,012,200 936,903 Community relations 181,210 181,210 162,767 Facility management 171,100 171,100 142,904 Human resources 290,300 290,300 269,809 Information technology 742,060 742,060 718,191 Planning 607,050 607,050 558,559 Building 1,049,575 1,049,575 991,573 Subtotal 4,463,725 4,463,725 4,148,999 Insurance allocation - - (61,082) Total general government 4,463,725 4,463,725 4,087,917 PUBLIC SAFETY Police department Executive 617,948 617,948 583,359 Police operations 8,270,913 8,270,913 8,305,548 Police administration 1,640,163 1,640,163 1,486,652 Police records 380,784 380,784 369,110 Seizure/forfeiture 225,000 225,000 77,906 Police special activities 36,000 36,000 79,398 Community services 1,411,043 1,411,043 1,364,722 Court services 286,994 286,994 275,627 Nondivisional 182,200 182,200 80,147 Total police department 13,051,045 13,051,045 12,622,469 Police commission 20,521 20,521 32,461 PEMA 133,650 133,650 75,800 Subtotal 13,205,216 13,205,216 12,730,730 Insurance allocation - - (141,378) Total public safety 13,205,216 13,205,216 12,589,352 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.) - 70 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual HIGHWAYS AND STREETS Waste hauler 4,134,000$ 4,134,000$ 4,161,324$ Administration 612,635 612,635 633,391 Street maintenance 2,952,500 2,952,500 3,182,233 Vehicle maintenance 301,600 301,600 259,260 Forestry 177,300 177,300 200,618 Subtotal 8,178,035 8,178,035 8,436,826 Insurance allocation - - (43,292) Total highways and streets 8,178,035 8,178,035 8,393,534 TOTAL EXPENDITURES 25,846,976$ 25,846,976$ 25,070,803$ (See independent auditor's report.) - 71 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative Salaries - President 24,000$ 24,000$ 24,000$ Salaries - Elected Officials 25,000 25,000 25,300 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 3,300 3,300 3,286 Medicare 780 780 769 Employee insurance 150 150 109 Travel/training 10,000 10,000 1,919 Replacement equipment 3,000 3,000 742 Dues and subscriptions 40,000 40,000 50,868 Public relations 115,000 115,000 122,741 Cable TV 10,000 10,000 - Economic incentive rebate 175,000 175,000 134,559 Total legislative 410,230 410,230 368,293 Administration Salaries - full-time 755,000 755,000 768,361 Salaries - part-time 55,000 55,000 55,836 Salaries - overtime 3,000 3,000 359 FICA 50,400 50,400 45,731 Medicare 11,800 11,800 11,786 IMRF 92,000 92,000 80,550 Employee insurance 105,000 105,000 105,980 Deferred compensation contribution 28,000 28,000 18,208 Travel/training 15,000 15,000 4,901 Unemployment insurance 5,000 5,000 3,594 Telephone/internet 5,500 5,500 5,814 Cellular phones/pagers 3,000 3,000 2,531 Dues and subscriptions 5,000 5,000 3,759 Office supplies/postage 32,000 32,000 33,066 Gas, oil, wash, and mileage 9,500 9,500 8,378 Maintenance contract/lease 8,000 8,000 4,046 Recording fees 1,500 1,500 166 Legal notices 2,500 2,500 2,079 Attorney legal fees 45,000 45,000 60,032 Contractual services 80,000 80,000 54,690 Office furniture and equipment 5,000 5,000 9,982 Contingencies 45,000 45,000 7,054 Subtotal administration 1,362,200 1,362,200 1,286,903 Less water and sewer reimbursement (350,000) (350,000) (350,000) Total administration 1,012,200 1,012,200 936,903 (This schedule is continued on the following pages.) - 72 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Community relations Salaries - full-time 105,000$ 105,000$ 104,807$ FICA 6,510 6,510 5,881 Medicare 1,525 1,525 1,375 IMRF 12,075 12,075 10,345 Employee insurance 22,500 22,500 21,592 Deferred compensation contribution 4,000 4,000 1,700 Travel/training 1,500 1,500 25 Telephone/internet 650 650 677 Public relations 12,500 12,500 11,124 Office supplies/postage 500 500 - Dues and subscriptions 850 850 570 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 2,000 2,000 - Settler's Park 7,500 7,500 4,287 Contractual services 4,000 4,000 384 Total community relations 181,210 181,210 162,767 Facility management Salaries - full-time 51,000 51,000 52,087 Salaries - overtime 3,000 3,000 4,176 FICA 3,400 3,400 3,323 Medicare 800 800 777 IMRF 5,900 5,900 5,493 Building maintenance supplies 12,000 12,000 10,721 Deferred compensation contribution - - 786 Contractual services 40,000 40,000 45,241 Employee insurance 15,000 15,000 15,525 Building improvements 40,000 40,000 4,775 Total facility management 171,100 171,100 142,904 Human resources Salaries - full-time 170,000 170,000 174,765 Salaries - overtime 500 500 - FICA 10,550 10,550 10,228 Medicare 2,500 2,500 2,392 IMRF 19,650 19,650 17,263 Employee insurance 40,000 40,000 39,343 Deferred compensation contribution 7,000 7,000 6,719 Travel/training 6,500 6,500 964 Telephone/internet 1,000 1,000 1,067 Cellular telephone/pager 600 600 672 Office supplies/postage 1,500 1,500 890 Dues and subscriptions 9,000 9,000 946 Gas, oil, wash, and mileage 1,200 1,200 24 (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, 2020 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Human resources (Continued) Public relations 12,300$ 12,300$ 10,143$ Contractual services 8,000 8,000 4,393 Total human resources 290,300 290,300 269,809 Information technology Salaries - full-time 252,000 252,000 263,182 Salaries - overtime 500 500 - FICA 15,600 15,600 16,118 Medicare 3,660 3,660 3,769 IMRF 29,000 29,000 26,278 Employee insurance 46,000 46,000 44,200 Deferred compensation contribution 9,500 9,500 8,767 Travel/training 14,500 14,500 9,176 Telephone/internet 500 500 534 Cellular telephone/pagers 3,000 3,000 2,663 Office supplies/postage 1,400 1,400 941 Dues and subscriptions 700 700 754 Gas, oil, wash, and mileage 400 400 360 Uniforms/clothing 300 300 - Software licensing/renewals 265,000 265,000 241,440 Software 58,700 58,700 58,663 Contractual services 16,300 16,300 15,579 Computers 25,000 25,000 25,767 Total information technology 742,060 742,060 718,191 Planning Salaries - full-time 360,000 360,000 349,443 Compensation - plan commission 3,500 3,500 2,730 Salaries - overtime 2,500 2,500 172 FICA 22,700 22,700 20,988 Medicare 5,300 5,300 4,909 IMRF 41,000 41,000 34,288 Employee insurance 79,000 79,000 74,752 Deferred compensation contribution 8,500 8,500 5,554 Travel/training 8,000 8,000 3,856 Unemployment insurance 1,000 1,000 850 Telephone/internet 3,000 3,000 3,165 Cellular phones/pagers 1,800 1,800 859 Office supplies/postage 10,000 10,000 4,866 Dues and subscriptions 5,000 5,000 4,434 Gas, oil, wash, and mileage 750 750 240 Maintenance contract/lease 2,000 2,000 1,949 Vehicle maintenance 1,000 1,000 - Legal fees 9,000 9,000 15,566 Special projects/programs 15,000 15,000 12,217 (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, 2020 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Planning (Continued) Contractual services 20,000$ 20,000$ 4,048$ Engineer fees 8,000 8,000 13,675 Total planning 607,050 607,050 558,559 Building Salaries - full-time 665,000 665,000 664,788 Salaries - overtime 3,000 3,000 641 FICA 41,500 41,500 39,806 Medicare 9,700 9,700 9,310 IMRF 76,475 76,475 65,930 Employee insurance 185,000 185,000 170,385 Deferred compensation contribution 10,000 10,000 11,931 Travel/training 10,000 10,000 5,845 Unemployment insurance 1,500 1,500 1,551 Telephone/internet 1,000 1,000 1,031 Cellular phones/pagers 4,500 4,500 3,764 Office supplies/postage 13,000 13,000 8,213 Dues and subscriptions 4,000 4,000 935 Gas, oil, wash, and mileage 1,000 1,000 547 Uniforms/clothing 900 900 943 Recording fees 3,000 3,000 1,847 Contractual services 20,000 20,000 4,106 Total building 1,049,575 1,049,575 991,573 Subtotal 4,463,725 4,463,725 4,148,999 Insurance allocation - - (61,082) Total general government 4,463,725 4,463,725 4,087,917 PUBLIC SAFETY Police department Executive Salaries - full-time 322,291 322,291 311,250 Salaries - part-time 35,000 35,000 32,369 Salaries - overtime 1,000 1,000 1,096 FICA 22,214 22,214 19,966 Medicare 5,195 5,195 4,761 IMRF 24,728 24,728 19,397 Employee insurance 67,730 67,730 63,830 Deferred compensation contribution 8,000 8,000 6,135 Travel/training 7,000 7,000 4,891 Education/school 3,000 3,000 3,511 Unemployment insurance 20,000 20,000 18,788 Telephone/internet 1,300 1,300 627 (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, 2020 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Executive (Continued) Cellular phones/pagers 800$ 800$ 734$ Office supplies/postage 8,000 8,000 6,461 Replacement supplies 3,500 3,500 1,837 Dues and subscriptions 5,000 5,000 3,264 Gas, oil, wash, and mileage 3,700 3,700 5,278 Uniforms/clothing 1,800 1,800 2,515 Maintenance contract/lease 7,190 7,190 6,547 Custodian 60,000 60,000 64,491 Vehicle equipment maintenance 2,500 2,500 651 Contractual services 8,000 8,000 4,760 Sex offender's registration fee - - 200 Total executive 617,948 617,948 583,359 Police operations Salaries - full-time 4,105,555 4,105,555 4,258,971 Salaries - part-time 275,000 275,000 261,624 Salaries - overtime 350,000 350,000 291,642 FICA 293,294 293,294 288,235 Medicare 68,593 68,593 67,924 IMRF 55,689 55,689 40,872 Police pension contribution 1,300,000 1,300,000 1,297,308 Employee insurance 689,835 689,835 659,918 Deferred compensation contribution 130,000 130,000 115,355 Travel/training 36,000 36,000 38,592 Telephone/insurance 27,180 27,180 40,595 Cellular phones/pagers 5,500 5,500 5,853 Office supplies/postage 13,500 13,500 14,333 Replacement supplies 18,000 18,000 16,250 Dues and subscriptions 3,400 3,400 885 Gas, oil, wash, and mileage 85,000 85,000 96,473 Uniforms/clothing 41,000 41,000 52,837 Traffic programs 24,800 24,800 13,161 Ammunition/weapons 28,000 28,000 24,227 Radio maintenance 2,000 2,000 - Maintenance contracts/lease 16,567 16,567 14,521 Bike unit 6,000 6,000 5,806 Vehicle maintenance 60,000 60,000 73,943 K-9 Unit 4,000 4,000 5,262 Animal control 14,000 14,000 7,060 Contractual services 15,000 15,000 12,480 Contractual services - WESCOM 603,000 603,000 601,421 Total police operations 8,270,913 8,270,913 8,305,548 (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, 2020 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police administration Salaries - full-time 1,095,531$ 1,095,531$ 1,018,858$ Salaries - overtime 100,000 100,000 58,668 FICA 74,123 74,123 64,642 Medicare 17,335 17,335 15,118 IMRF 8,195 8,195 6,766 Employee insurance 186,309 186,309 176,357 Deferred compensation contribution 45,000 45,000 46,030 Travel/training 15,600 15,600 9,975 Telephone/internet 1,500 1,500 731 Cellular phones/pagers 9,800 9,800 11,676 Office supplies/postage 5,500 5,500 3,100 Replacement supplies 4,000 4,000 1,125 Dues and subscriptions 4,070 4,070 3,923 Gas, oil, wash, and mileage 25,000 25,000 16,888 Uniforms/clothing 8,900 8,900 9,148 Crime scene/evidence tech support 8,000 8,000 6,483 Community programs - explorer program 5,000 5,000 11,962 Radio maintenance 500 500 1,326 Maintenance contract/lease 4,200 4,200 3,151 Vehicle maintenance 15,000 15,000 13,609 Background check services 2,500 2,500 2,521 Accreditation 4,100 4,100 4,595 Total police administration 1,640,163 1,640,163 1,486,652 Police records Salaries - full-time 222,150 222,150 226,435 Salaries - part-time 36,311 36,311 32,979 Salaries - overtime 6,000 6,000 4,310 FICA 16,397 16,397 16,489 Medicare 3,835 3,835 3,856 IMRF 31,735 31,735 26,696 Employee insurance 31,666 31,666 31,405 Deferred compensation contribution 12,000 12,000 10,182 Travel/training 2,750 2,750 877 Telephone/internet 1,500 1,500 731 Office supplies/postage 10,000 10,000 8,946 Dues and subscriptions 480 480 50 Uniforms/clothing 1,500 1,500 961 Maintenance contracts/lease 4,460 4,460 5,193 Total police records 380,784 380,784 369,110 Seizure/forfeiture Seizure/forfeiture expenditures 225,000 225,000 77,906 (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, 2020 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police special activities FICA 2,016$ 2,016$ 4,470$ Medicare 471 471 1,067 Mobile field force 1,000 1,000 960 Salaries - special activities 32,513 32,513 72,901 Total police special activities 36,000 36,000 79,398 Community services Salaries - full-time 952,453 952,453 947,620 Salaries - part-time - - 1,598 Salaries - overtime 40,000 40,000 47,938 FICA 61,532 61,532 59,433 Medicare 14,391 14,391 14,010 IMRF 7,191 7,191 4,956 Employee insurance 172,396 172,396 163,410 Deferred compensation contribution 22,000 22,000 28,752 Travel/training 20,000 20,000 13,262 Telephone/internet 2,000 2,000 919 Cellular phones/pagers 3,000 3,000 2,787 Office supplies/postage 3,100 3,100 3,032 Replacement supplies 6,200 6,200 3,366 Dues and subscriptions 2,200 2,200 654 Gas, oil, wash, and mileage 16,000 16,000 10,288 Uniform/clothing 8,600 8,600 6,593 Radio maintenance 26,800 26,800 16,620 Maintenance contracts/lease 2,180 2,180 1,733 Vehicle maintenance 25,000 25,000 10,431 D.A.R.E program 5,000 5,000 4,999 Shop with a cop 10,000 10,000 14,755 Chaplaincy program 3,000 3,000 2,880 Community programs 5,500 5,500 4,662 Community programs - alcohol/tobacco 2,500 2,500 24 Total community services 1,411,043 1,411,043 1,364,722 Court services Salaries - full-time 134,680 134,680 138,968 Salaries - part-time 25,476 25,476 26,666 Salaries - overtime 1,000 1,000 43 FICA 9,992 9,992 9,809 Medicare 2,337 2,337 2,294 IMRF 18,944 18,944 16,401 Employee insurance 42,245 42,245 40,813 Deferred compensation contribution 5,500 5,500 7,399 Travel/training 3,000 3,000 612 Telephone/internet 1,500 1,500 702 (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, 2020 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Court services (Continued) Office supplies/postage 10,000$ 10,000$ 5,741$ Dues and subscriptions 9,800 9,800 10,353 Uniforms/clothing 600 600 155 Maintenance contract/lease 1,920 1,920 2,371 Legal fees 20,000 20,000 13,300 Total court services 286,994 286,994 275,627 Nondivisional Office furniture and equipment 8,000 8,000 3,122 Capital equipment 162,200 162,200 45,940 PEMA Fundraising - - 10,674 Contingencies 12,000 12,000 20,411 Total nondivisional 182,200 182,200 80,147 Total police department 13,051,045 13,051,045 12,622,469 Police commission Salaries - part-time 5,500 5,500 1,637 FICA 341 341 119 Medicare 80 80 28 Travel/training 1,000 1,000 121 Office supplies/postage 2,000 2,000 258 Dues and subscriptions 600 600 375 Legal fees 1,000 1,000 - Police test/hiring 10,000 10,000 29,923 Total police commission 20,521 20,521 32,461 PEMA Travel/training 4,000 4,000 415 Telephone/internet 6,000 6,000 7,265 Office supplies 1,000 1,000 523 Cellular phones/pager 5,200 5,200 679 Replacement supplies 10,000 10,000 5,294 Dues and subscriptions 4,000 4,000 3,675 Gas, oil, wash, and mileage 8,000 8,000 4,609 Supplies and hardware 2,000 2,000 448 Uniforms/clothing 6,000 6,000 5,971 Emergency operation center 1,000 1,000 819 Public relations 2,000 2,000 1,654 Disaster plan/exercises/NIMS 3,000 3,000 - Radio maintenance 15,000 15,000 15,524 Building maintenance 5,000 5,000 868 Vehicle maintenance 20,000 20,000 7,218 Maintenance contract/lease 1,200 1,200 2,281 (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, 2020 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) PEMA (Continued) Bike unit 500$ 500$ -$ Siren maintenance 13,000 13,000 8,802 Contractual services 5,250 5,250 - Cadet program 5,500 5,500 1,751 Search and rescue 4,000 4,000 3,474 Furniture/equipment 2,000 2,000 855 Supplies and hardware - ESDA 2,000 2,000 944 Machinery and equipment 5,000 5,000 556 Contingencies 3,000 3,000 2,175 Total PEMA 133,650 133,650 75,800 Subtotal 13,205,216 13,205,216 12,730,730 Insurance allocation - - (141,378) Total public safety 13,205,216 13,205,216 12,589,352 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 4,134,000 4,134,000 4,161,324 Total waste hauler 4,134,000 4,134,000 4,161,324 Administration Salaries - full-time 375,135 375,135 385,932 FICA 23,500 23,500 23,157 Medicare 5,500 5,500 5,538 IMRF 43,200 43,200 39,004 Employee insurance 80,000 80,000 79,000 Deferred compensation contribution 9,500 9,500 9,578 Travel/training 10,000 10,000 11,370 Unemployment insurance 4,500 4,500 4,553 Telephone/internet 25,000 25,000 44,446 Cellular phones/pagers 8,500 8,500 8,459 Office supplies/postage 3,000 3,000 8,064 Dues and subscriptions 3,000 3,000 3,093 Supplies/hardware 500 500 91 Gas, oil, wash, and mileage 300 300 159 Building maintenance 20,000 20,000 8,605 Legal notices 1,000 1,000 2,342 Total administration 612,635 612,635 633,391 (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, 2020 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Street maintenance Salaries - full-time 832,500$ 832,500$ 817,383$ Salaries - part-time 70,000 70,000 57,794 Salaries - overtime 90,000 90,000 120,530 FICA 62,000 62,000 60,282 Medicare 15,000 15,000 14,098 IMRF 104,000 104,000 91,478 Employee insurance 210,000 210,000 184,471 Deferred compensation contribution 25,000 25,000 19,318 Electricity/gas 250,000 250,000 196,333 Gas, oil, wash, and mileage 65,000 65,000 60,155 Supplies/hardware 15,000 15,000 16,617 Street signs maintenance 40,000 40,000 43,468 Aggregate materials 4,000 4,000 4,406 Uniforms/clothing 10,000 10,000 9,815 Radio maintenance 5,000 5,000 3,057 Vehicle maintenance 35,000 35,000 30,102 Street light maintenance 115,000 115,000 153,120 Street maintenance 130,000 130,000 168,928 Storm sewer improvements 15,000 15,000 11,463 Contractual services 115,000 115,000 132,863 Sidewalk maintenance 5,000 5,000 442 Equipment maintenance 90,000 90,000 167,928 Supplies/hardware - salt purchase 300,000 300,000 487,861 Snow removal 350,000 350,000 330,321 Total street maintenance 2,952,500 2,952,500 3,182,233 Vehicle maintenance Salaries - full-time 205,000 205,000 183,028 Salaries - overtime 8,000 8,000 8,022 FICA 13,500 13,500 11,516 Medicare 3,100 3,100 2,693 IMRF 23,500 23,500 18,828 Employee insurance 41,000 41,000 32,028 Deferred compensation contribution 7,500 7,500 3,145 Total vehicle maintenance 301,600 301,600 259,260 Forestry Salaries - full-time 82,000 82,000 82,533 Salaries - overtime 6,000 6,000 16,669 FICA 5,500 5,500 6,012 Medicare 1,300 1,300 1,406 IMRF 10,000 10,000 9,833 Employee insurance 19,000 19,000 12,231 Deferred compensation contribution 3,000 3,000 2,268 Supplies/hardware 10,000 10,000 11,634 (This schedule is continued on the following page.) - 81 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Forestry (Continued) Contractual services 20,000$ 20,000$ 24,242$ Tree removal 20,000 20,000 33,790 Uniforms/clothing 500 500 - Total forestry 177,300 177,300 200,618 Subtotal 8,178,035 8,178,035 8,436,826 Insurance allocation - - (43,292) Total highways and streets 8,178,035 8,178,035 8,393,534 TOTAL EXPENDITURES 25,846,976$ 25,846,976$ 25,070,803$ (See independent auditor's report.) - 82 - CAPITAL PROJECTS FUND Original Final Budget Budget Actual REVENUES Home rule sales tax 3,775,000$ 3,775,000$ 3,604,349$ Intergovernmental 4,590,000 4,590,000 3,556,778 Charges for services Impact fee 6,000 6,000 98,949 Fines and forfeits 351,500 351,500 350,361 Investment income 200,000 200,000 320,736 Miscellaneous 302,000 302,000 828,355 Total revenues 9,224,500 9,224,500 8,759,528 EXPENDITURES Capital outlay Contractual services 110,000 110,000 110,892 Engineering 100,000 100,000 54,713 Building improvements 200,000 200,000 60,351 Sidewalk and curb replacement 500,000 500,000 431,540 Machinery and equipment - police 225,000 225,000 191,619 Machinery and equipment - public works 325,000 325,000 411,345 Bridge repairs and reconstructions 200,000 200,000 6,744 Roadway improvements 6,560,000 6,560,000 5,633,730 Storm and drainage improvements 40,000 40,000 119,933 I-55 interchange design 100,000 100,000 46,655 PACE Park-n-Ride - - 308,956 Emerald ash borer 200,000 200,000 191,185 127th Street-Plainfield/Naperville Rd.100,000 100,000 67,567 Settler's park campus refresh 150,000 150,000 91,779 Total expenditures 8,810,000 8,810,000 7,727,009 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 414,500 414,500 1,032,519 OTHER FINANCING SOURCES (USES) Transfers in 950,000 950,000 2,008,012 Transfers (out)(2,035,850) (2,035,850) (2,022,925) Sale of capital assets 5,000 5,000 65,918 Total other financing sources (uses)(1,080,850) (1,080,850) 51,005 NET CHANGE IN FUND BALANCE (666,350)$ (666,350)$ 1,083,524 FUND BALANCE, MAY 1 17,678,526 FUND BALANCE, APRIL 30 18,762,050$ For the Year Ended April 30, 2020 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (See independent auditor's report.) - 83 - Original Final Budget Budget Actual REVENUES Taxes Property tax 114,400$ 114,400$ 114,802$ Investment income 8,000 8,000 11,223 Total revenues 122,400 122,400 126,025 EXPENDITURES Debt service Principal 2,560,000 2,560,000 2,560,000 Interest and fiscal charges 571,250 571,250 571,250 Total expenditures 3,131,250 3,131,250 3,131,250 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,008,850) (3,008,850) (3,005,225) OTHER FINANCING SOURCES (USES) Transfers in 3,016,850 3,016,850 3,003,925 Total other financing sources (uses)3,016,850 3,016,850 3,003,925 NET CHANGE IN FUND BALANCE 8,000$ 8,000$ (1,300) FUND BALANCE, MAY 1 3,130 FUND BALANCE, APRIL 30 1,830$ For the Year Ended April 30, 2020 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.) - 84 - 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, 2020 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 504,550$ 19,693$ 36,104$ Receivables Property tax 147,825 30,102 - Allotments - - - Other - - 2,100 Total assets 652,375 49,795 38,204 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 652,375$ 49,795$ 38,204$ LIABILITIES Accounts payable 1,643$ -$ -$ Total liabilities 1,643 - - DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 147,825 30,102 - Total liabilities and deferred inflows of resources 149,468 30,102 - FUND BALANCES Restricted Street maintenance - - - Public safety - - 38,204 Audit - 19,693 - Liability insurance 502,907 - - Economic development - - - Total fund balances 502,907 19,693 38,204 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 652,375$ 49,795$ 38,204$ Special Revenue OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS - 85 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total 3,780,267$ 10,426$ 1,014,845$ 973$ 5,366,858$ - - 785,465 11,723 975,115 117,392 - - - 117,392 - - - - 2,100 3,897,659 10,426 1,800,310 12,696 6,461,465 - - - - - 3,897,659$ 10,426$ 1,800,310$ 12,696$ 6,461,465$ 124,087$ 6,890$ 20,464$ -$ 153,084$ 124,087 6,890 20,464 - 153,084 - - 785,465 11,723 975,115 124,087 6,890 805,929 11,723 1,128,199 3,773,572 - - - 3,773,572 - 3,536 - - 41,740 - - - - 19,693 - - - - 502,907 - - 994,381 973 995,354 3,773,572 3,536 994,381 973 5,333,266 3,897,659$ 10,426$ 1,800,310$ 12,696$ 6,461,465$ Special Revenue (See independent auditor's report.) - 86 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2020 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 399,426$ 36,152$ -$ Intergovernmental - - - Fines and forfeits - - 21,203 Investment income 8,237 513 954 Miscellaneous - - - Total revenues 407,663 36,665 22,157 EXPENDITURES Current General government 34,125 39,565 - Public safety 257,501 - - Highways and streets 55,653 - - Total expenditures 347,279 39,565 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 60,384 (2,900) 22,157 OTHER FINANCING SOURCES (USES) Transfers (out)- - (25,000) Total other financing sources (uses)- - (25,000) NET CHANGE IN FUND BALANCES 60,384 (2,900) (2,843) FUND BALANCES, MAY 1 442,523 22,593 41,047 FUND BALANCES, APRIL 30 502,907$ 19,693$ 38,204$ Special Revenue - 87 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total -$ -$ 735,635$ 968$ 1,172,181$ 1,485,096 - - - 1,485,096 - - - - 21,203 68,616 239 16,473 5 95,037 - 14,199 - - 14,199 1,553,712 14,438 752,108 973 2,787,716 - - 112,764 - 186,454 - 23,142 - - 280,643 1,254,866 - - - 1,310,519 1,254,866 23,142 112,764 - 1,777,616 298,846 (8,704) 639,344 973 1,010,100 - - - - (25,000) - - - - (25,000) 298,846 (8,704) 639,344 973 985,100 3,474,726 12,240 355,037 - 4,348,166 3,773,572$ 3,536$ 994,381$ 973$ 5,333,266$ Special Revenue (See independent auditor's report.) - 88 - Original Final Budget Budget Actual REVENUES Taxes Property tax 400,000$ 400,000$ 399,426$ Investment income 3,000 3,000 8,237 Total revenues 403,000 403,000 407,663 EXPENDITURES General government Treasurer bond 500 500 336 Commercial umbrella liability insurance 19,478 19,478 15,347 Workman's compensation insurance 24,347 24,347 18,442 Public safety Commercial umbrella liability insurance 148,440 148,440 116,955 Workman's compensation insurance 185,550 185,550 140,546 Highways and streets Commercial umbrella liability insurance 32,082 32,082 25,277 Workman's compensation insurance 40,103 40,103 30,376 Total expenditures 450,500 450,500 347,279 NET CHANGE IN FUND BALANCE (47,500)$ (47,500)$ 60,384 FUND BALANCE, MAY 1 442,523 FUND BALANCE, APRIL 30 502,907$ For the Year Ended April 30, 2020 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.) - 89 - Original Final Budget Budget Actual REVENUES Taxes Property tax 35,000$ 35,000$ 36,152$ Investment income 400 400 513 Total revenues 35,400 35,400 36,665 EXPENDITURES General government Audit 42,000 42,000 39,565 Total expenditures 42,000 42,000 39,565 NET CHANGE IN FUND BALANCE (6,600)$ (6,600)$ (2,900) FUND BALANCE, MAY 1 22,593 FUND BALANCE, APRIL 30 19,693$ For the Year Ended April 30, 2020 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.) - 90 - 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, 2020 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 15,000$ 15,000$ 21,203$ Investment income 500 500 954 Total revenues 15,500 15,500 22,157 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 15,500 15,500 22,157 OTHER FINANCING SOURCES (USES) Transfers (out)(25,000) (25,000) (25,000) Total other financing sources (uses)(25,000) (25,000) (25,000) NET CHANGE IN FUND BALANCE (9,500)$ (9,500)$ (2,843) FUND BALANCE, MAY 1 41,047 FUND BALANCE, APRIL 30 38,204$ (See independent auditor's report.) - 91 - 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, 2020 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,100,000$ 1,100,000$ 1,485,096$ Investment income 50,000 50,000 68,616 Total revenues 1,150,000 1,150,000 1,553,712 EXPENDITURES Highways and streets Street maintenance 1,000,000 1,000,000 1,254,866 Total expenditures 1,000,000 1,000,000 1,254,866 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 150,000 150,000 298,846 OTHER FINANCING SOURCES (USES) Transfers (out)(150,000) (150,000) - Total other financing sources (uses)(150,000) (150,000) - NET CHANGE IN FUND BALANCE -$ -$ 298,846 FUND BALANCE, MAY 1 3,474,726 FUND BALANCE, APRIL 30 3,773,572$ (See independent auditor's report.) - 92 - 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, 2020 Original Final Budget Budget Actual REVENUES Investment income 100$ 100$ 239$ Miscellaneous 22,000 22,000 14,199 Total revenues 22,100 22,100 14,438 EXPENDITURES Public safety Program expenditures 23,000 23,000 23,142 Total expenditures 23,000 23,000 23,142 NET CHANGE IN FUND BALANCE (900)$ (900)$ (8,704) FUND BALANCE, MAY 1 12,240 FUND BALANCE, APRIL 30 3,536$ (See independent auditor's report.) - 93 - 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, 2020 Original Final Budget Budget Actual REVENUES Taxes Property taxes 730,000$ 730,000$ 735,635$ Investment income 10,000 10,000 16,473 Total revenues 740,000 740,000 752,108 EXPENDITURES General government Contractual services 260,000 260,000 112,764 Facade improvements 40,000 40,000 - Total expenditures 300,000 300,000 112,764 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 440,000 440,000 639,344 OTHER FINANCING SOURCES (USES) Transfers (out)(550,000) (550,000) - Total other financing sources (uses)(550,000) (550,000) - NET CHANGE IN FUND BALANCE (110,000)$ (110,000)$ 639,344 FUND BALANCE, MAY 1 355,037 FUND BALANCE, APRIL 30 994,381$ (See independent auditor's report.) - 94 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2020 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 14,066,200$ 3,432,564$ 17,498,764$ Receivables Accounts 2,456,065 - 2,456,065 Sales tax 376,615 - 376,615 Other 252 - 252 Interest 17,843 9,958 27,801 Total current assets 16,916,975 3,442,522 20,359,497 CAPITAL ASSETS Nondepreciable 3,218,041 - 3,218,041 Depreciable, net of accumulated depreciation 101,620,517 - 101,620,517 Net capital assets 104,838,558 - 104,838,558 OTHER ASSETS Deposits 282,767 - 282,767 Total other assets 282,767 - 282,767 Total assets 122,038,300 3,442,522 125,480,822 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 177,821 - 177,821 Deferred outflows of resources - OPEB 19,483 - 19,483 Asset retirement obligation 360,677 - 360,677 Unamortized loss on refundings 1,834,786 - 1,834,786 Total deferred outflows of resources 2,392,767 - 2,392,767 Total assets and deferred outflows of resources 124,431,067 3,442,522 127,873,589 (This schedule is continued on the following page.) - 95 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2020 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 2,465,605$ -$ 2,465,605$ Accrued payroll 76,771 - 76,771 Accrued interest 260,988 - 260,988 Compensated absences payable - current 73,533 - 73,533 Illinois EPA loan payable - current 163,416 - 163,416 Bonds payable - current 645,000 - 645,000 Total OPEB liability - current 834 - 834 Developer deposit 21,847 - 21,847 Total current liabilities 3,707,994 - 3,707,994 LONG-TERM LIABILITIES Compensated absences payable - long-term 11,844 - 11,844 Net pension liability - IMRF 466,546 - 466,546 Total OPEB liability 50,669 - 50,669 Illinois EPA loan payable - long-term 1,844,623 - 1,844,623 Asset retirement obligation 375,000 - 375,000 Bonds payable - long-term 13,004,563 - 13,004,563 Total long-term liabilities 15,753,245 - 15,753,245 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 195,213 - 195,213 Deferred inflows of resources - OPEB 17,106 - 17,106 Total deferred inflows of resources 212,319 - 212,319 Total liabilities and deferred inflows of resources 19,673,558 - 19,673,558 NET POSITION Net investment in capital assets 91,015,742 - 91,015,742 Restricted for debt service 2,250,625 - 2,250,625 Unrestricted 11,491,142 3,442,522 14,933,664 TOTAL NET POSITION 104,757,509$ 3,442,522$ 108,200,031$ (See independent auditor's report.) - 96 - 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, 2020 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 16,846,438$ -$ -$ 16,846,438$ Meter sales 109,345 - - 109,345 Total operating revenues 16,955,783 - - 16,955,783 OPERATING EXPENSES Water operations 10,529,682 - - 10,529,682 Sewer operations 2,518,352 - - 2,518,352 Depreciation 3,375,153 - - 3,375,153 Total operating expenses 16,423,187 - - 16,423,187 OPERATING INCOME 532,596 - - 532,596 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 1,801,904 - - 1,801,904 Miscellaneous income 1,509,801 - - 1,509,801 Investment income 404,488 74,829 - 479,317 Interest expense (645,748) - - (645,748) Total non-operating revenues (expenses)3,070,445 74,829 - 3,145,274 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 3,603,041 74,829 - 3,677,870 TRANSFERS (OUT)(981,000) - - (981,000) CAPITAL CONTRIBUTIONS 2,415,839 - - 2,415,839 CHANGE IN NET POSITION 5,037,880 74,829 - 5,112,709 NET POSITION, MAY 1 99,719,629 3,367,693 - 103,087,322 NET POSITION, APRIL 30 104,757,509$ 3,442,522$ -$ 108,200,031$ (See independent auditor's report.) - 97 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2020 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 16,670,897$ -$ -$ 16,670,897$ Reimbursements to other funds (350,000) - - (350,000) Payments to suppliers (11,151,000) - - (11,151,000) Payments to employees (1,473,172) - - (1,473,172) Net cash from operating activities 3,696,725 - - 3,696,725 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out)(981,000) - - (981,000) Home rule sales tax 1,848,515 - - 1,848,515 Other non-operating revenues 1,514,421 - - 1,514,421 Net cash from noncapital financing activities 2,381,936 - - 2,381,936 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (3,900,187) - - (3,900,187) Principal payments on long-term debt (2,561,392) - - (2,561,392) Interest paid (595,569) - - (595,569) Net cash from capital and related financing activities (7,057,148) - - (7,057,148) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments - 149,679 - 149,679 Interest received 407,588 78,156 - 485,744 Net cash from investing activities 407,588 227,835 - 635,423 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (570,899) 227,835 - (343,064) CASH AND CASH EQUIVALENTS, MAY 1 14,637,099 1,968,512 - 16,605,611 CASH AND CASH EQUIVALENTS, APRIL 30 14,066,200$ 2,196,347$ -$ 16,262,547$ (This schedule is continued on the following page.) - 98 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2020 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 532,596$ -$ -$ 532,596$ Adjustments to reconcile operating income to net cash from operating activities Depreciation 3,375,153 - - 3,375,153 (Increase) decrease in Accounts receivable (284,886) - - (284,886) Prepaid items - - - - Deposits (43,365) - - (43,365) Increase (decrease) in Pension items - IMRF 31,812 - - 31,812 Pension items - OPEB 1,474 - - 1,474 Accounts payable 38,238 - - 38,238 Asset retirement obligation 14,323 - - 14,323 Accrued expenses 31,380 - - 31,380 Total adjustments 3,164,129 - - 3,164,129 NET CASH FROM OPERATING ACTIVITIES 3,696,725$ -$ -$ 3,696,725$ CASH AND INVESTMENTS Cash and cash equivalents 14,066,200$ 2,196,347$ -$ 16,262,547$ Investments - 1,236,217 - 1,236,217 TOTAL CASH AND INVESTMENTS 14,066,200$ 3,432,564$ -$ 17,498,764$ NONCASH TRANSACTIONS Capital contributions 2,415,839$ -$ -$ 2,415,839$ (See independent auditor's report.) - 99 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2020 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries - full-time 220,000$ 220,000$ 219,110$ FICA 14,000 14,000 13,172 Medicare 3,200 3,200 3,170 IMRF 25,500 25,500 22,177 Employee insurance 40,000 40,000 40,618 Deferred compensation contribution 7,500 7,500 6,569 Travel/training 5,000 5,000 1,174 Unemployment insurance 2,000 2,000 1,334 Telephone/internet 7,500 7,500 10,904 Cellular phones/pagers 4,500 4,500 4,177 Office supplies/postage 30,000 30,000 30,955 Dues and subscriptions 1,500 1,500 1,638 Gas, oil, wash, and mileage 500 500 226 Software 2,000 2,000 - Sand and gravel 2,000 2,000 1,107 Supplies/hardware 500 500 525 Water meters 130,000 130,000 177,309 Building maintenance 10,000 10,000 8,411 Attorney legal fees 1,500 1,500 233 Contractual services 35,000 35,000 37,766 Equipment maintenance 500 500 - Engineer fees 5,000 5,000 9,875 Administrative service charge 175,000 175,000 175,000 Total administration 722,700 722,700 765,450 Water provision Salaries - full-time 390,000 390,000 380,926 Salaries - part-time 15,000 15,000 18,676 Salaries - overtime 35,000 35,000 29,806 FICA 27,000 27,000 24,293 Medicare 6,500 6,500 5,719 IMRF 48,000 48,000 39,397 Employee insurance 71,000 71,000 71,372 Deferred compensation contribution 15,000 15,000 11,507 Telephone/internet 18,000 18,000 25,376 Cellular phones/pagers 500 500 - Electricity/gas 100,000 100,000 137,382 Office supplies/postage 2,000 2,000 371 Replacement supplies 8,000 8,000 8,428 Gas, oil, wash, and mileage 15,000 15,000 17,838 (This schedule is continued on the following pages.) - 100 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2020 Original Final Budget Budget Actual WATER OPERATIONS (Continued) Water provision (Continued) Chemicals 6,000$ 6,000$ 3,833$ Supplies/hardware 4,000 4,000 4,215 Uniforms/clothing 2,000 2,000 2,564 Building maintenance 5,000 5,000 5,767 Vehicle maintenance 8,000 8,000 7,441 Contractual services 50,000 50,000 15,711 Water purchase 8,602,000 8,602,000 8,900,976 Equipment maintenance 10,000 10,000 193 System maintenance 60,000 60,000 39,650 Water/fire hydrant 20,000 20,000 11,837 EPA analytical 16,000 16,000 13,356 Total water provision 9,534,000 9,534,000 9,776,634 Total water operations 10,256,700 10,256,700 10,542,084 SEWER OPERATIONS Administration Salaries - full-time 220,000 220,000 220,532 FICA 14,000 14,000 13,278 Medicare 3,200 3,200 3,194 IMRF 25,500 25,500 22,376 Employee insurance 35,000 35,000 38,917 Deferred compensation contribution 8,500 8,500 6,712 Travel/training 12,000 12,000 11,351 Unemployment insurance 2,000 2,000 1,045 Telephone/internet 13,000 13,000 18,893 Cellular phones/pagers 3,500 3,500 2,573 Office supplies/postage 30,000 30,000 29,798 Dues and subscriptions 72,300 72,300 65,308 Gas, oil, wash, and mileage 1,000 1,000 1,145 Supplies/hardware 2,500 2,500 1,916 Building maintenance 20,000 20,000 12,731 Attorney legal fees 1,500 1,500 425 Contractual services 35,000 35,000 35,733 Equipment maintenance 2,000 2,000 774 Engineer fees 10,000 10,000 4,791 Administrative service charge 175,000 175,000 175,000 Total administration 686,000 686,000 666,492 (This schedule is continued on the following page.) - 101 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2020 Original Final Budget Budget Actual SEWER OPERATIONS (Continued) Sewer treatment Salaries - full-time 395,000$ 395,000$ 401,976$ Salaries - part-time 10,000 10,000 11,873 Salaries - overtime 30,000 30,000 35,215 FICA 27,000 27,000 25,771 Medicare 6,500 6,500 6,061 IMRF 48,000 48,000 42,031 Employee insurance 55,000 55,000 57,643 Deferred compensation contribution 18,000 18,000 13,079 Telephone/internet 35,000 35,000 50,070 Electricity/gas 500,000 500,000 492,936 Replacement supplies 6,500 6,500 1,958 Gas, oil, wash, and mileage 12,000 12,000 18,779 Supplies/hardware 10,000 10,000 10,296 Chemicals/supplies 115,000 115,000 112,446 Sand and gravel 500 500 980 Industrial flow monitor 8,000 8,000 1,843 Uniforms/clothing 6,000 6,000 7,068 Vehicle maintenance 10,000 10,000 8,360 Contractual services 160,000 160,000 211,043 Equipment maintenance 25,000 25,000 29,966 System maintenance 125,000 125,000 106,824 Maintenance - James Street - - 516 Total sewer treatment 1,602,500 1,602,500 1,646,734 Other Capital repair and replacement - sewer 4,950,000 4,950,000 4,088,670 Total other 4,950,000 4,950,000 4,088,670 Total sewer operations 7,238,500 7,238,500 6,401,896 Total water and sewer operating expenses 17,495,200$ 17,495,200$ 16,943,980 ADJUSTMENTS TO GAAP BASIS Pension expense - IMRF - water division 15,906 Pension expense - IMRF - sewer division 15,906 Change in OPEB - water division 737 Change in OPEB - sewer division 737 Insurance surplus allocation (43,368) Amortization of asset retirement obligation 14,323 Capital assets capitalized (3,900,187) Depreciation 3,375,153 Total adjustments to GAAP basis (520,793) TOTAL WATER AND SEWER OPERATING EXPENSES GAAP BASIS 16,423,187$ (See independent auditor's report.) - 102 - FIDUCIARY FUND SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2020 Original Final Budget Budget Actual ADDITIONS Contributions Employer 1,300,000$ 1,300,000$ 1,297,308$ Employee 570,000 570,000 580,065 Total contributions 1,870,000 1,870,000 1,877,373 Investment income Net appreciation (depreciation) in fair value of investments 450,000 450,000 (364,068) Interest and dividends 700,000 700,000 1,012,047 Total investment income 1,150,000 1,150,000 647,979 Less investment expense (100,000) (100,000) (115,940) Net investment income 1,050,000 1,050,000 532,039 Total additions 2,920,000 2,920,000 2,409,412 DEDUCTIONS Pension benefits 625,000 625,000 640,262 Administrative expenses 46,300 46,300 43,145 Total deductions 671,300 671,300 683,407 NET INCREASE 2,248,700$ 2,248,700$ 1,726,005 NET POSITION RESTRICTED FOR PENSIONS May 1 34,665,171 April 30 36,391,176$ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 103 - 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, 2020. 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, 2020, 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 29, 2020 - 104 - 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. 105-114 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the property tax. 115-122 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. 123-126 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. 127-128 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. 129-132 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Fiscal Year 2011 2012 2013 2014 GOVERNMENTAL ACTIVITIES Net investment in capital assets 287,247,440$ 273,588,903$ 261,247,144$ 248,456,183$ Restricted 679,852 2,258,412 2,874,252 3,006,647 Unrestricted (999,983) 3,010,321 8,503,651 12,390,475 TOTAL GOVERNMENTAL ACTIVITIES 286,927,309$ 278,857,636$ 272,625,047$ 263,853,305$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 86,260,116$ 84,915,466$ 85,745,939$ 85,192,902$ Restricted 601,299 601,161 603,205 602,080 Unrestricted 10,526,199 10,420,908 12,265,523 12,652,914 TOTAL BUSINESS-TYPE ACTIVITIES 97,387,614$ 95,937,535$ 98,614,667$ 98,447,896$ PRIMARY GOVERNMENT Net investment in capital assets 373,507,556$ 358,504,369$ 346,993,083$ 333,649,085$ Restricted 1,281,151 2,859,573 3,477,457 3,608,727 Unrestricted 9,526,216 13,431,229 20,769,174 25,043,389 TOTAL PRIMARY GOVERNMENT 384,314,923$ 374,795,171$ 371,239,714$ 362,301,201$ *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 - 105 - 2015 2016*2017 2018 2019 2020 236,161,456$ 224,437,029$ 214,068,963$ 206,531,017$ 199,080,764$ 196,692,962$ 3,783,480 4,260,303 4,203,118 4,361,935 4,945,385 6,054,100 16,035,847 6,885,635 9,857,838 10,184,052 12,807,949 12,836,052 255,980,783$ 235,582,967$ 228,129,919$ 221,077,004$ 216,834,098$ 215,583,114$ 83,998,867$ 83,393,179$ 84,275,866$ 84,489,070$ 85,596,840$ 91,015,742$ 2,106,291 2,247,562 2,248,756 2,248,925 1,725,525 2,250,625 12,027,445 12,492,289 12,505,856 13,704,889 15,764,957 14,933,664 98,132,603$ 98,133,030$ 99,030,478$ 100,442,884$ 103,087,322$ 108,200,031$ 320,160,323$ 307,830,208$ 298,344,829$ 291,020,087$ 284,677,604$ 287,708,704$ 5,889,771 6,507,865 6,451,874 6,610,860 6,670,910 8,304,725 28,063,292 19,377,924 22,363,694 23,888,941 28,572,906 27,769,716 354,113,386$ 333,715,997$ 327,160,397$ 321,519,888$ 319,921,420$ 323,783,145$ - 106 - Fiscal Year 2011 2012 2013 2014 EXPENSES Governmental activities General government 2,754,319$ 3,808,990$ 3,442,249$ 4,437,507$ Public safety 10,703,278 11,247,015 11,273,628 11,321,562 Highways and streets 21,833,556 22,554,164 21,995,249 23,977,254 Interest 1,333,022 1,347,798 1,213,432 1,154,112 Total governmental activities expenses 36,624,175 38,957,967 37,924,558 40,890,435 BUSINESS-TYPE ACTIVITIES Water and sewer 13,563,407 13,215,950 14,648,769 15,233,480 Total business-type activities expenses 13,563,407 13,215,950 14,648,769 15,233,480 TOTAL PRIMARY GOVERNMENT EXPENSES 50,187,582$ 52,173,917$ 52,573,327$ 56,123,915$ PROGRAM REVENUES Governmental activities Charges for services General government 4,257,608$ 4,595,180$ 4,989,871$ 5,178,547$ Public safety 1,913,421 1,937,666 1,756,994 1,658,959 Highways and streets 3,783 13,909 178,221 141,846 Operating grants and contributions 1,508,358 2,239,921 1,372,279 1,386,766 Capital grants and contributions 2,328,859 257,817 1,009,182 118,359 Total governmental activities program revenues 10,012,029 9,044,493 9,306,547 8,484,477 Business-type activities Charges for services Water/sewer 10,135,734 11,482,986 14,066,990 13,361,542 Operating grants and contributions - - - - Capital grants and contributions 372,147 90,791 2,145,000 - Total business-type activities program revenues 10,507,881 11,573,777 16,211,990 13,361,542 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 20,519,910$ 20,618,270$ 25,518,537$ 21,846,019$ NET (EXPENSE) REVENUE Governmental activities (26,612,146)$ (29,913,474)$ (28,618,011)$ (32,405,958)$ Business-type activities (3,055,526) (1,642,173) 1,563,221 (1,871,938) TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (29,667,672)$ (31,555,647)$ (27,054,790)$ (34,277,896)$ Last Ten Fiscal Years CHANGE IN NET POSITION VILLAGE OF PLAINFIELD, ILLINOIS - 107 - 2015*2016 2017 2018 2019 2020 3,974,582$ 4,461,409$ 4,547,120$ 4,547,120$ 4,485,123$ 4,558,737$ 11,778,078 12,608,966 14,062,875 14,062,875 14,321,219 14,777,677 23,731,474 24,868,163 23,787,789 23,787,789 26,894,226 28,018,871 1,059,100 870,373 800,364 800,364 679,991 614,240 40,543,234 42,808,911 43,198,148 43,198,148 46,380,559 47,969,525 15,513,750 15,976,198 16,324,022 16,324,022 17,232,193 17,068,935 15,513,750 15,976,198 16,324,022 16,324,022 17,232,193 17,068,935 56,056,984$ 58,785,109$ 59,522,170$ 59,522,170$ 63,612,752$ 65,038,460$ 5,472,089$ 5,814,964$ 6,151,486$ 6,151,486$ 6,597,384$ 6,827,970$ 1,611,233 1,418,860 1,593,981 1,593,981 1,642,372 1,673,839 9,193 37,417 43,621 43,621 59,935 98,949 1,492,593 1,203,530 1,184,693 1,184,693 1,401,888 1,776,109 44,267 360,507 1,207,122 1,207,122 3,881,551 7,461,245 8,629,375 8,835,278 10,180,903 10,180,903 13,583,130 17,838,112 13,407,793 14,224,684 15,071,122 15,071,122 16,819,225 16,955,783 - - - - - - - - 389,353 389,353 97,847 2,415,839 13,407,793 14,224,684 15,460,475 15,460,475 16,917,072 19,371,622 22,037,168$ 23,059,962$ 25,641,378$ 25,641,378$ 30,500,202$ 37,209,734$ (31,913,859)$ (33,973,633)$ (33,017,245)$ (33,017,245)$ (32,797,429)$ (30,131,413)$ (2,105,957) (1,751,514) (863,547) (863,547) (315,121) 2,302,687 (34,019,816)$ (35,725,147)$ (33,880,792)$ (33,880,792)$ (33,112,550)$ (27,828,726)$ - 108 - Fiscal Year 2011 2012 2013 2014 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and replacement**6,651,509$ 6,306,567$ 6,300,458$ 6,352,505$ Home rule sales tax - - - - Utility/telecommunications 2,980,148 3,066,185 2,981,462 3,198,840 Local motor fuel 296,235 489,711 838,419 790,158 Other 4,447 7,069 5,804 4,966 Personal property replacement tax**- - - - Sales and use tax 7,670,219 8,143,910 8,495,268 8,848,545 Income tax 2,910,807 3,203,518 3,567,060 3,857,016 Investment income 8,190 6,770 20,956 27,857 Miscellaneous 68,237 103,695 72,956 63,581 Transfers 528,120 516,376 493,650 490,748 Total governmental activities 21,117,912 21,843,801 22,776,033 23,634,216 Business-type activities Home rule sales tax - - 1,415,262 1,630,710 Investment income 26,906 8,480 9,010 14,986 Miscellaneous 378,359 699,990 1,169,633 550,219 Transfers (528,120) (516,376) (493,650) (490,748) Total business-type activities (122,855) 192,094 2,100,255 1,705,167 TOTAL PRIMARY GOVERNMENT 20,995,057$ 22,035,895$ 24,876,288$ 25,339,383$ CHANGE IN NET POSITION Governmental activities (5,494,234)$ (8,069,673)$ (5,841,978)$ (8,771,742)$ Business-type activities (3,178,381) (1,450,079) 3,663,476 (166,771) TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (8,672,615)$ (9,519,752)$ (2,178,502)$ (8,938,513)$ *Beginning in fiscal year 2015, home rule sales tax is presented separately from sales and use tax. **Beginning in fiscal year 2020, personal property replacement tax is presented separately from property tax. Data Source Audited Financial Statements Last Ten Fiscal Years CHANGE IN NET POSITION (Continued) VILLAGE OF PLAINFIELD, ILLINOIS - 109 - 2015*2016 2017 2018 2019 2020 6,538,805$ 6,633,529$ 6,795,465$ 6,795,465$ 7,358,761$ 7,589,824$ 3,286,980 3,403,167 3,492,459 3,492,459 3,725,422 3,604,349 3,107,995 2,816,908 2,915,445 2,915,445 2,995,191 2,797,119 813,718 897,404 959,052 959,052 1,674,790 1,504,478 8,250 7,587 10,092 10,092 8,265 5,268 - - - - - 63,799 5,842,343 6,199,078 6,328,246 6,328,246 6,978,728 7,202,352 3,876,349 4,218,244 3,741,387 3,741,387 3,842,879 4,289,960 (120,582) 53,007 140,553 140,553 672,108 808,901 197,627 267,223 210,598 210,598 321,579 33,379 489,852 498,100 970,900 970,900 976,800 981,000 24,041,337 24,994,247 25,564,197 25,564,197 28,554,523 28,880,429 1,643,244 1,701,328 1,745,968 1,745,968 1,862,431 1,801,904 141 61,902 62,358 62,358 375,621 479,317 637,131 822,046 923,569 923,569 1,698,307 1,509,801 (489,852) (498,100) (970,900) (970,900) (976,800) (981,000) 1,790,664 2,087,176 1,760,995 1,760,995 2,959,559 2,810,022 25,832,001$ 27,081,423$ 27,325,192$ 27,325,192$ 31,514,082$ 31,690,451$ (7,872,522)$ (8,979,386)$ (7,453,048)$ (7,453,048)$ (4,242,906)$ (1,250,984)$ (315,293) 335,662 897,448 897,448 2,644,438 5,112,709 (8,187,815)$ (8,643,724)$ (6,555,600)$ (6,555,600)$ (1,598,468)$ 3,861,725$ - 110 - Fiscal Year 2011 2012 2013 2014 GENERAL FUND Reserved 3,393,753$ -$ -$ -$ Unreserved - designated 750,040 - - - Unreserved - undesignated 4,151,179 - - - Nonspendable for Advances - 1,193,937 1,153,506 - Long-term receivables - 909,968 705,953 687,538 Prepaid items - 123,321 133,497 133,536 Restricted Retirement obligations - - - - Public safety - - - - Unrestricted Assigned for bridge construction - 20,000 - - Assigned for insurance - 845,155 1,006,427 1,065,860 Unassigned - 6,814,424 9,658,183 9,841,030 TOTAL GENERAL FUND 8,294,972$ 9,906,805$ 12,657,566$ 11,727,964$ ALL OTHER GOVERNMENTAL FUNDS Reserved 679,852$ -$ -$ -$ Unreserved, reported in Capital Projects Fund (10,889,373) - - - Special Revenue Fund 1,174,378 - - - Restricted for Street maintenance - 1,115,600 1,509,744 1,915,321 Public safety - 42,389 40,585 42,443 Audit - 4,106 5,360 3,511 Liability insurance - 310,733 219,288 86,172 Economic development - 785,584 1,099,275 959,200 Unrestricted Assigned for debt service - 1,347 881 918 Assigned for capital projects - - - 405,138 Unassigned - (7,414,412) (4,328,519) - TOTAL ALL OTHER GOVERNMENTAL FUNDS (9,035,143)$ (5,154,653)$ (1,453,386)$ 3,412,703$ TOTAL FUND BALANCES (740,171)$ 4,752,152$ 11,204,180$ 15,140,667$ Note: The Village implemented GASB Statement No. 54 for the fiscal year ended April 30, 2012. Data Source Audited Financial Statements Last Ten Fiscal Years FUND BALANCES OF GOVERNMENTAL FUNDS VILLAGE OF PLAINFIELD, ILLINOIS - 111 - 2015 2016 2017 2018 2019 2020 -$ -$ -$ -$ $ - -$ - - - - - - - - - - - - - - - - - - 669,986 363,498 221,763 - - - 135,867 142,187 150,893 212,479 14,236 12,797 - 16,709 92,012 125,878 131,092 155,847 - 471,209 393,352 508,783 466,127 564,987 - - - - - - 1,158,291 1,127,527 1,305,917 1,248,272 1,341,972 1,587,724 8,322,103 8,485,950 8,655,225 9,556,631 9,955,142 10,028,321 10,286,247$ 10,607,080$ 10,819,162$ 11,652,043$ 11,908,569$ 12,349,676$ -$ -$ -$ -$ $ - -$ - - - - - - - - - - - - 2,690,722 2,819,181 3,077,064 3,173,918 3,474,726 3,773,572 32,058 40,651 42,749 48,257 53,287 41,740 3,970 6,161 9,342 15,977 22,593 19,693 70,626 21,126 48,059 294,086 442,523 502,907 986,104 885,266 540,540 195,036 355,037 995,354 1,700 2,133 2,159 2,233 3,130 1,830 5,447,573 8,837,434 13,490,725 14,805,542 17,678,526 18,762,050 - - (435) - - - 9,232,753$ 12,611,952$ 17,210,203$ 18,535,049$ 22,029,822$ 24,097,146$ 19,519,000$ 23,219,032$ 28,029,365$ 30,187,092$ 33,938,391$ 36,446,822$ - 112 - Fiscal Year 2011 2012 2013 2014 REVENUES Taxes 17,533,217$ 18,150,775$ 19,207,009$ 19,853,191$ Licenses and permits 497,966 611,529 735,905 862,916 Intergovernmental 5,507,812 5,340,409 5,298,633 4,661,759 Charges for services 4,152,165 4,380,366 4,822,592 4,887,938 Fines and forfeits 1,329,951 1,325,854 1,169,501 1,122,269 Investment income 8,190 6,770 20,956 27,857 Miscellaneous 385,686 479,606 334,334 212,015 Total revenues 29,414,987 30,295,309 31,588,930 31,627,945 EXPENDITURES General government 2,401,600 3,477,890 3,141,185 4,029,639 Public safety 10,100,410 10,654,797 10,686,447 10,746,430 Highways and streets 6,388,974 6,431,829 6,623,648 7,404,103 Capital outlay 2,786,336 1,950,478 2,042,968 2,870,609 Debt service Principal 1,580,000 1,720,000 1,915,000 1,945,000 Interest and fiscal charges 1,485,744 1,581,506 1,221,304 1,191,213 Total expenditures 24,743,064 25,816,500 25,630,552 28,186,994 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 4,671,923 4,478,809 5,958,378 3,440,951 OTHER FINANCING SOURCES (USES) Transfers in 3,610,948 3,096,035 3,102,780 6,094,911 Transfers (out)(3,082,828) (2,579,659) (2,609,130) (5,604,163) Refunding bonds issued 9,280,000 6,820,000 - - Premium (discount) on refunding bonds 564,424 532,928 - - Bonds issued - - - - Premium (discount) on bonds issued - - - - Payment to escrow agent (9,913,670) (7,251,451) - - Installment notes issued - - - - Sale of capital assets 175,000 395,661 - 4,788 Total other financing sources (uses)633,874 1,013,514 493,650 495,536 NET CHANGE IN FUND BALANCES 5,305,797$ 5,492,323$ 6,452,028$ 3,936,487$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 13.96%13.03%12.94%11.53% *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 - 113 - 2015*2016 2017 2018 2019 2020 10,647,752$ 10,941,684$ 11,257,069$ 11,822,426$ 12,208,524$ 12,202,479$ 976,464 1,177,055 1,166,151 1,094,102 1,318,572 1,460,594 14,308,398 14,596,272 14,772,754 14,513,737 15,822,129 16,663,407 4,932,519 5,100,794 5,485,364 5,664,929 5,848,888 5,993,016 1,094,229 907,956 1,052,355 1,067,168 1,032,766 1,051,895 (120,582) 53,007 140,553 311,646 672,108 808,901 342,080 554,657 432,609 2,209,121 4,257,866 983,159 32,180,860 33,331,425 34,306,855 36,683,129 41,160,853 39,163,451 3,677,375 3,966,293 4,211,656 5,460,233 4,506,444 4,274,371 11,266,927 11,453,755 11,675,600 12,210,028 12,879,658 12,869,995 7,197,622 7,809,942 7,856,257 8,801,462 8,870,269 9,704,053 3,048,345 3,897,730 3,606,528 5,909,454 9,032,558 7,727,009 2,085,000 2,215,000 2,315,000 2,395,000 2,475,000 2,560,000 1,138,302 890,875 806,150 733,025 650,150 571,250 28,413,571 30,233,595 30,471,191 35,509,202 38,414,079 37,706,678 3,767,289 3,097,830 3,835,664 1,173,927 2,746,774 1,456,773 6,845,397 5,939,207 5,704,731 3,554,123 4,879,743 5,036,937 (6,355,545) (5,441,107) (4,733,831) (2,574,823) (3,902,943) (4,055,937) 9,665,000 - - - - - 331,514 - - - - - - - - - - - - - - - - - (9,875,322) - - - - - - - - - - - - 104,102 3,769 4,500 27,725 70,658 611,044 602,202 974,669 983,800 1,004,525 1,051,658 4,378,333$ 3,700,032$ 4,810,333$ 2,157,727$ 3,751,299$ 2,508,431$ 11.78%10.79%11.01%10.00%9.40%9.07% - 114 - 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 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% 2019 1,291,089,253 151,758,478 17,138,753 4,609,357 470,584 1,465,066,425 0.4669 4,395,199,275 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 - 115 - Levy Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 DIRECT TAX RATES General 0.2012 0.2032 0.2158 0.2210 0.2099 0.1974 0.1921 0.2002 0.2159 0.2205 Debt service 0.0086 0.0090 0.0098 0.0098 0.0098 0.0097 0.0088 0.0089 0.0083 - Police Pension 0.0682 0.0721 0.0767 0.0783 0.0811 0.0911 0.1068 0.1057 0.0936 0.1079 IMRF 0.0436 0.0461 0.0490 0.0500 0.0492 0.0476 0.0448 0.0407 0.0389 0.0375 Police protection 0.0607 0.0641 0.0682 0.0696 0.0683 0.0662 0.0624 0.0711 0.0788 0.0887 Audit 0.0029 0.0031 0.0030 0.0034 0.0033 0.0035 0.0033 0.0033 0.0026 0.0021 Liability insurance 0.0227 0.0321 0.0342 0.0348 0.0453 0.0514 0.0487 0.0370 0.0288 0.0102 Total direct rates 0.4079 0.4297 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 OVERLAPPING TAX RATES Will County Including Forest Preserve 0.6841 0.7244 0.7244 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 0.7304 Plainfield CUSD #202 4.8618 5.2705 5.8323 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 5.4425 Joliet Jr. Community College #525 0.2270 0.2463 0.2768 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 0.2938 Plainfield Township Park District 0.1959 0.2126 0.2433 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 0.2554 Plainfield Public Library District 0.1573 0.1720 0.1894 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 0.1848 Plainfield Fire Protection District 0.8656 0.8872 0.9216 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 0.9339 Township and all other 0.1653 0.1804 0.1960 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 0.1859 Total overlapping rates 7.1570 7.6934 8.3838 9.0030 9.1163 9.0610 8.6295 8.4006 8.2016 8.0267 TOTAL TAX RATES 7.5649 8.1231 8.8405 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 8.4936 Property tax rates are per $100 of assessed valuation. Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years - 116 - Percentage Percentage of Total of Total 2018 Taxable Village 2009 Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation JVM Realty Corporation Springs at 127th 12,465,420$ 1 0.90% Diageo North America, Inc.Manufacturer of liquors 8,866,667 2 0.64% Wal-Mart Stores Inc.Discount department store 4,581,409 3 0.33% Edward Health Ventures Healthcare 4,075,480 4 0.29% Meijer Discount department store 3,970,434 5 0.29% American House Senior Living Senior care facility 3,825,000 6 0.28% Coilplus Illinois Inc.Flat rolled steel processing 3,475,014 7 0.25% Harbor Chase of Plainfield Senior care facility 3,348,165 8 0.24% Menard's Inc.Home improvement center 3,167,385 9 0.23% Target Discount department store 2,659,837 10 0.19% 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 50,434,811$ 3.64%56,909,022$ 3.87% ** 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 2020 2011 PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago - 117 - Levy Collection Fiscal Percentage Collections in Total Collections Total Collections Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date 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% 2018 2019 2020 6,490,752 6,471,666 99.71%N/A 6,471,666 99.71% Note: Levies and collections for tax levy years 2009 - 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 - 118 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2010 2011 2012 2013 2014 ASSESSED VALUATION 1,318,896,845$ 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ 1,173,327,609$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2012 2,643,631$ 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ 0.2099 2,463,239$ Debt service 0.0086 113,418 0.0090 112,021 0.0098 115,469 0.0098 112,648 0.0098 114,957 Police Pension 0.0682 899,517 0.0721 897,766 0.0767 903,769 0.0783 900,238 0.0811 951,470 IMRF 0.0436 573,793 0.0461 574,000 0.0490 577,376 0.0500 574,887 0.0492 577,137 Police protection 0.0607 799,295 0.0641 798,146 0.0682 803,595 0.0696 800,217 0.0683 801,299 Audit 0.0029 38,241 0.0031 38,567 0.0030 35,338 0.0034 39,030 0.0033 38,713 Liability insurance 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.0348 400,106 0.0453 531,426 TOTAL TAX EXTENSIONS 0.4079 5,367,321$ 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ 0.4669 5,478,241$ - 119 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued) Last Ten Levy Years Tax Levy Year 2015 2016 2017 2018 2019 ASSESSED VALUATION 1,211,918,620$ 1,282,556,687$ 1,331,313,906$ 1,390,180,402$ 1,465,066,425$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.1974 2,393,149$ 0.1974 2,452,961$ 0.2002 2,671,680$ 0.2159 3,001,704$ 0.2205 3,223,618$ Debt service 0.0097 117,462 0.0097 118,846 0.0089 118,180 0.0083 115,321 - - Police Pension 0.0911 1,103,800 0.0911 1,370,987 0.1057 1,404,818 0.0936 1,301,135 0.1079 1,582,121 IMRF 0.0476 576,756 0.0476 575,818 0.0407 540,770 0.0389 540,734 0.0375 550,815 Police protection 0.0662 802,149 0.0662 801,498 0.0711 945,182 0.0788 1,095,434 0.0887 1,302,283 Audit 0.0035 42,394 0.0035 42,308 0.0033 43,814 0.0026 36,071 0.0021 30,716 Liability insurance 0.0514 622,738 0.0514 625,839 0.0370 491,460 0.0288 400,353 0.0102 150,842 TOTAL TAX EXTENSIONS 0.4669 5,658,448$ 0.4669 5,988,257$ 0.4669 6,215,904$ 0.4669 6,490,752$ 0.4669 6,840,395$ - 120 - Calendar Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 General merchandise 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$ 2,850,382$ Food 469,346 447,894 377,464 405,981 619,855 920,851 760,833 862,417 1,063,115 1,040,872 Drinking and eating places 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 1,952,874 Apparel 120,139 347,612 127,335 121,980 87,001 139,606 162,603 179,296 179,438 184,169 Furniture, H.H., and radio 145,517 141,098 157,320 125,553 133,673 147,176 140,391 133,176 134,476 144,632 Lumber, building hardware 535,803 552,466 675,008 812,648 888,333 938,009 999,130 1,002,964 1,009,777 1,030,853 Automobile and filling stations 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 2,205,418 Drugs and miscellaneous retail 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 1,273,913 Agriculture and all others 465,556 468,099 291,404 300,709 376,539 877,983 545,409 556,959 594,384 525,946 Manufacturers 184,640 64,035 82,726 125,084 150,191 140,846 187,450 232,970 245,528 186,354 TOTAL 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$ 11,395,413$ 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%1.50%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 - 121 - 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 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% 2019 1.00%1.50%0.25%0.75%5.00%8.50% Note: The home rule sales tax rate increase for the Village was effective July 1, 2012. Data Source Village and Illinois Department of Revenue VILLAGE OF PLAINFIELD, ILLINOIS - 122 - 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* 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 2.26%950 2019 18,384,607 - 1,900,751 14,308,142 2,169,432 36,762,932 N/A 830 2020 15,688,752 - - 13,649,564 2,008,040 31,346,356 N/A N/A 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 - 123 - 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 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 1.49%458 2020 15,688,752 - 15,688,752 N/A N/A N/A - information not available VILLAGE OF PLAINFIELD, ILLINOIS - 124 - DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Percentage Village's Gross Debt Applicable Share Governmental Unit Debt to the Village*of Debt Village of Plainfield 15,688,752$ 100.000%15,688,752$ Will County - (2)(3)6.620%- Will County Forest Preserve District 85,350,000 6.620%5,650,170 Kendall County - (2)2.927%- Kendall County Forest Preserve District 32,825,000 2.927%960,788 Plainfield Fire Protection District - (2)78.686%- Oswegoland Park District 5,945,000 8.029%477,324 Plainfield Park District 11,244,490 45.393%5,104,211 Oswego Public Library District 5,195,000 7.996%415,392 Plainfield Unit School District #202 168,315,000 (3)35.432%59,637,371 Indian Prairie Unit School District #204 149,915,000 (3)0.579%868,008 Oswego Unit School District #308 275,079,053 (1)7.024%19,321,553 DuPage Community College #502 136,270,000 (2)0.066%89,938 Waubonsee Community College #516 46,305,000 1.490%689,945 Joliet Community College #525 60,280,000 (2)5.893%3,552,300 Total Overlapping Debt 976,723,543 96,767,000 TOTAL DIRECT AND OVERLAPPING DEBT 992,412,295$ 112,455,752$ (1) Includes original principal amounts of outstanding General Obligation Capital Appreciation Bonds. (3) Excludes outstanding debt certificates. Data Sources The Village and Will and Kendall County Clerk's Offices VILLAGE OF PLAINFIELD, ILLINOIS April 30, 2020 (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. - 125 - PLEDGED-REVENUE COVERAGE WATER REVENUE BONDS Last Ten Fiscal Years Water Fiscal Charges Debt Service Year and Other Principal Interest Coverage 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 2020 16,955,783 620,000 515,550 14.93 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. - 126 - DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Median Capita Fiscal Household Personal Personal Unemployment Year Population Income Income Income Rate 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 44,138 126,127 1,852,471,860 41,970 3.5% 2019 44,308 N/A N/A N/A 3.6% 2020 N/A N/A N/A N/A 16.4% 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 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 2013-2017 American Community Survey 5-Yr Estimates 2014-2018 census.gov quick facts Unemployment Rate: Illinois Department of Employment Security (2020 through April - not seasonally adjusted) VILLAGE OF PLAINFIELD, ILLINOIS - 127 - 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 3,300 7.45%Plainfield CUSD #202 1 3,395 8.46% Diageo North America, Inc.2 650 1.47%Chicago Bridge & Iron Co.2 400 1.00% Wal-Mart**3 385 0.87%Wal-Mart 3 318 0.79% McDermott Intl (Chicago Bridge & Iron)4 264 0.60%Jewel 4 310 0.77% Meijer 5 245 0.55%Diageo North America 5 300 0.75% Target**6 170 0.38%Meijer 6 250 0.62% Menards, Inc 7 151 0.34%Plainfield Precision 7 205 0.51% Village of Plainfield 8 146 0.33%Target 8 150 0.37% Jewel-Osco 9 140 0.32%Village of Plainfield 9 142 0.35% Community Unit School District 308 10 138 0.31%HPD, Veolia Water Solutions & Tech Co.10 120 0.30% Population Population 44,308 40,151 **2019 data - no response from Employer Note: May include both full-time and full-time equivalent employees. Data Sources From a canvas of employers, IL Services and Manufacturers Directory, Harris Illinois Industrial Directory VILLAGE OF PLAINFIELD, ILLINOIS 20112020 - 128 - Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Administration/Finance 14.50 14.50 15.00 14.50 15.50 16.00 16.00 16.00 16.00 16.00 Police Department 73.50 75.50 75.50 76.50 76.50 77.50 76.50 76.50 80.00 82.00 Streets Department 17.00 17.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 Community Development 7.50 7.50 8.00 8.00 8.00 9.50 14.00 15.00 15.00 14.50 Water and Sewer Department 11.50 12.50 11.50 11.50 11.50 11.50 11.50 11.50 10.50 11.00 Public Works Engineering 2.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 4.00 4.00 TOTAL 126.00 130.50 131.50 132.00 133.00 136.00 139.50 140.50 144.00 146.00 Data Source Village Human Resources Department VILLAGE OF PLAINFIELD, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 129 - Function/Program 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 PUBLIC SAFETY Police Calls for service 41,048 40,490 37,529 34,570 33,252 34,031 34,176 33,476 37,915 39,715 Total traffic citations 12,125 14,037 11,086 9,819 7,951 6,974 6,842 6,285 7,464 8,212 Total DUI arrests 154 104 119 107 89 69 66 76 99 88 Total crashes 1,109 980 1,010 1,121 1,200 1,272 1,020 1,151 1,347 1,077 D.A.R.E Program student attendance 1,100 1,150 1,200 4,544 1,200 1,631 2,100 2,100 790 782 BUILDING PERMITS ISSUED New residential units 58 88 111 135 166 138 143 144 180 201 General construction inspections 4,300 4,884 6,619 8,016 6,367 7,801 8,095 8,816 8,453 10,490 Commercial/office/industrial added (sq ft.)172,926 90,770 71,414 194,250 - 59,399 342,429 38,757 95,421 1,674,667 Acreage annexed 5 2.1 277 6 87 177 6 59 207 65 BUILDING PERMIT REVENUE (*fiscal year)294,862$ 275,144$ 447,103$ 561,591$ 677,304$ 983,448$ 952,317$ 855,481$ 1,087,619$ 1,171,669$ PUBLIC WORKS Asphalt patching/pothole repairs (tons)285 195 136 109 104 72 55 156 122 150 Shoulder stone repaired (tons)464 843 1,173 824 945 390 277 748 1,096 352 Snow removal events 29 20 12 26 27 23 21 19 30 26 Street sweeping (lane miles)1,760 1,627 1,958 1,635 1,334 1,398 1,906 2,180 1,964 1,718 Grounds maintenance and mowing (hours)1,974 2,280 1,709 1,904 1,552 1,674 1,026 1,483 2,949 1,937 UTILITY BILLING (*fiscal year) Total Billing Accounts (as of 4/30)12,509 12,641 12,679 12,811 12,997 13,217 13,400 13,565 13,708 13,862 Water consumption billed (cubic feet) Residential 110,246,350 111,002,800 123,367,085 123,441,600 125,383,157 115,777,283 107,567,800 112,559,000 110,776,966 112,720,800 Commercial 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 18,750,621 Industrial 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 21,632,287 WATER Average daily flow (MGD)3.062 3.091 3.49 3.205 3.098 3.136 3.092 3.234 3.34 3.148 Peak daily flow (MGD)5.841 6.324 6.644 5.941 4.656 5.292 5.768 5.218 6 4.7 Water main breaks 4 5 2 1 6 4 4 9 4 9 Number of valves exercised 2061 28 19 513 1,096 441 28 1,700 1,200 1,843 VILLAGE OF PLAINFIELD, ILLINOIS OPERATING INDICATORS Last Ten Calendar Years - 130 - Function/Program 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 WASTEWATER Miles of sanitary sewer main 220 220 220 220 220 220 221 221 220 223 Average daily flow (MGD)3.55 3.964 3.21 4.441 4.663 4.460 4.372 4.763 4.587 5.758 Bio-solids treated (tons)730 642 799 771 945 879 888 893 972 878 Sewers inspected/cleaned (feet)9,000 3,308 23,200 13,200 6,200 14,006 13,450 13,197 24,568 68,138 Data Source Various Village departments - 131 - CAPITAL ASSET STATISTICS Last Ten Fiscal Years Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 7 6 6 6 6 6 6 6 6 PUBLIC WORKS Lane miles of streets 410 410 410 410 410 410 410 410 410 420 Traffic signals 7 7 4 4 4 4 4 4 4 4 WATER Water mains (miles)226 226 229 229 229 229 230 230 230 235 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)220 220 220 220 220 220 221 221 221 223 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 - 132 -