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Home My Public Portal AboutFY 2021 - Comprehensive Annual Financial Report VILLAGE OF PLAINFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2021 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 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 ................................................................................... 4-5 Statement of Activities ....................................................................................... 6-7 Fund Financial Statements Governmental Funds Balance Sheet................................................................................................. 8-9 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ................... 10 Statement of Revenues, Expenditures, and Changes in Fund Balances ....... 11 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 12 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 .............................................................................. 13-14 Statement of Revenues, Expenses, and Changes in Fund Net Position........ 15 Statement of Cash Flows ............................................................................... 16-17 Fiduciary Funds Statement of Fiduciary Net Position ............................................................. 18 Statement of Changes in Fiduciary Net Position .......................................... 19 Notes to Financial Statements ......................................................................... 20-59 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 ................................................................... 63-64 Police Pension Fund ........................................................................................... 65-66 Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefit Plan .................................................................. 67 Schedule of Investment Returns Police Pension Fund ........................................................................................... 68 Notes to Required Supplementary Information ................................................ 69 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 .................................. 70-71 Schedule of Expenditures - Budget and Actual - General Fund ............................. 72-73 Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 74-83 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund.......................................................................................... 84 Debt Service Fund ...................................................................................... 85 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ............................................................................... 86-87 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ............................................................................ 88-89 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Liability Insurance Fund ..................................................................................... 90 Audit Fund .......................................................................................................... 91 Alcohol Enforcement Fund ................................................................................ 92 Motor Fuel Tax Fund.......................................................................................... 93 D.A.R.E. Fund .................................................................................................... 94 Downtown TIF Fund .......................................................................................... 95 Route 30 TIF Fund ............................................................................................. 96 MAJOR ENTERPRISE FUND Water and Sewer Department Accounts Combining Schedule of Net Position ................................................................. 97-98 Combining Schedule of Revenues, Expenses, and Changes in Net Position ................................................................................... 99 Combining Schedule of Cash Flows .................................................................. 100-101 Schedule of Operating Expenses - Budget and Actual ...................................... 102-104 FIDUCIARY FUND Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Fund ............................................................. 105 VILLAGE OF PLAINFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S ASSERTION OF COMPLIANCE ................................................................................. 106 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 107-108 Change in Net Position ................................................................................................. 109-112 Fund Balances of Governmental Funds ....................................................................... 113-114 Changes in Fund Balances of Governmental Funds .................................................... 115-116 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 117 Property Tax Rates - Direct and Overlapping Governments ....................................... 118 Principal Property Taxpayers ....................................................................................... 119 Property Tax Levies and Collections ........................................................................... 120 Property Tax Assessed Valuations, Rates, and Tax Extensions .................................. 121 Sales Tax by Category .................................................................................................. 122 Direct and Overlapping Sales Tax Rates...................................................................... 123 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 124 Ratios of General Bonded Debt Outstanding ............................................................... 125 Direct and Overlapping Governmental Activities Debt............................................... 126 Pledged-Revenue Coverage ......................................................................................... 127 Demographic and Economic Information Demographic and Economic Information .................................................................... 128 Principal Employers ..................................................................................................... 129 Operating Information Full-Time Equivalent Employees................................................................................. 130 Operating Indicators ..................................................................................................... 131-132 Capital Asset Statistics ................................................................................................. 133 INTRODUCTORY SECTION - i - VILLAGE OFFICIALS PRESIDENT John F. Argoudelis TRUSTEES Harry Benton Patricia T. Kalkanis Tom Ruane Cally J. Larson Kevin M. Calkins Brian Wojowski Traci Pleckham Interim 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 Community Relations Police Department Public Works Department Planning Department Building Department Assistant Village Administrator/ Management Services Director Village Clerk Village Attorney Village of Plainfield Organizational Chart - ii - Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Plainfield Illinois For its Comprehensive Annual Financial Report For the Fiscal Year Ended April 30, 2020 Executive Director/CEO - 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 150 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 increased 17.9% in comparison to the previous fiscal year; while state income and use tax improved by 5.8% and 26.8% respectively. Housing development also showed improvement in 2021. During the fiscal year, 307 single family building permits were issued for new construction within the Village. During fiscal year 2020, 220 single family building permits were issued and 169 were issued in 2019. Building permit revenues represented 4.7% of the General Fund revenue for fiscal year 2021 compared to 4.2% in fiscal year 2020. 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 2021 reflected a $3,121,257 transfer from the Village’s General Fund to the Capital Fund, resulting in an ending fund balance of just over $19.1 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. - 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 The Village is extremely fortunate to see economic development and infrastructure improvements continue throughout the pandemic. Here are a few of the year’s highlights: • Costco Wholesale opened in November of 2020 as the anchor of the Boulevard Place development. It is one of the largest retail commercial projects built in over a decade in the Village. The store opened to one of the company’s best Midwest openings ever and has surpassed initial sales projections that are closer to “year 5” of the initial projections. • The Village’s award-winning public-private partnership project, the P3 project with Northern Builders Inc., began to take shape with two major development projects. The first is a partnership with Pace Suburban Bus to construct a 250,000 square foot storage and maintenance facility that will allow Pace to eventually expand its services in the region and commuting options to Downtown Chicago. This facility is currently under construction and is expected to be completed during the winter. This project also brought over $2 million in adjacent infrastructure improvement. The second project under construction is a new 65,000 square foot facility for Perlow Steel which is relocating their operations to Plainfield. Overall, these projects will bring nearly 150 new employees to the Village. The Village Board also approved an agreement with Northern Builders whereby they will construct a new facility for the Plainfield Emergency Management Agency (PEMA). • Diageo North America, a global leader in beverage alcohol and Plainfield’s leading private employer, is expanding its footprint in the Village again with a new $80 million facility featuring two high-speed canning lines capable of producing 25 million cases of Ready-to-Drink (RTD) products per year. The facility will sit on a 225,000-square-foot property, employ 50 full-time workers, and include a 500 cans-per- minute (CPM) line and a 1200 CPM line. It is scheduled to be operational by the end of 2021. With this new investment, the Village estimates that Diageo has invested over $500 million in the last 50 years into operations in Plainfield. • The Village continued to see significant residential growth with ongoing construction throughout the fiscal year at the Northpointe, Springbank, Chatham Square, and Creekside Crossing subdivisions. Additionally, construction continued on major multi-family projects like Sixteen30 and Legacy Apartments at Grande Park. • The final stage of the multi-year Village Green project was completed which included the full reconstruction of the roadway and related right-of-way assets. Sidewalks were reconstructed to a standardized 5’ width, ADA curb ramps installed, and decorative street light installation were completed throughout the project limits. - vii - 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 for the fiscal year that ended April 30, 2020. This was the seventh 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 Annual Report. The report must also satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of only one year. We believe that our current Comprehensive Annual Financial Report 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, Traci Pleckham Interim Village Administrator Management Services Director FINANCIAL SECTION 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT The Honorable President Members of the Board of Trustees Village of Plainfield, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois (the Village) as of and for the year ended April 30, 2021 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, 2021 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole. - 2 - The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 4, 2021, 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 October 4, 2021 - 3 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditor's report) MD&A 1 VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS APRIL 30, 2021 _____________________________________________________________________________________________ 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, 2021. 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, 2021 equaled $329,747,496, an increase of $5,964,351 or 1.8% over the April 30, 2020 net position. Governmental Activities recognized a decrease in net position of $280,262. The Business-Type activities recognized an increase of $6,244,613 in net position. • Total revenues (including transfers) of all governmental activities increased by $880,524, or 1.9%. Total expenses decreased by $90,198 or 0.2% as compared to fiscal year 2020. • Total revenues of all business-type activity programs increased by $2,554,327, or 11.5%, while the total expenses increased by $1,422,423, or 8.3% as compared to fiscal year 2020. • Governmental Funds reported combined ending fund balances of $38,409,299, an increase of $1,962,477 over the prior fiscal year. o Total fund balance for the General Fund was $13,272,425, an increase of $922,749 over fiscal year 2020. This represents 49% of General Fund expenditures. $10,877,698 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 $19,106,071, an increase of $344,021 over fiscal year 2020. 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 2021 reflected a $3,121,257 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 $329,747,496 for April 30, 2021. In comparison, this amount reflects an increase of $5,964,351 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 (87%) 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 $35,173,056 may be used to meet the Village’s ongoing obligations. Of this amount, $15,737,960 represents the governmental activities portion and $19,435,096 is available for the Village’s business-type activities (water and sewer operations). 2021 2020 2021 2020 2021 2020 Assets Current Assets 57,316,163$ 48,186,277$ 25,297,283$ 20,642,264$ 82,613,446$ 68,828,541$ Capital Assets 204,854,461$ 211,081,712$ 106,353,186$ 104,838,558$ 311,207,647$ 315,920,270$ Total Assets 262,170,624$ 259,267,989$ 131,650,469$ 125,480,822$ 393,821,093$ 384,748,811$ Deferred Outflows of Resources IMRF 640,758$ 861,770$ 132,554$ 177,821$ 773,312$ 1,039,591$ OPEB 927,325$ 569,245$ 26,403$ 19,483$ 953,728$ 588,728$ Police Pension 1,802,242$ 4,111,110$ -$ 1,802,242$ 4,111,110$ Asset retirement obligation -$ 346,354$ 360,677$ 346,354$ 360,677$ Unamortized loss on refundings 909,261$ 1,300,002$ 1,742,690$ 1,834,786$ 2,651,951$ 3,134,788$ Total Assets and Deferred Outflows of Resources 266,450,210$ 266,110,116$ 133,898,470$ 127,873,589$ 400,348,680$ 393,983,705$ Liabilities Current Liabilities 10,655,787$ 4,043,074$ 3,638,886$ 2,825,211$ 14,294,673$ 6,868,285$ Long-Term Liabilities 22,415,231$ 32,882,528$ 15,365,671$ 16,636,028$ 37,780,902$ 49,518,556$ Total Liabilities 33,071,018$ 36,925,602$ 19,004,557$ 19,461,239$ 52,075,575$ 56,386,841$ Deferred Inflows of Resources IMRF 2,137,143$ 955,280$ 437,281$ 195,213$ 2,574,424$ 1,150,493$ OPEB 420,991$ 499,773$ 11,988$ 17,106$ 432,979$ 516,879$ Police Pension 7,142,939$ 4,264,416$ -$ -$ 7,142,939$ 4,264,416$ Deferred property tax 8,375,267$ 7,881,931$ -$ -$ 8,375,267$ 7,881,931$ Total Liabilities and Deferred Inflows of Resources 51,147,358$ 50,527,002$ 19,453,826$ 19,673,558$ 70,601,184$ 70,200,560$ Net Position: Net Investmant in Capital Assets 192,867,595$ 196,692,962$ 93,286,823$ 91,015,742$ 286,154,418$ 287,708,704$ Restricted 6,697,297$ 6,054,100$ 1,722,725$ 2,250,625$ 8,420,022$ 8,304,725$ Unrestricted 15,737,960$ 12,836,052$ 19,435,096$ 14,933,664$ 35,173,056$ 27,769,716$ Total Net Position 215,302,852$ 215,583,114$ 114,444,644$ 108,200,031$ 329,747,496$ 323,783,145$ Governmental Activities Business-Type Activities Total Primary Government Table 1: Statement of Net Position as of April 30, 2021 and April 30, 2020 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, 2021 General Fund reflects a positive fund balance of $13,272,425, reflecting an increase of fund balance of $922,749 from the 2020 fiscal year. The 2021 total combined General Fund balance represents 49% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General Fund expenditures or $10,877,698. The Village’s Capital Projects fund balance improved its fund balance by $344,021 resulting in a fund balance of $19,106,071 as of April 30, 2021. The Village’s overall combined fund balance is $38,409,299, an increase of $1,962,477 from fiscal year 2020. Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2021 compared to the year ended April 30, 2020. 2021 Governmental activities decreased the Village’s net position by $280,262 and business-type activities increased the Village’s net position by $6,244,613. Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets expenses of $27,078,111 include depreciation expenses of $13,050,974. 2021 2020 2021 2020 2021 2020 Revenues Program Revenues Charges for Services 8,497,079$ 8,600,758$ 19,332,166$ 16,955,783$ 27,829,245$ 25,556,541$ Operating Grants & Contributions 3,777,693$ 1,776,109$ -$ -$ 3,777,693$ 1,776,109$ Capital Grants & Contributions 4,507,614$ 7,461,245$ 929,493$ 2,415,839$ 5,437,107$ 9,877,084$ General Revenues Property Taxes 7,991,671$ 7,589,824$ -$ -$ 7,991,671$ 7,589,824$ Other Taxes 21,709,436$ 19,467,325$ 2,114,518$ 1,801,904$ 23,823,954$ 21,269,229$ Other 131,772$ 842,280$ 3,343,594$ 1,989,118$ 3,475,366$ 2,831,398$ Total Revenues 46,615,265$ 45,737,541$ 25,719,771$ 23,162,644$ 72,335,036$ 68,900,185$ Expenses General Government 6,284,103$ 4,558,737$ -$ -$ 6,284,103$ 4,558,737$ Public Safety 13,967,774$ 14,777,677$ -$ -$ 13,967,774$ 14,777,677$ Highways and Streets 27,078,111$ 28,018,871$ -$ -$ 27,078,111$ 28,018,871$ Interest 549,339$ 614,240$ -$ -$ 549,339$ 614,240$ Water and Sewer -$ 18,491,358$ 17,068,935$ 18,491,358$ 17,068,935$ Total Expenses 47,879,327$ 47,969,525$ 18,491,358$ 17,068,935$ 66,370,685$ 65,038,460$ (1,264,062)$ (2,231,984)$ 7,228,413$ 6,093,709$ 5,964,351$ 3,861,725$ Transfers 983,800$ 981,000$ (983,800)$ (981,000)$ -$ -$ Change in Net Position (280,262)$ (1,250,984)$ 6,244,613$ 5,112,709$ 5,964,351$ 3,861,725$ Net Position May 1 215,583,114$ 216,834,098$ 108,200,031$ 103,087,322$ 323,783,145$ 319,921,420$ Ending Net Position 215,302,852$ 215,583,114$ 114,444,644$ 108,200,031$ 329,747,496$ 323,783,145$ Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2021 and April 30, 2020 Change in Net Position before Transfers Governmental Activities Business-Type Activities Total Primary Government 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 57% of the Village's General Fund and 16% 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, 2021, revenues (including transfers) from Governmental Activities totaled $47,599,065, an increase of $880,524, or 1.9% from fiscal year 2020. Sales and Use Tax were the Village's largest revenue source at $12,851,676, representing 27% of the total Governmental Activity revenue. Charges for Services were the Village's second largest revenue source at $8,497,079, representing 17.85%. The primary Charges for Services revenues include refuse fees ($4,708,687), building permit revenues ($1,495,052), and franchise fees ($572,856). Property and Replacement Taxes represent $8,052,349 or 16.92% of the total Governmental Activity revenue. Development activity has picked up pace in 2021. During the fiscal year, 307 single family building permits were issued for new construction within the Village. During fiscal year 2020, 220 single family building permits were issued and 169 in 2019. The Village’s property tax revenues increased to $7,991,671 in fiscal year 2021 from $7,589,724 in fiscal year 2020. The Equalized Assessed Valuation (EAV) of the Village increased to $1,465,066,425 in calendar year 2019 from $1,390,180,402 in calendar year 2018, representing $74,886,023 or 5.4%. The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $1,667,153. Details of the Village’s portion of State-Shared Taxes are as follows: State-Shared Tax Fiscal Year 2021 Fiscal Year 2020 Increase / (Decrease) Sales Tax 6,812,757$ 5,775,938$ 1,036,819$ State Income Tax 4,537,460$ 4,289,960$ 247,500$ Use Tax 1,809,248$ 1,426,414$ 382,834$ Total 13,159,465$ 11,492,312$ 1,667,153$ 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, 2021, expenses from Governmental Activities totaled $47,879,327, an increase of $90,198 over fiscal year 2020. In comparison, expenses from Governmental Activities in fiscal year 2020 increased by $1,588,966. In fiscal year 2019, expenses increased by $1,161,467. For the fiscal year ended April 30, 2021, Highways and Streets represented 56.56% of expenditures or $27,078,111. Included in this figure is depreciation expense of $13,050,974. Some of the Village’s capital expenditures include $7,490,306 for roadway improvements, $795,983 for machinery and equipment for the Police and Public Works Departments, $730,581 for building improvements, and $583,882 for sidewalk and curb installation and replacement. 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 $6,244,613 to $114,444,644 (see Table 2 – MD&A page 4). Total revenue for the Village’s business-type activities increased by $2,557,127; to $25,719,771 in fiscal year 2021 from $23,162,644 in fiscal year 2020. Charges for Services revenues for fiscal year end 2021 totaled $19,332,166, an increase of $2,376,383. The increase in the Charges for Services is directly related to increased water use this fiscal year. In fiscal year 2021, the Village pumped an additional 97,499,000 gallons as compared to fiscal year 2020. 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 Expenses from all Business-Type Activities increased by $1,422,423 or 8.3%. Expenses for Lake Michigan water purchase in fiscal year 2021 was $1,093,388 more as compared to 2020, or 12.3% higher. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $147,511 to $3,522,664 for fiscal year 2021. 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, 2021 the Governmental Funds (as presented on page 11) reported a combined fund balance of $38,409,299 which is an increase from the beginning of the year balance of $36,446,822. Of the $1,962,477 overall fund balance increase, the Village’s General Fund increased its fund balance by $922,749 and Capital Fund increased its fund balance by $344,021. Of the $38,409,299 total fund balance, $10,877,698 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $27,531,601 includes $19,106,071 for capital projects, $4,619,581 for street maintenance, $1,715,319 for healthcare, $1,125,860 for economic development, $601,536 for public safety, 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. General Fund actual revenues were $4,173,585 more than budgeted and expenses were $50,818 less than budgeted. The revenue difference is primarily related to funding received through the Local Coronavirus Urgent Remediation Emergency Support Program ($1,814,016). Additionally, actual state income and use tax revenues ($1,496,708), sales tax revenues ($923,054), and building permit revenues ($545,052) were higher than what was budgeted. Total General Fund revenues increased by $3,701,465 in fiscal year 2021. General Fund expenditures increased by $2,123,441 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 $3,121,257 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 $10 million in capital projects in fiscal year 2021 and increased its fund balance by $344,021 resulting in an ending fund balance of $19,106,071. This fund balance will be utilized for future capital projects. Proprietary Funds At April 30, 2021 the Proprietary Funds total net position increased by $6,244,613. This is related to increased customer sales of 13.6% or $2,293,844, additional home rule sales tax revenue of $312,614, and $1,727,908 additional water and sewer connection fees as compared to fiscal year 2020. Capital grants and contributions also consisted of $929,493 in fiscal year 2021. In fiscal year 2020, capital contributions totaled $2,415,839 and $97,847 in fiscal year 2019. The Village’s Water and Sewer Accounts recorded an operating income of $1,393,946 in fiscal year 2021 (page 97). Fiscal year 2020 reported an operating income of $532,596. CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2021, amounts to $311,207,647. 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 $4,712,623. The Governmental Activities net capital assets decreased by $6,227,251. The Business-Type Activities net capital assets increased by $1,514,628. Detailed information regarding the change in capital assets is included in Note 4 to the Financial Statements. Original Budget Final Budget Actual Revenues 27,018,062$ 27,018,062$ 31,191,647$ Expenditures 27,245,062$ 27,245,062$ 27,194,244$ Excess of Revenues over Expenditures (227,000)$ (227,000)$ 3,997,403$ Other Financing Sources (Uses)227,000$ 227,000$ (3,074,654)$ Net Changes in Fund Balance -$ -$ 922,749$ Table 3: General Fund Budgetary Highlights 2021 2020 2021 2020 2021 2020 Land and Right of Way 104,668,862$ 103,481,126$ 3,043,544$ 3,043,544$ 107,712,406$ 106,524,670$ Buildings 24,256,865$ 25,143,605$ 10,649,073$ 10,998,035$ 34,905,938$ 36,141,640$ Machinery and Equipment 1,929,749$ 1,673,120$ 1,521,905$ 753,198$ 3,451,654$ 2,426,318$ Water & Sewer System -$ -$ 90,411,539$ 89,869,284$ 90,411,539$ 89,869,284$ Infrastructure 64,495,888$ 72,114,638$ -$ -$ 64,495,888$ 72,114,638$ Construction in progress 9,503,097$ 8,669,223$ 727,125$ 174,497$ 10,230,222$ 8,843,720$ Total Capital Assets 204,854,461$ 211,081,712$ 106,353,186$ 104,838,558$ 311,207,647$ 315,920,270$ Table 4: Total Capital Assets (Net of Depreciation) Governmental Activities Business-Type Activities Total Primary Government VILLAGE OF PLAINFIELD, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued) ______________________________________________________________________________ (See independent auditor's report) MD&A 10 DEBT OUTSTANDING As of April 30, 2021, the Village has three general obligation bond series, one Illinois EPA low interest loan, and one revenue bond series outstanding. At April 30, 2021, $12.43 million in general obligation bonds, $1.84 million in Illinois EPA loans, and $12.2 million in revenue bonds are outstanding. By continuing to monitor bond market conditions, the Village has been able to achieve gross debt service savings of over $3.7 million since 2009 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 June 2021 annual review, they continue to highlight the Village’s robust financial position, healthy economy and tax base, negligible debt burden and high quality 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 revenue bond 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 20,673 in 2003 to 44,762 in 2020 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 2020 average unemployment for the Village of Plainfield was 8.1%, which favorably compares to Will County’s rate of 9.5%, the State of Illinois rate of 9.5% and the equal to the national average of 8.1%. As of April 2021, the average unemployment for the Village was 5.3%, which still favorably compares to Will County’s rate of 7.0% and the State of Illinois rate of 7.1%. The national average unemployment rate for April 2021 was 5.7%. Information from the US Census Bureau via the 2000 Census and the 2015-2019 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 2015-2019 2000 2015-2019 2000 2015-2019 2000 2015-2019 Median value of owner- occupied housing units $198,300 $319,500 $154,300 $232,000 $130,800 $194,500 $119,600 $217,500 Plainfield Will County Illinois USA 2000 2015-2019 2000 2015-2019 2000 2015-2019 2000 2015-2019 Median household income $80,799 $130,614 $62,238 $86,961 $46,590 $65,886 $41,994 $62,843 Per the data above, the median value of owner-occupied housing units increased an estimated 61% for the Village within approximately the past 19 years. In addition, the median household income increased by 62% 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 • 2020 - U.S. Census (pending certification) 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 2022 fiscal year budget was developed in a prudent and conservative manner. Continued cost containments across all departments enabled the Village to approve a balanced 2022 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 2022 budget was adopted, the Village continues to be tasked with serving and responding to the COVID-19 pandemic. The Village continues to manage this ongoing pandemic and is closely monitoring possible revenue or expense setbacks in order to adjust operations and the budget as needed. The budget for fiscal year beginning May 1, 2021 totals $83,601,215, a 16% increase from the previous year. Of this increase, $6,598,000 (57%) is directly related to capital projects, which is funded by grants. The General Fund operating budget totals $29,384,988 resulting in a 6.5% increase over the previous year. The 2022 operating budget anticipates a stable housing market and continues to be conservative in revenue projections, reflecting a slight increase in sales tax given recent additional retailers opening within the Village. The 2022 Capital Fund budget includes over $23 million in projects, including $20.1 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 42%. Sales tax revenue increased by 18% (or $1,036,20) in fiscal year 2021 as compared to fiscal year 2020. Sales tax for the 2022 fiscal year budget reflects a 3.4% decrease as compared to the fiscal year 2021 actual amount. Property tax revenues represent approximately 24% of the overall General Fund revenues. Consistent with Village Board direction, the Village’s tax levy rate has remained unchanged for the past eight years. For the 2020 levy year, the Village of Plainfield’s property tax rate represents 5.6% of a resident’s overall tax bill. Or, for every dollar paid in property taxes by Village residents, 5.6 cents is paid to the Village of Plainfield. The Village's composition is approximately 88% residential with smaller commercial and industrial components. As economic development growth and sustainability is a key component of the Village’s Strategic Plan, the Village will continue to explore economic development opportunities to better assist in diversifying the Village’s tax base. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Traci Pleckham, Assistant Village Administrator/Management Services Director, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544. Governmental Business-Type Activities Activities Total ASSETS Cash and investments 36,313,693$ 21,649,413$ 57,963,106$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 8,375,267 - 8,375,267 Sales tax 3,574,676 625,794 4,200,470 Utility/telecommunications taxes 280,199 - 280,199 Allotments 130,391 - 130,391 Grants 1,615,071 - 1,615,071 Interest 13,198 2,207 15,405 Other 5,286,386 2,714,334 8,000,720 Prepaid expenses 12,797 - 12,797 Deposits 1,714,485 305,283 2,019,768 Other - 252 252 Capital assets Nondepreciable 114,171,959 3,770,669 117,942,628 Depreciable, net of accumulated depreciation 90,682,502 102,582,517 193,265,019 Total assets 262,170,624 131,650,469 393,821,093 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 640,758 132,554 773,312 Deferred outflows of resources - OPEB 927,325 26,403 953,728 Deferred outflows of resources - Police Pension 1,802,242 - 1,802,242 Asset retirement obligation - 346,354 346,354 Unamortized loss on refundings 909,261 1,742,690 2,651,951 Total deferred outflows of resources 4,279,586 2,248,001 6,527,587 Total assets and deferred outflows of resources 266,450,210 133,898,470 400,348,680 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION April 30, 2021 (This statement is continued on the following page.) - 4 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 9,585,448$ 3,346,706$ 12,932,154$ Accrued payroll 225,455 21,213 246,668 Deposits payable 149,493 23,647 173,140 Accrued interest payable 124,190 247,320 371,510 Other accrued liabilities 108,656 - 108,656 Unearned revenue 462,545 - 462,545 Noncurrent liabilities Due within one year 3,709,866 901,312 4,611,178 Due in more than one year 18,705,365 14,464,359 33,169,724 Total liabilities 33,071,018 19,004,557 52,075,575 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 2,137,143 437,281 2,574,424 Deferred inflows of resources - OPEB 420,991 11,988 432,979 Deferred inflows of resources - Police Pension 7,142,939 - 7,142,939 Deferred property tax 8,375,267 - 8,375,267 Total deferred inflows of resources 18,076,340 449,269 18,525,609 Total liabilities and deferred inflows of resources 51,147,358 19,453,826 70,601,184 NET POSITION Net investment in capital assets 192,867,595 93,286,823 286,154,418 Restricted for Street maintenance 4,619,581 - 4,619,581 Public safety 601,536 - 601,536 Debt service - 1,722,725 1,722,725 Audit 9,779 - 9,779 Liability insurance 242,787 - 242,787 Retirement obligations 97,754 - 97,754 Economic development 1,125,860 - 1,125,860 Unrestricted 15,737,960 19,435,096 35,173,056 TOTAL NET POSITION 215,302,852$ 114,444,644$ 329,747,496$ April 30, 2021 Primary Government VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 5 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 6,284,103$ 7,246,835$ 42,690$ -$ Public safety 13,967,774 1,109,425 2,079,775 - Highways and streets 27,078,111 140,819 1,655,228 4,507,614 Interest 549,339 - - - Total governmental activities 47,879,327 8,497,079 3,777,693 4,507,614 Business-Type Activities Water and sewer 18,491,358 19,332,166 - 929,493 Total business-type activities 18,491,358 19,332,166 - 929,493 TOTAL PRIMARY GOVERNMENT 66,370,685$ 27,829,245$ 3,777,693$ 5,437,107$ Program Revenues VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended April 30, 2021 - 6 - Governmental Business-Type Activities Activities Total 1,005,422$ -$ 1,005,422$ (10,778,574) - (10,778,574) (20,774,450) - (20,774,450) (549,339) - (549,339) (31,096,941) - (31,096,941) - 1,770,301 1,770,301 - 1,770,301 1,770,301 (31,096,941) 1,770,301 (29,326,640) General Revenues Taxes Property 7,991,671 - 7,991,671 Home rule sales 4,229,671 2,114,518 6,344,189 Utility/telecommunications 2,802,003 - 2,802,003 Local motor fuel 1,455,958 - 1,455,958 Other 1,661 - 1,661 Intergovernmental revenue - unrestricted Personal property replacement tax 60,678 - 60,678 Sales and use tax 8,622,005 - 8,622,005 Income tax 4,537,460 - 4,537,460 Investment income 100,858 72,557 173,415 Miscellaneous 30,914 3,271,037 3,301,951 Transfers 983,800 (983,800) - Total 30,816,679 4,474,312 35,290,991 CHANGE IN NET POSITION (280,262) 6,244,613 5,964,351 NET POSITION, MAY 1 215,583,114 108,200,031 323,783,145 NET POSITION, APRIL 30 215,302,852$ 114,444,644$ 329,747,496$ Primary Government Net (Expense) Revenue and Change in Net Position See accompanying notes to financial statements. - 7 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds ASSETS Cash and investments 10,351,291$ 19,386,406$ 117$ 6,575,879$ 36,313,693$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 7,113,390 - - 1,261,877 8,375,267 Sales tax 2,322,899 1,251,777 - - 3,574,676 Utility tax - 280,199 - - 280,199 Allotments - - - 130,391 130,391 Grants 80,803 1,534,268 - - 1,615,071 Interest 13,198 - - - 13,198 Other 5,077,343 207,193 - 1,850 5,286,386 Prepaid items 12,797 - - - 12,797 Deposits 1,714,485 - - - 1,714,485 Total assets 26,686,206 22,659,843 117 7,969,997 57,316,163 DEFERRED OUTFLOWS OF RESOURCES None - - - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 26,686,206$ 22,659,843$ 117$ 7,969,997$ 57,316,163$ OUTFLOWS OF RESOURCES ASSETS AND DEFERRED VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS April 30, 2021 (This statement is continued on the following page.) - 8 - Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds LIABILITIES Accounts payable 5,770,202$ 3,137,812$ -$ 677,434$ 9,585,448$ Accrued payroll 225,455 - - - 225,455 Impact fee 93,384 - - - 93,384 Recapture fee - 15,272 - - 15,272 Unearned revenue 61,857 400,688 - - 462,545 Developer deposit 149,493 - - - 149,493 Total liabilities 6,300,391 3,553,772 - 677,434 10,531,597 DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 7,113,390 - - 1,261,877 8,375,267 Total deferred inflows of resources 7,113,390 - - 1,261,877 8,375,267 Total liabilities and deferred inflows of resources 13,413,781 3,553,772 - 1,939,311 18,906,864 FUND BALANCES Nonspendable Prepaid items 12,797 - - - 12,797 Restricted Street maintenance - - - 4,619,581 4,619,581 Public safety 568,857 - - 32,679 601,536 Audit - - - 9,779 9,779 Liability insurance - - - 242,787 242,787 Retirement obligations 97,754 - - - 97,754 Economic development - - - 1,125,860 1,125,860 Unrestricted Assigned Capital projects - 19,106,071 - - 19,106,071 Debt service - - 117 - 117 Insurance 1,715,319 - - - 1,715,319 Unassigned 10,877,698 - - - 10,877,698 Total fund balances 13,272,425 19,106,071 117 6,030,686 38,409,299 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 26,686,206$ 22,659,843$ 117$ 7,969,997$ 57,316,163$ VILLAGE OF PLAINFIELD, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS April 30, 2021 OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS See accompanying notes to financial statements. - 9 - FUND BALANCES OF GOVERNMENTAL FUNDS 38,409,299$ 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 204,854,461 Bond premiums/discounts on bonds are expensed in governmental funds but capitalized and amortized in the statement of net position Unamortized bond premium (466,127) Unamortized loss on refunding 909,261 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (124,190) 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 640,758 Deferred inflows of resources (2,137,143) 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 1,802,242 Deferred inflows of resources (7,142,939) 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 927,325 Deferred inflows of resources (420,991) 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 (12,430,000) Net pension liability - IMRF (233,765) Net pension liability - Police Pension (5,917,551) Net pension liability - OPEB (2,037,004) Compensated absences payable (1,330,784) NET POSITION OF GOVERNMENTAL ACTIVITIES 215,302,852$ April 30, 2021 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. - 10 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended April 30, 2021 Nonmajor Total Capital Debt Governmental Governmental General Projects Service Funds Funds REVENUES Taxes 7,996,211$ 4,229,671$ -$ 967,808$ 13,193,690$ Licenses and permits 1,724,514 - - - 1,724,514 Intergovernmental 15,153,101 4,312,843 - 2,959,500 22,425,444 Charges for services 5,584,208 140,819 - - 5,725,027 Fines and forfeits 525,573 388,980 - 15,858 930,411 Investment income 52,850 35,089 1,277 11,642 100,858 Miscellaneous 155,190 294,618 - - 449,808 Total revenues 31,191,647 9,402,020 1,277 3,954,808 44,549,752 EXPENDITURES Current General government 5,554,698 - - 739,650 6,294,348 Public safety 12,875,682 - - 305,310 13,180,992 Highways and streets 8,763,864 - - 2,187,428 10,951,292 Capital outlay - 10,156,291 - - 10,156,291 Debt service Principal retirement - - 2,520,000 - 2,520,000 Interest and fiscal charges - - 528,100 - 528,100 Total expenditures 27,194,244 10,156,291 3,048,100 3,232,388 43,631,023 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 3,997,403 (754,271) (3,046,823) 722,420 918,729 OTHER FINANCING SOURCES (USES) Transfers in 25,000 3,121,257 3,009,593 - 6,155,850 Transfers (out)(3,121,257) (2,025,793) - (25,000) (5,172,050) Sale of capital assets 21,603 2,828 - - 24,431 Refunding bonds issued - - 2,790,000 - 2,790,000 Payment to escrow agent - - (2,754,483) - (2,754,483) Total other financing sources (uses)(3,074,654) 1,098,292 3,045,110 (25,000) 1,043,748 NET CHANGE IN FUND BALANCES 922,749 344,021 (1,713) 697,420 1,962,477 FUND BALANCES, MAY 1 12,349,676 18,762,050 1,830 5,333,266 36,446,822 FUND BALANCES, APRIL 30 13,272,425$ 19,106,071$ 117$ 6,030,686$ 38,409,299$ See accompanying notes to financial statements. - 11 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 1,962,477$ 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 6,277,559 Contributions of capital assets are reported only in the statement of activities 2,065,513 Sales of capital assets are reported as a proceed in governmental funds but as a gain (loss) from sale on the statement of activities (638,876) 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 2,520,000 Payment to escrow agent 2,809,583 The issuance of bonds is reported as an other financing source in governmental funds but as an increase of principal outstanding on the statement of activities Refunding bonds issued, at par (2,790,000) 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 (137,699) 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 673,265 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 938,291 The change in the OPEB net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource (95,343) 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 (13,931,447) Change in compensated absences 5,055 Change in accrued interest payable 61,360 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (280,262)$ For the Year Ended April 30, 2021 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. - 12 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUND April 30, 2021 Water and Sewer CURRENT ASSETS Cash and investments 21,649,413$ Receivables Accounts 2,714,334 Sales tax 625,794 Other 252 Interest 2,207 Total current assets 24,992,000 NONCURRENT ASSETS Capital assets Nondepreciable 3,770,669 Depreciable, net of accumulated depreciation 102,582,517 Total capital assets 106,353,186 Other assets Deposits 305,283 Total other assets 305,283 Total noncurrent assets 106,658,469 Total assets 131,650,469 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 132,554 Deferred outflows of resources - OPEB 26,403 Asset retirement obligation 346,354 Unamortized loss on refundings 1,742,690 Total deferred outflows of resources 2,248,001 Total assets and deferred outflows of resources 133,898,470 (This statement is continued on the following page.) - 13 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF NET POSITION (Continued) PROPRIETARY FUND April 30, 2021 Water and Sewer CURRENT LIABILITIES Accounts payable 3,346,706$ Accrued payroll 21,213 Accrued interest 247,320 Compensated absences payable 69,607 Total OPEB liability 1,240 Illinois EPA loan 165,465 Bonds payable 665,000 Developer deposit 23,647 Total current liabilities 4,540,198 LONG-TERM LIABILITIES Compensated absences payable 12,699 Net pension liability 41,313 Total OPEB liability 56,759 Illinois EPA loan 1,679,158 Asset retirement obligation 375,000 Bonds payable 12,299,430 Total long-term liabilities 14,464,359 Total liabilities 19,004,557 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 437,281 Deferred inflows of resources - OPEB 11,988 Total deferred inflows of resources 449,269 Total liabilities and deferred inflows of resources 19,453,826 NET POSITION Net investment in capital assets 93,286,823 Restricted for debt service 1,722,725 Unrestricted 19,435,096 TOTAL NET POSITION 114,444,644$ See accompanying notes to financial statements. - 14 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUND For the Year Ended April 30, 2021 Water and Sewer OPERATING REVENUES Charges for services 19,332,166$ Total operating revenues 19,332,166 OPERATING EXPENSES Water operations 11,725,331 Sewer operations 2,690,225 Depreciation 3,522,664 Total operating expenses 17,938,220 OPERATING INCOME 1,393,946 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 2,114,518 Miscellaneous revenue 54,981 Connection fees 3,216,056 Investment income 72,557 Interest expense (553,138) Total non-operating revenues (expenses)4,904,974 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 6,298,920 TRANSFERS (OUT)(983,800) CAPITAL CONTRIBUTIONS 929,493 CHANGE IN NET POSITION 6,244,613 NET POSITION, MAY 1 108,200,031 NET POSITION, APRIL 30 114,444,644$ See accompanying notes to financial statements. - 15 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUND For the Year Ended April 30, 2021 Water and Sewer CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 22,344,934$ Reimbursements to other funds (350,000) Payments to suppliers (10,159,289) Payments to employees (1,767,281) Net cash from operating activities 10,068,364 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out) (983,800) Home rule sales tax 1,865,339 Net cash from noncapital financing activities 881,539 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (5,574,146) Principal payments on long-term debt (808,416) Interest paid (514,843) Net cash from capital and related financing activities (6,897,405) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments 567,329 Interest received 104,856 Net cash from investing activities 672,185 NET INCREASE IN CASH AND CASH EQUIVALENTS 4,724,683 CASH AND CASH EQUIVALENTS, MAY 1 16,262,547 CASH AND CASH EQUIVALENTS, APRIL 30 20,987,230$ (This statement is continued on the following page.) - 16 - VILLAGE OF PLAINFIELD, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUND For the Year Ended April 30, 2021 Water and Sewer RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 1,393,946$ Miscellaneous income 3,271,037 Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 3,522,664 Changes in assets and liabilities Accounts receivable (258,269) Deposits (22,513) Pension items - IMRF (137,898) Pension items - OPEB (5,542) Accounts payable 2,347,445 Asset retirement obligation 14,323 Accrued expenses (56,829) NET CASH FROM OPERATING ACTIVITIES 10,068,364$ CASH AND INVESTMENTS Cash and cash equivalents 20,987,230$ Investments 662,183 TOTAL CASH AND INVESTMENTS 21,649,413$ NONCASH TRANSACTIONS Capital contributions 929,493$ See accompanying notes to financial statements. - 17 - STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS April 30, 2021 Police Pension ASSETS Cash and short-term investments 168,971$ Investments U.S. Government and U.S. agency obligations 15,236,310 Corporate bonds 148,437 Municipal bonds 2,776,494 Negotiable certificates of deposit 1,826,696 Mutual funds 26,158,662 Receivables Other receivables 115,220 Total assets 46,430,790 LIABILITIES Accounts payable 1,544 Total liabilities 1,544 NET POSITION RESTRICTED FOR PENSIONS 46,429,246$ VILLAGE OF PLAINFIELD, ILLINOIS See accompanying notes to financial statements. - 18 - STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS ADDITIONS Contributions Employer 1,577,686$ Employee 655,092 Total contributions 2,232,778 Investment income Net appreciation in fair value of investments 7,905,345 Interest and dividends 890,573 Total investment income 8,795,918 Less investment expense (134,947) Net investment income 8,660,971 Total additions 10,893,749 DEDUCTIONS Benefits and refunds 811,860 Administration 43,819 Total deductions 855,679 NET INCREASE 10,038,070 NET POSITION RESTRICTED FOR PENSIONS May 1 36,391,176 April 30 $ 46,429,246 VILLAGE OF PLAINFIELD, ILLINOIS For the Year Ended April 30, 2021 See accompanying notes to financial statements. - 19 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2021 - 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. - 20 - 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. - 21 - 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. - 22 - 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. - 23 - 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. - 24 - 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. - 25 - 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. - 26 - 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. o. Postponement of Implementation of Certain Authoritative Guidance In accordance with the provisions of GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, the Village has delayed the implementation of GASB Statement No. 87, Leases, to April 30, 2023. - 27 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 28 - 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. 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, obligations or the state and local governments, 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. - 28 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 29 - 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Deposits and Investments (Continued) 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. 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, 2021: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 IMET $ 5,869,021 $ - $ 5,869,021 $ - $ - Negotiable certificates of deposit 2,533,463 1,747,983 785,480 - - Municipal bonds 1,716,355 612,210 1,104,145 - - TOTAL $ 10,118,839 $ 2,360,193 $ 7,758,646 $ - $ - 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, IPRIME and IMET are rated AAA. The Village’s negotiable certificates of deposits are not rated. The municipal bonds are rated A2- Aa2. - 29 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 30 - 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Deposits and Investments (Continued) Investments (Continued) Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to the investment, the 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, IPRIME and IMET are not subject to custodial credit risk. 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, 2021: 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 2020 levy year attach as an enforceable lien on January 1, 2020, 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, 2021 and are payable in two installments, on or about June 1, 2021 and September 1, 2021. 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 2020 taxes are intended to finance the 2022 fiscal year and are not considered available for current operations and are, therefore, shown as unavailable/deferred revenue. The 2021 tax levy has not been recorded as a receivable at April 30, 2021, as the tax attached as a lien on property as of January 1, 2021; however, the tax will not be levied until December 2021 and, accordingly, is not measurable at April 30, 2021. - 30 - 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, 2021, was as follows: Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 9,429,279 $ - $ 638,876 $ 8,790,403 Land right of way 94,051,847 1,826,612 - 95,878,459 Construction in progress 8,669,223 1,603,276 769,402 9,503,097 Total capital assets not being depreciated 112,150,349 3,429,888 1,408,278 114,171,959 Capital assets being depreciated Buildings and improvements 37,731,644 11,067 - 37,742,711 Vehicles and equipment 8,700,924 953,304 161,971 9,492,257 Infrastructure 323,825,542 4,718,215 75,186 328,468,571 Total capital assets being depreciated 370,258,110 5,682,586 237,157 375,703,539 Less accumulated depreciation for Buildings 12,588,039 897,807 - 13,485,846 Vehicles and equipment 7,027,804 696,675 161,971 7,562,508 Infrastructure 251,710,904 12,336,965 75,186 263,972,683 Total accumulated depreciation 271,326,747 13,931,447 237,157 285,021,037 Total capital assets being depreciated, net 98,931,363 (8,248,861) - 90,682,502 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 211,081,712 $ (4,818,973) $ 1,408,278 $ 204,854,461 BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 3,043,544 $ - $ - $ 3,043,544 Construction in progress 174,497 552,628 - 727,125 Total capital assets not being depreciated 3,218,041 552,628 - 3,770,669 Capital assets being depreciated Buildings 17,448,092 - - 17,448,092 Vehicles and equipment 2,171,198 993,684 - 3,164,882 Water transmission system 75,786,564 1,678,909 - 77,465,473 Sewer collection system 57,050,145 1,812,071 - 58,862,216 Total capital assets being depreciated 152,455,999 4,484,664 - 156,940,663 Less accumulated depreciation for Buildings 6,450,057 348,962 - 6,799,019 Vehicles and equipment 1,418,000 224,977 - 1,642,977 Water transmission system 24,351,278 1,745,832 - 26,097,110 Sewer collection system 18,616,147 1,202,893 - 19,819,040 Total accumulated depreciation 50,835,482 3,522,664 - 54,358,146 Total capital assets being depreciated, net 101,620,517 962,000 - 102,582,517 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 104,838,558 $ 1,514,628 $ - $ 106,353,186 - 31 - 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 $ 252,308 Public safety 628,165 Highways and streets 13,050,974 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 13,931,447 b. Construction Contracts The Village had no significant construction commitments at April 30, 2021. 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, 2020 through April 30, 2021: 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 - 32 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 33 - 5. RISK MANAGEMENT (Continued) The Village is not aware of any additional premiums owed to SWARM as of April 30, 2021, for the current or prior claim years. 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 $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 $ 3,595,000 $ - $ 3,595,000 $ - $ - $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 3,805,000 - 715,000 3,090,000 735,000 $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 7,515,000 - 965,000 6,550,000 1,025,000 $2,790,000 General Obligation Refunding Bonds of 2020, annual installments of $910,000 to $945,000 through December 15, 2023, interest at 0.75% payable each June 15 and December 15. Debt Service - 2,790,000 - 2,790,000 910,000 TOTAL GENERAL OBLIGATION BONDS $ 14,915,000 $ 2,790,000 $ 5,275,000 $ 12,430,000 $ 2,670,000 - 33 - 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 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 $ 12,850,000 $ - $ 645,000 $ 12,205,000 $ 665,000 TOTAL REVENUE BONDS $ 12,850,000 $ - $ 645,000 $ 12,205,000 $ 665,000 The amount of pledge remaining as of April 30, 2021, 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 $ 15,788,575 5/1/34 $ 19,332,166 $ 1,135,250 c. Illinois EPA Loans Issue Fund Debt Retired by Balances May 1 Issuances 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 $ 2,008,039 $ - $ 163,416 $ 1,844,623 1,844,623 $ 165,465 TOTAL ILLINOIS EPA LOANS $ 2,008,039 $ - $ 163,416 $ 1,844,623 1,844,623 $ 165,465 - 34 - 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 2022 $ 2,670,000 $ 326,352 2023 2,760,000 261,900 2024 2,825,000 200,138 2025 1,895,000 136,650 2026 1,120,000 79,800 2027 1,160,000 40,600 TOTAL $ 12,430,000 $ 1,045,440 Business-Type Activities Fiscal Revenue Bonds Year Principal Interest 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 $ 12,205,000 $ 3,583,575 - 35 - 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 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 $ 1,844,623 $ 129,451 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 2021: Balances May 1 Additions Refundings/ Reductions Balances April 30 Current Portion GOVERNMENTAL ACTIVITIES General obligation bonds $ 14,915,000 $ 2,790,000 $ 5,275,000 $ 12,430,000 $ 2,670,000 Compensated absences payable* 1,335,839 993,824 998,879 1,330,784 996,301 Net pension liability - IMRF* 2,309,905 - 2,076,140 233,765 - Net pension liability - Police Pension Plan* 12,043,233 - 6,125,682 5,917,551 - Total OPEB liability* 1,504,799 532,205 - 2,037,004 43,565 Unamortized bond premiums 773,752 - 307,625 466,127 - TOTAL GOVERNMENTAL ACTIVITIES $ 32,882,528 $ 4,316,029 $ 14,783,326 $ 22,415,231 $ 3,709,866 *These obligations have typically been liquidated by the General Fund. - 36 - 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 Revenue bonds $ 12,850,000 $ - $ 645,000 $ 12,205,000 $ 665,000 Illinois EPA loan 2,008,039 - 163,416 1,844,623 165,465 Asset retirement obligation 375,000 - - 375,000 - Compensated absences payable 85,377 70,462 73,533 82,306 69,607 Net pension liability - IMRF 466,546 - 425,233 41,313 - Total OPEB liability 51,503 6,496 - 57,999 1,240 Unamortized bond premium 799,563 - 40,133 759,430 - TOTAL BUSINESS-TYPE ACTIVITIES $ 16,636,028 $ 76,958 $ 1,347,315 $ 15,365,671 $ 901,312 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. g. Refundings On September 22, 2020, the Village issued $2,790,000 General Obligation Refunding Bonds, Series 2020, to call and refund $2,755,000 of the Series 2010 Refunding General Obligation Bonds. As a result of the refunding transaction, the Village achieved a cash flow saving of $141,863 and an economic gain of $139,858. 7. INTERFUND ACTIVITY Individual fund transfers were as follows: Fund Transfers In Transfers Out General $ 25,000 $ 3,121,257 Capital Projects 3,121,257 2,025,793 Debt Service 3,009,593 - Nonmajor Governmental - 25,000 Water and Sewer - 983,800 TOTAL $ 6,155,850 $ 6,155,850 - 37 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 38 - 7. INTERFUND ACTIVITY (Continued) The purposes of significant transfers are as follows: • $3,009,593 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. • $3,121,257 transferred from the General Fund to the Capital Projects Fund to finance future capital projects in accordance with the Village’s fund balance policy. 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 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. - 38 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 39 - 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, 2021, approximately $376,137 in state shared sales tax rebates were incurred under these agreements. Future contingent rebates of approximately $1,515,040 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 Village has rebated $456,435 as of April 30, 2021, under this agreement. 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 $205,497 of local motor fuel taxes during the year ended April 30, 2021. Future contingent rebates of approximately $578,006 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 $585,207 for the year ended April 30, 2021. - 39 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 40 - 12. DEFINED BENEFIT PENSION PLANS (Continued) 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. Plan Membership At December 31, 2020, membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 64 Inactive employees entitled to but not yet receiving benefits 68 Active employees 88 TOTAL 220 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. - 40 - 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) Benefits Provided (Continued) 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, 2021, was 10.87% of covered payroll. Actuarial Assumptions The Village’s net pension liability was measured as of December 31, 2020 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, 2020 Actuarial cost method Entry-age normal Assumptions Price inflation 2.25% Salary increases 2.85% to 13.75% Investment rate of return 7.25% Inflation 2.50% Asset valuation method Fair value - 41 - 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) Actuarial Assumptions (Continued) For nondisabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Retiree, Male (adjusted 106%) and Female (adjusted 105%) tables, and future mortality improvements projected using scale MP-2020. For disabled retirees, the Pub-2010, Amount Weighted, below-median income, General, Disabled Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. For active members, the Pub-2010, Amount- Weighted, below-median income, General, Employee, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP 2020. Discount Rate The discount rate used to measure the total pension liability was 7.25% at December 31, 2020. 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. - 42 - 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) Changes in the Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2020 $ 28,361,003 $ 25,584,552 $ 2,776,451 Changes for the period Service cost 684,620 - 684,620 Interest 2,050,886 - 2,050,886 Difference between expected and actual experience (235,564) - (235,564) Assumption changes (441,121) - (441,121) Employer contributions - 694,734 (694,734) Employee contributions - 291,633 (291,633) Net investment income - 3,496,013 (3,496,013) Benefit payments and refunds (830,462) (830,462) - Other (net transfer) - 77,814 (77,814) Net changes 1,228,359 3,729,732 (2,501,373) BALANCES AT DECEMBER 31, 2020 $ 29,589,362 $ 29,314,284 $ 275,078 Changes in assumptions related to price inflation, salary increases, retirement age, and mortality rates were made in 2020. - 43 - 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) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended April 30, 2021, the Village recognized pension expense of $(54,185). At April 30, 2021, 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 $ 208,965 $ 181,637 Assumption changes 289,922 456,442 Net difference between projected and actual earnings on pension plan investments - 1,936,345 Employer contributions after the measurement date 274,425 - TOTAL $ 773,312 $ 2,574,424 $274,425 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, 2022. 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, 2022 $ (551,857) 2023 (239,624) 2024 (900,486) 2025 (383,570) 2026 - Thereafter - TOTAL $ (2,075,537) - 44 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 45 - 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) $ 4,612,171 $ 275,078 $ (3,106,707) 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. - 45 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 46 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Plan Membership At April 30, 2021, the measurement date, membership consisted of: Inactive plan members or beneficiaries currently receiving benefits 12 Inactive plan members entitled to but not yet receiving benefits 6 Active plan members 57 TOTAL 75 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 - 46 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 47 - 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, 2021, the Village’s contribution was 26.20% 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. - 47 - 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 Policy (Continued) During the year, there were no changes to the investment policy. The Plan’s investment policy in accordance with ILCS establishes the following target allocation across asset classes: Asset Class Target Long-Term Expected Real Rate of Return Large cap domestic equity 35% 5.7% Small cap domestic equity 11.7% 7.5% International equity 8.3% 7.0% Fixed income 45% 1.3% 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. Expected returns are developed through a combination of inputs from Morningstar Analyst Research Center - SBBI Data, Bloomberg and other reliable industry sources through December 31, 2020. Historical data is utilized to establish long-term trends in data and relationships across asset classes. Bond yield inputs were updated to December 31, 2020. International Equity = the MSCI EAFE Index from December 31, 1969 through December 31, 2020. 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. - 48 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 49 - 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, 2021: The U.S. Treasury obligations and equity mutual funds are valued using daily quoted prices (Level 1 inputs). The U.S. agency obligations, municipal bonds, negotiable certificates of deposit, and corporate bonds are valued using evaluated pricing (Level 2 inputs). Investment Rate of Return For the year ended April 30, 2021, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 23.12%. 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. - 49 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 50 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Interest Rate Risk The following table presents the investments and maturities of the Plan’s debt securities as of April 30, 2021: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 3,467,727 $ 709,906 $ 2,596,594 $ 161,227 $ - U.S. agency obligations 11,768,583 1,121,339 7,426,879 3,159,093 61,272 Negotiable certificates of deposit 1,826,696 - 1,121,140 705,556 - Corporate bonds 148,437 - 148,437 - - Municipal bonds 2,776,494 253,791 2,522,703 - - TOTAL $ 19,987,937 $ 2,085,036 $ 13,815,753 $ 4,025,876 $ 61,272 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 Plan’s investment policy does not specifically address credit risk for corporate bonds and municipal bonds. The U.S. agency obligations are rated Aaa or are not rated. The municipal bonds are rated A2 to Aaa. The negotiable certificates of deposit and corporate bonds are not rated. - 50 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 51 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) 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% Fixed income 40% 45% 70% U.S. stocks 35% 40% 45% Non-U.S. stocks 0% 15% 20% Discount Rate The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that the village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current members. Therefore, the long-term expected rate of return on pension plan investments of 6.75% was applied to all periods of projected benefit payments to determine the total pension liability. - 51 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 52 - 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Changes in Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT MAY 1, 2020 $ 48,434,412 $ 36,391,176 $ 12,043,236 Changes for the period Service cost 1,438,196 - 1,438,196 Interest 3,339,001 - 3,339,001 Difference between expected and actual experience (52,953) - (52,953) Employer contributions - 1,577,686 (1,577,686) Benefit terms changes - - - Employee contributions - 655,092 (655,092) Net investment income - 8,660,971 (8,660,971) Benefit payments and refunds (811,860) (811,860) - Administrative expense - (43,819) 43,819 Net changes 3,912,384 10,038,070 (6,125,686) BALANCES AT APRIL 30, 2021 $ 52,346,796 $ 46,429,246 $ 5,917,550 There were no assumption or method changes since the prior valuation. - 52 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 53 - 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, 2021, using the following actuarial methods and assumptions: Actuarial valuation date April 30, 2021 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 (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 6.75% 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 (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 (asset) $ 15,614,873 $ 5,917,551 $ (1,819,437) - 53 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 54 - 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, 2021, the Village recognized police pension expense of $639,392. At April 30, 2021, 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 $ 780,675 $ 3,533,594 Changes in assumptions 1,021,567 - Net difference between projected and actual earnings on pension plan investments - 3,609,345 TOTAL $ 1,802,242 $ 7,142,939 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, 2022 $ (1,179,418) 2023 (1,183,418) 2024 (976,316) 2025 (1,584,140) 2026 (258,581) Thereafter (158,824) TOTAL $ (5,340,697) - 54 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 55 - 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, 2021, 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, 2021 (most recent data available), membership consisted of: Inactive employees or beneficiaries currently receiving benefit payments 6 Inactive employees entitled to but not yet receiving benefit payments - Active employees 137 TOTAL 143 - 55 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 56 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) d. Total OPEB Liability The Village’s total OPEB liability of $2,095,003 was measured as of April 30, 2021 and was determined by an actuarial valuation as of May 1, 2020. e. Actuarial Assumptions and Other Inputs The total OPEB liability at April 30, 2021, as determined by an actuarial valuation as of May 1, 2020, 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 1.83% Healthcare cost trend rates 1.10% to 10.60% 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, 2021. Mortality rates were based on the PubG.H-2010(B) Mortality Table - General (below-median income) with future mortality improvements using Scale MP-2020. The actuarial assumptions used in the May 1, 2020, valuation are based on 10% participation assumed, with 35% electing spouse coverage. - 56 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 57 - 13. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Changes in the Total OPEB Liability Total OPEB Liability BALANCES AT MAY 1, 2020 $ 1,556,302 Changes for the period Service cost 26,239 Interest 43,717 Difference between expected & actual experience 74,837 Changes in assumptions 438,713 Benefit payments (44,805) Other changes - Net changes 538,701 BALANCES AT APRIL 30, 2021 $ 2,095,003 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 1.83% (2.85% in the prior year) 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 (0.83%) or 1 percentage point higher (2.83%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (0.83%) (1.83%) (2.83%) Total OPEB liability $ 2,461,329 $ 2,095,003 $ 1,811,543 - 57 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 58 - 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 1.10% to 10.60% 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 (0.10% to 9.60%) or 1 percentage point higher (2.10% to 11.60%) than the current rate: 1% Decrease Current Healthcare Rate 1% Increase (0.10% to 9.60%) (1.10% to 10.60%) (2.10% to 11.60%) Total OPEB liability $ 1,794,794 $ 2,095,003 $ 2,477,195 h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2021, the Village recognized OPEB expense of $134,605. At April 30, 2021, 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 $ 241,580 $ 308,041 Changes in assumptions 712,148 124,938 TOTAL $ 953,728 $ 432,979 Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in OPEB expense as follows: Year Ending April 30, 2022 $ 64,649 2023 64,649 2024 64,649 2025 64,649 2026 64,138 Thereafter 198,015 TOTAL $ 520,749 - 58 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) - 59 - 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 plan 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 $232,100 to the Deferred Compensation Plan 457(b) Plan during the year ended April 30, 2021. 15. SUBSEQUENT EVENT On June 30, 2021, the Village entered into a loan agreement for $4,446,473.79 IEPA funds for the purpose of financing construction and engineering costs in connection with a sewer rehabilitation project. On September 21, 2021, the Village issued $2,385,000 of General Obligation Refunding Bonds, Series 2021 to refund the General Obligation Refunding Bonds, Series 2012. - 59 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual REVENUES Taxes 8,027,700$ 8,027,700$ 7,996,211$ Licenses and permits 1,163,200 1,163,200 1,724,514 Intergovernmental 10,830,453 10,830,453 15,153,101 Charges for services 6,055,500 6,055,500 5,584,208 Fines and forfeits 708,000 708,000 525,573 Investment income 98,209 98,209 52,850 Miscellaneous 135,000 135,000 155,190 Total revenues 27,018,062 27,018,062 31,191,647 EXPENDITURES Current General government 5,084,309 5,084,309 5,554,698 Public safety 13,809,053 13,809,053 12,875,682 Highways and streets 8,351,700 8,351,700 8,763,864 Total expenditures 27,245,062 27,245,062 27,194,244 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (227,000) (227,000) 3,997,403 OTHER FINANCING SOURCES (USES) Transfers in 225,000 225,000 25,000 Transfers (out)- - (3,121,257) Sale of capital assets 2,000 2,000 21,603 Total other financing sources (uses)227,000 227,000 (3,074,654) NET CHANGE IN FUND BALANCE -$ -$ 922,749 FUND BALANCE, MAY 1 12,349,676 FUND BALANCE, APRIL 30 13,272,425$ (See independent auditor's report.) - 60 - FISCAL YEAR ENDED APRIL 30,2016 2017 2018 2019 2020 2021 Actuarially determined contribution 632,404$ 651,811$ 683,524$ 673,301$ 641,018$ 756,973$ Contributions in relation to the actuarially determined contribution 632,404 651,811 683,524 673,301 641,018 756,973 CONTRIBUTION DEFICIENCY (Excess)-$ -$ -$ -$ -$ -$ Covered payroll 5,619,601$ 5,820,182$ 6,159,861$ 6,335,963$ 6,464,299$ 6,967,059$ Contributions as a percentage of covered payroll 11.25%11.20%11.10%10.63%9.92%10.87% 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 Six 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 23 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 7.25% annually. (See independent auditor's report.) - 61 - FISCAL YEAR ENDED APRIL 30,2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Actuarially determined contribution 806,757$ 808,308$ 808,112$ 935,192$ 902,596$ 1,099,147$ 1,295,962$ 1,246,616$ 1,274,674$ 1,580,337$ Contributions in relation to the actuarially determined contribution 897,431 888,578 886,519 898,172 948,549 1,101,142 1,364,479 1,402,674 1,297,308 1,577,686 CONTRIBUTION DEFICIENCY (Excess)(90,674)$ (80,270)$ (78,407)$ 37,020$ (45,953)$ (1,995)$ (68,517)$ (156,058)$ (22,634)$ 2,651$ Covered payroll 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$ 6,021,819$ Contributions as a percentage of covered payroll 20.51%19.47%18.73%18.66%18.62%20.97%24.70%24.07%21.32%26.20% 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 20 years;the asset valuation method was at five-year smoothed 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 2020 TOTAL PENSION LIABILITY Service cost 655,050$ 653,238$ 667,207$ 621,641$ 671,606$ 684,620$ Interest 1,440,465 1,549,109 1,691,702 1,765,752 1,903,522 2,050,886 Differences between expected and actual experience (198,500) 173,858 7,116 159,846 282,268 (235,564) Changes of assumptions 30,956 (66,399) (765,062) 882,365 - (441,121) Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) (832,123) (830,462) Net change in total pension liability 1,442,834 1,897,140 1,072,079 2,776,787 2,025,273 1,228,359 Total pension liability - beginning 19,146,890 20,589,724 22,486,864 23,558,943 26,335,730 28,361,003 TOTAL PENSION LIABILITY - ENDING 20,589,724$ 22,486,864$ 23,558,943$ 26,335,730$ 28,361,003$ 29,589,362$ PLAN FIDUCIARY NET POSITION Contributions - employer 637,826$ 669,937$ 669,286$ 703,864$ 617,053$ 694,734$ Contributions - member 253,640 267,974 271,577 297,890 290,454 291,633 Net investment income 85,777 1,184,782 3,015,203 (914,219) 3,812,685 3,496,013 Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) (832,123) (830,462) Administrative expense/other (466,427) 5,449 (203,705) 329,608 15,357 77,814 Net change in plan fiduciary net position 25,679 1,715,476 3,223,477 (235,674)3,903,426 3,729,732 Plan fiduciary net position - beginning 16,952,168 16,977,847 18,693,323 21,916,800 21,681,126 25,584,552 PLAN FIDUCIARY NET POSITION - ENDING 16,977,847$ 18,693,323$ 21,916,800$ 21,681,126$ 25,584,552$ 29,314,284$ EMPLOYER'S NET PENSION LIABILITY 3,611,877$ 3,793,541$ 1,642,143$ 4,654,604$ 2,776,451$ 275,078$ VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS ILLINOIS MUNICIPAL RETIREMENT FUND Last Six Fiscal Years (This schedule is continued on the following page.) - 63 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 Plan fiduciary net position as a percentage of the total pension liability 82.46%83.13%93.03%82.33%90.21%99.07% Covered payroll 5,619,601$ 5,954,999$ 6,035,047$ 6,335,404$ 6,454,529$ 6,486,869$ Employer's net pension liability as a percentage of covered payroll 64.30%63.70%27.20%73.50%43.00%4.20% 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. 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. Changes in assumptions related to price inflation, salary increases, retirement age, and mortality rates were made in 2020. (See independent auditor's report.) - 64 - MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 2020 2021 TOTAL PENSION LIABILITY Service cost 1,098,445$ 1,194,830$ 1,290,807$ 1,273,722$ 1,313,637$ 1,452,555$ 1,438,196$ Interest 2,039,130 2,374,855 2,718,699 2,879,343 3,076,159 3,011,884 3,339,001 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 (52,953) Changes of assumptions 2,082,221 1,674,600 (928,943) 1,138,995 1,585,849 - - Benefit payments, including refunds of member (413,533) (434,932) (442,742) (494,765) (510,423) (640,262) (811,860) contributions Net change in total pension liability 4,487,033 4,588,497 2,167,924 4,248,079 601,377 4,946,336 3,912,384 Total pension liability - beginning 27,395,166 31,882,199 36,470,696 38,638,620 42,886,699 43,488,076 48,434,412 TOTAL PENSION LIABILITY - ENDING 31,882,199$ 36,470,696$ 38,638,620$ 42,886,699$ 43,488,076$ 48,434,412$ 52,346,796$ PLAN FIDUCIARY NET POSITION Contributions - employer 898,172$ 948,599$ 1,101,142$ 1,364,479$ 1,402,674$ 1,297,308$ 1,577,686$ Contributions - member 522,107 490,958 509,526 524,835 555,362 580,065 655,092 Net investment income 1,466,441 (72,695) 2,276,889 2,098,694 1,688,922 532,039 8,660,971 Benefit payments, including refunds of member (413,533) (434,932) (442,742) (494,765) (510,423) (640,262) (811,860) contributions Administrative expense (33,752) (32,827) (41,812) (42,745) (49,718) (43,145) (43,819) Net change in plan fiduciary net position 2,439,435 899,103 3,403,003 3,450,498 3,086,817 1,726,005 10,038,070 Plan fiduciary net position - beginning 21,386,315 23,825,750 24,724,853 28,127,856 31,578,354 34,665,171 36,391,176 PLAN FIDUCIARY NET POSITION - ENDING 23,825,750$ 24,724,853$ 28,127,856$ 31,578,354$ 34,665,171$ 36,391,176$ 46,429,246$ EMPLOYER'S NET PENSION LIABILITY 8,056,449$ 11,745,843$ 10,510,764$ 11,308,345$ 8,822,905$ 12,043,236$ 5,917,550$ VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS POLICE PENSION FUND Last Seven Fiscal Years (This schedule is continued on the following page.) - 65 - MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 2020 2021 Plan fiduciary net position as a percentage of the total pension liability 74.73%67.79%72.80%73.63%79.71%75.13%88.70% Covered payroll 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ 6,084,253$ 6,021,819$ Employer's net pension liability as a percentage of covered payroll 167.34%230.58%200.21%204.67%151.40%197.94%98.27% Notes to Required Supplementary Information There was a change with respect to actuarial assumptions in 2017 to reflect revised expectations with respect to mortality rates. Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years as is available. There was a change with respect to actuarial assumptions in 2015 and 2016 to reflect revised expectations with respect to mortality rates,disability rates,turnover rates,and retirement rates. 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.) - 66 - MEASUREMENT DATE APRIL 30,2018 2019 2020 2021 TOTAL OPEB LIABILITY Service cost 20,960$ 26,191$ 28,320$ 26,239$ Interest 48,256 49,905 45,347 43,717 Changes of benefit terms - - - - Differences between expected and actual experience (293,399) (221,712) - 74,837 Changes of assumptions 302,198 175,872 85,282 438,713 Benefit payments (32,954) (32,258) (25,206) (44,805) Other changes - 36,381 (2,736) - Net change in total OPEB liability 45,061 34,379 131,007 538,701 Total OPEB liability - beginning 1,345,855 1,390,916 1,425,295 1,556,302 TOTAL OPEB LIABILITY - ENDING 1,390,916$ 1,425,295$ 1,556,302$ 2,095,003$ Covered-employee payroll 10,735,898$ 11,381,178$ 11,381,178$ 12,031,717$ Employer's total OPEB liability as a percentage of covered-employee payroll 12.96%12.52%13.67%17.41% 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 Four 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. There were changes in assumptions related to the discount rate and health care trend rate in 2021.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.) - 67 - FISCAL YEAR ENDED APRIL 30,2015 2016 2017 2018 2019 2020 2021 Annual money-weighted rate of return, net of investment expense 6.64%(0.29%)8.93%7.21%5.18%1.49%23.12% Notes to Required Supplementary Information VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF INVESTMENT RETURNS POLICE PENSION FUND Last Seven 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.) - 68 - - 47 - VILLAGE OF PLAINFIELD, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION April 30, 2021 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, 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 governmental funds had expenditures that exceeded budget: Fund Budget Expenditures Debt Service $ 3,014,800 $ 3,048,100 Motor Fuel Tax 2,000,000 2,122,092 Route 30 TIF - 5,997 - 69 - 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, 2021 Original Final Budget Budget Actual TAXES Property taxes 4,414,900$ 4,414,900$ 4,512,639$ Property tax - police pension 1,580,000 1,580,000 1,577,460 Property taxes - road and bridge 375,000 375,000 384,392 Property taxes - IMRF 550,000 550,000 549,371 Hotel/motel tax 800 800 419 Amusement tax 7,000 7,000 1,243 Local motor fuel tax 1,100,000 1,100,000 970,687 Total taxes 8,027,700 8,027,700 7,996,211 LICENSES AND PERMITS Licenses Liquor 100,000 100,000 97,940 Contractors 45,000 45,000 46,800 Cigarette 6,000 6,000 5,750 Scavenger 200 200 100 Business 40,000 40,000 44,425 Total licenses 191,200 191,200 195,015 Permits Building 950,000 950,000 1,495,052 Sign 5,000 5,000 3,687 Special movement 15,000 15,000 27,900 Solicitors 2,000 2,000 2,860 Total permits 972,000 972,000 1,529,499 Total licenses and permits 1,163,200 1,163,200 1,724,514 INTERGOVERNMENTAL Grant revenue 35,750 35,750 1,932,958 Personal property replacement tax 55,000 55,000 60,678 Sales tax 5,889,703 5,889,703 6,812,757 Use tax 1,100,000 1,100,000 1,809,248 Income tax 3,750,000 3,750,000 4,537,460 Total intergovernmental 10,830,453 10,830,453 15,153,101 CHARGES FOR SERVICES Rental income 49,200 49,200 49,200 Zoning applications 20,000 20,000 21,899 Accident report copies 5,000 5,000 6,250 Maps and ordinances copies 2,000 2,000 1,381 Garbage fees 4,720,000 4,720,000 4,708,687 Engineering services 5,000 5,000 - (This schedule is continued on the following page.) - 70 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual CHARGES FOR SERVICES (Continued) Special detail reimbursement 75,000$ 75,000$ 26,146$ Tower rent 45,800 45,800 49,215 Telephone franchise fee 125,000 125,000 102,746 Cable franchise fee 500,000 500,000 470,110 Amphitheater rent 500 500 - School liaison reimbursement 465,000 465,000 76,005 HIDTA/organized crime reimbursement 10,000 10,000 27,439 Community room rental 4,000 4,000 - Sex offenders registration - - 730 Parking lot revenues 4,000 4,000 3,400 Impound fees 25,000 25,000 41,000 Total charges for services 6,055,500 6,055,500 5,584,208 FINES AND FORFEITS Will County Circuit Court fines 330,000 330,000 297,493 Kendall County Circuit Court fines 2,000 2,000 5,828 Traffic and ordinance fines 135,000 135,000 108,666 Drug forfeiture 225,000 225,000 94,861 False alarm fees 1,000 1,000 9,000 Administrative fines - late fees 9,000 9,000 9,025 Asset seizure - federal (Department of Justice equitable sharing)5,000 5,000 - Asset seizure - federal (U.S. Treasury equitable sharing)1,000 1,000 - Court fines - drug account - - 700 Total fines and forfeits 708,000 708,000 525,573 INVESTMENT INCOME 98,209 98,209 52,850 MISCELLANEOUS Other reimbursements 90,000 90,000 117,124 Other receipts 25,000 25,000 25,452 Other miscellaneous - - 4,100 PEMA donation - - 2,020 Miscellaneous donations 15,000 15,000 6,494 Event sponsorship program 5,000 5,000 - Total miscellaneous 135,000 135,000 155,190 TOTAL REVENUES 27,018,062$ 27,018,062$ 31,191,647$ (See independent auditor's report.) - 71 - SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative 460,230$ 460,230$ 968,405$ Administration 864,865 864,865 836,888 Community relations 186,525 186,525 184,475 Facility management 165,600 165,600 171,624 Human resources 303,250 303,250 283,067 Information technology 971,850 971,850 1,045,936 Legal program 506,439 506,439 491,901 Planning 628,150 628,150 603,526 Building 997,400 997,400 1,002,883 Subtotal 5,084,309 5,084,309 5,588,705 Insurance allocation - - (34,007) Total general government 5,084,309 5,084,309 5,554,698 PUBLIC SAFETY Police department Executive 659,010 659,010 640,628 Police operations 8,048,613 8,048,613 7,817,375 Police administration 2,735,024 2,735,024 2,528,475 Police records - - - Seizure/forfeiture 225,000 225,000 100,230 Police special activities 35,000 35,000 24,423 Community services 1,801,005 1,801,005 1,644,542 Nondivisional 135,650 135,650 108,863 Total police department 13,639,302 13,639,302 12,864,536 Police commission 30,521 30,521 8,433 PEMA 139,230 139,230 75,605 Subtotal 13,809,053 13,809,053 12,948,574 Insurance allocation - - (72,892) Total public safety 13,809,053 13,809,053 12,875,682 VILLAGE OF PLAINFIELD, ILLINOIS (This schedule is continued on the following page.) - 72 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual HIGHWAYS AND STREETS Waste hauler 4,300,000$ 4,300,000$ 4,364,628$ Administration 634,200 634,200 640,307 Street maintenance 2,953,000 2,953,000 3,288,394 Vehicle maintenance 282,600 282,600 279,332 Forestry 181,900 181,900 211,900 Subtotal 8,351,700 8,351,700 8,784,561 Insurance allocation - - (20,697) Total highways and streets 8,351,700 8,351,700 8,763,864 TOTAL EXPENDITURES 27,245,062$ 27,245,062$ 27,194,244$ (See independent auditor's report.) - 73 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual GENERAL GOVERNMENT Legislative Salaries - President 24,000$ 24,000$ 24,000$ Salaries - Elected Officials 25,000 25,000 23,000 Salaries - Liquor Commission 1,500 1,500 1,500 Salaries - Village Treasurer 2,500 2,500 2,500 FICA 3,300 3,300 3,162 Medicare 780 780 740 Employee insurance 150 150 101 Travel/training 10,000 10,000 - Replacement equipment 3,000 3,000 5,248 Dues and subscriptions 40,000 40,000 53,068 Public relations 115,000 115,000 107,052 Cable TV 10,000 10,000 15,761 Economic incentive rebate 225,000 225,000 587,273 Small Business Relief Grant - - 145,000 Total legislative 460,230 460,230 968,405 Administration Salaries - full-time 650,000 650,000 671,481 Salaries - part-time 55,000 55,000 63,773 Salaries - overtime 3,000 3,000 276 FICA 43,900 43,900 40,466 Medicare 10,265 10,265 11,245 IMRF 77,900 77,900 84,122 Employee insurance 88,000 88,000 89,852 Deferred compensation contribution 25,500 25,500 20,554 Travel/training 15,000 15,000 1,501 Unemployment insurance 5,000 5,000 5,311 Telephone/internet 5,500 5,500 2,468 Cellular phones/pagers 2,300 2,300 1,657 Dues and subscriptions 5,000 5,000 2,476 Office supplies/postage 32,000 32,000 32,225 Gas, oil, wash, and mileage 9,500 9,500 7,200 Maintenance contract/lease 8,000 8,000 1,894 Recording fees 1,500 1,500 506 Legal notices 2,500 2,500 2,103 Attorney legal fees 45,000 45,000 43,085 Contractual services 80,000 80,000 63,584 Office furniture and equipment 5,000 5,000 3,920 Contingencies 45,000 45,000 25,884 Bad Debt Expense - - 11,305 Subtotal administration 1,214,865 1,214,865 1,186,888 Less water and sewer reimbursement (350,000) (350,000) (350,000) Total administration 864,865 864,865 836,888 (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, 2021 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Community relations Salaries - full-time 108,000$ 108,000$ 110,916$ FICA 6,700 6,700 6,745 Medicare 1,600 1,600 1,577 IMRF 12,075 12,075 12,682 Employee insurance 23,500 23,500 23,066 Deferred compensation contribution 4,000 4,000 3,755 Travel/training 1,500 1,500 81 Telephone/internet 700 700 309 Public relations 13,000 13,000 11,148 Office supplies/postage 500 500 - Dues and subscriptions 850 850 635 Gas, oil, wash, and mileage 100 100 - Marketing and promotion 1,500 1,500 - Settler's Park 8,500 8,500 - Contractual services 4,000 4,000 13,561 Total community relations 186,525 186,525 184,475 Facility management Salaries - full-time 53,000 53,000 53,084 Salaries - overtime 3,000 3,000 3,344 FICA 3,400 3,400 3,511 Medicare 800 800 821 IMRF 5,900 5,900 6,405 Building maintenance supplies 12,000 12,000 12,676 Deferred compensation contribution - - 1,220 Contractual services 40,000 40,000 42,946 Employee insurance 17,500 17,500 14,732 Building improvements 30,000 30,000 32,885 Total facility management 165,600 165,600 171,624 Human resources Salaries - full-time 180,000 180,000 185,129 Salaries - overtime 500 500 - FICA 11,000 11,000 11,789 Medicare 2,500 2,500 2,843 IMRF 19,650 19,650 22,034 Employee insurance 42,500 42,500 42,044 Deferred compensation contribution 7,000 7,000 6,953 Travel/training 6,500 6,500 614 Telephone/internet 1,000 1,000 450 Cellular telephone/pager 600 600 543 Office supplies/postage 1,500 1,500 1,249 Dues and subscriptions 9,000 9,000 708 Gas, oil, wash, and mileage 1,200 1,200 - Public relations 12,300 12,300 7,363 Contractual services 8,000 8,000 1,348 Total human resources 303,250 303,250 283,067 (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, 2021 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Information technology Salaries - full-time 365,000$ 365,000$ 307,527$ Salaries - overtime 500 500 - FICA 22,500 22,500 19,250 Medicare 5,300 5,300 4,502 IMRF 40,000 40,000 34,519 Employee insurance 60,000 60,000 55,192 Deferred compensation contribution 9,000 9,000 7,419 Travel/training 17,000 17,000 - Telephone/internet 500 500 228 Cellular telephone/pagers 3,700 3,700 2,796 Office supplies/postage 1,400 1,400 2,586 Dues and subscriptions 700 700 691 Gas, oil, wash, and mileage 400 400 - Uniforms/clothing 500 500 267 Software licensing/renewals 289,950 289,950 444,440 Software 74,300 74,300 74,698 Contractual services 56,100 56,100 52,263 Computers 25,000 25,000 39,558 Total information technology 971,850 971,850 1,045,936 Legal program Salaries - full-time 282,714 282,714 291,981 Salaries - part-time 40,800 40,800 26,878 Salaries - overtime 1,000 1,000 - FICA 20,040 20,040 20,013 Medicare 4,705 4,705 4,605 IMRF 35,700 35,700 35,706 Employee insurance 65,457 65,457 60,370 Deferred compensation contribution 8,000 8,000 9,389 Travel/training 3,000 3,000 554 Telephone/internet 1,092 1,092 491 Cellular phones/pager 671 671 1,208 Office supplies/postage 10,000 10,000 5,632 Dues and subscriptions 10,000 10,000 10,506 Gas, oil, wash, and mileage 500 500 836 Uniforms/clothing 600 600 634 Maintenance contract/lease 2,160 2,160 2,016 Vehicle maintenance - - 784 Legal fees 20,000 20,000 20,298 Total legal program 506,439 506,439 491,901 Planning Salaries - full-time 375,000 375,000 338,140 Compensation - plan commission 3,500 3,500 4,465 Salaries - overtime 2,500 2,500 - FICA 23,500 23,500 21,781 Medicare 5,500 5,500 5,094 (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, 2021 Original Final Budget Budget Actual GENERAL GOVERNMENT (Continued) Planning (Continued) IMRF 41,100$ 41,100$ 38,775$ Employee insurance 84,000 84,000 75,575 Deferred compensation contribution 8,500 8,500 6,597 Travel/training 8,000 8,000 1,245 Unemployment insurance 1,000 1,000 1,000 Telephone/internet 3,000 3,000 1,341 Cellular phones/pagers 1,800 1,800 1,032 Office supplies/postage 10,000 10,000 3,795 Dues and subscriptions 5,000 5,000 4,588 Gas, oil, wash, and mileage 750 750 37 Maintenance contract/lease 2,000 2,000 1,820 Vehicle maintenance 1,000 1,000 - Legal fees 9,000 9,000 12,540 Special projects/programs 15,000 15,000 62,526 Contractual services 20,000 20,000 4,387 Engineer fees 8,000 8,000 18,788 Total planning 628,150 628,150 603,526 Building Salaries - full-time 635,000 635,000 669,669 Salaries - overtime 3,000 3,000 - FICA 40,000 40,000 41,796 Medicare 9,500 9,500 9,775 IMRF 72,000 72,000 75,590 Employee insurance 175,000 175,000 164,902 Deferred compensation contribution 15,000 15,000 16,397 Travel/training 12,000 12,000 3,543 Unemployment insurance 1,500 1,500 1,500 Telephone/internet 1,000 1,000 450 Cellular phones/pagers 4,500 4,500 4,050 Office supplies/postage 10,000 10,000 8,192 Dues and subscriptions 4,000 4,000 340 Gas, oil, wash, and mileage 1,000 1,000 - Uniforms/clothing 900 900 898 Recording fees 3,000 3,000 2,611 Contractual services 10,000 10,000 3,170 Total building 997,400 997,400 1,002,883 Subtotal 5,084,309 5,084,309 5,588,705 Insurance allocation - - (34,007) Total general government 5,084,309 5,084,309 5,554,698 (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, 2021 Original Final Budget Budget Actual PUBLIC SAFETY Police department Executive Salaries - full-time 337,760$ 337,760$ 338,919$ Salaries - part-time 35,875 35,875 32,174 Salaries - overtime 1,000 1,000 255 FICA 23,227 23,227 22,607 Medicare 5,432 5,432 5,450 IMRF 25,156 25,156 23,140 Employee insurance 71,539 71,539 67,336 Deferred compensation contribution 8,000 8,000 6,381 Travel/training 7,000 7,000 3,630 Education/school 3,000 3,000 3,000 Unemployment insurance 20,000 20,000 20,000 Telephone/internet 1,092 1,092 450 Cellular phones/pagers 720 720 527 Office supplies/postage 8,000 8,000 6,288 Replacement supplies 3,500 3,500 1,899 Dues and subscriptions 5,000 5,000 4,905 Gas, oil, wash, and mileage 3,700 3,700 1,245 Uniforms/clothing 1,800 1,800 2,251 Maintenance contract/lease 6,709 6,709 5,651 Custodian 60,000 60,000 71,172 Vehicle equipment maintenance 2,500 2,500 1,688 Contractual services 28,000 28,000 21,230 Sex offender's registration fee - - 430 Total executive 659,010 659,010 640,628 Police operations Salaries - full-time 4,142,260 4,142,260 3,985,541 Salaries - part-time - - (1,025) Salaries - overtime 250,000 250,000 224,247 FICA 272,320 272,320 265,944 Medicare 63,687 63,687 62,253 IMRF 45,993 45,993 15,670 Police pension contribution 1,580,000 1,580,000 1,577,460 Employee insurance 606,620 606,620 630,361 Deferred compensation contribution 130,000 130,000 114,454 Travel/training 41,240 41,240 24,968 Telephone/insurance 13,604 13,604 33,635 Cellular phones/pagers 20,844 20,844 6,256 Office supplies/postage 13,500 13,500 7,084 Replacement supplies 17,000 17,000 16,708 Dues and subscriptions 3,900 3,900 710 Gas, oil, wash, and mileage 61,000 61,000 61,881 Uniforms/clothing 44,900 44,900 48,403 Traffic programs - - - Ammunition/weapons 28,000 28,000 28,249 Radio maintenance 2,000 2,000 48 (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, 2021 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police operations Maintenance contracts/lease 19,275$ 19,275$ 4,366$ Bike unit 3,500 3,500 3,385 Vehicle maintenance 46,970 46,970 75,795 K-9 Unit 4,000 4,000 5,416 Animal control 9,000 9,000 2,780 Contractual services 16,000 16,000 13,103 Contractual services - WESCOM 608,000 608,000 607,001 Community Programs- explorer program 5,000 5,000 2,682 Total police operations 8,048,613 8,048,613 7,817,375 Police administration Salaries - full-time 1,856,123 1,856,123 1,763,317 Salaries - overtime 120,000 120,000 107,876 FICA 122,520 122,520 116,994 Medicare 28,654 28,654 27,450 IMRF 14,840 14,840 13,655 Employee insurance 330,749 330,749 290,239 Deferred compensation contribution 55,000 55,000 53,793 Travel/training 23,800 23,800 11,448 Telephone/internet 1,404 1,404 579 Cellular phones/pagers 12,924 12,924 12,203 Office supplies/postage 5,500 5,500 3,877 Replacement supplies 6,500 6,500 4,215 Dues and subscriptions 4,970 4,970 3,999 Gas, oil, wash, and mileage 40,000 40,000 16,903 Uniforms/clothing 12,800 12,800 14,057 Crime scene/evidence tech support 5,000 5,000 6,315 Community programs - explorer program - - (240) Radio maintenance 28,500 28,500 25,564 Maintenance contract/lease 5,420 5,420 2,498 Vehicle maintenance 31,820 31,820 27,119 Background check services 2,500 2,500 2,407 DARE Program 5,000 5,000 3,076 Shop with a cop 10,000 10,000 14,900 Community programs 8,500 8,500 6,127 Community program- alcohol/tobacco 2,500 2,500 104 Total community services 2,735,024 2,735,024 2,528,475 Seizure/forfeiture Seizure/forfeiture expenditures 225,000 225,000 100,230 (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, 2021 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police department (Continued) Police special activities FICA 2,016$ 2,016$ 1,344$ Medicare 471 471 314 Salaries - special activities 32,513 32,513 22,765 Total police special activities 35,000 35,000 24,423 Community services Salaries - full-time 978,189 978,189 914,637 Salaries - part-time 302,219 302,219 258,505 Salaries - overtime 56,000 56,000 40,089 FICA 82,857 82,857 77,332 Medicare 19,378 19,378 18,096 IMRF 13,010 13,010 58,343 Employee insurance 179,978 179,978 149,288 Deferred compensation contribution 41,000 41,000 25,302 Travel/training 8,710 8,710 5,931 Telephone/internet 2,808 2,808 1,164 Cellular phones/pagers 3,036 3,036 2,923 Office supplies/postage 13,600 13,600 9,889 Replacement supplies 4,700 4,700 2,707 Dues and subscriptions 1,650 1,650 1,632 Gas, oil, wash, and mileage 22,000 22,000 17,497 Uniform/clothing 9,700 9,700 12,074 Radio maintenance 500 500 - Maintenance contracts/lease 8,060 8,060 3,750 Vehicle maintenance 21,210 21,210 19,310 Chaplaincy program 3,000 3,000 1,219 Accreditation 8,000 8,000 4,595 Traffic program 21,400 21,400 20,259 Total community services 1,801,005 1,801,005 1,644,542 Nondivisional Office furniture and equipment 8,000 8,000 9,739 Capital equipment 115,650 115,650 85,762 PEMA Fundraising - - - Contingencies 12,000 12,000 13,362 Total nondivisional 135,650 135,650 108,863 Total police department 13,639,302 13,639,302 12,864,536 Police commission Salaries - part-time 5,500 5,500 1,111 FICA 341 341 57 Medicare 80 80 13 Travel/training 1,000 1,000 114 (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, 2021 Original Final Budget Budget Actual PUBLIC SAFETY (Continued) Police commission (Continued) Office supplies/postage 2,000$ 2,000$ 1,774$ Dues and subscriptions 600 600 699 Legal fees 1,000 1,000 - Police test/hiring 20,000 20,000 4,665 Total police commission 30,521 30,521 8,433 PEMA Travel/training 4,000 4,000 1,482 Telephone/internet 6,000 6,000 6,940 Office supplies 1,000 1,000 398 Cellular phones/pager 780 780 603 Replacement supplies 6,000 6,000 4,624 Dues and subscriptions 4,000 4,000 3,419 Gas, oil, wash, and mileage 8,000 8,000 2,166 Supplies and hardware 2,000 2,000 61 Uniforms/clothing 6,000 6,000 2,041 Emergency operation center 1,000 1,000 - Public relations 3,000 3,000 1,050 Disaster plan/exercises/NIMS 3,000 3,000 - Radio maintenance 12,000 12,000 13,915 Building maintenance 20,000 20,000 1,298 Vehicle maintenance 20,000 20,000 19,265 Maintenance contract/lease 1,200 1,200 1,798 Bike unit 1,500 1,500 168 Siren maintenance 13,000 13,000 10,228 Contractual services 5,250 5,250 - Cadet program 5,500 5,500 1,760 Search and rescue 4,000 4,000 3,900 Furniture/equipment 2,000 2,000 - Supplies and hardware - ESDA 2,000 2,000 - Machinery and equipment 5,000 5,000 - Contingencies 3,000 3,000 489 Total PEMA 139,230 139,230 75,605 Subtotal 13,809,053 13,809,053 12,948,574 Insurance allocation - - (72,892) Total public safety 13,809,053 13,809,053 12,875,682 HIGHWAYS AND STREETS Waste hauler Refuse hauler fees 4,300,000 4,300,000 4,364,628 Total waste hauler 4,300,000 4,300,000 4,364,628 (This schedule is continued on the following pages.) - 81 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Administration Salaries - full-time 390,000$ 390,000$ 398,138$ FICA 24,500 24,500 25,116 Medicare 5,700 5,700 5,992 IMRF 43,200 43,200 46,129 Employee insurance 85,000 85,000 83,463 Deferred compensation contribution 10,000 10,000 10,884 Travel/training 10,000 10,000 2,187 Unemployment insurance 4,500 4,500 4,500 Telephone/internet 25,000 25,000 33,010 Cellular phones/pagers 8,500 8,500 7,747 Office supplies/postage 3,000 3,000 4,134 Dues and subscriptions 3,000 3,000 2,898 Supplies/hardware 500 500 307 Gas, oil, wash, and mileage 300 300 - Building maintenance 20,000 20,000 12,559 Legal notices 1,000 1,000 3,243 Total administration 634,200 634,200 640,307 Street maintenance Salaries - full-time 860,000 860,000 848,798 Salaries - part-time - - - Salaries - overtime 80,000 80,000 97,807 FICA 59,500 59,500 58,971 Medicare 14,000 14,000 13,791 IMRF 95,000 95,000 106,751 Employee insurance 215,500 215,500 192,658 Deferred compensation contribution 25,000 25,000 21,025 Electricity/gas 215,000 215,000 195,754 Gas, oil, wash, and mileage 65,000 65,000 48,041 Supplies/hardware 15,000 15,000 14,616 Street signs maintenance 40,000 40,000 51,998 Aggregate materials 4,000 4,000 4,829 Uniforms/clothing 10,000 10,000 11,972 Radio maintenance 5,000 5,000 3,225 Vehicle maintenance 35,000 35,000 22,249 Street light maintenance 115,000 115,000 137,641 Street maintenance 140,000 140,000 157,742 Storm sewer improvements 20,000 20,000 15,272 Contractual services 190,000 190,000 159,676 Sidewalk maintenance 5,000 5,000 5,220 Equipment maintenance 100,000 100,000 134,510 Supplies/hardware - salt purchase 270,000 270,000 227,596 Snow removal 375,000 375,000 758,252 Total street maintenance 2,953,000 2,953,000 3,288,394 (This schedule is continued on the following page.) - 82 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual HIGHWAYS AND STREETS (Continued) Vehicle maintenance Salaries - full-time 195,000$ 195,000$ 191,800$ Salaries - overtime 8,000 8,000 9,939 FICA 12,600 12,600 12,577 Medicare 3,000 3,000 2,941 IMRF 21,500 21,500 22,795 Employee insurance 35,000 35,000 33,556 Deferred compensation contribution 7,500 7,500 5,724 Total vehicle maintenance 282,600 282,600 279,332 Forestry Salaries - full-time 83,000 83,000 85,741 Salaries - overtime 8,000 8,000 13,067 FICA 6,000 6,000 6,213 Medicare 1,400 1,400 1,453 IMRF 10,000 10,000 11,149 Employee insurance 15,000 15,000 13,226 Deferred compensation contribution 3,000 3,000 2,275 Supplies/hardware 10,000 10,000 11,071 Contractual services 25,000 25,000 23,506 Tree removal 20,000 20,000 44,200 Uniforms/clothing 500 500 - Total forestry 181,900 181,900 211,900 Subtotal 8,351,700 8,351,700 8,784,561 Insurance allocation - - (20,697) Total highways and streets 8,351,700 8,351,700 8,763,864 TOTAL EXPENDITURES 27,245,062$ 27,245,062$ 27,194,244 (See independent auditor's report.) - 83 - CAPITAL PROJECTS FUND Original Final Budget Budget Actual REVENUES Home rule sales tax 3,775,000$ 3,775,000$ 4,229,671$ Intergovernmental 12,274,000 12,274,000 4,312,843 Charges for services Impact fee 36,000 36,000 140,819 Fines and forfeits 367,000 367,000 388,980 Investment income 250,000 250,000 35,089 Miscellaneous 65,000 65,000 294,618 Total revenues 16,767,000 16,767,000 9,402,020 EXPENDITURES Capital outlay Contractual services 110,000 110,000 110,706 Engineering 100,000 100,000 133,650 Building improvements 600,000 600,000 730,581 Sidewalk and curb replacement 500,000 500,000 583,882 Machinery and equipment - police 270,000 270,000 189,877 Machinery and equipment - public works 652,000 652,000 606,106 Bridge repairs and reconstructions 830,000 830,000 26,283 Roadway improvements 13,620,000 13,620,000 7,490,306 Storm and drainage improvements 40,000 40,000 19,901 I-55 interchange design 100,000 100,000 26,340 PACE Park-n-Ride - - 1,358 127th Street-Plainfield/Naperville Rd.250,000 250,000 43,363 Engineering Fees - The Boulevard - - 165,515 Settler's park campus refresh 160,000 160,000 28,423 Pond drainage 40,000 40,000 - Beautification improvements 100,000 100,000 - Total expenditures 17,372,000 17,372,000 10,156,291 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (605,000) (605,000) (754,271) OTHER FINANCING SOURCES (USES) Transfers in - - 3,121,257 Transfers (out)(2,031,000) (2,031,000) (2,025,793) Sale of capital assets 3,000 3,000 2,828 Total other financing sources (uses)(2,028,000) (2,028,000) 1,098,292 NET CHANGE IN FUND BALANCE (2,633,000)$ (2,633,000)$ 344,021 FUND BALANCE, MAY 1 18,762,050 FUND BALANCE, APRIL 30 19,106,071$ For the Year Ended April 30, 2021 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (See independent auditor's report.) - 84 - Original Final Budget Budget Actual REVENUES Investment income 8,000$ 8,000$ 1,277$ Total revenues 8,000 8,000 1,277 EXPENDITURES Debt service Principal 2,520,000 2,520,000 2,520,000 Interest and fiscal charges 494,800 494,800 528,100 Total expenditures 3,014,800 3,014,800 3,048,100 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (3,006,800) (3,006,800) (3,046,823) OTHER FINANCING SOURCES (USES) Transfers in 3,014,800 3,014,800 3,009,593 Refunding bonds issued - - 2,790,000 Payment to escrow agent - - (2,754,483) Total other financing sources (uses)3,014,800 3,014,800 3,045,110 NET CHANGE IN FUND BALANCE 8,000$ 8,000$ (1,713) FUND BALANCE, MAY 1 1,830 FUND BALANCE, APRIL 30 117$ For the Year Ended April 30, 2021 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND (See independent auditor's report.) - 85 - NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes. Liability Insurance Fund - accounts for the restricted revenue and expenditures of property tax levied for the payment of premiums of public liability insurance carried by the Village. Audit Fund - accounts for the restricted revenue and expenditures of taxes levied for payment of the cost of the annual audit of the Village’s financial statements. Alcohol Enforcement Fund - accounts for restricted revenue collected on DUI arrests and expenditures for the purchase of video cameras to combat drunk driving. Motor Fuel Tax Fund - accounts for expenditures related to approved motor fuel tax projects and restricted revenue from the state gasoline tax as collected and distributed by the State of Illinois. D.A.R.E. Fund - accounts for the revenue and expenditures of restricted contributions made to the Drug Abuse Resistance Education (D.A.R.E.) program. Downtown TIF Fund - accounts for restricted revenue generated by the Downtown TIF District and expenditures budgeted to be paid with TIF revenue. Route 30 TIF Fund - accounts for restricted revenue generated by the Route 30 TIF District and expenditures budgeted to be paid with TIF revenue. VILLAGE OF PLAINFIELD, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS April 30, 2021 Liability Alcohol Insurance Audit Enforcement ASSETS AND DEFERRED OUTFLOWS OF RESOURCES ASSETS Cash and investments 243,287$ 9,779$ 27,282$ Receivables Property tax 343,584 39,511 - Allotments - - - Other - - 1,850 Total assets 586,871 49,290 29,132 DEFERRED OUTFLOWS OF RESOURCES None - - - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 586,871$ 49,290$ 29,132$ LIABILITIES Accounts payable 500$ -$ -$ Total liabilities 500 - - DEFERRED INFLOWS OF RESOURCES Unavailable property tax revenue 343,584 39,511 - Total liabilities and deferred inflows of resources 344,084 39,511 - FUND BALANCES Restricted Street maintenance - - - Public safety - - 29,132 Audit - 9,779 - Liability insurance 242,787 - - Economic development - - - Total fund balances 242,787 9,779 29,132 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 586,871$ 49,290$ 29,132$ Special Revenue OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS - 86 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total 4,754,942$ 3,547$ 1,524,330$ 12,712$ 6,575,879$ - - 757,097 121,685 1,261,877 130,391 - - - 130,391 - - - - 1,850 4,885,333 3,547 2,281,427 134,397 7,969,997 - - - - - 4,885,333$ 3,547$ 2,281,427$ 134,397$ 7,969,997$ 265,752$ -$ 405,185$ 5,997$ 677,434$ 265,752 - 405,185 5,997 677,434 - - 757,097 121,685 1,261,877 265,752 - 1,162,282 127,682 1,939,311 4,619,581 - - - 4,619,581 - 3,547 - - 32,679 - - - - 9,779 - - - - 242,787 - - 1,119,145 6,715 1,125,860 4,619,581 3,547 1,119,145 6,715 6,030,686 4,885,333$ 3,547$ 2,281,427$ 134,397$ 7,969,997$ Special Revenue (See independent auditor's report.) - 87 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended April 30, 2021 Liability Alcohol Insurance Audit Enforcement REVENUES Taxes 150,396$ 30,373$ -$ Intergovernmental - - - Fines and forfeits - - 15,858 Investment income 485 33 70 Total revenues 150,881 30,406 15,928 EXPENDITURES Current General government 40,355 40,320 - Public safety 305,310 - - Highways and streets 65,336 - - Total expenditures 411,001 40,320 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (260,120) (9,914) 15,928 OTHER FINANCING SOURCES (USES) Transfers (out)- - (25,000) Total other financing sources (uses)- - (25,000) NET CHANGE IN FUND BALANCES (260,120) (9,914) (9,072) FUND BALANCES, MAY 1 502,907 19,693 38,204 FUND BALANCES, APRIL 30 242,787$ 9,779$ 29,132$ Special Revenue - 88 - Motor Downtown Route 30 Fuel Tax D.A.R.E.TIF Fund TIF Fund Total -$ -$ 775,316$ 11,723$ 967,808$ 2,959,500 - - - 2,959,500 - - - - 15,858 8,601 11 2,426 16 11,642 2,968,101 11 777,742 11,739 3,954,808 - - 652,978 5,997 739,650 - - - - 305,310 2,122,092 - - - 2,187,428 2,122,092 - 652,978 5,997 3,232,388 846,009 11 124,764 5,742 722,420 - - - - (25,000) - - - - (25,000) 846,009 11 124,764 5,742 697,420 3,773,572 3,536 994,381 973 5,333,266 4,619,581$ 3,547$ 1,119,145$ 6,715$ 6,030,686$ Special Revenue (See independent auditor's report.) - 89 - Original Final Budget Budget Actual REVENUES Taxes Property tax 150,000$ 150,000$ 150,396$ Investment income 5,000 5,000 485 Total revenues 155,000 155,000 150,881 EXPENDITURES General government Treasurer bond 336 336 336 Commercial umbrella liability insurance 19,491 19,491 21,512 Workman's compensation insurance 24,363 24,363 18,507 Public safety Commercial umbrella liability insurance 148,690 148,690 164,118 Workman's compensation insurance 185,863 185,863 141,192 Highways and streets Commercial umbrella liability insurance 31,819 31,819 35,121 Workman's compensation insurance 39,774 39,774 30,215 Total expenditures 450,336 450,336 411,001 NET CHANGE IN FUND BALANCE (295,336)$ (295,336)$ (260,120) FUND BALANCE, MAY 1 502,907 FUND BALANCE, APRIL 30 242,787$ For the Year Ended April 30, 2021 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL LIABILITY INSURANCE FUND (See independent auditor's report.) - 90 - Original Final Budget Budget Actual REVENUES Taxes Property tax 30,000$ 30,000$ 30,373$ Investment income 400 400 33 Total revenues 30,400 30,400 30,406 EXPENDITURES General government Audit 42,000 42,000 40,320 Total expenditures 42,000 42,000 40,320 NET CHANGE IN FUND BALANCE (11,600)$ (11,600)$ (9,914) FUND BALANCE, MAY 1 19,693 FUND BALANCE, APRIL 30 9,779$ For the Year Ended April 30, 2021 VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL AUDIT FUND (See independent auditor's report.) - 91 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ALCOHOL ENFORCEMENT FUND For the Year Ended April 30, 2021 Final Original Budget Budget Actual REVENUES Fines and forfeits DUI proceeds 15,000$ 15,000$ 15,858$ Investment income 500 500 70 Total revenues 15,500 15,500 15,928 EXPENDITURES None - - - Total expenditures - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 15,500 15,500 15,928 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)$ (9,072) FUND BALANCE, MAY 1 38,204 FUND BALANCE, APRIL 30 29,132$ (See independent auditor's report.) - 92 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual REVENUES Intergovernmental State allotments 1,575,000$ 1,575,000$ 1,655,228$ Rebuild Illinois grant - - 1,304,272 Investment income 75,000 75,000 8,601 Total revenues 1,650,000 1,650,000 2,968,101 EXPENDITURES Highways and streets Street maintenance 2,000,000 2,000,000 2,122,092 Total expenditures 2,000,000 2,000,000 2,122,092 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (350,000) (350,000) 846,009 OTHER FINANCING SOURCES (USES) Transfers (out)(150,000) (150,000) - Total other financing sources (uses)(150,000) (150,000) - NET CHANGE IN FUND BALANCE (500,000)$ (500,000)$ 846,009 FUND BALANCE, MAY 1 3,773,572 FUND BALANCE, APRIL 30 4,619,581$ (See independent auditor's report.) - 93 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL D.A.R.E. FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual REVENUES Investment income 100$ 100$ 11$ Miscellaneous 20,000 20,000 - Total revenues 20,100 20,100 11 EXPENDITURES Public safety Program expenditures 23,000 23,000 - Total expenditures 23,000 23,000 - NET CHANGE IN FUND BALANCE (2,900)$ (2,900)$ 11 FUND BALANCE, MAY 1 3,536 FUND BALANCE, APRIL 30 3,547$ (See independent auditor's report.) - 94 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DOWNTOWN TIF FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual REVENUES Taxes Property taxes 730,000$ 730,000$ 775,316$ Investment income 10,000 10,000 2,426 Total revenues 740,000 740,000 777,742 EXPENDITURES General government Contractual services 1,000,000 1,000,000 652,978 Facade improvements 40,000 40,000 - Total expenditures 1,040,000 1,040,000 652,978 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (300,000) (300,000) 124,764 OTHER FINANCING SOURCES (USES) Transfers (out)(50,000) (50,000) - Total other financing sources (uses)(50,000) (50,000) - NET CHANGE IN FUND BALANCE (350,000)$ (350,000)$ 124,764 FUND BALANCE, MAY 1 994,381 FUND BALANCE, APRIL 30 1,119,145$ (See independent auditor's report.) - 95 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ROUTE 30 TIF FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual REVENUES Taxes Property taxes 1,000$ 1,000$ 11,723$ Investment income 50 50 16 Total revenues 1,050 1,050 11,739 EXPENDITURES General government Property tax rebates - - 5,997 Total expenditures - - 5,997 NET CHANGE IN FUND BALANCE 1,050$ 1,050$ 5,742 FUND BALANCE, MAY 1 973 FUND BALANCE, APRIL 30 6,715$ (See independent auditor's report.) - 96 - MAJOR ENTERPRISE FUND VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2021 Water and Sewer Capital Operations Projects Total CURRENT ASSETS Cash and investments 18,198,078$ 3,451,335$ 21,649,413$ Receivables Accounts 2,714,334 - 2,714,334 Sales tax 625,794 - 625,794 Other 252 - 252 Interest 626 1,581 2,207 Total current assets 21,539,084 3,452,916 24,992,000 CAPITAL ASSETS Nondepreciable 3,770,669 - 3,770,669 Depreciable, net of accumulated depreciation 102,582,517 - 102,582,517 Net capital assets 106,353,186 - 106,353,186 OTHER ASSETS Deposits 305,283 - 305,283 Total other assets 305,283 - 305,283 Total assets 128,197,553 3,452,916 131,650,469 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources - IMRF 132,554 - 132,554 Deferred outflows of resources - OPEB 26,403 - 26,403 Asset retirement obligation 346,354 - 346,354 Unamortized loss on refundings 1,742,690 - 1,742,690 Total deferred outflows of resources 2,248,001 - 2,248,001 Total assets and deferred outflows of resources 130,445,554 3,452,916 133,898,470 (This schedule is continued on the following page.) - 97 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF NET POSITION (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS April 30, 2021 Water and Sewer Capital Operations Projects Total CURRENT LIABILITIES Accounts payable 3,346,706$ -$ 3,346,706$ Accrued payroll 21,213 - 21,213 Accrued interest 247,320 - 247,320 Compensated absences payable - current 69,607 - 69,607 Illinois EPA loan payable - current 165,465 - 165,465 Bonds payable - current 665,000 - 665,000 Total OPEB liability - current 1,240 - 1,240 Developer deposit 23,647 - 23,647 Total current liabilities 4,540,198 - 4,540,198 LONG-TERM LIABILITIES Compensated absences payable - long-term 12,699 - 12,699 Net pension liability - IMRF 41,313 - 41,313 Total OPEB liability 56,759 - 56,759 Illinois EPA loan payable - long-term 1,679,158 - 1,679,158 Asset retirement obligation 375,000 - 375,000 Bonds payable - long-term 12,299,430 - 12,299,430 Total long-term liabilities 14,464,359 - 14,464,359 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - IMRF 437,281 - 437,281 Deferred inflows of resources - OPEB 11,988 - 11,988 Total deferred inflows of resources 449,269 - 449,269 Total liabilities and deferred inflows of resources 19,453,826 - 19,453,826 NET POSITION Net investment in capital assets 93,286,823 - 93,286,823 Restricted for debt service 1,722,725 - 1,722,725 Unrestricted 15,982,180 3,452,916 19,435,096 TOTAL NET POSITION 110,991,728$ 3,452,916$ 114,444,644$ (See independent auditor's report.) - 98 - 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, 2021 Water and Sewer Capital Operations Projects Eliminations Total OPERATING REVENUES Charges for services Customer sales 19,140,282$ -$ -$ 19,140,282$ Meter sales 191,884 - - 191,884 Total operating revenues 19,332,166 - - 19,332,166 OPERATING EXPENSES Water operations 11,725,331 - - 11,725,331 Sewer operations 2,690,225 - - 2,690,225 Depreciation 3,522,664 - - 3,522,664 Total operating expenses 17,938,220 - - 17,938,220 OPERATING INCOME 1,393,946 - - 1,393,946 NON-OPERATING REVENUES (EXPENSES) Home rule sales tax 2,114,518 - - 2,114,518 Miscellaneous income 54,981 - - 54,981 Connection fees 3,216,056 - - 3,216,056 Investment income 62,163 10,394 - 72,557 Interest expense (553,138) - - (553,138) Total non-operating revenues (expenses)4,894,580 10,394 - 4,904,974 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 6,288,526 10,394 - 6,298,920 TRANSFERS (OUT)(983,800) - - (983,800) CAPITAL CONTRIBUTIONS 929,493 - - 929,493 CHANGE IN NET POSITION 6,234,219 10,394 - 6,244,613 NET POSITION, MAY 1 104,757,509 3,442,522 - 108,200,031 NET POSITION, APRIL 30 110,991,728$ 3,452,916$ -$ 114,444,644$ (See independent auditor's report.) - 99 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2021 Water and Sewer Capital Operations Projects Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 22,344,934$ -$ -$ 22,344,934$ Reimbursements to other funds (350,000) - - (350,000) Payments to suppliers (10,159,289) - - (10,159,289) Payments to employees (1,767,281) - - (1,767,281) Net cash from operating activities 10,068,364 - - 10,068,364 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers (out)(983,800) - - (983,800) Home rule sales tax 1,865,339 - - 1,865,339 Net cash from noncapital financing activities 881,539 - - 881,539 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (5,574,146) - - (5,574,146) Principal payments on long-term debt (808,416) - - (808,416) Interest paid (514,843) - - (514,843) Net cash from capital and related financing activities (6,897,405) - - (6,897,405) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments - 567,329 - 567,329 Interest received 79,380 25,476 - 104,856 Net cash from investing activities 79,380 592,805 - 672,185 NET INCREASE IN CASH AND CASH EQUIVALENTS 4,131,878 592,805 - 4,724,683 CASH AND CASH EQUIVALENTS, MAY 1 14,066,200 2,196,347 - 16,262,547 CASH AND CASH EQUIVALENTS, APRIL 30 18,198,078$ 2,789,152$ -$ 20,987,230$ (This schedule is continued on the following page.) - 100 - VILLAGE OF PLAINFIELD, ILLINOIS COMBINING SCHEDULE OF CASH FLOWS (Continued) WATER AND SEWER DEPARTMENT ACCOUNTS For the Year Ended April 30, 2021 Water and Sewer Capital Operations Projects Eliminations Total RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 1,393,946$ -$ -$ 1,393,946$ Miscellaneous income 3,271,037 - - 3,271,037 Adjustments to reconcile operating income to net cash from operating activities Depreciation 3,522,664 - - 3,522,664 (Increase) decrease in Accounts receivable (258,269) - - (258,269) Deposits (22,513) - - (22,513) Increase (decrease) in Pension items - IMRF (137,898) - - (137,898) Pension items - OPEB (5,542) - - (5,542) Accounts payable 2,347,445 - - 2,347,445 Asset retirement obligation 14,323 - - 14,323 Accrued expenses (56,829) - - (56,829) Total adjustments 5,403,381 - - 5,403,381 NET CASH FROM OPERATING ACTIVITIES 10,068,364$ -$ -$ 10,068,364$ CASH AND INVESTMENTS Cash and cash equivalents 18,198,078$ 2,789,152$ -$ 20,987,230$ Investments - 662,183 - 662,183 TOTAL CASH AND INVESTMENTS 18,198,078$ 3,451,335$ -$ 21,649,413$ NONCASH TRANSACTIONS Capital contributions 929,493$ -$ -$ 929,493$ (See independent auditor's report.) - 101 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2021 Original Final Budget Budget Actual WATER OPERATIONS Administration Salaries - full-time 240,000$ 240,000$ 219,318$ FICA 15,000 15,000 13,980 Medicare 3,500 3,500 3,355 IMRF 26,400 26,400 25,886 Employee insurance 53,500 53,500 45,398 Deferred compensation contribution 7,500 7,500 7,708 Travel/training 5,000 5,000 1,918 Unemployment insurance 2,000 2,000 2,000 Telephone/internet 7,500 7,500 7,717 Cellular phones/pagers 4,500 4,500 4,178 Office supplies/postage 30,000 30,000 29,483 Dues and subscriptions 1,500 1,500 266 Gas, oil, wash, and mileage 500 500 82 Software 2,000 2,000 - Sand and gravel 2,000 2,000 1,476 Supplies/hardware 500 500 448 Water meters 130,000 130,000 174,832 Building maintenance 10,000 10,000 10,623 Attorney legal fees 1,500 1,500 - Contractual services 35,000 35,000 36,904 Equipment maintenance 500 500 251 Engineer fees 5,000 5,000 79,590 Administrative service charge 175,000 175,000 175,000 Total administration 758,400 758,400 840,413 Water provision Salaries - full-time 393,000 393,000 387,777 Salaries - part-time - - 8,086 Salaries - overtime 35,000 35,000 32,515 FICA 26,500 26,500 27,058 Medicare 6,200 6,200 6,364 IMRF 43,300 43,300 47,854 Employee insurance 75,000 75,000 75,837 Deferred compensation contribution 15,000 15,000 13,575 Telephone/internet 18,000 18,000 18,521 Cellular phones/pagers 500 500 - Electricity/gas 125,000 125,000 146,358 Office supplies/postage 2,000 2,000 331 Replacement supplies 8,000 8,000 6,950 Gas, oil, wash, and mileage 15,000 15,000 10,092 Chemicals 6,000 6,000 5,851 Supplies/hardware 4,000 4,000 7,699 Uniforms/clothing 3,000 3,000 4,793 (This schedule is continued on the following pages.) - 102 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2021 Original Final Budget Budget Actual WATER OPERATIONS (Continued) Water provision (Continued) Building maintenance 8,000$ 8,000$ 7,978$ Vehicle maintenance 8,000 8,000 8,136 Contractual services 50,000 50,000 35,739 Water purchase 8,700,000 8,700,000 9,994,364 Equipment maintenance 10,000 10,000 4,356 System maintenance 80,000 80,000 46,539 Water/fire hydrant 50,000 50,000 42,815 EPA analytical 16,000 16,000 25,244 Total water provision 9,697,500 9,697,500 10,964,832 Total water operations 10,455,900 10,455,900 11,805,245 SEWER OPERATIONS Administration Salaries - full-time 245,000 245,000 220,781 FICA 15,200 15,200 14,021 Medicare 3,550 3,550 3,365 IMRF 26,950 26,950 25,985 Employee insurance 52,000 52,000 43,787 Deferred compensation contribution 8,500 8,500 7,735 Travel/training 12,000 12,000 989 Unemployment insurance 2,000 2,000 2,000 Telephone/internet 13,000 13,000 13,376 Cellular phones/pagers 3,500 3,500 2,372 Office supplies/postage 30,000 30,000 28,822 Dues and subscriptions 72,300 72,300 63,935 Gas, oil, wash, and mileage 1,000 1,000 2,195 Supplies/hardware 2,500 2,500 1,560 Building maintenance 20,000 20,000 10,637 Attorney legal fees 1,500 1,500 - Contractual services 35,000 35,000 48,247 Equipment maintenance 2,000 2,000 683 Engineer fees 10,000 10,000 13,731 Administrative service charge 175,000 175,000 175,000 Total administration 731,000 731,000 679,221 Sewer treatment Salaries - full-time 408,000 408,000 409,938 Salaries - part-time - - 8,086 Salaries - overtime 30,000 30,000 26,456 FICA 27,200 27,200 28,018 Medicare 6,350 6,350 6,585 IMRF 44,900 44,900 49,784 (This schedule is continued on the following page.) - 103 - VILLAGE OF PLAINFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER AND SEWER OPERATIONS ACCOUNTS For the Year Ended April 30, 2021 Original Final Budget Budget Actual SEWER OPERATIONS (Continued) Sewer treatment (Continued) Employee insurance 65,000$ 65,000$ 63,072$ Deferred compensation contribution 18,000 18,000 14,106 Telephone/internet 35,000 35,000 36,014 Electricity/gas 510,000 510,000 528,079 Replacement supplies 6,000 6,000 4,291 Gas, oil, wash, and mileage 12,000 12,000 7,140 Supplies/hardware 10,000 10,000 12,038 Chemicals/supplies 119,000 119,000 118,308 Sand and gravel 500 500 - Industrial flow monitor 8,000 8,000 2,363 Uniforms/clothing 4,000 4,000 7,214 Vehicle maintenance 10,000 10,000 9,863 Contractual services 160,000 160,000 227,502 Equipment maintenance 25,000 25,000 22,125 System maintenance 125,000 125,000 60,276 Total sewer treatment 1,623,950 1,623,950 1,641,258 Other Capital projects - water and sewer 5,048,000 5,048,000 4,549,267 Total other 5,048,000 5,048,000 4,549,267 Total sewer operations 7,402,950 7,402,950 6,869,746 Total water and sewer operating expenses 17,858,850$ 17,858,850$ 18,674,991 ADJUSTMENTS TO GAAP BASIS Pension expense - IMRF - water division (68,949) Pension expense - IMRF - sewer division (68,949) Change in OPEB - water division (2,771) Change in OPEB - sewer division (2,771) Insurance surplus allocation (22,517) Amortization of asset retirement obligation 14,323 Capital assets capitalized (4,107,801) Depreciation 3,522,664 Total adjustments to GAAP basis (736,771) TOTAL WATER AND SEWER OPERATING EXPENSES GAAP BASIS 17,938,220$ (See independent auditor's report.) - 104 - FIDUCIARY FUND SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2021 Original Final Budget Budget Actual ADDITIONS Contributions Employer 1,580,000$ 1,580,000$ 1,577,686$ Employee 620,000 620,000 655,092 Total contributions 2,200,000 2,200,000 2,232,778 Investment income Net appreciation (depreciation) in fair value of investments 450,000 450,000 7,905,345 Interest and dividends 700,000 700,000 890,573 Total investment income 1,150,000 1,150,000 8,795,918 Less investment expense (115,000) (115,000) (134,947) Net investment income 1,035,000 1,035,000 8,660,971 Total additions 3,235,000 3,235,000 10,893,749 DEDUCTIONS Pension benefits 700,000 700,000 811,860 Administrative expenses 47,500 47,500 43,819 Total deductions 747,500 747,500 855,679 NET INCREASE 2,487,500$ 2,487,500$ 10,038,070 NET POSITION RESTRICTED FOR PENSIONS May 1 36,391,176 April 30 46,429,246$ VILLAGE OF PLAINFIELD, ILLINOIS (See independent auditor's report.) - 105 - 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, 2021. 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, 2021, 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 October 4, 2021 - 106 - 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. 107-116 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the property tax. 117-123 Debt Capacity These schedules present information to help the reader assess the affordability of the Village’s current levels of outstanding debt and the Village’s ability to issue additional debt in the future. 124-127 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village’s financial activities take place. 128-129 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the Village’s financial report relates to the services the Village provides and the activities it performs. 130-133 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Fiscal Year 2012 2013 2014 2015 GOVERNMENTAL ACTIVITIES Net investment in capital assets 273,588,903$ 261,247,144$ 248,456,183$ 236,161,456$ Restricted 2,258,412 2,874,252 3,006,647 3,783,480 Unrestricted 3,010,321 8,503,651 12,390,475 16,035,847 TOTAL GOVERNMENTAL ACTIVITIES 278,857,636$ 272,625,047$ 263,853,305$ 255,980,783$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 84,915,466$ 85,745,939$ 85,192,902$ 83,998,867$ Restricted 601,161 603,205 602,080 2,106,291 Unrestricted 10,420,908 12,265,523 12,652,914 12,027,445 TOTAL BUSINESS-TYPE ACTIVITIES 95,937,535$ 98,614,667$ 98,447,896$ 98,132,603$ PRIMARY GOVERNMENT Net investment in capital assets 358,504,369$ 346,993,083$ 333,649,085$ 320,160,323$ Restricted 2,859,573 3,477,457 3,608,727 5,889,771 Unrestricted 13,431,229 20,769,174 25,043,389 28,063,292 TOTAL PRIMARY GOVERNMENT 374,795,171$ 371,239,714$ 362,301,201$ 354,113,386$ *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 - 107 - 2016*2017 2018 2019 2020 2021 224,437,029$ 214,068,963$ 206,531,017$ 199,080,764$ 196,692,962$ 192,867,595$ 4,260,303 4,203,118 4,361,935 4,945,385 6,054,100 6,697,297 6,885,635 9,857,838 10,184,052 12,807,949 12,836,052 15,737,960 235,582,967$ 228,129,919$ 221,077,004$ 216,834,098$ 215,583,114$ 215,302,852$ 83,393,179$ 84,275,866$ 84,489,070$ 85,596,840$ 91,015,742$ 93,286,823$ 2,247,562 2,248,756 2,248,925 1,725,525 2,250,625 1,722,725 12,492,289 12,505,856 13,704,889 15,764,957 14,933,664 19,435,096 98,133,030$ 99,030,478$ 100,442,884$ 103,087,322$ 108,200,031$ 114,444,644$ 307,830,208$ 298,344,829$ 291,020,087$ 284,677,604$ 287,708,704$ 286,154,418$ 6,507,865 6,451,874 6,610,860 6,670,910 8,304,725 8,420,022 19,377,924 22,363,694 23,888,941 28,572,906 27,769,716 35,173,056 333,715,997$ 327,160,397$ 321,519,888$ 319,921,420$ 323,783,145$ 329,747,496$ - 108 - Fiscal Year 2012 2013 2014 2015* EXPENSES Governmental activities General government 3,808,990$ 3,442,249$ 4,437,507$ 3,974,582$ Public safety 11,247,015 11,273,628 11,321,562 11,778,078 Highways and streets 22,554,164 21,995,249 23,977,254 23,731,474 Interest 1,347,798 1,213,432 1,154,112 1,059,100 Total governmental activities expenses 38,957,967 37,924,558 40,890,435 40,543,234 BUSINESS-TYPE ACTIVITIES Water and sewer 13,215,950 14,648,769 15,233,480 15,513,750 Total business-type activities expenses 13,215,950 14,648,769 15,233,480 15,513,750 TOTAL PRIMARY GOVERNMENT EXPENSES 52,173,917$ 52,573,327$ 56,123,915$ 56,056,984$ PROGRAM REVENUES Governmental activities Charges for services General government 4,595,180$ 4,989,871$ 5,178,547$ 5,472,089$ Public safety 1,937,666 1,756,994 1,658,959 1,611,233 Highways and streets 13,909 178,221 141,846 9,193 Operating grants and contributions 2,239,921 1,372,279 1,386,766 1,492,593 Capital grants and contributions 257,817 1,009,182 118,359 44,267 Total governmental activities program revenues 9,044,493 9,306,547 8,484,477 8,629,375 Business-type activities Charges for services Water/sewer 11,482,986 14,066,990 13,361,542 13,407,793 Operating grants and contributions - - - - Capital grants and contributions 90,791 2,145,000 - - Total business-type activities program revenues 11,573,777 16,211,990 13,361,542 13,407,793 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 20,618,270$ 25,518,537$ 21,846,019$ 22,037,168$ NET (EXPENSE) REVENUE Governmental activities (29,913,474)$ (28,618,011)$ (32,405,958)$ (31,913,859)$ Business-type activities (1,642,173) 1,563,221 (1,871,938) (2,105,957) TOTAL PRIMARY GOVERNMENT NET (EXPENSE) REVENUE (31,555,647)$ (27,054,790)$ (34,277,896)$ (34,019,816)$ VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 109 - 2016 2017 2018 2019 2020 2021 4,461,409$ 4,547,120$ 5,661,695$ 4,485,123$ 4,558,737$ 6,284,103$ 12,608,966 14,062,875 13,601,471 14,321,219 14,777,677 13,967,774 24,868,163 23,787,789 25,231,666 26,894,226 28,018,871 27,078,111 870,373 800,364 724,260 679,991 614,240 549,339 42,808,911 43,198,148 45,219,092 46,380,559 47,969,525 47,879,327 15,976,198 16,324,022 16,554,917 17,232,193 17,068,935 18,491,358 15,976,198 16,324,022 16,554,917 17,232,193 17,068,935 18,491,358 58,785,109$ 59,522,170$ 61,774,009$ 63,612,752$ 65,038,460$ 66,370,685$ 5,814,964$ 6,151,486$ 6,324,056$ 6,597,384$ 6,827,970$ 7,246,835$ 1,418,860 1,593,981 1,701,686 1,642,372 1,673,839 1,109,425 37,417 43,621 20,057 59,935 98,949 140,819 1,203,530 1,184,693 1,213,779 1,401,888 1,776,109 3,777,693 360,507 1,207,122 3,173,077 3,881,551 7,461,245 4,507,614 8,835,278 10,180,903 12,432,655 13,583,130 17,838,112 16,782,386 14,224,684 15,071,122 16,004,417 16,819,225 16,955,783 19,332,166 - - - - - - - 389,353 270,424 97,847 2,415,839 929,493 14,224,684 15,460,475 16,274,841 16,917,072 19,371,622 20,261,659 23,059,962$ 25,641,378$ 28,707,496$ 30,500,202$ 37,209,734$ 37,044,045$ (33,973,633)$ (33,017,245)$ (32,786,437)$ (32,797,429)$ (30,131,413)$ (31,096,941)$ (1,751,514) (863,547) (280,076) (315,121) 2,302,687 1,770,301 (35,725,147)$ (33,880,792)$ (33,066,513)$ (33,112,550)$ (27,828,726)$ (29,326,640)$ - 110 - Fiscal Year 2012 2013 2014 2015* GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property and replacement**6,306,567$ 6,300,458$ 6,352,505$ 6,538,805$ Home rule sales tax - - - 3,286,980 Utility/telecommunications 3,066,185 2,981,462 3,198,840 3,107,995 Local motor fuel 489,711 838,419 790,158 813,718 Other 7,069 5,804 4,966 8,250 Personal property replacement tax**- - - - Sales and use tax 8,143,910 8,495,268 8,848,545 5,842,343 Income tax 3,203,518 3,567,060 3,857,016 3,876,349 Investment income 6,770 20,956 27,857 (120,582) Miscellaneous 103,695 72,956 63,581 197,627 Transfers 516,376 493,650 490,748 489,852 Total governmental activities 21,843,801 22,776,033 23,634,216 24,041,337 Business-type activities Home rule sales tax - 1,415,262 1,630,710 1,643,244 Investment income 8,480 9,010 14,986 141 Miscellaneous 699,990 1,169,633 550,219 637,131 Transfers (516,376) (493,650) (490,748) (489,852) Total business-type activities 192,094 2,100,255 1,705,167 1,790,664 TOTAL PRIMARY GOVERNMENT 22,035,895$ 24,876,288$ 25,339,383$ 25,832,001$ CHANGE IN NET POSITION Governmental activities (8,069,673)$ (5,841,978)$ (8,771,742)$ (7,872,522)$ Business-type activities (1,450,079) 3,663,476 (166,771) (315,293) TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (9,519,752)$ (2,178,502)$ (8,938,513)$ (8,187,815)$ *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 VILLAGE OF PLAINFIELD, ILLINOIS CHANGE IN NET POSITION (Continued) - 111 - 2016 2017 2018 2019 2020 2021 6,633,529$ 6,795,465$ 7,096,972$ 7,358,761$ 7,589,824$ 7,991,671$ 3,403,167 3,492,459 3,618,502 3,725,422 3,604,349 4,229,671 2,816,908 2,915,445 2,865,380 2,995,191 2,797,119 2,802,003 897,404 959,052 1,097,294 1,674,790 1,504,478 1,455,958 7,587 10,092 9,659 8,265 5,268 1,661 - - - - 63,799 60,678 6,199,078 6,328,246 6,689,407 6,978,728 7,202,352 8,622,005 4,218,244 3,741,387 3,589,279 3,842,879 4,289,960 4,537,460 53,007 140,553 311,646 672,108 808,901 100,858 267,223 210,598 504,990 321,579 33,379 30,914 498,100 970,900 979,300 976,800 981,000 983,800 24,994,247 25,564,197 26,762,429 28,554,523 28,880,429 30,816,679 1,701,328 1,745,968 1,808,980 1,862,431 1,801,904 2,114,518 61,902 62,358 108,074 375,621 479,317 72,557 822,046 923,569 806,446 1,698,307 1,509,801 3,271,037 (498,100) (970,900) (979,300) (976,800) (981,000) (983,800) 2,087,176 1,760,995 1,744,200 2,959,559 2,810,022 4,474,312 27,081,423$ 27,325,192$ 28,506,629$ 31,514,082$ 31,690,451$ 35,290,991$ (8,979,386)$ (7,453,048)$ (6,024,008)$ (4,242,906)$ (1,250,984)$ (280,262)$ 335,662 897,448 1,464,124 2,644,438 5,112,709 6,244,613 (8,643,724)$ (6,555,600)$ (4,559,884)$ (1,598,468)$ 3,861,725$ 5,964,351$ - 112 - Fiscal Year 2012 2013 2014 2015 GENERAL FUND Nonspendable for Advances 1,193,937$ 1,153,506$ -$ -$ Long-term receivables 909,968 705,953 687,538 669,986 Prepaid items 123,321 133,497 133,536 135,867 Restricted Retirement obligations - - - - Public safety - - - - Unrestricted Assigned for bridge construction 20,000 - - - Assigned for insurance 845,155 1,006,427 1,065,860 1,158,291 Unassigned 6,814,424 9,658,183 9,841,030 8,322,103 TOTAL GENERAL FUND 9,906,805$ 12,657,566$ 11,727,964$ 10,286,247$ ALL OTHER GOVERNMENTAL FUNDS Restricted for Street maintenance 1,115,600$ 1,509,744$ 1,915,321$ 2,690,722$ Public safety 42,389 40,585 42,443 32,058 Audit 4,106 5,360 3,511 3,970 Liability insurance 310,733 219,288 86,172 70,626 Economic development 785,584 1,099,275 959,200 986,104 Unrestricted Assigned for debt service 1,347 881 918 1,700 Assigned for capital projects - - 405,138 5,447,573 Unassigned (7,414,412) (4,328,519) - - TOTAL ALL OTHER GOVERNMENTAL FUNDS (5,154,653)$ (1,453,386)$ 3,412,703$ 9,232,753$ TOTAL FUND BALANCES 4,752,152$ 11,204,180$ 15,140,667$ 19,519,000$ Data Source Audited Financial Statements VILLAGE OF PLAINFIELD, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 113 - 2016 2017 2018 2019 2020 2021 -$ -$ -$ -$ -$ -$ 363,498 221,763 - - - - 142,187 150,893 212,479 14,236 12,797 12,797 16,709 92,012 125,878 131,092 155,847 97,754 471,209 393,352 508,783 466,127 564,987 568,857 - - - - - - 1,127,527 1,305,917 1,248,272 1,341,972 1,587,724 1,715,319 8,485,950 8,655,225 9,556,631 9,955,142 10,028,321 10,877,698 10,607,080$ 10,819,162$ 11,652,043$ 11,908,569$ 12,349,676$ 13,272,425$ 2,819,181$ 3,077,064$ 3,173,918$ 3,474,726$ 3,773,572$ 4,619,581$ 40,651 42,749 48,257 53,287 41,740 32,679 6,161 9,342 15,977 22,593 19,693 9,779 21,126 48,059 294,086 442,523 502,907 242,787 885,266 540,540 195,036 355,037 995,354 1,125,860 2,133 2,159 2,233 3,130 1,830 117 8,837,434 13,490,725 14,805,542 17,678,526 18,762,050 19,106,071 - (435) - - - - 12,611,952$ 17,210,203$ 18,535,049$ 22,029,822$ 24,097,146$ 25,136,874$ 23,219,032$ 28,029,365$ 30,187,092$ 33,938,391$ 36,446,822$ 38,409,299$ - 114 - Fiscal Year 2012 2013 2014 2015* REVENUES Taxes 18,150,775$ 19,207,009$ 19,853,191$ 10,647,752$ Licenses and permits 611,529 735,905 862,916 976,464 Intergovernmental 5,340,409 5,298,633 4,661,759 14,308,398 Charges for services 4,380,366 4,822,592 4,887,938 4,932,519 Fines and forfeits 1,325,854 1,169,501 1,122,269 1,094,229 Investment income 6,770 20,956 27,857 (120,582) Miscellaneous 479,606 334,334 212,015 342,080 Total revenues 30,295,309 31,588,930 31,627,945 32,180,860 EXPENDITURES General government 3,477,890 3,141,185 4,029,639 3,677,375 Public safety 10,654,797 10,686,447 10,746,430 11,266,927 Highways and streets 6,431,829 6,623,648 7,404,103 7,197,622 Capital outlay 1,950,478 2,042,968 2,870,609 3,048,345 Debt service Principal 1,720,000 1,915,000 1,945,000 2,085,000 Interest and fiscal charges 1,581,506 1,221,304 1,191,213 1,138,302 Total expenditures 25,816,500 25,630,552 28,186,994 28,413,571 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 4,478,809 5,958,378 3,440,951 3,767,289 OTHER FINANCING SOURCES (USES) Transfers in 3,096,035 3,102,780 6,094,911 6,845,397 Transfers (out)(2,579,659) (2,609,130) (5,604,163) (6,355,545) Refunding bonds issued 6,820,000 - - 9,665,000 Premium (discount) on refunding bonds 532,928 - - 331,514 Bonds issued - - - - Premium (discount) on bonds issued - - - - Payment to escrow agent (7,251,451) - - (9,875,322) Installment notes issued - - - - Sale of capital assets 395,661 - 4,788 - Total other financing sources (uses)1,013,514 493,650 495,536 611,044 NET CHANGE IN FUND BALANCES 5,492,323$ 6,452,028$ 3,936,487$ 4,378,333$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 13.03%12.94%11.53%11.78% *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 - 115 - 2016 2017 2018 2019 2020 2021 10,941,684$ 11,257,069$ 11,822,426$ 12,208,524$ 12,202,479$ 13,193,690$ 1,177,055 1,166,151 1,094,102 1,318,572 1,460,594 1,724,514 14,596,272 14,772,754 14,513,737 15,822,129 16,663,407 22,425,444 5,100,794 5,485,364 5,664,929 5,848,888 5,993,016 5,725,027 907,956 1,052,355 1,067,168 1,032,766 1,051,895 930,411 53,007 140,553 311,646 672,108 808,901 100,858 554,657 432,609 2,209,121 4,257,866 983,159 449,808 33,331,425 34,306,855 36,683,129 41,160,853 39,163,451 44,549,752 3,966,293 4,211,656 5,460,233 4,506,444 4,274,371 6,294,348 11,453,755 11,675,600 12,210,028 12,879,658 12,869,995 13,180,992 7,809,942 7,856,257 8,801,462 8,870,269 9,704,053 10,951,292 3,897,730 3,606,528 5,909,454 9,032,558 7,727,009 10,156,291 2,215,000 2,315,000 2,395,000 2,475,000 2,560,000 2,520,000 890,875 806,150 733,025 650,150 571,250 528,100 30,233,595 30,471,191 35,509,202 38,414,079 37,706,678 43,631,023 3,097,830 3,835,664 1,173,927 2,746,774 1,456,773 918,729 5,939,207 5,704,731 3,554,123 4,879,743 5,036,937 6,155,850 (5,441,107) (4,733,831) (2,574,823) (3,902,943) (4,055,937) (5,172,050) - - - - - 2,790,000 - - - - - - - - - - - - - - - - - - - - - - - (2,754,483) - - - - - - 104,102 3,769 4,500 27,725 70,658 24,431 602,202 974,669 983,800 1,004,525 1,051,658 1,043,748 3,700,032$ 4,810,333$ 2,157,727$ 3,751,299$ 2,508,431$ 1,962,477$ 10.79%11.01%10.00%9.40%9.07%8.16% - 116 - 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 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% 2020 1,359,035,500 171,077,267 17,140,683 3,782,270 464,895 1,551,500,615 0.4669 4,654,501,845 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 - 117 - Levy Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 DIRECT TAX RATES General 0.2032 0.2158 0.2210 0.2099 0.1974 0.1921 0.2002 0.2159 0.2205 0.1978 Debt service 0.0090 0.0098 0.0098 0.0098 0.0097 0.0088 0.0089 0.0083 - - Police Pension 0.0721 0.0767 0.0783 0.0811 0.0911 0.1068 0.1057 0.0936 0.1079 0.1096 IMRF 0.0461 0.0490 0.0500 0.0492 0.0476 0.0448 0.0407 0.0389 0.0375 0.0354 Police protection 0.0641 0.0682 0.0696 0.0683 0.0662 0.0624 0.0711 0.0788 0.0887 0.0989 Audit 0.0031 0.0030 0.0034 0.0033 0.0035 0.0033 0.0033 0.0026 0.0021 0.0026 Liability insurance 0.0321 0.0342 0.0348 0.0453 0.0514 0.0487 0.0370 0.0288 0.0102 0.0226 Total direct rates 0.4297 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 OVERLAPPING TAX RATES Will County Including Forest Preserve 0.7244 0.7244 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 0.7304 0.7231 Plainfield CUSD #202 5.2705 5.8323 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 5.4425 5.3421 Joliet Jr. Community College #525 0.2463 0.2768 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 0.2938 0.2891 Plainfield Township Park District 0.2126 0.2433 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 0.2554 0.2537 Plainfield Public Library District 0.1720 0.1894 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 0.1848 0.1825 Plainfield Fire Protection District 0.8872 0.9216 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 0.9339 0.9261 Township and all other 0.1804 0.1960 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 0.1859 0.1824 Total overlapping rates 7.6934 8.3838 9.0030 9.1163 9.0610 8.6295 8.4006 8.2016 8.0267 7.8990 TOTAL TAX RATES 8.1231 8.8405 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 8.4936 8.3659 Property tax rates are per $100 of assessed valuation. Data Source Office of the County Clerk - Will County, Illinois VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years - 118 - Percentage Percentage of Total of Total 2018 Taxable Village 2009 Taxable Village Equalized Taxable Equalized Equalized Assessed Assessed Assessed Assessed Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation LIT Plainfield BTS LLC Midwest Warehouse 19,223,473$ 1 1.24% JVM Realty Corporation Springs at 127th 12,465,420$ 2 0.80% Diageo North America, Inc.Manufacturer of liquors 8,866,667 3 0.57% Wal-Mart Stores Inc.Discount department store 4,581,409 4 0.30% Edward Health Ventures Healthcare 4,075,480 5 0.26% Meijer Discount department store 3,970,434 6 0.26% American House Senior Living Senior care facility 3,825,000 7 0.25% Coilplus Illinois Inc.Flat rolled steel processing 3,564,280 8 0.23% Harbor Chase of Plainfield Senior care facility 3,348,165 9 0.22% Menard's Inc.Home improvement center 3,167,385 10 0.20% Edward Health Ventures Healthcare 10,789,039$ 1 0.92% Wal-Mart Stores Inc.Discount department store 8,652,818 2 0.73% Diageo North America, Inc.Manufacturer of liquors 5,099,313 3 0.43% Meijer Discount department store 4,989,457 4 0.42% Menard's Inc.Home improvement center 4,403,313 5 0.37% Target Discount department store 4,119,856 6 0.35% Plainfield 1031 LLC Land development 3,582,239 7 0.30% Dayfield Properties Developer 3,360,286 8 0.29% Plainfield Care Group LLP Senior Care Facility 2,577,165 9 0.22% Coilplus Illinois Inc.Flat rolled steel processing 2,542,870 10 0.22% 67,087,713$ 4.33%50,116,356$ 4.25% ** 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 2021 2012 PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago - 119 - Levy Collection Fiscal Percentage Collections in Total Collections Total Collections Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date 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% 2019 2020 2021 6,832,618 6,820,239 99.82%N/A 6,820,239 99.82% Note: Levies and collections for tax levy year 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 - 120 - VILLAGE OF PLAINFIELD, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS Last Ten Levy Years Tax Levy Year 2011 2012 2013 2014 2015 ASSESSED VALUATION 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ 1,173,327,609$ 1,211,918,620$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ 0.2099 2,463,239$ 0.1974 2,393,149$ Debt service 0.0090 112,021 0.0098 115,469 0.0098 112,648 0.0098 114,957 0.0097 117,462 Police Pension 0.0721 897,766 0.0767 903,769 0.0783 900,238 0.0811 951,470 0.0911 1,103,800 IMRF 0.0461 574,000 0.0490 577,376 0.0500 574,887 0.0492 577,137 0.0476 576,756 Police protection 0.0641 798,146 0.0682 803,595 0.0696 800,217 0.0683 801,299 0.0662 802,149 Audit 0.0031 38,567 0.0030 35,338 0.0034 39,030 0.0033 38,713 0.0035 42,394 Liability insurance 0.0321 399,660 0.0342 402,909 0.0348 400,106 0.0453 531,426 0.0514 622,738 TOTAL TAX EXTENSIONS 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ 0.4669 5,478,241$ 0.4669 5,658,448$ Tax Levy Year 2016 2017 2018 2019 2020 ASSESSED VALUATION 1,282,556,687$ 1,331,313,906$ 1,390,180,402$ 1,465,066,425$ 1,551,500,615$ Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount TAX EXTENSIONS General 0.1974 2,452,961$ 0.2002 2,671,680$ 0.2159 3,001,704$ 0.2205 3,223,618$ 0.1978 3,067,413$ Debt service 0.0097 118,846 0.0089 118,180 0.0083 115,321 - - - - Police Pension 0.0911 1,370,987 0.1057 1,404,818 0.0936 1,301,135 0.1079 1,582,121 0.1096 1,700,423 IMRF 0.0476 575,818 0.0407 540,770 0.0389 540,734 0.0375 550,815 0.0354 550,730 Police protection 0.0662 801,498 0.0711 945,182 0.0788 1,095,434 0.0887 1,302,283 0.0989 1,534,477 Audit 0.0035 42,308 0.0033 43,814 0.0026 36,071 0.0021 30,716 0.0026 40,318 Liability insurance 0.0514 625,839 0.0370 491,460 0.0288 400,353 0.0102 150,842 0.0226 400,970 TOTAL TAX EXTENSIONS 0.4669 5,988,257$ 0.4669 6,215,904$ 0.4669 6,490,752$ 0.4669 6,840,395$ 0.4669 7,294,331$ - 121 - Calendar Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 General merchandise 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$ 2,872,203$ Food 447,894 377,464 405,981 619,855 920,851 760,833 862,417 1,063,115 1,040,872 954,604 Drinking and eating places 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 1,806,030 Apparel 347,612 127,335 121,980 87,001 139,606 162,603 179,296 179,438 184,169 131,306 Furniture, H.H., and radio 141,098 157,320 125,553 133,673 147,176 140,391 133,176 134,476 144,632 105,628 Lumber, building hardware 552,466 675,008 812,648 888,333 938,009 999,130 1,002,964 1,009,777 1,030,853 1,135,197 Automobile and filling stations 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 2,251,570 Drugs and miscellaneous retail 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 1,469,125 Agriculture and all others 468,099 291,404 300,709 376,539 877,983 545,409 556,959 594,384 525,946 487,060 Manufacturers 64,035 82,726 125,084 150,191 140,846 187,450 232,970 245,528 186,354 230,854 TOTAL 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$ 11,443,577$ 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%1.50%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 - 122 - DIRECT AND OVERLAPPING SALES TAX RATES Last Ten Calendar Years Village Village Calendar Direct Home Rule Will County RTA State Total Year Rate Rate Rate Rate Rate Rate 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% 2020 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 - 123 - RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years Percentage Fiscal General Installment General Illinois Total of Year Obligation Notes Obligation Revenue EPA Primary Personal Per Ended Bonds Payable Bonds Bonds Loan Government Income*Capita* 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 2021 12,896,127 - - 12,964,429 1,844,623 27,705,179 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 - 124 - RATIOS OF GENERAL BONDED DEBT OUTSTANDING Last Ten Fiscal Years Percentage of Less Amounts Equalized General Available Assessed Fiscal Obligation In Debt Value of Per Year Bonds Service Fund Total Property Capita 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 1.07%350 2021 12,896,127 - 12,896,127 0.83%N/A N/A - information not available VILLAGE OF PLAINFIELD, ILLINOIS - 125 - DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Percentage Village's Gross Debt Applicable Share Governmental Unit Debt to the Village*of Debt Village of Plainfield 12,896,127$ 100.000%12,896,127$ Will County - (2)(3)6.254%- Will County Forest Preserve District 73,005,000 6.254%4,565,733 Kendall County - (2)2.982%- Kendall County Forest Preserve District 29,530,000 2.982%880,585 Plainfield Fire Protection District - (2)79.085%- Oswegoland Park District 8,865,000 8.159%723,295 Plainfield Park District 10,373,680 45.478%4,717,742 Oswego Public Library District 4,570,000 8.253%377,162 Plainfield Unit School District #202 155,560,000 (3)35.691%55,520,920 Indian Prairie Unit School District #204 129,240,000 (3)0.571%737,960 Oswego Unit School District #308 254,440,411 (1)7.293%18,556,339 DuPage Community College #502 114,885,000 (2)0.064%73,526 Waubonsee Community College #516 41,430,000 1.543%639,265 Joliet Community College #525 55,305,000 (2)5.907%3,266,866 Total Overlapping Debt 877,204,091 90,059,393 TOTAL DIRECT AND OVERLAPPING DEBT 890,100,218$ 102,955,520$ (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, 2021 (2)Excludes principal amounts of outstanding General Obligation Alternate Revenue Source Bonds which are expected to be paid from sources other than general taxation. *The percentage of overlapping debt applicable is estimated using taxable assessed property values.Applicable percentages were estimated by determining the portion of the Village's taxable assessed value that is within the government's boundaries and dividing it by the Village's total taxable assessed value. - 126 - PLEDGED-REVENUE COVERAGE WATER REVENUE BONDS Last Ten Fiscal Years Water Fiscal Charges Debt Service Year and Other Principal Interest Coverage 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 2021 19,332,166 645,000 490,250 17.03 Data Source Audited financial statements VILLAGE OF PLAINFIELD, ILLINOIS Note: Details of the Village's outstanding debt can be found in the notes to financial statements. - 127 - DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Median Capita Fiscal Household Personal Personal Unemployment Year Population Income Income Income Rate 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 44,308 130,614 1,945,697,204 43,913 3.6% 2020 44,762 N/A N/A N/A 15.0% 2021 44,762 N/A N/A N/A 5.3% N/A - information not available Data Sources *Census.gov estimate 2020 & 2021 reflects current uncertified 2020 Census population Household and per capita income: U.S. Census Bureau - American Fact Finder 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 2015-2019 census.gov quick facts Unemployment Rate: Illinois Department of Employment Security (2020 through April - not seasonally adjusted) VILLAGE OF PLAINFIELD, ILLINOIS - 128 - PRINCIPAL EMPLOYERS Current Year and Nine Years Ago Percent Percent of Total of Total No. of Village No. of Village Employer Rank Employees Population Employer Rank Employees Population Plainfield CUSD #202 1 2,976 6.65%Plainfield CUSD #202 1 3,395 8.39% Diageo North America, Inc.2 650 1.45%Chicago Bridge & Iron Co.2 400 0.99% Wal-Mart 3 385 0.86%Wal-Mart 3 318 0.79% Meijer 4 265 0.59%Jewel 4 310 0.77% McDermott Intl (Chicago Bridge & Iron)5 248 0.55%Diageo North America 5 300 0.74% Target 6 170 0.38%Meijer 6 250 0.62% Menards, Inc 7 165 0.37%Plainfield Precision 7 205 0.51% Jewel-Osco 8 158 0.35%Target 8 150 0.37% Village of Plainfield 9 150 0.34%Village of Plainfield 9 142 0.35% Community Unit School District 308*10 145 0.32%HPD, Veolia Water Solutions & Tech Co.10 120 0.30% Population Population 44,762 40,446 *Plainfield jurisdiction only 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 20122021 - 129 - Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Administration/Finance 14.50 15.00 14.50 15.50 16.00 16.00 16.00 16.00 16.00 17.00 Police Department 75.50 75.50 76.50 76.50 77.50 76.50 76.50 80.00 82.00 85.00 Streets Department 17.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 Community Development 7.50 8.00 8.00 8.00 9.50 14.00 15.00 15.00 14.50 14.50 Water and Sewer Department 12.50 11.50 11.50 11.50 11.50 11.50 11.50 10.50 11.00 11.00 Public Works Engineering 3.00 3.00 3.00 3.00 3.00 3.00 3.00 4.00 4.00 4.00 TOTAL 130.50 131.50 132.00 133.00 136.00 139.50 140.50 144.00 146.00 150.00 Data Source Village Human Resources Department VILLAGE OF PLAINFIELD, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 130 - Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 PUBLIC SAFETY Police Calls for service 40,490 37,529 34,570 33,252 34,031 34,176 33,476 37,915 39,715 30,847 Total traffic citations 14,037 11,086 9,819 7,951 6,974 6,842 6,285 7,464 8,212 5,294 Total DUI arrests 104 119 107 89 69 66 76 99 88 93 Total crashes 980 1,010 1,121 1,200 1,272 1,020 1,151 1,347 1,077 845 D.A.R.E Program student attendance 1,150 1,200 4,544 1,200 1,631 2,100 2,100 790 782 817 BUILDING PERMITS ISSUED New residential units 88 111 135 166 138 143 144 180 201 255 General construction inspections 4,884 6,619 8,016 6,367 7,801 8,095 8,816 8,453 10,490 11,300 Commercial/office/industrial added (sq ft.)90,770 71,414 194,250 - 59,399 342,429 38,757 95,421 1,674,667 280,610 Acreage annexed 2.1 277 6 87 177 6 59 207 65 3 BUILDING PERMIT REVENUE (*fiscal year)275,144$ 447,103$ 561,591$ 677,304$ 983,448$ 952,317$ 855,481$ 1,087,619$ 1,171,669$ 1,495,052$ PUBLIC WORKS Asphalt patching/pothole repairs (tons)195 136 109 104 72 55 156 122 150 124 Shoulder stone repaired (tons)843 1,173 824 945 390 277 748 1,096 352 502 Snow removal events 20 12 26 27 23 21 19 30 26 20 Street sweeping (lane miles)1,627 1,958 1,635 1,334 1,398 1,906 2,180 1,964 1,718 1,534 Grounds maintenance and mowing (hours)2,280 1,709 1,904 1,552 1,674 1,026 1,483 2,949 1,937 1,918 UTILITY BILLING (*fiscal year) Total Billing Accounts (as of 4/30)12,641 12,679 12,811 12,997 13,217 13,400 13,565 13,708 13,862 14,058 Water consumption billed (cubic feet) Residential 111,002,800 123,367,085 123,441,600 125,383,157 115,777,283 107,567,800 112,559,000 110,776,966 112,720,800 107,941,200 Commercial 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 19,115,120 Industrial 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 17,208,495 WATER Average daily flow (MGD)3.091 3.49 3.205 3.098 3.136 3.092 3.234 3.34 3.148 3.35 Peak daily flow (MGD)6.324 6.644 5.941 4.656 5.292 5.768 5.218 6 4.7 5.89 Water main breaks 5 2 1 6 4 4 9 4 9 4 Number of valves exercised 28 19 513 1,096 441 28 1,700 1,200 1,843 45 VILLAGE OF PLAINFIELD, ILLINOIS OPERATING INDICATORS Last Ten Calendar Years - 131 - Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 WASTEWATER Miles of sanitary sewer main 220 220 220 220 220 221 221 220 223 223 Average daily flow (MGD)3.964 3.21 4.441 4.663 4.460 4.372 4.763 4.587 5.758 5.142 Bio-solids treated (tons)642 799 771 945 879 888 893 972 878 835 Sewers inspected/cleaned (feet)3,308 23,200 13,200 6,200 14,006 13,450 13,197 24,568 68,138 60,073 Data Source Various Village departments - 132 - CAPITAL ASSET STATISTICS Last Ten Fiscal Years Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 7 6 6 6 6 6 6 6 6 6 PUBLIC WORKS Lane miles of streets 410 410 410 410 410 410 410 410 420 420 Traffic signals 7 4 4 4 4 4 4 4 4 4 WATER Water mains (miles)226 229 229 229 229 230 230 230 235 245 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)220 220 220 220 220 221 221 221 223 223 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 - 133 -