HomeMy Public PortalAboutFY 2023 - Annual Comprehensive Financial ReportVillage of Plainfield
24401 West Lockport Street | Plainfield, Illinois 60544
Annual Comprehensive
Financial Report
For the Fiscal Year Ended April 30, 2023
VILLAGE OF PLAINFIELD, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
April 30, 2023
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........................................................................ 1-4 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENT PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS .......................... 5-6 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 ................................................................................... 7-8 Statement of Activities ....................................................................................... 9-10 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................ 11-12 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ................... 13 Statement of Revenues, Expenditures, and Changes in Fund Balances ....... 14 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 15
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 .............................................................................. 16-17
Statement of Revenues, Expenses, and Changes in Fund Net Position........ 18
Statement of Cash Flows ............................................................................... 19-20
Fiduciary Funds
Statement of Fiduciary Net Position ............................................................. 21
Statement of Changes in Fiduciary Net Position .......................................... 22
Notes to Financial Statements ............................................................................. 23-61
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual - General Fund .............................................. 62
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ................................................................... 63
Police Pension Fund ........................................................................................... 64
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Illinois Municipal Retirement Fund ................................................................... 65-66
Police Pension Fund ........................................................................................... 67-68
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefit Plan .................................................................. 69
Schedule of Investment Returns
Police Pension Fund ........................................................................................... 70
Notes to Required Supplementary Information .................................................. 71
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 .................................. 72-73
Schedule of Expenditures - Budget and Actual - General Fund ............................. 74-75
Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 76-85
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Capital Projects Fund.......................................................................................... 86
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................... 87-88
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ................................................................................ 89-90
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Liability Insurance Fund ..................................................................................... 91
Audit Fund .......................................................................................................... 92
Alcohol Enforcement Fund ................................................................................ 93
Motor Fuel Tax Fund.......................................................................................... 94
D.A.R.E. Fund .................................................................................................... 95
Downtown TIF Fund .......................................................................................... 96
Route 30 TIF Fund ............................................................................................. 97
Debt Service Fund .......................................................................................... 98
MAJOR ENTERPRISE FUND
Water and Sewer Department Accounts
Combining Schedule of Net Position ................................................................. 99-100
Combining Schedule of Revenues, Expenses, and
Changes in Net Position ................................................................................... 101
Combining Schedule of Cash Flows .................................................................. 102-103
Schedule of Operating Expenses - Budget and Actual ...................................... 104-106
FIDUCIARY FUND
Schedule of Changes in Fiduciary Net Position -
Budget and Actual - Police Pension Fund ............................................................. 107
VILLAGE OF PLAINFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION
Financial Trends
Net Position by Component ......................................................................................... 108-109
Change in Net Position ................................................................................................. 110-113
Fund Balances of Governmental Funds ....................................................................... 114-115
Changes in Fund Balances of Governmental Funds .................................................... 116-117
Revenue Capacity
Assessed Value and Actual Value of Taxable Property .............................................. 118
Property Tax Rates - Direct and Overlapping Governments ....................................... 119
Principal Property Taxpayers ....................................................................................... 120
Property Tax Levies and Collections ........................................................................... 121
Property Tax Assessed Valuations, Rates, and Tax Extensions .................................. 122
Sales Tax by Category .................................................................................................. 123
Direct and Overlapping Sales Tax Rates ..................................................................... 124
Debt Capacity
Ratios of Outstanding Debt by Type ............................................................................ 125
Ratios of General Bonded Debt Outstanding ............................................................... 126
Direct and Overlapping Governmental Activities Debt ............................................... 127
Pledged-Revenue Coverage ......................................................................................... 128
Demographic and Economic Information
Demographic and Economic Information .................................................................... 129
Principal Employers ..................................................................................................... 130
Operating Information
Full-Time Equivalent Employees................................................................................. 131
Operating Indicators - Last Ten Calendar Years .......................................................... 132
Operating Indicators - Last Ten Fiscal Years............................................................... 133
Capital Asset Statistics ................................................................................................. 134
INTRODUCTORY SECTION
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VILLAGE OFFICIALS
PRESIDENT
John F. Argoudelis
TRUSTEES
Margie Bonuchi Cally J. Larson
Patricia T. Kalkanis Tom Ruane
Richard Kiefer Brian Wojowski
Joshua Blakemore Village Administrator
Traci Pleckham
Assistant Village Administrator/
Management Services Director
Robert Miller Police Chief
Scott Threewitt
Public Works
Director
Lonnie Spires Building Official
Jonathan Proulx Planning Director
Jake Melrose
Economic
Development
Director
Michelle Gibas Village Clerk
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
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Plainfield
Illinois
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
April 30, 2022
Executive Director/CEO
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Profile of the Village of Plainfield
The Village of Plainfield is Will County’s oldest community. Originally settled in 1834, the Village was
incorporated in 1877. The Village was recognized as a home rule community, as defined by the Illinois
Constitution, following a special census in 2005.
The Village operates under the Trustee/Administrator form of government by Village ordinance.
Policymaking and legislative authority are vested with the Village Board which consists of a Village
President and six Trustees elected at large on a nonpartisan basis. The Village President is elected to a
four-year term. The Board members are elected to four-year staggered terms, with three Board
members elected every two years. The Administrator is responsible for the daily affairs of the
organization and for carrying out the policies and ordinances of the Village Board.
The Village is served by approximately 151 FTE employees, providing public/municipal/ enterprise
services, including: police protection, community development, building and zoning services, public
works operations, road and 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 8% in comparison to the previous fiscal year; while state income tax improved by 20%.
Since fiscal year 2022, sales tax has become the largest share of the Village’s General Fund. Housing
development declined by 10% in fiscal year 2023 with a total of 372 single family building permits
issued. Comparatively, during fiscal year 2022, 414 permits were issued, and 307 were issued in 2021.
Building permit revenues represented 5% of the General Fund revenue for fiscal year 2023 compared to
5.4% in fiscal year 2022.
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 2023 reflected a $9,285,537 transfer from the Village’s General Fund
to the Capital Fund, resulting in an ending fund balance of just over $40 million. This key financial policy
will continue to help the Village position itself for future capital infrastructure needs.
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Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations
and abilities to meet its ongoing obligations. Standard & Poor’s rating for the Village's debt is AA+. S&P
notes factors such as budgetary flexibility, management, and good financial policies as reasons for the
strong rating.
Moody’s also issued a strong bond rating for the Village’s debt at Aa1. Moody’s states that the bond
rating “reflects the Village’s healthy financial operations and ample reserves supported by strong
management and long-term fiscal planning.”
Economic Development, Infrastructure, & Transportation Highlights
The Village is fortunate in that we continue to see strong economic development interest in the
community while we also make progress on major infrastructure projects. Here are a few of the year’s
highlights:
• Two major industrial projects were approved on 143rd Street: the Plainfield Business Center and
the Plainfield Logistics Center. These two projects will bring approximately five million new
square feet of industrial development to the community thus helping to diversify the
community’s tax base.
• The Village continued to see significant residential growth with ongoing construction throughout
the fiscal year at the Springbank, Chatham Square, Willow Run, Greenbriar, Lansdowne, and
Creekside Crossing subdivisions. Additionally, construction continued on major multi-family
projects like the Seasons at Plainfield. Several new subdivisions were also approved including
Wild Horse Knoll (37 lots), Bronk Farm (332 lots and 118 townhomes), and Onyx Townhomes
(176 units).
• Significant underground improvements were completed on Lockport Street and Eastern Avenue
as part of the Old Town project. The work in this phase focused on the removal and replacement
of older water main, installation of additional water valves and fire hydrants, and the
replacement of lead water services with copper. Also included in the project was construction of
new storm sewer to eliminate the combined storm sewer on Lockport Street which will also
facilitate the roadway reconstruction planned for next year. Overall, approximately 5,600 feet of
new water main was installed which will improve redundancy in the Village’s water distribution
system and increase fire flow capacity for the Fire District.
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 Annual
Comprehensive Financial Report for the fiscal year that ended April 30, 2022. The Village has received
this prestigious award every year since our initial submittal with the 2014 fiscal year audit. 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.
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A Certificate of Achievement is valid for a period of only one year. We believe that our current Annual
Comprehensive 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,
Joshua Blakemore
Village Administrator
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 Audit of the Financial Statements
Opinions
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, 2023, and the related notes to
financial statements, which collectively comprise the Village’s basic financial statements as listed in
the table of contents.
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 Village of Plainfield, Illinois as of April 30,
2023, and the respective changes in financial position and, where applicable, cash flows thereof for
the year then ended in accordance with accounting principles generally accepted in the United States
of America.
Change in Accounting Principle
The Village adopted new accounting guidance, GASB Statement No. 87, Leases, during the year
ended April 30, 2023. The implementation of this guidance resulted in changes to the assets, deferred
inflows of resources, revenues, and notes to the financial statements (see Note 16 for additional
information). Our opinion is not modified with respect to this matter.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under these
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Village and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
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Responsibilities of Management 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 and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Village’s ability to
continue as a going concern for 12 months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control. Misstatements are considered material if there is a substantial likelihood that, individually or
in the aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
• Exercise professional judgment and maintain professional skepticism throughout the
audit.
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit 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, no such
opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Village’s ability to continue as a going
concern for a reasonable period of time.
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We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-
related matters that we identified during the audit.
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 is the
responsibility of management and, 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.
Supplementary 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 combining and individual fund
financial statements and schedules 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.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor’s report thereon. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or any form of assurance thereon.
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In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
September 29, 2023 on our consideration of the Village’s internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is solely to describe the scope of our testing
of internal control over financial reporting and compliance and the results of that testing, and not to
provide an opinion on the effectiveness of the Village’s internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Village’s internal control over financial reporting and
compliance.
Naperville, Illinois
September 29, 2023
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1415 West Diehl Road, Suite 400
Naperville, IL 60563
630.566.8400
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable President
Members of the Board of Trustees
Village of Plainfield, Illinois
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information
of the Village of Plainfield, Illinois (the Village) as of and for the year ended April 30, 2023, and the
related notes to financial statements, which collectively comprise the Village’s basic financial
statements, and have issued our report thereon dated September 29, 2023.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Village’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the Village’s
internal control. Accordingly, we do not express an opinion on the effectiveness of the Village’s
internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the entity’s financial statements will not be prevented or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies
may exist that were not identified. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that have not been identified.
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- 2 -
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Village’s financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the Village’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Naperville, Illinois
September 29, 2023
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GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
(See independent auditor's report)
MD&A 1
VILLAGE OF PLAINFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
APRIL 30, 2023
_____________________________________________________________________________________________
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, 2023. 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, 2023 equaled $373,187,464, an increase of $23,547,422 or 7% over
the April 30, 2022 net position. Governmental Activities recognized an increase in net position of $11,264,940. The
Business-Type activities recognized an increase of $12,282,482 in net position.
• Total revenues (including transfers) of all governmental activities increased by $3,796,276, or 6.5%. Total expenses
increased by $3,534,985 or 7.4% as compared to fiscal year 2022.
• Total revenues of all business-type activity programs increased by $4,084,272, or 14%, while the total expenses
increased by $690,687, or 3.6% as compared to fiscal year 2022.
• Governmental Funds reported combined ending fund balances of $60,074,680, an increase of $12,636,013 over the
prior fiscal year.
o Total fund balance for the General Fund was $13,739,743, an increase of $71,808 over fiscal year 2022.
This represents 49% of General Fund expenditures. $11,259,091 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 $40,675,774, an increase of $12,355,415 over fiscal
year 2022. 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 2023 reflected a $9,285,537 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 11-15) 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 and the Capital Projects 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 16-20) 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 99-106 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 21-22). 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 23-61 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 62-71 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 72-134 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 $373,187,464 for April 30, 2023 and $349,640,042 as of April 30, 2022. In comparison, this
amount reflects an increase of $23,547,422 in total net position. For more detailed information see the Statement of Net
Position (pages 7-8). The following table reflects the condensed Statement of Net Position:
The largest portion of the Village’s total net position (77%) 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 (2.3%) represents resources that are subject to restrictions on how they may
be used. The remaining balance of unrestricted net position of $75,603,856 may be used to meet the Village’s ongoing
obligations. Of this amount, $37,185,198 represents the governmental activities portion and $38,418,658 is available for the
Village’s business-type activities (water and sewer operations).
2022 2023 2022 2023 2022 2023
Assets
Current Assets 68,426,887$ 75,438,593$ 36,931,265$ 47,341,561$ 105,358,152$ 122,780,154$
Capital Assets 202,785,036$ 200,293,345$ 110,254,430$ 113,301,972$ 313,039,466$ 313,595,317$
Total Assets 271,211,923$ 275,731,938$ 147,185,695$ 160,643,533$ 418,397,618$ 436,375,471$
Deferred Outflows of Resources
IMRF 769,395$ 3,197,869$ 158,903$ 656,301$ 928,298$ 3,854,170$
OPEB 791,295$ 657,545$ 68,817$ 46,837$ 860,112$ 704,382$
Police Pension 4,760,706$ 7,225,609$ -$ -$ 4,760,706$ 7,225,609$
Asset retirement obligation -$ -$ 332,031$ 317,708$ 332,031$ 317,708$
Unamortized loss on refundings 516,397$ 417,324$ 1,647,738$ 1,547,789$ 2,164,135$ 1,965,113$
Total Deferred Outflows of Resources 6,837,793$ 11,498,347$ 2,207,489$ 2,568,635$ 9,045,282$ 14,066,982$
Total Assets and Deferred Outflows of
Resources 278,049,716$ 287,230,285$ 149,393,184$ 163,212,168$ 427,442,900$ 450,442,453$
Liabilities
Current Liabilities 10,098,918$ 4,798,023$ 7,237,253$ 7,885,607$ 17,336,171$ 12,683,630$
Long-Term Liabilities 25,694,633$ 31,171,401$ 18,109,470$ 18,896,744$ 43,804,103$ 50,068,145$
Total Liabilities 35,793,551$ 35,969,424$ 25,346,723$ 26,782,351$ 61,140,274$ 62,751,775$
Deferred Inflows of Resources
IMRF 3,150,321$ 176,289$ 644,799$ 35,660$ 3,795,120$ 211,949$
OPEB 783,281$ 679,998$ 68,121$ 48,436$ 851,402$ 728,434$
Police Pension 2,860,257$ 2,206,763$ -$ -$ 2,860,257$ 2,206,763$
Leases -$ 832,962$ -$ 729,698$
Deferred property tax 9,155,805$ 9,793,408$ -$ -$ 9,155,805$ 9,793,408$
Total Deferred Inflows of Resources 15,949,664$ 13,689,420$ 712,920$ 813,794$ 16,662,584$ 14,503,214$
Total Liabilities and Deferred Inflows of
Resources 51,743,215$ 49,658,844$ 26,059,643$ 27,596,145$ 77,802,858$ 75,692,329$
Net Position:
Net Investmant in Capital Assets 193,321,923$ 193,552,517$ 94,367,397$ 95,471,940$ 287,689,320$ 289,024,457$
Restricted 6,307,432$ 6,833,726$ 1,726,925$ 1,725,425$ 8,034,357$ 8,559,151$
Unrestricted 26,677,146$ 37,185,198$ 27,239,219$ 38,418,658$ 53,916,365$ 75,603,856$
Total Net Position 226,306,501$ 237,571,441$ 123,333,541$ 135,616,023$ 349,640,042$ 373,187,464$
Governmental Activities Business-Type Activities Total Primary Government
Table 1: Statement of Net Position as of April 30, 2022 and April 30, 2023
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, 2023 General Fund reflects a positive fund balance of $13,739,743, reflecting an increase
of fund balance of $71,808 from the 2022 fiscal year. The 2023 total combined General Fund balance represents 49% of
General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General Fund expenditures or
$11,259,091. The Village’s Capital Projects fund balance improved its fund balance by $12,355,415 resulting in a fund
balance of $40,675,774 as of April 30, 2023. The Village’s overall combined fund balance is $60,074,680, an increase of
$12,636,013 from fiscal year 2022.
Changes in Net Position
The following table provides detail of the change in the Village’s net position during the year ended April 30, 2023
compared to the year ended April 30, 2022. 2023 Governmental activities increased the Village’s net position by
$11,264,940 and business-type activities increased the Village’s net position by $12,282,482.
Although there was a reduction in Capital Grants and Contributions of $1,878,040 as compared to fiscal year 2022, an increase
of $2,890,547 in Other Taxes (Sales, Income, Utility and Local Motor Fuel Taxes) primarily contributed to the increase in
net position for the governmental activities of $11,264,940. Specifically, sales and use and income taxes reflected a combined
increase of $2,112,663 as compared to fiscal year 2022. An increase of $1,235,073 in investment income contributed as well.
The $12,282,482 increase in the Village’s business-type net position is related to increases in Other Taxes ($2,753,043 in
grants, $1,111,626 in investment income) and $960,002 in Charges for Services.
2022 2023 2022 2023 2022 2023
Revenues
Program Revenues
Charges for Services 9,936,310$ 10,737,411$ 19,911,315$ 20,871,317$ 29,847,625$ 31,608,728$
Operating Grants & Contributions 1,970,022$ 1,903,282$ -$ -$ 1,970,022$ 1,903,282$
Capital Grants & Contributions 9,133,011$ 7,254,971$ 2,713,160$ 1,179,735$ 11,846,171$ 8,434,706$
General Revenues
Property Taxes 8,509,758$ 9,310,741$ -$ -$ 8,509,758$ 9,310,741$
Other Taxes 27,756,282$ 30,646,829$ 2,993,857$ 3,168,756$ 30,750,139$ 33,815,585$
Other (55,092)$ 1,179,981$ 3,366,664$ 7,862,812$ 3,311,572$ 9,042,793$
Total Revenues 57,250,291$ 61,033,215$ 28,984,996$ 33,082,620$ 86,235,287$ 94,115,835$
Expenses
General Government 9,185,102$ 7,105,408$ -$ -$ 9,185,102$ 7,105,408$
Public Safety 14,916,089$ 17,194,065$ -$ -$ 14,916,089$ 17,194,065$
Highways and Streets 22,654,778$ 26,165,032$ -$ -$ 22,654,778$ 26,165,032$
Interest 426,421$ 252,870$ -$ -$ 426,421$ 252,870$
Water and Sewer -$ -$ 19,160,351$ 19,851,038$ 19,160,351$ 19,851,038$
Total Expenses 47,182,390$ 50,717,375$ 19,160,351$ 19,851,038$ 66,342,741$ 70,568,413$
10,067,901$ 10,315,840$ 9,824,645$ 13,231,582$ 19,892,546$ 23,547,422$
Transfers 935,748$ 949,100$ (935,748)$ (949,100)$ -$ -$
Change in Net Position 11,003,649$ 11,264,940$ 8,888,897$ 12,282,482$ 19,892,546$ 23,547,422$
Net Position May 1 215,302,852$ 226,306,501$ 114,444,644$ 123,333,541$ 329,747,496$ 349,640,042$
Ending Net Position 226,306,501$ 237,571,441$ 123,333,541$ 135,616,023$ 349,640,042$ 373,187,464$
Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2022 and April 30, 2023
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 62% 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, 2023, revenues (including transfers) from Governmental Activities totaled $61,982,315,
an increase of $3,796,276, or 6.5% from fiscal year 2022. Sales and Use Tax were the Village's largest revenue source at
$17,768,021, representing 28.67% of the total Governmental Activity revenue. Charges for Services were the Village's
second largest revenue source at $10,737,411, representing 17.32%. The primary Charges for Services revenues include
refuse fees ($5,241,658), building permit revenues ($1,905,558), and franchise fees ($600,279). Development activity in
fiscal year 2023 reflected 372 single family building permits issued for new construction within the Village. In fiscal year
2022, 414 single family building permits were issued, fiscal year 2021, reflected 307 single family building permits and 220
in 2020.
The Village’s property tax revenues increased to $9,310,741 in fiscal year 2023 from $8,509,758 in fiscal year 2022. The
Equalized Assessed Valuation (EAV) of the Village increased to $1,611,013,888 in calendar year 2021 from $1,551,500,615
in calendar year 2020, representing $59,513,273 or 3.8%.
The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $2,112,664. Details of the
Village’s portion of State-Shared Taxes are as follows:
State-Shared Tax
Fiscal Year
2022
Fiscal Year
2023
Increase /
(Decrease)
Sales Tax 8,801,385$ 9,510,060$ 708,675$
State Income Tax 6,015,389$ 7,232,574$ 1,217,185$
Use Tax 1,732,695$ 1,919,499$ 186,804$
Total 16,549,469$ 18,662,133$ 2,112,664$
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, 2023, expenses from Governmental Activities totaled $50,717,375, an increase of
$3,534,985 over fiscal year 2022. In comparison, expenses from Governmental Activities in fiscal year 2022 decreased by
$696,937. In fiscal year 2021, expenses increased by $90,198.
For the fiscal year ended April 30, 2023, Highways and Streets represented 51.59% of expenditures or $26,165,032. Included
in this figure is depreciation expense of $11,350,047. Some of the Village’s capital expenditures include $5,496,301 for
roadway engineering and improvements, $440,604 for building improvements, $1,119,444 for machinery and equipment for
the Police and Public Works Departments, and $429,708 for sidewalk and curb installation and replacement.
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
$12,282,482 to $135,616,023 (see Table 2 – MD&A page 4).
VILLAGE OF PLAINFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
______________________________________________________________________________
(See independent auditor's report)
MD&A 8
Total revenue for the Village’s business-type activities increased by $4,097,624; to $33,082,620 in fiscal year 2023 from
$28,984,996 in fiscal year 2022. Charges for Services revenues for fiscal year end 2023 totaled $20,871,317, an increase of
$960,002. The increase in this item is related to growth as well as increased water and sewer sales from existing customers.
Current Year Impacts – Business Type Activities Expenses
Expenses from all Business-Type Activities increased by $690,687 or 3.6%. 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. Expenses
for Lake Michigan water purchase in fiscal year 2023 was $443,667 more as compared to 2022, or 4% higher. Depreciation
expenses for the water and sewer system remained relatively flat, increasing by $23,600 to $3,596,605 for fiscal year 2023.
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, 2023 the Governmental Funds (as presented on page 14) reported a combined fund balance of $60,074,680,
an increase from the beginning of the year balance of $47,438,667. After a fund balance transfer of $9,285,537 to the Capital
Fund, the Village’s General Fund increased its fund balance by $71,808, Capital Fund by $12,355,415 and Nonmajor
Governmental Funds Combined fund balance increased by $208,790. Factors behind the $12,636,013 overall fund balance
increase include $708,674 more in sales tax revenue by both internet and brick and mortar stores, $1,217,184 additional
income tax revenue due to Illinois increasing the local government percentage rate of net collections from 6.06% to 6.16%
(effective 8/1/22) and income tax calculations being based on a full fiscal year of the Village’s certified 2020 Census
population (up to 44,762 from 39,581). Investment income rose by $1,235,073 due to higher interest rates. General Fund
fiscal year expenditures (not including transfers) were $2,732,342 under budget. Notable expenditures under budget include:
$342,859 in Economic Incentive Rebates, $399,471 in Contingencies, and $202,217 in overall Asset Seizure expenses.
The Capital Projects Fund accounts for the acquisition or construction of major capital assets (other than those financed by
proprietary funds). The Capital Projects Fund expended approximately $8 million in capital projects in FY23 and increased
its fund balance by $12,355,415 with an ending fund balance of $40,675,774. This fund balance will be utilized for future
capital projects. The increase in fund balance is related to roadway projects that were not fully expended as budgeted
($9,500,000 budgeted vs. $5,277,356 expended), and the $9,285,537 transfer from General Fund (per the Village’s fund
balance policy) contributed to the Capital Fund balance increase.
Of the $60,074,680 total fund balance, $11,259,091 is unassigned within the Village’s General Fund, indicating availability
of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $48,815,589 includes
$40,675,774 for capital projects, $5,631,857 for street maintenance, $1,632,784 for healthcare, $722,472 for public safety,
and smaller statutory assignments for audit, risk insurance, economic development, retirement obligations, and prepaid items.
VILLAGE OF PLAINFIELD, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
______________________________________________________________________________
(See independent auditor's report)
MD&A 9
GENERAL FUND BUDGETARY HIGHLIGHTS
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 $4,758,746 more than budgeted and expenses were $2,732,342 less than budgeted. The revenue
difference is primarily related to $1,218,809 in additional sales and use tax revenues, $1,332,574 in additional income tax
revenues, and $899,746 more in overall license and permit revenues. Total General Fund revenues increased by $3,338,944
in fiscal year 2023. General Fund expenditures increased by $77,267 from the prior fiscal year.
Other financing sources (listed in Table 3 above) include a $9,285,537 transfer to the Capital Fund per the Village’s Financial
Policies. In March of 2014, the Village Board updated its Financial Policies to include the ability to transfer unassigned
General Fund balance in excess of 40% to the Village’s Capital Fund.
Proprietary Funds
At April 30, 2023, the Proprietary Funds total net position increased by $12,282,482. This is related to increases in grants of
$2,753,043, overall charges for services of $960,002, and investment income of $1,111,626 as compared to fiscal year 2022.
In fiscal year 2023, capital grants and contributions consisted of $1,179,735. In fiscal year 2022, capital contributions totaled
$2,713,160 and $929,493 in fiscal year 2021. The Village’s Water and Sewer Accounts recorded an operating income of
$1,547,800 in fiscal year 2023 (page 101). Fiscal year 2022 reported an operating income of $1,277,055.
CAPITAL ASSETS
The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2023 totals
$313,595,317. 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 increase
(including additions and deductions) of $555,851. The Governmental Activities net capital assets decreased by $2,491,691
and the Business-Type Activities net capital assets increased by $3,047,542. Detailed information regarding the change in
capital assets is included in Note 4 to the Financial Statements.
Original Budget Final Budget Actual
Revenues 33,023,980$ 33,023,980$ 37,782,726$
Expenditures 30,880,070$ 30,880,070$ 28,147,728$
Excess of Revenues over
Expenditures 2,143,910$ 2,143,910$ 9,634,998$
Other Financing Sources
(Uses)(1,279,000)$ (1,279,000)$ (9,563,190)$
Net Changes in Fund Balance 864,910$ 864,910$ 71,808$
Table 3: General Fund Budgetary Highlights
2022 2023 2022 2023 2022 2023
Land and Right of Way 105,577,256$ 107,275,531$ 3,043,544$ 3,043,544$ 108,620,800$ 110,319,075$
Buildings 23,946,497$ 25,637,249$ 10,300,111$ 9,951,149$ 34,246,608$ 35,588,398$
Machinery and Equipment 1,849,675$ 2,219,556$ 1,513,491$ 1,745,305$ 3,363,166$ 3,964,861$
Water & Sewer System -$ -$ 90,123,072$ 88,324,950$ 90,123,072$ 88,324,950$
Infrastructure 56,806,875$ 48,529,352$ -$ -$ 56,806,875$ 48,529,352$
Construction in progress 14,604,733$ 16,631,657$ 5,274,212$ 10,237,024$ 19,878,945$ 26,868,681$
Total Capital Assets 202,785,036$ 200,293,345$ 110,254,430$ 113,301,972$ 313,039,466$ 313,595,317$
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, 2023, the Village has three general obligation bond series, three Illinois EPA low interest loans, and one
revenue bond series outstanding. At April 30, 2023, $7 million in general obligation bonds, $6 million in Illinois EPA loans,
and $10.8 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 2022 average unemployment for the Village
of Plainfield was 3.5%, which favorably compares to Will County’s rate of 4.6%, the State of Illinois rate of 4.6% and the
equal to the national average of 3.6%. As of April 2023, the average unemployment for the Village was 2.5%, which still
favorably compares to Will County’s rate of 3.2% and the State of Illinois rate of 3.7%. The national average unemployment
rate for April 2022 was 3.1%.
Information from the US Census Bureau via the 2000 Census and the 2017-2021 American Community Survey QuickFacts
table lists the following comparable data for the Village of Plainfield, Will County, Illinois and the United States:
Plainfield Will County Illinois USA
2000 2017-2021 2000 2017-2021 2000 2017-2021 2000 2017-2021
Median value
of owner-
occupied
housing units
$198,300 $330,600 $154,300 $249,400 $130,800 $212,600 $119,600 $244,900
Plainfield Will County Illinois USA
2000 2017-2021 2000 2017-2021 2000 2017-2021 2000 2017-2021
Median
household
income
$80,799 $134,814 $62,238 $95,751 $46,590 $72,563 $41,994 $69,021
Per the data above, the median value of owner-occupied housing units increased an estimated 67% for the Village within
approximately the past 20 years. In addition, the median household income increased by 67% during the same timeframe.
Data Sources:
· 1990 - U.S. Census 4,557
· 2000 - U.S. Census 13,038
· 2003 - Village of Plainfield Special Census 20,673
· 2005 - Village of Plainfield Special Census 30,314
· 2007 - Village of Plainfield Special Census 37,334
· 2010 - U.S. Census 39,581
· 2020 - U.S. Census 44,762
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 2024 fiscal year budget was developed in a prudent and conservative manner.
Continued cost containments across all departments enabled the Village to approve a balanced 2024 budget, with the main
principle of providing quality services in an efficient and cost-effective manner, while keeping the Village’s charges for
services manageable for its residents and continuing to work towards diversifying its tax base and revenue sources.
The budget for fiscal year beginning May 1, 2023 totals $96,181,636, a 21% increase (or $16,552,953) from the previous
year. Of this increase, $12,560,000 is directly related to additional capital project expenses. The General Fund operating
budget totals $33,029,209 resulting in a 5.7% increase over the previous year. The 2024 budget anticipates adding 11 full
time equivalent positions overall. It also reflects a stable housing market and continues to be conservative in revenue
projections, including a slight increase in income tax revenue given recent historical trends in this revenue stream. The Water
and Sewer budget totals $27,885,604, or an increase of $3,426,608 (or 14%) over fiscal year 2022. A majority of this increase
is directly related to $2,279,000 in additional budgeted expenses for lake water purchase. Water purchase in fiscal year 2023
was budgeted at $8,921,000, however the 2023 actual expense totaled $11,385,077. The fiscal year 2024 budget amount of
$11,200,000 is reflective of this trend.
The 2024 Capital Fund budget includes over $26 million in projects, including $20 million for roadway improvements and
maintenance programs. The Village’s Motor Fuel Tax Fund includes an additional $2.5 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 48%. Sales tax revenue increased by 8% (or $708,674) in fiscal year 2032 as compared to fiscal year 2022. Sales tax for
the 2024 fiscal year budget reflects a 3.4% decrease as compared to the fiscal year 2023 actual amount.
Property tax revenues represent approximately 21% of the overall General Fund revenues. Consistent with Village Board
direction, the Village’s tax levy rate has remained unchanged for the past nine years. For the 2022 levy year, the Village of
Plainfield’s property tax rate represents 5.75% of a resident’s overall tax bill. Or, for every dollar paid in property taxes by
Village residents, 5.75 cents is paid to the Village of Plainfield. The Village's composition is approximately 88%
residential with smaller commercial and industrial components. As economic development growth and sustainability is a
key component of the Village’s Strategic Plan, the Village will continue to explore economic development opportunities to
better assist in diversifying the Village’s tax base.
CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the
Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this report
or requests for additional financial information should be directed to Traci Pleckham, Assistant Village
Administrator/Management Services Director, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544.
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 52,686,775$ 42,488,779$ 95,175,554$
Receivables (net, where applicable, of
allowances for uncollectibles)
Property taxes 9,793,408 - 9,793,408
Sales tax 4,097,264 715,079 4,812,343
Utility/telecommunications taxes 288,914 - 288,914
Allotments 159,031 - 159,031
Grants 4,895,432 - 4,895,432
Leases 857,650 751,630 1,609,280
Interest 27,090 28,109 55,199
Other 988,144 2,609,195 3,597,339
Prepaid expenses 12,935 - 12,935
Deposits 1,631,950 290,718 1,922,668
Other - 458,051 458,051
Capital assets
Nondepreciable 123,907,188 13,280,568 137,187,756
Depreciable, net of accumulated depreciation 76,386,157 100,021,404 176,407,561
Total assets 275,731,938 160,643,533 436,375,471
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - IMRF 3,197,869 656,301 3,854,170
Deferred outflows of resources - OPEB 657,545 46,837 704,382
Deferred outflows of resources - Police Pension 7,225,609 - 7,225,609
Asset retirement obligation - 317,708 317,708
Unamortized loss on refundings 417,324 1,547,789 1,965,113
Total deferred outflows of resources 11,498,347 2,568,635 14,066,982
Total assets and deferred outflows of resources 287,230,285 163,212,168 450,442,453
Primary Government
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF NET POSITION
April 30, 2023
(This statement is continued on the following page.)
- 7 -
Governmental Business-Type
Activities Activities Total
LIABILITIES
Accounts payable 3,571,960$ 4,081,092$ 7,653,052$
Accrued payroll 401,296 26,964 428,260
Deposits payable 18,389 280,727 299,116
Accrued interest payable 60,480 220,228 280,708
Other accrued liabilities 140,720 - 140,720
Unearned revenue 605,178 3,276,596 3,881,774
Noncurrent liabilities
Due within one year 3,953,388 1,122,619 5,076,007
Due in more than one year 27,218,013 17,774,125 44,992,138
Total liabilities 35,969,424 26,782,351 62,751,775
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - IMRF 176,289 35,660 211,949
Deferred inflows of resources - OPEB 679,998 48,436 728,434
Deferred inflows of resources - Police Pension 2,206,763 - 2,206,763
Deferred inflows of resources - Leases 832,962 729,698 1,562,660
Deferred property tax 9,793,408 - 9,793,408
Total deferred inflows of resources 13,689,420 813,794 14,503,214
Total liabilities and deferred inflows
of resources 49,658,844 27,596,145 77,254,989
NET POSITION
Net investment in capital assets 193,552,517 95,471,940 289,024,457
Restricted for
Street maintenance 5,631,857 - 5,631,857
Public safety 722,472 - 722,472
Debt service - 1,725,425 1,725,425
Audit 15,357 - 15,357
Liability insurance 236,618 - 236,618
Retirement obligations 144,977 - 144,977
Economic development 82,445 - 82,445
Unrestricted 37,185,198 38,418,658 75,603,856
TOTAL NET POSITION 237,571,441$ 135,616,023$ 373,187,464$
April 30, 2023
Primary Government
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF NET POSITION (Continued)
See accompanying notes to financial statements.
- 8 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 7,105,408$ 8,369,414$ 37,538$ -$
Public safety 17,194,065 1,735,556 108,763 -
Highways and streets 26,165,032 632,441 1,756,981 7,254,971
Interest 252,870 - - -
Total governmental activities 50,717,375 10,737,411 1,903,282 7,254,971
Business-Type Activities
Water and sewer 19,851,038 20,871,317 - 1,179,735
Total business-type activities 19,851,038 20,871,317 - 1,179,735
TOTAL PRIMARY GOVERNMENT 70,568,413$ 31,608,728$ 1,903,282$ 8,434,706$
Program Revenues
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2023
- 9 -
Governmental Business-Type
Activities Activities Total
1,301,544$ -$ 1,301,544$
(15,349,746) - (15,349,746)
(16,520,639) - (16,520,639)
(252,870) - (252,870)
(30,821,711) - (30,821,711)
- 2,200,014 2,200,014
- 2,200,014 2,200,014
(30,821,711) 2,200,014 (28,621,697)
General Revenues
Taxes
Property 9,310,741 - 9,310,741
Home rule sales 6,338,463 3,168,756 9,507,219
Utility/telecommunications 3,295,635 - 3,295,635
Local motor fuel 2,149,928 - 2,149,928
Other 15,228 - 15,228
Intergovernmental revenue
Personal property replacement tax 185,443 - 185,443
Sales and use tax 11,429,558 - 11,429,558
Income tax 7,232,574 - 7,232,574
Grants - 2,753,043 2,753,043
Investment income 1,126,980 927,791 2,054,771
Miscellaneous 53,001 4,181,978 4,234,979
Transfers 949,100 (949,100) -
Total 42,086,651 10,082,468 52,169,119
CHANGE IN NET POSITION 11,264,940 12,282,482 23,547,422
NET POSITION, MAY 1 226,306,501 123,333,541 349,640,042
NET POSITION, APRIL 30 237,571,441$ 135,616,023$ 373,187,464$
Primary Government
Net (Expense) Revenue and Change in Net Position
See accompanying notes to financial statements.
- 10 -
Nonmajor Total
Capital Governmental Governmental
General Projects Funds Funds
ASSETS
Cash and investments 10,892,922$ 35,615,529$ 6,178,324$ 52,686,775$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 7,617,475 - 2,175,933 9,793,408
Sales tax 2,666,892 1,430,372 - 4,097,264
Utility tax - 288,914 - 288,914
Allotments - - 159,031 159,031
Grants 17,385 4,878,047 - 4,895,432
Interest 27,090 - - 27,090
Leases 857,650 - - 857,650
Other 917,246 69,498 1,400 988,144
Due from other funds - 238,259 - 238,259
Prepaid items 12,935 - - 12,935
Deposits 1,631,950 - - 1,631,950
Total assets 24,641,545 42,520,619 8,514,688 75,676,852
DEFERRED OUTFLOWS OF RESOURCES
None - - - -
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 24,641,545$ 42,520,619$ 8,514,688$ 75,676,852$
OUTFLOWS OF RESOURCES
ASSETS AND DEFERRED
VILLAGE OF PLAINFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2023
(This statement is continued on the following page.)
- 11 -
Nonmajor Total
Capital Governmental Governmental
General Projects Funds Funds
LIABILITIES
Accounts payable 1,835,487$ 1,295,140$ 441,333$ 3,571,960$
Accrued payroll 401,296 - - 401,296
Due to other funds - - 238,259 238,259
Impact fee 125,448 - - 125,448
Recapture fee - 15,272 - 15,272
Unearned revenue 70,745 534,433 - 605,178
Developer deposit 18,389 - - 18,389
Total liabilities 2,451,365 1,844,845 679,592 4,975,802
DEFERRED INFLOWS OF RESOURCES
Lease items 832,962 - - 832,962
Unavailable property tax revenue 7,617,475 - 2,175,933 9,793,408
Total deferred inflows of resources 8,450,437 - 2,175,933 10,626,370
Total liabilities and deferred inflows
of resources 10,901,802 1,844,845 2,855,525 15,602,172
FUND BALANCES
Nonspendable
Prepaid items 12,935 - - 12,935
Restricted
Street maintenance - - 5,631,857 5,631,857
Public safety 689,956 - 32,516 722,472
Audit - - 15,357 15,357
Liability insurance - - 236,618 236,618
Retirement obligations 144,977 - - 144,977
Economic development - - 82,445 82,445
Debt service - - - -
Unrestricted
Assigned
Debt service - - 2 2
Capital projects - 40,675,774 - 40,675,774
Insurance 1,632,784 - - 1,632,784
Unassigned (deficit)11,259,091 - (339,632) 10,919,459
Total fund balances 13,739,743 40,675,774 5,659,163 60,074,680
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 24,641,545$ 42,520,619$ 8,514,688$ 75,676,852$
VILLAGE OF PLAINFIELD, ILLINOIS
BALANCE SHEET (Continued)
GOVERNMENTAL FUNDS
April 30, 2023
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
See accompanying notes to financial statements.
- 12 -
FUND BALANCES OF GOVERNMENTAL FUNDS 60,074,680$
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 200,293,345
Bond premiums/discounts on bonds are expensed in governmental funds but capitalized
and amortized in the statement of net position
Unamortized bond premium (153,152)
Unamortized loss on refunding 417,324
Interest payable is not due and payable in the current period and, therefore, is not reported
in the governmental funds (60,480)
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 3,197,869
Deferred inflows of resources (176,289)
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 7,225,609
Deferred inflows of resources (2,206,763)
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 657,545
Deferred inflows of resources (679,998)
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 (7,005,000)
Net pension liability - IMRF (3,854,385)
Net pension liability - Police Pension (17,366,734)
Net pension liability - OPEB (1,425,087)
Compensated absences payable (1,367,043)
NET POSITION OF GOVERNMENTAL ACTIVITIES 237,571,441$
April 30, 2023
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.
- 13 -
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2023
Nonmajor Total
Capital Governmental Governmental
General Projects Funds Funds
REVENUES
Taxes 8,635,105$ 6,338,463$ 2,124,223$ 17,097,791$
Licenses and permits 2,217,946 - - 2,217,946
Intergovernmental 18,937,815 5,129,687 2,191,738 26,259,240
Charges for services 6,648,355 632,441 - 7,280,796
Fines and forfeits 658,948 409,330 22,522 1,090,800
Investment income 442,451 527,900 156,629 1,126,980
Miscellaneous 242,106 115,096 13,748 370,950
Total revenues 37,782,726 13,152,917 4,508,860 55,444,503
EXPENDITURES
Current
General government 5,530,061 - 1,702,651 7,232,712
Public safety 13,942,341 - 493,749 14,436,090
Highways and streets 8,675,326 - 2,383,672 11,058,998
Capital outlay - 8,039,348 - 8,039,348
Debt service
Principal retirement - - 2,785,000 2,785,000
Interest and fiscal charges - - 209,289 209,289
Total expenditures 28,147,728 8,039,348 7,574,361 43,761,437
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 9,634,998 5,113,569 (3,065,501) 11,683,066
OTHER FINANCING SOURCES (USES)
Transfers in 20,000 9,285,537 3,294,291 12,599,828
Transfers (out)(9,585,537) (2,045,191) (20,000) (11,650,728)
Sale of capital assets 2,347 1,500 - 3,847
Total other financing sources (uses)(9,563,190) 7,241,846 3,274,291 952,947
NET CHANGE IN FUND BALANCES 71,808 12,355,415 208,790 12,636,013
FUND BALANCES, MAY 1 13,667,935 28,320,359 5,450,373 47,438,667
FUND BALANCES, APRIL 30 13,739,743$ 40,675,774$ 5,659,163$ 60,074,680$
See accompanying notes to financial statements.
- 14 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 12,636,013$
Amounts reported for governmental activities in the statement of activities
are different because:
Governmental funds report capital outlay as expenditures; however, they
are capitalized and depreciated in the statement of activities 4,243,624
Contributions of capital assets are reported only in the statement of activities 5,588,712
Sales of capital assets are reported as a proceed in governmental funds but
as a gain (loss) from sale on the statement of activities -
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 2,785,000
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 (62,715)
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 (264,990)
The change in the Police Pension Plan net pension liability and deferred
outflows/inflows of resources is not a source or use of a financial resource (1,260,842)
The change in the OPEB net pension liability and deferred outflows/inflows
of resources is not a source or use of a financial resource (14,955)
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 (12,324,027)
Change in compensated absences (80,014)
Change in accrued interest payable 19,134
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 11,264,940$
For the Year Ended April 30, 2023
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.
- 15 -
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF NET POSITION
PROPRIETARY FUND
April 30, 2023
Water and
Sewer
CURRENT ASSETS
Cash and investments 42,488,779$
Receivables
Accounts 2,609,195
Sales tax 715,079
Leases 751,630
Other 458,051
Interest 28,109
Total current assets 47,050,843
NONCURRENT ASSETS
Capital assets
Nondepreciable 13,280,568
Depreciable, net of accumulated depreciation 100,021,404
Total capital assets 113,301,972
Other assets
Deposits 290,718
Total other assets 290,718
Total noncurrent assets 113,592,690
Total assets 160,643,533
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - IMRF 656,301
Deferred outflows of resources - OPEB 46,837
Asset retirement obligation 317,708
Unamortized loss on refundings 1,547,789
Total deferred outflows of resources 2,568,635
Total assets and deferred outflows of resources 163,212,168
(This statement is continued on the following page.)
- 16 -
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUND
April 30, 2023
Water and
Sewer
CURRENT LIABILITIES
Accounts payable 4,081,092$
Accrued payroll 26,964
Accrued interest 220,228
Unearned revenues 3,276,596
Compensated absences payable 75,780
Total OPEB liability 6,103
Illinois EPA loan 315,736
Bonds payable 725,000
Developer deposit 280,727
Total current liabilities 9,008,226
LONG-TERM LIABILITIES
Compensated absences payable 3,228
Total OPEB liability 95,406
Net pension liability - IMRF 782,886
Illinois EPA loan 5,728,109
Asset retirement obligation 375,000
Bonds payable 10,789,496
Total long-term liabilities 17,774,125
Total liabilities 26,782,351
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - IMRF 35,660
Deferred inflows of resources - OPEB 48,436
Deferred inflows of resources - Leases 729,698
Total deferred inflows of resources 813,794
Total liabilities and deferred inflows of resources 27,596,145
NET POSITION
Net investment in capital assets 95,471,940
Restricted for debt service 1,725,425
Unrestricted 38,418,658
TOTAL NET POSITION 135,616,023$
See accompanying notes to financial statements.
- 17 -
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN FUND NET POSITION
PROPRIETARY FUND
For the Year Ended April 30, 2023
Water and
Sewer
OPERATING REVENUES
Charges for services 20,871,317$
Total operating revenues 20,871,317
OPERATING EXPENSES
Water operations 13,445,583
Sewer operations 2,281,329
Depreciation 3,596,605
Total operating expenses 19,323,517
OPERATING INCOME 1,547,800
NON-OPERATING REVENUES (EXPENSES)
Home rule sales tax 3,168,756
Miscellaneous revenue 308,841
Connection fees 3,873,137
Intergovernmental 2,753,043
Investment income 927,791
Interest expense (527,521)
Total non-operating revenues (expenses)10,504,047
INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 12,051,847
TRANSFERS (OUT)(949,100)
CAPITAL CONTRIBUTIONS 1,179,735
CHANGE IN NET POSITION 12,282,482
NET POSITION, MAY 1 123,333,541
NET POSITION, APRIL 30 135,616,023$
See accompanying notes to financial statements.
- 18 -
Water and
Sewer
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 24,899,653$
Reimbursements to other funds (350,000)
Payments to suppliers (13,895,514)
Payments to employees (1,494,532)
Net cash from operating activities 9,159,607
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers (out) (949,100)
Home rule sales tax 3,175,998
Intergovernmental - grants 3,014,820
Net cash from noncapital financing activities 5,241,718
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchase of capital assets (5,222,803)
Capital grants 229,560
Principal payments on long-term debt (956,806)
Proceeds on long-term debt 3,392,286
Interest paid (484,146)
Net cash from capital and related
financing activities (3,041,909)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale (purchase) of investments (3,298,324)
Interest received 864,478
Net cash from investing activities (2,433,846)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 8,925,570
CASH AND CASH EQUIVALENTS, MAY 1 24,980,294
CASH AND CASH EQUIVALENTS, APRIL 30 33,905,864$
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
For the Year Ended April 30, 2023
(This statement is continued on the following page.)
- 19 -
VILLAGE OF PLAINFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUND
For the Year Ended April 30, 2023
Water and
Sewer
RECONCILIATION OF OPERATING INCOME TO NET
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income 1,547,800$
Miscellaneous income 4,181,978
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation and amortization 3,596,605
Changes in assets and liabilities
Accounts receivable (155,122)
Deposits 30,140
Leases 1,480
Pension items - IMRF 54,276
Pension items - OPEB (21,481)
Deferred inflows of resources - Leases (23,412)
Accounts payable (330,775)
Asset retirement obligation 14,323
Accrued expenses 263,795
NET CASH FROM OPERATING ACTIVITIES 9,159,607$
CASH AND INVESTMENTS
Cash and cash equivalents 33,905,864$
Investments 8,582,915
TOTAL CASH AND INVESTMENTS 42,488,779$
NONCASH TRANSACTIONS
Capital contributions 950,175$
Capital assets purchased in accounts payable 1,819,480
Unrealized gains/losses 48,620
IEPA loan receivable and payable 457,660
TOTAL NONCASH TRANSACTIONS 3,275,935$
See accompanying notes to financial statements.
- 20 -
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
April 30, 2023
Police
Pension
ASSETS
Cash and short-term investments 293,782$
Investments, at fair value
Investments held in the Illinois Police Officers'
Pension Investment Fund 45,462,309
Total assets 45,756,091
LIABILITIES
Accounts payable 12,581
Total liabilities 12,581
NET POSITION RESTRICTED
FOR PENSIONS 45,743,510$
VILLAGE OF PLAINFIELD, ILLINOIS
See accompanying notes to financial statements.
- 21 -
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
ADDITIONS
Contributions
Employer 1,698,789$
Employee 865,975
Total contributions 2,564,764
Investment income
Net (depreciation) in fair
value of investments (1,210,380)
Interest and dividends 1,237,627
Total investment income 27,247
Less investment expense (130,459)
Net investment income (loss)(103,212)
Total additions 2,461,552
DEDUCTIONS
Benefits and refunds 1,180,295
Administration 69,167
Total deductions 1,249,462
NET INCREASE 1,212,090
NET POSITION RESTRICTED
FOR PENSIONS
May 1 44,531,420
April 30 $ 45,743,510
VILLAGE OF PLAINFIELD, ILLINOIS
For the Year Ended April 30, 2023
See accompanying notes to financial statements.
- 22 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2023
- 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.
- 23 -
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.
- 24 -
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 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.
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.
- 25 -
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)
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 of Illinois 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.
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.
- 26 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 24 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e. Cash and Investments (Continued)
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.
- 27 -
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.
- 28 -
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
Operating Subfund has a targeted unrestricted net position of 25% of the total Water
and Sewer Operating Subfund annual expenses. If the balances exceed 40%, the
overage may be used to offset rate increases or be transferred to the Village’s Water
and Sewer 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.
- 29 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 27 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
l. Interfund Transactions
Interfund service transactions are accounted for as revenues, expenditures, or
expenses. Transactions that constitute reimbursements to a fund for
expenditures/expenses initially made from it that are properly applicable to another
fund, are recorded as expenditures/expenses in the reimbursing fund and as
reductions of expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except interfund service transactions and
reimbursements, are reported as transfers.
m. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial statement
element represents a consumption of net assets that applies to a future period(s) and
so will not be recognized as an outflow of resources (expense/expenditure) until
then. In addition to liabilities, the statement of financial position will sometimes
report a separate section for deferred inflows of resources. This separate financial
statement element represents an acquisition of net assets that applies to a future
period(s) and so will not be recognized as an inflow of resources (revenue) until that
time.
n. Use of Estimates
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and
expenditures/expenses during the reporting period. Actual results could differ from
those estimates.
2. DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust fund. Each fund type’s portion of this pool is displayed as “cash
and investments.” In addition, deposits and investments are separately held by several of
the Village’s funds.
- 30 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 28 -
2. DEPOSITS AND INVESTMENTS (Continued)
Permitted Deposits and Investments - the Village’s investment policy authorizes the
Village to make deposits/invest in insured commercial banks, savings and loan institutions,
obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money
market mutual funds with portfolios of securities issued or guaranteed by the United States
Government or agreements to repurchase these same obligations, repurchase agreements,
short-term commercial paper rated within the three highest classifications by at least two
standard rating services, obligations of 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.
The Illinois Metropolitan Investment Fund (IMET) is a local government investment pool.
Created in 1996 as a not-for-profit trust formed under the Intergovernmental Cooperation
Act and the Illinois Municipal Code. IMET was formed to provide Illinois government
agencies with safe, liquid, attractive alternatives for investing and is managed by a Board
of Trustees elected from the participating members. IMET offers participants two separate
vehicles to meet their investment needs. The IMET Core Fund is designed for public funds
that may be invested for longer than one year. The Core Fund carries the highest rating
available (AAA) from Moody’s for such funds. Member withdrawals can be made from
the Core Fund with a five day notice. The IMET Convenience Fund (CVF) is designed to
accommodate funds requiring high liquidity, including short term cash management
programs and temporary investment of bond proceeds. It is comprised of collateralized and
FHLB LoC backed bank deposits, FDIC insured certificates of deposit and U.S.
Government securities. Member withdrawals are generally on the same day as requested.
Investments in IMET are valued at IMET’s share price, which is the price 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.
- 31 -
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, 2023:
Investment Maturities (in Years)
Investment Type Fair Value
Less
than 1 1-5
6-10
Greater
than 10
IMET Core Fund $ 5,672,835 $ - $ 5,672,835 $ - $ -
U.S. Treasury obligations 3,239,257 3,239,257 - - -
U.S. agencies 1,491,435 - 1,491,435 - -
Negotiable certificates of deposit 1,991,279 1,504,000 487,279 - -
Corporate bonds 1,470,355 - 1,470,355 - -
Municipal bonds 1,842,503 765,638 1,076,865 - -
TOTAL $ 15,707,664 $ 5,508,895 $ 10,198,769 $ - $ -
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 investment policy limits the investment in commercial paper to the
highest rating by a nationally recognized rating agency. The policy further limits
investments to investment-grade obligations in state, provincial, and local
governments and public authorities. The Illinois Funds, IPRIME and IMET are rated
AAA. The Village’s negotiable certificates of deposits are not rated. The U.S.
Treasuries and agencies are rated Aaa. The municipal bonds are rated Aa2-Aa3 or
not rated. The corporate bonds are rated A1-A2.
- 32 -
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,
2023: The U.S. Treasury obligations are valued using electronic fixed income trade
platform feeds and broker feeds (Level 2). The U.S. agencies, corporate bonds,
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 2022 levy year attach as an enforceable lien on January 1, 2022, 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, 2023 and are payable in two installments, on or
about June 1, 2023 and September 1, 2023. 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 2022 taxes are intended to finance the
2024 fiscal year and are not considered available for current operations and are, therefore,
shown as unavailable/deferred revenue. The 2023 tax levy has not been recorded as a
receivable at April 30, 2023, as the tax attached as a lien on property as of January 1, 2023;
however, the tax will not be levied until December 2023 and, accordingly, is not
measurable at April 30, 2023.
- 33 -
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, 2023, was as follows:
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated Land $ 7,976,461 $ 387,035 $ - $ 8,363,496 Land right of way 97,600,795 1,311,240 - 98,912,035
Construction in progress 14,604,733 2,317,396 290,472 16,631,657
Total capital assets not being depreciated 120,181,989 4,015,671 290,472 123,907,188
Capital assets being depreciated
Buildings and improvements 38,343,470 2,648,922 - 40,992,392 Vehicles and equipment 9,723,978 1,180,743 25,349 10,879,372
Infrastructure 332,531,908 2,277,472 - 334,809,380
Total capital assets being depreciated 380,599,356 6,107,137 25,349 386,681,144
Less accumulated depreciation for
Buildings 14,396,973 958,170 - 15,355,143
Vehicles and equipment 7,874,303 810,862 25,349 8,659,816 Infrastructure 275,725,033 10,554,995 - 286,280,028
Total accumulated depreciation 297,996,309 12,324,027 25,349 310,294,987
Total capital assets being depreciated, net 82,603,047 (6,216,890) - 76,386,157
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 202,785,036 $ (2,201,219) $ 290,472 $ 200,293,345
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 3,043,544 $ - $ - $ 3,043,544
Construction in progress 5,274,212 5,202,687 239,875 10,237,024
Total capital assets not being depreciated 8,317,756 5,202,687 239,875 13,280,568
Capital assets being depreciated
Buildings 17,448,092 - - 17,448,092
Vehicles and equipment 3,283,379 471,740 - 3,755,119
Water transmission system 79,195,305 532,388 - 79,727,693
Sewer collection system 59,845,545 677,207 - 60,522,752
Total capital assets being depreciated 159,772,321 1,681,335 - 161,453,656
Less accumulated depreciation for
Buildings 7,147,981 348,962 - 7,496,943
Vehicles and equipment 1,769,888 239,926 - 2,009,814
Water transmission system 27,876,180 1,788,358 - 29,664,538 Sewer collection system 21,041,598 1,219,359 - 22,260,957
Total accumulated depreciation 57,835,647 3,596,605 - 61,432,252
Total capital assets being depreciated, net 101,936,674 (1,915,270) - 100,021,404
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 110,254,430 $ 3,287,417 $ 239,875 $ 113,301,972
- 34 -
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 $ 251,659
Public safety 722,321
Highways and streets 11,350,047
TOTAL DEPRECIATION EXPENSE -
GOVERNMENTAL ACTIVITIES
$ 12,324,027
b. Construction Contracts
The Village had one significant construction commitment with a contract value of
$4,046,519 and $1,403,992 spent as of April 30, 2023.
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, 2022 through April 30, 2023:
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
- 35 -
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,
2023, for the current or prior claim years.
The Village is a member of the Southwest Agency for Health Management (SWAHM), an
agency comprised of 15 communities formed to be a single member in the
Intergovernmental Personnel Benefits Cooperative (IPBC) which administers personnel
benefits (primarily medical, dental, and life insurance coverage) on behalf of its members.
Premiums are paid monthly to another member of SWAHM, which is responsible for
collecting all monies and remitting them to IPBC.
IPBC is a public entity risk pool established by certain units of local government in Illinois
to administer some or all of the personnel benefit programs offered by these members to
their officers and employees and to the officers and employees of certain governmental,
quasi-governmental, and nonprofit public service entities. IPBC receives, processes, and
pays such claims as may come within the benefit program of each member. Management
consists of a Board of Directors comprised of one appointed representative from each
member. In addition, there are two officers; a Benefit Administrator and a Treasurer. The
Village, through its membership in SWAHM, does not exercise any control over the
activities of IPBC beyond SWAHM’s representation on the Board of Directors.
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
$9,665,000 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
$ 5,525,000
$ -
$ 1,060,000
$ 4,465,000
$ 1,095,000
$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
1,880,000
-
935,000
945,000
945,000
- 36 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 34 -
6. LONG-TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
Issue
Fund
Debt
Retired by
Balances
May 1
Issuances
Refundings/
Retirements
Balances
April 30
Current
Portion
$2,385,000 General
Obligation Refunding Bonds
of 2021, annual installments
of $790,000 to $800,000
through December 15, 2024,
interest at 0.63% payable
each June 15 and
December 15.
Debt
Service
$ 2,385,000
$ -
$ 790,000
$ 1,595,000
$ 795,000
TOTAL GENERAL
OBLIGATION BONDS
$ 9,790,000
$ -
$ 2,785,000
$ 7,005,000
$ 2,835,000
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
$ 11,540,000
$ -
$ 700,000
$ 10,840,000
$ 725,000
TOTAL REVENUE BONDS $ 11,540,000 $ - $ 700,000 $ 10,840,000 $ 725,000
The amount of pledge remaining as of April 30, 2023, 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
$ 13,522,775
5/1/34
$ 20,871,317
$ 1,136,750
- 37 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 35 -
6. LONG-TERM DEBT (Continued)
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
$ 1,679,159
$ -
$ 167,540
$ 1,511,619
$ 169,640
$3,230,938 Illinois EPA low
interest loan, semiannual
installments through April 15,
2042, interest at 1.35%
payable each April 15 and
October 15.*
Water
and
Sewer
3,597,561
19,549
89,266
3,527,844
146,096
$2,046,544 Illinois EPA low
interest loan, semiannual
installments through
January 1, 2043, interest at
1.11% payable each July 1 and
January 1.*
Water
and
Sewer
-
1,004,382
-
1,004,382
-
TOTAL ILLINOIS
EPA LOANS
$ 5,276,720
$ 1,023,931
$ 256,806
$ 6,043,845
$ 315,736
*A debt service to maturity schedule has not been finalized for these Illinois EPA
Loans.
d. Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Governmental Activities
Fiscal General Obligation Bonds
Year Principal Interest
2024 $ 2,835,000 $ 162,487
2025 1,890,000 117,540
2026 1,120,000 79,800
2027 1,160,000 40,600
TOTAL $ 7,005,000 $ 400,427
- 38 -
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 Revenue Bonds
Year Principal Interest
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 $ 10,840,000 $ 2,682,775
Business-Type Activities
Fiscal Illinois EPA Loans
Year Principal Interest
2024 $ 169,640 $ 18,367
2025 171,767 16,240
2026 173,921 14,086
2027 176,102 11,905
2028 178,310 9,697
2029 180,546 7,461
2030 182,810 5,197
2031 185,102 2,905
2032 93,421 584
TOTAL $ 1,511,619 $ 86,442
- 39 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 37 -
6. LONG-TERM DEBT (Continued)
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 2023:
Balances
May 1
Additions
Refundings/
Reductions
Balances
April 30
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation bonds $ 9,790,000 $ - $ 2,785,000 $ 7,005,000 $ 2,835,000
Compensated absences
payable* 1,287,029 1,069,307 989,293 1,367,043 1,032,713
Net pension liability - IMRF - 3,854,385 - 3,854,385 -
Net pension liability - Police
Pension Plan* 12,987,495 4,379,239 - 17,366,734 -
Total OPEB liability* 1,440,599 - 15,512 1,425,087 85,675
Unamortized bond premiums 189,510 - 36,358 153,152 -
TOTAL GOVERNMENTAL
ACTIVITIES $ 25,694,633 $ 9,302,931 $ 3,826,163 $ 31,171,401 $ 3,953,388
*These obligations have typically been liquidated by the General Fund.
Balances
May 1
Additions
Reductions
Balances
April 30
Current
Portion
BUSINESS-TYPE ACTIVITIES
Revenue bonds $ 11,540,000 $ - $ 700,000 $ 10,840,000 $ 725,000
Illinois EPA loan 5,276,720 1,023,931 256,806 6,043,845 315,736
Asset retirement obligation 375,000 - - 375,000 -
Compensated absences payable 74,414 68,773 64,179 79,008 75,780
Net pension liability IMRF** - 782,886 - 782,886 -
Total OPEB liability 125,285 - 23,776 101,509 6,103
Unamortized bond premium 718,051 - 43,555 674,496 -
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 18,109,470
$ 1,875,590
$ 1,088,316
$ 18,896,744
$ 1,122,619
- 40 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 38 -
6. LONG-TERM DEBT (Continued)
f. Asset Retirement Obligation
The Village has recognized an asset retirement obligation (ARO) and related
deferred outflow of resources in connection with its obligation to seal and abandon
various water wells at the end of their estimated useful lives in accordance with
federal, state, and/or local requirements. The ARO was measured using actual
historical costs for similar abandonments, adjusted for inflation through the end of
the year. The estimated remaining useful lives of the water wells range from 20 to 32
years.
7. LESSOR DISCLOSURES
In accordance with GASB Statement No. 87, Leases, the Village’s lessor activity is as
follows:
The Village entered into three lease arrangements with start dates ranging from May 1998
to September 2020, to lease cell tower property. Payments ranging from $1,500 to $2,000
are due to the Village in monthly installments, through June 2054, which reflects all
renewal options being exercised for these agreements. The lease arrangements are
noncancelable and maintain interest rates ranging from 2.495% to 3.060%. During the
fiscal year, the Village collected $71,192 and recognized a $70,584 reduction in the related
deferred inflow of resources. The remaining lease receivable and deferred inflow of
resources for those arrangements, recorded in the Water and Sewer Fund and the General
Fund is $1,564,251 and $1,518,106 as of April 30, 2023, respectively.
The Village entered into a lease arrangement with a start date of April 2020, to lease a
building. Payment of $2,000 is due to the Village in monthly installments, through March
2025, which reflects all renewal options being exercised for these agreements. The lease
arrangements are noncancelable and maintain an interest rate of 0.1788%. During the fiscal
year, the Village collected $24,000 and recognized a $23,244 reduction in the related
deferred inflow of resources. The remaining lease receivable and deferred inflow of
resources for these arrangements, recorded in the General Fund is $45,029 and $44,554 as
of April 30, 2023, respectively.
- 41 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 39 -
8. INTERFUND ACTIVITY
Individual fund transfers were as follows:
Fund
Transfers
In Transfers Out
General $ 20,000 $ 9,585,537
Capital Projects 9,285,537 2,045,191
Nonmajor Governmental 3,294,291 20,000
Water and Sewer - 949,100
TOTAL $ 12,599,828 $ 12,599,828
The purposes of significant transfers are as follows:
• $2,994,291 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.
• $9,285,537 transferred from the General Fund to the Capital Projects Fund to finance
future capital projects in accordance with the Village’s fund balance policy.
Due to/due from other funds were as follows:
Receivable Fund Payable Fund Amount
Capital Projects Fund Downtown TIF Fund $ 238,259
TOTAL $ 238,259
The purposes of significant due to/due from other funds are as follows:
• $238,259 is due to the Capital Projects Fund from the Downtown TIF Fund to cover
cash deficits.
9. 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.
- 42 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 40 -
9. CONTINGENT LIABILITIES (Continued)
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.
10. COMMITMENTS
The Village is a member of the Southwest Agency for Health Management (SWAHM), an
agency comprised of 15 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.
11. 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, 2023, approximately $301,709 in state
shared sales tax rebates were incurred under these agreements. Future contingent rebates of
approximately $2,046,681 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 $1,599,063 through April 30, 2023,
under this agreement.
- 43 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 41 -
12. 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 $193,856 of local motor fuel taxes during the year ended April 30, 2023.
There are no future contingent rebates in motor fuel taxes for future years.
13. DEFINED BENEFIT PENSION PLANS
The Village contributes to two defined benefit pension plans: the Illinois Municipal
Retirement Fund (IMRF), an agent multiple-employer public employee retirement system,
and the Police Pension Plan which is a single-employer pension plan. The benefits, benefit
levels, employee contributions, and employer contributions for both plans are governed by
Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General
Assembly. Neither of the pension plans issue separate reports on the pension plans.
However, IMRF does issue a publicly available report that includes financial statements
and supplementary information for the plan as a whole, but not for individual employers.
That report can be obtained at www.imrf.org or by writing to Illinois Municipal Retirement
Fund, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.
The total pension expense for IMRF and the Police Pension Plan was $3,898,775 for the
year ended April 30, 2023.
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.
- 44 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 42 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Plan Membership
At December 31, 2022, membership consisted of:
Inactive employees or their beneficiaries
currently receiving benefits 82
Inactive employees entitled to but not yet
receiving benefits
72
Active employees 89
TOTAL 243
Benefits Provided
All employees (other than those covered by the Police Pension Plan) hired in
positions that meet or exceed the prescribed annual hourly standard must be enrolled
in IMRF as participating members. IMRF provides two tiers of pension benefits.
Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1
employees, pension benefits vest after eight years of service. Participating members
who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years
of credited service are entitled to an annual retirement benefit, payable monthly for
life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of
credited service up to 15 years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating
members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with
ten years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter.
IMRF also provides death and disability benefits. These benefit provisions are
established by state statute.
- 45 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 43 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
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, 2023, was 8.83% of covered payroll.
Actuarial Assumptions
The Village’s net pension liability was measured as of December 31, 2022 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, 2022
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
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.
- 46 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 44 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.25% at
December 31, 2022. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the IMRF’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the
long-term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability.
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net Pension
Liability
Liability Net Position (Asset)
BALANCES AT
JANUARY 1, 2022
$ 31,886,668
$ 34,077,706
$ (2,191,038)
Changes for the period
Service cost 638,981 - 638,981
Interest 2,293,346 - 2,293,346
Difference between expected
and actual experience 1,123,838 - 1,123,838
Assumption changes - - -
Employer contributions - 630,631 (630,631)
Employee contributions - 314,496 (314,496)
Net investment income - (3,867,780) 3,867,780
Benefit payments and refunds (1,147,589) (1,147,589) -
Other (net transfer) - 150,509 (150,509)
Net changes 2,908,576 (3,919,733) 6,828,309
BALANCES AT
DECEMBER 31, 2022
$ 34,795,244
$ 30,157,973
$ 4,637,271
- 47 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 45 -
13. 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, 2023, the Village recognized pension expense of
$939,144.
At April 30, 2023, 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 $ 1,230,921 $ 73,783
Assumption changes - 138,166
Net difference between projected and actual earnings
on pension plan investments
2,415,901
-
Employer contributions after the measurement date 207,348 -
TOTAL $ 3,854,170 $ 211,949
$207,348 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, 2024. 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,
2024 $ 280,036
2025 796,952
2026 1,071,113
2027 1,286,772
2028 -
Thereafter -
TOTAL $ 3,434,873
- 48 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 46 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 7.25% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(6.25%) (7.25%) (8.25%)
Net pension liability $ 9,437,273 $ 4,637,271 $ 867,405
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.
- 49 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 47 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Plan Membership
At April 30, 2023, the measurement date, membership consisted of:
Inactive plan members or beneficiaries
currently receiving benefits 14
Inactive plan members entitled to but not
yet receiving benefits 6
Active plan members 63
TOTAL 83
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
- 50 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 48 -
13. 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, 2023,
the Village’s contribution was 26.34% of covered payroll.
Illinois Police Officers’ Pension Investment Fund
The Illinois Police Officers’ Pension Investment Fund (IPOPIF) is an investment
trust fund responsible for the consolidation and fiduciary management of the pension
assets of Illinois suburban and downstate police pension funds. IPOPIF was created
by Public Act 101-0610 and codified within the Illinois Pension Code, becoming
effective January 1, 2020, to streamline investments and eliminate unnecessary and
redundant administrative costs, thereby ensuring assets are available to fund pension
benefits for the beneficiaries of the participating pension funds as defined in 40 ILCS
5/22B-105. Participation in IPOPIF by Illinois suburban and downstate police
pension funds is mandatory.
Deposits with Financial Institutions
The Plan retains all of its available cash with one financial institution. Available cash
is determined to be that amount which is required for the current expenditures of the
Plan. The excess of available cash is required to be transferred to IPOPIF for
purposes of the long-term investment for the plan.
- 51 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 49 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Deposits with Financial Institutions (Continued)
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 bank balances in excess
of federal depository insurance, since flow-through FDIC insurance is available for
the plan’s deposits with financial institutions.
Investments
Investments of the Plan are combined in a commingled external investment pool and
held by IPOPIF. A schedule of investment expenses is included in IPOPIF’s annual
report. For additional information on IPOPIF’s investments, please refer to their
annual report. A copy of that report can be obtained from IPOPIF at 456 Fulton
Street, Suite 402, Peoria, IL 61602 or at www.ipopif.org.
Fair Value Measurement
The Plan categorizes 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 held no investments subject to
fair value measurement at April 30, 2023.
Net Asset Value
The Net Asset Value (NAV) of the Plan’s pooled investment in IPOPIF was
$45,462,309 at April 30, 2023. Investments in IPOPIF are valued at IPOPIF’s share
price, which is the price the investment could be sold. There are no unfunded
commitments at April 30, 2023. The Plan may redeem shares with a seven calendar
day notice. IPOPIF may, at its sole discretion and based on circumstances, process
redemption requests with fewer than a seven calendar day notice. Regular
redemptions of the same amount on a particular day of the month may be arranged
with IPOPIF.
Investment Rate of Return
For the year ended April 30, 2023, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was (0.23)%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
- 52 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 50 -
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.75%. The
projection of cash flows used to determine the discount rate assumed that plan
member contributions will be made at the current contribution rate and that the
Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the Plan’s fiduciary net position was projected to be available to make
all projected future benefit payments of current members. Therefore, the long-term
expected rate of return on pension plan investments of 6.75% was applied to all
periods of projected benefit payments to determine the total pension liability.
Changes in Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT MAY 1, 2022 $ 57,518,915 $ 44,531,420 $ 12,987,495
Changes for the period
Service cost 1,626,171 - 1,626,171
Interest 3,952,458 - 3,952,458
Difference between expected
and actual experience 966,258 - 966,258
Changes in assumptions - - -
Employer contributions - 1,698,789 (1,698,789)
Contributions - buy back 226,737 226,737 -
Benefit terms changes - - -
Employee contributions - 639,238 (639,238)
Net investment income - (103,212) 103,212
Benefit payments and refunds (1,180,295) (1,180,295) -
Administrative expense - (69,167) 69,167
Net changes 5,591,329 1,212,090 4,379,239
BALANCES AT APRIL 30, 2023 $ 63,110,244 $ 45,743,510 $ 17,366,734
There were no changes to assumptions or benefits from the prior valuation. The Plan
fiduciary net position as a percentage of the total pension liability was 72.48% at
April 30, 2023.
- 53 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 51 -
13. 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, 2023, using the following actuarial methods and assumptions:
Actuarial valuation date April 30, 2023
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-2019 for active lives. 10% of active deaths are
assumed to be in the line of duty.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 6.75% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (5.75%) or 1 percentage point higher (7.75%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(5.75%) (6.75%) (7.75%)
Net pension liability (asset) $ 28,811,597 $ 17,366,734 $ 8,245,409
- 54 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 52 -
13. 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, 2023, the Village recognized police pension expense of
$2,959,631.
At April 30, 2023, 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 $ 1,416,521 $ 2,206,763
Changes in assumptions 1,246,027 -
Net difference between projected and actual earnings
on pension plan investments
4,563,061
-
TOTAL $ 7,225,609 $ 2,206,763
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,
2024 $ 1,208,438
2025 600,614
2026 1,926,173
2027 548,211
2028 281,738
Thereafter 453,672
TOTAL $ 5,018,846
- 55 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 53 -
14. 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, 2023, 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, 2022 (most recent data available), membership consisted of:
Inactive employees or beneficiaries currently
receiving benefit payments
11
Inactive employees entitled to but not yet
receiving benefit payments
-
Active employees 141
TOTAL 152
- 56 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 54 -
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
d. Total OPEB Liability
The Village’s total OPEB liability of $1,526,596 was measured as of April 30, 2023
and was determined by an actuarial valuation as of May 1, 2021.
e. Actuarial Assumptions and Other Inputs
The total OPEB liability at April 30, 2023, as determined by an actuarial valuation as
of May 1, 2021, 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 2.50%
Salary Increases 4.00%
Discount rate 4.14%
Healthcare cost trend rates 4.00% to 6.00% initial
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, 2023.
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, 2021 valuation are based on 10%
participation assumed, with 40% electing spouse coverage.
- 57 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 55 -
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
f. Changes in the Total OPEB Liability
Total OPEB
Liability
BALANCES AT MAY 1, 2022 $ 1,565,884
Changes for the period
Service cost 22,092
Interest 60,496
Difference between expected & actual experience -
Changes in assumptions (30,098)
Benefit payments (91,778)
Other changes -
Net changes (39,288)
BALANCES AT APRIL 30, 2023 $ 1,526,596
There were changes in assumptions related to the discount rate from the previous
valuation.
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 4.14% 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 or 1 percentage point higher than the current
rate:
1% Decrease
Current
Discount Rate
1% Increase
Total OPEB liability $ 1,735,147 $ 1,526,596 $ 1,361,048
- 58 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 56 -
14. 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 4% to 6% 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 or
1 percentage point higher than the current rate:
1% Decrease
Current
Healthcare Rate
1% Increase
Total OPEB liability $ 1,347,803 $ 1,526,596 $ 1,750,390
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended April 30, 2023, the Village recognized OPEB expense of
$85,251. At April 30, 2023, 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 $ 198,670 $ 190,967
Changes in assumptions 505,712 537,467
TOTAL $ 704,382 $ 728,434
Amounts reported as deferred outflows of resources and deferred inflows of
resources will be recognized in OPEB expense as follows:
Year Ending
April 30,
2024 $ 2,664
2025 2,664
2026 2,153
2027 1,630
2028 2,302
Thereafter (35,465)
TOTAL $ (24,052)
- 59 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 57 -
15. 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 $243,900 to the Deferred Compensation Plan 457(b) Plan during the year
ended April 30, 2023.
16. CHANGE IN ACCOUNTING PRINCIPLE
For the fiscal year ended April 30, 2023, the Village implemented GASB Statement No.
87, Leases. With the implementation, the Village recorded the beginning net position/fund
balance of lease receivable and lease deferred inflows of resources. The beginning net
position of the following opinion units have been restated to reflect the new guidance as
follows:
GOVERNMENTAL ACTIVITES
BEGINNING NET POSITION, AS PREVIOUSLY REPORTED $ 226,306,501
Recording of lease receivable 903,378
Recording of lease deferred Inflows of resources (903,378)
Total net restatement -
BEGINNING NET POSITION, AS RESTATED $ 226,306,501
GENERAL FUND
BEGINNING FUND BALANCE, AS PREVIOUSLY REPORTED $ 13,667,935
Recording of lease receivable 903,378
Recording of lease deferred inflows of resources (903,378)
Total net restatement -
BEGINNING FUND BALANCE, AS RESTATED $ 13,667,935
- 60 -
VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 58 -
16. CHANGE IN ACCOUNTING PRINCIPLE (Continued)
WATER AND SEWER FUND/BUSINESS-TYPE ACTIVITIES
BEGINNING NET POSITION, AS PREVIOUSLY REPORTED $ 123,333,541
Recording of lease receivable 753,110
Recording of lease deferred inflows of resources (753,110)
Total net restatement -
BEGINNING NET POSITION, AS RESTATED $ 123,333,541
- 61 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Taxes 8,365,080$ 8,365,080$ 8,635,105$
Licenses and permits 1,318,200 1,318,200 2,217,946
Intergovernmental 16,226,500 16,226,500 18,937,815
Charges for services 6,292,200 6,292,200 6,648,355
Fines and forfeits 659,000 659,000 658,948
Investment income 40,000 40,000 442,451
Miscellaneous 123,000 123,000 242,106
Total revenues 33,023,980 33,023,980 37,782,726
EXPENDITURES
Current
General government 6,900,330 6,900,330 5,530,061
Public safety 14,542,100 14,542,100 13,942,341
Highways and streets 9,437,640 9,437,640 8,675,326
Total expenditures 30,880,070 30,880,070 28,147,728
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,143,910 2,143,910 9,634,998
OTHER FINANCING SOURCES (USES)
Transfers in 20,000 20,000 20,000
Transfers (out)(1,300,000) (1,300,000) (9,585,537)
Sale of capital assets 1,000 1,000 2,347
Total other financing sources (uses)(1,279,000) (1,279,000) (9,563,190)
NET CHANGE IN FUND BALANCE 864,910$ 864,910$ 71,808
FUND BALANCE, MAY 1 13,667,935
FUND BALANCE, APRIL 30 13,739,743$
(See independent auditor's report.)
- 62 -
FISCAL YEAR ENDED APRIL 30,2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 632,404$ 651,811$ 683,524$ 673,301$ 641,018$ 756,973$ 707,359$ 619,878$
Contributions in relation to the actuarially
determined contribution 632,404 651,811 683,524 673,301 641,018 756,973 707,359 619,878
CONTRIBUTION DEFICIENCY (Excess)-$ -$ -$ -$ -$ -$ -$ -$
Covered payroll 5,619,601$ 5,820,182$ 6,159,861$ 6,335,963$ 6,464,299$ 6,967,059$ 6,778,469$ 7,017,242$
Contributions as a percentage of
covered payroll 11.25%11.20%11.10%10.63%9.92%10.87%10.44%8.83%
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 Eight 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 21 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 2.75%,price inflation at 2.25%,salary increases of 2.85%to 13.75%,
including inflation, and an investment rate of return at 7.25% annually.
(See independent auditor's report.)
- 63 -
FISCAL YEAR ENDED APRIL 30,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 808,112$ 935,192$ 902,596$ 1,099,147$ 1,295,962$ 1,246,616$ 1,274,674$ 1,580,337$ 1,690,118$ 1,648,741$
Contributions in relation to the actuarially
determined contribution 886,519 898,172 948,549 1,101,142 1,364,479 1,402,674 1,297,308 1,577,686 1,697,262 1,698,789
CONTRIBUTION DEFICIENCY (Excess)(78,407)$ 37,020$ (45,953)$ (1,995)$ (68,517)$ (156,058)$ (22,634)$ 2,651$ (7,144)$ (50,048)$
Covered payroll 4,732,754$ 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ 6,084,253$ 6,021,819$ 6,202,351$ 6,450,434$
Contributions as a percentage of
covered payroll 18.73%18.66%18.62%20.97%24.70%24.07%21.32%26.20%27.36%26.34%
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 18 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.)
- 64 -
MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022
TOTAL PENSION LIABILITY
Service cost 655,050$ 653,238$ 667,207$ 621,641$ 671,606$ 684,620$ 649,151$ 638,981$
Interest 1,440,465 1,549,109 1,691,702 1,765,752 1,903,522 2,050,886 2,127,316 2,293,346
Differences between expected and actual experience (198,500) 173,858 7,116 159,846 282,268 (235,564) 664,132 1,123,838
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) (1,143,293) (1,147,589)
Net change in total pension liability 1,442,834 1,897,140 1,072,079 2,776,787 2,025,273 1,228,359 2,297,306 2,908,576
Total pension liability - beginning 19,146,890 20,589,724 22,486,864 23,558,943 26,335,730 28,361,003 29,589,362 31,886,668
TOTAL PENSION LIABILITY - ENDING 20,589,724$ 22,486,864$ 23,558,943$ 26,335,730$ 28,361,003$ 29,589,362$ 31,886,668$ 34,795,244$
PLAN FIDUCIARY NET POSITION
Contributions - employer 637,826$ 669,937$ 669,286$ 703,864$ 617,053$ 694,734$ 763,678$ 630,631$
Contributions - member 253,640 267,974 271,577 297,890 290,454 291,633 309,409 314,496
Net investment income 85,777 1,184,782 3,015,203 (914,219) 3,812,685 3,496,013 4,714,968 (3,867,780)
Benefit payments, including refunds of member contributions (485,137) (412,666) (528,884) (652,817) (832,123) (830,462) (1,143,293) (1,147,589)
Administrative expense/other (466,427) 5,449 (203,705) 329,608 15,357 77,814 118,660 150,509
Net change in plan fiduciary net position 25,679 1,715,476 3,223,477 (235,674)3,903,426 3,729,732 4,763,422 (3,919,733)
Plan fiduciary net position - beginning 16,952,168 16,977,847 18,693,323 21,916,800 21,681,126 25,584,552 29,314,284 34,077,706
PLAN FIDUCIARY NET POSITION - ENDING 16,977,847$ 18,693,323$ 21,916,800$ 21,681,126$ 25,584,552$ 29,314,284$ 34,077,706$ 30,157,973$
EMPLOYER'S NET PENSION LIABILITY (ASSET)3,611,877$ 3,793,541$ 1,642,143$ 4,654,604$ 2,776,451$ 275,078$ (2,191,038)$ 4,637,271$
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Eight Fiscal Years
- 65 -
MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022
Plan fiduciary net position
as a percentage of the total pension liability 82.46%83.13%93.03%82.33%90.21%99.07%106.87%86.67%
Covered payroll 5,619,601$ 5,954,999$ 6,035,047$ 6,335,404$ 6,454,529$ 6,486,869$ 6,861,446$ 6,896,027$
Employer's net pension liability (asset)
as a percentage of covered payroll 64.30%63.70%27.20%73.50%43.00%4.20%(31.90%)67.20%
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.)
- 66 -
MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 2020 2021 2022 2023
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$ 1,416,091$ 1,626,171$
Interest 2,039,130 2,374,855 2,718,699 2,879,343 3,076,159 3,011,884 3,339,001 3,597,405 3,952,458
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) (12,533) 966,258
Changes of assumptions 2,082,221 1,674,600 (928,943) 1,138,995 1,585,849 - - 631,153 -
Contributions - buyback - - - - - - - 476,003 226,737
Benefit payments, including refunds of member
contributions (413,533) (434,932) (442,742) (494,765) (510,423) (640,262) (811,860) (936,000) (1,180,295)
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 5,172,119 5,591,329
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 52,346,796 57,518,915
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$ 57,518,915$ 63,110,244$
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$ 1,697,262$ 1,698,789$
Contributions - member 522,107 490,958 509,526 524,835 555,362 580,065 655,092 614,653 639,238
Contributions - buyback - - - - - - - 476,003 226,737
Net investment income 1,466,441 (72,695) 2,276,889 2,098,694 1,688,922 532,039 8,660,971 (3,695,175) (103,212)
Benefit payments, including refunds of member (413,533) (434,932) (442,742) (494,765) (510,423) (640,262) (811,860) (936,000) (1,180,295)
contributions
Administrative expense (33,752) (32,827) (41,812) (42,745) (49,718) (43,145) (43,819) (54,569) (69,167)
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 (1,897,826)1,212,090
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 46,429,246 44,531,420
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$ 44,531,420$ 45,743,510$
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$ 12,987,495$ 17,366,734$
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
Last Nine Fiscal Years
- 67 -
MEASUREMENT DATE APRIL 30,2015 2016 2017 2018 2019 2020 2021 2022 2023
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%77.42%72.48%
Covered payroll 4,814,515$ 5,093,977$ 5,249,845$ 5,525,220$ 5,827,563$ 6,084,253$ 6,021,819$ 6,202,351$ 6,450,434$
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%209.40%269.23%
Notes to Required Supplementary Information
There was a change with respect to actuarial assumptions in 2019 to reflect revised expectations with respect to mortality rates.
There was a change with respect to actuarial assumptions in 2022 to reflect revised expectations with respect to mortality rates, salary increases, and payroll growth.
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 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 2017 to reflect revised expectations with respect to mortality rates.
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.
(See independent auditor's report.)
- 68 -
MEASUREMENT DATE APRIL 30,2018 2019 2020 2021 2022 2023
TOTAL OPEB LIABILITY
Service cost 20,960$ 26,191$ 28,320$ 26,239$ 31,986$ 22,092$
Interest 48,256 49,905 45,347 43,717 37,490 60,496
Changes of benefit terms - - - - - -
Differences between expected and actual experience (293,399) (221,712) - 74,837 62,114 -
Changes of assumptions 302,198 175,872 85,282 438,713 (567,975) (30,098)
Benefit payments (32,954) (32,258) (25,206) (44,805) (92,734) (91,778)
Other changes - 36,381 (2,736) - - -
Net change in total OPEB liability 45,061 34,379 131,007 538,701 (529,119) (39,288)
Total OPEB liability - beginning 1,345,855 1,390,916 1,425,295 1,556,302 2,095,003 1,565,884
TOTAL OPEB LIABILITY - ENDING 1,390,916$ 1,425,295$ 1,556,302$ 2,095,003$ 1,565,884$ 1,526,596$
Covered-employee payroll 10,735,898$ 11,381,178$ 11,381,178$ 12,031,717$ 12,031,717$ 13,183,040$
Employer's total OPEB liability
as a percentage of covered-employee payroll 12.96%12.52%13.67%17.41%13.01%11.58%
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 Six Fiscal Years
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be
presented for as many years as is available.
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.
There were changes in assumptions related to the discount rate,health care trend rate,and inflation rate in 2022.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 in 2023.
(See independent auditor's report.)
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FISCAL YEAR ENDED APRIL 30,2015 2016 2017 2018 2019 2020 2021 2022 2023
Annual money-weighted rate of return,
net of investment expense 6.64%(0.29%)8.93%7.21%5.18%1.49%23.12%(7.70%)(0.23%)
Notes to Required Supplementary Information
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
Last Nine 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.)
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VILLAGE OF PLAINFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2023
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, if any. There were no budget amendments made during
the fiscal year.
2. EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS
The following governmental funds had expenditures that exceeded budget:
Fund Budget Expenditures
Route 30 TIF $ 58,000 $ 628,869
- 71 -
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, 2023
Original Final
Budget Budget Actual
TAXES
Property taxes 4,504,080$ 4,504,080$ 4,501,225$
Property tax - police pension 1,700,000 1,700,000 1,698,689
Property taxes - road and bridge 380,000 380,000 412,355
Property taxes - IMRF 575,000 575,000 574,251
Hotel/motel tax 1,000 1,000 2,835
Amusement tax 5,000 5,000 12,393
Local motor fuel tax 1,200,000 1,200,000 1,433,357
Total taxes 8,365,080 8,365,080 8,635,105
LICENSES AND PERMITS
Licenses
Liquor 100,000 100,000 119,234
Contractors 45,000 45,000 50,900
Cigarette 6,000 6,000 6,000
Scavenger 200 200 100
Business 40,000 40,000 73,238
Total licenses 191,200 191,200 249,472
Permits
Building 1,100,000 1,100,000 1,905,558
Sign 5,000 5,000 4,406
Special movement 20,000 20,000 55,800
Solicitors 2,000 2,000 2,710
Total permits 1,127,000 1,127,000 1,968,474
Total licenses and permits 1,318,200 1,318,200 2,217,946
INTERGOVERNMENTAL
Grant revenue 45,750 45,750 90,239
Personal property replacement tax 70,000 70,000 185,443
Sales tax 8,660,750 8,660,750 9,510,060
Use tax 1,550,000 1,550,000 1,919,499
Income tax 5,900,000 5,900,000 7,232,574
Total intergovernmental 16,226,500 16,226,500 18,937,815
CHARGES FOR SERVICES
Rental income 49,200 49,200 49,200
Zoning applications 15,000 15,000 29,627
Planning fees - - 2,325
Accident report copies 5,000 5,000 8,610
Maps and ordinances copies 1,500 1,500 1,973
Garbage fees 5,040,000 5,040,000 5,241,658
Engineering services 5,000 5,000 -
(This schedule is continued on the following page.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
CHARGES FOR SERVICES (Continued)
Special detail reimbursement 85,000$ 85,000$ 99,910$
Tower rent 46,000 46,000 72,191
Telephone franchise fee 90,000 90,000 81,021
Cable franchise fee 475,000 475,000 519,258
Amphitheater rent 500 500 250
School liaison reimbursement 440,000 440,000 488,741
HIDTA/organized crime reimbursement 10,000 10,000 15,351
Community room rental 3,000 3,000 770
Sex offenders registration - - 670
Parking lot revenues 2,000 2,000 5,550
Impound fees 25,000 25,000 31,250
Total charges for services 6,292,200 6,292,200 6,648,355
FINES AND FORFEITS
Will County Circuit Court fines 325,000 325,000 374,284
Kendall County Circuit Court fines 3,000 3,000 5,349
Traffic and ordinance fines 100,000 100,000 112,565
Drug forfeiture 225,000 225,000 26,528
False alarm fees 1,000 1,000 1,850
Administrative fines - late fees 5,000 5,000 6,200
Asset seizure - federal (Department of Justice equitable sharing)- - 130,178
Court fines - drug account - - 1,994
Total fines and forfeits 659,000 659,000 658,948
INVESTMENT INCOME 40,000 40,000 442,451
MISCELLANEOUS
Other reimbursements 90,000 90,000 147,869
Other receipts 25,000 25,000 49,229
PEMA donation - - 4,000
Miscellaneous donations 5,000 5,000 37,538
Event sponsorship program 3,000 3,000 3,470
Total miscellaneous 123,000 123,000 242,106
TOTAL REVENUES 33,023,980$ 33,023,980$ 37,782,726$
(See independent auditor's report.)
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SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Legislative 963,300$ 963,300$ 585,808$
Administration 1,438,750 1,438,750 924,290
Community relations 220,800 220,800 196,035
Facility management 217,300 217,300 148,758
Human resources 336,100 336,100 286,574
Information technology 1,285,630 1,285,630 1,130,502
Legal program 522,200 522,200 499,424
Planning 842,750 842,750 651,463
Building 1,073,500 1,073,500 1,067,345
Subtotal 6,900,330 6,900,330 5,490,199
Insurance allocation - - 39,862
Total general government 6,900,330 6,900,330 5,530,061
PUBLIC SAFETY
Police department
Executive 657,380 657,380 565,532
Police operations 8,443,669 8,443,669 8,325,334
Police administration 3,037,365 3,037,365 2,995,736
Seizure/forfeiture 225,000 225,000 22,783
Police special activities 35,000 35,000 65,063
Support services 1,839,857 1,839,857 1,680,896
Nondivisional 121,000 121,000 66,543
Total police department 14,359,271 14,359,271 13,721,887
Police commission 31,521 31,521 36,471
PEMA 151,308 151,308 81,249
Subtotal 14,542,100 14,542,100 13,839,607
Insurance allocation - - 102,734
Total public safety 14,542,100 14,542,100 13,942,341
VILLAGE OF PLAINFIELD, ILLINOIS
(This schedule is continued on the following page.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS
Waste hauler 4,798,250$ 4,798,250$ 4,836,555$
Administration 741,950 741,950 455,855
Street maintenance 3,381,690 3,381,690 2,840,434
Vehicle maintenance 300,100 300,100 294,265
Forestry 215,650 215,650 220,024
Subtotal 9,437,640 9,437,640 8,647,133
Insurance allocation - - 28,193
Total highways and streets 9,437,640 9,437,640 8,675,326
TOTAL EXPENDITURES 30,880,070$ 30,880,070$ 28,147,728$
(See independent auditor's report.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Legislative
Salaries - President 24,000$ 24,000$ 24,000$
Salaries - Elected Officials 26,000 26,000 19,600
Salaries - Liquor Commission 1,500 1,500 1,500
Salaries - Village Treasurer 2,500 2,500 2,500
FICA 3,400 3,400 2,951
Medicare 800 800 690
Employee insurance 100 100 -
Travel/training 10,000 10,000 -
Replacement equipment 10,000 10,000 -
Dues and subscriptions 55,000 55,000 51,229
Public relations 120,000 120,000 126,183
Cable TV 10,000 10,000 14
Economic incentive rebate 700,000 700,000 357,141
Total legislative 963,300 963,300 585,808
Administration
Salaries - full-time 740,000 740,000 713,806
Salaries - part-time 55,000 55,000 49,455
Salaries - overtime 2,000 2,000 1,300
FICA 50,000 50,000 43,846
Medicare 11,750 11,750 11,004
IMRF 88,000 88,000 68,068
Employee insurance 135,000 135,000 117,890
Deferred compensation contribution 25,000 25,000 17,052
Travel/training 12,000 12,000 3,850
Unemployment insurance 6,000 6,000 4,677
Telephone/internet 8,000 8,000 5,275
Cellular phones/pagers 5,000 5,000 1,052
Dues and subscriptions 5,000 5,000 2,359
Office supplies/postage 35,000 35,000 36,497
Gas, oil, wash, and mileage 9,500 9,500 6,530
Maintenance contract/lease 8,000 8,000 1,401
Recording fees 1,000 1,000 695
Legal notices 2,500 2,500 2,609
Attorney legal fees 95,000 95,000 83,019
Contractual services 90,000 90,000 100,128
Office furniture and equipment 5,000 5,000 3,248
Contingencies 400,000 400,000 529
Subtotal administration 1,788,750 1,788,750 1,274,290
Less water and sewer reimbursement (350,000) (350,000) (350,000)
Total administration 1,438,750 1,438,750 924,290
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
GENERAL GOVERNMENT (Continued)
Community relations
Salaries - full-time 113,000$ 113,000$ 113,476$
FICA 7,100 7,100 6,852
Medicare 1,700 1,700 1,602
IMRF 12,500 12,500 10,213
Employee insurance 29,500 29,500 26,375
Deferred compensation contribution 5,000 5,000 3,877
Travel/training 1,500 1,500 35
Telephone/internet 750 750 310
Public relations 31,000 31,000 28,721
Office supplies/postage 300 300 283
Dues and subscriptions 850 850 739
Gas, oil, wash, and mileage 100 100 -
Marketing and promotion 2,000 2,000 -
Settler's Park 8,000 8,000 3,552
Contractual services 7,500 7,500 -
Total community relations 220,800 220,800 196,035
Facility management
Salaries - full-time 60,000 60,000 56,831
Salaries - overtime 5,000 5,000 5,087
FICA 4,100 4,100 3,707
Medicare 1,000 1,000 867
IMRF 7,200 7,200 5,484
Building maintenance supplies 20,000 20,000 10,795
Deferred compensation contribution 2,000 2,000 1,248
Contractual services 70,000 70,000 49,817
Employee insurance 18,000 18,000 14,372
Building improvements 30,000 30,000 550
Total facility management 217,300 217,300 148,758
Human resources
Salaries - full-time 195,000 195,000 200,058
Salaries - overtime 500 500 54
FICA 12,000 12,000 12,270
Medicare 2,800 2,800 2,870
IMRF 21,000 21,000 17,390
Employee insurance 50,000 50,000 31,545
Deferred compensation contribution 8,000 8,000 5,823
Travel/training 10,000 10,000 598
Telephone/internet 1,000 1,000 413
Cellular telephone/pager 600 600 507
Office supplies/postage 2,000 2,000 2,114
Dues and subscriptions 10,000 10,000 1,200
Gas, oil, wash, and mileage 1,200 1,200 -
Public relations 12,000 12,000 9,695
Contractual services 10,000 10,000 2,037
Total human resources 336,100 336,100 286,574
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
GENERAL GOVERNMENT (Continued)
Information technology
Salaries - full-time 370,000$ 370,000$ 378,942$
FICA 23,000 23,000 22,081
Medicare 5,500 5,500 5,164
IMRF 41,000 41,000 33,323
Employee insurance 103,000 103,000 109,833
Deferred compensation contribution 7,500 7,500 8,396
Travel/training 15,000 15,000 3,254
Telephone/internet 500 500 207
Cellular telephone/pagers 4,200 4,200 2,523
Office supplies/postage 1,800 1,800 1,183
Dues and subscriptions 800 800 1,167
Gas, oil, wash, and mileage 400 400 330
Uniforms/clothing 800 800 285
Software licensing/renewals 523,130 523,130 478,247
Software 78,500 78,500 32,882
Contractual services 70,500 70,500 13,189
Computers 40,000 40,000 39,496
Total information technology 1,285,630 1,285,630 1,130,502
Legal program
Salaries - full-time 298,000 298,000 309,904
Salaries - part-time 33,000 33,000 25,941
Salaries - overtime 1,000 1,000 -
FICA 21,000 21,000 20,495
Medicare 4,900 4,900 4,796
IMRF 37,000 37,000 30,435
Employee insurance 68,000 68,000 65,897
Deferred compensation contribution 11,000 11,000 9,805
Travel/training 3,000 3,000 832
Telephone/internet 1,000 1,000 413
Cellular phones/pager 700 700 1,102
Office supplies/postage 10,000 10,000 6,555
Dues and subscriptions 11,000 11,000 11,064
Gas, oil, wash, and mileage 1,000 1,000 1,762
Uniforms/clothing 600 600 313
Maintenance contract/lease 3,000 3,000 1,005
Vehicle maintenance 3,000 3,000 339
Legal fees 15,000 15,000 8,766
Total legal program 522,200 522,200 499,424
Planning
Salaries - full-time 430,000 430,000 425,717
Compensation - plan commission 7,000 7,000 4,860
Salaries - overtime 2,000 2,000 -
FICA 27,500 27,500 26,312
Medicare 6,500 6,500 6,154
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
GENERAL GOVERNMENT (Continued)
Planning (Continued)
IMRF 48,500$ 48,500$ 37,734$
Employee insurance 96,000 96,000 66,919
Deferred compensation contribution 8,000 8,000 7,363
Travel/training 10,000 10,000 7,301
Unemployment insurance 1,000 1,000 1,064
Telephone/internet 3,000 3,000 1,240
Cellular phones/pagers 2,000 2,000 1,014
Office supplies/postage 12,000 12,000 5,276
Dues and subscriptions 5,000 5,000 1,733
Gas, oil, wash, and mileage 750 750 67
Maintenance contract/lease 2,500 2,500 1,042
Vehicle maintenance 1,000 1,000 -
Legal fees 15,000 15,000 17,744
Special projects/programs 135,000 135,000 30,494
Contractual services 15,000 15,000 4,153
Engineer fees 15,000 15,000 5,276
Total planning 842,750 842,750 651,463
Building
Salaries - full-time 685,000 685,000 732,511
Salaries - overtime 3,000 3,000 807
FICA 43,000 43,000 44,548
Medicare 10,000 10,000 10,418
IMRF 76,000 76,000 65,207
Employee insurance 185,000 185,000 148,880
Deferred compensation contribution 15,000 15,000 14,181
Travel/training 15,000 15,000 3,845
Unemployment insurance 1,500 1,500 1,794
Telephone/internet 1,000 1,000 413
Cellular phones/pagers 4,500 4,500 3,943
Office supplies/postage 10,000 10,000 7,998
Dues and subscriptions 3,000 3,000 515
Gas, oil, wash, and mileage 1,000 1,000 -
Uniforms/clothing 1,500 1,500 378
Recording fees 3,000 3,000 1,558
Vehicle maintenance 1,000 1,000 -
Contractual services 15,000 15,000 30,349
Total building 1,073,500 1,073,500 1,067,345
Subtotal 6,900,330 6,900,330 5,490,199
Insurance allocation - - 39,862
Total general government 6,900,330 6,900,330 5,530,061
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
PUBLIC SAFETY
Police department
Executive
Salaries - full-time 347,887$ 347,887$ 331,524$
Salaries - part-time 35,000 35,000 10,811
Salaries - overtime 1,000 1,000 613
FICA 23,801 23,801 17,947
Medicare 5,566 5,566 4,197
IMRF 20,086 20,086 13,448
Employee insurance 66,521 66,521 47,272
Deferred compensation contribution 8,000 8,000 3,823
Travel/training 8,000 8,000 2,315
Education/school 3,000 3,000 -
Unemployment insurance 20,000 20,000 21,862
Telephone/internet 1,100 1,100 431
Cellular phones/pagers 1,200 1,200 1,470
Office supplies/postage 8,000 8,000 8,180
Replacement supplies 4,550 4,550 763
Dues and subscriptions 5,960 5,960 4,386
Gas, oil, wash, and mileage 3,700 3,700 2,122
Uniforms/clothing 1,800 1,800 6,079
Maintenance contract/lease 6,709 6,709 6,614
Custodian 75,000 75,000 78,179
Vehicle equipment maintenance 2,500 2,500 458
Contractual services 8,000 8,000 2,538
Sex offender's registration fee - - 500
Total executive 657,380 657,380 565,532
Police operations
Salaries - full-time 4,319,335 4,319,335 4,207,688
Salaries - overtime 250,000 250,000 214,373
FICA 283,299 283,299 267,791
Medicare 66,255 66,255 62,698
IMRF 15,408 15,408 11,691
Police pension contribution 1,700,000 1,700,000 1,698,689
Employee insurance 705,889 705,889 709,699
Deferred compensation contribution 125,000 125,000 123,020
Travel/training 41,000 41,000 35,509
Telephone/insurance 35,000 35,000 47,937
Cellular phones/pagers 7,000 7,000 5,684
Office supplies/postage 13,500 13,500 13,217
Replacement supplies 20,000 20,000 19,685
Dues and subscriptions 8,100 8,100 4,193
Gas, oil, wash, and mileage 68,000 68,000 113,457
Uniforms/clothing 42,950 42,950 29,198
Ammunition/weapons 28,500 28,500 23,535
Radio maintenance 2,000 2,000 -
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Police operations (Continued)
Maintenance contracts/lease 11,920$ 11,920$ 8,193$
Bike unit 6,000 6,000 -
Vehicle maintenance 53,000 53,000 59,977
Contractual services 16,700 16,700 49,084
Contractual services - WESCOM 619,813 619,813 619,812
Community Programs- explorer program 5,000 5,000 204
Total police operations 8,443,669 8,443,669 8,325,334
Police administration
Salaries - full-time 2,071,741 2,071,741 2,027,542
Salaries - overtime 138,000 138,000 188,564
FICA 137,004 137,004 136,781
Medicare 32,041 32,041 32,157
IMRF 16,020 16,020 16,252
Employee insurance 372,639 372,639 352,937
Deferred compensation contribution 58,000 58,000 62,113
Travel/training 20,000 20,000 16,871
Telephone/internet 1,100 1,100 433
Cellular phones/pagers 15,000 15,000 14,832
Office supplies/postage 5,500 5,500 5,021
Replacement supplies 15,000 15,000 5,227
Dues and subscriptions 7,000 7,000 4,128
Gas, oil, wash, and mileage 30,000 30,000 41,976
Uniforms/clothing 13,900 13,900 17,899
Crime scene/evidence tech support 10,000 10,000 7,640
Radio maintenance 31,000 31,000 19,536
Maintenance contract/lease 4,920 4,920 1,888
Vehicle maintenance 30,000 30,000 20,340
Background check services 2,500 2,500 1,671
DARE Program 5,000 5,000 5,321
Shop with a cop 10,000 10,000 12,913
Community programs 8,500 8,500 3,582
Community program- alcohol/tobacco 2,500 2,500 112
Total community services 3,037,365 3,037,365 2,995,736
Seizure/forfeiture
Seizure/forfeiture expenditures 225,000 225,000 22,783
Police special activities
FICA 2,016 2,016 3,550
Medicare 471 471 843
Salaries - special activities 32,513 32,513 60,670
Total police special activities 35,000 35,000 65,063
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Support services
Salaries - full-time 994,442$ 994,442$ 909,378$
Salaries - part-time 300,000 300,000 289,964
Salaries - overtime 56,000 56,000 53,392
FICA 83,727 83,727 76,755
Medicare 19,581 19,581 18,046
IMRF 70,439 70,439 51,846
Employee insurance 129,058 129,058 124,840
Deferred compensation contribution 30,000 30,000 22,398
Travel/training 10,760 10,760 8,333
Telephone/internet 2,200 2,200 1,014
Cellular phones/pagers 7,220 7,220 2,504
Office supplies/postage 13,750 13,750 10,870
Replacement supplies 11,500 11,500 1,241
Dues and subscriptions 650 650 745
Gas, oil, wash, and mileage 22,000 22,000 36,184
Uniform/clothing 11,870 11,870 7,797
Radio maintenance 500 500 -
Maintenance contracts/lease 7,660 7,660 3,982
Vehicle maintenance 21,500 21,500 26,338
Chaplaincy program 3,000 3,000 1,752
Animal control 9,000 9,000 3,300
Accreditation 8,000 8,000 7,575
Traffic program 27,000 27,000 22,642
Total support services 1,839,857 1,839,857 1,680,896
Nondivisional
Office furniture and equipment 8,000 8,000 12,049
Capital equipment 100,000 100,000 36,873
Contingencies 13,000 13,000 17,621
Total nondivisional 121,000 121,000 66,543
Total police department 14,359,271 14,359,271 13,721,887
Police commission
Salaries - part-time 6,500 6,500 3,768
FICA 341 341 216
Medicare 80 80 51
Travel/training 1,000 1,000 550
Office supplies/postage 2,000 2,000 762
Dues and subscriptions 600 600 375
Legal fees 1,000 1,000 -
Police test/hiring 20,000 20,000 30,749
Total police commission 31,521 31,521 36,471
(This schedule is continued on the following pages.)
- 82 -
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
PEMA
Travel/training 4,000$ 4,000$ 1,619$
Telephone/internet 16,000 16,000 7,944
Office supplies 1,000 1,000 475
Cellular phones/pager 858 858 2,040
Replacement supplies 6,000 6,000 945
Dues and subscriptions 4,000 4,000 5,454
Gas, oil, wash, and mileage 8,000 8,000 3,110
Supplies and hardware 2,000 2,000 160
Uniforms/clothing 6,000 6,000 2,644
Emergency operation center 1,000 1,000 -
Public relations 3,000 3,000 1,255
Disaster plan/exercises/NIMS 3,000 3,000 302
Radio maintenance 16,000 16,000 28,247
Building maintenance 20,000 20,000 2,572
Vehicle maintenance 20,000 20,000 8,457
Maintenance contract/lease 1,200 1,200 878
Bike unit 1,500 1,500 280
Siren maintenance 13,000 13,000 7,259
Contractual services 5,250 5,250 198
Cadet program 4,500 4,500 4,917
Search and rescue 3,000 3,000 -
Furniture/equipment 2,000 2,000 -
Supplies and hardware - ESDA 2,000 2,000 105
Machinery and equipment 5,000 5,000 -
Contingencies 3,000 3,000 2,388
Total PEMA 151,308 151,308 81,249
Subtotal 14,542,100 14,542,100 13,839,607
Insurance allocation - - 102,734
Total public safety 14,542,100 14,542,100 13,942,341
HIGHWAYS AND STREETS
Waste hauler
Refuse hauler fees 4,798,250 4,798,250 4,836,555
Total waste hauler 4,798,250 4,798,250 4,836,555
Administration
Salaries - full-time 462,000 462,000 279,514
Salaries - part-time - - 8,550
FICA 28,650 28,650 15,515
Medicare 6,700 6,700 3,628
IMRF 50,600 50,600 22,091
Employee insurance 99,500 99,500 44,949
Deferred compensation contribution 12,000 12,000 3,455
Travel/training 13,000 13,000 14,857
(This schedule is continued on the following pages.)
- 83 -
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Administration (Continued)
Unemployment insurance 4,500$ 4,500$ 4,905$
Telephone/internet 25,000 25,000 16,850
Cellular phones/pagers 8,500 8,500 7,849
Office supplies/postage 5,000 5,000 7,646
Dues and subscriptions 3,500 3,500 4,255
Supplies/hardware 500 500 623
Gas, oil, wash, and mileage 500 500 389
Building maintenance 20,000 20,000 18,619
Legal notices 2,000 2,000 2,160
Total administration 741,950 741,950 455,855
Street maintenance
Salaries - full-time 900,000 900,000 917,285
Salaries - part-time 75,000 75,000 61,715
Salaries - overtime 85,000 85,000 102,656
FICA 65,720 65,720 67,275
Medicare 15,370 15,370 15,734
IMRF 116,600 116,600 94,278
Employee insurance 235,000 235,000 235,395
Deferred compensation contribution 25,000 25,000 22,337
Electricity/gas 170,000 170,000 124,105
Gas, oil, wash, and mileage 75,000 75,000 80,651
Supplies/hardware 15,000 15,000 22,475
Street signs maintenance 60,000 60,000 28,190
Aggregate materials 4,000 4,000 9,419
Uniforms/clothing 10,000 10,000 14,051
Radio maintenance 5,000 5,000 -
Vehicle maintenance 35,000 35,000 44,769
Street light maintenance 135,000 135,000 186,683
Street maintenance 165,000 165,000 143,286
Storm sewer improvements 20,000 20,000 19,102
Contractual services 190,000 190,000 138,131
Sidewalk maintenance 5,000 5,000 2,112
Equipment maintenance 125,000 125,000 122,139
Supplies/hardware - salt purchase 350,000 350,000 201,685
Snow removal 500,000 500,000 186,961
Total street maintenance 3,381,690 3,381,690 2,840,434
Vehicle maintenance
Salaries - full-time 210,000 210,000 207,842
Salaries - overtime 10,000 10,000 5,069
FICA 13,330 13,330 12,864
Medicare 3,120 3,120 3,008
IMRF 23,650 23,650 18,904
Employee insurance 35,000 35,000 42,304
Deferred compensation contribution 5,000 5,000 4,274
Total vehicle maintenance 300,100 300,100 294,265
(This schedule is continued on the following page.)
- 84 -
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Forestry
Salaries - full-time 90,000$ 90,000$ 89,710$
Salaries - overtime 10,000 10,000 12,775
FICA 6,200 6,200 6,464
Medicare 1,450 1,450 1,512
IMRF 11,000 11,000 9,491
Employee insurance 18,000 18,000 16,196
Deferred compensation contribution 3,500 3,500 2,300
Supplies/hardware 10,000 10,000 15,575
Contractual services 30,000 30,000 24,852
Tree removal 35,000 35,000 40,650
Uniforms/clothing 500 500 500
Total forestry 215,650 215,650 220,024
Subtotal 9,437,640 9,437,640 8,647,133
Insurance allocation - - 28,193
Total highways and streets 9,437,640 9,437,640 8,675,326
TOTAL EXPENDITURES 30,880,070$ 30,880,070$ 28,147,728
(See independent auditor's report.)
- 85 -
CAPITAL PROJECTS FUND
Original Final
Budget Budget Actual
REVENUES
Home rule sales tax 5,655,000$ 5,655,000$ 6,338,463$
Intergovernmental 5,590,000 5,590,000 5,129,687
Charges for services
Impact fee 133,000 133,000 632,441
Fines and forfeits 378,000 378,000 409,330
Investment income 25,000 25,000 527,900
Miscellaneous 100,000 100,000 115,096
Total revenues 11,881,000 11,881,000 13,152,917
EXPENDITURES
Capital outlay
Contractual services 110,000 110,000 110,651
Engineering 150,000 150,000 82,473
Building improvements 800,000 800,000 440,604
Sidewalk and curb replacement 1,000,000 1,000,000 429,708
Machinery and equipment - police 350,000 350,000 279,490
Machinery and equipment - public works 450,000 450,000 723,699
Machinery and equipment - policy body cameras 1,000,000 1,000,000 116,255
Settler's Park - campus refresh 50,000 50,000 3,756
Bridge repairs and reconstructions 850,000 850,000 12,586
Roadway improvements 9,500,000 9,500,000 5,277,356
Storm and drainage improvements 150,000 150,000 75,578
127th Street-Plainfield/Naperville Rd.175,000 175,000 136,472
Pond drainage 40,000 40,000 -
Beautification improvements 150,000 150,000 73,070
Economic incentive rebate 330,000 330,000 138,424
Transportation plan 135,000 135,000 139,226
Total expenditures 15,240,000 15,240,000 8,039,348
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,359,000) (3,359,000) 5,113,569
OTHER FINANCING SOURCES (USES)
Transfers in 1,000,000 1,000,000 9,285,537
Transfers (out)(2,045,682) (2,045,682) (2,045,191)
Sale of capital assets 5,000 5,000 1,500
Total other financing sources (uses)(1,040,682) (1,040,682) 7,241,846
NET CHANGE IN FUND BALANCE (4,399,682)$ (4,399,682)$ 12,355,415
FUND BALANCE, MAY 1 28,320,359
FUND BALANCE, APRIL 30 40,675,774$
For the Year Ended April 30, 2023
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
(See independent auditor's report.)
- 86 -
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.
Debt Service Fund - accounts for the accumulation of resources for, and the payment of, bond
principal, interest, and related costs.
VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2023
Liability Alcohol
Insurance Audit Enforcement
ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES
ASSETS
Cash and investments 237,552$ 15,357$ 25,126$
Receivables
Property tax 809,024 49,857 -
Allotments - - -
Other - - 1,400
Total assets 1,046,576 65,214 26,526
DEFERRED OUTFLOWS OF RESOURCES
None - - -
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 1,046,576$ 65,214$ 26,526$
LIABILITIES
Accounts payable 934$ -$ -$
Due to other funds - - -
Total liabilities 934 - -
DEFERRED INFLOWS OF RESOURCES
Unavailable property tax revenue 809,024 49,857 -
Total liabilities and deferred inflows of resources 809,958 49,857 -
FUND BALANCES
Restricted
Street maintenance - - -
Public safety - - 26,526
Audit - 15,357 -
Liability insurance 236,618 - -
Economic development - - -
Unrestricted
Assigned
Debt service - - -
Unassigned (deficit)- - -
Total fund balances (deficit)236,618 15,357 26,526
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 1,046,576$ 65,214$ 26,526$
Special Revenue
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
- 87 -
Motor Downtown Route 30 Debt
Fuel Tax D.A.R.E.TIF Fund TIF Fund Service Total
5,472,826$ 15,950$ -$ 411,511$ 2$ 6,178,324$
- - 752,412 564,640 - 2,175,933
159,031 - - - - 159,031
- - - - - 1,400
5,631,857 15,950 752,412 976,151 2 8,514,688
- - - - - -
5,631,857$ 15,950$ 752,412$ 976,151$ 2$ 8,514,688$
-$ 9,960$ 101,373$ 329,066$ -$ 441,333$
- - 238,259 - - 238,259
- 9,960 339,632 329,066 - 679,592
- - 752,412 564,640 - 2,175,933
- 9,960 1,092,044 893,706 - 2,855,525
5,631,857 - - - - 5,631,857
- 5,990 - - - 32,516
- - - - - 15,357
- - - - - 236,618
- - - 82,445 - 82,445
- - - - 2 2
- - (339,632) - - (339,632)
5,631,857 5,990 (339,632) 82,445 2 5,659,163
5,631,857$ 15,950$ 752,412$ 976,151$ 2$ 8,514,688$
Special Revenue
(See independent auditor's report.)
- 88 -
VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2023
Liability Alcohol
Insurance Audit Enforcement
REVENUES
Taxes 685,179$ 51,600$ -$
Intergovernmental - - -
Fines and forfeits - - 22,522
Investment income - - -
Miscellaneous - - -
Total revenues 685,179 51,600 22,522
EXPENDITURES
Current
General government 175,711 43,825 -
Public safety 475,525 - -
Highways and streets 96,564 - -
Debt service
Principal - - -
Interest and fiscal charges - - -
Total expenditures 747,800 43,825 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (62,621) 7,775 22,522
OTHER FINANCING SOURCES (USES)
Transfers in 300,000 - -
Transfers (out)- - (20,000)
Total other financing sources (uses)300,000 - (20,000)
NET CHANGE IN FUND BALANCES 237,379 7,775 2,522
FUND BALANCES (DEFICIT), MAY 1 (761) 7,582 24,004
FUND BALANCES (DEFICIT), APRIL 30 236,618$ 15,357$ 26,526$
Special Revenue
- 89 -
Motor Downtown Route 30 Debt
Fuel Tax D.A.R.E.TIF Fund TIF Fund Service Total
-$ -$ 747,531$ 639,913$ -$ 2,124,223$
2,191,738 - - - - 2,191,738
- - - - - 22,522
156,476 153 - - - 156,629
- 13,748 - - - 13,748
2,348,214 13,901 747,531 639,913 - 4,508,860
- - 854,246 628,869 - 1,702,651
- 18,224 - - - 493,749
2,287,108 - - - - 2,383,672
- - - - 2,785,000 2,785,000
- - - - 209,289 209,289
2,287,108 18,224 854,246 628,869 2,994,289 7,574,361
61,106 (4,323) (106,715) 11,044 (2,994,289) (3,065,501)
- - - - 2,994,291 3,294,291
- - - - - (20,000)
- - - - 2,994,291 3,274,291
61,106 (4,323) (106,715) 11,044 2 208,790
5,570,751 10,313 (232,917) 71,401 - 5,450,373
5,631,857$ 5,990$ (339,632)$ 82,445$ 2$ 5,659,163$
Special Revenue
(See independent auditor's report.)
- 90 -
Original Final
Budget Budget Actual
REVENUES
Taxes
Property tax 685,000$ 685,000$ 685,179$
Investment income 300 300 -
Total revenues 685,300 685,300 685,179
EXPENDITURES
General government
Treasurer bond 336 336 -
Commercial umbrella liability insurance 102,799 102,799 102,721
Workman's compensation insurance 74,016 74,016 72,990
Public safety
Commercial umbrella liability insurance 278,206 278,206 277,991
Workman's compensation insurance 200,308 200,308 197,534
Highways and streets
Commercial umbrella liability insurance 56,495 56,495 56,451
Workman's compensation insurance 40,676 40,676 40,113
Total expenditures 752,836 752,836 747,800
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (67,536) (67,536) (62,621)
OTHER FINANCING SOURCES (USES)
Transfers in 300,000 300,000 300,000
Total other financing sources (uses)300,000 300,000 300,000
NET CHANGE IN FUND BALANCE 232,464$ 232,464$ 237,379
FUND BALANCE (DEFICIT), MAY 1 (761)
FUND BALANCE, APRIL 30 236,618$
For the Year Ended April 30, 2023
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
LIABILITY INSURANCE FUND
(See independent auditor's report.)
- 91 -
Original Final
Budget Budget Actual
REVENUES
Taxes
Property tax 50,000$ 50,000$ 51,600$
Investment income 100 100 -
Total revenues 50,100 50,100 51,600
EXPENDITURES
General government
Audit 45,000 45,000 43,825
Total expenditures 45,000 45,000 43,825
NET CHANGE IN FUND BALANCE 5,100$ 5,100$ 7,775
FUND BALANCE, MAY 1 7,582
FUND BALANCE, APRIL 30 15,357$
For the Year Ended April 30, 2023
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
AUDIT FUND
(See independent auditor's report.)
- 92 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Fines and forfeits
DUI proceeds 15,000$ 15,000$ 22,522$
Investment income 100 100 -
Total revenues 15,100 15,100 22,522
EXPENDITURES
None - - -
Total expenditures - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 15,100 15,100 22,522
OTHER FINANCING SOURCES (USES)
Transfers (out)(20,000) (20,000) (20,000)
Total other financing sources (uses)(20,000) (20,000) (20,000)
NET CHANGE IN FUND BALANCE (4,900)$ (4,900)$ 2,522
FUND BALANCE, MAY 1 24,004
FUND BALANCE, APRIL 30 26,526$
(See independent auditor's report.)
- 93 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
State allotments 1,775,000$ 1,775,000$ 1,756,981$
Rebuild Illinois grant 435,000 435,000 434,757
Investment income 2,000 2,000 156,476
Total revenues 2,212,000 2,212,000 2,348,214
EXPENDITURES
Highways and streets
Street maintenance 2,500,000 2,500,000 2,287,108
Total expenditures 2,500,000 2,500,000 2,287,108
NET CHANGE IN FUND BALANCE (288,000)$ (288,000)$ 61,106
FUND BALANCE, MAY 1 5,570,751
FUND BALANCE, APRIL 30 5,631,857$
(See independent auditor's report.)
- 94 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Investment income 100$ 100$ 153$
Miscellaneous 20,000 20,000 13,748
Total revenues 20,100 20,100 13,901
EXPENDITURES
Public safety
Program expenditures 20,000 20,000 18,224
Total expenditures 20,000 20,000 18,224
NET CHANGE IN FUND BALANCE 100$ 100$ (4,323)
FUND BALANCE, MAY 1 10,313
FUND BALANCE, APRIL 30 5,990$
(See independent auditor's report.)
- 95 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Taxes
Property taxes 775,000$ 775,000$ 747,531$
Investment income 2,000 2,000 -
Total revenues 777,000 777,000 747,531
EXPENDITURES
General government
Contractual services 1,000,000 1,000,000 490,510
Economic development - - 350,224
Facade improvements 50,000 50,000 13,512
Total expenditures 1,050,000 1,050,000 854,246
NET CHANGE IN FUND BALANCE (273,000)$ (273,000)$ (106,715)
FUND BALANCE (DEFICIT), MAY 1 (232,917)
FUND BALANCE (DEFICIT), APRIL 30 (339,632)$
(See independent auditor's report.)
- 96 -
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, 2023
Original Final
Budget Budget Actual
REVENUES
Taxes
Property taxes 130,000$ 130,000$ 639,913$
Investment income 50 50 -
Total revenues 130,050 130,050 639,913
EXPENDITURES
General government
Property tax rebates 58,000 58,000 628,869
Total expenditures 58,000 58,000 628,869
NET CHANGE IN FUND BALANCE 72,050$ 72,050$ 11,044
FUND BALANCE, MAY 1 71,401
FUND BALANCE, APRIL 30 82,445$
(See independent auditor's report.)
- 97 -
Original Final
Budget Budget Actual
REVENUES
Investment income 1,000$ 1,000$ -$
Total revenues 1,000 1,000 -
EXPENDITURES
Debt service
Principal 2,785,000 2,785,000 2,785,000
Interest and fiscal charges 209,782 209,782 209,289
Total expenditures 2,994,782 2,994,782 2,994,289
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,993,782) (2,993,782) (2,994,289)
OTHER FINANCING SOURCES (USES)
Transfers in 2,994,782 2,994,782 2,994,291
Total other financing sources (uses)2,994,782 2,994,782 2,994,291
NET CHANGE IN FUND BALANCE 1,000$ 1,000$ 2
FUND BALANCE, MAY 1 -
FUND BALANCE, APRIL 30 2$
For the Year Ended April 30, 2023
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
(See independent auditor's report.)
- 98 -
MAJOR ENTERPRISE FUND
VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING SCHEDULE OF NET POSITION
WATER AND SEWER DEPARTMENT ACCOUNTS
April 30, 2023
Water and
Sewer Capital
Operations Projects Total
CURRENT ASSETS
Cash and investments 11,812,132$ 30,676,647$ 42,488,779$
Receivables
Accounts 2,609,195 - 2,609,195
Sales tax 715,079 - 715,079
Leases 751,630 - 751,630
Other 458,051 - 458,051
Interest 15,505 12,604 28,109
Total current assets 16,361,592 30,689,251 47,050,843
CAPITAL ASSETS
Nondepreciable 13,280,568 - 13,280,568
Depreciable, net of accumulated
depreciation 100,021,404 - 100,021,404
Net capital assets 113,301,972 - 113,301,972
OTHER ASSETS
Deposits 290,718 - 290,718
Total other assets 290,718 - 290,718
Total assets 129,954,282 30,689,251 160,643,533
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - IMRF 656,301 - 656,301
Deferred outflows of resources - OPEB 46,837 - 46,837
Asset retirement obligation 317,708 - 317,708
Unamortized loss on refundings 1,547,789 - 1,547,789
Total deferred outflows of resources 2,568,635 - 2,568,635
Total assets and deferred
outflows of resources 132,522,917 30,689,251 163,212,168
(This schedule is continued on the following page.)
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VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING SCHEDULE OF NET POSITION (Continued)
WATER AND SEWER DEPARTMENT ACCOUNTS
April 30, 2023
Water and
Sewer Capital
Operations Projects Total
CURRENT LIABILITIES
Accounts payable 4,081,092$ -$ 4,081,092$
Accrued payroll 26,964 - 26,964
Accrued interest 220,228 - 220,228
Unearned revenues 3,276,596 - 3,276,596
Compensated absences payable - current 75,780 - 75,780
Illinois EPA loan payable - current 315,736 - 315,736
Bonds payable - current 725,000 - 725,000
Total OPEB liability - current 6,103 - 6,103
Developer deposit 280,727 - 280,727
Total current liabilities 9,008,226 - 9,008,226
LONG-TERM LIABILITIES
Compensated absences payable - long-term 3,228 - 3,228
Total OPEB liability 95,406 - 95,406
Net pension liability - IMRF 782,886 - 782,886
Illinois EPA loan payable - long-term 5,728,109 - 5,728,109
Asset retirement obligation 375,000 - 375,000
Bonds payable - long-term 10,789,496 - 10,789,496
Total long-term liabilities 17,774,125 - 17,774,125
Total liabilities 26,782,351 - 26,782,351
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - IMRF 35,660 - 35,660
Deferred inflows of resources - OPEB 48,436 - 48,436
Deferred inflows of resources - Leases 729,698 - 729,698
Total deferred inflows of resources 813,794 - 813,794
Total liabilities and deferred
inflows of resources 27,596,145 - 27,596,145
NET POSITION
Net investment in capital assets 95,471,940 - 95,471,940
Restricted for debt service 1,725,425 - 1,725,425
Unrestricted 7,729,407 30,689,251 38,418,658
TOTAL NET POSITION 104,926,772$ 30,689,251$ 135,616,023$
(See independent auditor's report.)
- 100 -
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, 2023
Water and
Sewer Capital
Operations Projects Eliminations Total
OPERATING REVENUES
Charges for services
Customer sales 20,628,872$ -$ -$ 20,628,872$
Meter sales 242,445 - - 242,445
Total operating revenues 20,871,317 - - 20,871,317
OPERATING EXPENSES
Water operations 13,445,583 - - 13,445,583
Sewer operations 2,281,329 - - 2,281,329
Depreciation 3,596,605 - - 3,596,605
Total operating expenses 19,323,517 - - 19,323,517
OPERATING INCOME 1,547,800 - - 1,547,800
NON-OPERATING REVENUES (EXPENSES)
Home rule sales tax 3,168,756 - - 3,168,756
Miscellaneous income 308,841 - - 308,841
Connection fees 3,873,137 - - 3,873,137
Intergovernmental 2,753,043 - - 2,753,043
Investment income (loss)883,871 43,920 - 927,791
Interest expense (527,521) - - (527,521)
Total non-operating revenues (expenses)10,460,127 43,920 - 10,504,047
INCOME BEFORE TRANSFERS
AND CAPITAL CONTRIBUTIONS 12,007,927 43,920 - 12,051,847
TRANSFERS IN - 27,198,967 (27,198,967) -
TRANSFERS (OUT)(28,148,067) - 27,198,967 (949,100)
CAPITAL CONTRIBUTIONS 1,179,735 - - 1,179,735
CHANGE IN NET POSITION (14,960,405) 27,242,887 - 12,282,482
NET POSITION, MAY 1 119,887,177 3,446,364 - 123,333,541
NET POSITION, APRIL 30 104,926,772$ 30,689,251$ -$ 135,616,023$
(See independent auditor's report.)
- 101 -
VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING SCHEDULE OF CASH FLOWS
WATER AND SEWER DEPARTMENT ACCOUNTS
For the Year Ended April 30, 2023
Water and
Sewer Capital
Operations Projects Eliminations Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 24,899,653$ -$ -$ 24,899,653$
Reimbursements to other funds (350,000) - - (350,000)
Payments to suppliers (13,895,514) - - (13,895,514)
Payments to employees (1,494,532) - - (1,494,532)
Net cash from operating activities 9,159,607 - - 9,159,607
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in (out)(28,148,067) 27,198,967 - (949,100)
Home rule sales tax 3,175,998 - - 3,175,998
Intergovernmental - grants 3,014,820 - - 3,014,820
Net cash from noncapital financing activities (21,957,249) 27,198,967 - 5,241,718
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchase of capital assets (5,222,803) - - (5,222,803)
Capital grants 229,560 - - 229,560
Principal payments on long-term debt (956,806) - - (956,806)
Proceeds of long-term debt 3,392,286 - - 3,392,286
Interest paid (484,146) - - (484,146)
Net cash from capital and related
financing activities (3,041,909) - - (3,041,909)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale (purchase) of investments (2,698,066) (600,258) - (3,298,324)
Interest received 819,960 44,518 - 864,478
Net cash from investing activities (1,878,106) (555,740) - (2,433,846)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (17,717,657) 26,643,227 - 8,925,570
CASH AND CASH EQUIVALENTS, MAY 1 22,628,139 2,352,155 - 24,980,294
CASH AND CASH EQUIVALENTS, APRIL 30 4,910,482$ 28,995,382$ -$ 33,905,864$
(This schedule is continued on the following page.)
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VILLAGE OF PLAINFIELD, ILLINOIS
COMBINING SCHEDULE OF CASH FLOWS (Continued)
WATER AND SEWER DEPARTMENT ACCOUNTS
For the Year Ended April 30, 2023
Water and
Sewer Capital
Operations Projects Eliminations Total
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income 1,547,800$ -$ -$ 1,547,800$
Miscellaneous income 4,181,978 - - 4,181,978
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation 3,596,605 - - 3,596,605
(Increase) decrease in
Accounts receivable (155,122) - - (155,122)
Deposits 30,140 - - 30,140
Leases 1,480 - - 1,480
Increase (decrease) in
Pension items - IMRF 54,276 - - 54,276
Pension items - OPEB (21,481) - - (21,481)
Deferred Inflows of Resources - Leases (23,412) - - (23,412)
Accounts payable (330,775) - - (330,775)
Asset retirement obligation 14,323 - - 14,323
Accrued expenses 263,795 - - 263,795
Total adjustments 3,429,829 - - 3,429,829
NET CASH FROM OPERATING ACTIVITIES 9,159,607$ -$ -$ 9,159,607$
CASH AND INVESTMENTS
Cash and cash equivalents 4,910,482$ 28,995,382$ -$ 33,905,864$
Investments 6,901,650 1,681,265 - 8,582,915
TOTAL CASH AND INVESTMENTS 11,812,132$ 30,676,647$ -$ 42,488,779$
NONCASH TRANSACTIONS
Capital contributions 950,175$ -$ -$ 950,175$
Capital assets purchased in accounts payable 1,819,480 - - 1,819,480
Unrealized gains/losses 48,620 - - 48,620
IEPA loan receivable and payable 457,660 - - 457,660
TOTAL NONCASH TRANSACTIONS 3,275,935$ -$ -$ 3,275,935$
(See independent auditor's report.)
- 103 -
VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER AND SEWER OPERATIONS ACCOUNTS
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
WATER OPERATIONS
Administration
Salaries - full-time 280,000$ 280,000$ 225,835$
Salaries - part-time - - 4,299
FICA 17,298 17,298 13,190
Medicare 4,050 4,050 3,085
IMRF 30,690 30,690 19,024
Employee insurance 59,000 59,000 43,080
Deferred compensation contribution 9,000 9,000 5,737
Travel/training 5,000 5,000 2,922
Unemployment insurance 2,000 2,000 1,175
Telephone/internet 3,000 3,000 638
Cellular phones/pagers 5,000 5,000 5,207
Office supplies/postage 30,000 30,000 38,907
Dues and subscriptions 2,000 2,000 2,224
Gas, oil, wash, and mileage 500 500 68
Software 2,000 2,000 -
Sand and gravel 2,000 2,000 1,666
Supplies/hardware 500 500 540
Water meters 230,000 230,000 403,635
Building maintenance 15,000 15,000 14,959
Attorney legal fees 1,500 1,500 -
Contractual services 50,000 50,000 83,315
Equipment maintenance 500 500 19
Engineer fees 40,000 40,000 16,873
Administrative service charge 175,000 175,000 175,000
Total administration 964,038 964,038 1,061,398
Water provision
Salaries - full-time 430,000 430,000 375,883
Salaries - part-time 20,000 20,000 5,681
Salaries - overtime 35,000 35,000 38,559
FICA 30,000 30,000 26,153
Medicare 7,000 7,000 6,116
IMRF 52,700 52,700 37,986
Employee insurance 85,000 85,000 64,772
Deferred compensation contribution 17,000 17,000 11,075
Telephone/internet 5,000 5,000 1,531
Electricity/gas 140,000 140,000 124,455
Office supplies/postage 2,000 2,000 1,047
Replacement supplies 10,000 10,000 11,716
Gas, oil, wash, and mileage 15,000 15,000 14,555
Chemicals 10,000 10,000 10,040
Supplies/hardware 5,000 5,000 10,707
Uniforms/clothing 5,000 5,000 2,914
(This schedule is continued on the following pages.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)
WATER AND SEWER OPERATIONS ACCOUNTS
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
WATER OPERATIONS (Continued)
Water provision (Continued)
Building maintenance 20,000$ 20,000$ 1,672$
Vehicle maintenance 10,000 10,000 13,270
Contractual services 60,000 60,000 6,833
Water purchase 8,921,000 8,921,000 11,385,077
Equipment maintenance 10,000 10,000 8,605
System maintenance 90,000 90,000 105,089
Water/fire hydrant 50,000 50,000 35,550
EPA analytical 30,000 30,000 24,040
Total water provision 10,059,700 10,059,700 12,323,326
Total water operations 11,023,738 11,023,738 13,384,724
SEWER OPERATIONS
Administration
Salaries - full-time 280,000 280,000 231,351
FICA 17,500 17,500 13,100
Medicare 4,100 4,100 3,063
IMRF 30,700 30,700 18,918
Employee insurance 57,000 57,000 43,101
Deferred compensation contribution 9,000 9,000 5,690
Travel/training 12,000 12,000 12,183
Unemployment insurance 2,000 2,000 1,144
Telephone/internet 3,000 3,000 1,106
Cellular phones/pagers 3,500 3,500 2,763
Office supplies/postage 30,000 30,000 38,571
Dues and subscriptions 70,000 70,000 67,460
Gas, oil, wash, and mileage 2,500 2,500 208
Supplies/hardware 3,000 3,000 1,720
Building maintenance 20,000 20,000 22,234
Attorney legal fees 1,500 1,500 -
Contractual services 75,000 75,000 64,978
Equipment maintenance 2,000 2,000 -
Engineer fees 15,000 15,000 15,409
Administrative service charge 175,000 175,000 175,000
Total administration 812,800 812,800 717,999
Sewer treatment
Salaries - full-time 445,000 445,000 398,858
Salaries - part-time 20,000 20,000 5,681
Salaries - overtime 30,000 30,000 20,602
FICA 30,100 30,100 26,056
Medicare 7,100 7,100 6,094
IMRF 54,000 54,000 38,095
(This schedule is continued on the following page.)
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VILLAGE OF PLAINFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)
WATER AND SEWER OPERATIONS ACCOUNTS
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
SEWER OPERATIONS (Continued)
Sewer treatment (Continued)
Employee insurance 78,000$ 78,000$ 67,241$
Deferred compensation contribution 18,000 18,000 11,033
Telephone/internet 5,000 5,000 2,978
Electricity/gas 520,000 520,000 415,066
Replacement supplies 8,000 8,000 6,433
Gas, oil, wash, and mileage 15,000 15,000 15,016
Supplies/hardware 15,000 15,000 12,392
Chemicals/supplies 190,000 190,000 126,717
Sand and gravel 500 500 -
Industrial flow monitor 8,000 8,000 3,807
Uniforms/clothing 8,000 8,000 7,085
Vehicle maintenance 10,000 10,000 5,828
Contractual services 310,000 310,000 184,600
Equipment maintenance 30,000 30,000 8,163
System maintenance 120,000 120,000 43,181
Total sewer treatment 1,921,700 1,921,700 1,404,926
Other
Capital projects - water and sewer
Contractrual services 200,000 200,000 56,630
Engineering fees 175,000 175,000 55,933
Machinery and equipment 1,300,000 1,300,000 513,364
Vehicles 80,000 80,000 58,964
Old Town reconstruction 3,000,000 3,000,000 2,121,841
143rd Street West Extension - Watermain 2,900,000 2,900,000 3,364
Lift station improvements 1,600,000 1,600,000 237,099
Tower improvements - - 35,738
Machinery and equipment - ARPA Project - - 2,753,043
Total other 9,255,000 9,255,000 5,835,976
Total sewer operations 11,989,500 11,989,500 7,958,901
Total water and sewer operating expenses 23,013,238$ 23,013,238$ 21,343,625
ADJUSTMENTS TO GAAP BASIS
Pension expense - IMRF - water division 27,137
Pension expense - IMRF - sewer division 27,140
Change in OPEB - water division (10,740)
Change in OPEB - sewer division (10,740)
Insurance surplus allocation 30,139
Amortization of asset retirement obligation 14,323
Capital assets capitalized (5,693,972)
Depreciation 3,596,605
Total adjustments to GAAP basis (2,020,108)
TOTAL WATER AND SEWER OPERATING EXPENSES
GAAP BASIS 19,323,517$
(See independent auditor's report.)
- 106 -
FIDUCIARY FUND
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION -
BUDGET AND ACTUAL
POLICE PENSION FUND
For the Year Ended April 30, 2023
Original Final
Budget Budget Actual
ADDITIONS
Contributions
Employer 1,700,000$ 1,700,000$ 1,698,789$
Employee 695,000 695,000 865,975
Total contributions 2,395,000 2,395,000 2,564,764
Investment income
Net appreciation (depreciation)
in fair value of investments 500,000 500,000 (1,210,380)
Interest and dividends 625,000 625,000 1,237,627
Total investment income 1,125,000 1,125,000 27,247
Less investment expense (130,000) (130,000) (130,459)
Net investment income 995,000 995,000 (103,212)
Total additions 3,390,000 3,390,000 2,461,552
DEDUCTIONS
Pension benefits 1,100,000 1,100,000 1,180,295
Administrative expenses 49,000 49,000 69,167
Total deductions 1,149,000 1,149,000 1,249,462
NET INCREASE 2,241,000$ 2,241,000$ 1,212,090
NET POSITION RESTRICTED
FOR PENSIONS
May 1 44,531,420
April 30 45,743,510$
VILLAGE OF PLAINFIELD, ILLINOIS
(See independent auditor's report.)
- 107 -
STATISTICAL SECTION
This part of the Village of Plainfield, Illinois’ annual comprehensive 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.
108-117
Revenue Capacity
These schedules contain information to help the reader assess the
Village’s most significant local revenue source, the property tax.
118-124
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.
125-128
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.
129-130
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.
131-134
Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.
Fiscal Year 2014 2015 2016*2017
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 248,456,183$ 236,161,456$ 224,437,029$ 214,068,963$
Restricted 3,006,647 3,783,480 4,260,303 4,203,118
Unrestricted 12,390,475 16,035,847 6,885,635 9,857,838
TOTAL GOVERNMENTAL ACTIVITIES 263,853,305$ 255,980,783$ 235,582,967$ 228,129,919$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 85,192,902$ 83,998,867$ 83,393,179$ 84,275,866$
Restricted 602,080 2,106,291 2,247,562 2,248,756
Unrestricted 12,652,914 12,027,445 12,492,289 12,505,856
TOTAL BUSINESS-TYPE ACTIVITIES 98,447,896$ 98,132,603$ 98,133,030$ 99,030,478$
PRIMARY GOVERNMENT
Net investment in capital assets 333,649,085$ 320,160,323$ 307,830,208$ 298,344,829$
Restricted 3,608,727 5,889,771 6,507,865 6,451,874
Unrestricted 25,043,389 28,063,292 19,377,924 22,363,694
TOTAL PRIMARY GOVERNMENT 362,301,201$ 354,113,386$ 333,715,997$ 327,160,397$
Data Source
Audited Financial Statements
*The Village implemented GASB Statement No. 68 for the fiscal year ended April 30, 2016.
VILLAGE OF PLAINFIELD, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
- 108 -
2018 2019 2020 2021 2022 2023
206,531,017$ 199,080,764$ 196,692,962$ 192,867,595$ 193,321,923$ 193,552,517$
4,361,935 4,945,385 6,054,100 6,697,297 6,307,432 6,833,726
10,184,052 12,807,949 12,836,052 15,737,960 26,677,146 37,185,198
221,077,004$ 216,834,098$ 215,583,114$ 215,302,852$ 226,306,501$ 237,571,441$
84,489,070$ 85,596,840$ 91,015,742$ 93,286,823$ 94,367,397$ 95,471,940$
2,248,925 1,725,525 2,250,625 1,722,725 1,726,925 1,725,425
13,704,889 15,764,957 14,933,664 19,435,096 27,239,219 38,418,658
100,442,884$ 103,087,322$ 108,200,031$ 114,444,644$ 123,333,541$ 135,616,023$
291,020,087$ 284,677,604$ 287,708,704$ 286,154,418$ 287,689,320$ 289,024,457$
6,610,860 6,670,910 8,304,725 8,420,022 8,034,357 8,559,151
23,888,941 28,572,906 27,769,716 35,173,056 53,916,365 75,603,856
321,519,888$ 319,921,420$ 323,783,145$ 329,747,496$ 349,640,042$ 373,187,464$
- 109 -
Fiscal Year 2014 2015*2016 2017
EXPENSES
Governmental activities
General government 4,437,507$ 3,974,582$ 4,461,409$ 4,547,120$
Public safety 11,321,562 11,778,078 12,608,966 14,062,875
Highways and streets 23,977,254 23,731,474 24,868,163 23,787,789
Interest 1,154,112 1,059,100 870,373 800,364
Total governmental activities expenses 40,890,435 40,543,234 42,808,911 43,198,148
BUSINESS-TYPE ACTIVITIES
Water and sewer 15,233,480 15,513,750 15,976,198 16,324,022
Total business-type activities expenses 15,233,480 15,513,750 15,976,198 16,324,022
TOTAL PRIMARY GOVERNMENT
EXPENSES 56,123,915$ 56,056,984$ 58,785,109$ 59,522,170$
PROGRAM REVENUES
Governmental activities
Charges for services
General government 5,178,547$ 5,472,089$ 5,814,964$ 6,151,486$
Public safety 1,658,959 1,611,233 1,418,860 1,593,981
Highways and streets 141,846 9,193 37,417 43,621
Operating grants and contributions 1,386,766 1,492,593 1,203,530 1,184,693
Capital grants and contributions 118,359 44,267 360,507 1,207,122
Total governmental activities
program revenues 8,484,477 8,629,375 8,835,278 10,180,903
Business-type activities
Charges for services
Water/sewer 13,361,542 13,407,793 14,224,684 15,071,122
Operating grants and contributions - - - -
Capital grants and contributions - - - 389,353
Total business-type activities
program revenues 13,361,542 13,407,793 14,224,684 15,460,475
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 21,846,019$ 22,037,168$ 23,059,962$ 25,641,378$
NET (EXPENSE) REVENUE
Governmental activities (32,405,958)$ (31,913,859)$ (33,973,633)$ (33,017,245)$
Business-type activities (1,871,938) (2,105,957) (1,751,514) (863,547)
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (34,277,896)$ (34,019,816)$ (35,725,147)$ (33,880,792)$
VILLAGE OF PLAINFIELD, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
- 110 -
2018 2019 2020 2021 2022 2023
5,661,695$ 4,485,123$ 4,558,737$ 6,284,103$ 9,185,102$ 7,105,408$
13,601,471 14,321,219 14,777,677 13,967,774 14,916,089 17,194,065
25,231,666 26,894,226 28,018,871 27,078,111 22,654,778 26,165,032
724,260 679,991 614,240 549,339 426,421 252,870
45,219,092 46,380,559 47,969,525 47,879,327 47,182,390 50,717,375
16,554,917 17,232,193 17,068,935 18,491,358 19,160,351 19,851,038
16,554,917 17,232,193 17,068,935 18,491,358 19,160,351 19,851,038
61,774,009$ 63,612,752$ 65,038,460$ 66,370,685$ 66,342,741$ 70,568,413$
6,324,056$ 6,597,384$ 6,827,970$ 7,246,835$ 8,020,047$ 8,369,414$
1,701,686 1,642,372 1,673,839 1,109,425 1,647,405 1,735,556
20,057 59,935 98,949 140,819 268,858 632,441
1,213,779 1,401,888 1,776,109 3,777,693 1,970,022 1,903,282
3,173,077 3,881,551 7,461,245 4,507,614 9,133,011 7,254,971
12,432,655 13,583,130 17,838,112 16,782,386 21,039,343 19,895,664
16,004,417 16,819,225 16,955,783 19,332,166 19,911,315 20,871,317
- - - - - -
270,424 97,847 2,415,839 929,493 2,713,160 1,179,735
16,274,841 16,917,072 19,371,622 20,261,659 22,624,475 22,051,052
28,707,496$ 30,500,202$ 37,209,734$ 37,044,045$ 43,663,818$ 41,946,716$
(32,786,437)$ (32,797,429)$ (30,131,413)$ (31,096,941)$ (26,143,047)$ (30,821,711)$
(280,076) (315,121) 2,302,687 1,770,301 3,464,124 2,200,014
(33,066,513)$ (33,112,550)$ (27,828,726)$ (29,326,640)$ (22,678,923)$ (28,621,697)$
- 111 -
Fiscal Year 2014 2015*2016 2017
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Taxes
Property and replacement**6,352,505$ 6,538,805$ 6,633,529$ 6,795,465$
Home rule sales tax - 3,286,980 3,403,167 3,492,459
Utility/telecommunications 3,198,840 3,107,995 2,816,908 2,915,445
Local motor fuel 790,158 813,718 897,404 959,052
Other 4,966 8,250 7,587 10,092
Personal property replacement tax**- - - -
Sales and use tax 8,848,545 5,842,343 6,199,078 6,328,246
Income tax 3,857,016 3,876,349 4,218,244 3,741,387
Investment income 27,857 (120,582) 53,007 140,553
Miscellaneous 63,581 197,627 267,223 210,598
Transfers 490,748 489,852 498,100 970,900
Total governmental activities 23,634,216 24,041,337 24,994,247 25,564,197
Business-type activities
Home rule sales tax 1,630,710 1,643,244 1,701,328 1,745,968
Intergovernmental - - - -
Investment income 14,986 141 61,902 62,358
Miscellaneous 550,219 637,131 822,046 923,569
Transfers (490,748) (489,852) (498,100) (970,900)
Total business-type activities 1,705,167 1,790,664 2,087,176 1,760,995
TOTAL PRIMARY GOVERNMENT 25,339,383$ 25,832,001$ 27,081,423$ 27,325,192$
CHANGE IN NET POSITION
Governmental activities (8,771,742)$ (7,872,522)$ (8,979,386)$ (7,453,048)$
Business-type activities (166,771) (315,293) 335,662 897,448
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION (8,938,513)$ (8,187,815)$ (8,643,724)$ (6,555,600)$
*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)
- 112 -
2018 2019 2020 2021 2022 2023
7,096,972$ 7,358,761$ 7,589,824$ 7,991,671$ 8,509,758$ 9,310,741$
3,618,502 3,725,422 3,604,349 4,229,671 5,988,612 6,338,463
2,865,380 2,995,191 2,797,119 2,802,003 3,183,944 3,295,635
1,097,294 1,674,790 1,504,478 1,455,958 1,886,998 2,149,928
9,659 8,265 5,268 1,661 7,707 15,228
- - 63,799 60,678 139,552 185,443
6,689,407 6,978,728 7,202,352 8,622,005 10,534,080 11,429,558
3,589,279 3,842,879 4,289,960 4,537,460 6,015,389 7,232,574
311,646 672,108 808,901 100,858 (80,661) 1,126,980
504,990 321,579 33,379 30,914 25,569 53,001
979,300 976,800 981,000 983,800 935,748 949,100
26,762,429 28,554,523 28,880,429 30,816,679 37,146,696 42,086,651
1,808,980 1,862,431 1,801,904 2,114,518 2,993,857 3,168,756
- - - - - 2,753,043
108,074 375,621 479,317 72,557 (183,835) 927,791
806,446 1,698,307 1,509,801 3,271,037 3,550,499 4,181,978
(979,300) (976,800) (981,000) (983,800) (935,748) (949,100)
1,744,200 2,959,559 2,810,022 4,474,312 5,424,773 10,082,468
28,506,629$ 31,514,082$ 31,690,451$ 35,290,991$ 42,571,469$ 52,169,119$
(6,024,008)$ (4,242,906)$ (1,250,984)$ (280,262)$ 11,003,649$ 11,264,940$
1,464,124 2,644,438 5,112,709 6,244,613 8,888,897 12,282,482
(4,559,884)$ (1,598,468)$ 3,861,725$ 5,964,351$ 19,892,546$ 23,547,422$
- 113 -
Fiscal Year 2014 2015 2016 2017
GENERAL FUND
Nonspendable for
Advances -$ -$ -$ -$
Long-term receivables 687,538 669,986 363,498 221,763
Prepaid items 133,536 135,867 142,187 150,893
Restricted
Retirement obligations - - 16,709 92,012
Public safety - - 471,209 393,352
Unrestricted
Assigned for bridge construction - - - -
Assigned for insurance 1,065,860 1,158,291 1,127,527 1,305,917
Unassigned 9,841,030 8,322,103 8,485,950 8,655,225
TOTAL GENERAL FUND 11,727,964$ 10,286,247$ 10,607,080$ 10,819,162$
ALL OTHER GOVERNMENTAL FUNDS
Restricted for
Street maintenance 1,915,321$ 2,690,722$ 2,819,181$ 3,077,064$
Public safety 42,443 32,058 40,651 42,749
Audit 3,511 3,970 6,161 9,342
Liability insurance 86,172 70,626 21,126 48,059
Economic development 959,200 986,104 885,266 540,540
Unrestricted
Assigned for debt service 918 1,700 2,133 2,159
Assigned for capital projects 405,138 5,447,573 8,837,434 13,490,725
Unassigned (deficit)- - - (435)
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 3,412,703$ 9,232,753$ 12,611,952$ 17,210,203$
TOTAL FUND BALANCES 15,140,667$ 19,519,000$ 23,219,032$ 28,029,365$
Data Source
Audited Financial Statements
VILLAGE OF PLAINFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 114 -
2018 2019 2020 2021 2022 2023
-$ -$ -$ -$ -$ -$
- - - - - -
212,479 14,236 12,797 12,797 12,797 12,935
125,878 131,092 155,847 97,754 76,571 144,977
508,783 466,127 564,987 568,857 546,810 689,956
- - - - - -
1,248,272 1,341,972 1,587,724 1,715,319 1,803,573 1,632,784
9,556,631 9,955,142 10,028,321 10,877,698 11,228,184 11,259,091
11,652,043$ 11,908,569$ 12,349,676$ 13,272,425$ 13,667,935$ 13,739,743$
3,173,918$ 3,474,726$ 3,773,572$ 4,619,581$ 5,570,751$ 5,631,857$
48,257 53,287 41,740 32,679 34,317 32,516
15,977 22,593 19,693 9,779 7,582 15,357
294,086 442,523 502,907 242,787 - 236,618
195,036 355,037 995,354 1,125,860 71,401 82,445
2,233 3,130 1,830 117 - 2
14,805,542 17,678,526 18,762,050 19,106,071 28,320,359 40,675,774
- - - - (233,678) (339,632)
18,535,049$ 22,029,822$ 24,097,146$ 25,136,874$ 33,770,732$ 46,334,937$
30,187,092$ 33,938,391$ 36,446,822$ 38,409,299$ 47,438,667$ 60,074,680$
- 115 -
Fiscal Year 2014 2015*2016 2017
REVENUES
Taxes 19,853,191$ 10,647,752$ 10,941,684$ 11,257,069$
Licenses and permits 862,916 976,464 1,177,055 1,166,151
Intergovernmental 4,661,759 14,308,398 14,596,272 14,772,754
Charges for services 4,887,938 4,932,519 5,100,794 5,485,364
Fines and forfeits 1,122,269 1,094,229 907,956 1,052,355
Investment income 27,857 (120,582) 53,007 140,553
Miscellaneous 212,015 342,080 554,657 432,609
Total revenues 31,627,945 32,180,860 33,331,425 34,306,855
EXPENDITURES
General government 4,029,639 3,677,375 3,966,293 4,211,656
Public safety 10,746,430 11,266,927 11,453,755 11,675,600
Highways and streets 7,404,103 7,197,622 7,809,942 7,856,257
Capital outlay 2,870,609 3,048,345 3,897,730 3,606,528
Debt service
Principal 1,945,000 2,085,000 2,215,000 2,315,000
Interest and fiscal charges 1,191,213 1,138,302 890,875 806,150
Total expenditures 28,186,994 28,413,571 30,233,595 30,471,191
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 3,440,951 3,767,289 3,097,830 3,835,664
OTHER FINANCING SOURCES (USES)
Transfers in 6,094,911 6,845,397 5,939,207 5,704,731
Transfers (out)(5,604,163) (6,355,545) (5,441,107) (4,733,831)
Refunding bonds issued - 9,665,000 - -
Premium (discount) on refunding bonds - 331,514 - -
Bonds issued - - - -
Premium (discount) on bonds issued - - - -
Payment to escrow agent - (9,875,322) - -
Installment notes issued - - - -
Sale of capital assets 4,788 - 104,102 3,769
Total other financing sources (uses)495,536 611,044 602,202 974,669
NET CHANGE IN FUND BALANCES 3,936,487$ 4,378,333$ 3,700,032$ 4,810,333$
DEBT SERVICE AS A PERCENTAGE
OF NONCAPITAL EXPENDITURES 11.53%11.78%10.79%11.01%
*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
- 116 -
2018 2019 2020 2021 2022 2023
11,822,426$ 12,208,524$ 12,202,479$ 13,193,690$ 15,764,137$ 17,097,791$
1,094,102 1,318,572 1,460,594 1,724,514 2,129,563 2,217,946
14,513,737 15,822,129 16,663,407 22,425,444 25,626,574 26,259,240
5,664,929 5,848,888 5,993,016 5,725,027 6,600,013 7,280,796
1,067,168 1,032,766 1,051,895 930,411 1,012,003 1,090,800
311,646 672,108 808,901 100,858 (80,661) 1,126,980
2,209,121 4,257,866 983,159 449,808 402,988 370,950
36,683,129 41,160,853 39,163,451 44,549,752 51,454,617 55,444,503
5,460,233 4,506,444 4,274,371 6,294,348 8,407,753 7,232,712
12,210,028 12,879,658 12,869,995 13,180,992 13,580,707 14,436,090
8,801,462 8,870,269 9,704,053 10,951,292 10,554,339 11,058,998
5,909,454 9,032,558 7,727,009 10,156,291 7,892,811 8,039,348
2,395,000 2,475,000 2,560,000 2,520,000 2,670,000 2,785,000
733,025 650,150 571,250 528,100 354,750 209,289
35,509,202 38,414,079 37,706,678 43,631,023 43,460,360 43,761,437
1,173,927 2,746,774 1,456,773 918,729 7,994,257 11,683,066
3,554,123 4,879,743 5,036,937 6,155,850 9,022,444 12,599,828
(2,574,823) (3,902,943) (4,055,937) (5,172,050) (8,086,696) (11,650,728)
- - - 2,790,000 2,385,000 -
- - - - - -
- - - - - -
- - - - - -
- - - (2,754,483) (2,355,000) -
- - - - - -
4,500 27,725 70,658 24,431 69,363 3,847
983,800 1,004,525 1,051,658 1,043,748 1,035,111 952,947
2,157,727$ 3,751,299$ 2,508,431$ 1,962,477$ 9,029,368$ 12,636,013$
10.00%9.40%9.07%8.16%8.21%7.58%
- 117 -
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
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%
2021 1,414,764,169 174,375,490 17,367,814 4,089,080 417,335 1,611,013,888 0.4669 4,833,041,664 33.333%
2022 1,541,655,555 190,489,844 19,402,846 4,566,575 426,436 1,756,541,256 0.4669 5,269,623,768 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
- 118 -
Levy Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
DIRECT TAX RATES
General 0.2210 0.2099 0.1974 0.1921 0.2002 0.2159 0.2205 0.1978 0.1775 0.1714
Debt service 0.0098 0.0098 0.0097 0.0088 0.0089 0.0083 - - - -
Police Pension 0.0783 0.0811 0.0911 0.1068 0.1057 0.0936 0.1079 0.1096 0.1056 0.1111
IMRF 0.0500 0.0492 0.0476 0.0448 0.0407 0.0389 0.0375 0.0354 0.0357 0.0328
Police protection 0.0696 0.0683 0.0662 0.0624 0.0711 0.0788 0.0887 0.0989 0.1023 0.1017
Audit 0.0034 0.0033 0.0035 0.0033 0.0033 0.0026 0.0021 0.0026 0.0032 0.0029
Liability insurance 0.0348 0.0453 0.0514 0.0487 0.0370 0.0288 0.0102 0.0226 0.0426 0.0470
Total direct rates 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669
OVERLAPPING TAX RATES
Will County Including Forest Preserve 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 0.7304 0.7231 0.7100 0.6877
Plainfield CUSD #202 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 5.4425 5.3421 5.2250 5.1481
Joliet Jr. Community College #525 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 0.2938 0.2891 0.2848 0.2876
Plainfield Township Park District 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 0.2554 0.2537 0.2526 0.2480
Plainfield Public Library District 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 0.1848 0.1825 0.1821 0.1808
Plainfield Fire Protection District 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 0.9339 0.9261 0.9302 0.9230
Township and all other 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 0.1859 0.1824 0.1812 0.1752
Total overlapping rates 9.0030 9.1163 9.0610 8.6295 8.4006 8.2016 8.0267 7.8990 7.7659 7.6504
TOTAL TAX RATES 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 8.4936 8.3659 8.2328 8.1173
Property tax rates are per $100 of assessed valuation.
Data Source
Office of the County Clerk - Will County, Illinois
VILLAGE OF PLAINFIELD, ILLINOIS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
- 119 -
Percentage Percentage
of Total of Total
Taxable Village Taxable Village
Equalized Taxable Equalized Equalized
Assessed Assessed Assessed Assessed
Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation
LIT Plainfield BTS LLC Midwest Warehouse 19,883,530$ 1 1.22%
JVM Realty Corporation Springs at 127th 12,494,812 2 0.77%
Diageo North America, Inc.Manufacturer of liquors 9,481,393 3 0.58%
Sixteen30 LA IL LLC Apartment complex 9,468,661 4 0.58%
Costco Wholesale Corp.Big box retail store 6,430,512 5 0.40%
Edward Health Ventures Healthcare 5,619,125 6 0.35%
Wal-Mart Stores Inc.Discount department store 4,581,409 7 0.28%
Meijer Discount department store 3,973,157 8 0.24%
American House Senior Living Senior care facility 3,825,000 9 0.24%
Menard Inc.Home improvement store 3,674,575 10 0.23%
Edward Health Ventures Healthcare 10,789,039$ 1 0.98%
Wal-Mart Stores Inc.Discount department store 8,652,818 2 0.79%
Diageo North America, Inc.Manufacturer of liquors 5,099,313 3 0.46%
Meijer Discount department store 4,989,457 4 0.45%
Menard's Inc.Home improvement center 4,403,313 5 0.40%
Target Discount department store 4,119,856 6 0.37%
Plainfield 1031 LLC Land development 3,582,239 7 0.33%
Dayfield Properties Developer 3,360,286 8 0.31%
Plainfield Care Group LLP Senior Care Facility 2,577,165 9 0.23%
Coilplus Illinois Inc.Flat rolled steel processing 2,542,870 10 0.23%
79,432,174$ 4.89%50,116,356$ 4.55%
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
2022 2014
PRINCIPAL PROPERTY TAXPAYERS
Current Levy Year and Nine Levy Years Ago
- 120 -
Levy Collection Fiscal Percentage Collections in Total Collections Total Collections
Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date
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 6,840,395 6,820,239 99.71%N/A 6,820,239 99.71%
2020 2021 2022 7,294,331 7,230,271 99.12%N/A 7,230,271 99.12%
2021 2022 2023 7,521,825 7,510,942 99.86%N/A 7,510,942 99.86%
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
- 121 -
VILLAGE OF PLAINFIELD, ILLINOIS
PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS
Last Ten Levy Years
Tax Levy Year 2013 2014 2015 2016 2017
ASSESSED VALUATION 1,149,746,660$ 1,173,327,609$ 1,211,918,620$ 1,282,556,687$ 1,331,313,906$
Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount
TAX EXTENSIONS
General 0.2210 2,541,014$ 0.2099 2,463,239$ 0.1974 2,393,149$ 0.1974 2,452,961$ 0.2002 2,671,680$
Debt service 0.0098 112,648 0.0098 114,957 0.0097 117,462 0.0097 118,846 0.0089 118,180
Police Pension 0.0783 900,238 0.0811 951,470 0.0911 1,103,800 0.0911 1,370,987 0.1057 1,404,818
IMRF 0.0500 574,887 0.0492 577,137 0.0476 576,756 0.0476 575,818 0.0407 540,770
Police protection 0.0696 800,217 0.0683 801,299 0.0662 802,149 0.0662 801,498 0.0711 945,182
Audit 0.0034 39,030 0.0033 38,713 0.0035 42,394 0.0035 42,308 0.0033 43,814
Liability insurance 0.0348 400,106 0.0453 531,426 0.0514 622,738 0.0514 625,839 0.0370 491,460
TOTAL TAX EXTENSIONS 0.4669 5,368,140$ 0.4669 5,478,241$ 0.4669 5,658,448$ 0.4669 5,988,257$ 0.4669 6,215,904$
Tax Levy Year 2018 2019 2020 2021 2022
ASSESSED VALUATION 1,390,180,402$ 1,465,066,425$ 1,551,500,615$ 1,611,013,888$ 1,756,541,256$
Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount
TAX EXTENSIONS
General 0.2159 3,001,704$ 0.2205 3,223,618$ 0.1977 3,067,413$ 0.1775 2,860,064$ 0.1714 3,011,105$
Debt service 0.0083 115,321 - - - - - - - -
Police Pension 0.0936 1,301,135 0.1079 1,582,121 0.1096 1,700,423 0.1056 1,701,147 0.1111 1,951,412
IMRF 0.0389 540,734 0.0375 550,815 0.0355 550,730 0.0357 575,132 0.0328 576,067
Police protection 0.0788 1,095,434 0.0887 1,302,283 0.0989 1,534,477 0.1023 1,647,841 0.1017 1,786,298
Audit 0.0026 36,071 0.0021 30,716 0.0026 40,318 0.0032 51,445 0.0029 50,874
Liability insurance 0.0288 400,353 0.0102 150,842 0.0226 400,970 0.0426 686,196 0.0470 825,535
TOTAL TAX EXTENSIONS 0.4669 6,490,752$ 0.4669 6,840,395$ 0.4669 7,294,331$ 0.4669 7,521,825$ 0.4669 8,201,291$
- 122 -
Calendar Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General merchandise 2,014,318$ 2,957,023$ 2,923,484$ 2,872,245$ 2,810,504$ 2,878,191$ 2,850,382$ 2,872,203$ 2,928,799$ 3,154,170$
Food 405,981 619,855 920,851 760,833 862,417 1,063,115 1,040,872 954,604 1,158,798 1,390,515
Drinking and eating places 1,481,747 1,547,675 1,656,683 1,749,367 1,767,933 1,893,015 1,952,874 1,806,030 2,257,397 2,257,397
Apparel 121,980 87,001 139,606 162,603 179,296 179,438 184,169 131,306 222,746 241,326
Furniture, H.H., and radio 125,553 133,673 147,176 140,391 133,176 134,476 144,632 105,628 149,970 164,549
Lumber, building hardware 812,648 888,333 938,009 999,130 1,002,964 1,009,777 1,030,853 1,135,197 1,137,971 1,075,672
Automobile and filling stations 2,738,000 1,593,137 1,511,396 1,595,968 1,939,282 2,183,218 2,205,418 2,251,570 4,748,124 5,878,417
Drugs and miscellaneous retail 1,564,115 1,588,279 919,458 1,449,363 1,375,599 1,279,519 1,273,913 1,469,125 3,196,272 3,204,578
Agriculture and all others 300,709 376,539 877,983 545,409 556,959 594,384 525,946 487,060 544,667 1,035,015
Manufacturers 125,084 150,191 140,846 187,450 232,970 245,528 186,354 230,854 455,470 461,225
TOTAL 9,690,135$ 9,941,706$ 10,175,492$ 10,462,759$ 10,861,100$ 11,460,661$ 11,395,413$ 11,443,577$ 16,800,214$ 18,862,864$
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 1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%
Data Source
Illinois Department of Revenue - Will County only
VILLAGE OF PLAINFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
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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
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%
2021 1.00%1.50%0.25%0.75%5.00%8.50%
2022 1.00%1.50%0.25%0.75%5.00%8.50%
Data Source
Village and Illinois Department of Revenue
VILLAGE OF PLAINFIELD, ILLINOIS
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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*
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 1.89%830
2020 15,688,752 - - 13,649,564 2,008,040 31,346,356 N/A 700
2021 12,896,127 - - 12,964,429 1,844,623 27,705,179 N/A 610
2022 9,979,510 - - 12,258,051 5,276,719 27,514,280 N/A 595
2023 7,158,152 - - 11,514,496 6,043,845 24,716,493 N/A 534
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
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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
2014 27,985,000$ -$ 27,985,000$ 2.43%707$
2015 36,979,399 - 36,979,399 3.15%870
2016 33,096,448 - 33,096,448 2.73%771
2017 28,975,975 - 28,975,975 2.26%660
2018 24,712,055 - 24,712,055 1.86%560
2019 20,285,358 - 20,285,358 1.46%458
2020 15,688,752 - 15,688,752 1.07%350
2021 12,896,127 - 12,896,127 0.83%284
2022 9,979,510 - 9,979,510 0.62%216
2023 7,158,152 - 7,158,152 0.41%155
N/A - information not available
VILLAGE OF PLAINFIELD, ILLINOIS
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DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
Percentage Village's
Gross Debt Applicable Share
Governmental Unit Debt to the Village*of Debt
Village of Plainfield 7,158,152$ 100.000%7,158,152$
Will County - (2)6.351%-
Will County Forest Preserve District 68,580,000 6.351%4,355,516
Kendall County - (2)3.178%-
Kendall County Forest Preserve District 22,565,000 3.178%717,116
Plainfield Fire Protection District - (2)79.673%-
Oswegoland Park District 5,515,000 8.949%493,537
Plainfield Park District 8,753,620 45.815%4,010,471
Oswego Public Library District 3,010,000 8.908%268,131
Plainfield Unit School District #202 112,365,000 (3)36.051%40,508,706
Indian Prairie Unit School District #204 84,235,000 0.571%480,982
Oswego Unit School District #308 229,598,792 (1)7.981%18,324,280
DuPage Community College #502 93,225,000 (2)0.065%60,596
Waubonsee Community College #516 30,550,000 1.685%514,768
Joliet Community College #525 44,535,000 (2)6.046%2,692,586
Total Overlapping Debt 702,932,412 72,426,689
TOTAL DIRECT AND OVERLAPPING DEBT 710,090,564$ 79,584,841$
(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, 2023
(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.
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PLEDGED-REVENUE COVERAGE
WATER REVENUE BONDS
Last Ten Fiscal Years
Water
Fiscal Charges Debt Service
Year and Other Principal Interest Coverage
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
2022 19,911,315 665,000 464,050 17.64
2023 20,871,317 700,000 436,750 18.36
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.
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DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
Per
Median Capita
Fiscal Household Personal Personal Unemployment
Year Population Income Income Income Rate
2014 42,085 111,536$ 1,515,354,595$ 36,007$ 6.1%
2015 42,484 111,521 1,592,385,288 37,482 5.1%
2016 42,933 116,896 1,678,937,898 39,106 4.8%
2017 43,926 121,746 1,785,020,862 40,637 3.9%
2018 44,138 126,127 1,852,471,860 41,970 3.2%
2019 44,308 130,614 1,945,697,204 43,913 3.0%
2020 44,762 131,241 2,030,628,130 45,365 7.9%
2021 45,398 134,814 2,179,830,368 48,016 4.3%
2022 46,243 N/A N/A N/A 3.5%
2023 46,243 N/A N/A N/A 2.5%
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
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
2018 census.gov quick facts
2019 census.gov quick facts
2020 census.gov quick facts
2021 census.gov quick facts
2022 census.gov quick facts
Unemployment Rate:
Illinois Department of Employment Security (2022 through April - not seasonally adjusted)
VILLAGE OF PLAINFIELD, ILLINOIS
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PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
Percent Percent
of Total of Total
No. of Village No. of Village
Employer Rank Employees Population Employer Rank Employees Population
Plainfield CUSD #202 1 3,260 7.05%Plainfield CUSD #202 1 3,013 7.09%
Diageo North America, Inc.2 653 1.41%Chicago Bridge & Iron Co.2 440 1.04%
Costco 3 255 0.55%Diageo North America 3 300 0.71%
Meijer 4 245 0.53%Wal-Mart 4 280 0.66%
McDermott Intl (Chicago Bridge & Iron)5 240 0.52%Meijer 5 232 0.55%
Target 6 188 0.41%Jewel-Osco 6 200 0.47%
Community Unit School District 308*7 155 0.34%Lakewood Nursing and Rehab Center 7 160 0.38%
Jewel-Osco (Rt. 59/127th St.)8 154 0.33%Village of Plainfield 8 133 0.31%
Village of Plainfield 9 151 0.33%Target 9 200 0.47%
Menards, Inc 10 130 0.28%Menards 10 125 0.29%
Population Population
46,243 42,484
*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
20152023
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Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Administration/Finance 14.50 15.50 16.00 16.00 16.00 16.00 16.00 17.00 17.00 17.50
Police Department 76.50 76.50 77.50 76.50 76.50 80.00 82.00 85.00 82.00 82.00
Streets Department 18.50 18.50 18.50 18.50 18.50 18.50 18.50 18.50 19.50 20.00
Community Development 8.00 8.00 9.50 14.00 15.00 15.00 14.50 14.50 14.50 15.00
Water and Sewer Department 11.50 11.50 11.50 11.50 11.50 10.50 11.00 11.00 11.50 12.50
Public Works Engineering 3.00 3.00 3.00 3.00 3.00 4.00 4.00 4.00 4.00 4.00
TOTAL 132.00 133.00 136.00 139.50 140.50 144.00 146.00 150.00 148.50 151.00
Data Source
Village Human Resources Department
VILLAGE OF PLAINFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
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Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
PUBLIC SAFETY
Police
Calls for service 34,570 33,252 34,031 34,176 33,476 36,828 39,715 30,808 38,588 35,939
Total traffic citations 9,819 7,951 6,974 6,842 6,285 7,464 8,212 5,294 7,060 6,069
Total DUI arrests 107 89 69 66 76 99 88 93 94 85
Total crashes 1,121 1,200 1,272 1,020 1,151 1,347 1,320 850 1,210 1,273
D.A.R.E Program student attendance 4,544 1,200 1,631 2,100 2,100 790 782 817 751 805
BUILDING PERMITS ISSUED
New residential units 135 166 138 143 144 180 201 255 361 419
General construction inspections 8,016 6,367 7,801 8,095 8,816 8,453 10,490 11,300 13,589 14,955
Commercial/office/industrial added (sq ft.)194,250 - 59,399 342,429 38,757 95,421 1,674,667 280,610 557,110 228,488
Acreage annexed 6 86 176 3 59 207 65 3 98 527,227
PUBLIC WORKS
Asphalt patching/pothole repairs (tons)109 104 72 55 156 122 150 124 175 154
Shoulder stone repaired (tons)824 945 390 277 748 1,096 352 502 1,264 925
Snow removal events 26 27 23 21 19 30 26 20 19 15
Street sweeping (lane miles)1,635 1,334 1,398 1,906 2,180 1,964 1,718 1,534 1,968 1,754
Grounds maintenance and mowing (hours)1,904 1,552 1,674 1,026 1,483 2,949 1,937 1,918 1,564 1,741
WATER
Average daily flow (MGD)3.205 3.098 3.136 3.092 3.234 3.34 3.148 3.35 3.579 3.8
Peak daily flow (MGD)5.941 4.656 5.292 5.768 5.218 6 4.7 5.89 6.861 6.825
Water main breaks 1 6 4 4 9 4 9 4 7 5
Number of valves exercised 513 1,096 441 28 1,700 1,200 1,843 45 35 46
WASTEWATER
Miles of sanitary sewer main 220 220 220 221 221 220 223 223 223 225
Average daily flow (MGD)4.441 4.663 4.460 4.372 4.763 4.587 5.758 5.142 4.402 4.834
Bio-solids treated (tons)771 945 879 888 893 972 878 835 872 1,318
Sewers inspected/cleaned (feet)13,200 6,200 14,006 13,450 13,197 24,568 68,138 60,073 47,718 104,145
Data Source
Various Village departments
VILLAGE OF PLAINFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
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Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
BUILDING PERMIT REVENUE 561,591$ 677,304$ 983,448$ 952,317$ 855,481$ 1,087,619$ 1,171,669$ 1,495,052$ 1,846,761$ 1,905,558$
UTILITY BILLING
Total Billing Accounts (as of 4/30)12,997 13,217 13,400 13,565 13,708 13,862 14,058 14,328 14,678 15,107
Water consumption billed (cubic feet)
Residential 125,383,157 115,777,283 107,567,800 112,559,000 110,776,966 112,720,800 107,941,200 125,752,448 120,462,373 122,821,009
Commercial 13,257,815 13,161,991 17,301,547 20,934,889 18,481,670 18,750,621 19,115,120 15,775,926 19,543,579 21,452,842
Industrial 19,647,597 18,882,494 18,682,642 19,888,798 23,267,214 21,632,287 17,208,495 1,639,728 16,555,958 16,963,360
Data Source
Various Village departments
Last Ten Fiscal Years
VILLAGE OF PLAINFIELD, ILLINOIS
OPERATING INDICATORS
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CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Area patrols 6 6 6 6 6 6 6 6 6 6
Patrol units/shift 6 6 6 6 6 6 6 6 6 8
PUBLIC WORKS
Lane miles of streets 410 410 410 410 410 410 420 420 420 430
Traffic signals 4 4 4 4 4 4 4 4 4 8
WATER
Water mains (miles)229 229 229 230 230 230 235 245 245 260
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)220 220 220 221 221 221 223 223 223 225
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
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