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HomeMy Public PortalAboutFY 2005 Certified Comprehensive Annual Financial Report(See independent auditor’s report) MD&A 1 VILLAGE OF GLENVIEW, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2005 The Management Discussion and Analysis (“MD&A”) is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify the Village’s financial position and ability to address future challenges, (4) identify material deviations from budget, and (5) identify concerns specific to individual funds. Since the MD&A is designed to focus on the current year’s activities, resulting changes, and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page iv) and the Village’s financial statements. USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT Prior to 2003, the primary focus of local government financial statements has been summarized by fund type information on a current financial resource basis. This approach has been modified, and the Village’s Financial Statements present two kinds of statements, each with a different snapshot of the Village’s finances. The Financial Statements’ focus is now 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. Financial Highlights · The assets of the Village exceeded its liabilities at the close of the most recent fiscal year (December 31, 2005) by $204.8 million. Of this amount, $70.6 million (unrestricted net assets) may be used to meet the government’s ongoing obligations to citizens and creditors. · The government’s total net assets increased by $18.8 million. · As of the close of the current fiscal year, the Village of Glenview governmental funds reported a combined ending fund balances of $71.2 million · At the end of the fiscal year, unreserved fund balance for the general fund was $28.9 million, 72.4% of total general fund expenditures. Government -Wide Financial Statements The Government-Wide Financial Statements (see pages 3 - 5) are designed to emulate the corporate sector in that all governmental and business-type activities are consolidated into columns that add to a total for the Primary Government. The focus of the Statement of Net Assets (the “Unrestricted Net Assets”) is designed to be similar to bottom line results for the Village and its governmental and business-type activities. This statement combines and consolidates governmental funds’ current financial resources (short-term spendable resources) 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 assets may serve as useful indicators of whether or not the financial position of the Village is improving or deteriorating. (See independent auditor’s report) MD&A 2 The Statement of Activities (see pages 4 and 5) presents information showing how the Village’s net assets changed during the most recent fiscal year and is focused on both the gross and net cost of various activities (including governmental and business-type), which are supported by the Village’s general taxes and other resources. This is intended to summarize and simplify the user’s analysis of the cost of various government services and/or subsidy to various business- type activities. The Governmental Activities reflect the Village’s basic services, including police, fire, highways and streets, community development, and general administration. Property taxes, local utility taxes, shared State sales taxes and State income tax, finance the majority of these activities. The Business-type Activities reflect private sector-type operations (Waterworks Fund, Sewerage Fund, Wholesale Water Fund, North Maine Water and Sewer Fund, and the Commuter Parking Lot Fund), where the fee for service typically covers all or most of the cost of operation, including depreciation. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Fund Financial Statement allows the demonstration of sources and uses and/or budgeting compliance associated therewith. Traditional users of governmental financial statements will find the Fund Financial Statements presentation more familiar. The focus is now on major funds. All of the funds of the Village can be divided into three categories: governmental, proprietary, and fiduciary funds. Governmental Funds The governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, go vernmental fund financial statements focus on near- term inflows and outflows of spendable resources, as well as on balances or spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. The focus of governmental funds is narrower than that of the Government-Wide Financial Statements. Both the Governmental Fund Balance Sheet and the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The Governmental Major Funds Total column requires a reconciliation because of the different measurement focus (current financial resources versus total economic resources) which is reflected. The flow of current financial resources reflects bond proceeds and interfund transfers as other financial sources as well as capital expenditures and bond principal payments as expenditures. The reconciliation eliminates these transactions and incorporates the capital assets and long-term obligation (bond and others) into the Governmental Activities column (in the Government-Wide Statements). The Village maintains twenty five (25) Individual governmental funds. Information is presented separately in the Governmental Fund Balance Sheet and in the Governme ntal Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Special Tax Allocation Fund, Escrow Deposit, Village Permanent Fund, Bond Series Fund of 1995, and Glen (See independent auditor’s report) MD&A 3 Land Sales Fund, which are all considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Village of Glenview adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. Proprietary Funds The Village maintains two different types of proprietary funds. Enterprise Funds are used to report the same functions presented in Business-Type Activities in the Government-Wide Financial Statements. Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the Village’s various functions. The Village uses internal service funds to account for its fleet of vehicles and for its vehicle repair and maintenance program, and to account for the cost of property and casualty, health and workers’ compensation insurance. All these services predominantly benefit governmental rather than business-type functions, they have, therefore, been included with governmental activities in the Government-Wide Financial Statements. Proprietary funds provide the same type of information as the Government-Wide Financial Statements, only in more detail. The Proprietary Fund Financial Statements provide separate information for the Waterworks and North Maine Water and Sewer Funds, also considered major funds of the Village and are presented in separate columns in the Fund Financial Statements. The Wholesale Water, Sewerage, and Commuter Parking Lot Funds are combined into a single, aggregate presentation in the Proprietary Fund Financial Statements. Individual fund data for the nonmajor enterprise and internal service funds are presented elsewhere in the report. The Proprietary Fund Financial Statements can be found on pages 12 - 15 of this report. Fiduciary Funds Fiduciary Funds are used to account for resources held for the benefit of parties outside of the government, (Police Pension Fund and Firefighters’ Pension Fund, see (pages 16 - 17). Fiduciary Funds are not reflected in the government-wide financial statements because these assets are restricted in purpose and do not represent discretionary assets of the government. The Village of Glenview maintains two types of fiduciary funds: pension trust funds and agency funds. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the Government-Wide Financial Statements. The notes to the financial statements can be found on pages 18 - 58 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village of Glenview’s progress in funding its obligation to provide pension benefits to its employees. Required supplementary information can be found on page 59 -69 of this report. (See independent auditor’s report) MD&A 4 The combining statements and individual fund referred to earlier in connection with nonmajor governmental, enterprise, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 70 through 147 of this report. Infrastructure Assets Historically, a government’s largest group of assets (infrastructure – roads, bridges, storm sewers, etc.) have neither been reported nor depreciated in governmental financial statements. This new statement requires that these assets be valued and reported within the Governmental column of the Government-Wide Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated useful life or (2) develop a system of assets management designed to maintain the service delivery potential to near perpetuity. If the government develops the asset management system (the modified approach) which periodically (at least every third year), by category, measures and demonstrates its maintenance of locally- established levels of service standards, the government may record its cost of maintenance in lieu of depreciation. The Village has chosen to depreciate assets over their useful life. If a road projects is considered a recurring cost that does not extend the road’s original useful life or expand its capacity, the cost of the project will be expensed. An “overlay” of a road will be considered maintenance whereas a “rebuild” of a road will be capitalized. GOVERNMENT-WIDE STATEMENT S FINANCIAL ANALYSIS Statement of Net Assets The following table reflects the condensed Statement of Net Assets: Table 1 Statement of Net Assets As of December 31, 2005 and 2004 (in millions) Total Governmental Business-Type Primary Activities Activities Government 2005 2004 2005 2004 2005 2004 Current and Other Assets $105.3 $138.2 $13.4 $15.0 $118.7 $153.2 Capital Assets 198.2 157.1 38.1 34.5 236.3 191.6 Total Assets 303.5 295.3 51.5 49.5 355.0 344.8 Long-Term Liabilities 120.9 120.3 9.0 8.9 129.9 129.1 Other Liabilities 19.5 29.2 0.8 2.3 20.3 31.6 Total Liabilities 140.4 149.5 9.8 11.2 150.2 160.7 Net Assets: Invested in Capital Assets, Net of Debt 78.8 28.6 29.1 25.0 107.9 53.6 Restricted 26.3 82.5 0.0 0.0 26.3 82.5 Unrestricted 58.0 34.7 12.6 13.3 70.6 47.9 Total Net Assets $163.1 $145.8 $41.7 $38.3 $204.8 $184.1 (See independent auditor’s report) MD&A 5 As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In case of the Village of Glenview, assets exceed liabilities by $204.8 million as of December 31, 2005. By far the largest potion of the Village’s net assets is its investment in capital assets (i.e. land, infrastructure, buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Village of Glenview’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since capital assets themselves cannot be used to liquidate these liabilities. The additional component of the Village’s net assets is the restricted assets which represents resources held for specific purposes. Of the Village’s $26.3 million of restricted assets, $22.1 is restricted for capital development. The final component of the net assets of the Village is the unrestricted assets in the amount of $78.8 million which can be used to finance day-to-day operations. At the end of the current fiscal year, the Village of Glenview is able to report positive balances in all three categories of net assets, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. The Village shows net asset increase in the amount of $18.8, net of prior period adjustments, from the previous fiscal year, which indicates that the Village of Glenview’s overall financial position has improved. Normal Impacts There are six basic (normal) transactions that will affect the comparability of the Statement of Net Assets summary presentation. Net Results of Activities - which will impact (increase/decrease) current assets and unrestricted net assets. Borrowing for Capital – which will increase current assets and long-term debt. Spending Borrowed Proceeds on New Capital - which will reduce current assets and increase capital assets. There is a second impact, an increase in invested capital assets and an increase in related net debt, which will not change the investment in capital assets, net of debt. Spending on Nonborrwed Current Assets on New Capital - which will (a) reduce current assets and increase capital assets and (b) will reduce unrestricted net assets and increase investment in capital assets, net of debt. Principal Payment on Debt - which will (a) reduce current assets and reduce long-term debt and (b) reduce unrestricted net assets and increase investment in capital asses, net of debt. Reduction of Capital Assets through Depreciation – which will reduce capital assets and investment in capital assets, net of debt. (See independent auditor’s report) MD&A 6 Change in Net Assets Governmental activities increased the Village of Glenview’s net assets by $17.3 million; Business-type activities increased the Village’s net assets by $2.3 million. The following chart shows the revenue and expenses of the Village’s activities: Table 2 Changes in Net Assets For the Fiscal Year Ended December 31, 2005 and 2004 (in millions) Governmental Business- Type Total Primary Activities Activities Government 2005 2004 2005 2004 2005 2004 Revenues Program Revenues: Charges for Services $13.4 $8.6 $18.3 $16.1 $31.7 $24.7 Operating Grants 1.7 1.3 0.0 0.0 1.7 1.3 Capital Grants 2.6 4.2 0.0 0.0 2.6 4.2 General Revenues: Property Taxes 27.4 20.5 0.0 0.0 27.4 20.5 Other Taxes 28.9 17.2 0.0 0.0 28.9 17.2 Other Revenues 4.2 11.9 0.3 0.1 4.5 12.0 Total Revenues 78.2 63.7 18.6 16.2 96.8 79.9 Expenses General Government 16.5 20.3 0.0 0.0 16.5 20.3 Public Safety 25.3 19.5 0.0 0.0 25.3 19.5 Highways and Streets 13.5 8.9 0.0 0.0 13.5 8.9 Economic Development 3.8 0.0 0.0 0.0 3.8 0.0 Interest 5.1 4.5 0.0 0.0 5.1 4.5 Waterworks 0.0 0.0 9.9 7.5 9.9 7.5 North Maine Water & Sewer 0.0 0.0 4.9 5.0 4.9 5.0 Nonmajor Enterprise 0.0 0.0 2.7 2.2 2.7 2.2 Total Expenses 64.2 53.2 17.5 14.7 81.7 67.9 Excess or deficiency before transfers and contributions to term and permanent endowments $14.0 $10.5 $1.1 $1.5 $15.1 $17.9 Transfers 0.2 1.0 (0.2) 0.0 0.0 1.0 Contributions 0.0 6.1 3.7 0.0 3.7 0.9 Change in Net Assets $14.2 $17.5 $4.6 $1.5 $18.8 $18.9 Net Assets January 1 $145.8 $128.3 $38.3 $41.4 184.1 169.7 Prior Period Adjustment $3.3 $0.1 ($1.3) ($3.6) 2.0 (3.5) Net Assets January 1 Restated $149.0 $128.4 $37.0 $37.8 186.0 166.2 Net Assets December 31 $163.2 $145.9 $41.6 $39.3 $204.8 $185.1 (See independent auditor’s report) MD&A 7 Normal Impacts There are eight basic impacts on revenues and expenses as reflected below: Revenues: Economic Condition – which can reflect a declining, stable, or growing economic environment and has a substantial impact on state income, sales, and utility tax revenue as well as public spending habits for building permits, elective user fees, and levels of consumption. Increase/Decrease in Village-Approved Rates – while certain tax rates are set by statute, the Village Board has significant authority to impose and periodically increase/decrease rates (property taxes, water, sewer, impact fees, building gees, home rule sales tax, etc.) Changing patterns in Intergovernmental and Grant Revenue (both recurring and nonre curring) – certain recurring revenues (State-shared revenues, etc.) may experience significant changes periodically while nonrecurring (or one-time) grants are less predictable and often distorting in their impact on year-to-year comparisons. Market Impacts on Investment Income – the Village’s investment portfolio is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: Introduction of New Programs – within the functional expense categories (General Government, Public Safety, and Streets and Highways, etc.), individual programs may be added or deleted to meet changing community needs. Change in Authorized Personnel – changes in service demand may cause the Village Board to increase/decrease authorized staffing. Staffing costs (salary and related benefits) represent approximately 83% of the Village’s General Fund and approximately 14% enterprise fund operating costs. Salary Increases (annual adjustments and merit) – the ability to attract and retain human and intellectual resources requires the Village to strive to approach a competitive salary range position in the marketplace. Inflation – while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts. Some functions may experience unusual commodity-specific increases. (See independent auditor’s report) MD&A 8 CURRENT YEAR IMPACTS Governmental Activities Governmental activities increased the Village’s net assets by $17.3 million, thereby accounting for 88% of the total growth in the net assets of the Village. Revenues: The Village continues to benefit from a highly diversified revenue base. Total revenues increased by $11.0 million (12.8%). The Village received $5.4 million dollars in Development Fees for infrastructure improvements in the TIF (Tax Increment Financing District) which accounts for the largest single source of revenue. The Village enacted the Home Rule Sales Tax which became effective July 1, 2004; current fiscal year revenue reflect a full twelve month collection period. Expenses and Program Revenues - Governmental Activities 0 5 10 15 20 25 30 General government Public safety Highways and streets Economic Development Interest Glenview Public Library in m i l l i o n s Expenses Program Revenues (See independent auditor’s report) MD&A 9 2005 Governmental Fund Activities Revenue by Source Operating Grants and Contributions2% Capital Grants and Contributions 3% Property Taxes 35% Other Revenues 38% Charges for Services 17% Other Taxes 5% Expenses: Expenses increased by 11.1% ($4.4 million), mainly attributable to personal services annual adjustments and pension benefit increases for police and firefighters’ pension costs. It should be noted that the General Government category includes $6.9 million in Make-Whole payments made to the Core Jurisdictions affected by the Village’s Redevelopment Project. Expenses and Program Revenues - Business-type Activities - 2 4 6 8 10 12 Waterworks North Maine Water and Sewer Wholesale water Sewerage Commuter Parking in m i l l i o n s Expenses Program Revenues (See independent auditor’s report) MD&A 10 2005 Governmental Fund Activities Expenses by Source Waterworks 12% North Maine Water & Sewer 6% Nonmajor Enterprise 3% Interest 6% Economic Development 5% Highways and Streets 17% General Government 20% Public Safety 31% Business-Type Activities Revenues: For the fiscal year ended December 31, 2005, net revenues, after transfers out, from Business-Type Activities totaled $21.0 million. The Village’s various water and sewer utilities generated $18.3 million in Charges for Services. Expenses: For the current ended fiscal year, the Business-Type Funds reflect combined net assets of $41.6 million. Expenses from Business-Type Activities totaled $17.5 million. FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS Government Funds At December 31, 2005, the Governmental Funds (as presented on page 6 and 7) reported a combined fund balance of $71.2 million, a decrease of $33.9 million from the beginning of the year. Of the total fund balance, $10.6 million is unreserved for continuing Village services. Reserved fund balance of $60.6 includes $38.6 million for capital development and $1.7 million for debt service. (See independent auditor’s report) MD&A 11 The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The largest dollar value increase came from property taxes. The second largest dollar value increase came from charges for services ($4.9 million). At the end of the current fiscal year, the unreserved fund balance of the General Fund was $28.9 million, up from $19.1 at the close of the last fiscal year. As a measure of the Fund’s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents 72.8% of total general fund expenditures, while total fund balance represents 94.1% of that same amount. Proprietary Funds At December 31, 2005, the Proprietary Funds (as presented on pages 12 - 15) total net assets increased by $4.6 million. The increase is mainly attributable to the operations of the Village’s Wholesale Water and Sewerage Funds. The Waterworks and the North Maine utility revenues increased due to higher than anticipated water and sewer charges. In addition, the Waterworks incurred capital outlay expenses for road reconstruction (Shermer Road project). GENERAL FUND BUDGETARY HIGHLIGHTS Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31, 2005 (in millions) Original Amended Actual Budget Budget Revenues Taxes $15.1 $15.1 $17.8 Intergovernmental 19.3 19.3 20.5 Other 3.5 3.5 9.6 Total Revenues 37.9 37.9 47.9 Expenses Expenditures (40.1) (40.1) (40.0) Other Financing Sources 0.2 0.2 0.1 Transfers In 1.4 1.4 1.9 Total Expenses & Transfers (38.5) (38.5) (38.0) Net Change in Fund Balance ($0.6) ($0.6) $9.9 The following revenues performed very well in the fiscal year: 2004 2005 Change Home Rule Sales Tax* $1.1 $3.0 $1.9 Municipal Sales Tax 11.6 12.3 $0.7 * Current fiscal year collection is a full 12-month period (See independent auditor’s report) MD&A 12 The General Fund budget was amended for the fiscal year. The following is a brief summary of the change: · Finance Department Persona l Services was amended by $76,184 to include a new position. The amount includes salary and benefits. General Fund revenues were $10.0 million greater that the original and final budget amount. The most significant amounts are attributable to taxes (utility, telecommunications, and various state-shared taxes) and the Home Rule Sales Tax, which represents a full twelve-month collection period during fiscal year ending December 31, 2005. In addition, the General Fund collected $5.4 million in development fees from infrastructure improvements in the TIF (Tax Increment Financing) District (“Redevelopment Project”). The Special Tax Allocation Fund, also a major governmental fund, received $19.0 million in property tax increment as developed parcels within the Village’s Redevelopment Project area were added to the tax rolls. It is expected that the incremental revenue will increase to $25 to $30 million over the next three to five years. These revenues are used to pay the development costs association with the Village’s Redevelopment Project, as well as, debt service and Make- Whole Payments to the Core Jurisdictions affected by the Project. CAPITAL ASSETS The following schedule reflects the Village’s capital asset balances as of December 31, 2005. Table 4 Capital Assets As of December 31, 2005 and 2004 (in millions) Total Business- Governmental Type Primary Activities Activities Government 2005 2004 2005 2004 2005 2004 Land and Land Right of Way $66.9 $60.5 $0.3 $0.3 $67.2 $60.8 Buildings and Improvements 33.0 10.2 1.4 0.4 $34.4 10.6 Machinery and Equipment 11.0 9.1 0.0 0.0 $11.0 9.1 Infrastructure 109.6 106.5 0.0 0.0 $109.6 106.5 Water System 0.0 0.0 37.0 36.6 $37.0 36.6 Sewer System 0.0 0.0 13.8 9.7 $13.8 9.7 Equipment and Vehicles 0.0 0.0 2.9 2.9 $2.9 2.9 Construction in Progress 31.2 20.4 1.0 $31.2 21.4 Less: Accumulated Depreciation (53.4) (49.6) (17.4) (16.3) ($70.8) (65.9) Total $198.2 $157.1 $38.1 $34.6 $236.3 $191.6 (See independent auditor’s report) MD&A 13 At year end, the Village’s investment in capital assets for both its Governmental and Business- Type Activities was $236.2 million, and increase of 23.2% from year ending December 31, 2004. Construction in Progress includes the new Police Headquarters and the Shermer Road reconstruction project. Detailed information regarding the change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements on pages 34 - 36. DEBT OUTSTANDING In Fiscal Year 2005, the Village issued one series of bonds totaling $10,000,000 as a refunding of the 1998A General Obligation for the same amount. The cost savings of the refunding issue will total approximately $0.6 million. The original bonds were issued to provide funding for the infrastructure improvements for the Redevelopment Projects associated with The Glen. It is anticipated that the debt service associated with the Refunding Bonds will be annually abated with the property tax increment generated from the Project area. The Village currently has ten general obligation bond series and one note series which were used to acquire the North Maine utility system outstanding. Total general obligation debt is $126.4 million of which $119.4 million is supported by various tax levies with the balance abated from water system revenues. Of the Village total general obligation debt, $92.3 million is associated with the Village’s TIF Redevelopment Project. The debt service associated with the Project is annually abated with the property tax increment generated from the Project area. The tax increment financing bonds have been issued for infrastructure improvements in the Project area known as The Glen. The issuance of these bonds did not produce a fixed asset for the Village; therefore, the unrestricted net assets for Governmental Activities have been reduced by the amount of these bonds. The Village, under its home rule authority, does not have a legal debt limit. During Fiscal Year 2005, the Village’s Aaa bond rating was reaffirmed by Moody’s Investors Service citing the Village’s well-managed financial operations, moderate direct debt burden, and aggressive retirement of its general obligation bonds. Additional information of the Village’s long-term debt can be found in the Notes to the Financial Statements on pages 38 - 44. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET The following factors were considered in preparing the Village’s budget for Fiscal Year 2006: · Conduct a water and sewer rate study for all Village systems-Waterworks, Sewerage and North Maine Utility systems · Increase the property tax levy which has been constant at $8.2 million since 2001 to fund for road reconstruction and improvements · Review and analyze other sources of revenue to fund a more aggressive capital improvement program that meets minimum standards as established by Board of Trustees · Continue to work to attract a diversified retail sales tax base as well as retain current base of retail businesses (See independent auditor’s report) MD&A 14 CONTACTING THE VILLAGE’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with the general overview of the Village’s finances and to demonstrate the Village’s accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Daniel P. Wiersma, Director of Finance, Village of Glenview, 1225 Waukegan Road, Glenview, IL 60025.